Monday, November 14, 2022 6:55:41 PM
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I consulted about this with an acquaintance from work who's in accounting. After hearing the specifics, he advised that in such a case of an acquisition in progress, the correct accounting method to use at this stage would be to record the acquisition target's revenue under Other Current Assets, as a WIP (work in progress). This is exactly what we see in the 10-Q/A, and explains why the assets are equal to revenue.
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So, the other current assets are revenue. The actual assets of the business (Quality International) haven't yet shown up on the balance sheet. They must have considerable physical assets.
Recent QIND News
- Form 10-Q/A - Quarterly report [Sections 13 or 15(d)]: [Amend] • Edgar (US Regulatory) • 09/12/2024 07:32:32 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/05/2024 02:22:39 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 06/07/2024 01:07:49 PM
- Network Solution Stock Soars on News of Binding Term Sheet • AllPennyStocks.com • 05/23/2024 05:25:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 01:00:33 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 03:58:37 PM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM