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BUSINESS SEGMENTS
9 Months Ended
Sep. 30, 2011
Business Segments 
BUSINESS SEGMENTS

NOTE 12 – BUSINESS SEGMENTS

 

As of September 30, 2011, Blast has two reportable segments: (1) Oil and Gas Producing Properties and (2) Down-hole Solutions.  A reportable segment is a business unit that has a distinct type of business based upon the type and nature of services and products offered.

 

Blast evaluates performance and allocates resources based on profit or loss from operations before other income or expense and income taxes.  The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies.  The table below reports certain financial information by reportable segment for the three months and nine months ended September 30, 2011 and 2010, respectively:

 

 

    For the Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2011     2010     2011     2010  
                         
Oil and Gas Production   $ 95,942     $ 0     $ 339,011     $ 0  
Down-hole Solutions     0       0       0       0  
Total Revenue   $ 95,942     $ 0     $ 339,011     $ 0  
                                 
                                 
Oil and Gas Production   $ 65,385     $ 0     $ 200,957     $ 0  
Down-hole Solutions     989       27,634       7,869       77,523  
Corporate     214,250       175,353       982,328       580,826  
Total Costs of Goods Sold   $ 280,624     $ 202,987     $ 1,191,154     $ 658,349  
                                 
                                 
Oil and Gas Production   $ 30,557     $ 0     $ 138,054     $ 0  
Down-hole Solutions     (989 )     (27,634 )     (7,869 )     (77,523 )
Corporate     (214,250 )     (175,353 )     (982,328 )     (580,826 )
Operating Loss   $ (184,682 )   $ (202,987 )   $ (852,143 )   $ (658,349 )