Financials

v3.8.0.1
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 385,935 $ 1,769,499
Accounts Receivable 609,258 603,446
Production revenue receivable 7,514 7,325
Prepayments - development costs 0 583,347
Prepaid expenses 52,142 26,829
Total current assets 1,054,849 2,990,446
Oil and gas properties, net 21,181,020 9,392,288
Office equipment, net 20,565 29,848
Other assets 6,362 21,066
TOTAL ASSETS 22,262,796 12,433,648
Current liabilities:    
Accounts payable 3,434,877 422,684
Funds received pending settlement 520,400 520,400
Accrued payroll 650,176 565,176
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 147,821 6,049
Total current liabilities 4,852,594 5,283,794
Unsecured promissory notes, net of discount and financing costs of $880,679 at September 30, 2017 7,183,618 0
Asset retirement obligation 8,788 7,051
Total liabilities 12,045,000 5,290,845
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $.001, 10,000,000 shares authorized; -0- issued and outstanding at September 30, 2017 and December 31, 2016 0 0
Common stock, par value $0.001 per share; 150,000,000 shares authorized; 60,211,935 issued and outstanding at September 30, 2017 55,096,503 issued and outstanding at December 31, 2016 60,216 55,100
Additional paid-in capital 95,871,849 89,675,488
Accumulated deficit (85,714,269) (82,587,785)
Total stockholders' equity 10,217,796 7,142,803
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 22,262,796 $ 12,433,648
v3.8.0.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue:        
Oil and gas sales $ 18,296 $ 34,284 $ 44,548 $ 337,798
Cost of revenue (16,499) (49,908) (32,632) (295,208)
Gross profit 1,797 (15,624) 11,916 42,590
Operating expenses:        
General and administrative expenses 866,131 787,228 2,808,576 5,534,933
Depreciation, depletion and amortization 21,980 18,005 72,415 740,059
Impairment expense 0 0 0 57,912
Loss on sale 0 0 0 146,138
Total operating expenses 888,111 805,233 2,880,991 6,479,042
Other (income) expense        
Other income 0 (30) 0 (30)
Interest income (145) 0 (439) 0
Interest and accretion expense 129,302 54,662 257,849 224,520
Total other (income) expense 129,157 54,632 257,410 224,490
Loss before taxes (1,015,471) (875,489) (3,126,485) (6,660,942)
Provision for income taxes 0 0 0 0
Net loss $ (1,015,471) $ (875,489) $ (3,126,485) $ (6,660,942)
Loss per share: Basic and Diluted $ (0.02) $ (0.02) $ (0.08) $ (0.17)
Weighted average shares outstanding: Basic and Diluted 60,208,946 48,158,456 38,775,843 40,228,810
v3.8.0.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows From Operating Activities    
Net loss $ (3,126,485) $ (6,660,942)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 1,039,679 3,410,731
Accrued interest payable in stock 94,795 0
Accretion of promissory note discounts 158,486 142,867
Depreciation, depletion and amortization 72,415 740,059
Impairment expense 0 57,912
Loss on sale of assets 0 146,138
Change in:    
Accounts and note receivable (5,813) 86,649
Production revenue receivable (189) 194,104
Prepayment of development costs 583,347 (1,000,000)
Prepaid expenses (25,313) 38,776
Other assets 11,999 53,721
Accounts payable and accrued liabilities 89,571 (290,229)
Due to working interest owners 0 (36,519)
Funds received pending settlement 0 520,400
Interest payable 54,867 (176,933)
Net cash from operating activities (1,052,641) (2,773,266)
Cash Flows From Investing Activities    
Investment in oil and gas properties (5,189,642) (1,677,980)
Proceeds from sale of leases 0 1,572,000
Net cash from investing activities (5,189,642) (105,980)
Cash Flows From Financing Activities    
Proceeds from sale of preferred stock 0 1,000,000
Preferred dividends paid in cash 0 (320,724)
Proceeds from warrant exercise 29,250 1,486,942
Proceeds from promissory notes 7,338,969 518,527
Repayment of promissory notes (2,509,500) (613,629)
Net cash from financing activities 4,858,719 2,071,116
Net change in cash (1,383,564) (808,130)
Cash - beginning of period 1,769,499 1,026,600
Cash - end of period 385,935 218,470
Supplemental disclosure of cash flow information: (Non Cash Items)    
Common stock issued for services 579,754 587,473
Common stock issued for lease interests 373,431 1,816,096
Accounts payable increase- investment in oil and gas properties 3,057,621 0
Common stock issued in warrant exercise 29,250 1,557,004
Common stock issued in conversion of preferred stock 0 13,399,991
Common stock issued in conversion of promissory note 1,007,890 0
Mineral interests received in warrant exercise 3,229,431 0
Warrants issued in connection with promissory notes 0 80,750
Warrants issued for mineral interests 0 1,630,761
Cash paid for interest $ 576,190 $ 536,410