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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 30 / 83

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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K

$1,883,838

for

the twelve

months

ended December

31,

2004. The

primary

differences

in

year to year

results

occurred from

the

conversion

of Reef

come from

gas sales

to transp

ortation

Reef Vent

ures sold

no natura

l gas ($0

he twelve

months e

nded Dec

ember 31

creased t

ransportat

ion fees

to $231,0

1, 2005

compared t

o transp

ortation

d December

31, 2004,

an incre

ase of $1

earned by

Sonterra

Energy C

orporatio

propane

gas sales

due to

the repo

5 versus

three mon

ths for t

he 2004 y

Corporatio

n for the

twelve mo

nths ende

ed to sale

s of $400,

637 for t

he twelve

ase of $1,

094,042.

Construct

ion servi

fees. In the year ended ) compared to $1,323,459 , 2004. However, Reef 77 for the twelve months

fees of $76,767 for the 54,310. In addition, the

ended De

cember 3

twelve mo

nths ende

mix of r

evenues

n showed

a

significant

rting of

a

full year of

ear. Propane

sales for

d December 31,

2005 were

months ended

December

ce revenues for

Sonterra

Ventures,

L.P. in

December

31, 2005,

of gas sa

les for t

Ventures,

L.P. in

change in operation Sonterra $1,494,67 31, 2004,

Energy 9 compar

an incre

terms of

s

in

200

Energy Corporation 31, 2005 compared to increase of $52,592.

increased to $135,567 for the twelve

$82,975

for

the

twelve

months

ended

months ended December 31,

December 2004, an

TOTAL COSTS AND EXPENSES:

Total costs and expenses from

continuing

operations

decreased restated)

from $31,626,135 to $15,171,916 for

for the twelve months ended

December 31,

the

twelve

months

ended

December

31,

2005.

2004 (as The most

significant General and

decreases occurred Administrative and

in Beneficial Conversion Feature Interest, Sales, Impairment Losses. Each of the decreases in these

discussed in

Footnotes 1

and 2 of the

financial

statements for

December 31,

2005 and as

described in

the related

sections below.

categories of expenses

resulted

primarily from results

related

to the matters the year ended

COST OF

SALES:

months

ended

Total Cost of

December

31,

Sales 2004 to

decreased

from

$1,003,386

for

$1,508,891

the

twelve

for the

twelve

months

ended

December 31, transportation

2004. Due

to

the

conversion

arrangement

for its

business

natural

gas,

its

cost

of

sales

decreased

from

of

Reef

versus the $1,299,518

Ventures,

L.P.

to

a

purchase and sale of for the twelve months

ended December 31, 2005. Cost of sales twelve months ended

2004 to ze for Sonter December

December 31,

2005, an increase

ro ra

($0) for t

Energy

Co

31,

2004 to $

of

$794,013.

above,

this

reported

in

was

pr

only

t

increase

2005

versus

imarily

the

hree

months

o

he twelve rporation 1,003,386

As stat result of f operati

months ended

De

rose

from

$209,3

for

the

twelve

mo

ed in the Revenue twelve months of

ons

reported

in

20

cember 31, 73 for the nths ended discussion operations 04.

OPERATING expenses segment

EXPENSES: Operatin related to the ope increased from $99,66

$202,766 for of $103,101.

the twelve months This increase was

Sonterra

Energy

Corporation.

the the twelve

months ended

D

ended December

31, 2005 due

to

2005

year

versus

seven

months

pipeline

owned by

Reef Venture

Sonterra

Energy

Corporation

distribution

systems

in

Austin

g expenses

f

ration of

C

5

for

the

twe

ended Decemb primarily fr Depreciation ecember 31, 2

a

full year

of

depreciati

s,

L.P. and

for the op , Texas.

rom conti ompany a lve month er 31, 20 om the op

expense 004 to $4 of deprec on expens the depr eration

nuing operations ssets in an active s ended December 3 05 which is a tota erating expenses i increased from $2 85,481 for the twe iation being incur e in 2004 on the n

eciable

assets a

of the

residentia

which are business 1, 2004 to l increase ncurred by 44,889 for lve months red in the atural gas cquired by

l

propane

INTEREST

EXPENSE:

Interest

months

ended

December

31,

200

carrying owned by

cost Reef

in 2005 for the

Ventures,

L.P.

the 2004

acquisition

year fo

Company

has restated

its D

subsequent

quarterly

financi

expense incr 4 to $611,363

debt incurre

r these

asse

ecember

31,

versus

seve

al

statement

eased from $300,566 during the twelve

d

primarily to acquire

due

to twelve

months of

the

natural

gas

pipeline

n months

ts.

As

of interest cost reported in described in Footnote 2, the

s

2004 to

financial account

statements

for

the

cost

and

of

all the

  • -

    26-

embedded beneficial

to

the

MAG

Capital,

conversion feature inherent in

LLC

investors

on

November

the 18,

convertible notes issued

2004.

This

beneficial

30

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