Replies to post #46980 on Banro Corp. fka BAA

[goldismoney1]

I just checked 2nd qtr financials they had a small forward deal with auramet but that ended as of feb '15., was not sure if there were any like that or larger.

from 2nd qtr financials:
14. DEFERRED REVENUE
In April 2015, the Company closed a gold streaming transaction for the Namoya mine with Namoya GSA Holdings, an entity
funded by investment funds managed by Gramercy Funds Management LLC (the “Purchaser”). The Company received a deposit
of $50,000 in exchange for the delivery of 8.33% of gold produced at the Namoya mine for an initial term of 40 years with
automatic renewal for successive 15 years unless there is no mining activity for the last 15 years. At each point of delivery, the
value of deposit owed is reduced by the market value of the gold delivered less the ongoing price of $150 per ounce paid by
the Purchaser. In the Company’s interim condensed financial statements, the deposit is accounted for as deferred revenue.
This deferred revenue is recognized based on an implied value per ounce deliverable over the estimated output of the life-ofmine.
During the three and six months ended June 30, 2015, the Company delivered 536 ounces resulting in a deferred revenue
balance of $49,689 as at June 30, 2015. Based on the expected timing of the deliveries, an amount of $44,634 has been
classified as non-current.
In October 2014, the Company entered into a prepayment arrangement with Auramet International, LLC (“Auramet”) (the
organization through which the Company currently sells gold produced from its mines) for $6,000 to deliver a total of 5,228
ounces of gold in equal monthly deliveries of 1,307 ounces from November 2014 to February 2015. As per the agreement, the
Company delivered gold in November and December 2014 with a remaining balance of $3,000 for the delivery of 2,614 ounces
as of December 31, 2014. The Company delivered 1,307 ounces each in January and February 2015.
Deferred revenue of $7,369 as at December 31, 2013, represented a prepayment arrangement for the delivery of 6,250 ounces
of gold to Auramet in January 2014.
In determining the appropriate recognition and presentation of the deferred revenue, the Company made judgments with
regards to its arrangements including the Company’s quantity and timing of expected future production, intent of the
arrangement, and the option to settle in cash.