Financials

v3.10.0.1
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 878,433 $ 1,051,720
Accounts Receivable 229,853 596,141
Production revenue receivable 4,464 142,932
Prepayments - development costs 177,064 1,335,652
Prepaid expenses 86,988 39,506
Total current assets 1,376,802 3,165,951
Oil and gas properties, net 34,400,093 25,579,279
Office equipment, net 6,986 15,716
Other assets 6,362 6,362
TOTAL ASSETS 35,790,243 28,767,308
Current liabilities:    
Accounts payable 488,428 762,502
Funds received pending settlement 0 520,400
Accrued payroll 771,176 695,176
Related party payables 45,000 45,000
Due to working interest owners 54,320 54,320
Accrued interest payable 285,133 202,050
Total current liabilities 1,644,057 2,279,448
Unsecured promissory notes, net of discount and financing costs of $831,155 at September 30, 2018 and $795,017 at December 31, 2017 11,733,142 7,269,281
Note payable 3,000,000 3,250,000
Asset retirement obligations 9,554 9,274
Total liabilities 16,386,753 12,808,003
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding at September 30, 2018 and December 31, 2017 0 0
Common stock, par value $0.001 per share; 150,000,000 shares authorized; 70,112,376 issued and outstanding at September 30, 2018, 63,340,034 issued and outstanding at December 31, 2017 70,116 63,344
Additional paid-in capital 107,142,465 99,403,654
Accumulated deficit (87,809,091) (83,507,693)
Total stockholders' equity 19,403,490 15,959,305
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 35,790,243 $ 28,767,308
v3.10.0.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Oil and gas sales $ 128,675 $ 18,296 $ 893,101 $ 44,548
Cost of revenues (182,294) (16,499) (595,622) (32,632)
Gross profit (53,619) 1,797 297,479 11,916
Operating expenses:        
General and administrative expenses (747,357) (866,131) (3,330,790) (2,808,576)
Depreciation, depletion and amortization (106,136) (21,980) (368,074) (72,415)
Loss on settlement 0 0 369,439 0
Impairment loss 0 0 (139,891) 0
Total operating expenses (853,493) (888,111) (4,208,194) (2,880,991)
Other income (expense)        
Interest income 261 145 745 439
Interest expense and accretion of note discounts (128,226) (129,302) (391,428) (257,849)
Total expense (127,965) (129,157) (390,683) (257,410)
Loss before income taxes (1,035,077) (1,015,471) (4,301,398) (3,126,485)
Provision for income taxes 0 0 0 0
Net loss $ (1,035,077) $ (1,015,471) $ (4,301,398) $ (3,126,485)
Loss per share: Basic and Diluted $ (0.01) $ (0.02) $ (0.06) $ (0.08)
Weighted average shares outstanding: Basic and Diluted 70,080,854 60,208,946 67,468,291 38,775,843
v3.10.0.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows From Operating Activities    
Net loss $ (4,301,398) $ (3,126,485)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 1,215,825 1,039,679
Accrued interest payable in stock 148,882 94,795
Accretion of note discounts 159,441 158,486
Depreciation, depletion and amortization 368,074 72,415
Loss on settlement 369,439 0
Impairment loss 139,891 0
Change in:    
Accounts receivable (53,551) (5,813)
Production revenue receivable 138,468 (189)
Prepayment development costs 1,158,588 583,347
Prepaid expenses (47,482) (25,313)
Other assets 0 11,999
Accounts payable and accrued expenses 1,718 89,571
Accrued interest payable 14,434 54,867
Net cash from operating activities (687,671) (1,052,641)
Cash Flows From Investing Activities    
Investment in oil and gas properties (9,319,771) (5,189,642)
Net cash from investing activities (9,319,771) (5,189,642)
Cash Flows From Financing Activities    
Issuance of common stock, net of $562,766 in offering costs 6,049,734 0
Proceeds from promissory notes, net of $99,375 in offering costs 4,304,421 7,338,969
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 9,834,155 4,858,719
Net increase (decrease) in cash (173,287) (1,383,564)
Cash - beginning of period 1,051,720 1,769,499
Cash - end of period 878,433 385,935
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 0 579,754
Accounts payable increase-investment in oil and gas properties 0 3,057,621
Common stock issued for services 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 221,024 0
Cash paid for interest 1,124,174 576,190
Cash paid for income tax 0 0
Common stock issued for partial payment of unpaid compensation $ 59,000 $ 0