AMEP is a BDC. It has several wholly owned investees. Their financial & organizational info is not consolidated with AMEP's financial reporting. See below. Hope this helps.
American Energy Production Inc. November 30, 2004
American Energy Production Inc. on January 18, 2004 filed a form N-54 with the SEC to become a Business Development Company. A BDC company is regulated under the 1940 SEC act. That act set out procedures by which a Company once it establishes a majority position in a Company can make a series of further investments in it’s ‘investee’ A BDC company does not consolidate financial statements with its investees and each investee operates independently.
The value of a BDC is derived by adding the value of each of the investees. In the case of AMEP each investee’s oil and gas leases and producing properties and equipment will be evaluated by a petroleum engineer and then the independent members of the Board of Directors of AMEP will use this information along with other relevant facts and arrive at a value of each investee and the complete BDC.
Several other points of interest include:
1. The accounts payables listed in the 10Q filings are all aged accounts that were part of the Communicate Now.com--the predecessor company to AMEP. Management will continue to work-off these accounts payable in an orderly manner. However, AMEP does not believe it is in the best interest of the company to use funds that would otherwise be used to develop more oil and gas properties, and generate revenue, to pay these ‘inherited’ accounts payable to aggressively.
2. The payroll taxes listed on the 10-K filings are also part of the former.com Company and will be addressed as an Offer and Compromise at the direction of company lawyers.
3. The bank notes listed in the 10Q filings are also part of the former .com Company and will be addressed at the proper time.
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