Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 1,051,720 $ 1,769,499
Accounts receivable 596,141 603,446
Production revenue receivable 142,932 7,325
Prepayments - development costs 1,335,652 583,347
Prepaid expenses 39,506 26,829
Total current assets 3,165,951 2,990,446
Oil and gas properties, net 25,579,279 9,392,288
Office equipment, net 15,716 29,848
Debt issuance costs, net 0 2,704
Other Assets 6,362 18,362
TOTAL ASSETS 28,767,308 12,433,648
Current liabilities:    
Accounts payable 762,502 422,684
Funds received pending settlement 520,400 520,400
Accrued payroll 695,176 565,176
Related party payables 45,000 237,044
Convertible promissory notes, (Series B) net of discount of $91,379 at December 31, 2016 0 3,478,121
Due to working interest owners 54,320 54,320
Accrued interest payable 202,050 6,049
Total current liabilities 2,279,448 5,283,794
Unsecured promissory notes, net of discount and financing costs of $795,017 at December 31, 2017 7,269,281 0
Note payable after one year 3,250,000 0
Asset retirement obligation 9,274 7,051
Total Liabilities 12,808,003 5,290,845
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $.001, 10,000,000 shares authorized; -0- issued and outstanding at December 31, 2017 and 2016 0 0
Common stock, par value $0.001 per share; 150,000,000 shares authorized; 63,340,034 issued and outstanding at December 31, 2017, 55,096,503 issued and outstanding at December 31, 2016 63,344 55,100
Additional paid-in capital 99,403,654 89,675,488
Accumulated deficit (83,507,693) (82,587,785)
Total stockholders' equity 15,959,305 7,142,803
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 28,767,308 $ 12,433,648
v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Revenue    
Oil and gas sales $ 570,499 $ 354,390
Cost of revenue (173,187) (328,438)
Gross income 397,312 25,952
Operating expenses:    
General and administrative expense (3,652,970) (6,447,706)
Depreciation, depletion and amortization (100,156) (636,426)
Impairment expense 0 (70,080)
Loss on sale 0 (283,285)
Total operating expenses (3,753,126) (7,437,497)
Other income (expense)    
Consulting income 2,781,500 0
Interest income 454 36
Interest and accretion expense (346,050) (272,837)
Total other income (expense) 2,435,904 (272,801)
Net loss before taxes (919,910) (7,684,346)
Provision for income taxes 0 0
Net loss $ (919,910) $ (7,684,346)
Loss per share:    
Basic and Diluted $ (0.02) $ (0.19)
Weighted average shares outstanding:    
Basic and Diluted 59,623,105 43,122,514
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash Flows From Operating Activities    
Net loss $ (919,910) $ (7,684,346)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 1,151,061 2,956,044
Accretion of note discounts 291,386 186,532
Loss on sale of assets 0 283,285
Impairment expense 0 70,080
Depreciation, depletion and amortization 100,156 636,426
Change in:    
Accounts receivable 7,305 138,207
Note receivable 0 613
Production revenue receivable (135,607) 191,992
Prepayment of development costs (752,305) (1,583,347)
Prepaid expenses (12,676) 11,946
Other assets 12,000 59,240
Accounts payable and accrued liabilities 519,818 (396,456)
Due to working interest owners 0 (49,044)
Funds received pending settlement 0 520,400
Interest payable 204,364 (167,661)
Net cash from operating activities 465,592 (4,826,089)
Cash Flows From Investing Activities    
Investment in oil and gas properties (9,460,830) (2,293,497)
Acquisition of office equipment 2,182 (1,863)
Proceeds from sale of leases 0 2,127,489
Net cash used in investing activities (9,458,648) (167,871)
Cash Flows From Financing Activities    
Proceeds from short term advance 0 150,000
Repayment of short term advance 0 (150,000)
Proceeds from sale of common stock 0 3,000,000
Proceeds from sale of preferred stock 0 1,000,000
Preferred dividends paid in cash 0 (320,724)
Proceeds from warrant exercise 243,300 1,999,310
Proceeds from promissory notes 10,541,475 708,014
Repayment of convertible notes (2,509,500) 0
Repayment of promissory notes 0 (649,741)
Net cash from financing activities 8,275,275 5,736,859
Net increase (decrease) in cash (717,781) 742,899
Cash - beginning of period 1,769,499 1,026,600
Cash - end of period 1,051,720 1,769,499
Supplemental disclosure of cash flow information: (Non Cash Items    
Common stock issued for financing costs 279,754 0
Common stock issued for mineral interests 6,812,362 1,975,046
Common stock issued in conversion of promissory notes 1,007,890 0
Accounts payable increase-Investment in oil and gas properties 375,000 0
Warrants issued for mineral interests 0 1,290,761
Cash paid for interest $ 813,652 $ 603,157