Sustainable Green Team Ltd. (SGTM)

[CancunCharlie]

Thank You Cork and Grawsha for pointing out that the Corporate Tax in Wyoming is zero. I was curious what the savings would be from Nevada, so I looked it up in Yahoo searching under “Nevada Corporate Tax” and found this page

http://nevada.org/why-nevada-is-the-best-state-to-incorporate-in/nevada-corporations-nevada-llc-tax-considerations/

And this is in there…

2007 corporate rates
15% – $0 to $50,000
25% – $50,001 to $75,000
34% – $75,001 to $100,000
39% – $100,001 to $335,000
34% – $335,001 to $10,000,000


Wow!
So if this is the first year for us to become profitable, then this is also the first year we’d be paying this tax.

Now, let’s put some numbers in there. Y’all know how I like to do that!

If you use John’s conservative projections and convert it to ounces, then 600 grams a day = a little over 21 oz of gold. If they work 25 days in a month then 21 x 25 = 525 oz a month for our first full month of production.

We haven’t reported ANYTHING for Nov or Dec., which were probably minimal due to high water and removing overburden. But we were STILL finding gold in the overburden, and that counts too! So we should have AT LEAST 600 oz of gold to report, and most likely much more than that! (I want to be a glass half full kind of guy) And I'm not even counting the extra dredge from the JV, or the diamonds or SL1 when it sells.

600 oz x $1300 = $780,000.00
$780,000 x 34% = $265,000.00 in Nevada Corp Tax.
Wow!! Holy Chit!!

Is this Average Joe misreading this, or missing something, or a victim of bad math from our public schools???

This looks like an excellent reason to delay reporting production numbers until we have moved our business license to Wyoming.

I ALMOST have my tax refund. Are there ANY more cheapies out there?

Charlie