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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 63 / 83

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NOTE 1 ------

NOTE 2 ------

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

alternatives allowed financial statements.

in

SFAS

No.

148

will

not

affect

the

consolidated

  • -

    13-

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 (Continued) ------------------------------------

In April 2003,

the FASB issued

133 On amends

Derivative Instruments and clarifies accounting

dment

of Statement

ies".

SFAS No. 149

including

SFAS No. 149,

"Amen

And for

Hedging Activit derivative inst

ruments,

certain

derivative

instruments

hedging

activities

under SFAS

effective

for contract

and

for

hedging

relati

2003,

the

FASB

issued

S

Instruments With No. 150 improves

Charac the ac

s entere onships FAS No. 1 teristics counting

embedded

in other

No. 133.

SFAS No.

d into or modified

designated

after

Ju

50,

"Accounting

For

Of Both Liabilities for certain financia

contracts,

and

for

149 is generally after June 30, 2003 ne 30, 2003. In May

Certain

Financial

l

And Equity". instruments

SFAS that

required

that

statements

of

previously

might

have

those financi

financial

instruments

Company

adopted both

these

standards

have

re

(credits)

of

$3,092,105

been ac instrumen al posit entered i SFAS 149 sulted in

and

($75

counted ts be

for as

equ

classified

ion. SFAS No.

150

nto or modified

afte

and SFAS 150 in

2003

beneficial convers 6,329) in 2004 and 2

ity.

SFAS No.

as

liabilities

is

effective

150 in

for

ion

feature charges

005

respectively.

r .

May 31, 2003. The

The

adoption

of

-

SUMMARY OF RESTATED CONSOLIDATED --------------------------------

FINANCIAL STATEMENT --------------------

S --

During the accounting t during the ye outside cons of the accoun and thereby restated. Ac the consolida 2004, as well June 30, and precipitated

ting

guidelines

for

their

recording

of

the

initial

trans

fourth quarter of reatment for several ar ended December 31

ultation,

managemen

2005, managemen complex transact , 2004. After cons t determined that these involved is

ted

financial

stat

as the interim

rep

cordingly,

orts

for

the

quart

to yea

manageme

nt

has chosen

ements

for

the

September 30, 2005. the restatements:

Following

are

the

t reevaluated its ions which occurred iderable review and their interpretation sues was not correct

action

needed to be

restate

in this note

r ended December

ers

ended

March

31, 31,

transactions

which

(A) Goodwill

associated with the

acquisition of Ree

2004), and the related derivative

liability fo

part of the purchase price. Management,

after

00-19

"Accounting

For

Derivative

Financial

Ins

f Ventures, LP, (May r warrants issued as their review of EITF truments Indexed To,

and

Potentially

Settled

In,

A

Company's

Own

St

ock",

has

concluded

that it is

necessary

derivative

liability

Note

15).

At

December

to

account

for

goodwi

associated

with the May 2

31, 2004,

the net effect

ll 004 of

and the related acquisition (see

this

adjustment

63

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