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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 52 / 83

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

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TIDELANDS OIL & GAS CORPORATION CONSOLIDATED BALANCE SHEETS YEARS ENDED

ASSETS ------

December 31, 2005 ------------

December 31, 2004 ------------ (Restated)

Current Assets: Cash Accounts and Loans Receivable Inventory Prepaid Expenses

$

1,113,911 468,458 142,204 183,938 ------------ 1,908,511 ------------

Total Current Assets

Property Plant and Equipment, Net

10,042,088 ------------

Other Assets: Deposits Cash Restricted Deferred Charges Note Receivable Goodwill

Total Other Assets

14,004 76,803 0 288,506 1,158,937 ------------ 1,538,250 ------------

$ 5,459,054 516,387 82,523 487,488 ------------ 6,545,452 ------------

9,086,313 ------------

4,108 25,000 116,250 286,606 6,358,937 ------------ 6,790,901 ------------

Total Assets

$ 13,488,849 ============

$ 22,422,666 ============

LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------

Current Liabilities: Current Maturities - Note Payable Accounts Payable and Accrued Expenses

$ 225,000 1,225,554 ------------

$0 574,224 ------------

Total Current Liabilities

1,450,554

574,224

Long-Term Debt

4,271,768 ------------

11,731,883 ------------

Total Liabilities

5,722,322 ------------

Commitments and Contingencies Derivative Liability

0 ------------

12,306,107 ------------

5,168,000 ------------

52

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