Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Cash flows from operating activities:          
Net loss $ (3,955,216) $ (1,322,713) $ (5,508,099) $ (1,882,114)  
Adjustments to reconcile net loss to cash used in operating activities:          
Derivative gain (loss) 632,831 (119,085) 987,784 (455,098)  
Amortization of prepaid expenses     162,914  
Stock based compensation 1,044,612 803,616 1,218,099 1,151,020  
Loss on sale of investments     7,185  
Depreciation, depletion and amortization 459,951 35,609 949,637 86,891  
Gain on ARO settlement (58,041)
Accretion - Asset retirement obligation 49,346 9,804 97,777 18,641  
Amortization of debt discount     2,639,104 514,540  
Changes in operating assets and liabilities          
Accounts receivable     13,614 (4,328)  
Prepaid expenses and other assets     (88,448)  
Other receivables     548,714  
Accounts payable     (1,933,061) (48,898)  
Accrued expenses and other current liabilities     446,928 88,429  
Deferred tax liability     (877,279)  
Undistributed revenues and royalties     78,734  
Amounts due to directors     39,993 94,871  
Net cash used in operating activities     (1,444,544) (265,947)  
Cash flows from investing activities:          
Investment in, and acquisition of oil and gas properties     (2,088,262)  
Acquisition of fixed assets     (130,000)  
Proceeds from sale of oil and gas interests     1,144,953  
Proceeds from sale of investments     101,191  
Net cash (used in) provided by investing activities     (1,073,309) 101,191  
Cash flows from financing activities:          
Proceeds from amount due to directors     583,000 5,350  
Repayments of amount due to directors     (1,306,956) (300,024)  
Proceeds from sale of common stock     331,667  
Proceeds from long term debt     10,078,018 331,667  
Repayment of long term debt     (6,764,989) (222,500)  
Net cash provided by financing activities     2,589,073 146,160  
Net increase (decrease) in cash     71,220 (18,596)  
Cash, beginning of period     5,735,259 18,605 18,605
Cash, end of period $ 5,806,479 $ 9 5,806,479 9 $ 5,735,259
Supplemental Cash Flow Information:          
Cash paid for: Interest     866,380 99,909  
Cash paid for: Income taxes      
Supplemental disclosure of Non-Cash Investing and Financing Activities:          
Recognition of asset retirement obligation     231,053  
Issuance of shares as discount on debt     1,237,416  
Issuance of warrants as discount on debt     327,740  
1st Global debt discount and loan fees     324,000  
Payment in kind interest added to debt     140,757  
Prepayment of contract through amounts due directors     100,000  
Debt refinanced through new credit facility     7,633,389  
Private placement debt exchanged for new private placement     2,085,000  
Purchase of working interest through new debt     165,000  
Long term debt paid through amounts due directors     104,904  
Issuance of shares for contract services     55,000 700,920  
Cashless exercise of warrants     60  
Sale of shares through satisfaction of unrelated notes payable     127,215  
Accrued expenses exchanged for long term debt     $ 24,712 $ 9,500