Financials

v3.8.0.1
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 1,162,024 $ 1,051,720
Accounts Receivable 611,987 596,141
Production revenue receivable 141,255 142,932
Prepayments - development costs 0 1,335,652
Prepaid expenses 17,878 39,506
Total current assets 1,933,144 3,165,951
Oil and gas properties, net 29,998,276 25,579,279
Office equipment, net 12,806 15,716
Other assets 6,362 6,362
TOTAL ASSETS 31,950,588 28,767,308
Current liabilities:    
Accounts payable 580,476 762,502
Funds received pending settlement 520,400 520,400
Accrued payroll 740,176 695,176
Related party payables 45,000 45,000
Due to working interest owners 54,320 54,320
Accrued interest payable 354,274 202,050
Total current liabilities 2,294,646 2,279,448
Unsecured promissory notes, net of discount and financing costs of $1,089,030 at March 31, 2018 and $795,017 at December 31, 2017 11,475,267 7,269,281
Note payable 3,250,000 3,250,000
Asset retirement obligations 9,368 9,274
Total liabilities 17,029,281 12,808,003
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding at March 31, 2018 and December 31, 2017 0 0
Common stock, par value $0.001 per share; 150,000,000 shares authorized; 63,640,034 issued and outstanding at March 31, 2018 63,340,034 issued and outstanding at December 31, 2017 63,644 63,344
Additional paid-in capital 100,139,899 99,403,654
Accumulated deficit (85,282,236) (83,507,693)
Total stockholders' equity 14,921,307 15,959,305
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 31,950,588 $ 28,767,308
v3.8.0.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenue:    
Oil and gas sales $ 481,164 $ 12,950
Cost of revenue (228,903) (4,157)
Gross profit 252,261 8,793
Operating expenses:    
General and administrative expenses (1,675,840) (993,404)
Depreciation, depletion and amortization (107,133) (24,517)
Impairment expense (139,891) 0
Total operating expenses (1,922,864) (1,017,921)
Other (income) expense    
Interest income 0 111
Interest and accretion expense (103,941) (47,266)
Total (expense) (103,941) (47,155)
Loss before income taxes (1,774,544) (1,056,283)
Provision for income taxes 0 0
Net loss $ (1,774,544) $ (1,056,283)
Loss per share: Basic and Diluted $ (0.03) $ (0.02)
Weighted average shares outstanding: Basic and Diluted 62,160,902 57,337,607
v3.8.0.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities    
Net loss $ (1,774,544) $ (1,056,283)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 736,545 312,158
Accretion of note discounts 44,858 45,868
Depreciation, depletion and amortization 107,133 24,517
Impairment expense 139,891 0
Change in:    
Accounts receivable (15,847) 4,126
Production revenue receivable 1,678 355
Prepayment of development costs 1,335,652 255,879
Prepaid expenses 21,628 26,829
Other assets 0 13,357
Accounts payable and accrued expenses (137,025) (150,167)
Accounts payable related party 0 37,500
Accrued interest payable 152,224 (6,049)
Net cash from operating activities 612,193 (491,910)
Cash Flows From Investing Activities    
Investment in oil and gas properties (4,663,018) (1,137,550)
Net cash from investing activities (4,663,018) (1,137,550)
Cash Flows From Financing Activities    
Proceeds from promissory notes, net of offering costs 4,161,129 0
Net cash from financing activities 4,161,129 0
Net change in cash 110,304 (1,629,460)
Cash - beginning of period 1,051,720 1,769,499
Cash - end of period 1,162,024 140,039
Supplemental disclosure of cash flow information: (Non Cash Items)    
Mineral interests received in warrant exercise 0 3,229,431
Cash paid for interest 285,353 105,618
Cash paid for income tax $ 0 $ 0