Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 1,947,143 $ 536,156
Restricted cash 5,199,103
Accounts receivable - oil and gas 731,917 573,296
Other receivable - related party 488,486 548,714
Prepaid expenses 75,903
Total current assets 3,243,449 6,857,269
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 11,265,471 12,301,141
Undeveloped and non-producing oil and gas properties, net 27,469,468 26,859,634
Total Oil and gas properties, net 38,734,939 39,160,775
Fixed assets, net 282,700 166,741
Other assets 9,396 9,396
TOTAL ASSETS 42,270,484 46,194,181
Current liabilities:    
Accrued expenses and other current liabilities 687,767 397,070
Accounts payable 455,288 2,555,869
Undistributed revenues and royalties 1,113,130 1,175,200
Derivative liability 599,979 1,052,788
Amount due to directors 862,390 1,192,970
Current portion of long term debt - net of debt discount 7,139,004 3,562,051
Total current liabilities 10,857,558 9,935,948
Long term debt - net of current portion and debt discount 4,904,318 9,742,830
Deferred tax liability 639,038 910,827
Asset retirement obligation 3,317,706 3,096,263
TOTAL LIABILITIES 19,718,620 23,685,868
Commitments and contingencies (Note 8)
Capital Stock    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 Shares issued and outstanding as of March 31, 2018 and December 31, 2017 28 28
Common stock, $0.001 par value, 100,000,000 shares authorized, 77,376,490 and 72,347,991 shares issued, issuable and outstanding as of March 31, 2018 and December 31, 2017 respectively. 77,377 72,348
Additional Paid-In Capital 19,812,708 19,029,892
Prepaid equity-based compensation (11,000) (11,827)
Retained earnings 2,672,751 3,417,872
TOTAL STOCKHOLDERS' EQUITY 22,551,864 22,508,313
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 42,270,484 $ 46,194,181

Source

v3.8.0.1
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenue    
Oil and gas sales $ 2,161,947 $ 206,863
Operating expenses    
Lease operating costs 1,008,268 160,518
General and administrative 900,525 270,341
Stock based compensation 173,487 347,404
Accretion - ARO 48,431 8,837
Depreciation, depletion and amortization 489,686 51,282
Total operating expenses 2,620,397 838,382
Loss from operations (458,450) (631,519)
Other income (expenses)    
Interest expense (1,069,310) (256,710)
Change in fair value of derivatives (354,953) 336,013
Loss on sale of investments (7,185)
Gain on ARO settlement 58,041
Total other income (expense) (1,366,222) 72,118
Net income (loss) before income taxes (1,824,672) (559,401)
Income tax benefit (expense) 271,789
Net Income (loss) (1,552,883) (559,401)
Other comprehensive income (loss)    
Unrealized gain (loss) on securities available-for-sale 1,446
Net Comprehensive income (loss) $ (1,552,883) $ (557,955)
Earnings (loss) per common share    
Basic $ (0.02) $ (0.01)
Diluted $ (0.02) $ (0.01)
Weighted average number of common shares outstanding    
Basic 74,306,169 56,766,673
Diluted 74,306,169 56,766,673

Source

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Cash flows from operating activities:      
Net loss $ (1,552,883) $ (559,401)  
Adjustments to reconcile net loss to cash used in operating activities:      
Derivative gain (loss) 354,953 (336,013)  
Amortization of prepaid expenses 90,815  
Stock based compensation 173,487 347,404  
Loss on sale of investments 7,185  
Depreciation, depletion and amortization 489,686 51,282  
Gain on ARO settlement (58,041)
Accretion - Asset retirement obligation 48,431 8,837  
Amortization of debt discount 708,107 178,153  
Changes in operating assets and liabilities      
Accounts receivable (158,621) 21,134  
Prepaid expenses (75,903)  
Other receivables 60,228  
Accounts payable (2,100,581) 6,032  
Accrued expenses and other current liabilities 267,054 21,433  
Deferred tax liability (271,789)  
Undistributed revenues and royalties (62,070)  
Amounts due to directors 25,191 39,892  
Net cash used in operating activities (2,152,751) (123,247)  
Cash flows from investing activities:      
Investment in, and acquisition of oil and gas properties (963,709)  
Acquisition of fixed assets (130,000)  
Proceeds from sale of oil and gas interests 1,144,953  
Proceeds from sale of investments 101,191  
Net cash provided by in investing activities 51,244 101,191  
Cash flows from financing activities:      
Proceeds from amount due to directors 583,000 3,900  
Repayments of amount due to directors (938,771) (144,480)  
Proceeds from sale of common stock 331,667  
Proceeds from long term debt 3,992,143 331,667  
Repayment of long term debt (5,322,981) (222,500)  
Net cash used by financing activities (1,686,609) 300,254  
Net increase (decrease) in cash (3,788,116) 278,198  
Cash, beginning of period 5,735,259 18,605 18,605
Cash, end of period 1,947,143 296,803 $ 5,735,259
Supplemental Cash Flow Information:      
Cash paid for: Interest 231,822 67,136  
Cash paid for: Income taxes  
Supplemental disclosure of Non-Cash Investing and Financing Activities:      
Recognition of asset retirement obligation 231,053  
Issuance of shares as discount on debt 615,185  
Prepayment of contract through amounts due directors 100,000  
Long term debt paid through amounts due directors 104,904  
Issuance of shares for contract services 55,000 700,920  
Sale of shares through satisfaction of unrelated notes payable 127,215  
Accrued expenses exchanged for long term debt $ 9,500  

Source