I did not tell you to refer to the Q/K for million
Post# of 22940
(Total Views: 456)
Posted On: 08/04/2017 11:11:47 AM
Re: kmmohr1960 #19491
I did not tell you to refer to the Q/K for millions. It's not there. I said there is a difference between book value and fair market value. I can buy a car today and depreciate it over 5 years. After 5 years, that car has a book value of $0.00. However if the fair market value of that car increased or decreased above the them book value, over the same 5 year period, it still has a value. It's not the book value and won't show up on financials, but it still has value. And when that car is sold, there is taxable income. This is a standard accounting principle.
I am not asking shareholders to count what the auditors won't count. You said, since the assets have no value, there are no assets. That's simply not correct. They don't vaporize when they are written off to zero. All companies have equipment that is expensed or fully depreciated. These assets are still real and are still used. So even if a machine or factory is written off 100% it is still an asset to the company, not an asset on the books, but an asset nonetheless. The equipment is still used. You suggest that the auditors reassess the value of these assets. That's a violation of GAAP and cannot be done.
Finally, with respect to my time with the company, I was not aware of Pinnacle Energy or any of its principals until 2009. I did not initiate the plan to make bearings in China until 2009. I was doing completely different work in 2007 and 2008, completely unrelated to bearings. I didn't meet AVIC until 2009. I didn't take over Pinnacle and change it to TPAC until 2010. It's not a major point, but I would like to correct the record.
You're right. The filings do state the facts. They clearly state we have a factory and machinery and equipment. They clearly state I was involved in this project since 2009. These are all minor things. The reality is that the only thing that matters is revenue. When I started or how you view the assets are irrelevant...wrong, but irrelevant. I just want to set the record straight.
I am not asking shareholders to count what the auditors won't count. You said, since the assets have no value, there are no assets. That's simply not correct. They don't vaporize when they are written off to zero. All companies have equipment that is expensed or fully depreciated. These assets are still real and are still used. So even if a machine or factory is written off 100% it is still an asset to the company, not an asset on the books, but an asset nonetheless. The equipment is still used. You suggest that the auditors reassess the value of these assets. That's a violation of GAAP and cannot be done.
Finally, with respect to my time with the company, I was not aware of Pinnacle Energy or any of its principals until 2009. I did not initiate the plan to make bearings in China until 2009. I was doing completely different work in 2007 and 2008, completely unrelated to bearings. I didn't meet AVIC until 2009. I didn't take over Pinnacle and change it to TPAC until 2010. It's not a major point, but I would like to correct the record.
You're right. The filings do state the facts. They clearly state we have a factory and machinery and equipment. They clearly state I was involved in this project since 2009. These are all minor things. The reality is that the only thing that matters is revenue. When I started or how you view the assets are irrelevant...wrong, but irrelevant. I just want to set the record straight.
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