Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.6.0.2
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Operating expenses        
Accretion - ARO     $ 15,513  
Other income (expense)        
Change in fair value of derivative liability     1,216,303  
Net income (loss) $ 1,868,907   (2,102,462)  
Other comprehensive income (loss)        
Unrealized gain (loss) on securities available-for-sale     148,663 $ (16,642)
Net Comprehensive Income (Loss)     833,418 54,768
Earning (loss) per common share        
Diluted $ 0.04      
Weighted average number of common shares outstanding          
Basic 45,837,636      
Diluted 54,004,303      
Restated        
Revenue        
Oil and gas sales $ 105,427 $ 32,425 232,013 64,448
Operating expenses        
Lease operating costs 66,456 24,961 165,773 46,736
General and administrative 186,508 181,010 439,604 403,928
Stock based compensation 172,219 578,363 108,000
Accretion - ARO 5,234 4,985 15,513 4,985
Depreciation, depletion and amortization 29,009 10,155 77,625 10,155
Total operating expenses 459,426 221,111 1,276,878 573,804
Loss from operations (353,999) (188,686) (1,044,865) (509,356)
Other income (expense)        
Interest expense (542,107) (137,801) (1,966,015) (195,702)
Change in fair value of derivative liability 2,765,013 (36,424) 833,418 77,682
Derivative expense (403,193)
Gain on settlement of debt 75,000
Total other income (expense) 2,222,906 (174,225) (1,057,597) (521,213)
Income (loss) before income taxes 1,868,907 (362,911) (2,102,462) (1,030,569)
Income tax provision (635,428)
Benefit from utilization of net operating loss 635,428
Net income (loss) 1,868,907 (362,911) (2,102,462) (1,030,569)
Other comprehensive income (loss)        
Unrealized gain (loss) on securities available-for-sale (3,394) (4,420) 148,663 (16,642)
Net Comprehensive Income (Loss) $ 1,865,513 $ (367,331) $ (1,953,798) $ (1,047,211)
Earning (loss) per common share        
Basic $ 0.04 $ (0.01) $ (0.05) $ (0.04)
Diluted $ 0.04 $ (0.01) $ (0.05) $ (0.04)
Weighted average number of common shares outstanding          
Basic 45,837,636 27,602,291 43,584,699 25,882,581
Diluted 54,004,303 27,602,291 43,584,699 25,882,581