Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 568,222 $ 18,605
Accounts receivable - oil and gas 63,257 66,176
Other receivable - related party 76,939 76,939
Prepaid expenses 6,549 87,532
Total current assets 714,967 249,252
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 2,254,925 1,765,373
Undeveloped and non-producing oil and gas properties, net 1,166,383 1,237,489
Total oil and gas properties, net 3,421,308 3,002,862
Long term investment 106,930
Derivative asset 683
TOTAL ASSETS 4,136,958 3,359,044
Current liabilities:    
Accrued expenses and other current liabilities 253,491 179,421
Accounts payable 115,885 121,365
Derivative liability 606,878 1,136,894
Amount due to directors 1,056,147 1,072,576
Current portion of long term debt - net of debt discount 1,518,464 1,302,476
Total current liabilities 3,550,865 3,812,732
Long term debt - net of current portion and debt discount 2,568,568 1,579,469
Asset retirement obligation 1,067,232 833,017
TOTAL LIABILITIES 7,186,665 6,225,218
Commitments and contingencies (Note 7)
Capital Stock    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of September 30, 2017 and December 31, 2016 28 28
Common stock, $0.001 par value, 100,000,000 shares authorized, 66,220,524 and 53,093,192 shares issued, issuable and outstanding as of September 30, 2017 and December 31, 2016 respectively. 66,221 53,093
Additional Paid-In Capital 14,011,458 11,526,847
Prepaid equity-based compensation (50,072) (35,068)
Accumulated other comprehensive loss (1,446)
Accumulated deficit (17,077,342) (14,409,628)
TOTAL STOCKHOLDERS DEFICIT (3,049,707) (2,866,174)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 4,136,958 $ 3,359,044