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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 71 / 83

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

1,895,494

1,596,439

5 Years

66,493

57,180

5 Years

136,940

63,175

5 Years

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

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

6,106,255

6,106,255

20 Years

0

186,410

15 Years

Pipelines - Domestic Pipeline - Eagle Pass, TX to Piedras

Negras, Mexico Gas Processing Plant Tanks & Lines - Propane Distribution

System Machinery and Equipment Trucks, Autos and Trailers

  • 0

    431,560

15 Years

10,865,409

9,650,408

823,321

564,095

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

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

Less:

Total Accumulated Depreciation

Net Property, Plant and Equipment

$ 10,042,088

$ 9,086,313

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

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

Depreciation 31, 2004 and respectively.

expense for the years ended

December 31, 2005,

December

31,

2003

was

$485,581,

$244,889

and

December

$43,006

NOTE 5 ------

  • -

    RESTRICTED CASH

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

Restricted cash of credit issued

consists of

certificates of deposit

to

the

Railroad

Commission

of

Texas.

to

secure

letters

  • -

    20-

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

NOTE 6

-

LONG-TERM DEBT

------

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

December 31,

December 31,

2005

2004

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

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

A summary of long-term is as follows:

debt at December 31, 2005 and December 31, 2004

Note Payable, Secured, Interest Bearing at 2% Over Prime Rate, Maturing May 25, 2008

$

4,496,468

$

6,731,883

0

5,000,000

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

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

4,496,468

11,731,883

Convertible Debentures, Unsecured, 7% Interest Bearing, Maturing May 18, 2006

225,000

0

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

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

Less:

Current Maturities

$ 4,271,468

$ 11,731,883

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

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

NOTE 7

-

INCOME TAXES

------

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

Total Long-Term Debt

71

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