Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events (Tables)

v3.5.0.2
Subsequent Events (Tables)
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Schedule of pro forma consolidated balance sheet

The pro forma consolidated balance sheet as of June 30, 2016, gives effect to the transaction described above, and is based on the historical financial statements of the Company, as if the funds were received on June 30, 2016, for purposes of the pro forma consolidated balance sheet.

  

Foothills Petroleum

Pro Forma Condensed Consolidated Balance Sheet

(Unaudited)

 

    June 30,     December 31,  
    2016     2015  
Assets                
Current Assets                
Cash and cash equivalents   $ 2,087,150     $ 375,000  
Prepaid expenses     7,144       170,833  
Total Current Assets     2,094,294       545,833  
Restricted cash     -       25,000  
Oil and gas property     105,672       72,430  
Total Assets   $ 2,199,966     $ 643,263  
                 
Liabilities and Stockholders’ Equity                
Current Liabilities:                
Accounts payable and accrued liabilities   $ 8,935     $ 3,500  
Accrued interest     -       789  
Total Current Liabilities     8,935       4,289  
Long-Term Liabilities:                
Long-term debt     -       600,000  
Total Liabilities     8,935       604,289  
                 
Stockholders’ Equity:                
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; no shares issued and outstanding     -       -  
Common stock, $0.0001 par value; 100,000,000 shares authorized; 11,536,278 and 4,500,000 shares issued and outstanding, respectively     1,154       4,500  
Additional paid in capital     3,111,471       67,930  
Accumulated deficit     (921,594 )     (33,456 )
Total stockholders’ equity     2,191,031       38,974  
Total Liabilities and Stockholders’ Equity   $ 2,199,966     $ 643,263