Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 555 $ 801,377
Accounts receivable - trade 747
Accounts receivable oil and gas 31,924  
Prepaid expenses 14,721 49,140
Total current assets 47,947 850,517
Oil and gas properties, full cost accounting    
Properties not subject to amortization 2,457,218 1,181,421
Properties subject to amortization, net 10,674,918 10,252,568
Support facilities and equipment, net 121,502 99,446
Net oil and gas properties 13,253,638 11,533,435
Property and equipment, net 13,821 18,339
Other assets:    
Restricted cash 240,000 240,000
Surety and performance bonds 295,000 295,000
Total assets 13,850,406 12,937,291
Current liabilities:    
Accounts payable - trade and accrued liabilities 3,053,050 1,710,328
Accounts payable - related party 362,714 10,600
Deferred rent 14,487
Accrued interest 64,380
Accrued interest - related party 166,438
Notes payable 7,304,097
Notes payable - related party 1,250,000
Convertible note payable, net 93,272
Derivative liabilities 458,387
Other liabilities 305,935 213,372
Total current liabilities 13,072,760 1,934,300
Long-term liabilities:    
Long-term debt, net 6,000,000
Asset retirement obligation 303,327
Total liabilities 13,376,087 7,934,300
Commitments and Contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; no shares outstanding
Common stock, $0.0001 par value; 100,000,000 shares authorized; 14,900,627 and 13,779,612 shares issued and outstanding, respectively 1,490 1,378
Stock payable 93,900 51,397
Additional paid in capital 8,847,394 6,924,810
Accumulated deficit (8,468,465) (1,974,594)
Total stockholders' equity 474,319 5,002,991
Total liabilities and stockholders' equity $ 13,850,406 $ 12,937,291