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4.2¢ magnis energy technologies ltd

So it should be reported as an asset and written off with a...

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mondrian

1,794 Posts.

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18/03/24

16:10

Post #: 72944739
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Originally posted by Cosmoterios: ↑

It went in as an Asset - ie. buying shares in IM3NY and became majority shareholder with control of the company in NY.

It should still be an Asset unless it has been disposed of. If it was disposed of, what economic benefits did MNS gain - in order for it, to be recognized as Revenue.

And the Asset (IM3NY) have NOT gain in market value, so there should be NO upward revaluation of the Investment in IM3NY.

If anything, there should be a Reduction in the Carrying value of IM3NY (like C4V) for the reason they put forward above.

So I am at a loss as to why a Deconsolidation of the IM3NY subsidiary, which in the company's own statement, had been seized by the lender and had going concern issues, will somehow, bring about a Revenue recognition in MNS financials?!?

And its why I wondered its NOT treated the same way as C4V, where its carrying value had been reduced!!!
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So it should be reported as an asset and written off with a cost/loss aginst it???

MNS Price at posting: 4.2¢ Sentiment: None Disclosure: Not Held
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