Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash $ 296,803 $ 18,605
Accounts receivable 45,042 66,176
Other receivable - joint venture 76,939 76,939
Prepaid expenses 96,717 87,532
Total current assets 515,501 249,252
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 1,741,265 1,765,373
Undeveloped and non-producing oil and gas properties, net 1,210,315 1,237,489
Total Oil and gas properties, net 2,951,580 3,002,862
Long term investment 106,930
Derivative asset 5,843
TOTAL ASSETS 3,472,924 3,359,044
CURRENT LIABILITIES    
Accrued expenses and other current liabilities 183,949 179,421
Accounts payable 127,397 121,365
Derivative liability 771,493 1,136,894
Amount due to directors 1,176,792 1,072,576
Current portion of long term debt - net of debt discount 1,416,136 1,302,476
Total current liabilities 3,675,767 3,812,732
Long term debt - net of current portion and debt discount 1,537,879 1,579,469
Asset retirement obligation 841,854 833,017
TOTAL LIABILITIES 6,055,500 6,225,218
Commitments and contingencies (Note 7)
STOCKHOLDERS' DEFICIT    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of March 31, 2017 and December 31, 2016 28 28
Common stock, $0.001 par value, 100,000,000 shares authorized, 59,455,134 and 53,093,192 shares issued, issuable and outstanding as of March 31,2017 and December 31,2016 respectively. 59,455 53,093
Additional Paid-In Capital 12,731,294 11,526,847
Prepaid equity-based compensation (404,324) (35,068)
Accumulated other comprehensive income (loss) (1,446)
Accumulated deficit (14,969,029) (14,409,628)
TOTAL STOCKHOLDERS' DEFICIENCY (2,582,576) (2,866,174)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 3,472,924 $ 3,359,044

Source

v3.7.0.1
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue    
Oil and gas sales $ 206,863 $ 40,722
Operating expenses    
Lease operating costs 160,518 40,984
General and administrative 270,341 120,195
Stock based compensation 347,404 165,555
Accretion - ARO 8,837 5,108
Depreciation, depletion & amortization 51,282 20,366
Total operating expenses 838,382 352,208
Loss from operations (631,519) (311,486)
Other income (expenses)    
Interest expense (256,710) (431,707)
Change in fair value of derivatives 336,013 (1,655,536)
Loss on sale of investments (7,185)
Total other income (expenses) 72,118 (2,087,243)
Net loss before income taxes (559,401) (2,398,729)
Income tax expense
Net loss (559,401) (2,398,729)
Other comprehensive income (loss)    
Unrealized gain on securities available-for-sale 1,446 (7,265)
Net Comprehensive loss $ (557,955) $ (2,405,994)
Loss per weighted average number of common shares outstanding - basic $ (0.01) $ (0.06)
Weighted average number of common shares outstanding - basic 56,766,673 37,741,400

Source

v3.7.0.1
Consolidated Statement Of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Cash flows from operating activities:      
Net loss $ (559,401) $ (2,398,729) $ (5,445,187)
Adjustments to reconcile net loss to cash used in operating activities:      
Derivative (gain) loss (336,013) 1,655,536  
Amortization of prepaid expenses 90,815  
Stock based compensation 347,404 165,555  
Loss on sale of investments 7,185  
Depreciation, depletion and amortization 51,282 20,366  
Accretion - Asset retirement obligation 8,837 5,108  
Amortization of debt discount 178,153 387,723  
Changes in operating assets and liabilities      
Accounts receivable 21,134 (7,604)  
Accounts payable 6,032 (6,400)  
Accrued expenses and other current liabilities 21,433 61,791  
Amounts due to directors 39,892 35,194  
Net cash used in operating activities (123,247) (81,460)  
Cash flows from investing activities:      
Purchase of oil and gas properties (1,350,000)  
Proceeds from sale of investments 101,191  
Net cash used in investing activities 101,191 (1,350,000)  
Cash flows from financing activities:      
Proceeds from amount due to directors 3,900  
Repayments of amount due to directors (144,480) (35,775)  
Proceeds from sale of common stock 331,667    
Proceeds from long term debt 331,667 1,480,000  
Repayment of long term debt (222,500)  
Net cash provided by financing activities 300,254 1,444,225  
Net increase (decrease) in cash 278,198 12,765  
Cash, beginning of year 18,605 30,585 30,585
Cash, end of year 296,803 43,350 $ 18,605
Supplemental Cash Flow Information      
Cash paid for: Interest 67,136  
Cash paid for: Income taxes  
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Conversion of convertible note payable 6,778  
Issuance of shares for oil and gas property acquisitions 820,250  
Issuance of warrants for 4,062,500 common shares as debt discount 416,315  
Prepayment of contract through amounts due directors 100,000  
Long term debt paid through amounts due directors 104,904  
Issuance of shares for contract services 700,920  
Sale of shares through satisfaction of unrelated notes payable 127,215  
Accrued expenses exchanged for long term debt $ 9,500  

Source