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

($34,373),

and

installation

income for new yard lines and meter sets ($2,850)

totaled to $400,636 for the source from Sonterra Energy

twelve months ended December 31, 2004. A

Corporation

was

construction

services

new revenue related to

propane

main lines

resulted

in $82,975

and tank sites for of revenues for the

subdivisions

twelve

months

under

ended

development, December 31,

which 2004.

Other Revenues 2004 as compared

decreased by $178,856 for the twelve months ended to the twelve months ended December 31, 2003.

December

31,

  • -

    27-

TOTAL COST increased $31,626,13 and expen operation December 3 December 3 Operating 31, 2003 t Expense i $244,889 increased $3,392,671 increases

the

partn

expenses

from

months

ended

continuing

operations

December 31, 2003 to

S

AND

from

EXPENSES:

Total

costs

and

$3,061,068

for the twelve

5 for the twelve months ended

se

increased

significantly

December 31, 2004. Each category of

due

to

the

rapid

growth

in

assets

cost and

expenses

1, 1,

2004.

2003

to

experienced

Cost of Sales

$1,508,891

by the Company increased from

during $0 for

the the

for

the

twelve

months

ended

twelve months twelve months December 31,

ended ended 2004.

Expenses

  • o

    $99,665

increased from $27,767 for for the twelve months ended

the twelve months ended December

December

31,

2004.

Depreciation

ncreased from $43,006 for the

twelve months ended December 31,

ended

December

twelve

months

twelve

months

$53,163

for the

for

the

from

31,

ended

2004.

Interest

December

31,

2003 to Expense

2003 to

for the

twelve

months

ended

December

31,

resulted

primarily from growth related

ership

interest

in

the

Reef

Ventures,

to the L.P.

2004. Each acquisition international

of these of 98% of pipeline

operations and

Austin,

Texas

the by

acquisition of the

Sonterra

Energy

residential Corporation.

propane However,

sales business near

$3,092,105

of

the

increase in I recognition o the November issued to aff increased fr $11,022,019 f initial opera of additional based compen for expanded energy projec

nterest

Expense for the year ended

December 31, 2004 was from the

f Beneficial

Conversion

Feature

18,

2004

financing

transaction

interest in which

expense associated convertible notes

with were

iliates

of

MAG

Capital,

LLC.

General

and

Administrative

Expenses

om or

$2,937,132

the

twelve

for the twelve

months

months

ended

December

31,

ended December

31, 2003 to

2004 due to the

startup and

tion

of

the

additional

business

units

mentioned

above,

the

addition

directors

and officers

combined with the increased use of stock

sation in the employment

agreements of officers,

Company operations ts in the U.S. and

associated with the development Mexico during that period.

and the expenses of new midstream

COST OF SALES December 31, Cost of sales resold thru o $209,373 for residential c

: Total 2003 to

Cost of Sales increased from $0 for the

$1,508,891

for

the

twelve

months

ended

twelve months December 31,

ended 2004.

increased by ur international

$1,299,518 pipeline

for the operated

purchase cost of by Reef Ventures,

natural gas L.P. and by

the purchase cost ustomers by Sonterra

of propane,

meter sets

Energy

Corporation.

and

yard

lines

sold

to

OPERATING EXP $27,767 for t

ENSES: Operating he twelve months

expenses from continuing

ended

December

31,

2003

operations to $99,665

increased from for the twelve

months increase pipeline

ended

December

31, 2004 which is a total

increase

was due to the

operating

crossing

operated

by

Reef

expenses Ventures,

incurred L.P. and

for the

of $71,898. This the international operating expenses

incurred $201,883

by Sonterra

during

the

Energy

Corporation.

Depreciation

twelve

months

ended

December

31,

2004

expense increased by due to the acquisition

of the assets

natural gas pipeline

owned by Reef

Ventures,

acquired

by

Sonterra

Energy

Corporartion

L.P. and the

depreciable

for

the

operation

of

the

residential increased by

propane

distribution

$3,339,508

during

the

systems in Austin, twelve months ended

Texas. Interest expense December 31, 2004 due to

the debt incurred to L.P. and the issuance Capital LLC.

acquire the natural gas

of

convertible

debt

to

pipeline entities

owned by Reef

Ventures,

associated

with

the

MAG

SALES,

GENERAL

AND

ADMINISTRATIVE:

Sales,

General

& Administrative

Expenses

increased by compared with

$8,084,887

during the twelve

months

ended

Sales,

General

and

Administrative

expenses

December 31, 2004 as for the twelve months

32

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