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 6 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Cash flows from operating activities:          
Net loss     $ (3,971,368)   $ (1,897,174)
Cash flows from financing activities:          
Common stock issuance costs     (37,500)    
Restated          
Cash flows from operating activities:          
Net loss $ (1,572,639) $ (311,954) (3,971,368) $ (667,658)  
Adjustments to reconcile net loss to cash used in operating activities:          
Derivative (gain) loss     1,931,595 (114,106)  
Derivative expense 154,271 403,193  
Stock based compensation 240,589 108,000 406,144 108,000  
Depreciation, depletion and amortization     48,616  
Accretion - Asset retirement obligation     10,279  
Amortization of debt discount     1,218,090 36,157  
Changes in operating assets and liabilities          
Accounts receivable     (15,828) (10,248)  
Accounts payable     (75,837) 19,517  
Accrued expenses and other current liabilities     132,426 43,021  
Amounts due to directors     52,758 74,126  
Net cash used in operating activities     (263,125) (107,998)  
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     (46,056) (15,612)  
Proceeds from sale of common stock     187,500  
Common stock issuance costs     (37,500)  
Proceeds from long term debt     1,667,500 190,000  
Repayment of long term debt     (170,500) (64,000)  
Net cash provided by financing activities     1,600,944 120,388  
Net increase in cash     (12,181) 12,390  
Cash, beginning of period     30,585 1,345 1,345
Cash, end of period $ 18,404 $ 13,735 18,404 13,735 $ 30,585
Supplemental Cash Flow Information          
Cash paid for: Interest     90,252 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