| Schedule of Fair Value of Assets and Liabilities Measured 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, 2018 and 2017:
| |
|
Carrying |
|
|
Fair Value Measurement at |
|
| |
|
Value |
|
|
December 31, 2018 |
|
| |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative assets, debt and equity instruments |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Derivative liabilities, debt and equity instruments |
|
|
661,320 |
|
|
|
— |
|
|
|
— |
|
|
|
661,320 |
|
| |
|
|
|
|
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 |
|
|
| Schedule of Net Earnings (Loss) Per Common Share |
The diluted weighted average number of common
shares is computed using the treasury stock method for common stock that may be issued for outstanding stock options, warrants,
and convertible debt.
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Numerator: |
|
|
|
|
|
|
|
|
| Net income (loss) available to stockholders |
|
$ |
(6,585,506 |
) |
|
$ |
(6,493,871 |
) |
| Basic net income allocable to participating securities (1) |
|
|
— |
|
|
|
— |
|
| Income (loss) available to Foothills Exploration, Inc.’s stockholders |
|
$ |
(6,585,506 |
) |
|
$ |
(6,493,871 |
) |
| |
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
| Weighted average number of common shares outstanding-Basic |
|
|
16,992,461 |
|
|
|
14,418,719 |
|
| Effect of dilutive securities: |
|
|
|
|
|
|
|
|
| Options and warrants (2) |
|
|
— |
|
|
|
— |
|
| Stock payable (3) |
|
|
— |
|
|
|
205,000 |
|
| Convertible notes (4) |
|
|
19,504,517 |
|
|
|
1,800,532 |
|
| Weighted average number of common shares outstanding-Diluted |
|
|
36,496,978 |
|
|
|
16,424,251 |
|
| |
|
|
|
|
|
|
|
|
| Net income (loss) per share: |
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.39 |
) |
|
$ |
(0.45 |
) |
| Diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.40 |
) |
| |
(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, 2018, “out of the money” stock options representing 2,050,000 shares and warrants representing 5,761,015 shares were antidilutive and, therefore, excluded from the diluted share calculation. For the year ended December 31, 2017, “out of the money” stock options representing 2,050,000 shares and warrants representing 2,783,515 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 anti-dilutive. |
| |
|
|
| |
(4) |
For the year ended December 31, 2018 and 2017, convertible notes representing 19,504,517 and 1,800,532 shares were anti-dilutive. |
|