Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION OF BOW ENERGY LTD., A RELATED PARTY (Tables)

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ACQUISITION OF BOW ENERGY LTD., A RELATED PARTY (Tables)
6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Schedule of the purchase price allocation

The purchase price allocation can be summarized as follows:

 

Cash   $ 3,784  
Other current assets     4,763  
Deposits     337,997  
Furniture, equipment & software     12,059  
Unproved properties and properties not subject to amortization     9,705,590  
Goodwill     27,129,963  
Accounts payable     (1,157,876 )
Note payable     (1,429,192 )
Schedule of Pro Forma Information

The amount of Bow’s loss included in Petrolia’s consolidated income statement for the period ended June 30, 2018, and the loss of the combined entity had the acquisition date been January 1, 2018, and January 1, 2017, are as follows.

 

    Revenue   Earnings (Loss)
February 28, 2018 to June 30, 2018   $ —       $ (12,525 )
Supplemental pro forma from January 1, 2018 to June 30, 2018   $ 53,741     $ (30,912,230 )
Supplemental pro forma from January 1, 2017 to June 30, 2017   $ 3,104,316     $ (1,814,334 )