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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 59 / 83

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

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38,311

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126,437

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Payment of Accounts Payable Repayment of Loans From Related Parties Acquisition Cost

$ 6,458,346

$ 3,881,853

============

============

Total Non-Cash Financing Activities

See Accompanying Notes to Consolidated Financial Statements

  • -

    9-

TIDELANDS OIL & GAS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2005, 2004 (RESTATED) AND 2003

NOTE 1 ------

  • -

    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

------------------------------------------

consolidated

financial

statements.

The

statements and

notes are

representations

of

This summary of significant

in

understanding

these

consolidated

financial

accounting policies is

presented to assist

management accounting

who is responsible for their integrity

policies

used

conform

to

accounting

and objectivity.

The

principles

generally

accepted

applied

in

in the United

States of America

and have been

the

preparation

of

these

consolidated

financial

consistently statements.

Organization ------------

Tidelands O Technologies February 25 acquisition thereby maki Company. Dur Energy Corpo the Company organization increased it and their wh Marketing, L

il , ,

and Inc.), 1997.

Gas Corporati was incorpo On December 1

of Rio Bravo Energy, ng Rio Bravo Energy, LL ing 2004, the Company a ration (Sonterra) and t

purchased all of t (see Note 15-Acquisiti s ownership interest fr olly-owned subsidiarie LC) (see Note 15-Acquis

on (the rated in

,

2000,

t

LLC, an C, a wholl cquired al hrough thi he assets ons). The om 25% to s (Reef In itions).

Company the stat he Compan d their y-owned l of the s wholly-

of a Company a 98% in Re ternation

and formerly C2 e of Nevada on y completed its related entities subsidiary of the stock of Sonterra owned subsidiary, gas distribution lso, during 2004,

ef Ventures,

al,

LLC

and

LP, Reef

Nature of Op

erations

------------

--------

gas pipeline

between Eagle

and a propane

distribution

Texas area.

In

of natural

gas

natural Mexico

the Austin, development

The Company

Pass,

Texas

currently

operates a

and

Piedras

Negras,

system serving addition, the

residential customers in Company is engaged in the

storage facilities in Mexico the United States and Mexico.

and

other

natural

gas

pipelines

between

59

62,500 866,157 0 ------------

$ 1,127,424 ============

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