Got profit? Paid Bills?
"...Bend Arch Petroleum Inc. sold 5131 barrels of oil and 32,589 MCF of natural gas in the 4th quarter for approximate total gross revenue of $455,743. Total approximate gross revenues for Bend Arch Petroleum Inc. and Production Resources Inc. totaled $520,553.
American Energy Production Inc. reported Oil and Gas revenues year to date for the two investees of approximately $1,442,453. AMEP is very pleased with the production revenues of our investees. In one year the investees have increased production revenues from $6600 to $1,442,453...."
So as you can see, the investees brought in a whole lotta cash, and zippo ended up on AMEP's bottom line.
And despite this cash influx, the Federal taxes remain unpaid, are accumulating interest, and should have been paid to avoid addtional costs and potential liens.
Next...
"...On March 12, 2001, we obtained a revolving bank line of credit in the amount of $70,000, of which $17,464 is outstanding at June 30, 2005. The interest rate was originally at 11.5% but has converted to the default rate of 18% per annum as the line of credit was due March 11, 2002 and was in default. This line of credit is secured by all equipment, which had been repossessed as of December 31, 2001 and $23,075 was applied to the balance. As of June 30, 2005, the Company has recorded a total of $12,378 in accrued interest for this line of credit in the accompanying Balance Sheet. The line of credit is in default at June 30, 2005...."
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"...On April 16, 2001, the Company leased computer equipment under a 36-month lease that was accounted for as a capital lease in the amount of $21,238 and at December 31, 2004, the balance of principal was $18,153. The amount is personally guaranteed by a former officer/director and a current officer/director of the Company. The lease was secured by all leased equipment and perfected by a financing statement; however, the Company liquidated the equipment and paid the office space lessor the $4,000 proceeds..."
Mongrel
