Tribute Resources Inc. Announces Audited Consolidated Earnings Results for the Year Ended December 31, 2015
Tribute Resources Inc. announced audited consolidated earnings results for the year ended December 31, 2015. For the year, the company recorded a loss of $3,576,195 for the year ended December 31, 2015 compared to a loss of $1,448,244 for the year ended December 31, 2014 which includes a provision for decline in the value of assets for 2015 in the amount of $1,932,211. The loss was partially due to a substantial, one-time impairment write down of the property and equipment (Magnum gas assets) and the Mar Silver Birch Limited Partnership Units. Cash flow from operations for 2015 showed a loss was $1,184,474 compared to a loss of $2,005,956 in 2014. Net cash flow for the year ended December 31, 2015 increased by $64,725 compared to a net cash decrease of $2,630,470. Capital expenditures totaled $1,108,624 in 2015 compared to expenditures of $3,538,864 during 2014. Included in this amount for the period ended December 31, 2015 is $281,545 for energy projects under development, nil for exploration and evaluation assets, and $52,171 for property and equipment.