Wow, just wow.I checked AASB 138 & below are the recognition...

  1. 5,798 Posts.
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    Wow, just wow.

    I checked AASB 138 & below are the recognition criteria.

    Compiled AASB 138 (Oct 15)

    https://hotcopper.com.au/data/attachments/4661/4661116-9381f3901c7eccb0ab15c552306349e1.jpg

    SiLeach® processing overview - Lithium Australia - YouTube

    SiLeach® costs benefits - Lithium Australia - YouTube

    Lithium Australia - YouTube

    What "commercial value" does it have?

    https://hotcopper.com.au/data/attachments/4661/4661220-671a4df942a1c6cff112e9d920a45c50.jpg
    AG was the face of Sileach, this company pushed it for years & now it's all been written off for $7.7 million? Let's do a random throwback & scroll down to all the anns from 2013/2014 onwards.

    Lithium Australia NL (ASX:LIT) Share Price - Market Index

    https://hotcopper.com.au/data/attachments/4661/4661565-518236e58ecca47cc456c4cbf4248f71.jpg
    https://hotcopper.com.au/data/attachments/4661/4661401-b47b50f9c5ca6b25d18fcfa918285498.jpg

    8 years on & it's all over, for almost $8 million. It has cost LIT shareholders nearly $1 million a year for the last 8 years (on top of other losses). So have a look at the yearly losses for previous years & add another $962K, or more, depending on when Sileach was recognised as an intangible asset.

    Funnily enough, on the LIT website, you can only go as far back as 2015.

    How many other intangible assets does LIT have? How long until they're written off?

    LITHIUM AUSTRALIA LIMITED (ASX:LIT) - Ann: Annual Report to shareholders, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

    https://hotcopper.com.au/data/attachments/4661/4661744-f84a4b07cefd48e18b77d75e4e33db07.jpg


    Wow, just wow.
 
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