Nature of Operations and Summary of Significant Accounting Policies (Details Narrative)
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
|
|
|
|
Sep. 29, 2017
$ / shares
shares
|
Sep. 29, 2017
USD ($)
$ / shares
shares
|
Sep. 29, 2017
$ / shares
shares
|
Aug. 14, 2017
USD ($)
|
Aug. 09, 2017
USD ($)
|
May 10, 2017
a
|
May 05, 2017 |
May 04, 2017 |
Dec. 30, 2016
USD ($)
a
Integer
shares
|
May 27, 2016
shares
|
May 16, 2016 |
Sep. 30, 2017
USD ($)
a
$ / shares
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
a
$ / shares
|
Sep. 30, 2016
USD ($)
|
Jun. 01, 2017 |
May 18, 2017 |
Dec. 31, 2016
USD ($)
|
Dec. 12, 2016
USD ($)
a
|
May 02, 2016
shares
|
| Forward stock split ratio |
|
|
|
|
|
|
|
|
|
|
4:1 forward split of our shares of common stock.
|
|
|
|
|
|
|
|
|
|
| Oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
$ 11,619,589
|
|
$ 11,619,589
|
|
|
|
$ 11,198,411
|
|
|
| Debt principal amount |
|
|
|
|
|
|
|
|
|
|
|
250,000
|
|
250,000
|
|
|
|
|
|
|
| Debt interest rate |
4.00%
|
4.00%
|
4.00%
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gain on debt forgiveness |
|
|
|
|
|
|
|
|
|
|
|
(48,407)
|
|
(48,407)
|
|
|
|
|
|
|
| Warrants to purchase common stock | shares |
136,015
|
136,015
|
136,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant exercise price per share | $ / shares |
$ 1.00
|
$ 1.00
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description on warrants |
The exercise price of these investor warrants was adjusted to $0.665 per share. We measured the value of the effect of the down round feature as the difference between the fair value of the financial instrument at an original exercise price of $1.50 and an adjusted exercise price of $0.665 and, as a result, $59,801 was recorded as down round feature as a dividend under retained earnings under ASC 260-10-30-1. Foothills determined the amount of $59,801 using the Black-Scholes option-pricing model
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value of volatility rate |
94.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value of discount rate |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value of dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value of expected life |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated loss |
|
|
|
|
|
|
|
|
|
|
|
6,449,037
|
|
6,449,037
|
|
|
|
1,974,594
|
|
|
| Net Loss |
|
|
|
|
|
|
|
|
|
|
|
997,365
|
$ 504,894
|
4,414,642
|
1,393,032
|
|
|
|
|
|
| Net cash used in operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,785,870
|
$ 1,044,232
|
|
|
|
|
|
| Restricted cash |
|
|
|
|
|
|
|
|
|
|
|
$ 240,000
|
|
$ 240,000
|
|
|
|
240,000
|
|
|
| Office Equipment [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Useful life |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 years
|
|
|
|
|
|
|
| Vehicles [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Useful life |
|
|
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
| Drilling and Production Equipment [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Useful life |
|
|
|
|
|
|
|
|
|
|
|
|
|
7 years
|
|
|
|
|
|
|
| Oil and Gas Properties [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Useful life |
|
|
|
|
|
|
|
|
|
|
|
|
|
20 years
|
|
|
|
|
|
|
| Promissory Note Three Tranches of Warrants [Member] | Unaffiliated Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument, maturity date |
Jan. 02, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
15.00%
|
15.00%
|
15.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Tranche Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant exercise price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.665
|
|
$ 0.665
|
|
|
|
|
|
|
| Total Belief Limited [Member] | Promissory Note Due June 30, 2018 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt principal amount |
|
|
|
|
|
|
|
|
$ 6,000,000
|
|
|
|
|
|
|
|
|
$ 6,000,000
|
|
|
| Debt instrument, maturity date |
|
|
|
|
|
|
|
|
Jun. 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
|
|
4.00%
|
|
|
|
|
|
|
|
|
|
|
|
| Total Belief Limited [Member] | UTAH (Uinta Basin) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Area of oil and gas property | a |
|
|
|
|
|
|
|
|
6,000
|
|
|
|
|
|
|
|
|
|
|
|
| Number of proven undeveloped drilling locations | Integer |
|
|
|
|
|
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
| Maximum area of oil and gas property acquired | a |
|
|
|
|
|
|
|
|
6,000
|
|
|
|
|
|
|
|
|
|
|
|
| Maximum number of shut-in oil and gas wells | Integer |
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of ownership interest acquired |
|
|
|
|
|
|
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
|
|
| Berwin Trading Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
|
|
|
Jun. 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
| Berwin Trading Limited [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
9.00%
|
9.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Berwin Trading Limited [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
13.50%
|
13.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Berwin Trading Limited [Member] | 9% Unsecured Debenture [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt principal amount |
|
|
|
|
|
|
|
|
|
|
|
$ 1,250,000
|
|
$ 1,250,000
|
|
|
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
|
|
Jun. 20, 2017
|
|
|
|
|
|
|
May 06, 2017
|
|
|
|
|
|
|
| Berwin Trading Limited [Member] | 9% Unsecured Debenture [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
9.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Berwin Trading Limited [Member] | 9% Unsecured Debenture [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
13.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Full Wealth Investment Hong Kong Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
| Full Wealth Investment Hong Kong Limited [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.00%
|
|
|
|
| Full Wealth Investment Hong Kong Limited [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13.50%
|
|
|
|
| Full Wealth Investment Hong Kong Limited [Member] | 9% Unsecured Debenture [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of remaining ownership interest acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
| Debt principal amount |
|
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
$ 1,000,000
|
|
|
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
|
May 06, 2017
|
|
|
|
|
|
|
| Accrued interest |
|
|
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gain on debt forgiveness |
|
|
|
$ 30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Full Wealth Investment Hong Kong Limited [Member] | 9% Unsecured Debenture [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.00%
|
|
|
|
| Full Wealth Investment Hong Kong Limited [Member] | 9% Unsecured Debenture [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13.50%
|
|
|
|
| Profit Well Limited, Hong Kong Limited [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt principal amount |
|
|
|
|
$ 1,050,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
Sep. 08, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
|
|
|
|
13.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit Well Limited, Hong Kong Limited [Member] | Promissory Note [Member] | November 3, 2017 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of restricted stock award issued |
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit Well Limited, Hong Kong Limited [Member] | Promissory Note One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
Jun. 01, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mr. Kevin Sylla [Member] | Promissory Note Three Tranches of Warrants [Member] | Unaffiliated Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt instrument, maturity date |
|
Jan. 02, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt interest rate |
15.00%
|
15.00%
|
15.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of debt and warrants |
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description on warrants |
|
Each tranche of warrants is subject to down round adjustment provisions if the Company during the term of that tranche issues additional securities for consideration per share, after giving effect to fees, commission and expenses, that is less, or which on conversion or exercise of the underlying security is less, than $0.665 per share (as adjusted for any change resulting from forward or reverse splits, stock dividends and similar events
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mr. Kevin Sylla [Member] | Tranche One Warrant[Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants to purchase common stock | shares |
375,000
|
375,000
|
375,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant exercise price per share | $ / shares |
$ 0.665
|
$ 0.665
|
$ 0.665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant expiration date |
|
|
Sep. 29, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mr. Kevin Sylla [Member] | Tranche Two Warrant[Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants to purchase common stock | shares |
375,000
|
375,000
|
375,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant exercise price per share | $ / shares |
$ 1.25
|
$ 1.25
|
$ 1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant expiration date |
|
|
Sep. 29, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mr. Kevin Sylla [Member] | Tranche Three Warrant[Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants to purchase common stock | shares |
185,000
|
185,000
|
185,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant exercise price per share | $ / shares |
$ 2.00
|
$ 2.00
|
$ 2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant expiration date |
|
|
Sep. 29, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foothills [Member] | Wyoming [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Area of oil and gas property | a |
|
|
|
|
|
|
|
|
|
|
|
45,648
|
|
45,648
|
|
|
|
|
|
|
| Foothills [Member] | Ironwood [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Area of oil and gas property | a |
|
|
|
|
|
|
|
|
|
|
|
6,115
|
|
6,115
|
|
|
|
|
|
|
| Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares issued upon acquisition | shares |
|
|
|
|
|
|
|
|
|
1,503,759
|
|
|
|
|
|
|
|
|
|
|
| Share Exchange Agreement [Member] | Shareholders [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of voting interest acquired by parent |
|
|
|
|
|
|
|
|
|
96.00%
|
|
|
|
|
|
|
|
|
|
|
| Number of shares issued upon acquisition | shares |
|
|
|
|
|
|
|
|
|
4,500,000
|
|
|
|
|
|
|
|
|
|
|
| Purchase and Sale Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Area acquired for production, gross | a |
|
|
|
|
|
67,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Area acquired for production, net | a |
|
|
|
|
|
49,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| November 3, 2017 [Member] | Berwin Trading Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of restricted stock award issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
| Foothills Petroleum Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of acquired shares pre-split | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,112,250
|
| Number of acquired shares post-split | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56,449,000
|
| Percentage of voting interest acquired by parent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96.00%
|
| Foothills Petroleum Inc [Member] | Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares issued upon acquisition | shares |
|
|
|
|
|
|
|
|
|
6,003,759
|
|
|
|
|
|
|
|
|
|
|
| Foothills Petroleum Inc [Member] | Participation Agreement [Member] | Magna Operating, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Area of oil and gas property | a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
240
|
|
| Oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 144,000
|
|
| Tiger Energy Partner International LLC [Member] | Total Belief Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Area of oil and gas property | a |
|
|
|
|
|
|
|
|
3,060
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of ownership interest acquired |
|
|
|
|
|
|
|
|
75.00%
|
|
|
|
|
|
|
|
|
|
|
|
| Maximum pre- acquisition percent |
|
|
|
|
|
|
|
|
35.00%
|
|
|
|
|
|
|
|
|
|
|
|
| Grey Hawk Exploration, Inc [Member] | Total Belief Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares issued upon acquisition | shares |
|
|
|
|
|
|
|
|
13,166,667
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of ownership interest acquired |
|
|
|
|
|
|
|
|
55.63%
|
|
|
|
|
|
|
|
|
|
|
|
| Green Stone Capital Partners Limited [Member] | Tiger Energy Partners International, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of remaining ownership interest acquired |
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
| Wilshire Energy Partners [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants to purchase common stock | shares |
100,752
|
100,752
|
100,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant exercise price per share | $ / shares |
$ 0.665
|
$ 0.665
|
$ 0.665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|