Annual report pursuant to Section 13 and 15(d)

Organization, Going Concern, and Significant Accounting Policies (Tables)

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Organization, Going Concern, and Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Estimated Useful Lives of Assets

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.

 

Office equipment – 3 years

Vehicle(s) – 5 years

Land – not depreciated

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:

 

          Fair Value Measurement at  
    Carrying Value     December 31, 2017  
          Level 1     Level 2     Level 3  
                         
Derivative assets, debt and equity instruments   $     $     $     $  
Derivative liabilities, debt and equity instruments     458,387                   458,387  

 

              Fair Value Measurement at  
      Carrying Value       December 31, 2016  
              Level 1       Level 2       Level 3  
                                 
Derivative assets, debt and equity instruments   $     $     $     $  
Derivative liabilities, debt and equity instruments                        

Schedule of Net Earnings (loss) Per Common Share

    December 31,  
    2017     2016  
Numerator:            
Net income (loss) available to stockholders   $ (6,493,871 )   $ (1,941,138 )
Basic net income allocable to participating securities (1)            
Income (loss) available to Foothills Exploration, Inc.’s stockholders   $ (6,493,871 )   $ (1,941,138 )
                 
Denominator:                
Weighted average number of common shares outstanding-Basic     14,418,719       8,422,180  
Effect of dilutive securities:                
Options and warrants (2)            
Stock payable (3)     205,000       200,000  
Weighted average number of common shares outstanding-Diluted     14,623,719       8,622,180  
                 
Net income (loss) per share:                
Basic   $ (0.45 )   $ (0.23 )
Diluted   $ (0.44 )   $ (0.23 )

 

  (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.
     
  (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.
     
  (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.