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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 72 / 83

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72 / 83

NOTE 8 ------

NOTE 8 ------

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

The 31,

Company 2005,

files a consolidated federal income

the

Company

had

a

net

operating

tax return.

At December

loss

carry

forward of

approximately $24,200,000 income through 2025.

available to offset future federal

taxable

The components of the deferred tax assets and December 31, 2005 are as follows:

liabilities

accounts at

Total Less:

Deferred Tax Assets Valuation Allowance

Deferred Tax Asset (Liability)

$ 8,470,000

8,470,000 ----------- $0 ===========

  • -

    COMMON STOCK TRANSACTIONS

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

On January 3, 2005, stock for 2005 legal

the company fees valued

issued 200,000 at $100,000 under

shares of its common the 2004 Stock Grant

and Option Plan.

On February 1,

2005,

the

company

issued

500,000

shares

of

its

restricted common stock valued at $797,500 to Impact International, LLC pursuant to the terms of the purchase of Reef Ventures, L.P.

On February shares of its

25, 2005, restricted

the Company

approved

common

stock

valued

the

at

issuance of 60,000

$82,000

for

investor

public relations services.

On

May

1,

2005,

the

Company

issued

500,000

shares of its restricted

common to the

stock

valued

at $900,000

terms

of the

purchase of

to Impact International, Reef Ventures, L.P.

LLC pursuant

  • -

    21-

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

  • -

    COMMON STOCK TRANSACTIONS (CONTINUED)

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

On June 23, 2005 Million Five Hun Impact's exerci tendered paymen $2,512,500. The by the Company u whereby it acqui 73% of Reef Vent

, the Compa

ny

dred Thousan

d

issued Impact

International,

LLC Seven

(7,500,000)

common

shares

in

response

to

their

common

the fo

rm of a

se

of

t

in

stock purchase promissory note

warrants.

Impact

in

the

amount

of

note will r nder the Pur red the Eagl ures, LP.

educe and offset the principal balance owed chase and Sale Agreement dated May 25, 2004 e Pass pipeline by purchasing an additional

On June 27, 2005 of its restricte members of the B Carl Hessel.

, d

the Compan common st

oard

of

Dir

y authorized the issuance ock valued at $199,500 to

ectors,

Michael

R.

Ward,

of 150,000 shares

each of

the three

Ahmed

Karim and

On June 27, 2005

, the Company authorized the issuance of 150,000 shares

of common

stock

which was

regis

valued

at $199,1

Senior

Vice Pres

under a 2004 non-qualified

stock grant

tered

25 and ident,

on Form S-8,

November 5,

were issued to James B. CFO and newly appointed

2004. Smith, member

and option plan The shares were the Company's of the Board of

72

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