Sure seems like mumbo jumbo to me... The SEC must be scratching their heads in wonderment, but should just end it all and suspend the fraud, or at least refuse to approve the laughable Form 10. As you, I'm kinda baffled at this, especially the parts I highlighted-- the part in red being the most outrageous and laughable
The Company assigned a fair value of $0 to the California Precious Metals acquisition and $432 million to the previously processed mine tailings (chattel) of the Peeples acquisition. This valuation reflects the total fair value of the business based on a combination of market-based and income-based approaches and is not based on mineral reserve estimates. The Company will refine its purchase price allocation (PPA) in accordance with ASC 805 and disclose any adjustments in future filings.
The Company determined that the leased mineral assets acquired in the transaction were not supported by SEC-compliant technical reports and were not sufficiently documented to meet the SEC’s Modernization of Property Disclosures for Mining Registrants (Release Nos. 33-10570; 34-84509), and accordingly reports these assets on its balance sheet at a value of zero ($0) until compliant technical documentation is obtained.
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