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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 45 / 83

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

Option Plan.

During 2004, the Company had four

executive

officers,

Michael Ward,

Smith, Robert Dowies and Ahmed Karim.

Michael Ward's

annual salary is

James B. $100,000.

Smith's

annual

salary

was

$168,000.

Mr.

Dowies

annual

James B. $252,000. salary is

  • -

    37-

On February 5, 2003, we granted Michael Ward,

stock

options

to

purchase

500,000

shares

each

Royis Ward and Ahmed Karim common at $0.22 per share. On August 16,

2003, we at $0.22 was made $110,000

granted James B. Smith

per

share. The

options

by

promissory

note.

bearing

interest

at

the

common stock options to purchase

500,000 shares

were Each

exercised grantee

on September delivered a

14, 2004 and payment

promissory

note

for

annual

rate

of

Five

percent.

Presently,

Michael

Ward, Karim, officer above.

our President and director,

James B. Smith,

our

a member

of our board

of

directors,

and Royis

and

father

of

Michael

Ward,

are

indebted

to

Sr. V.P and CFO, Ahmed Ward, former company the company as outlined

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES. -----------------------------------------------

The fiscal years Florida.

Company paid or accrued the following

to

its

principal

accountant,

Baum

&

fees Co.,

in each of the

prior two

P.A. of Coral

Springs,

Year End

Year End

12-31-04

12-31-05

$53,860

$102,553

-0-

-0-

-0-

-0-

-0-

-0-

$53,860

$102,553

  • (1)

    Audit Fees

  • (2)

    Audit-related Fees

  • (3)

    Tax Fees

  • (4)

    All other fees

Total Fees

The Company's

principal

persons or employees.

firms

other

acco

than

t

untant, Baum he principal

& Co., P.A. did not engage

accountant's

full-time,

any other permanent

AUDIT FEES. Audit fees consist

of fees billed for professional services rendered

for the

the audit of the Company's

interim

consolidated

fina

consolidated financial ncial statements included

statements and review of in quarterly reports and

services

that

are

normally

connection

with

statutory

pr

and

ovided by the Company's principal regulatory filings or engagements.

accountants in

AUDIT-RELATED FEES. Audit rela related services that are reas review of the Company's consol under "Audit Fees."

ted fees consist of fees billed for assurance and onably related to the performance of the audit or idated financial statements and are not reported

TAX FEES. Tax fees are fees bi tax advice and tax planning.

lled for professional services for tax compliance,

ALL OTHER FEES. All other fees the services reported above provided in fiscal 2005 or 200

. 4. include There

fees were

for no

products and services other than

management

consulting

services

Policy on Audit Committee P Services of Independent Audito

re-Approval rs

of Audit

and

Permissible

Non-Audit

no

t

Ac

t

The Company defined in

currently does Sarbanes-Oxley

as the

have a designated Audit Committee.

However,

of

2002,

the

entire

Board

of

Directors

is

45

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