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Financials

v3.19.1
Interim Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets    
Cash $ 5,378 $ 82,593
Accounts receivable 77,601 51,026
Other current assets 15,816 8,993
Total current assets 98,795 142,612
Property & equipment    
Evaluated properties 16,888,016 14,312,580
Furniture, equipment & software 201,110 264,723
Less accumulated depreciation and depletion (3,543,325) (1,192,229)
Net property and equipment 13,545,801 13,385,074
Other Assets    
Intangible assets 49,886 49,886
Total Assets 13,694,482 13,577,572
Current liabilities    
Bank indebtedness 17,322
Accounts payable 290,183 253,557
Accounts payable - related parties 51,148 159,878
Accrued liabilities 504,194 81,083
Accrues liabilities - related parties 582,401 815,814
Notes payable 169,098 32,582
Notes payable - related parties 539,876 217,100
Derivative liability 34,369
Total current liabilities 2,188,591 1,560,014
Asset retirement obligations 1,814,222 473,868
Notes payable 880,073 24,204
Total Liabilities 4,882,886 2,058,086
Stockholders' Equity    
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 199,100 and 197,100 shares issued and outstanding 199 197
Common stock, $0.001 par value; 400,000,000 shares authorized; 158,111,227 and 111,698,222 shares issued and outstanding 158,111 111,698
Additional paid in capital 56,265,132 22,730,974
Accumulated other comprehensive income (18,858)
Accumulated deficit (47,592,988) (11,323,383)
Total Stockholders' Equity 8,811,596 11,519,486
Total Liabilities and Stockholders' Equity $ 13,694,482 $ 13,577,572
v3.19.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Oil and gas sales        
Total revenue $ 655,176 $ 40,632 $ 708,917 $ 116,024
Operating expenses        
Lease operating expense 618,631 77,568 761,511 318,241
Production tax 901 2,150 4,014 7,284
General and administrative expenses 692,588 986,296 3,806,341 2,131,070
Depreciation, depletion and amortization 48,393 17,582 80,307 54,986
Asset retirement obligation accretion 7,002 12,628 18,487 36,833
Impairment of oil and gas properties 2,322,255 2,322,255
Impairment of equipment 13,783 13,783
Total operating expenses 3,703,553 1,096,224 7,006,698 2,548,414
Loss from operations (3,048,377) (1,055,592) (6,297,781) (2,432,390)
Other income (expenses)        
Interest expense (40,256) (2,361) (118,239) (263,029)
Foreign exchange gain (loss) (1,775) 67,950
Loss on related party debt settlement of accrued salaries (5,422) (203,349) (94,177)
Change in fair value of derivative liabilities (7,524) (4,357)
Loss on debt extinguishment (260,162)
Gain (loss) on acquisition and disposition of Bow Energy Ltd. 3,679,776 (29,319,554)
Other income 805
Total other income (expenses) 3,630,221 (7,783) (29,837,711) (356,401)
Net income (loss) 581,844 (1,063,375) (36,135,492) (2,788,791)
Series A Preferred Dividends (45,166) (41,134) (134,113) (49,767)
Net income (loss) attributable to common stockholders $ 536,678 $ (1,104,509) $ (36,269,605) $ (2,838,558)
Earnings (loss) per share        
Basic and diluted $ 0.00 $ (0.01) $ (0.19) $ (0.03)
Weighted average number of shares of common stock outstanding - Basic 220,922,294 102,760,115 189,234,812 88,594,051
Weighted average number of shares of common stock outstanding - Diluted 221,387,261 102,760,115 189,234,812 88,594,051
Other comprehensive income, net of tax        
Foreign currency translation adjustments $ (56,015) $ (18,858)
Comprehensive income (loss) 525,829 (1,104,509) (36,154,350) (2,788,791)
Oil and Gas Sales [Member]        
Oil and gas sales        
Total revenue $ 655,176 $ 40,632 $ 708,917 $ 116,024
v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows from Operating Activities    
Net loss $ (36,135,492) $ (2,788,791)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:    
Depletion, depreciation and amortization 80,307 54,986
Asset retirement obligation accretion 18,487 36,833
Bad debt expense 25,000
Loss on related party debt settlement of accrued salaries 203,349 94,177
Change in fair value of derivative liabilities 4,357
Loss on extinguishment of debt 260,162
Equity settled finance fee 76,537 107,420
Warrant expense related to business combination 103,632
Stock-based compensation 2,689,949 774,614
Foreign currency remeasurement gain (61,906)
Loss on acquisition and disposition of Bow Energy Ltd. 29,319,554
Impairment of furniture, equipment & software 13,783
Impairment of oil and gas properties 2,322,255
Guarantor fees 482,586
Interest on ORRI conversion 128,229
Loss on sale of vehicle 3,677
Changes in operating assets and liabilities    
Accounts receivable (241,701) 31,496
Other current assets (6,823) 22,547
Deposits 240,000
Bank indebtedness 17,322
Accounts payable 273,541 370,927
Accounts payable - related parties (6,140)
Accrued liabilities 295,414
Accrued liabilities - related parties (171,792)
Net cash flows from operating activities (680,205) (681,299)
Cash Flows from Investing Activities    
Purchase of working interest in Canadian Properties (932,441)
Net cash acquired in acquisition of Bow Energy Ltd. 3,784
Net cash disposed of in sale of Bow Energy Ltd. (4,003)
Purchase of fixed assets (9,256)
Cash flows from investing activities (932,660) (9,256)
Cash Flows from Financing Activities    
Proceed from issuance of common stock 262,500 110,065
Proceeds from issuance of common stock for exercise of warrants 179,675
Proceed from issuance of preferred stock 20,000 241,000
Proceeds from notes payable 1,000,000
Repayments on notes payable (33,835) (4,107)
Proceeds from related party notes payable 278,410 301,600
Repayments to related party notes payable (171,100) (14,000)
Cash paid for PORRI conversion (3,230)
Cash flows from financing activities 1,535,650 631,328
Net change in cash (77,215) (59,227)
Cash at beginning of period 82,593 68,648
Cash at end of period $ 5,378 $ 9,421