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NOTE 1 ------

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

2005 were

esidential

ion

fees

%)

was der

as

well

%)

and the

,

7% and

The Company's revenues for

sale

of

propane

gas

to

r

residential

customers

(21

(4%).

Additional

revenues

generated from

transportat

main source of

revenue (71

to

commercial

accounts,

derived principally (80%) from the

as

the

sale

of

propane

gas

to

customers,

as

well as

charges

charging of

transportation

fees

4%

in

2005

and

2004

respectively,

(13%).

During

ived

from the

2004, the Company's sale of natural gas

were

the

result

of

constr

uction

se

rvices

performed

in

the

various

subdivisions

which

were

the

recipient

s

of

the

propane

gas

hook-ups.

Revenues are recognized at readings provided by indepe

the time o ndent cont

f monthly ractors.

billings

based

on

meter

  • -

    12-

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

  • -

    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

New Accounting Standards ------------------------

In

June

2001,

Statement

of

Financial

Accounting

Standards

143,

"Accounting for Asset

and

is

effective

for

Retirement

fiscal

years

Obligations",

(SFAS 143)

beginning

after

June

15,

was issued 2002. SFAS

143 addresses associated wi associated as have a materia

financial acco th the retirement set retirement l effect on our c

unting and repo of tangible lon costs. The adopti onsolidated finan

rting for obligations g-lived assets and the on of SFAS 143 does not cial statements.

In July 2002, "Accounting f (SFAS 146) was December 31, 2 associated wit and contract t

be

recognized

at

fair value

operations

cos

not involve a that involves

Statement of

Fi

nancial

Accounti

or

Costs

Associa

issued

and

is

e

002.

SFAS 146 re

h an

exit activit

ted

with Exit

ffective

for

quires,

among

y

(including

or pe ot

res

ermination

costs)

or

with

a

dispos

when

the

liabili

ty

has

been

incur

mus

t record in

wit

h an exit or

oper

ation. Costs

discontinued

ear disp asso

.

Companies

ts

associated

a

discontinued

op

eration

would

be

ng Standards No. 146, Disposal Activities", riods beginning after her things, that costs tructuring and employee al of long-lived assets red and can be measured nings from continuing osal activity that does ciated with an activity included in the results

The

implementation

a

material effect

of discontinued

operations.

of

the

provisions of

on

the

consolidated

SFAS No. financial

146

does not

statements.

have

In Decemb "Accounti and is ef SFAS No. "Accounti prominent about the and the e also amen for a vol

er 2002,

ng for

St

fective

fo

148

amen

ng

for

St

disclosu method of ffect of t ds SFAS No untary cha

Statement

of Financi

ock-Based

Compensat

r fiscal

years begi

ds

the

disclosure

ock-Based

Compensat

res

in

both

interim

accounting for

he

method

used

sto on

.

123

to

provide

al

nge

to

the

fair

valu

al Accounting St ion", (SFAS No. nning after De requirements o ion", (SFAS No. and annual finan

andards No. 148, 148) was issued

cember

15,

2002.

f SFAS

No.

123,

123)

to require

cial

statements

employ

ee

result

s.

metho

ds

ck-based

compensation

reported

SFAS No. 148

ternative

of transition

e based method o

f

accounting

for

stock-based voluntarily stock-based

employee adopt the employee

compensation. The Company had SFAS No. 123 fair value method of

compensation.

Therefore,

the

decided not to accounting for

new

transition

62

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