Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE (Details Narrative)

v3.10.0.1
NOTES PAYABLE (Details Narrative)
6 Months Ended
May 18, 2018
$ / shares
shares
May 09, 2018
USD ($)
Jan. 06, 2017
USD ($)
Jun. 30, 2018
USD ($)
shares
Jun. 08, 2018
Jun. 01, 2018
May 18, 2018
$ / shares
Apr. 26, 2018
$ / shares
Feb. 28, 2018
$ / shares
Dec. 31, 2017
USD ($)
Face value       $ 2,132,445           $ 56,786
Interest rate         9.00% 12.00%        
Interest rate after default           19.00%        
Warrants Granted (shares) | shares       14,714,666            
Exercise price of warrants (per share) | $ / shares               $ 0.10    
Loss on extinguishment of debt       $ (260,162)            
Number of shares issued (in shares) | shares       500,000            
Fair value of shares issued       $ 72,500            
Gain on derivative       $ 3,556            
Credit Note [Member]                    
Nominal interest rate [1]       12.00%            
Face value [1]       $ 1,530,000            
Maturity date [1]       May 11, 2021            
Truck Loan [Member]                    
Nominal interest rate     5.49% 5.49% [2]            
Note Term     5 years              
Original debt amount     $ 59,923              
Face value     $ 38,997 $ 59,923 [2]           $ 56,786 [2]
Maturity date [2]       Jan. 06, 2022            
Bukit Energy Inc [Member]                    
Nominal interest rate [3]       8.50%            
Face value [3]       $ 470,000            
Repayments of debt       $ 30,000            
Maturity date [3]       Dec. 15, 2017            
Amended and Restated Loan Agreement [Member] | Bow Energy Ltd [Member]                    
Debt face amount   $ 1,530,000                
Interest rate   12.00%                
Interest rate after default   19.00%                
Maturity date   May 11, 2021                
Additional loan amount   $ 800,000                
Principal and interest payment   $ 50,818                
Warrants Granted (shares) | shares 2,320,000                  
Restricted stock award granted (shares) | shares 500,000                  
Warrant [Member]                    
Exercise price of warrants (per share) | $ / shares                 $ 0.102  
Fair value of extinguishment of debt       $ 182,650            
Loss on extinguishment of debt       260,162            
Derivative liability       30,401            
Fair value on derivative liability       $ 26,845            
Loan Warrants - 3 [Member] | Amended and Restated Loan Agreement [Member]                    
Warrants Granted (shares) | shares 1,500,000                  
Expiration date May 15, 2020                  
Exercise price of warrants (per share) | $ / shares $ 0.10                  
Loan Warrants - 2 [Member] | Amended and Restated Loan Agreement [Member]                    
Warrants Granted (shares) | shares 500,000                  
Expiration date May 15, 2021                  
Exercise price of warrants (per share) | $ / shares $ 0.12                  
Loan Warrants - 1 [Member] | Amended and Restated Loan Agreement [Member]                    
Warrants Granted (shares) | shares 320,000                  
Loan Warrants - 1 [Member] | Amended and Restated Loan Agreement [Member] | CAD [Member]                    
Exercise price of warrants (per share) | $ / shares             $ 0.10      
[1] On May 9, 2018, Bow entered into an Amended and Restated Loan Agreement with a third party. The Loan Agreement increased by $800,000 the amount of a previous loan agreement entered into between Bow and the Lender, to $1,530,000. The amount owed under the Loan Agreement ($1,530,000) accrues interest at the rate of 12% per annum (19% upon the occurrence of an event of default) and is due and payable on May 11, 2021, provided that the amount owed can be prepaid prior to maturity, beginning 60 days after the date of the Loan Agreement, provided that the Company give the Lender 10 days' notice of our intent to repay and pay the Lender the interest which would have been due through the maturity date at the time of repayment. The Company is also required to make a payment of principal and interest in the amount of $50,818 per month for a period of 36 months towards the amount owed beginning on July 15, 2018; these payments were extended to begin on September 15, 2018. The Loan Agreement contains standard and customary events of default, including cross defaults under other indebtedness obligations of us and Bow, and the occurrence of any event which would have a material adverse effect on us or Bow.
[2] On January 6, 2017, the Company purchased a truck and entered into an installment note with Don Ringer Toyota in the amount of $59,923 for a term of five years at 5.49% APR. Current portion of this note is $38,997.
[3] In conjunction with the closing of the purchase of the Bukit assets, Bow issued a note payable to Bukit Energy Inc. of $500,000 with interest at the rate of 8.5% per annum, calculated monthly, not in advance, on the principal amount. The note matured on August 31, 2017. The note was extended to December 15, 2017. The note is in default and remained in default at the time of issuance of these financial statements. The Company repaid $30,000 of principal during the period ended June 30, 2018. The note is currently under negotiation for settlements and is in default.