IPMN 10Q.. IMPERIAL PETROLEUM, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three Months Ending Nine Months Ending
04/30/12 04/30/11 04/30/12 04/30/11
Revenue
Oil and gas revenue
$ 1,515 64,684 135,290 168,863
Other revenue
500 0 14,250 0
Total operating income
$ 2,015 64,684 149,540 168,863
Costs and Expenses:
Oil and Gas expenses
$ 0 310,191 424,314 664,234
General and administrative
609,313 567,194 4,102,162 989,718
Impairment
267,255 0 267,255 0
Depreciation, depletion and amort.
3,124 7,622 8,720 28,027
Total costs and expenses
$ 879,692 885,007 4,802,451 1,681,979
Net (loss) from continuing operations
$ (877,677 ) (820,323 ) (4,652,911 ) (1,513,116 )
Other income and (expense)
Interest expense
(2,268,300 ) (119,068 ) (2,470,641 ) (356,320 )
Gain on sale of assets
0 0 (3,767,827 ) 0
Gain on Bankruptcy
5,369,281 0 5,369,281 0
Other Income/expense
0 0 306,837 500,000
Other
Total other income/(expense)
3,100,981 (119,068 ) (562,350 ) 143,680
Net gain/ loss before income taxes
$ 2,223,304 (939,391 ) (5,215,261 ) (1,369,436 )
Provision for income taxes
Current
0 0 0 0
Deferred
0 0 0 0
Total benefit from income taxes
0 0 0 0
Net income/loss from continuing operations
$ 2,223,304 (939,391 ) (5,215,261 ) (1,369,436 )
Net income/loss from discontinued operations
$ (1,142,692 ) 3,307,559 (1,866,812 ) 4,171,156
Net Income (loss)
1,080,612 2,368,168 (7,082,073 ) 2,801,720
Net Income(loss) per share from continuing operations
$ 0.054 (0.035 ) (0.132 ) (0.056 )
Net Income(loss) per share from discontinued operations
$ (0.028 ) 0.125 (0.047 ) 0.172
Weighted Average Shares – basic and diluted
40,937,616 26,365,777 39,466,518 24,222,486
See Notes to Condensed Consolidated Financial Statements
