Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash   $ 30,585
Accounts receivable - oil and gas  
Other receivable - related party $ 153,877 153,877
Total current assets   184,462
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net   30,989
Undeveloped and non-producing oil and gas properties, net   485,481
Total oil and gas properties, net 2,609,095 516,470
Long term investment   87,156
Deposit  
TOTAL ASSETS   788,088
Current liabilities:    
Accrued expenses and other current liabilities   95,575
Accounts payable   104,774
Derivative liability   810,647
Amount due to directors   614,991
Current portion of long term debt - net of debt discount   16,770
Total current liabilities   1,642,757
Long term debt - net of current portion and debt discount   6,778
Asset retirement obligation 431,759 416,246
TOTAL LIABILITIES   2,065,781
STOCKHOLDERS' DEFICIT    
Capital Stock  
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of September 30, 2016 and December 31, 2015   28
Common stock, $0.001 par value, 100,000,000 shares Authorized, 47,647,419 and 30,333,993 shares issued, issuable and outstanding as of September 30, 2016 and December 31, 2015 respectively.   30,334
Additional Paid-In Capital   7,960,372
Prepaid equity-based compensation   (145,562)
Accumulated other comprehensive loss   (158,424)
Accumulated deficit   (8,964,441)
TOTAL STOCKHOLDERS' DEFICIT (486,005) (1,277,693)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT   $ 788,088
Restated    
Current assets:    
Cash 88,625  
Accounts receivable - oil and gas 11,947  
Other receivable - related party 153,877  
Total current assets 254,449  
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 1,290,175  
Undeveloped and non-producing oil and gas properties, net 1,318,920  
Total oil and gas properties, net 2,609,095  
Long term investment 235,819  
Deposit 288,000  
TOTAL ASSETS 3,387,363  
Current liabilities:    
Accrued expenses and other current liabilities 244,104  
Accounts payable 15,492  
Derivative liability 547,894  
Amount due to directors 756,215  
Current portion of long term debt - net of debt discount 1,877,904  
Total current liabilities 3,441,609  
Long term debt - net of current portion and debt discount  
Asset retirement obligation 431,759  
TOTAL LIABILITIES 3,873,368  
STOCKHOLDERS' DEFICIT    
Capital Stock  
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of September 30, 2016 and December 31, 2015 28  
Common stock, $0.001 par value, 100,000,000 shares Authorized, 47,647,419 and 30,333,993 shares issued, issuable and outstanding as of September 30, 2016 and December 31, 2015 respectively. 47,648  
Additional Paid-In Capital 10,640,079  
Prepaid equity-based compensation (97,096)  
Accumulated other comprehensive loss (9,761)  
Accumulated deficit (11,066,903)  
TOTAL STOCKHOLDERS' DEFICIT (486,005)  
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,387,363