"" USOG>>> One Of Bigg Pimpings Prime Strollers For Next Week ""
All In All The Numbers Aren't Bad At ALL Players.....We Are Definitely Looking To The Upside Here!
""Fins. Released On Friday....United States Oil and Gas Corp (OTCQB: USOG) (PINKSHEETS: USOG) announced the filing of its Quarterly Report on Form 10-Q and its financial results for the three months ended March 31, 2011. The following are highlights from the report.
""The Company reported revenue of $7.1 million, a 31% increase compared to $5.4 million in restated sales for the first quarter of 2010""
Net loss for the quarter of $535,000 was $104,000 lower than during the same period in 2010. Loss includes accretion expense from derivative instruments of $225,000 for the three months ended March 31, 2011 compared to $67,000 for the same period in 2010 and a net loss from conversion of debt of $136,000 for the three months ended March 31, 2011 compared to $0 for the same period in 2010. Both of these items are non-cash expense items.
Net loss was also affected by the booking of reserve against accounts receivable of $170,000. During 2010 we adopted a policy of reserving all receivables over 90 days past due. CEO Alex Tawse commented, "The overall economy appears to be improving, and we anticipate slowly increasing sales during 2011. The increase in oil and gas prices in the first quarter of 2011 had a positive impact on sales but did not materially affect volume. At United we expect improved sales volume due in part to the planned opening of a second retail store late in 2011 and continued growth in the propane business due to increase in economic activity in the area."
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