$RITE MineralRite Corporation Announces Filing of Amended Periodic Reports with the SEC
https://www.newsfilecorp.com/release/299111/M...th-the-SEC
Dallas, Texas--(Newsfile Corp. - May 27, 2026) - MineralRite Corporation (OTCID: RITE) ("MineralRite" or the "Company"
today announced that it has filed amendments to certain previously filed periodic reports with the U.S. Securities and Exchange Commission ("SEC" . The amendments relate primarily to revisions in the accounting treatment, valuation methodology, allocation, and financial statement presentation associated with the Company's previously disclosed acquisition of Peeples, Inc. and California Precious Metals LLC completed on December 31, 2024.
Following further evaluation of the applicable accounting guidance, including ASC 805-50, Asset Acquisitions, ASC 820, Fair Value Measurement, and discussions with the Staff of the SEC, the Company revised its accounting treatment of the Peeples transaction from a business combination under ASC 805 to an asset acquisition under ASC 805-50 and revised the methodology used to measure the consideration transferred associated with the transaction.
As a result of these accounting revisions, the Company reduced the recorded carrying value associated with the acquired assets from approximately $432 million as previously reported to approximately $246 million, a reduction of approximately $186 million. The Company has determined that, due to the revised accounting framework and related changes in valuation methodology, allocation procedures, and financial statement presentation, the previously issued financial statements should no longer be relied upon and has filed an Item 4.02 Current Report on Form 8-K in connection with these amendments. The amendments also include revisions to related balance sheet presentation, additional paid-in capital, stockholders' equity, risk factor disclosures, note disclosures, and related financial statement presentation items reflected in the amended filings.
The Company has filed the amended reports to address accounting and disclosure matters identified during the SEC's review of the Company's Form 10 registration statement. The SEC review process remains ongoing, and the Company cannot predict the timing, resolution, or outcome of that process.
Management notes that the revisions reflected in the amended filings involve material changes to the accounting classification, valuation methodology, and carrying value of acquired assets. These accounting revisions reflect the application of different measurement and recognition standards. The accounting revisions affecting the carrying value of the Company's mineral-related assets reflect accounting valuation and presentation adjustments under U.S. GAAP and do not constitute mineral resource or mineral reserve determinations under Regulation S-K Subpart 1300, which requires separate technical analysis, verification, and disclosure.
Determinations regarding mineral resources or mineral reserves require technical analysis conducted in accordance with Regulation S-K Subpart 1300. As previously disclosed, the Company has not established mineral resources or mineral reserves under S-K 1300.
MineralRite further notes that its previously announced technical evaluation activities relating to the Skull Valley tailings project remain ongoing. Allan L. Schappert, CPG #11758, SME-RM, of ALS Geo Resources LLC, continues to conduct technical evaluation work relating to the project as part of the Company's potential future consideration of technical disclosure under Regulation S-K Subpart 1300. Management currently awaits completion of the initial Phase 1 technical memorandum and cannot predict the timing, conclusions, or ultimate outcome of that process, particularly given that certain analytical and laboratory work remains subject to third-party processing schedules, laboratory capacity, and other factors outside the Company's control.
Management Commentary
"The amended filings are intended to improve the clarity, consistency, and presentation of the Company's financial statements and related disclosures following further evaluation of the applicable accounting guidance," stated James Burgauer, Chief Executive Officer of MineralRite Corporation. "We are committed to transparent and accurate financial reporting and believe the amendments reflect the appropriate application of the relevant accounting standards."
Burgauer continued, "Management believes it is important for investors to distinguish between accounting presentation matters and technical determinations relating to mineral resources or reserves under Regulation S-K Subpart 1300. The Company intends to continue advancing its technical evaluation activities and public disclosure processes in a careful and methodical manner. Consistent with its ongoing disclosure practices, management anticipates publicly disclosing material developments relating to the technical evaluation process as such information becomes available and is reviewed for appropriate public release."
https://www.newsfilecorp.com/release/299111/M...th-the-SEC
Dallas, Texas--(Newsfile Corp. - May 27, 2026) - MineralRite Corporation (OTCID: RITE) ("MineralRite" or the "Company"
today announced that it has filed amendments to certain previously filed periodic reports with the U.S. Securities and Exchange Commission ("SEC" . The amendments relate primarily to revisions in the accounting treatment, valuation methodology, allocation, and financial statement presentation associated with the Company's previously disclosed acquisition of Peeples, Inc. and California Precious Metals LLC completed on December 31, 2024. Following further evaluation of the applicable accounting guidance, including ASC 805-50, Asset Acquisitions, ASC 820, Fair Value Measurement, and discussions with the Staff of the SEC, the Company revised its accounting treatment of the Peeples transaction from a business combination under ASC 805 to an asset acquisition under ASC 805-50 and revised the methodology used to measure the consideration transferred associated with the transaction.
As a result of these accounting revisions, the Company reduced the recorded carrying value associated with the acquired assets from approximately $432 million as previously reported to approximately $246 million, a reduction of approximately $186 million. The Company has determined that, due to the revised accounting framework and related changes in valuation methodology, allocation procedures, and financial statement presentation, the previously issued financial statements should no longer be relied upon and has filed an Item 4.02 Current Report on Form 8-K in connection with these amendments. The amendments also include revisions to related balance sheet presentation, additional paid-in capital, stockholders' equity, risk factor disclosures, note disclosures, and related financial statement presentation items reflected in the amended filings.
The Company has filed the amended reports to address accounting and disclosure matters identified during the SEC's review of the Company's Form 10 registration statement. The SEC review process remains ongoing, and the Company cannot predict the timing, resolution, or outcome of that process.
Management notes that the revisions reflected in the amended filings involve material changes to the accounting classification, valuation methodology, and carrying value of acquired assets. These accounting revisions reflect the application of different measurement and recognition standards. The accounting revisions affecting the carrying value of the Company's mineral-related assets reflect accounting valuation and presentation adjustments under U.S. GAAP and do not constitute mineral resource or mineral reserve determinations under Regulation S-K Subpart 1300, which requires separate technical analysis, verification, and disclosure.
Determinations regarding mineral resources or mineral reserves require technical analysis conducted in accordance with Regulation S-K Subpart 1300. As previously disclosed, the Company has not established mineral resources or mineral reserves under S-K 1300.
MineralRite further notes that its previously announced technical evaluation activities relating to the Skull Valley tailings project remain ongoing. Allan L. Schappert, CPG #11758, SME-RM, of ALS Geo Resources LLC, continues to conduct technical evaluation work relating to the project as part of the Company's potential future consideration of technical disclosure under Regulation S-K Subpart 1300. Management currently awaits completion of the initial Phase 1 technical memorandum and cannot predict the timing, conclusions, or ultimate outcome of that process, particularly given that certain analytical and laboratory work remains subject to third-party processing schedules, laboratory capacity, and other factors outside the Company's control.
Management Commentary
"The amended filings are intended to improve the clarity, consistency, and presentation of the Company's financial statements and related disclosures following further evaluation of the applicable accounting guidance," stated James Burgauer, Chief Executive Officer of MineralRite Corporation. "We are committed to transparent and accurate financial reporting and believe the amendments reflect the appropriate application of the relevant accounting standards."
Burgauer continued, "Management believes it is important for investors to distinguish between accounting presentation matters and technical determinations relating to mineral resources or reserves under Regulation S-K Subpart 1300. The Company intends to continue advancing its technical evaluation activities and public disclosure processes in a careful and methodical manner. Consistent with its ongoing disclosure practices, management anticipates publicly disclosing material developments relating to the technical evaluation process as such information becomes available and is reviewed for appropriate public release."
