Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement Of Cash Flows (Unaudited)

v3.6.0.2
Consolidated Statement Of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Cash flows from operating activities:          
Net loss $ 1,868,907   $ (2,102,462)   $ (1,897,174)
Restated          
Cash flows from operating activities:          
Net loss 1,868,907 $ (362,911) (2,102,462) $ (1,030,569)  
Adjustments to reconcile net loss to cash used in operating activities:          
Derivative (gain) loss     (833,418) (77,682)  
Derivative expense (403,193)  
Stock based compensation 172,219 578,363 108,000  
Stock based interest payment     52,500  
Depreciation, depletion and amortization     77,625 10,155  
Accretion - Asset retirement obligation     15,513 4,985  
Amortization of debt discount     1,626,062 119,211  
Changes in operating assets and liabilities          
Accounts receivable     (11,947)  
Accounts payable     (89,282) 40,783  
Accrued expenses and other current liabilities     151,862 93,590  
Amounts due to directors     197,280 225,492  
Net cash used in operating activities     (337,904) (102,842)  
Cash flows from investing activities:          
Purchase of oil and gas properties     (1,350,000)  
Net cash used in investing activities     (1,350,000)  
Cash flows from financing activities:          
Proceeds from amount due to directors     10,000  
Repayments of amount due to directors     (56,056) (25,612)  
Proceeds from sale of common stock     388,125  
Common stock issuance costs     (37,500)  
Proceeds from long term debt     2,021,875 190,000  
Repayment of long term debt     (570,500) (64,000)  
Net cash provided by financing activities     1,745,944 110,388  
Net increase (decrease) in cash     58,040 7,546  
Cash, beginning of period     30,585 1,345 1,345
Cash, end of period $ 88,625 $ 8,891 88,625 8,891 $ 30,585
Supplemental Cash Flow Information:          
Cash paid for: Interest     125,431 14,442  
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 acquisition     820,250  
Issuance of warrants for 4,062,500 common shares as debt discount     416,315  
Loan from Director to pay convertible debt     100,000  
Issuance of shares as deposit for oil and gas property acquisition     $ 288,000