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TAMM OIL & GAS CORP. - 10-Q - Management's Discussion and Analysis of Financial Condition and Results of Operations TAMM Oil and Gas Corp. is referred to hereinafter as "we", "our", or "us".

August 1, 2014


We are a petroleum exploration company that seeks to identify, acquire and develop working interests in Canada based oil sands prospects. Oil sands properties are characterized by deposits of bitumen, a form of viscous (relatively high resistance to flow) crude oil. We have generated no revenues since our inception and from our inception, we have not been profitable. We have financed our operations to date through equity placements to accredited investors and borrowings from related parties.

Uncertainties and Trends

Our revenues are dependent in the future, upon the following factors:

price volatility in worldwide oil prices, which is affected by: (a) interest rates; (b)currency exchange rates (c) inflation or deflation; (d) speculation and (e) production levels; global and regional supply and demand for oil; political and economic conditions; changes in the regulatory environment, which may lead to increased costs of doing business; our ability to raise adequate working capital; success of our development and exploration; level of our competition; our ability to attract and maintain key management and employees; and our ability to efficiently explore, develop and produce sufficient quantities of marketable natural gas or oil in a highly competitive and speculative environment while maintaining quality and controlling costs.

The following discussion and analysis should be read in conjunction with our Financial Statements and notes thereto.

(a) Liquidity and capital resources - June 30, 2014 and March 31, 2014

(a) (1) Continuing working capital deficit

Our working capital deficit has limited our ability to expand our operations and pursue our business plan. The following table sets forth our continuing working capital at June 30, 2014 and March 31, 2014.

June 30, March 31, 2014 2014 Current Assets $ 762$ 794 Current Liabilities 499,303 458,051 Working Capital Deficit $ (498,541 )$ (457,257 )

Our current assets decreased by $32 from $794 as of March 31, 2014 to $762 at June 30, 2014. The decrease was solely due to translation from foreign currency.

Our working capital deficit increased by $41,284 to $498,541 as of June 30, 2014, from $457,257 as at March 31, 2014. Accounts payable and accrued expenses increased from $436,697 as of March 31, 2014 to $436,974 as of June 30, 2014 primarily payment by related party of outstanding invoices, net of additional costs of service providers.



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Related party advances increased to $62,329 as of June 30, 2014 from $21,354 as of March 31, 2014 due to expensed paid by related party on the Company's behalf.

We continue to focus on conserving cash, setting priorities for our most important obligations and seeking other means to pay or defer any obligations as necessary.

(a) (2) Property and equipment

We do not have any property and equipment as of June 30, 2014 and March 31, 2014.

(a) (3) Capital commitments

We do not have any long term debt, capital lease obligations, operating or purchase obligations at June 30, 2014.

(a) (4) Derivative liability - Not applicable.

(a) (5) Equity

Stockholders' equity decreased to $1,944,185 as of June 30, 2014, from $2,077,226 as of March 31, 2014. The primary reason for the decrease is change in currency translation net with our incurred year to date net loss of $35,500, net with incurred losses.

(a) (6) Off-balance sheet arrangements.

NONE (a)(7) Results of operations. Three month summary:

The following sets forth certain information regarding our results of operations for the three months ended June 30, 2014 and 2013:

Three months ended June 30, 2014 2013 General and administrative $ 35,500$ 46,669 Impairment of oil and gas properties - - Operating (loss) (35,500 ) (46,669 ) Other income (expense) Gain on settlement of debt - 31,543 Net (loss) (35,500 ) (15,126 ) Net (loss) per share - basic and diluted (0.00 ) (0.00 ) Weighted average shares - basic and diluted 92,582,523 92,582,523

Our operations have resulted in significant losses and negative cash flow as we have exchanged in our property lease interests against debt. During three months ended June 30, 2013, we incurred a gain on settlement of debt of $31,543.

Exploration & development. Exploration and mine development costs was $0 during the three months ended June 30, 2014 and 2013.

General and administrative expenses. Our general and administrative expenses decreased by $11,169 , or 24%, to $35,500 during three months ended June 30, 2014 from $46,669 during same period last year. We attribute the decrease in our general and administrative expenses to professional and legal fees.



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Depreciation. Depreciation was $nil for the three months ended June 30, 2014 and 2013.

Net loss. Our net loss for the three months ended June 30, 2014 was $35,500 compared to $15,126 for the three months ended June 30, 2013.

a) (8) Cash flow

We have been able historically to meet our working capital obligations and cover our net loss through the collection of our receivable from related party, net of repayments of related party notes and sale of common stock. Net cash flows provided (used) by our financing activities was $-0- for the three months ended June 30, 2014 and 2013. Cash remained at $-0- as of June 30, 2014 and at March 31, 2014.

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Source: Edgar Glimpses

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