CASH FLOWS FROM OPERATING ACTIVITIES |
1998
|
1997
|
|
Net Loss |
$(863,829) |
$(413,816) |
|
Adjustments to reconcile net loss to net cash used in operating activities Depreciation
and amortization |
106,548 |
95,612 |
|
Change in operating assets and liabilities, net of effects of the purchase of MSP
Technologies, Inc. |
(11,137) |
- |
|
Accounts receivable |
20,359 |
(11,747) |
|
Accounts receivable, related parties |
277,832 |
(262,454) |
|
Accounts payable |
64,976 |
- |
|
Drilling advances |
37,976 |
4,584 |
|
Accrued expenses |
89 |
- |
|
Other |
495,834 |
(174,005) |
|
Total Adjustments |
(367,995) |
(587,821) |
| NET CASH USED IN
OPERATING ACTIVITIES |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired in acquisition of MSP Technologies, Inc.
Purchases of property and equipment |
(182,687) |
39,561 |
| NET CASH USED IN INVESTING ACTIVITIES |
(182,687) |
(22,648) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
270 |
1,003,483 |
Proceeds from sale of common stock and option exercise
Payments on long-term debt |
(3573) |
- |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
(3,303) |
1,003,483 |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIV. |
(553,985) |
393,016 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
598,889 |
205,853 |
| CASH AND CASH EQUIVALENTS, END OF YEAR |
$ 44,884
|
$ 598,869
|
| SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION |
$6,549 |
$871 |
Cash paid during period for Interest
Non-cash investing and financing activities
Acquisition of MSP Technologies, Inc. in exchange for 300,000 shares of common stock |
$ - |
$1,500,000 |
BACK TO FINANCIAL STATEMENTS TABLE OF CONTENTS
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