Balance Sheet

Balance Sheet

v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 555 $ 801,377
Accounts receivable 747
Prepaid expenses 14,721 49,140
Total Current Assets 16,023 850,517
Other Assets:    
Fixed assets, net 293,968 353,363
Restricted cash 240,000 240,000
Surety and performance bonds 295,000 295,000
Oil and gas property, net 13,072,196 11,198,411
Total Assets 13,917,187 12,937,291
Current Liabilities:    
Accounts payable and accrued liabilities 3,033,604 1,710,328
Related party payable 362,714 10,600
Deferred rent 14,487
Accrued interest 64,380
Accrued interest - related party 166,438
Notes payable - related party 1,250,000
Notes payable (unamortized debt discount of $116,532 and $0, respectively) 7,304,097
Derivative Liabilities 458,387
Convertible note payable (unamortized debt discount of $224,228 and $0, respectively) 93,272
Contingent liabilities 305,935 213,372
Total Current Liabilities 13,053,314 1,934,300
Long-Term Liabilities:    
Long-term debt, net (unamortized debt discount of $0 and $0, respectively) 6,000,000
Asset retirement obligation 303,326
Total Liabilities 13,356,641 7,934,300
Stockholders' Equity:    
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; no shares outstanding
Common stock, $0.0001 par value; 100,000,000 shares authorized; 14,900,627 and 13,779,612 shares issued and outstanding, respectively 1,490 1,378
Stock payable 93,900 51,397
Additional paid in capital 8,847,394 6,924,810
Accumulated deficit (8,382,238) (1,974,594)
Total stockholders' equity 560,546 5,002,991
Total Liabilities and Stockholders' Equity $ 13,917,187 $ 12,937,291

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