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)
9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Schedule of Purchase Price Allocation

The purchase price allocation can be summarized as follows:

 

Cash   $ 3,784  
Accounts receivable     432,973  
Other current assets     4,763  
Deposits     337,997  
Furniture, equipment & software     12,059  
Unproved properties and properties not subject to amortization     3,403,250  
Accounts payable     (1,157,876 )
Note payable     (1,429,192 )
Loss on acquisition   $ 32,999,330  

Schedule of Pro Forma Information

The amount of Bow’s revenue and loss included in Petrolia’s consolidated income statement for the period ended September 30, 2018; and the revenue and 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 September 30, 2018     $     $ (211,676 )
Supplemental pro forma from January 1, 2018 to September 30, 2018             (36,186,545 )
Supplemental pro forma from January 1, 2017 to September 30, 2017     $ 3,144,949     $ (3,290,379 )