| Schedule of Fair Value of Assets and Liabilities On Recurring Basis |
The following table sets forth by level
within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis
as of December 31, 2017 and 2016:
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Fair Value Measurement at |
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Carrying Value |
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December 31, 2017 |
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Level 1 |
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Level 2 |
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Level 3 |
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| Derivative assets, debt and equity instruments |
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$ |
— |
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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| Derivative liabilities, debt and equity instruments |
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458,387 |
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— |
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— |
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458,387 |
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Fair Value Measurement at |
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Carrying Value |
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December 31, 2016 |
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Level 1 |
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Level 2 |
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Level 3 |
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| Derivative assets, debt and equity instruments |
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$ |
— |
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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| Derivative liabilities, debt and equity instruments |
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|
— |
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— |
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— |
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— |
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| Schedule of Net Earnings (loss) Per Common Share |
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December 31, |
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2017 |
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2016 |
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| Numerator: |
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| Net income (loss) available to stockholders |
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$ |
(6,493,871 |
) |
|
$ |
(1,941,138 |
) |
| Basic net income allocable to participating securities (1) |
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— |
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— |
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| Income (loss) available to Foothills Exploration, Inc.’s stockholders |
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$ |
(6,493,871 |
) |
|
$ |
(1,941,138 |
) |
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| Denominator: |
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| Weighted average number of common shares outstanding-Basic |
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14,418,719 |
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8,422,180 |
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| Effect of dilutive securities: |
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| Options and warrants (2) |
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— |
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— |
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| Stock payable (3) |
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205,000 |
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200,000 |
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| Weighted average number of common shares outstanding-Diluted |
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14,623,719 |
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8,622,180 |
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| Net income (loss) per share: |
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| Basic |
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$ |
(0.45 |
) |
|
$ |
(0.23 |
) |
| Diluted |
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$ |
(0.44 |
) |
|
$ |
(0.23 |
) |
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(1) |
Restricted share awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses. |
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(2) |
For the year ended December 31, 2017, “out of the money” stock options representing 2,050,000 shares and warrants representing 2,683,515 shares were antidilutive and, therefore, excluded from the diluted share calculation. For the year ended December 31, 2016, “out of the money” stock options representing 450,000 shares and warrants representing 1,025,000 shares were antidilutive and, therefore, excluded from the diluted share calculation. |
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(3) |
For the year ended December 31, 2017, stock payable representing 205,000 shares were dilutive. For the year ended December 31, 2016, stock payable representing 200,000 shares were dilutive. |
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