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Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets    
Cash $ 9,421 $ 68,648
Accounts receivable 18,520 199,003
Other current assets 8,646 31,192
Total current assets 36,587 298,843
Property & equipment    
Evaluated properties 14,312,580 13,465,387
Furniture, equipment & software 264,723 200,416
Less accumulated depreciation (1,172,746) (1,119,708)
Net property and equipment 13,404,557 12,546,095
Other Assets    
Intangible assets 49,886 49,886
Note receivable 0 316,800
Total Assets 13,491,030 13,211,624
Current liabilities    
Accounts payable 396,883 352,241
Accrued liabilities 768,607 494,983
Debt short term 0 275,000
Convertible debt – related party, unamortized discount of 0 and 0 0 550,000
Current maturities of installment notes payable 32,582 26,186
Note payable – related parties 212,100 1,287,980
Total current liabilities 1,410,172 2,986,390
Asset retirement obligations 460,947 322,710
Installment note payable – long term 25,174 0
Note payable to related party – long term   2,904,020
Total Liabilities 1,896,293 6,213,120
Stockholders’ Equity    
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 197,100 and 0 shares issued & outstanding 197 0
Common stock, $.001 par value; 400,000,000 shares authorized; 108,239,887 and 79,034,505 shares issued and outstanding 108,240 79,034
Additional paid in capital 22,242,711 14,887,090
Accumulated deficit (10,756,411) (7,967,620)
Total Stockholders’ Equity 11,594,737 6,998,504
Total Liabilities and Stockholders’ Equity $ 13,491,030 $ 13,211,624
v3.8.0.1
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Oil and gas sales        
Oil and gas sales $ 40,632 $ 21,863 $ 116,024 $ 79,156
Equipment sales – related party 0 0 0 198,000
Total Revenue 40,632 21,863 116,024 277,156
Operating expenses        
Lease operating expense 77,568 47,621 318,241 155,424
Cost of equipment sold 0 0 0 33,330
Production tax 2,150 1,074 7,284 3,846
General and administrative expenses 986,296 508,329 2,131,070 1,139,432
Depreciation, depletion and amortization 17,582 15,764 54,986 50,964
Asset retirement obligation accretion 12,628 8,199 36,833 21,232
Total operating expenses 1,096,224 580,987 2,548,414 1,404,228
Loss from operations (1,055,592) (559,124) (2,432,390) (1,127,072)
Other Income (expenses)        
Interest (expense) (2,361) (53,811) (263,029) (211,288)
Other income 0 16,385 805 51,345
Loss on conversion of debt (5,422) 0 (94,177) (14,336)
Total Other Income (expenses) (7,783) (37,426) (356,401) (174,279)
Net loss (1,063,375) (596,550) (2,788,791) (1,301,351)
Series A Preferred Dividends (41,134) 0 (49,767) 0
Net Loss Attributable to Common Stockholders $ (1,104,509) $ (596,550) $ (2,838,558) $ (1,301,351)
Loss per share (Basic and fully diluted) (in Dollars per share) $ (0.01) $ (0.01) $ (0.03) $ (0.03)
Weighted average number of shares of common stock outstanding (in Shares) 102,760,115 48,079,201 88,594,051 44,445,850
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows Used in Operating Activities    
Net loss $ (2,788,791) $ (1,301,351)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:    
Depreciation and amortization 54,986 50,964
Accretion of debt discount 0 171,573
ARO accretion 36,833 21,232
Finance fee for extension of note payable 60,101 0
Loss on conveyance of ORRI warrants 0 14,336
Interest on ORRI conversion 128,229 0
Guarantor fees 482,586 0
Debt issuance costs 47,319 22,166
Loss on conversion of Jovian debt 88,755 0
Loss on conversion of short term debt 5,422 0
Loss on sale of vehicle 3,677 0
Stock-based compensation expense - employees 278,941 118,425
Stock-based compensation expense - directors 394,154 195,264
Stock-based compensation expense – consultant 101,519 0
Changes in operating assets and liabilities    
Accounts receivable 31,496 (122,056)
Inventory 0 33,330
Other assets 22,547 1,824
Accounts payable 44,642 258,470
Accrued liabilities 326,285 220,775
Net cash flows used in operating activities (681,299) (315,048)
Cash Flows(used in) Provided by Investing Activities    
Cash acquired from investment in Askarii 0 114
Proceeds from sale of property and equipment 0 30,000
Purchase of fixed asset (9,256) (93,476)
Cash flows (used in) provided by investing activities (9,256) (63,362)
Cash Flows Provided by Financing Activities    
Proceeds from shareholder advances 301,600 368,000
Payments of shareholder advances (14,000) (112,000)
Proceeds from issuance of common stock 110,065 48,000
Proceeds from short term loans 0 85,000
Proceeds from issuance of preferred stock 241,000 0
Cash paid for PORRI conversion (3,230) 0
Payments on notes payable (4,107) (1,610)
Cash flows provided by financing activities 631,328 387,390
Net change in cash and cash equivalents (59,227) 8,980
Beginning of period 68,648 3,091
End of period 9,421 12,071
SUPPLEMENTAL DISCLOSURES    
Interest Paid 22,782 24,770
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Initial recognition of asset retirement obligation 101,405 50,296
Purchase of Askarii 0 50,000
Settlement of accounts receivable and other assets for oil and gas properties 465,788 0
Sale of Vehicle to Related Party [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Non-cash transaction, value of consideration given 8,677 0
Note Issued for Purchase of Vehicle [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Note issued 35,677 0
Preferred Shares Issued for Purchase of Equipment [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 30,000 0
Settlement of Debt with Preferred Shares [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 154,000 0
Settlement of Related Party Debt with Preferred Shares [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 925,900 0
Settlement of Debt with Common Shares [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 32,532 0
Settlement of Investment with Preferred Shares [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 405,000 0
Settlement of Related Party Debt with Common Shares and Warrants [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 4,033,151 0
Payment of Affiliated Note Through Share Issuance [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 0 146,876
Settlement of Accounts Payable through Share Issuance [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 0 110,106
Transfer to Askani Inventory [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Non-cash transaction, value of consideration given 0 146,861
Shares Issued in Payment of Shareholder Advance [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 0 150,000
Shares Issued for Oil and Gas Property Interest [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Shares issued 0 4,723,186
Note Issed for Oil and Gas Property Interest [Member]    
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Note issued $ 0 $ 4,000,000