---
kind: "section"
citation: "30 C.F.R. § 553.23"
title: "30"
number: "553.23"
heading: "What information must I submit to support my net worth demonstration?"
url: "https://uscodex.org/cfr/30/553.23"
---

# §553.23. What information must I submit to support my net worth demonstration?


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).

## Notes

### Authority

Authority: 33 U.S.C. 2704, 2716; 2716a; E.O. 12777, as amended.

### Source

Source: 76 FR 64623, Oct. 18, 2011, unless otherwise noted.