Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 1,011,726 $ 4,009,892
Restricted cash 3,233,324
Accounts receivable - oil and gas- net 3,039,848 258,300
Prepaid expenses 142,054 124,443
Total current assets 7,426,952 4,392,635
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 79,709,969 81,331,986
Proved undeveloped and non-producing oil and gas properties, net 50,252,128 50,492,906
Total oil and gas properties, net 129,962,097 131,824,892
Fixed assets, net 594,023 200,243
Derivative asset 681,776
Other assets 110,194 110,194
TOTAL ASSETS 138,093,266 137,209,740
Current liabilities:    
Accounts payable 2,979,179 2,549,280
Accrued expenses and other current liabilities 1,932,326 1,014,661
Undistributed revenues and royalties 1,132,653 1,207,605
Derivative liability 11,595,525 2,531,718
Amount due to directors 395,555 395,555
Current portion of longterm debt - net of debt discount 37,436,624 11,805,582
Total current liabilities 55,471,862 19,504,401
Longterm debt - net of current portion and debt discount 68,449,202 92,076,857
Operating lease liability 353,073
Asset retirement obligation 4,496,011 4,413,465
TOTAL LIABILITIES 128,770,148 115,994,723
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of March 31, 2019 and December 31, 2018 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 91,187,081 and 90,989,025 shares issued and outstanding as of March 31, 2019 and December 31, 2018 respectively 91,187 90,989
Additional paid-in capital 32,055,297 32,015,913
Accumulated deficit (22,823,394) (10,891,913)
TOTAL STOCKHOLDERS' EQUITY 9,323,118 21,215,017
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 138,093,266 $ 137,209,740

Source

v3.19.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue    
Oil and gas sales $ 9,346,592 $ 2,161,947
Operating expenses    
Lease operating costs 2,599,394 1,008,268
General and administrative 1,033,345 900,525
Stock based compensation 39,582 173,487
Accretion - ARO 82,546 48,431
Depreciation, depletion and amortization 2,370,688 489,686
Total operating expenses 6,125,555 2,620,397
Income (loss) from operations 3,221,037 (458,450)
Other income (expense)    
Interest expense (3,131,393) (361,203)
Amortization of debt discount (2,278,959) (708,107)
Change in fair value of derivatives (9,745,583) (354,953)
Gain on ARO settlement 58,041
Interest income 3,417
Total other income (expense) (15,152,518) (1,366,222)
Net loss before income taxes (11,931,481) (1,824,672)
Income tax benefit (expense) 271,789
Net loss $ (11,931,481) $ (1,552,883)
Earnings (loss) per common share    
Basic $ (0.13) $ (0.02)
Weighted average number of common shares outstanding    
Basic 91,103,394 74,306,169

Source

v3.19.1
Consolidated Statement Of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (11,931,481) $ (1,552,883)
Adjustments to reconcile net loss to cash provided (used) in operating activities:    
Change in fair value of derivative liability 9,745,583 354,953
Stock based compensation 39,582 173,487
Depreciation, depletion and amortization 2,370,688 489,686
Amortization of operational right-of-use assets 1,286
Gain on ARO settlement (58,041)
Accretion - Asset retirement obligation 82,546 48,431
Amortization of debt discount 2,278,959 708,107
Changes in operating assets and liabilities    
Accounts receivable (2,781,548) (158,621)
Prepaid expenses and other assets (17,611) (75,903)
Other receivables 60,228
Accounts payable (263,807) (2,100,581)
Accrued expenses and other current liabilities 917,665 267,054
Deferred tax Liability (271,789)
Undistributed revenues and royalties (74,952) (62,070)
Amounts due to directors 25,191
Net cash provided by (used) in operating activities 366,910 (2,152,751)
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (493,126) (963,709)
Acquisition of fixed assets (130,000)
Proceeds from sale of oil and gas interests 1,144,953
Net cash used in investing activities (493,126) (51,244)
Cash flows from financing activities:    
Proceeds from amount due to directors 583,000
Repayments of amount due to directors (938,771)
Proceeds from long term debt 3,992,143
Short term advance 693,706
Repayment of long term debt (332,332) (5,322,981)
Net cash provided by financing activities 361,374 (1,686,609)
Net increase (decrease) in cash 235,158 (3,788,116)
Cash and Restricted Cash, beginning of period 4,009,892 5,735,259
Cash and Restricted Cash, end of period 4,245,050 1,947,143
Supplemental Cash Flow Information:    
Cash paid for: Interest 2,239,731 231,822
Cash paid for: Income taxes
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 231,053
Recognition of right-of-use asset and lease liability 367,365
Amortization of right-of-use asset and lease liability 14,292
Purchase of transportation equipment through direct financing $ 56,760
Issuance of shares as discount on debt   $ 615,185

Source