Page 59 - Sun Resources Annual Report 2013

Consolidated
3 Revenues and Expenses 2013 2012
a Revenue $ $
USA Sale of oil and gas 299,607 40,961
b Other Income
Net foreign exchange gain 83,742 69,737
Interest income from non-related parties 69,050 89,756
Sale of other inventories - L20/50 148,553 -
Sale of WA-47-R - Sage 149,572 -
450,917 159,493
c Depreciation Amortisation Expense
Amortisation - oil and gas production assets 471,350 -
Depreciation - property, plant and equipment 8,101 6,810
479,451 6,810
d Exploration and Evaluation Expenditure
Exploration and evaluation expenditure written-off 4,798,053 1,799,717
e Finance Expense
Interest expense - 71,742
f Production Expense
Oil and gas production assets impairment 2,929,104 1,100,998
g Miscellaneous Expenses
Rental expense - operating lease 115,500 61,354
Superannuation 70,883 88,750
4 Income Tax
a Income Tax Expense
Current tax - -
Deferred tax - -
- -
b Reconciliation of income tax expense to prima facie tax payable:
Profit/(loss) before income tax (10,247,996) (4,419,084)
Prima facie income tax at 30% (2012: 30%)
- Group (3,074,399) (1,325,725)
(3,074,399) (1,325,725)
Tax effect of amounts not deductible in calculating taxable income:
Diminution of shares in subsidiaries - -
Other permanent differences 1,677,581 648,021
(1,396,818) (677,704)
Deferred tax asset on current year losses not recognised 1,396,818 677,704
Income tax expense/(benefit) - -
The applicable weighted average effective tax rates are as follows: 0% 0%
The Group made an election in order that the Australian companies will form a tax-consolidated group from 1 July
2003. As a consequence, transactions between member equities will be ignored.
SUN RESOURCES ANNUAL REPORT 2013 57
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS