Restatement (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| Restatement Tables |
|
| Selected Unaudited Consolidated Balance Sheets Information |
Selected Unaudited Consolidated Balance
Sheets Information as of March 31, 2016
| |
|
Previously |
|
|
Net |
|
|
|
|
| |
|
Reported |
|
|
Change |
|
|
Restated |
|
| |
|
|
|
|
|
|
|
|
|
| Petroleum and natural gas rights / oil and gas properties |
|
|
2,957,441 |
|
|
|
(291,087 |
) |
|
|
2,666,354 |
|
| Derivative liability |
|
|
1,286,918 |
|
|
|
2,377,823 |
|
|
|
3,664,741 |
|
| Additional paid in capital |
|
|
9,391,246 |
|
|
|
303,781 |
|
|
|
9,695,027 |
|
| Accumulated deficit |
|
|
(9,044,242 |
) |
|
|
(2,318,928 |
) |
|
|
(11,363,170 |
) |
|
| Selected Unaudited Consolidated Statements of Operations and Comprehensive Loss information |
Selected Unaudited Consolidated Statements
of Operations and Comprehensive Loss information for the three months ended March 31, 2016 and 2015
| |
|
Three months ended March 31, 2016 |
|
| |
|
Previously |
|
|
Net |
|
|
|
|
| |
|
Reported |
|
|
Change |
|
|
Restated |
|
| |
|
|
|
|
|
|
|
|
|
| Derivative gain (loss) / change in fair value |
|
|
(527,303 |
) |
|
|
(1,128,233 |
) |
|
|
(1,655,536 |
) |
| Interest expense |
|
|
(181,257 |
) |
|
|
(250,450 |
) |
|
|
(431,707 |
) |
| Loss from operations |
|
|
(356,425 |
) |
|
|
44,939 |
|
|
|
(311,486 |
) |
| Net loss |
|
|
(1,064,985 |
) |
|
|
(1,333,744 |
) |
|
|
(2,398,729 |
) |
| Net comprehensive loss |
|
|
(1,072,250 |
) |
|
|
(1,333,744 |
) |
|
|
(2,405,994 |
) |
| Basic and diluted loss per common share |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.06 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended March 31, 2015 |
|
| |
|
Previously |
|
|
Net |
|
|
|
|
|
| |
|
Reported |
|
|
Change |
|
|
Restated |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative gain (loss) / change in fair value |
|
|
- |
|
|
|
57,442 |
|
|
|
57,442 |
|
| Derivative expense |
|
|
- |
|
|
|
(248,922 |
) |
|
|
(248,922 |
) |
| Loss from operations |
|
|
(149,730 |
) |
|
|
4,542 |
|
|
|
(145,188 |
) |
| Net loss |
|
|
(168,932 |
) |
|
|
(186,772 |
) |
|
|
(355,704 |
) |
| Net comprehensive loss |
|
|
(114,164 |
) |
|
|
(186,772 |
) |
|
|
(300,936 |
) |
| Basic and diluted loss per common share |
|
|
(0.01 |
) |
|
|
- |
|
|
|
(0.01 |
) |
|
| Selected Unaudited Consolidated Statements of Cash Flows information |
Selected Unaudited Consolidated Statements
of Cash Flows information for the three months ended March 31, 2016 and 2015
| |
|
Three months ended March 31, 2016 |
|
| |
|
Previously |
|
|
Net |
|
|
|
|
| |
|
Reported |
|
|
Change |
|
|
Restated |
|
| |
|
|
|
|
|
|
|
|
|
| Net Loss |
|
|
(1,064,985 |
) |
|
|
(1,333,744 |
) |
|
|
(2,398,729 |
) |
| Derivative (gain) loss / change in fair value |
|
|
527,303 |
|
|
|
1,128,233 |
|
|
|
1,655,536 |
|
| Stock based compensation |
|
|
102,500 |
|
|
|
63,055 |
|
|
|
165,555 |
|
| Depreciation, depletion and amortization |
|
|
70,413 |
|
|
|
(50,047 |
) |
|
|
20,366 |
|
| Amortization of debt discount |
|
|
132,164 |
|
|
|
255,559 |
|
|
|
387,723 |
|
| Net cash used in operations |
|
|
116,654 |
|
|
|
(35,194 |
) |
|
|
81,460 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended March 31, 2015 |
|
| |
|
Previously |
|
|
Net |
|
|
|
|
|
| |
|
Reported |
|
|
Change |
|
|
Restated |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
|
|
(168,932 |
) |
|
|
(186,772 |
) |
|
|
(355,704 |
) |
| Derivative (gain) loss / change in fair value |
|
|
- |
|
|
|
(57,442 |
) |
|
|
(57,442 |
) |
| Derivative expense |
|
|
- |
|
|
|
248,922 |
|
|
|
248,922 |
|
| Depreciation, depletion and amortization |
|
|
4,542 |
|
|
|
(4,542 |
) |
|
|
- |
|
| Amortization of debt discount |
|
|
8,333 |
|
|
|
(4,166 |
) |
|
|
4,167 |
|
| Net cash used in operations |
|
|
120,878 |
|
|
|
(24,437 |
) |
|
|
96,441 |
|
|