--12-31 mnap MNP Petroleum Corp 2015-09-30 0001074447 No Smaller Reporting Company No 10-Q false 166112792 Yes 2015 Q3 0001074447 2015-11-16 0001074447 2015-01-01 2015-09-30 0001074447 2015-09-30 0001074447 2014-12-31 0001074447 2015-07-01 2015-09-30 0001074447 2014-07-01 2014-09-30 0001074447 2014-01-01 2014-09-30 0001074447 2013-12-31 0001074447 2014-09-30 0001074447 us-gaap:CommonStockMember 2014-12-31 0001074447 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001074447 us-gaap:TreasuryStockMember 2014-12-31 0001074447 us-gaap:RetainedEarningsMember 2014-12-31 0001074447 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-12-31 0001074447 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-09-30 0001074447 us-gaap:RetainedEarningsMember 2015-01-01 2015-09-30 0001074447 us-gaap:CommonStockMember 2015-09-30 0001074447 us-gaap:AdditionalPaidInCapitalMember 2015-09-30 0001074447 us-gaap:TreasuryStockMember 2015-09-30 0001074447 us-gaap:RetainedEarningsMember 2015-09-30 0001074447 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-09-30 shares iso4217:USD iso4217:USD shares pure utr:Y 114493 1369778 97998 208621 12943 14359 0 206382 36199 184506 261633 1983646 58486 83254 12000000 0 1011616 687645 44832 0 530778 586697 0 12000000 13645712 13357596 13907345 15341242 2257979 1165472 168823 0 235626 146825 2662428 1312297 340349 340349 340349 340349 3002777 1652646 172592 172592 78661415 78622945 551018 551018 -67429422 -64606924 51001 51001 10904568 13688596 13907345 15341242 600000000 600000000 0.001 0.001 172592292 172592292 166112792 166112792 6479500 6479500 0 0 0 0 0 0 0 0 378082 403644 1226013 1180666 -23895 516405 205428 1178469 9371 12487 28347 36757 214498 363052 665167 1132519 190895 315092 746060 1048395 768951 1610680 2871015 4576806 13233 -144126 67321 -189384 0 -971744 -18572 1714684 0 0 53 0 177 197 285 350 13056 -1116067 48517 1524950 -755895 -2726747 -2822498 -3051856 0 4468 0 9557 -755895 -2731215 -2822498 -3061413 -755895 -2731215 -2822498 -3061413 166112792 169440183 166112792 171371039 166112792 169440183 166112792 171371039 0.00 -0.02 -0.02 -0.02 0.00 -0.02 -0.02 -0.02 38470 65614 149723 -78047 834401 371405 88801 -239390 -1731505 -4430374 -8418 -486603 1528 0 3579 14195 184094 7570842 44832 0 -110623 52565 236360 7017479 0 452403 168823 0 168823 -452403 -1326322 2134702 3063947 71037 -144019 5054630 0 312000 0 111656 12000000 0 315553 0 258106 0 172592292 172592 78622945 -551018 -64606924 51001 38470 38470 -2822498 172592292 172592 78661415 -551018 -67429422 51001 <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>1.</b> <b>BASIS OF PRESENTATION</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> The financial statements presented in this Form 10-Q comprise MNP Petroleum Corporation (&#8220;MNP&#8221; or the &#8220;Company&#8221;) and its subsidiaries (collectively, the &#8220;Group&#8221;). The unaudited interim <i>Consolidated Financial Statements</i> included in this Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;) and present our financial position, results of operations, cash flows and changes in stockholder&#8217;s equity. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto, included in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2014. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company is in the business of exploring for oil and gas, primarily in Central and East Asia. If the Company discovers sufficient reserves of oil or gas, it intends to exploit them. The Company has not commenced planned principal operations and therefore has not realized any revenues to date. The Company carries out its operations both directly and through participation in ventures with other oil and gas companies. It is actively involved in exploration projects in Tajikistan and Mongolia. In addition, the Company recently purchased a stake in producing oilfields in Tajikistan. As the Company currently depends upon funding from various sources to continue operations and to implement its growth strategy, the Company&#8217;s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company&#8217;s licenses.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company, formerly known as Express Systems Corporation, was incorporated in the State of Nevada on July 9, 1998.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On April 10, 2007, the Company completed the a share exchange transaction whereby it acquired its then sole subsidiary DWM Petroleum AG, Baar (&#8220;DWM Petroleum&#8221;) pursuant to an exchange agreement signed in November 2006 whereby 100% of the shares of DWM Petroleum were exchanged for 80,000,000 common shares of the Company. As part of the closing of this exchange transaction, the Company issued 800,000 shares as finders&#8217; fees at the closing price of USD3.20. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The acquisition of DWM Petroleum was accounted for as a merger of a private operating company into a non-operating public shell. Consequently, the Company is the continuing legal registrant for regulatory purposes and DWM Petroleum is treated as the continuing accounting acquirer for accounting and reporting purposes. The assets and liabilities of DWM Petroleum remained at historic cost. Under accounting principles generally accepted in the United States of America, in transactions involving the merger of a private operating company into a non-operating public shell, the transaction is equivalent to the issuance of stock by DWM Petroleum for the net monetary assets of the Company, accompanied by a recapitalization. The accounting is identical to a reverse acquisition, except that no goodwill or other intangibles are recorded.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company has a focused strategy on exploration and developing oil and gas resources in Central Asia and East Asia (Tajikistan and Mongolia).</p> 1.00 80000000 800000 3.20 <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>2.</b> <b>GOING CONCERN</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> The condensed consolidated financial statements have been prepared on the assumption that the Group will continue as a going concern. The Group has no operating income and therefore will remain dependent upon continued funding from its shareholders or other sources. The Company&#8217;s cash balance as of September 30, 2015 was USD212,491, of which USD97,998 has been restricted leaving a balance of USD114,493. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">These matters raise substantial doubt about the Group&#8217;s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> Based on the Group&#8217;s expected monthly burn rate of USD352,364 on basic operational activities, management estimates that the Company has sufficient working capital to fund operations for less than one month. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In order to continue to fund operations for the next twelve months and implement the work program for the Group&#8217;s projects in Central Asia as well as to finance continuing operations, the Group will require further funds.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On October 29, 2015 the Company entered into an Investment Agreement with Seven and Seven IST Petro Kimya (&#8220;Seven &amp; Seven&#8221;) providing for a staged private placement of equity and convertible debt for gross proceeds of up to EUR250 million (approx. US$266 million). Both parties are working on closing the transaction. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Seven &amp; Seven and its subsidiaries have investments and had investments in energy and oil and gas operations in Kazakhstan and the Middle East as well as other investments in various industry sectors. Seven &amp; Seven is incorporated under the laws of Turkey and is headquartered in Istanbul.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">If the Company is not able to raise the required funds, it may consider other alternatives, including a possible farm-out of one or more of its projects in order to reduce short term financial commitments. If the Company is unable to obtain the funding that it needs or arrive at an acceptable alternative solution, the Company will not be able to continue its business. In addition, any equity financing may be dilutive to shareholders, and debt financing, if available, will increase expenses and may involve restrictive covenants. The Company will be required to raise additional capital on terms which are uncertain, especially under the current capital market conditions. If the Company is unable to obtain capital or is required to raise it on undesirable terms, it may have a material adverse effect on the Company&#8217;s financial condition.</p> 212491 97998 114493 352364 250000000 266000000 <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>3.</b> <b>ACCOUNTING POLICIES</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The accompanying financial data as of September 30, 2015 and December 31, 2014 and for the three and nine month periods ended September 30, 2015 and 2014, has been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The complete accounting policies followed by the Group are set forth in Note 3 to the audited consolidated financial statements contained in the Group&#8216;s Annual Report on Form 10-K for the year ended December 31, 2014.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures, if any, of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In the opinion of management, all adjustments (which include normal recurring adjustments, except as disclosed herein) necessary to present a fair statement of financial position as of September 30, 2015 and December 31, 2014, results of operations for the three and nine month periods ended September 30, 2015 and 2014, cash flows for the nine month periods ended September 30, 2015 and 2014 and statement of shareholders&#8217; equity for the period from January 1, 2015 to September 30, 2015, as applicable, have been made. The result of operations for the three and nine month periods ended September 30, 2015 is not necessarily indicative of the operating results for the full fiscal year or any future periods.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On January 15, 2015, DWM Petroleum AG, the Company&#8217;s wholly-owned Swiss subsidiary, acquired a 65% equity interest in EPA.at Beteiligungsgesellschaft mbH (&#8220;EPA&#8221;). The details of this acquisition are discussed in note 7 to these financial statements, below. Due to this acquisition, the Group has updated its accounting policies as follows. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>Investments</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Investments in the common stock of entities in which the company owns a minority interest and is unable to exercise significant influence are accounted for using the cost method. If the Company is unable to obtain consolidated financial statements on a timely basis, it accounts for its investments using the cost method.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The fair value of the Company&#8217;s cost method investment is not estimated as there have been no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment and the Company has determined that it is not practicable to estimate the fair value of the investment at this time. Any earnings distributed by the investee are presented as dividend income on the statements of comprehensive loss.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>Reclassifications</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> In the prior year balance sheet an amount of USD586,697 was reclassified from &#8220;Prepaid expenses and other current assets&#8221; to &#8220;Other non-current assets&#8221; to conform to the current period presentation since this amount constitutes prepayments for &#8220;Oil and gas properties (unproved)&#8221; and therefore is non-current in nature. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>Investments</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Investments in the common stock of entities in which the company owns a minority interest and is unable to exercise significant influence are accounted for using the cost method. If the Company is unable to obtain consolidated financial statements on a timely basis, it accounts for its investments using the cost method.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The fair value of the Company&#8217;s cost method investment is not estimated as there have been no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment and the Company has determined that it is not practicable to estimate the fair value of the investment at this time. Any earnings distributed by the investee are presented as dividend income on the statements of comprehensive loss.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>Reclassifications</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> In the prior year balance sheet an amount of USD586,697 was reclassified from &#8220;Prepaid expenses and other current assets&#8221; to &#8220;Other non-current assets&#8221; to conform to the current period presentation since this amount constitutes prepayments for &#8220;Oil and gas properties (unproved)&#8221; and therefore is non-current in nature. </p> 0.65 586697 <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>4.</b> <b>RECENT ACCOUNTING PRONOUNCEMENTS</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>Recently adopted accounting pronouncements</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> In August 2014, the FASB released Accounting Standards Update 2014-15, <i>Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern</i> . This ASU requires management to determine whether substantial doubt exists regarding the entity&#8217;s going concern presumption. If substantial doubt exists but is not alleviated by management&#8217;s plans, the footnotes must specifically state that &#8220;there is substantial doubt about the entity&#8217;s ability to continue as a going concern within one year after the financial statements are issued.&#8221; In addition, if substantial doubt exists entities must disclose (a) principal conditions or events that raise substantial doubt about the entity&#8217;s ability to continue as a going concern (before consideration of management&#8217;s plans, if any); (b) management&#8217;s evaluation of the significance of those conditions or events in relation to the entity&#8217;s ability to meet its obligations; and (c) management&#8217;s plans that are intended to mitigate the conditions or events that raise substantial doubt, or that did alleviate substantial doubt, about the entity&#8217;s ability to continue as a going concern. This ASU applies prospectively to all entities for annual periods ending after December 15, 2016, and to annual and interim periods thereafter. Early adoption is permitted. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company is in the process of evaluating the impact of ASU 2014-15 and has not adopted it for this reporting period. 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Total consideration paid was USD12,000,000. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> EPA, a company registered in Vienna, Austria, holds a 57.42% interest in the company Petroleum Sugd LLC (&#8220;PSL&#8221;), which owns 10 producing oil and gas fields in the north of Tajikistan. Through its investment, EPA participates in the revenues from the sale of oil and gas. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> The acquisition of EPA was accounted for using the cost method as although the Company owns a 65% equity interest, under ASC 810, EPA is considered to be a variable interest entity and the other EPA shareholder has veto rights which limit the power of the Company to make significant decisions. In addition, as Petroleum Sugd LLC operates in the Republic of Tajikistan it is not subject to such stringent reporting deadlines as in the US. 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font-size: 10pt;"> <b>10.</b> <b>SHAREHOLDERS&#8217; EQUITY</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>Share repurchase program</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On May 13, 2014, MNP Petroleum Corp. announced a plan to repurchase up to 8,296,614 of its common shares, or up to five percent of the 172,592,292 common shares that were then outstanding, in a normal course issuer bid to be conducted by Jennings Capital Inc. 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valign="bottom" width="10%"> (2,197 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> (13,250 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> (6,592 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="10%"> (26,501 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" valign="bottom">Amortization of loss</td> <td align="left" style="BORDER-LEFT: #000000 1px solid" valign="bottom" width="1%">&#160;</td> <td align="right" valign="bottom" width="10%"> 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style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> <b> 65,435 </b> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> </tr> </table> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> During the nine month periods ended September 30, 2015 and 2014, the Company made cash contributions of USD128,121 and USD121,407, respectively, to its defined benefit pension plan. 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65,435 </b> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> </tr> </table> 20519 12318 61557 24636 3033 16213 9098 32426 -2197 -13250 -6592 -26501 10559 17437 31677 34874 31913 32717 95740 65435 128121 121407 <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>14.</b> <b>FAIR VALUE MEASUREMENT</b> </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> <b>14.1.</b> <b>Fair Value Measurements</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. 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width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">Investment in associate (Petromanas)</td> <td align="left" bgcolor="#e6efff" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> 206,382 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> - </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> - </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> <b>Total</b> </td> <td align="left" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> 206,382 </td> <td align="left" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> <td align="left" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> <b> - </b> </td> <td align="left" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> <td align="left" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> <b> - </b> </td> <td align="left" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> <b>14.2.</b> <b>Fair Value of Financial Instruments</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In addition to the methods and assumptions the Company uses to record the fair value of financial instruments as discussed in the Fair Value Measurements section above, the Company used the following methods and assumptions to estimate the fair value of its financial instruments.</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#8226;</td> <td align="left" width="90%"> <b>Cash and cash equivalents &#8211;</b> carrying amount approximated fair value. </td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#8226;</td> <td align="left" width="90%"> <b>Restricted cash &#8211;</b> carrying amount approximated fair value. </td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#8226;</td> <td align="left" width="90%"> <b>Accounts receivable &#8211;</b> carrying amount approximated fair value. </td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#8226;</td> <td align="left" width="90%"> <b>Investment in Petromanas</b> &#8211; the fair value was calculated based on quoted market prices. </td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#8226;</td> <td align="left" width="90%"> <b>Accounts Payable</b> &#8211; carrying amount approximated 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style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="8%">Note 11</td> <td align="left" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> </tr> </table> 114493 114493 1369778 1369778 1 97998 97998 208621 208621 1 0 0 12000000 12000000 1 12943 12943 14359 14359 1 44832 44832 0 0 1 0 0 206382 206382 1 2426802 2426802 1165472 1165472 1 168823 168823 0 0 1 <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>15.</b> <b>EARNINGS PER SHARE</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Basic earnings per share result by dividing the Company&#8217;s net income (or net loss) by the weighted average number of shares outstanding for the contemplated period. 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font-size: 10pt;">The following table shows the total number of stock equivalents that was excluded from the computation of diluted earnings per share for the respective period because the effect would have been anti-dilutive:</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" nowrap="nowrap" style="BORDER-TOP: #000000 2px solid" valign="bottom"> <strong>Stock equivalent</strong> </td> <td align="left" nowrap="nowrap" style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 1px solid" valign="bottom" width="1%">&#160;</td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-TOP: #000000 2px solid" valign="bottom" width="23%"> <i>Three months ended</i> </td> <td align="center" nowrap="nowrap" style="BORDER-TOP: #000000 2px solid" valign="bottom" width="2%">&#160;</td> <td align="center" nowrap="nowrap" style="BORDER-TOP: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-TOP: #000000 2px solid" valign="bottom" width="23%"> <i>Nine months ended</i> </td> <td align="left" nowrap="nowrap" style="BORDER-TOP: #000000 2px solid" valign="bottom" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td> <td align="left" nowrap="nowrap" style="BORDER-LEFT: #000000 1px solid; 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BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> <b> 13,442,700 </b> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> <b> 12,400,000 </b> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> <b> 13,442,700 </b> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="10%"> <b> 12,400,000 </b> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" width="2%">&#160;</td> </tr> </table> 12300000 12400000 12300000 12400000 1142700 0 1142700 0 13442700 12400000 13442700 12400000 <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>16.</b> <b>SUBSEQUENT EVENT(S)</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On October 29, 2015 the Company entered into an Investment Agreement with Seven and Seven IST Petro Kimya (&#8220;Seven &amp; Seven&#8221;) providing for a staged private placement of equity and convertible debt for gross proceeds of up to EUR250 million (approx. US$266 million). Both parties are working on closing the transaction. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Seven &amp; Seven and its subsidiaries have investments and had investments in energy and oil and gas operations in Kazakhstan and the Middle East as well as other investments in various industry sectors. Seven &amp; Seven is incorporated under the laws of Turkey and is headquartered in Istanbul.</p> 250000000 266000000 七次郎在线观看,久青草国产在线视频,,一夜七次郎免费线路