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INVESTMENT IN AMAK (Tables)
 9 Months Ended
Sep. 30, 2016
INVESTMENT IN AMAK [Abstract]  
Summarized Results of Operation and Financial Position for AMAK
The summarized results of operation and financial position for AMAK are as follows:

Results of Operations

  
Three Months Ended September 30,
  
Nine Months Ended September 30,
 
  
2016
(restated)
  
2015
  
2016
(restated)
  
2015
 
  
(Thousands of Dollars)
 
Sales
 
$
318
  
$
19,874
  
$
9,921
  
$
38,458
 
Gross profit (loss)
  
(4,747
)
  
(2,711
)
  
(7,556
)
  
35
 
General, administrative and other expenses
  
2,463
   
4,067
   
6,986
   
9,605
 
Loss from operations
 
$
(7,210
)
 
$
(6,778
)
 
$
(14,542
)
 
$
(9,570
)
Gain on settlement with former operator
  
-
   
-
   
17,440
   
-
 
Net income (loss)
 
$
(7,210
)
 
$
(6,778
)
 
$
2,898
  
$
(9,570
)
Equity in Income or Loss of AMAK Reflected on Consolidated Statements of Operation
Therefore, net income (loss) before depreciation and amortization was as follows:

  
Three Months Ended September 30,
  
Nine Months Ended September 30,
 
  
2016
(restated)
  
2015
  
2016
(restated)
  
2015
 
  
(Thousands of Dollars)
 
Net income (loss) before depreciation and amortization
 
$
(4,021
)
 
$
(2,543
)
 
$
11,504
  
$
5,680
 

Financial Position

  
September 30,
  
December 31,
 
  
2016
(restated)
  
2015
 
  
(Thousands of Dollars)
 
Current assets
 
$
27,159
  
$
26,078
 
Noncurrent assets
  
260,142
   
259,527
 
Total assets
 
$
287,301
  
$
285,605
 
         
Current liabilities
 
$
2,883
  
$
22,740
 
Long term liabilities
  
87,994
   
89,364
 
Shareholders' equity
  
196,424
   
173,501
 
  
$
287,301
  
$
285,605
 
 
The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three and nine months ended September 30, 2016, and 2015, is comprised of the following:

  
Three months ended
September 30,
  
Nine months ended
September 30,
 
  
2016
  
2015
  
2016
(restated)
  
2015
 
  
(Thousands of Dollars)
 
AMAK Net Income (Loss)  $  (7,210)  $  (6,778)  $  2,898  $  (9,570) 
Zakat tax applicable to Saudi Arabian shareholders only    -    -    320    - 
AMAK Net Income (Loss) before Saudi Arabian shareholders' portion of Zakat  $  (7,210)  $  (6,778)  $  3,218  $  (9,570) 
                 
Company’s share of income (loss) reported by AMAK
 
$
(2,426
)
 
$
(2,391
)
 
$
1,250
  
$
(3,375
)
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK
  
337
   
337
   
1,011
   
1,011
 
Equity in earnings (loss) of AMAK
 
$
(2,089
)
 
$
(2,054
)
 
$
2,261
  
$
(2,364
)