Financials

v3.19.2
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash $ 415,985 $ 840,163
Accounts Receivable 193,944 179,702
Production revenue receivable 106,237 294,715
Subscriptions receivable 156,000 0
Prepayments - development costs 1,781 146,422
Prepaid expenses 137,138 60,980
Total current assets 1,011,085 1,521,982
Oil and gas properties, net 40,401,982 36,565,461
Office equipment, net 7,309 4,076
Other assets 0 6,362
TOTAL ASSETS 41,420,376 38,097,881
Current liabilities:    
Accounts payable 741,853 729,806
Unsecured promissory notes, net of discount and financing costs of $444,342 at June 30, 2019 12,119,955 0
Notes payable 8,000,000 0
Accrued payroll 906,176 816,176
Related party payables 45,000 45,000
Due to working interest owners 54,320 54,320
Accrued interest payable 900,393 553,370
Total current liabilities 22,767,697 2,198,672
Unsecured promissory notes, net of discount and financing costs of $702,217 at December 31, 2018 0 11,862,080
Notes payable 0 6,000,000
Asset retirement obligations 20,962 14,353
Total liabilities 22,788,659 20,075,105
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding at June 30, 2019 and December 31, 2018 0 0
Common stock, par value $0.001 per share; 150,000,000 shares authorized; 73,123,917 issued and outstanding at June 30, 2019 70,112,376 issued and outstanding at December 31, 2018 73,127 70,116
Additional paid-in capital 110,441,403 107,266,965
Accumulated deficit (91,882,813) (89,314,305)
Total stockholders' equity 18,631,717 18,022,776
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 41,420,376 $ 38,097,881
v3.19.2
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Oil and gas sales $ 237,075 $ 283,263 $ 547,912 $ 764,426
Cost of revenues (113,698) (184,425) (241,320) (413,328)
Gross profit 123,377 98,838 306,592 351,098
Operating expenses:        
General and administrative expenses (665,160) (907,595) (1,707,918) (2,583,434)
Depreciation, depletion and amortization (142,269) (154,805) (327,695) (261,938)
Loss on settlement 0 (369,439) 0 (369,439)
Impairment loss 0 0 (474,357) (139,891)
Total operating expenses (807,429) (1,431,839) (2,509,970) (3,354,702)
Other income (expense)        
Interest expense and accretion of note discounts (206,583) (159,260) (365,182) (263,201)
Interest income 0 482 52 482
Total (expense) (206,583) (158,778) (365,130) (262,719)
Loss before income taxes (890,634) (1,491,779) (2,568,508) (3,266,323)
Provision for income taxes 0 0 0 0
Net loss $ (890,634) $ (1,491,779) $ (2,568,508) $ (3,266,323)
Loss per share: Basic and Diluted $ (0.01) $ (0.02) $ (0.04) $ (0.05)
Weighted average shares outstanding: Basic and Diluted 72,313,297 68,709,910 71,546,728 61,686,718
v3.19.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows From Operating Activities    
Net loss $ (2,568,508) $ (3,266,323)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 658,250 1,000,146
Stock issued for interest payments on notes payable 379,275 221,025
Accrued interest payable in stock 254,377 135,398
Amortization of debt issuance costs 143,292 0
Accretion of note discounts 114,583 102,149
Depreciation, depletion and amortization 327,695 261,938
Net settlement offset 0 (100,561)
Impairment loss 474,357 139,891
Change in:    
Accounts receivable (14,242) (256)
Production revenue receivable 188,478 95,198
Prepayment development costs 144,641 1,155,364
Prepaid expenses (76,158) (72,601)
Accounts payable and accrued expenses 157,707 (152,096)
Accrued interest payable 92,646 (130,804)
Net cash from operating activities 276,393 (611,532)
Cash Flows From Investing Activities    
Investment in oil and gas properties (4,552,930) (7,531,151)
Purchases of property, plant, and equipment (6,564) 0
Net cash from investing activities (4,559,494) (7,531,151)
Cash Flows From Financing Activities    
Issuance of common stock 1,674,080 6,049,734
Proceeds from promissory notes 0 4,232,775
Repayment of promissory notes 0 (250,000)
Proceeds from notes payable 2,000,000 0
Proceeds from warrant exercise 184,843 200,000
Net cash from financing activities 3,858,923 10,232,509
Net increase (decrease) in cash (424,178) 2,089,826
Cash - beginning of period 840,163 1,051,720
Cash - end of period 415,985 3,141,546
Supplemental disclosure of cash flow information: (Non Cash Items)    
Common stock issued for lease interests 125,000 0
Subscription receivable for sale of common stock 156,000 0
Decrease in accounts payable for property development costs 111,798 0
Cash paid for interest 751,792 706,338
Cash paid for income tax $ 0 $ 0