"The accounting treatment of the $250,000 received from NaturalNano as revenue in 2004 was incorrect. The treatment of such funds as proposed in the October 9, 2007 Press Release was also incorrect. In October, 2007, management determined to account for the transaction as a deposit of funds, reducing previously recorded revenues and increasing long-term liabilities. The Special Committee believes that during the two year term of the contract, the $250,000 should have been treated as a deposit, but after the expiration of the contract in 2006, the entire $250,000 should have been recognized as revenue, and will provide support for its conclusion to PMB."
The above is from a SEC filing of the Atlas Mining Company. PMB is their new accounting firm.
NaturalNano has not filed suit for the money or halloysite they say is due them.
The Atlas Mining Company's Dragon Mine still has not been established as a viable source for nano halloysite clay, but evaluation is said to be ongoing.
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