|9 Months Ended|
Sep. 30, 2016
|Notes to Financial Statements|
|Note 9. Subsequent Events||
The Company has evaluated subsequent events from September 30, 2016 through the date of filing this Form 10-Q/A, and determined there are no other items to disclose other than those disclosed below:
During October 2016, the Company issued an additional $75,000 of 10% Secured promissory notes with a term expiring April 3, 2017 (the Maturity Date), and an original issue discount of thirty seven and one half percent (37.5%). Interest is payable on the outstanding principal of these notes at 10% per annum on the Maturity Date.
On October 4, 2016, the Company closed on the purchase of working interests in various oil and gas leases in Eastern Kansas. Simultaneously, to facilitate the purchase, the Company closed on its initial funding from Cross first Bank under the September 30, 2016 Revolver Agreement in the amount of $1,800,000. Additionally, on October 4, 2016, the Company committed to the issuance of 2,752,021 common shares as a part of the consideration for the acquisition of this oil and gas investment.
During November 2016, the Company issued 1,400,000 common shares as part of a negotiated settlement on convertible notes.
During November, 2016, the Company issued 187,500 common shares pursuant to a securities purchase agreement.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.