|
ROYAL RESOURCES CORPORATION
<br />Consolidated Balance Sheets
<br /> )one 30,
<br />1986 tune 30,
<br />1985
<br />Assets
<br />Current assets:
<br />Cash and temporary cash investments Wote 3) ................................. $ 831,638 $ 3,808,363
<br />Marketable securities (Note 21 ............................................... 896,452 1,100,955
<br />Receivable, (net of an allowance for doubtful accounb
<br />of $67,483 in 1986 and $24,280 in 1985):
<br />Oil and gas sales ......................................................... 317,274 822,964
<br />Incometa~re(ands ....................................................... 236,144 133.719
<br />Other .................................................................. 395,632 431,013
<br />Other .................................................................... 23,507 26,254
<br />Total current assets ................................................... 2,700,847 6,333,268
<br />Properly and equipment
<br />Oil and gas properties-under full cost method (Notes 3 and 10) ................. 43,208,147 40,6'3,774
<br />Other property and equipment .............................................. 813,183 843,045
<br /> 44,021,330 41,516,819
<br />Less accumulated depreciation, depletion,
<br />amortization and valuation allowance (Note 1) ............................... 34,327,454 12,181,896
<br /> 9,693,876 29,334,923
<br />Investment in mining property (Note 12) ......................................... 300,000 -
<br />Otherassets ................................................................. 65,886 18,571
<br /> $12,760,609 $35,686,762
<br />Liabilities and Stockholders' Equity
<br />Current liabilities:
<br />Accounts payable .......................................................... $ 910,824 $ 2,432,405
<br />Accrued lease expense ..................................................... 69,084 -
<br />Otheraccrued e~pen,es .................................................... 20,402 78,499
<br />Total current liabilitie< ............ ................................... 1,000,310 2,510,904
<br />Long-term debt (Note 3) ....................................................... 260,000 330,000
<br />Noncurrent lease liabilities (Note 5) ............................................ 136,568 69,089
<br />Deferred income taxes(Nule 4) ................................................ - 6,436,090
<br />Commitments and contingencies (Notes 5, 6 and 12) ............................. .
<br />Stockholders' equity (Notes 4 and 7):
<br />Common stock, $.01 par value, authorized--15,000,000 shares, issued-6,170,812
<br />shares in 1986 and 1985 .................................................. 61,708 61,708
<br />Additional paid-m caprtal ................................................... 20,233,747 20,233,747
<br />Cumulative foreign currency translation adjustment ............................. (164,208) (210,756)
<br />Retained earnings(deliat) ................................................... (8,611,856) 6,411,640
<br /> 11,519,391 26,496,339
<br />Less treasury stock, at mst (1;,351 shares in 1986 and 1985) ..................... (155,660) (155,660)
<br /> 11,363,731 26,340,61 9
<br /> $12,760,609 $35,686,762
<br />The accompanying nD1e~ arr an integral part of These linancial stalemenh
<br />14
<br />
|