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Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets    
Cash $ 9,216 $ 82,593
Accounts receivable 82,294 51,026
Other current assets 14,390 8,993
Total current assets 105,900 142,612
Property & equipment    
Evaluated properties 14,312,580 14,312,580
Unproved properties not subject to amortization 9,705,590  
Furniture, equipment & software 282,672 264,723
Less accumulated depreciation and depletion (1,217,351) (1,192,229)
Net property and equipment 23,083,491 13,385,074
Other Assets    
Deposits 337,997
Intangible assets 49,886 49,886
Total Assets 23,577,274 13,577,572
Current liabilities    
Accounts payable 1,420,283 413,435
Accrued liabilities 911,052 896,897
Notes payable 1,488,988 32,582
Notes payable - related parties 169,500 217,100
Total current liabilities 3,989,823 1,560,014
Asset retirement obligations 479,507 473,868
Installment note payable - long term 22,509 24,204
Total Liabilities 4,491,839 2,058,086
Stockholders' Equity    
Subscriptions received in advance 22,500  
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 199,100 and 197,100 shares issued & outstanding 199 197
Common stock, $.001 par value; 400,000,000 shares authorized;222,437,810 and 111,698,222 shares issued and outstanding 222,438 111,698
Additional paid in capital 59,531,372 22,730,974
Accumulated other comprehensive income (46,647)  
Accumulated deficit (40,644,427) (11,323,383)
Total Stockholders' Equity 19,085,435 11,519,486
Total Liabilities and Stockholders' Equity $ 23,577,274 $ 13,577,572
v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Oil and gas sales $ 29,980 $ 33,560
Total Revenue 29,980 33,560
Operating expenses    
Lease operating expense 73,562 119,992
Production tax 1,799  
General and administrative expenses 1,897,123 273,668
Depreciation, depletion and amortization 19,157 18,273
Loss on debt settlement 203,349  
Impairment of goodwill 27,129,963  
Asset retirement obligation accretion 5,639 11,930
Total operating expenses 29,330,592 423,863
Loss from operations (29,300,612) (390,303)
Other expenses    
Interest expense (29,764) (72,967)
Foreign currency measurement gain 53,338  
Net loss (29,277,038) (463,270)
Series A Preferred Dividends (44,006)  
Net Loss Attributable to Common Stockholders (29,321,044) (463,270)
Foreign currency translation adjustments (46,647)  
Comprehensive loss attributable to Common Stockholders $ (29,367,691) $ (463,270)
Loss per share    
(Basic and fully diluted) (in Dollars per share) $ (0.24) $ (0.01)
Weighted average number of common shares outstanding, basic and diluted (in Shares) 120,214,408 79,034,505
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities    
Net Loss $ (29,277,038) $ (463,270)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:    
Depreciation and amortization 19,157 18,273
Asset retirement obligation accretion 5,639 11,930
Finance fee for extension on note payable   31,660
Impairment of goodwill 27,129,963  
Loss on liabilities settlement 203,349  
Warrant expense related to business combination 103,632  
Stock-based compensation 1,574,185 44,780
Foreign currency remeasurement gain (53,338)  
Changes in operating assets and liabilities    
Accounts receivable (31,268) 1,815
Prepaid expenses and other current assets (634) 25,686
Accounts payable and accrued liabilities 17,278 139,330
Net cash flows from operating activities (309,075) (189,796)
Cash Flows from Investing Activities    
Net cash acquired from purchase of Bow Energy Ltd. 3,784  
Cash flows from investing activities 3,784  
Cash Flows from Financing Activities    
Proceeds from affiliate advances   126,500
Subscription received in advance 22,500  
Proceed from issuance of common stock 238,675  
Proceed from issuance of preferred stock 20,000  
Payments to related party (49,295)  
Payments on long-term debt   (965)
Cash flows from financing activities 231,880 125,535
Effect of exchange rate changes on cash 34  
Net change in cash (73,377) (64,261)
Cash at beginning of period 82,593 68,648
Cash at end of period $ 9,216 $ 4,387