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Current as of January 02, 2025 | Updated by Findlaw Staff
You must support your net worth evaluation with information contained in your previous fiscal year's audited annual financial statement.
(a) Audited annual financial statements must be in the form of:
(1) An annual report, prepared in accordance with the generally accepted accounting practices (GAAP) of the United States or other international accounting practices determined to be equivalent by BOEM; or
(2) A Form 10–K or Form 20–F, prepared in accordance with Securities and Exchange Commission regulations.
(b) Audited annual financial statements must be submitted together with a letter signed by your treasurer highlighting:
(1) The State or the country of incorporation;
(2) The total amount of the stockholders' equity as shown on the balance sheet;
(3) The net amount of the plant, property, and equipment shown on the balance sheet; and
(4) The net amount of the identifiable U.S. assets and the identifiable total assets in the auditor's notes to the financial statement (i.e., a geographic segmented business note).
Cite this article: FindLaw.com - Code of Federal Regulations Title 30. Mineral Resources § 30.553.23 What information must I submit to support my net worth demonstration? - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-30-mineral-resources/cfr-sect-30-553-23/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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