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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 61 / 83

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61 / 83

NOTE 1 ------

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

The requirements of SFAS 144 and the evaluation by the Company resulted

in impairment

losses of $392,000,

Rio

Bravo

Energy,

LLC,

Consolidated

all of Group.

which

is

attributable

to

the

Income Taxes ------------

The Company

accounts for income taxes in accordance

with Statement of

Financial Taxes,"

Accounting

Standards 109 (SFAS 109)

which

requires

the

establishment

of

"Accounting for Income a deferred tax asset or

liability for and operating recognized as

the

recognition of future

deductions of taxable amounts

loss carry

forwards,

a result of

the change

deferred tax expense or benefit is in the deferred asset or liability

during the year. If necessary,

the

allowance

more

likely

to reduce any

than

not,

be

deferred realized.

Company will tax asset to

establish

a valuation

an amount

which will,

  • -

    11-

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

  • -

    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Net (Loss) Per Common Share ---------------------------

The Company

accounts

Statement of

Financial

for net

Accounting

(loss)

per share in

Standard

128

(SFAS

accordance

with

128)

"Earnings

Per

Share".

Basic (loss) per share is based upon the net (loss) applicable

to the weighted average number of common shares

outstanding during the

period. Diluted (loss) per conversions of convertible only in the periods in which

share

reflects

the effect of the assumed

securities such affect

and exercise of stock options would have been dilutive.

Goodwill --------

Goodwill represents the the value assigned to businesses acquired. 142 (SFAS 142), "Goo goodwill to be tested annual tests in certain rather than being amort

the net

tangible and

identifi

Statement

of Financial

Accountin

g

Standards

No.

excess of purchase price and rel

ated able

costs over assets of

dwill

and

Other

Intangible

As

sets"

requires

on an annual

ba

and written

down

accounting

stan

sis

and

between

when

impaired,

dards

required.

for impairment circumstances, ized as previou

s

Furthermore,

SFAS

142

requires purchased

intangible as

sets

other

than

goodwill

to

be

amortize

determined

to

be

indefi

second quarter of

$20,561,800.

The

quarterly

basis.

2004, Compa As pa

carrying whether

value there

of the i

has

be

d over their

useful lives unless

nite. As the

result of

an acquisi

the Company

recorded

goodwill i

ny rt

evaluates the carrying value o

of

the

evaluation,

the

compan

ntangible asset

en

impairment.

with As

its fair val

a

result

o

these lives

are

tion during

the

n

the amount of

f

goodwill on a

y

compares the

ue

to determine

f

management's

impairment review of recognized impairment 2005 respectively.

goodwill losses of

during

2004 and

2005

$15,358,000

and

$5,200,

, the 000 in

Company 2004 and

Revenue Recognition -------------------

61

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