§ 553.23. What information must I submit to support my net worth demonstration?
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/us/cfr/t30/s§ 553.23·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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).