Annual report pursuant to Section 13 and 15(d)

Acquisition of Bow Energy Ltd., A Related Party (Tables)

v3.19.3
Acquisition of Bow Energy Ltd., A Related Party (Tables)
12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Schedule of 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 and excess purchase price     36,835,553  
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 year ended December 31, 2018 and the loss of the combined entity had the acquisition date been January 1, 2017, are as follows:

 

    Revenue     Earnings (Loss)  
February 28, 2018 to December 31, 2018   $     $ (211,676 )
Supplemental pro forma from January 1, 2018 to December 31, 2018           (38,079,663 )
Supplemental pro forma from January 1, 2017 to December 31, 2017   $ 3,103,394     $ (3,961,356 )