Financials

v3.19.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 840,163 $ 1,051,720
Accounts receivable 179,702 596,141
Production revenue receivable 294,715 142,932
Prepayments - development costs 146,422 1,335,652
Prepaid expenses 60,980 39,506
Total current assets 1,521,982 3,165,951
Oil and gas properties, net 36,565,461 25,579,279
Office equipment, net 4,076 15,716
Other assets 6,362 6,362
TOTAL ASSETS 38,097,881 28,767,308
Current liabilities:    
Accounts payable 729,806 762,502
Funds received pending settlement 0 520,400
Accrued payroll 816,176 695,176
Related party payables 45,000 45,000
Due to working interest owners 54,320 54,320
Accrued interest payable 553,370 202,050
Total current liabilities 2,198,672 2,279,448
Unsecured promissory notes, net of discount and financing costs of $702,217 at December 31, 2018 and $795,017 at December 31, 2017 11,862,080 7,269,281
Note payable after one year 6,000,000 3,250,000
Asset retirement obligation 14,353 9,274
Total Liabilities 20,075,105 12,808,003
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding at December 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 December 30, 2018 63,340,034 issued and outstanding at December 31, 2017 70,116 63,344
Additional paid-in capital 107,266,965 99,403,654
Accumulated deficit (89,314,305) (83,507,693)
Total stockholders' equity 18,022,776 15,959,305
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 38,097,881 $ 28,767,308
v3.19.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Revenue    
Oil and gas sales $ 1,282,362 $ 570,499
Cost of revenue (806,158) (173,187)
Gross income 476,204 397,312
Operating expenses:    
General and administrative expense (4,053,062) (3,652,970)
Depreciation, depletion and amortization (1,173,752) (100,156)
Loss on settlement (369,439) 0
Impairment loss (139,891) 0
Total operating expenses (5,736,144) (3,753,126)
Other income (expense)    
Interest and accretion expense (547,710) (346,050)
Interest income 1,038 454
Consulting income 0 2,781,500
Total other income (expense) (546,672) 2,435,904
Loss before income taxes (5,806,612) (919,910)
Provision for income taxes 0 0
Net loss $ (5,806,612) $ (919,910)
Loss per share:    
Basic and Diluted $ (0.09) $ (0.02)
Weighted average shares outstanding:    
Basic and Diluted 68,134,745 59,623,105
v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows From Operating Activities    
Net loss $ (5,806,612) $ (919,910)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 1,340,324 1,151,061
Accrued interest payable in stock 228,057 0
Amortization of debt issuance costs 268,917 188,342
Accretion of note discounts 216,732 103,044
Depreciation, depletion and amortization 1,173,752 100,156
Net settlement offset (100,561) 0
Impairment loss 139,891 0
Change in:    
Accounts receivable (3,400) 7,305
Production revenue receivable (151,783) (135,607)
Prepayments - development costs 1,189,230 (752,305)
Prepaid expenses (21,474) (12,676)
Other assets 0 12,000
Accounts payable and accrued liabilities 14,116 519,818
Accrued interest payable 344,287 204,364
Net cash from operating activities (1,168,524) 465,592
Cash Flows From Investing Activities    
Investment in oil and gas properties (12,149,916) (9,460,830)
Acquisition of office equipment 0 2,182
Net cash used in investing activities (12,149,916) (9,458,648)
Cash Flows From Financing Activities    
Issuance of common stock, net of in offering costs 6,049,734 0
Proceeds from promissory notes 4,107,149 10,541,475
Repayment of promissory notes (3,250,000) (2,509,500)
Proceeds from notes payable 6,000,000 0
Proceeds from warrant exercise 200,000 243,300
Net cash from financing activities 13,106,883 8,275,275
Net decrease in cash (211,557) (717,781)
Cash - beginning of period 1,051,720 1,769,501
Cash - end of period 840,163 1,051,720
Supplemental disclosure of cash flow information: (Non Cash Items    
Increase in accounts payable for property development costs 133,189 375,000
Common stock issued for financing costs 0 279,754
Common stock issued for mineral interests 0 6,812,362
Accounts payable increase-Investment in oil and gas properties 0 375,000
Common stock issued for partial payment of unpaid compensation 59,000 0
Common stock issued in conversion of promissory notes 0 1,007,890
Common stock issued for payment in kind on notes payable 221,024 0
Cash paid for interest $ 1,519,573 $ 813,652