XML 43 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)
12 Months Ended 108 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Revenues and Cost of Sales:      
Revenues $ 2,387    $ 2,387
Cost of sales 697    697
Gross profit 1,690    1,690
Operating expenses:      
Selling, general and administrative expenses 711,038 345,407 25,127,956
Depletion, depreciation and amortization 1,659 1,016 480,989
Oil and gas property impairment 200,000 1,340,852 11,625,969
Total operating expenses 912,697 1,687,275 37,234,914
Loss from operations (911,007) (1,687,275) (37,233,224)
Equity in losses from affiliates      (2,099,663)
Loss on redemption of preferred shares       (105,376)
Gain (loss) on sale of marketable securities   (51) 1,067,814
Impairment of marketable securities      (3,707,513)
Warrants issued from Peace Oil acquisition      (368,000)
Revaluation loss net of warrant liability      (431,261)
Interest income (expense) (425) (21,494) (4,256,106)
Gain (loss) on disposition of Peace Oil property and Peace Oil Corp.      1,525,105
Loss from continuing operations, before income taxes and minority interest (911,432) (1,708,820) (45,608,224)
Benefit (provision) for income taxes        
Income (loss) before non-controlling interest (911,432) (1,708,820) (44,696,792)
Income (loss) applicable to non-controlling interest       3,679,096
Net income (loss) (911,432) (1,708,820) (41,929,128)
Other comprehensive income (loss):      
Unrealized gain (loss) on available for sale securities (104,018) 381,402 (104,018)
Foreign currency translation adjustment        
Comprehensive income (loss) $ (1,015,450) $ (1,327,418) $ (42,033,146)
Income (loss) per common share - basic and diluted $ (0.08) $ (0.53)  
Weighted average shares outstanding - basic and diluted 11,546,225 3,217,914