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Magal Security Systems (MAGS) Message Board

kwiksaww 6 posts  |  Last Activity: Feb 26, 2014 9:41 AM Member since: Aug 28, 2002
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  • The SEC Comment letter and response are not the end of the story. Stay tuned for the 10K and let's hope it is not delayed.
    Note 2. Summary of Significant Accounting Policies
    Resale value guarantee, page 10

    6. We note your disclosure that in April 2013 you began offering resale value guarantees on certain sales financed through your banking partners. We also note you account for such transactions as operating leases. With regard to measurement of expense during the term of the operating lease, you disclose that you depreciate the cost of the respective operating lease vehicles less the resale value guarantee amount to cost of automotive sales over the contractual term of the guarantee program. Please explain to us the basis under GAAP for your use of this method, in which the depreciable basis excludes the resale value guarantee amount and in which the depreciation rate is not based on the useful life of the vehicles. In this regard, ASC 840-10-55-18 requires equipment to be depreciated following the manufacturer’s normal depreciation policy.

    Response: The Company confirms that our operating lease vehicles are being depreciated following our normal depreciation policy. In accordance with ASC 360-10-35-4, our normal depreciation policy is to depreciate the cost of our fixed assets, less salvage value (if any), over the assets’ respective useful economic lives. We believe that for our operating lease vehicles, the useful economic life is consistent with the period under which the vehicle is leased. Accounting guidance is not specifically prescriptive as to whether the expected useful economic life or the expected life of the asset to the reporting entity should be used in circumstances such as this, but we analogize to the guidance provided in ASC 350-30-35, which suggests that the useful economic life is determined based on our expected use of these fixed assets which is to produce operating lease revenue over the expected operating lease.....

  • Looks like Cokey has a forward here. Why is the market not realizing it can short it all the way down past their commitment price? Any thoughts?

  • Lenovo has been looking for a way to enter the US markets in a meaningful way. Their best smartphone will compete at a lower price point than comparable phones from Apple. Sprint is the carrier that is well positioned to promote Lenovo. And NQ wins.

  • kwiksaww by kwiksaww Nov 18, 2013 10:09 AM Flag

    Will it just be text?

    Will GOGO buy OnAir?

  • Sorry guys, but I didn't get to the video and didn't comment sooner, but here is my take.

    I am really confused how the fire on the Tesla car could be caused by the battery current.

    Having been in an electrical fire, I can tell you it did not look like that. Now I will give you that an electrical fire can become a different kind of fire, but you need to have combustible materials igniting. Could the paint have produced those flames?

    The arcing of an electrical fire does not produce large flames. It produces current hot spots where the short circuit is complete. Water will not extinguish and electrical fire, and their is extreme heat, but little flame, mostly a bright orange glow at the arcing point, and sparking which gives off white light.

    I don't know what else is in the car that could produce a fire, but here is my take on what Tesla should do now.......try to reproduce the event in their lab. If someone can demonstrate that the random scrap metal on the road can get into the engine compartment, lay perfectly and stable so that a constant arc is created, then maybe I'll be a believer. Until then, I think there is a lot more to be investigated here.

  • Loved the risk when I bought in 60's. Took it all of the table today. Funny how the market never changes. Look at the volume buy ahead of the uppy target today.

    Thanks for the Show...Netflix....bye bye.

4.03Aug 27 3:58 PMEDT

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