In September 2006, the company acquired a gas gathering system (Pipeline and compressor station related assets) located in Campbell County, Wyoming. This system was constructed in late 2001 and began operations early in 2002. The system consists of 4.5 miles of 8-inch coated steel pipeline. This pipeline is currently transporting approximately 900,000 Mcf (thousand cubic feet) of coal bed methane per day and is cash flowing from its operations. This system has a current throughput capacity of approximately 4 million cubic feet (“MMcf”) of gas per day. Gathering fees are subject to contracts which are life of lease or 10-year contracts expiring in 2012.
Financial Condition
As of the end of the six months ended June 30, 2007, the Company had $571,295 in total assets. This compares to total assets of $339,861 as of the fiscal year ended December 31, 2006. Total liabilities were $1,033,869 as of June 30, 2007 compared to $745,026 as of the fiscal year ended December 31, 2006. Accounts payable and accrued expenses at June 30, 2007 were $489,119 as compared to $325,651 at December 31, 2006. Advances, notes payable, and accrued interest to related parties at June 30, 2007 were $544,750 as compared to $419,375 at December 31, 2006. During the six months ended June 30, 2007, total liabilities were increased by $288,433 due to purchase of the pipeline and related costs. Net (loss) was $(238,783), increasing the accumulated deficit as of June 30, 2007 to $13,440,052, as compared to an accumulated deficit as of December 31, 2006 of $13,201,268.
The Company's subsidiary, Global Direct Marketing Services, Inc. abandoned 2000, which is now inactive, has left an obligation of $58,230 in unpaid payroll taxes. During 2003, the Company abandoned the development of the Aggression Sports, Inc. subsidiary. At June 30, 2007, the remaining liabilities of this subsidiary were $6,304 in trade payables and $102,554 in unpaid payroll taxes. As of June 30, 2007, the consolidated entity owes $306,311 in unpaid payroll taxes of which $56,595 applies specifically to the parent company for periods through the fourth quarter of 2000.
During the quarters ended June 30, 2007, the Company continued to rely upon infusions of cash from exercise of stock options by officers, directors and consultants, and upon payment of compensation to officers, directors and consultants in the form of common stock and common stock options. During the six months ended June 30, 2007, the Company paid $107,000 in compensation to officers and directors, paid $66,250 to consultants and professionals with 55,000,000 shares of common stock. During the three months ended June 30, 2007, the Company paid $77,000 in compensation to officers and directors, paid $40,000 to consultants and professionals with 32,500,000 shares of common stock.
As of June 30, 2007, executive salaries and bonuses of $88,932 were accrued and unpaid, and the Company had $14,525 in notes receivable for stock sales from former management members.
Results of operations for the Six Months ended June 30, 2007 Compared to Six Months ended June 30, 2006.
The Company had $112,797 in revenues from operations during the six months ended June 30, 2007, and no revenues during the comparable period ended June 30, 2006. Net loss from operations for the six months ended June 30, 2007 was $(223,690) as compared to a net loss from continuing operations of $(97,147) for the six months ended June 30, 2006. The net loss during the six months ended June 30, 2006 was offset by $340,171 in extinguishment of debt and reduction of the share loss of its subsidiary that is 95% owned of $7,608, resulting in net income of $32,617 for the period. The net loss for the quarter ended June 30, 2007 was $(238,738).
Results of operations for the Three Months ended June 30, 2007 Compared to Three Months ended June 30, 2006.
The Company had $108,864 in revenues from operations during the quarter ended June 30, 2007, and no revenues during the comparable period ended June 30, 2006. Net loss from operations for the quarter ended June 30, 2007 was $(162,778) as compared to a net loss from continuing operations of $(26,900) for the quarter ended June 30, 2006. The net loss during the quarter ended June 30, 2006 was offset by $242,312 in extinguishment of debt and reduction of the share loss of its subsidiary that is 95% owned of $5,624, resulting in net income of $221,036 for the period. The net loss for the quarter ended June 30, 2007 was $(174,576).
News 
Market Data 
Discover 
AI
