Note B - Summary of Significant Accounting Policies: Long-lived Assets (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2013 | |
| Policies | |
| Long-lived Assets | Long-Lived Assets
We periodically review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment losses are recognized when the estimated future cash flows are less than the carrying amount of the asset calculated on a discounted cash flow basis.
During 2013 we determined that the value of the Mill was less than the amount of the Mill reflected in our Balance Sheet. As a result of unsuccessful attempts to sell the Mill and based on valuation assessments from outside sources, the carrying amount of the Mill was reduced from $3,980,000 to $350,000, and we recognized an impairment loss during 2013 of $3,630,000.
For the year ended December 31, 2012 we did not recognize any impairment charges. |