| 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
March 31, 2019 and December 31, 2018:
| |
|
Carrying |
|
|
Fair Value Measurement at |
|
| |
|
Value |
|
|
March 31, 2019 |
|
| |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative assets, debt and equity instruments |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Derivative liabilities, debt and equity instruments |
|
|
7,173,844 |
|
|
|
— |
|
|
|
— |
|
|
|
7,173,844 |
|
| |
|
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 |
|
|
| 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.
| |
|
For the Three Months Ended March 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Numerator: |
|
|
|
|
|
|
| Net income (loss) available to stockholders |
|
$ |
(7,100,395 |
) |
|
$ |
(861,845 |
) |
| Basic net income allocable to participating securities (1) |
|
|
— |
|
|
|
— |
|
| Income (loss) available to Foothills Exploration, Inc.’s stockholders |
|
$ |
(7,100,395 |
) |
|
$ |
(861,845 |
) |
| |
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
| Weighted average number of common shares outstanding-Basic |
|
|
22,648,738 |
|
|
|
14,900,627 |
|
| Effect of dilutive securities: |
|
|
|
|
|
|
|
|
| Options and warrants (2) |
|
|
68,917,489 |
|
|
|
— |
|
| Stock payable (3) |
|
|
— |
|
|
|
655,000 |
|
| Convertible notes (4) |
|
|
35,530,178 |
|
|
|
3,647,105 |
|
| Weighted average number of common shares outstanding-Diluted |
|
|
127,096,405 |
|
|
|
19,202,732 |
|
| |
|
|
|
|
|
|
|
|
| Net income (loss) per share: |
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.31 |
) |
|
$ |
(0.06 |
) |
| (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 three months ended March 31, 2019, “out of the money” stock options representing 2,050,000 shares and warrants representing 2,516,015 shares were antidilutive and, therefore, excluded from the diluted share calculation. For the three months ended March 31, 2018, “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. |
| |
|
| (3) |
For the three months ended March 31, 2018, stock payable representing 655,000 shares were anti-dilutive. |
| |
|
| (4) |
For the three months ended March 31, 2019 and 2018, convertible notes representing 35,530,178 and 3,647,105 shares were anti-dilutive. |
|