StacksVerified U.S. regulatory reference

30 CFR §553.23

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
You must support your net worth evaluation with information contained in your previous fiscal year's audited annual financial statement.
  1. (a)Audited annual financial statements must be in the form of:
    1. (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. (2)A Form 10-K or Form 20-F, prepared in accordance with Securities and Exchange Commission regulations.
  2. (b)Audited annual financial statements must be submitted together with a letter signed by your treasurer highlighting:
    1. (1)The State or the country of incorporation;
    2. (2)The total amount of the stockholders' equity as shown on the balance sheet;
    3. (3)The net amount of the plant, property, and equipment shown on the balance sheet; and
    4. (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).