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Message: PDS expenses
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From the 10-Q:
"PDS reimburses TPL for payment of all legal and third-party expert fees and other related third-party costs and other expenses. During the nine months ended February 29, 2012 and February 28, 2011, PDS expensed $5,412,451 and $4,780,936, respectively, pursuant to the agreement. These expenses are recorded in the accompanying PDS statements of operations presented below."
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Three Months Ended
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Nine Months Ended
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February 29, 2012
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February 28, 2011
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February 29, 2012
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February 28, 2011
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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Revenues
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$ | 2,452,000 | $ | 7,441,000 | $ | 3,009,300 | $ | 8,850,000 | ||||||||
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Operating expenses
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2,621,953 | 4,298,078 | 7,360,877 | 7,245,943 | ||||||||||||
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Operating loss
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(169,953 | ) | 3,142,922 | (4,351,577 | ) | 1,604,057 | ||||||||||
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Reserve for loan loss and uncollectable receivable
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- | 1,413,095 | - | - | ||||||||||||
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Interest income
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- | 45,808 | - | 46,090 | ||||||||||||
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Net loss
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$ | (169,953 | ) | $ | 4,601,825 | $ | (4,351,577 | ) | $ | 1,650,147 |
Interesting to note three months of expenses reduced by approximately $1.3 million year over year, yet the 9 month totals are about the same, yet slightly higher for the most recent.
I wonder if this has anything to do with TPL getting new counsel for litigating the MMP, and also with our settlement with TPL?
Perhaps Gloria did some "forensic accounting" after all? Although I don't understand how these figures reported in the 10-Q are "Unaudited."
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