Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 9 $ 18,605
Accounts receivable - oil and gas 70,504 66,176
Other receivable - related party 76,939 76,939
Prepaid expenses 24,618 87,532
Total current assets 172,070 249,252
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 1,717,674 1,765,373
Undeveloped and non-producing oil and gas properties, net 1,198,297 1,237,489
Total Oil and gas properties, net 2,915,971 3,002,862
Long term investment 106,930
Derivative asset 43,203
TOTAL ASSETS 3,131,244 3,359,044
Current liabilities:    
Accrued expenses and other current liabilities 250,947 179,421
Accounts payable 72,467 121,365
Derivative liability 689,767 1,136,894
Amount due to directors 1,077,677 1,072,576
Current portion of long term debt - net of debt discount 1,794,076 1,302,476
Total current liabilities 3,884,933 3,812,732
Long term debt - net of current portion and debt discount 1,496,326 1,579,469
Asset retirement obligation 851,658 833,017
TOTAL LIABILITIES 6,232,918 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 June 30, 2017 and December 31, 2016 28 28
Common stock, $0.001 par value, 100,000,000 shares authorized, 62,599,577 and 53,093,192 shares issued, issuable and outstanding as of June 30, 2017 and December 31, 2016 respectively. 62,600 53,093
Additional Paid-In Capital 13,256,690 11,526,847
Prepaid equity-based compensation (129,250) (35,068)
Accumulated other comprehensive loss (1,446)
Accumulated deficit (16,291,742) (14,409,628)
TOTAL STOCKHOLDERS' DEFICIT (3,101,674) (2,866,174)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,131,244 $ 3,359,044

Source

v3.7.0.1
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue        
Oil and gas sales $ 160,430 $ 85,864 $ 367,293 $ 126,586
Operating expenses        
Lease operating costs 104,066 58,333 264,584 99,317
General and administrative 215,582 132,901 485,923 253,096
Stock based compensation 803,616 240,589 1,151,020 406,144
Accretion - ARO 9,804 5,171 18,641 10,279
Depreciation, depletion & amortization 35,609 28,250 86,891 48,616
Total operating expenses 1,168,677 465,244 2,007,059 817,452
Loss from operations (1,008,247) (379,380) (1,639,766) (690,866)
Other income (expenses)        
Interest expense (433,551) (992,200) (690,261) (1,423,907)
Change in fair value of derivatives 119,085 (276,059) 455,098 (1,931,595)
Loss on sale of investments (7,185)
Gain on settlement of debt 75,000 75,000
Total other income (expenses) (314,466) (1,193,259) (242,348) (3,280,502)
Net loss before income taxes (1,322,713) (1,572,639) (1,882,114) (3,971,368)
Income tax expense
Net loss (1,322,713) (1,572,639) (1,882,114) (3,971,368)
Other comprehensive income (loss)        
Unrealized gain (loss) on securities available-for-sale 159,322 1,446 152,057
Net Comprehensive loss $ (1,322,713) $ (1,413,317) $ (1,880,668) $ (3,819,311)
Loss per common share - Basic $ (0.02) $ (0.03) $ (0.03) $ (0.09)
Weighted average number of common shares outstanding - basic 61,272,870 47,150,304 59,032,220 42,445,852

Source

v3.7.0.1
Consolidated Statement Of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Cash flows from operating activities:          
Net loss $ (1,322,713) $ (1,572,639) $ (1,882,114) $ (3,971,368) $ (5,445,187)
Adjustments to reconcile net loss to cash used in operating activities:          
Derivative (gain) loss (119,085) 276,059 (455,098) 1,931,595  
Amortization of prepaid expenses     162,914  
Stock based compensation 803,616 240,589 1,151,020 406,144  
Loss on sale of investments 7,185  
Depreciation, depletion and amortization 35,609 28,250 86,891 48,616  
Accretion - Asset retirement obligation 9,804 5,171 18,641 10,279  
Amortization of debt discount     514,540 1,218,090  
Changes in operating assets and liabilities          
Accounts receivable     (4,328) (15,828)  
Accounts payable     (48,898) (75,837)  
Accrued expenses and other current liabilities     88,429 132,426  
Amounts due to directors     94,871 52,758  
Net cash used in operating activities     (265,947) (263,125)  
Cash flows from investing activities:          
Purchase of oil and gas properties     (1,350,000)  
Proceeds from sale of investments     101,191  
Net cash provided by (used in) investing activities     101,191 (1,350,000)  
Cash flows from financing activities:          
Proceeds from amount due to directors     5,350  
Repayments of amount due to directors     (300,024) (46,056)  
Proceeds from sale of common stock     331,667 187,500  
Common stock issuance costs     (37,500)  
Proceeds from long term debt     331,667 1,667,500  
Repayment of long term debt     (222,500) (170,500)  
Net cash provided by financing activities     146,160 1,600,944  
Net decrease in cash     (18,596) (12,181)  
Cash, beginning of period     18,605 30,585 30,585
Cash, end of period $ 9 $ 18,404 9 18,404 $ 18,605
Supplemental Cash Flow Information          
Cash paid for: Interest     99,909 90,252  
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