Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities    
Net loss $ (4,414,642) $ (1,393,032)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 55,389
Impairment of assets 1,328,637
Amortization of debt discount 172,534
Accretion of asset retirement obligation 8,751
Common stock issued and stock payable for services 848,683 26,872
Deferred rent 15,497
Gain on settlement of debt and contingent liability (48,407)  
Changes in operating assets and liabilities:    
Prepaid expenses 72,952 125,833
Contingent Liabilities (35,000)
Accounts payable and accrued liabilities (145,566) 167,294
Accounts payable - related party 179,000
Accrued interest 22,398 28,801
Accrued interest – related party 153,904
Net cash used in operating activities (1,785,870) (1,044,232)
Cash Flows from Investing Activities    
Payments for acquisition of oil and gas property (1,814,435) (97,920)
Net cash used in investing activities (1,814,435) (97,920)
Cash Flows from Financing Activities    
Proceeds from notes payable - related party 1,250,000
Repayment to notes payable (1,000,000)
Proceeds from notes payable 2,300,000 400,000
Proceeds from convertible note payable 50,000
Proceeds from sales of common stock 270,000 2,000,000
Net cash provided by financing activities 2,870,000 2,400,000
Net (decrease) increase in cash and cash equivalents (730,305) 1,257,848
Cash and Cash Equivalents, beginning of period 801,377 375,000
Cash and Cash Equivalents, end of period 71,072 1,632,848
Supplemental disclosures of cash flow information:    
Interest paid (20,000)
Income tax paid
Non-cash investing and financing activities:    
Prepaid expenses in shares 260,322 2,144
Asset retirement obligation 291,659
Debt discount 345,340
Stock issued for conversion of notes payable 1,000,000
Accrued interest forgiven by related party 28,801
Accounts payable settled with restricted cash 25,000
Fair value of warrants issued with note payable 105,100
Fair value of down-round feature on warrants $ 59,801