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 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Cash flows from operating activities:      
Net loss $ (2,398,729)   $ (1,897,174)
Restated      
Cash flows from operating activities:      
Net loss (2,398,729) $ (355,704)  
Adjustments to reconcile net loss to cash used in operating activities:      
Derivative (gain) loss 1,655,536 (57,442)  
Derivative 248,922  
Stock based compensation 165,555  
Depreciation, depletion and amortization 20,366  
Accretion - Asset retirement obligation 5,108  
Amortization of debt discount 387,723 4,167  
Changes in operating assets and liabilities      
Accounts receivable (7,604)  
Accounts payable (6,400) 19,752  
Accrued expenses and other current liabilities 61,791 (37,375)  
Amounts due to directors 35,194 81,239  
Net cash used in operating activities (81,460) (96,441)  
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 (35,775) (612)  
Proceeds from convertible notes 1,480,000 157,500  
Repayment of convertible notes (64,000)  
Net cash provided by financing activities 1,444,225 102,888  
Net increase in cash 12,765 6,447  
Cash, beginning of period 30,585 1,345 1,345
Cash, end of period 43,350 7,792 $ 30,585
Supplemental Cash Flow Information      
Cash paid for: Interest 14,442  
Cash paid for: Income taxes  
Supplemental disclosure of Non-Cash Investing and Financing Activities:      
Conversion of convertible note 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