EDEN ENERGY CORP

CIK:0001083866|SEC Filings

Discontinued Operations

6 Months Ended

Jun. 30, 2012

11.	Discontinued Operations

	During the year ended December 31, 2011 the Company sold its remaining oil and gas assets and as a result has disclosed the results of its oil and gas asset group as discontinued operations. The results of discontinued operations are summarized below:

	Three months ended		Six months ended
	June 30, 2011		June 30, 2011
	$		$

Revenue	163,558		323,095

Expenses
Depletion and depreciation	67,127		92,194
General and administrative costs	49,331		93,876
Interest	24,932		49,590
Management fees	51,175		106,790
Oil and gas operating expenses	108,422		198,269
Taxes	9,007		17,754

Total Expenses	309,994		558,473

	(146,436	)	(235,378	)

Consolidated Statement of Cash Flows (USD $)	6 Months Ended
Consolidated Statement of Cash Flows (USD $)	Jun. 30, 2012	Jun. 30, 2011
Operating Activities:
Net loss for the period	$ (162,245)	$ (980,787)
Non-cash items:
Depletion, depreciation and amortization	1,942	103,884
Accrued interest on loan payable	49,863	48,767
Stock based compensation	0	83,498
Changes in non-cash operating assets and liabilities:
Accrued petroleum revenues	0	45,675
Other receivables	(1,178)	(1,140)
Prepaid expenses and other	1,178	7,928
Accounts payable and accrued liabilities	88,048	322,856
Net Cash Provided by (Used in) Operating Activities:	(22,392)	(369,319)
Investing Activities:
Restricted cash	500,000	30,676
Disposal of property and equipment	0	752
Net Cash Provided by (Used in) Investing Activities:	500,000	31,428
Financing Activities:
Repayment on loan payables	(500,000)	0
Proceeds from the sale of common stock	0	105,000
Net Cash Provided by (Used in) Financing Activities:	(500,000)	105,000
Effect of exchange rate changes on cash	0	0
Decrease in cash	(22,392)	(232,891)
Cash, beginning	23,270	281,664
Cash, ending	878	48,773
Supplementary disclosure:
Interest paid	0	50,411
Income taxes paid	$ 0	$ 0

Consolidated Balance Sheets (USD $)	Jun. 30, 2012	Dec. 31, 2011
Current Assets
Cash	$ 878	$ 23,270
Restricted cash	0	500,000
Other receivables	7,815	6,637
Prepaid expenses	29,890	31,068
Total Current Assets	38,583	560,975
Oil and gas properties	1	1
Equipment, net of depreciation of $72,045 (December 31, 2011 - $70,916)	3,073	5,015
Total Assets	41,657	565,991
Current Liabilities
Accounts payable	716,097	628,049
Loan payable	717,123	1,167,260
Total Liabilities	1,433,220	1,795,309
Contingencies and Commitments	0	0
Stockholders' Deficit
Preferred Stock: 10,000,000 preferred shares authorized, $0.001 par value None issued	0	0
Common Stock: 40,000,000 shares authorized, $0.001 par value 6,629,528 shares issued and outstanding (December 31, 2011 - 6,629,528)	6,630	6,630
Additional paid-in capital	50,956,760	50,956,760
Deficit	(52,192,708)	(52,192,708)
Deficit accumulated in the exploration stage	(162,245)	0
Total Stockholders' Deficit	(1,391,563)	(1,229,318)
Total Liabilities and Stockholders' Deficit	$ 41,657	$ 565,991