You should read the following selected financial data in conjunction with our consolidated financial statements and related notes, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other financial information appearing elsewhere in this Form 10-K. The Statement of Operations data set forth below for each of the years in the three-year period ended December 31, 2007 and the Balance Sheet data as of December 31, 2007 and 2006 are derived from our consolidated financial statements appearing elsewhere in this Form 10-K. The Statement of Operations data for the years ended December 31, 2004 and 2003 and the Balance Sheet data as of December 31, 2005, 2004 and 2003 are derived from audited financial statements not included herein.
Statement of Operations Data:
| Years Ended December 31 | |||||
|---|---|---|---|---|---|
2007 |
2006 | 2005 | 2004 |
2003 |
|
| Revenues |
$5,620,091 | $6,295,934 | $7,544,703 | $10,182,717 | $8,752,789 |
| Income (loss) from operations |
$(542858) | $(1,497,225) | $(1,969,221) | $(42,216) | $699,509 |
| Income (loss) before income taxes | $(763302) | $(1,666,772) | $(2,008,394) | $190,172 | $685,110 |
| Income tax benefit (expense)(a) | $(715,099) | $654,000 | $772,000 | $(89,000) | $(234,075) |
| Net Income (loss) before extraordinary gain |
$(1478401) | $(1,012,772) | $(1,236,394) | $101,172 | $451,035 |
| Extraordinary gain on sale of claim (b) | $624,725 | - | - | - | - |
| Net Income (loss) | $(853676) | $(1,012,772) | $(1,236,394) | $101,172 | $451,035 |
| Basic earnings (loss) per common share |
|||||
| Income (loss) before extraordinary gain | $(0.09) | $(0.06) | $(0.07) | $0.01 | $0.03 |
| Extraordinary gain (b) | $0.04 | - | - | - | - |
| Total | $(0.05) | $(0.06) | $(0.07) | $0.01 | $0.03 |
| Weighted average number of shares - basic |
16,920,419 | 16,929,460 | 17,094,350 | 17,524,049 | 17,343,407 |
| Weighted average number of shares - diluted |
16,920,419 | 16,929,460 | 17,094,350 | 17,963,775 | 17,374,890 |
| Total assets |
$4,508,044 | $6,023,329 | $5,706,085 | $6,386,832 | $6,369,753 |
| Long-term debt and capital leases |
$1,930,175 | $2,568,750 | - | $111,116 | $43,574 |
| Total debt and capital leases |
$2,033,300 | $2,625,000 | $1,211,116 | $243,573 | $250,082 |
| Stockholders' equity |
$1,796,675 | $2,676,047 | $3,651,523 | $5,036,903 | $5,012,478 |
We neither declared nor paid cash dividends during the five years in the period ended December 31, 2007.
(a) We established a full valuation allowance for our net deferred tax asset that increased our income tax expense by $966,000 during 2007.
(b) We recorded an extraordinary gain of $624,725 in 2007 due to the sale of a claim that arose out of natural resources interests held in Cuba which were expropriated by the Cuban government. The gain included the cash of $1,018,725 we were paid offset by $10,000 in direct costs and $384,000 in income tax expense.