GO4AWILDRIDE
Please don't shoot the messenger. This is how it was reported in FLPC's 10Q filing and there's a very good reason for minimizing (TAXES) the value.
Accordingly ALL Inventory is Classified as in transit by FLPC with NO FINISHED Product and at the lowest grade/value/stage. Below is taken from the 10Q Filing.
INVENTORY listed as an ASSET from the recently disclosed 10Q for quarter ending 01/31/2014 was $186,102.00
ALL Inventory is classified as a “WORK IN PROCESS” (FLPC’s Terms not mine) and Value arrived at as follows:
Work in process inventory represents materials that are currently in the process of being converted to a saleable product and includes inventories in our milling process. This inventory represents excavated stibnite ore that has been removed from the pad, crushed, bagged in one ton storage bags and stored in 40 foot containers at our onsite facilities to be hauled to a third party mill site for processing. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective plants. In-process inventories are valued at the average cost of the material fed into the process attributable to the source material coming from the mines and stockpiles, plus the in-process conversion costs, including applicable depreciation relating to the process facilities incurred to that point in the process.
Personally I wouldn’t read much into that as there’s a reason for that figure being low and not outrageously over stated.
AI
