Financials

v3.10.0.1
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 3,141,546 $ 1,051,720
Accounts Receivable 176,558 596,141
Production revenue receivable 47,735 142,932
Prepayments - development costs 180,288 1,335,652
Prepaid expenses 112,107 39,506
Total current assets 3,658,234 3,165,951
Oil and gas properties, net 32,714,607 25,579,279
Office equipment, net 9,896 15,716
Other assets 6,362 6,362
TOTAL ASSETS 36,389,099 28,767,308
Current liabilities:    
Accounts payable 520,406 762,502
Funds received pending settlement 0 520,400
Accrued payroll 785,176 695,176
Related party payables 45,000 45,000
Due to working interest owners 54,320 54,320
Accrued interest payable 206,644 202,050
Total current liabilities 1,611,546 2,279,448
Unsecured promissory notes, net of discount and financing costs of $960,092 at June 30, 2018 and $795,017 at December 31, 2017 11,604,205 7,269,281
Note payable 3,000,000 3,250,000
Asset retirement obligations 9,461 9,274
Total liabilities 16,225,212 12,808,003
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding at June 30, 2018 and December 31, 2017 0 0
Common stock, par value $0.001 per share; 150,000,000 shares authorized; 70,062,376 issued and outstanding at June 30, 2018 63,340,034 issued and outstanding at December 31, 2017 70,066 63,344
Additional paid-in capital 106,867,836 99,403,654
Accumulated deficit (86,774,015) (83,507,693)
Total stockholders' equity 20,163,887 15,959,305
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 36,389,099 $ 28,767,308
v3.10.0.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Oil and gas sales $ 283,263 $ 13,303 $ 764,426 $ 26,252
Cost of revenues (184,425) (11,976) (413,328) (16,133)
Gross profit 98,838 1,327 351,098 10,119
Operating expenses:        
General and administrative expenses (907,595) (949,040) (2,583,434) (1,942,445)
Depreciation, depletion and amortization (154,805) (25,918) (261,938) (50,435)
Loss on settlement (369,439) 0 (369,439) 0
Impairment loss 0 0 (139,891) 0
Total operating expenses (1,431,839) (974,958) (3,354,702) (1,992,880)
Other (income) expense        
Interest income 482 182 482 294
Interest expense and accretion of note discounts (159,260) (81,281) (263,201) (128,547)
Total (expense) (158,778) (81,099) (262,719) (128,253)
Loss before income taxes (1,491,779) (1,054,730) (3,266,323) (2,111,014)
Provision for income taxes 0 0 0 0
Net loss $ (1,491,779) $ (1,054,730) $ (3,266,323) $ (2,111,014)
Loss per share: Basic and Diluted $ (0.02) $ (0.02) $ (0.05) $ (0.04)
Weighted average shares outstanding: Basic and Diluted 68,709,910 59,597,753 61,686,718 58,473,923
v3.10.0.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows From Operating Activities    
Net loss $ (3,266,323) $ (2,111,014)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 1,000,146 716,719
Accretion of note discounts 102,149 119,845
Depreciation, depletion and amortization 261,938 50,435
Loss on settlement 369,439 0
Impairment loss 139,891 0
Change in:    
Accounts receivable (256) 2,815
Production revenue receivable 95,198 (6,400)
Prepayment development costs 1,155,364 (1,164,509)
Prepaid expenses (72,601) (44,866)
Other assets 0 11,999
Accounts payable and accrued expenses (152,096) (90,241)
Accrued interest payable 225,619 54,866
Net cash from operating activities (141,532) (2,460,351)
Cash Flows From Investing Activities    
Investment in oil and gas properties (7,531,151) (2,655,199)
Net cash from investing activities (7,531,151) (2,655,199)
Cash Flows From Financing Activities    
Issuance of common stock, net of $562,766 of offering costs 6,049,734 0
Proceeds from promissory notes, net of offering costs 4,232,775 7,291,948
Repayment of promissory notes (250,000) (2,509,500)
Proceeds from warrant exercise 200,000 29,250
Cash paid in settlement (470,000) 0
Net cash from financing activities 9,762,509 4,811,698
Net change in cash 2,089,826 (303,852)
Cash - beginning of period 1,051,720 1,769,499
Cash - end of period 3,141,546 1,465,647
Supplemental disclosure of cash flow information: (Non Cash Items)    
Mineral interests received in warrant exercise 0 3,229,431
Common stock issued for mineral interests 0 373,431
Common stock issued in conversion of promissory note 0 1,007,890
Common stock issued for payment in kind on notes payable 221,025 0
Cash paid for interest 706,338 332,273
Cash paid for income tax $ 0 $ 0