Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (6,493,871) $ (1,941,138)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation, depletion, amortization and accretion 34,232 4,114
Impairment of assets 1,507,768
Amortization of debt discount 377,080
Financing expenses on notes 71,345
Fair value of down-round feature on warrants 59,801
Note payable issued for services 120,629
Change in derivative value 169,423
Common stock and warrants issued for inducement of the note extension 141,900
Common stock and stock payable issued for services and fair value of options 1,353,581 62,960
Deferred rent 14,487
Gain on extinguishment of debt (48,407)
Changes in assets and liabilities, excluding effects of acquisitions:    
Accounts receivable (32,671)
Prepaid expenses 34,419 122,586
Accounts payable and accrued liabilities (1,246,683) 160,752
Accounts payable and accrued liabilities- related party 518,552
Other liabilities 110,970
Net cash used in operating activities (3,307,445) (1,590,726)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from restricted cash 358,129
Cash paid for acquisition of Total Belief Limited (75,000)
Cash paid for fixed assets (91,899)
Cash paid for acquisition of oil and gas property (613,377) (574,127)
Net cash used investing activities (613,377) (382,897)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from notes payable - related party 1,250,000
Repayments of notes payable (1,000,000)
Proceeds from notes payable 2,300,000 400,000
Proceeds from convertible note payable 300,000
Proceeds from sales of common stock 270,000 2,000,000
Net cash provided by financing activities 3,120,000 2,400,000
Net increase in cash and cash equivalents (800,822) 426,377
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 801,377 375,000
CASH AND CASH EQUIVALENTS, END OF PERIOD 555 801,377
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 20,000
Cash paid for income taxes
Supplemental Disclosure of Noncash Investing and Financing Activities    
Prepaid expenses paid in shares 893
Asset retirement obligation 291,659
Debt discount 793,144
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
Assets acquired in acquisition from Total Belief Limited 10,817,668
Fixed assets transferred to oil and gas properties (335,024)
Related party payable assumed in acquisition (10,600)
Liabilities assumed in acquisition (613,297)
Notes payable issued for acquisition (6,000,000)
Shares issued for acquisition (3,812,500)
Note payable issued for services 120,629
Unpaid liabilities in acquisition of oil and gas property 2,683,785 534,764
Fair value of warrants issued with note payable 119,131
Fair value of shares issued for inducement of note payable $ 160,150