It's a little confusing how they do their inventory, but all...

It's a little confusing how they do their inventory, but all above board. They need more notes for it though. ANW have capitalised prior expenses which means we should still have that all on hand so when production occurs it is then expensed, most likely based on a % value of expected concentrate for the LOM vs actual concentrate per month. The $827,025 looks to be correct, these expenses were incurred during the same timeframe of the work so when looking on a yearly basis it would have gone from inventory to P&L within this time but a general look will see it just expensed without the movement to asset. The one thing sketchy to me is how Jemrok was supposedly prepaid and worked beyond 2018. Unless due to delays we stopped prepaying and turned to paying after the work had been done. If so we should see this in the Jan-Mar quarterly.

So, what we currently have under inventory is most likely directly attributable to producing tin concentrate. It is all paid for and waiting to be expensed once production hits the ground running. Very odd though considering what is under inventory...