Monday, November 14, 2011 11:18:48 PM
Revenues
For the three months ended June 30, 2011, revenues from services increased by $188,950 to $268,950 from $80,000 in the three months ended June 30, 2010. For the six months ended June 30, 2011, revenues from services increased by $103,975 to $268,950 from $164,975 in the six months ended June 30, 2010. During the three and six months ended June 30, 2011, we were primarily in negotiations with international mineral and oil companies and foreign natural resource agencies to render services. We rendered mapping services pursuant to minor service contracts during the three months ended June 30, 2011. Generally, our services on a cash basis are pursuant to individual contracts for specific services to be performed over a short time frame, and are not a recurring source of revenues. The increase in revenue arose principally because the services performed in the three months ended June 30, 2011 were more significant than the services performed during the three and six months June 30, 2010. We continue to perform services for a cash service fee, as well for an ownership or royalty interest in projects or leaseholds. In addition, we seek potential joint venture partners in exploiting our technology and other opportunities presented to us.
We anticipate that, subject to global economic conditions and willingness of potential clients to expand capital on exploration activities, during the next twelve months, if we achieve our capital raising goals, we will be engaged in joint ventures and internal resource projects. The purpose of focusing on internal resource projects is to generate reserves and to establish that the technology can increase the success rate in oil, gas and other mineral exploration projects.
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