Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 5,806,479 $ 536,156
Restricted cash 5,199,103
Accounts receivable - oil and gas 559,682 573,296
Other receivable - related party 548,714
Prepaid expenses 65,761
Total current assets 6,431,922 6,857,269
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 11,577,814 12,301,141
Undeveloped and non-producing oil and gas properties, net 28,001,852 26,859,634
Total Oil and gas properties, net 39,579,666 39,160,775
Fixed assets, net 267,576 166,741
Other assets 32,083 9,396
TOTAL ASSETS 46,311,247 46,194,181
Current liabilities:    
Accrued expenses and other current liabilities 819,287 397,070
Accounts payable 622,808 2,555,869
Undistributed revenues and royalties 1,253,934 1,175,200
Derivative liability 1,232,810 1,052,788
Amount due to directors 509,007 1,192,970
Current portion of long term debt - net of debt discount 4,732,565 3,562,051
Total current liabilities 9,170,411 9,935,948
Long term debt - net of current portion and debt discount 13,149,005 9,742,830
Deferred tax liability 33,548 910,827
Asset retirement obligation 3,367,052 3,096,263
TOTAL LIABILITIES 25,720,016 23,685,868
Commitments and contingencies (Note 8)
Capital Stock    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of June 30, 2018 and December 31, 2017 28 28
Common stock, $0.001 par value, 100,000,000 shares authorized,with 83,464,906 and 72,347,991 shares issued and outstanding as of June 30, 2018 and December 31, 2017 respectively. 83,465 72,348
Additional Paid-In Capital 21,790,203 19,029,892
Prepaid equity-based compensation (11,827)
Retained earnings (accumulated deficit) (1,282,465) 3,417,872
TOTAL STOCKHOLDERS' EQUITY 20,591,231 22,508,313
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 46,311,247 $ 46,194,181