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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 76 / 83

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

The Company

executed an agreement in January

to provide charter contractors to job

air transportation for its

sites

and

other

business

2004 with a

related party

employees,

customers and

related

destinations.

A

$300,000 Company

5% interest regarding

bearing

loan due in

the

transaction.

The

January 2007 was

loan

balance

is

made by the credited by

airtime charges at standard industry rates computed on the average monthly balance. At balance was $288,506.

offset by interest December 31, 2005,

charges the loan

NOTE 12 - LEASES

-------

------

The Company e rental of its expired Novemb

ntered into an oper executive office er 30, 2005.

ating at a

lease on August

monthly

rent

of

1, 2003 for the

$3,400,

which

The Company re clause until F the lease unti

tained tenancy in ebruary 1, 2006. On l December 31, 2007

the building under the month-to-month February 1, 2006, the Company renewed at the same $3,400 per month rental.

The Company's entered into adjacent buil 2005 at which through March Corporation e owner at a mon 2007.

wholly-owned

subs

a

sublease

agreeme

ding for

$2,500 pe

time the

monthly

31, 2006.

However,

idiary,

Sonterra Energy

Corporation,

nt for

its

executive

officers in an

r month

until

its

renewal

in

October

rent increased on February 1,

to $3,000

per month

2006,

Sonterra

Energy

a dire

ct

of $3,

300

ntered

into

thly

rental

operating for a term

lease with the building

ending

December

31,

  • -

    25-

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

2006

$ 83,400

2007

90,400

2008 - 2019

107,500

---------

NOTE 12 --------

  • -

    LEASES (CONTINUED)

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

Total Minimum Lease Payments

$ 281,300 =========

76

Sonterra

Energy

Corporation

previously had entered into an operating

Future commitments under the operating leases are as follows:

Rent expense for the years ended December 31, 2005 and 2004 was $82,300 and $43,300, respectively.

tank site at an annual

Year Ending -----------

Total ---------

to the accrue

lease

beginning

October 1, 2004 for a propane

rent

of

$10,000

expiring

September

30,

2019.

NOTE 13 - COMMITMENTS AND CONTINGENCIES

-------

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

The Company protection

of

is subject to the laws and

regulations

relating

the

environment.

The

Company's

policy

is

to

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