Page 60 - Sun Resources Annual Report 2013

Consolidated
4 Income Tax (continued) 2013 2012
c Deferred Tax Liabilities $ $
Exploration and evaluation expenditure - Australia - -
Exploration and evaluation expenditure - USA - -
Temporary differences - Australia 25,123 20,921
Temporary differences - USA - -
25,123 20,921
Difference in overseas tax rates - -
Off-set of deferred tax assets (25,123) (20,921)
Net deferred tax liabilities recognised - -
d Unrecognised deferred tax assets arising on timing differences
Tax losses - Australia 2,991,699 2,817,662
Tax losses - USA 3,281,640 2,055,588
Temporary differences - Australia 43,538 33,534
Temporary differences - USA 1,862,726 217,257
Expenses taken to equity - -
8,179,603 5,124,041
Difference in overseas tax rate - -
Off-set of deferred tax liabilities (25,123) (20,921)
Net deferred tax assets not brought to account 8,154,480 5,103,120
No deferred tax assets have been recognised as it is not probable that future tax profits will be available to offset
these balances.
5 Cash and Cash Equivalents
Cash at bank and on-hand 2,723,425 401,717
Term Deposits 827,324 822,782
3,550,749 1,224,499
Cash at bank bears floating interest rates between 0% and 2.8% (2012: 0% and 3.1%). Term deposits are for thirty
days and bear approximately 4% interest (2012: 5.3%).
Non-cash financing and investing activities
During the year the Company issued shares, options and performance options for no cash as part consideration to
acquire the Delta Oil Project and Amerril Oil Project.
The fair value of these issued securities are as follows:
Shares (Note 13) (i) 15,488,589 1,319,764
Options - Performance and other (Note 14) (ii) 7,318,782 2,021,289
Total (Note 10) 22,807,371 3,341,053
(i) The value of the share placements for the expansion of the Delta Oil Project and Amerril Oil Project on the 12
September 2012 is determined not by fair value based on leases or service, but on the value of the shares as
quoted by the Australian Securities Exchange Limited at this date. The fair value of the leases or service at this
date could not be determined as there was not an active market for these leases or services.
(ii) The value of the options granted for the expansion of the Delta Oil Project and Amerril Oil Project is determined
not by fair value based on leases or service, but on the value of the options using the black-scholes option
pricing model. The fair value of the leases or service could not be determined as there was not an active market
for these leases or services.
SUN RESOURCES ANNUAL REPORT 2013 58
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS