Page 55 - Sun Resources 2014 Annual Report

Consolidated
3 Revenues and Expenses 2014 2013
a Revenue $ $
USA Sale of oil and gas 581,593 299,607
b Other Income
Net foreign exchange gain 91,287 83,742
Interest income from non-related parties 123,641 69,050
Sale of other inventories - L20/50 - 148,553
Sale of WA-47-R - Sage - 149,572
Sundry Income 14,879 -
229,807 450,917
c Depreciation Amortisation Expense
Amortisation - oil and gas production assets 775,629 471,350
Depreciation - property, plant and equipment 31,085 8,101
806,714 479,451
d Exploration and Evaluation Expenditure
Exploration and evaluation expenditure written-off 23,451,687 4,798,053
e Finance Expense
Interest expense 6,158 -
f Production Expense
Oil and gas production assets impairment 1,779,378 2,929,104
g Miscellaneous Expenses
Rental expense - operating lease 250,208 115,500
Superannuation 67,636 70,883
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 (27,848,265) (10,247,996)
Prima facie income tax at 30% (2013: 30%)
-- Group (8,354,479) (3,074,399)
(8,354,479) (3,074,399)
Tax effect of amounts not deductible in calculating taxable income:
Diminution of shares in subsidiaries - -
Other permanent differences 407,947 1,677,581
(7,946,532) (1,396,818)
Deferred tax asset on current year losses not recognised 7,946,532 1,396,818
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.
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
SUN RESOURCES ANNUAL REPORT 2014  53