Document And Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2017 |
Apr. 16, 2018 |
Jun. 30, 2017 |
|
| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | Petrolia Energy Corp | ||
| Entity Central Index Key | 0001368637 | ||
| Document Type | 10-K/A | ||
| Trading Symbol | BBLS | ||
| Document Period End Date | Dec. 31, 2017 | ||
| Amendment Flag | true | ||
| Amendment Description |
EXPLANATORY NOTE: RELATED PARTY DISCLOSURES
This Amendment No. 1 on Form 10-K/A (“Amendment”) to the Annual Report on Form 10-K of Petrolia Energy Corporation (the “Company”) for the fiscal year ended December 31, 2017 (the “Form 10-K”), originally filed with the Securities and Exchange Commission (the “SEC”) on April 17, 2018, is being filed for the sole purpose of amending Item 1. Business; Item 8. Financial Statements and Supplementary Data; Item 9A. Controls and Procedures; Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters; Item 13. Certain Relationships and Related Transactions, and Director Independence; and the footnotes to the financial statements included herein, to clarify that (a) the Bow Acquisition is a related party transaction, because of the related party relationship we failed to disclose as described in (c) below, (b) the President, Chief Executive Officer and 100% owner of Blue Sky International Holdings Inc. (“Blue Sky”) is Ilyas Chaudhary, the father of Zel C. Khan, the Company’s Chief Executive Officer; that Mr. Chaudhary owns and controls BSIH Ltd. (“BSIH”), which was the largest shareholder of the Company prior to the cancellation of the shares held by BSIH in September 2018, pursuant to the terms of a Share Exchange Agreement between the Company and Blue Sky Resources Ltd. dated August 31, 2018 of which entity Mr. Chaudhary also owns and controls; (c) prior to the acquisition of Bow Energy Ltd (“Bow”) as described in (b) above, BSIH, and as a result of his ownership and control of BSIH, Mr. Chaudhary controlled Bow; (d) on April 12, 2018 a $500,000 convertible promissory note was issued to Blue Sky and such note was subsequently canceled by the Company; (e) BSIH and Blue Sky Resources Ltd. are both entirely owned by Mr. Chaudhary; (f) Quinten Beasley, the Company’s Director, and not Mr. Khan, beneficially owns the shares of the Company’s common stock held by Jovian Petroleum Corporation; and (g) the Company’s disclosure controls and procedures, and internal control over financial reporting were ineffective as of December 31, 2017; specifically, we have material weakness in internal controls over monitoring and disclosing related party transactions as indicated in the amendment of the related party disclosures above. Except as described above and set forth below, no changes have been made to the Form 10-K. The Form 10-K continues to speak as of the date of the Form 10-K, except as set forth below, and the Company has not updated the disclosures contained herein to reflect any events that have occurred as of a date subsequent to the date of the Form 10-K, except as set forth below. Accordingly, this Amendment should be read in conjunction with the Form 10-K and the Company's filings made with the SEC subsequent to the filing of the Form 10-K. The filing of this Amendment is not an admission that the Form 10-K, when filed, included any untrue statement of a material fact necessary to make a statement not misleading. |
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| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Smaller Reporting Company | ||
| Entity Public Float | $ 8,175,105 | ||
| Entity Common Stock, Shares Outstanding | 222,437,810 | ||
| Document Fiscal Period Focus | FY | ||
| Document Fiscal Year Focus | 2017 |