Ann: Sino Investment - Change of interests of sub, page-12

re: Ann: Sino Investment - Change of interest... Diligent,

Your comments show how much you really know about accounting and Accountants. Yet, you ask me if I can read a balance sheet ROFLMAO!!! What next!!
There is one standard that all Accountants have to abide by. Not making it all up as you go along. And constructive Accounting, under those rules, is not allowed either.

There are certain rules that all accountants have to abide by, and it happens that I do know about them.

But, in all of yours going/saying in a roundabout way, you still fail to reply to me that question about how come a company like ours, who is and has been desperate for cash for a long time, is selling some of OUR COMPANY'S ASSETS to some other entity (which IMO could be questionable), with a dollar down dollar a day repayment system. That may happen where the company is well cashed up but definitely not in our situation.
Why selling the asset in the first place if we couldn't get the money when we need it? After all I never knew that we were a Lending Institution as well, besides trying to make some money out of mining, which we haven't even started as yet.
Why didn't we keep that asset, and/or sell it to someone else, especially when, IMO, there was someone else out there willing to buy it?

As for the Contingent assets part that you are referring to, is what is written below what you mean?? Now have a good look at it, and then tell me if that is what is going to happen to this money that is owed to us.

"Contingent Assets"

Definition

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity.

Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to the entity. An example is a claim that an entity is pursuing through legal processes, where the outcome is uncertain.

Contingent assets are not recognised in the financial report since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and its
recognition is appropriate."

Now diligent, I hope that it doesn't come down to that. For, the least of all things we'd need now, would be to start legal proceedings for the recovery of the debt, or God Forbid having to write that debt off as a bad debt.

Regards