Replies to post #26310 on MineralRite Corp (RITE)

[The Truth Hurts]

It’s been a year and a half working on SEC comments.  Insanely long time period. 

[Ribo]

$RITE, FORM 10 Approval Anticipated!!!🤔😛

$RITE Time to be done with SEC. Looks like light at the end of the $RITE tunnel. https://t.co/dq9DHODpEB The company just released their 10Q. Obviously full of legal language, but this stood out. Notice the big difference, looks like the company is in the home…

— Barry W (@bhwizzy) May 5, 2026

(20) Subsequent Events (ASC 855)

The Company has evaluated events subsequent to the date of these financial statements in accordance with ASC 855, Subsequent Events.

Subsequent to March 31, 2026, the Company received a comment letter from the staff of the Securities and Exchange Commission dated April 10, 2026, relating to, among other matters, the Company’s accounting treatment of its acquisition of Peeples, Inc.

In response to the Staff’s comments and ongoing discussions, the Company is re-evaluating and adjusting, as appropriate, its accounting treatment of the Peeples transaction to reflect the transaction as an asset acquisition rather than a business combination, and expects to amend its Annual Report on Form 10-K for the year ended December 31, 2025, to reflect this change under applicable accounting guidance, including ASC 805-50, Business Combinations—Related Issues. In connection with this process, the Company is assessing the appropriate balance sheet presentation and carrying value of the assets acquired, which may differ from amounts previously reported.

https://www.otcmarkets.com/filing/html?id=19411176&guid=5Ov-knJPBA7-B3h