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Note 5. Brunswick Terminal and Salisbury Terminal Asset Purchases.
 3 Months Ended
Jun. 30, 2012
Business Combination Disclosure [Text Block]
 5.          SALISBURY TERMINAL ASSET PURCHASE.

Salisbury, Maryland Terminal

On December 22, 2011, Blackwater Maryland, L.L.C. (“BWMD”), a wholly-owned subsidiary of the Company, acquired the 172,000 barrel Salisbury Terminal, including storage tanks and other improvements for $1,600,000.

Presented below are unaudited pro-forma consolidated statements of operations for the three-month period ended June 30, 2011, when considering the operating results of the Salisbury Terminal, if acquired as of April 1, 2011.

   
Three-Months Ended June 30, 2011
 
 
   
Blackwater Midstream, Westwego & Brunswick Terminals Actual
   
Salisbury Terminal Pro-Forma for Period 1/Apr/2011-30/Jun/2011
   
Consolidated Pro-Forma
 
Revenue
  $ 2,329,630     $ 127,000     $ 2,456,630  
                         
Net income
  $ 1,762,991     $ 964,541  *1   $ 2,727,532  
                         
NET INCOME PER COMMON SHARE,
                       
BASIC
  $ 0.03     $ 0.02     $ 0.05  
DILUTED
  $ (0.05 )   $ (0.03 )   $ (0.02 )
                         
Weighted average number of shares outstanding:
                       
BASIC
    55,165,077       55,165,077       55,165,077  
DILUTED
    66,096,328       66,096,328       66,096,328  

A reconciliation of the components of basic and diluted net income per common share is presented in the tables below.