Financials

v3.19.1
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 1,595,507 $ 840,163
Accounts Receivable 234,402 179,702
Production revenue receivable 157,734 294,715
Prepayments - development costs 2,360 146,422
Prepaid expenses 29,375 60,980
Total current assets 2,019,378 1,521,982
Oil and gas properties, net 39,028,782 36,565,461
Office equipment, net 1,228 4,076
Other assets 6,362 6,362
TOTAL ASSETS 41,055,750 38,097,881
Current liabilities:    
Accounts payable 1,093,847 729,806
Accrued payroll 861,176 816,176
Related party payables 45,000 45,000
Due to working interest owners 54,320 54,320
Accrued interest payable 881,709 553,370
Total current liabilities 2,936,052 2,198,672
Unsecured promissory notes, net of discount and financing costs of $573,279 at March 31, 2019 and $702,217 at December 31, 2018 11,991,018 11,862,080
Note payable 8,000,000 6,000,000
Asset retirement obligations 20,820 14,353
Total liabilities 22,947,890 20,075,105
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding at March 31, 2019 and December 31, 2018 0 0
Common stock, par value $0.001 per share; 150,000,000 shares authorized; 71,911,115 issued and outstanding at March 31, 2019 70,112,376 issued and outstanding at December 31, 2018 71,914 70,116
Additional paid-in capital 109,028,125 107,266,965
Accumulated deficit (90,992,179) (89,314,305)
Total stockholders' equity 18,107,860 18,022,776
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 41,055,750 $ 38,097,881
v3.19.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues:    
Oil and gas sales $ 310,837 $ 481,164
Cost of revenues (127,622) (228,903)
Gross profit 183,215 252,261
Operating expenses:    
General and administrative expenses (1,042,758) (1,675,840)
Depreciation, depletion and amortization (185,426) (107,133)
Impairment loss (474,357) (139,891)
Total operating expenses (1,702,540) (1,922,864)
Other income (expense)    
Interest expense and accretion of note discounts (158,599) (103,941)
Interest income 50 0
Total expense (158,549) (103,941)
Loss before income taxes (1,677,874) (1,774,544)
Provision for income taxes 0 0
Net loss $ (1,677,874) $ (1,774,544)
Loss per share: Basic and Diluted $ (0.02) $ (0.03)
Weighted average shares outstanding: Basic and Diluted 70,771,643 62,160,902
v3.19.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows From Operating Activities    
Net loss $ (1,677,874) $ (1,774,544)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 397,250 736,545
Stock issued for interest payments on notes payable 14,628 0
Accrued interest payable in stock 76,284 0
Amortization of debt issuance costs 71,647 0
Accretion of note discounts 57,291 44,858
Depreciation, depletion and amortization 185,426 107,133
Impairment loss 474,357 139,891
Change in:    
Accounts receivable (54,700) (15,847)
Production revenue receivable 136,981 1,678
Prepayment development costs 144,062 1,335,652
Prepaid expenses 31,605 21,628
Accounts payable and accrued expenses (299,965) (137,025)
Accrued interest payable 252,055 152,224
Net cash from operating activities (190,953) 612,193
Cash Flows From Investing Activities    
Investment in oil and gas properties (2,404,783) (4,663,018)
Net cash from investing activities (2,404,783) (4,663,018)
Cash Flows From Financing Activities    
Issuance of common stock 1,274,080 0
Proceeds from promissory notes 0 4,161,129
Proceeds from notes payable 2,000,000 0
Proceeds from warrant exercise 77,000 0
Net cash from financing activities 3,351,080 4,161,129
Net increase in cash 755,344 110,304
Cash - beginning of period 840,163 1,051,720
Cash - end of period 1,595,507 1,162,024
Supplemental disclosure of cash flow information: (Non Cash Items)    
Increase in accounts payable for property development costs 709,006 0
Cash paid for interest 371,765 285,353
Cash paid for income tax $ 0 $ 0