show hide nav

Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash $ 5,712 $ 68,648
Accounts receivable 16,067 199,003
Other current assets 4,470 31,192
Total current assets 26,249 298,843
Property & equipment    
Evaluated properties 14,312,580 13,465,387
Furniture, equipment & software 264,723 200,416
Less accumulated depreciation (1,155,164) (1,119,708)
Net property and equipment 13,422,139 12,546,095
Other Assets    
Intangible assets 49,886 49,886
Note receivable 0 316,800
Total Assets 13,498,274 13,211,624
Current liabilities    
Accounts payable 357,398 352,241
Accrued liabilities 624,232 494,983
Debt short term 25,000 275,000
Convertible debt – related party, unamortized discount of 0 and 0 550,000 550,000
Current maturities of installment notes payable 32,582 26,186
Note payable – related parties 212,980 1,287,980
Total current liabilities 1,802,192 2,986,390
Asset retirement obligations 448,320 322,710
Installment note payable – long term 26,797 0
Note payable to related party – long term 1,904,020 2,904,020
Total Liabilities 4,181,329 6,213,120
Stockholders’ Equity    
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 120,590 and 0 shares issued & outstanding 121 0
Common stock, $.001 par value; 150,000,000 shares authorized; 90,834,505 and 79,034,505 shares issued and outstanding 90,834 79,034
Additional paid in capital 18,919,026 14,887,090
Accumulated deficit (9,693,036) (7,967,620)
Total Stockholders’ Equity 9,316,945 6,998,504
Total Liabilities and Stockholders’ Equity $ 13,498,274 $ 13,211,624
v3.7.0.1
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Oil and gas sales        
Oil and gas sales $ 41,831 $ 34,294 $ 75,391 $ 57,293
Equipment sales – related party 0 18,000 0 198,000
Total Revenue 41,831 52,294 75,391 255,293
Operating expenses        
Lease operating expense 123,118 62,902 240,672 107,803
Cost of equipment sold 0 3,030 0 33,330
Production tax 2,696 1,679 5,134 2,772
General and administrative expenses 871,106 292,620 1,144,774 631,102
Depreciation, depletion and amortization 19,131 17,669 37,404 35,201
Asset retirement obligation accretion 12,275 6,605 24,205 13,033
Total operating expenses 1,028,326 384,505 1,452,189 823,241
Loss from operations (986,495) (332,211) (1,376,798) (567,948)
Other Income (expenses)        
Interest (expense) (187,557) (84,400) (260,669) (157,476)
Other income 661 15,457 806 34,959
Loss on conversion of debt (88,755) (1,705) (88,755) (14,336)
Net loss (1,262,146) (402,859) (1,725,416) (704,801)
Series A Preferred Dividends (11,230) 0 (11,230) 0
Net Loss Attributable to Common Stockholders $ (1,273,376) $ (402,859) $ (1,736,646) $ (704,801)
Loss per share (Basic and fully diluted) (in Dollars per share) $ (0.02) $ (0.01) $ (0.02) $ (0.02)
Weighted average number of shares of common stock outstanding (in Shares) 81,393,621 45,747,169 81,393,621 44,634,222
v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows Used in Operating Activities    
Net loss $ (1,725,416) $ (704,801)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:    
Depreciation and amortization 37,404 35,201
Accretion of debt discount 0 134,467
ARO accretion 24,205 13,033
Finance fee for extension of note payable 60,101 0
Loss on conveyance of ORRI warrants 0 14,336
Interest on ORRI conversion 128,229 0
Debt issuance costs 47,319 0
Loss on conversion of Jovian debt 88,755 0
Loss on sale of vehicle 3,677 0
Stock-based compensation expense - employees 144,957 138,097
Stock-based compensation expense - directors 394,154 0
Stock-based compensation expense – consultant 21,519 0
Changes in operating assets and liabilities    
Accounts receivable 33,949 (68,662)
Inventory 0 33,330
Other assets 26,722 4,537
Accounts payable 5,158 257,073
Accrued liabilities 179,801 61,418
Net cash flows used in operating activities (529,466) (81,971)
Cash Flows (used in) Provided by Investing Activities    
Cash acquired from investment in Askarii 0 114
Proceeds from sale of property and equipment 0 30,000
Purchase of fixed asset (9,256) (13,116)
Cash flows (used in) provided by investing activities (9,256) 16,998
Cash Flows Provided by Financing Activities    
Proceeds from shareholder advances 206,500 118,000
Payments of shareholder advances (14,000) (81,000)
Proceeds from issuance of common stock for exercise of warrant 48,000 48,000
Proceeds from issuance of preferred stock 241,000 0
Cash paid for PORRI conversion (3,230) 0
Payments on notes payable (2,484) (1,610)
Cash flows provided by financing activities 475,786 83,390
Net change in cash and cash equivalents (62,936) 18,417
Beginning of period 68,648 3,091
End of period 5,712 21,508
SUPPLEMENTAL DISCLOSURES    
Interest Paid 22,782 16,453
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Warrants issued with debt 0 3,451
Note payable for purchase of vehicle 35,677 0
Initial recognition of asset retirement obligation 101,405 0
Purchase of Askarii 0 50,000
Settlement of accounts receivable and other assets for oil and gas properties 465,798 0
Sale of Vehicle to Related Party [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Non-cash transaction, value of consideration given 8,677 0
Preferred Shares Issued for Purchase of Equipment [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 30,000 0
Settlement of Debt with Preferred Shares [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 154,000 0
Settlement of Related Party Debt with Preferred Shares [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 375,900 0
Settlement of Investment with Preferred Shares [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 405,000 0
Settlement of Debt with Common Shares [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 2,033,152 0
Payment of Affiliated Note Through Share Issuance [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 0 146,875
Settlement of Accounts Payable through Share Issuance [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 0 42,000
Transfer to Askani Inventory [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Non-cash transaction, value of consideration given 0 146,861
Shares Issued in Payment of Shareholder Advance [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued $ 0 $ 20,000