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Non-Tech : US Global Nanospace (USGA) -- Ignore unavailable to you. Want to Upgrade?

To: scion who wrote (95)	2/24/2004 10:46:53 AM
From: scion	Read Replies (1) \| Respond to of 132

CRITICAL ACCOUNTING POLICIES AND ESTIMATES In consultation with our Board of Directors, we have identified the following accounting principles that we believe are key to an understanding of our financial statements. These important accounting policies require management's most difficult, subjective judgments. Our Chairman and Chief Executive Officer controls USDR Aerospace, Ltd. ("Aerospace"), which has licensed its intellectual property to us. In the past, Aerospace provided employees and product development services to us. During the period from May 17, 2002 through May 1, 2003 management was required to estimate the value of the property and services (including product development services) provided to us by Aerospace. Since inception (March 20, 2002), management estimated that Aerospace provided property and services to us totaling approximately $2.9 million for which, as of December 31, 2003, we owed Aerospace $306,695.