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Financials

v3.10.0.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash $ 309,815 $ 82,593
Accounts receivable 202,649 51,026
Other current assets 13,024 8,993
Total current assets 525,488 142,612
Oil and gas, on the basis of full cost accounting    
Evaluated properties 14,312,580 14,312,580
Unproved properties not subject to amortization 9,705,590  
Furniture, equipment & software 219,059 264,723
Less accumulated depreciation and depletion (1,180,483) (1,192,229)
Net property and equipment 23,056,746 13,385,074
Other Assets    
Deposits 97,997  
Payments for acquisition of working interest 1,089,482  
Intangible assets 49,886 49,886
Total Assets 24,819,599 13,577,572
Current liabilities    
Accounts payable 1,692,352 413,435
Accrued liabilities 1,008,607 896,897
Notes payable 1,117,458 32,582
Derivative liability 26,845  
Notes payable - related parties 521,627 217,100
Total current liabilities 4,366,889 1,560,014
Asset retirement obligations 485,353 473,868
Notes payable 1,100,470 24,204
Total Liabilities 5,952,712 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; 228,608,644 and 111,698,222 shares issued and outstanding 228,608 111,698
Additional paid in capital 60,861,222 22,730,974
Accumulated other comprehensive income 37,157  
Accumulated deficit (42,260,299) (11,323,383)
Total Stockholders' Equity 18,866,887 11,519,486
Total Liabilities and Stockholders' Equity $ 24,819,599 $ 13,577,572
v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Oil and gas sales        
Oil and gas sales $ 23,761 $ 41,831 $ 53,741 $ 75,391
Total Revenue 23,761 41,831 53,741 75,391
Operating expenses        
Lease operating expense 69,318 123,118 142,880 240,672
Production tax 1,314 2,696 3,113 5,134
General and administrative expenses 1,216,630 871,106 3,113,753 1,144,774
Depreciation, depletion and amortization 12,757 19,131 31,914 37,404
Asset retirement obligation accretion 5,846 12,275 11,485 24,205
Impairment of goodwill related to Bow Energy Ltd., a related party     27,129,963  
Total operating expenses 1,305,865 1,028,326 30,433,108 1,452,189
Loss from operations (1,282,104) (986,495) (30,379,367) (1,376,798)
Other income (expenses)        
Interest expense (48,219) (187,557) (77,983) (260,669)
Other income   661   806
Loss on related party debt settlement of accrued salaries   (88,755) (203,349) (88,755)
Loss on debt extinguishment (260,162)   (260,162)  
Foreign currency remeasurement gain 16,387   69,725  
Change in fair value of derivative liabilities 3,167   3,167  
Total other expenses (288,827) (275,651) (468,602) (348,618)
Net loss (1,570,931) (1,262,146) (30,847,969) (1,725,416)
Series A Preferred Dividends (44,941) (11,230) (88,947) (11,230)
Net Loss Attributable to Common Stockholders (1,615,872) (1,273,376) (30,936,916) (1,736,646)
Other comprehensive income, net of tax        
Foreign currency translation adjustments 83,804   37,157  
Comprehensive loss attributable to Common Stockholders $ (1,532,068) $ (1,273,376) $ (30,899,759) $ (1,736,646)
Loss per share        
(Basic and fully diluted) (in Dollars per share) $ (0.01) $ (0.02) $ (0.18) $ (0.02)
Weighted average number of shares of common stock outstanding (in share) 226,680,255 81,393,621 173,128,467 81,393,621
v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities    
Net loss $ (30,847,969) $ (1,725,416)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:    
Depletion, depreciation and amortization 31,914 37,404
Asset retirement obligation accretion 11,485 24,205
Interest on ORRI conversion   128,229
Impairment of goodwill related to Bow Energy Ltd. a related party 27,129,963  
Loss on related party debt settlement of accrued salaries 203,349 88,755
Loss on sale of vehicle   3,677
Change in fair value of derivative liabilities (3,167)  
Loss on extinguishment of debt 260,162  
Equity settled finance fee 45,476 107,420
Warrant expense related to business combination 103,632  
Stock-based compensation 2,462,079 560,630
Foreign currency re-measurement gain (69,725)  
Changes in operating assets and liabilities    
Accounts receivable (151,623) 33,949
Deposits 240,000  
Other current assets 732 26,722
Accounts payable and accrued liabilities 353,181 184,959
Net cash flows from operating activities (230,511) (529,466)
Cash Flows from Investing Activities    
Purchase of fixed asset   (9,256)
Net cash acquired from purchase of Bow Energy Ltd., a related party 3,784  
Cash flows from investing activities 3,784 (9,256)
Cash Flows from Financing Activities    
Proceed from issuance of common stock 262,500 48,000
Proceeds from issuance of common stock for exercise of warrant 148,675  
Proceed from issuance of preferred stock 20,000 241,000
Cash paid for PORRI conversion   (3,230)
Payments on notes payable (31,695) (2,484)
Repayments to related party (47,600) (14,000)
Proceeds from related party 42,000 206,500
Proceeds from notes payable 4,832  
Cash flows from financing activities 398,712 475,786
Effect of exchange rate changes on cash 55,237  
Net change in cash 227,222 (62,936)
Cash at beginning of period 82,593 68,648
Cash at end of period $ 309,815 $ 5,712