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Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets    
Cash $ 82,593 $ 68,648
Accounts receivable 51,026 199,003
Other current assets 8,993 31,192
Total current assets 142,612 298,843
Property & equipment    
Evaluated properties 14,312,580 13,465,387
Furniture, equipment & software 264,723 200,416
Less accumulated depreciation (1,192,229) (1,119,708)
Net property and equipment 13,385,074 12,546,095
Other Assets    
Intangible assets 49,886 49,886
Note receivable   316,800
Total Assets 13,577,572 13,211,624
Current liabilities    
Accounts payable 413,435 352,241
Accrued liabilities 896,897 494,983
Debt short term   275,000
Convertible debt - related party   550,000
Current maturities of installment notes payable 32,582 26,186
Note payable - related parties 217,100 1,287,980
Total current liabilities 1,560,014 2,986,390
Asset retirement obligations 473,868 322,710
Installment note payable 24,204  
Note payable to related party - long term   2,904,020
Total Liabilities 2,058,086 6,213,120
Stockholders' Equity    
Preferred stock, $0.001 par value; 1,000,000 shares authorized; 197,100 and 0 shares issued and outstanding 197  
Common stock, $.001 par value; 400,000,000 shares authorized; 111,698,222 and 79,034,505 shares issued and outstanding 111,698 79,034
Additional paid in capital 22,730,974 14,887,090
Accumulated deficit (11,323,383) (7,967,620)
Total Stockholders' Equity 11,519,486 6,998,504
Total Liabilities and Stockholders' Equity $ 13,577,572 $ 13,211,624
v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]    
Oil and gas sales $ 148,835 $ 123,246
Equipment sales to related party   198,000
Total Revenue 148,835 321,246
Operating expenses    
Cost of equipment sold 33,330
Lease operating expense 416,232 304,199
General and administrative expenses 2,550,481 1,433,182
Depreciation, depletion and amortization 74,469 74,065
Asset retirement obligation accretion 49,753 38,998
Total Operating Expense 3,090,935 1,883,774
Loss from Operations (2,942,100) (1,562,528)
Interest (expense) (265,813) (359,239)
Other income 40,806 60,324
Loss on warrants issued for PORRI   (14,336)
Loss on conversion of debt (94,177)  
Total other income (expense) (319,184) (313,251)
Net loss from continuing operations before taxes (3,261,284) (1,875,779)
Income tax provision (benefit)
Net Loss (3,261,284) (1,875,779)
Series A Preferred Dividends (94,479)  
Net Loss Attributable to Common Stockholders $ (3,355,763) $ (1,875,779)
Loss per share    
(Basic and fully diluted) (in Dollars per share) $ (0.04) $ (0.03)
Weighted average number of common shares outstanding, basic and diluted (in Shares) 93,545,807 54,541,922
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities    
Net Loss $ (3,261,284) $ (1,875,779)
Adjustment to reconcile net loss to net cash Used in operating activities:    
Depreciation and amortization 74,469 74,065
Accretion of debt discount   171,573
Finance fee for extension on note payable 60,101 79,223
Loss on conveyance of ORRI warrants   14,336
Interest on ORRI conversion 128,229  
Guarantor fees 524,502  
Loss on disposal of assets 3,677  
Debt Issuance costs 47,319 38,622
Loss on conversion of Jovian debt 88,755  
Loss on conversion of short term debt 5,422 0
Asset retirement obligation accretion 49,753 38,998
Stock-based compensation expense - employees 325,747 150,790
Stock-based compensation expense - directors 394,154 209,125
Stock-based compensation expense - consultants 179,519  
Changes in operating assets and liabilities    
Accounts receivable (1,010) (150,370)
Inventory   33,330
Other assets 22,199 (143)
Accounts payable 61,195 302,821
Accrued liabilities 164,307 161,586
Deferred salaries 195,789 200,000
Net cash used in operating activities (937,157) (551,823)
Cash Flows from Investing Activities    
Cash acquired from investment in Askarii   114
Proceeds from sale of property and equipment   30,000
Purchase of fixed assets (9,256) (93,476)
Cash used in investing activities (9,256) (63,362)
Cash Flows from Financing Activities    
Proceeds from shareholder advances 361,600 388,000
Proceeds from issuance of common stock 323,000  
Proceed from issuance of common stock - Related party 112,065 111,352
Proceeds from issuance of preferred stock 241,000  
Payments of shareholder advances [1] (69,000) (92,000)
Payments on notes payable (5,076) (1,610)
Cash paid for PORRI conversion (3,230)  
Proceeds from short term loans   275,000
Cash provided by financing activities 960,359 680,742
Net change in cash and cash equivalents 13,945 65,557
Beginning of period 68,648 3,091
End of period 82,593 68,648
SUPPLEMENTAL DISCLOSURES    
Interest paid 23,210 33,088
Income taxes paid  
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Sale of vehicle to related party 8,677  
Note payable for purchase of vehicle 35,677  
Initial recognition of asset retirement obligation 101,405 70,384
Preferred shares issued for purchase of related party's equipment 30,000  
Settlement of accounts receivable and other assets for oil and gas properties 465,788  
Settlement of debt with preferred shares 154,000  
Settlement of debt and advances with preferred shares - related parties 925,900  
Settlement of debt with common shares 32,532  
Settlement of ORRI investments with preferred shares 231,000  
Settlement of ORRI investments with preferred shares. Related party 174,000  
Settlement of related party debt with shares of common stock, preferred stock and warrants 4,033,151  
Series A Preferred Dividends $ 94,479  
Settlement of accrued accounts payable through share issuance   120,146
Fair value of stock issued for oil properties   4,773,186
Fair value of stock issued for extinguishment of debt   146,875
Shares issued in payment of shareholder advance   150,000
Note payable for oil & gas properties   $ 4,000,000
[1] Funds that were paid in cash by the Company to various related parties to reimburse for funds that were previously loaned as a shareholder advances.