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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 64 / 83

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

results in an increase in

goodwill of

$5,200,000,

an increase in

the derivative liability

of $5,168,000,

a

gain on reduction of the

derivative liability

of

$15,390,000 and

a

goodwill impairment loss

of $15,358,000.

  • -

    14-

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

NOTE 2 ------

  • -

    SUMMARY OF RESTATED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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

(B)

Issuance of convert embedded beneficia reviewing SFAS 13 convertible debent embedded beneficial

31,

2004,

this

cha

ible

debentures with freestanding

warrants and

conversion

features.

and EITF

00-19, has

Management,

after

determined that

the

l 3

ures issued conversion

in

November,

2004,

feature.

Accordingly,

rge

to

the

statement

of

operations

contain an at December amounted to

$3,092,105.

(C) Valuation

of

stoc

k

issued

for

services

and

financing

costs.

Management reviewe costs in 2004, and EITF 96-18 and S associated with the 2004.

d all stock

issued for

in accordance

with the

services and

financing

provisions

outlined in

FAS

123,

management

increased

the

charges

se stock issuances by $4,724,750 at December 31,

All of the transaction and do not affect the C liquidity.

s

referred to above relate to non-cash

charges

ompany's

revenues,

cash

flows

from

operations

or

SUMMARY OF RESTATED FINANCIAL STATEMENTS DECEMBER 31, 2004 -----------------

$ 17,222,666 (1)

$ 5,200,000

12,306,107 (2) ------------ $ 4,916,559 ============

5,168,000 ------------ $ 32,000 ============

Previously

Restatement

Reported

Adjustment

Consolidated Balance Sheets: Total Assets Total Liabilities

Stockholders' Equity

Restated Total

$ 22,422,666

17,474,107 ------------ $ 4,948,559 ============

Consolidated Results of Operations: Revenues Expenses

Net (Loss) from Operations

1,883,838 8,451,280 (3,4) ------------ (6,567,442)

0 23,174,855 ------------ (23,174,855)

1,883,838 31,626,135 ------------ (29,742,297)

Derivative Gain Other Income

  • 0

    (5)

50,260 ------------

-

15,390,000 0 -----------

15,390,000 50,260 ------------

$ (6,517,182)

$ (7,784,855)

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

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

Net (Loss)

$(14,302,037) ============

64

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