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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 75 / 83

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

Outstanding - December 31, 2005

250,000

===========

9,028,948

0

===========

===========

The 2004 Non-Qualified Stock Gran remaining available for future issuan

t ce.

and

Option

Plan has

4,350,872

shares

On November 18, 2004, the Company

with

Mercator

Momentum

Fund,

LP,

Fund,

LP,

(collectively,

"the

ent Mer Fun

(formerly issued to

Mercator Advisory Group, L

the

Funds,

7%

convertible

2006. As of November 2, converted for 6,587,456

2005,

the $

shares

of the

ered into a Secur cator Momentum Fu ds") and M.A.G. LC). In exchange debentures with 5,000,000 of co Company's common

ities Pu nd III, L Capital, for $5,00 a maturit nvertible stock.

rchase Agreement P, Monarch Pointe

LLC ("M.A.G.") 0,000 the Company y date of May 18,

debentures was

In connection

with this

financing t

warrants ranging

which from

expire $0.80

November 18, 2

to

$0.87.

The

registration rights on both effective May 27, 2005.

groups

of

he Company issue 007. The warrants

Company grante securities; such

d

6,578, are exer

948

common stock

cisable

at

prices

d

the F

unds

registra

tion

and M.A.G. was declared

Accounting for S

tock-Based Compensation

As allowed by Statement of Financial

for

Stock-Based

Compensation",

intrinsic-value-based measures stock-based

method of

acc

compensation

f

options

granted at market

Restricted

stock

awards

price at t were value

Accounting the Company

Standards No. 123,

has

elected

to

ounting.

Under

this

method,

"Accounting apply the the Company

or he d

option grants date of grant

based

on

the

to employees assuming that

have

no

intrinsic

value.

market

price

of

a

share

of

non-restricted

recognized

for

restricted

stock

stock

on

the

date

e

stock-based incent awards pursuant to e

arned. No compensation expense ive compensation plans other xecutive employment agreements.

has

been

than

for

  • -

    24-

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

NOTE 10 - COMMITMENT FOR SUITE LICENSE AGREEMENT

-------

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

On June 4, 2004,

the Company

entered into a

with

the

San

Antonio

Spurs,

L.C.C.

commencing

Suite License Agreement July 1, 2004 for a period

of five

years.

and is

subject

The annual to a 6% per

license fee for the first

annum

price

escalation

year is $159,000

thereafter.

The

annual fee is payable in installments as indicated in the agreement.

The future annual license fee commitments are as follows:

2005

$168,540

2006

178,652

2007

189,371

2008

200,733

--------

$737,296

========

NOTE 11 - RELATED PARTY TRANSACTION

-------

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

75

$1.01 =====

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