0001014897-12-000137.txt : 20120521 0001014897-12-000137.hdr.sgml : 20120521 20120521165153 ACCESSION NUMBER: 0001014897-12-000137 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120521 DATE AS OF CHANGE: 20120521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Earth Energy Reserves, Inc. CENTRAL INDEX KEY: 0001327557 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 753000774 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51489 FILM NUMBER: 12859417 BUSINESS ADDRESS: BUSINESS PHONE: 970-577-8325 MAIL ADDRESS: STREET 1: 671 HEINZ PARKWAY CITY: ESTES PARK STATE: CO ZIP: 80517 FORMER COMPANY: FORMER CONFORMED NAME: Asian American Business Development CO DATE OF NAME CHANGE: 20050518 10-Q 1 earthenergy10q3q12v2.htm FORM 10-Q Earth Energy 10q3q12

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 10-Q


[x]     Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended March 31, 2012

-OR-

[ ]     Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934 for the transaction period from _________ to________


Commission File Number  000-51489


Earth Energy Reserves, Inc.

 (Exact name of registrant as specified in its charter)


NEVADA

 

75-3000774

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)


621 17th Street, Suite 1640, Denver, CO

 

80293

(Address of principal executive offices)

 

(Zip Code)


(303) 297-0500

 (Registrant's telephone number, including area code)


Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  [x]   No [ ]


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes [ ]   No [ ]


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):




Large accelerated filer        [  ]

 

Non-accelerated filer             [  ]

Accelerated filer                 [  ]

 

Smaller reporting company   [x]


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  [ ]      No [x]


The number of outstanding shares of the registrant's common stock,

May 21, 2012:

Common Stock  -  12,012,202


2



EARTH ENERGY RESERVES, INC.

FORM 10-Q

For the quarterly period ended March 31, 2012

INDEX


PART 1 – FINANCIAL INFORMATION

 

 

Page

Item 1.  Financial Statements (Unaudited)

 

4

Item 2.  Management's Discussion and Analysis of

  Financial Condition and Results of Operations

 

11

Item 3.  Quantitative and Qualitative Disclosure

  About Market Risk

 

13

Item 4.  Controls and Procedures

 

13


PART II – OTHER INFORMATION



Item 1.  Legal Proceedings

 

14

Item 1A.  Risk Factors

 

14

Item 2.  Unregistered Sales of Equity Securities and

  Use of Proceeds

 

14

Item 3.  Defaults upon Senior Securities

 

14

Item 4.  Mine

 

14

Item 5.  Other Information

 

14

Item 6.  Exhibits

 

14

 

 

 

SIGNATURES

 

15



3



EARTH ENERGY RESERVES, INC.

BALANCE SHEETS

 

 

March 31

June 30

 

 

2012

2011

 

 

(Audited)

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

CURRENT ASSETS

 

 

 

Cash

 

 $      8,167

 $  220,778

TOTAL CURRENT ASSETS

 

 8,167

 220,778

 

 

 

 

Deposit - land

 

 90,000

 -

 

 

 

 

TOTAL ASSETS

 

 $    98,167

 $  220,778

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

CURRENT LIABILITIES

 

 

 

   Notes payable - short term

 

 $    30,000

 $              -

   Notes payable - related parties

 

 44,300

 -

Accounts payable

 

 83,284

 70,054

Accounts payable - related parties

 

 14,251

 -

Accrued expenses

 

 248,220

 -

TOTAL CURRENT LIABILITIES

 

 420,055

 70,054

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

Series A preferred stock, $0.0001 par value, authorized

 

 3

 3

10,000,000 shares, 32,580 and 32,580 shares issued and

 

 

 

outstanding at March 31, 2012 and June 30, 2011, respectively

 

 

Common stock, $0.0001 par value, authorized 90,000,000

 

   

   

shares, 12,012,202 and 11,669,782 shares issued and

 

 

 

outstanding at March 31, 2012 and June 30, 2011, respectively

 1,201

 1,167

Additional paid-in capital

 

 5,286,806

 3,731,389

Accumulated (deficit) - since quasi-reorganization, July 1, 2010

 

 (5,609,898)

 (3,344,335)

 

 

 (321,888)

 388,224

Common stock subscriptions receivable

 

 -

 (237,500)

TOTAL STOCKHOLDERS' EQUITY

 

 (321,888)

 150,724

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

 $     98,167

 $    220,778


The accompanying notes are an integral part of these financial statements.


4



EARTH ENERGY RESERVES, INC.

STATEMENT OF OPERATIONS

(UNAUDITED)


 

 

 Three Months Ended

 Nine Months Ended

 

 

 March 31,

 March 31,

 

 

2012

2011

2012

2011

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

Salaries

 

 $190,680

 $164,772

 $548,247

 $558,301

Stock-based compensation

 

 374,610

 428,646

 1,154,646

 1,572,885

General and administrative

 

 92,859

 115,234

 559,027

 467,450

 

 

 

 

 

 

TOTAL OPERATING EXPENSES

 

 658,149

 708,652

 2,261,920

 2,598,636

 

 

 

 

 

 

NET OPERATING LOSS

 

 (658,149)

 (708,652)

 (2,261,920)

 (2,598,636)

 

 

 

 

 

 

OTHER INCOME/(EXPENSE)

 

 

 

 

 

Interest income

 

 1

 67

 2

 590

Interest expense

 

 (750)

 -   

 (3,645)

 -   

 

 

 

 

 

 

TOTAL OTHER INCOME/(EXPENSES)

 

 (749)

 67

 (3,643)

 590

 

 

 

 

 

 

(LOSS) BEFORE INCOME TAXES

 

 (658,898)

 (708,585)

 (2,265,563)

 (2,598,046)

 

 

 

 

 

 

INCOME TAXES

 

 -   

 -   

 -   

 -   

 

 

 

 

 

 

NET (LOSS)

 

 $(658,898)

 $(708,585)

 $(2,265,563)

 $(2,598,046)

 

 

 

 

 

 

BASIC AND DILUTED (LOSS) PER SHARE

 

 $(0.06)

 $(0.06)

 $(0.19)

 $(0.23)

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES

 

 

 

 

 

OUTSTANDING - BASIC AND DILUTED

 

 11,959,782

 11,244,582

 11,824,532

 11,208,622


The accompanying notes are an integral part of these financial statements.


5



EARTH ENERGY RESERVES, INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 Nine Months Ended,

 

 

 March 31,

 

 

 2012

 2011

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net (loss) for the period

 

 $(2,265,563)

 $(2,598,046)

Adjustments to reconcile net (loss) to net cash

 

 

 

(used) by operating activities:

 

 

 

Employee share-based compensation

 

 1,154,646

 1,572,895

Contributed services fees

 

 410

 -

Warrants issued for interest

 

 2,895

 -

Changes in operating assets and liabilities:

 

 

 

   Accounts payable and accrued expenses

 

 261,450

 (78,487)

   Accounts payable - related parties

 

 14,251

 -

 

 

 

 

NET CASH (USED) BY OPERATING ACTIVITIES

 

 (831,911)

 (1,103,638)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Deposit on purchase of oil and gas properties

 

 (90,000)

 (100,000)

 

 

 

 

NET CASH (USED) BY INVESTING ACTIVITIES

 

 (90,000)

 (100,000)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Proceeds from short term note payable

 

 30,000

 -

Proceeds from short term note payable to related parties

 44,300

 -

Sale of common stock

 

 397,500

 112,000

Proceeds from subscription receivable

 

 237,500

 965,000

Re-purchase and retirement of Series A preferred stock

 

 -

 (90,611)

 

 

 

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

 709,300

 986,389

 

 

 

 

NET INCREASE (DECREASE) IN CASH

 

 (212,611)

 (217,249)

 

 

 

 

CASH AT BEGINNING OF PERIOD

 

 220,778

 329,773

 

 

 

 

CASH AT END OF PERIOD

 

 $       8,167

 $     112,524

 

 

 

 

SUPPLEMENTAL CASH FLOWS DISCLOSURES

 

 

 

Cash paid during the period for:

 

 

 

Income taxes

 

 $               -

 $                 -

Interest

 

 $               -

 $                 -


The accompanying notes are an integral part of these financial statements.


6



EARTH ENERGY RESERVES, INC.

NOTES TO FINANCIAL STATEMENTS


March 31, 2012

(Unaudited)


NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Organization


Earth Energy Reserves, Inc. (formerly Asian American Business Development Company) (“Company”) was incorporated in the State of Nevada on February 12, 2002 as Wiltex First, Inc.  On March 10, 2005, the Company filed a certificate of amendment with the State of Nevada changing its name to Asian American Business Development Company and, on March 13, 2006 the Company’s name was changed to Earth Energy Reserves, Inc.  


Basis of Presentation


The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments considered necessary for a fair presentation have been included.  All such adjustments are of a normal and recurring nature.  These financial statements should be read in conjunction with the audited financial statements at June 30, 2011.  Operating results for the nine months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending June 30, 2012.


NOTE 2: GOING CONCERN


The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which contemplates continuation of the Company as a going concern.  Since inception, the Company has incurred net operating losses.  The future success of the Company will depend on its ability to attain additional capital, or to find an acquisition to add value to its present shareholders and ultimately, upon its ability to attain future profitable operations.  


7



EARTH ENERGY RESERVES, INC.

NOTES TO FINANCIAL STATEMENTS


March 31, 2012

(Unaudited)


NOTE 3: EQUITY TRANSACTIONS


During the nine month period ended  March 31, 2012, the company had the following stock transactions:


The Company received $237,500 in Subscriptions Receivable from sale of common stock which had occurred during the fourth quarter of the previous fiscal year.


As of June 30, 2011, the Company had completed its Private Placement Memorandum involving Series 2 Units. Subsequently, a new Private Placement Memorandum offering Series 3 Units was initiated in July 2011, with the intent to raise $15 million in equity capital, by selling Units at $1.50 each. Each of the Series 3 Units consists of one common share and two three-year warrants. During the four months from December 2011 through March 2012, 265,000 Series 3 Units were sold to six new shareholders for a total capital infusion of $397,500. Significant additional Unit sales are expected next quarter.


Also during the nine months, the Company issued 100,000 common shares to a corporate officer upon meeting the required vesting schedule. The Company had also cancelled 22,500 common shares to correct an apparent discrepancy between the tabulated list of shares earned for services provided to the Company, dating back to 2007, and to the ledger of shares actually issued. The Company recorded $1,154,646 in share-based compensation consisting of both common shares and options.  As of March 31, 2012, the resulting number of common shares issued and outstanding is 12,012,282.


NOTE 4: QUASI RE-ORGANIZATION


Effective July 1, 2010 and with shareholder approval, the Company entered into a quasi-reorganization (also referred to as a corporate adjustment). As a result of the quasi-reorganization all prior period losses charged to accumulated deficit were eliminated against additional paid-in capital. A quasi-reorganization requires that retained earnings be dated for ten years after the quasi-reorganization takes place.


NOTE 5: SUBSEQUENT EVENTS


The Company has evaluated subsequent events through the date which the financial statements were available to be issued.


8



EARTH ENERGY RESERVES, INC.

NOTES TO FINANCIAL STATEMENTS


March 31, 2012

(Unaudited)


NOTE 5: SUBSEQUENT EVENTS (Continued)


On February 3, 2012, the Company executed the definitive Purchase and Sale Agreement for our previously announced acquisition of our “NOLA-A” property, with $50,000 good faith deposit placed with the seller. The NOLA-A property consists of various interests in producing oil and gas leases located in the state of Louisiana, on established 14,400 acre leasehold with 19 existing gas wells.  The purchase price is $1,050,000, subject to customary closing settlement adjustments. As of April 8, 2012, the Purchase and Sale Agreement was suspended, due to the Company’s delays in raising sufficient capital to close the transaction. The Company is in continual verbal conversations with the Seller, and fully expects the property to remain available for purchase, allowing the Company to revive the Agreement, contingent upon raising the capital in the coming weeks.


On December 9, 2011, the Company signed an extension to the previously announced letter of intent with a large mineral owner to enter an oil and gas lease of 71,900 acres in northern Louisiana for exploration and production of coal bed methane reservoirs, known internally as the “NOLA-B” Project. While the Company anticipated consummating the lease by February 29, 2012, due to the delays in raising the capital, the Letter of Intent technically expired. The Company is in continuing verbal conversations with the Mineral Owner, and expects the property to remain available for lease, allowing the Company to revive the agreement, contingent upon raising sufficient capital. An initial lease bonus payment of $719,000 will be paid by the Company upon signing of the lease.


On December 2, 2011, the Company engaged the services of an investment banking firm to pursue raising up to $30 million additional capital for operations in the form of mezzanine debt financing. The company has executed the preliminary term sheet, and is currently awaiting final approval of this debt facility, with final interest rate and other terms as yet not finalized. While the Company expected to close on this mezzanine debt financing on February 29, 2012, due to the precipitous decline in natural gas commodity pricing during the December 2011 to February 2012 period , the investment bank’s imminent approval has been delayed, but is still likely forthcoming.


Beginning in March, 2012, the Board of Directors has elected to modify the Company’s acquisition and development focus from one exclusively emphasizing natural gas development in northern Louisiana (our “NOLA” play), to a revised focus of evaluating and acquiring a producing, oil or gas field with significant current cash flow, that will more readily enable project financing. Pursuit of the NOLA gas project will follow


9



EARTH ENERGY RESERVES, INC.

NOTES TO FINANCIAL STATEMENTS


March 31, 2012

(Unaudited)


NOTE 5: SUBSEQUENT EVENTS (Continued)


closing on the producing property. Management is currently evaluating ten to fifteen such properties, with an imminent offer to purchase one or more properties forthcoming in the next few weeks.


On May 1, 2012, the Company’s Management attended an oil and gas industry exposition in Houston, TX, wherein the Company received renewed interest in the NOLA gas project from investment bankers, institutional capital sources, potential joint venture partners, as well as introduction to several additional producing oil and gas properties for sale. The Company is currently pursuing these leads for both a promising “back-up” source of NOLA project funding, and for a forthcoming purchase offer on one of the producing assets.



10



ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Trends and Uncertainties.  The Company intends to be an independent oil and natural gas company engaged in the acquisition, drilling, and production of oil and natural gas in the United States.  The Company’s future operations may be adversely affected by its competitors, fluctuating oil prices, changing foreign political environments, and any prolonged recessionary periods.


Capital and Source of Liquidity.  The Company is evaluating and pursuing several acquisitions in conventional oil and gas reservoirs, with the intent to maintain diversification in its asset portfolio.  The Company believes that there will be sufficient capital from recent equity financing and the proposed equity and debt financing to conduct operations for the next twelve months.


Presently, proceeds of the Company’s equity financing and cash comprise all of the total cash necessary to conduct operations.  Any proposed acquisitions will determine the amount of additional financing necessary to continue operations.


The Company is currently pursuing equity financing.  The board of directors shall determine the amount and type of any additional financing necessary as our financial situation dictates.


Investing Activities.  For the three months ended March 31, 2012, the Company made a $50,000 good-faith deposit on the purchase of the “NOLA-A” oil and gas properties, as compared to no activity in the three months ending March 31, 2011.  For the nine months ended March 31, 2012, the Company made a $50,000 good-faith deposit on the purchase of the “NOLA-A” oil and gas properties, and a $40,000 good-faith deposit on the acquisition of the “NOLA-B” natural gas lease.  As a result, the Company had net cash used by investing activities of $90,000.  Likewise, for the nine months ended March 31, 2011, the Company had made a $100,000 good-faith deposit on the purchase of oil and gas properties, resulting in net cash used by investing activities of $100,000.


Financing Activities.  For the nine months ended March 31, 2012, the Company received $30,000 in proceeds from a short-term note payable, and $44,300 short-term note from one Officer.  In addition to the cash received, the Company attached (to the $30,000 note) 15,000 Class B Warrants to purchase common shares of the Company’s common stock, par value $0.001, for a strike price of $1.75.  These warrants will expire three years from the date of the note issued.  The Company also received $397,500 in proceeds for the sale of 265,000 shares of common stock.  These 265,000 shares, as part of the Company’s Series 3 Private Placement Units, were also accompanied by 530,000 three-year warrants.  Finally, the Company received $237,500 in proceeds from stock subscriptions receivable from the sale of common stock, which had occurred during the fourth quarter of the


11



previous fiscal year.  As a result, the Company’s net cash flows from financing activities for the nine months ended March 31, 2012 was $709,300.


For the nine months ended March 31, 2011, the Company sold common stock for cash in the amount of $112,000, as well as received proceeds from stock subscriptions receivable of $965,000.  Additionally, the Company re-purchased and subsequently retired Series A preferred stock of $90,611, resulting in net cash flows from investing activities for the nine months ended March 31, 2011of $986,389.


For the three months ended March 31, 2012, the Company sold common stock for cash in the amount of $142,500 in the form of the Series 3 Private Placement Units, and received the proceeds of $44,300 short-term note from one Officer. For the three months ended March 31, 2011, the Company sold common stock for cash in the amount of $50,000 in the form of the Series 2 Private placement Units.


Result of Operations.  The Company has had only minimal revenue since inception, with all recent activities funded through the sale of its common stock.  For the nine months ended March 31, 2012 and March 31, 2011, the Company received no revenues.


For the nine months ended March 31, 2012 the Company recorded general and administrative expenses of $2,261,920, compared to $2,598,646 for the nine months ended March 31, 2011.  The expenses for the nine months ended March 31, 2012 and 2011 consisted of salaries, stock-based compensation, and the expense of engineering and geological consultants, as well as customary legal, accounting, auditing, and general office overhead expenses.


Similarly, for the three months ended March 31, 2012 the Company recorded general and administrative expenses of $658,149, compared to $708,652 for the three months ended March 31, 2011, for the same categories of routine overhead expenses.


Plan of Operation.  The Company has developed an operating strategy that is based on acquiring underdeveloped oil and gas properties that include, or are adjacent to, existing active production; consequently, these properties are lower risk with attractive rates of return on the development potential.  The Company has elected directors and appointed and hired officers and consultants with substantial experience in unconventional gas production, including coal bed methane reservoirs, plus the expertise in horizontal wellbore drilling, and the Company has correspondingly pursued several acquisitions in this arena.  The Company is also evaluating and pursuing several acquisitions in conventional oil and gas reservoirs, with the intent to maintain diversification in its asset portfolio.  The Company has a bias towards desiring to be the operator of the properties it is acquiring but are not exclusively against acquiring non-operated positions in oil and gas assets.


12



Earth Energy may experience problems, delays, expenses, and difficulties sometimes encountered by an enterprise in a similar stage, many of which are beyond the Company’s control.  These include, but are not limited to, unanticipated problems relating to additional costs and expenses that may exceed current estimates and competition.


Earth Energy is not delinquent in any of its obligations even though the Company has generated no operating revenues.  The Company intends to pursue its business plan utilizing cash made available from the private sale of its securities and future operations.  The Company’s management is of the opinion that the proceeds of the sales of its securities and future revenues will be sufficient to pay its expenses for the next twelve months.


Earth Energy is pursuing financing for its operations and seeking additional private investments.  In addition, the Company is seeking to expand its revenue base.  Failure to secure such financing or to raise additional equity capital and to expand its revenue base may result in the Company not being able to pay its obligations.



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  


We do not consider the effects of interest rate movements to be a material risk to our financial condition.  We do not hold any derivative instruments and do not engage in any hedging activities.   


ITEM 4.  CONTROLS AND PROCEDURES  


During the period ended March 31, 2012, there were no changes in our internal controls over financial reporting (as defined in Rule 13a- 15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.  


Evaluation of Disclosure Controls and Procedures  


Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of March 31, 2012.  Based on this evaluation, our chief executive officer and chief principal financial officer have concluded such controls and procedures to be effective as of March 31, 2012 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and to ensure that


13



information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.



PART II - OTHER INFORMATION


Item 1.   Legal Proceedings

None


Item 1A.  Risk Factors  

Not applicable for smaller reporting companies


Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

None


Item 3.   Defaults Upon Senior Securities.

None


Item 4.   Mine Safety Disclosures

Not Applicable


Item 5.   Other Information

None


Item 6.   Exhibits


Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of

2002

Exhibit 32* - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

101.INS**   XBRL Instance Document

101.SCH**   XBRL Taxonomy Extension Schema Document

101.CAL**   XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB**   XBRL Taxonomy Extension Label Linkbase Document

101.PRE**   XBRL Taxonomy Extension Presentation Linkbase Document

*  Filed herewith

**XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.


14



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


Dated: May 21, 2012


EARTH ENERGY RESERVES, INC.


By:

/s/Steven A. Kranker

Steven A. Kranker

Principal Executive Officer


By:

/s/Doyle Pennington

Doyle Pennington

Interim Principal Financial Officer


15




 EX-31 2 earthenergy10q3q12ex31.htm EXHIBIT 31 302 Certification


Exhibit 31.1


Certification of Principal Executive Officer


Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Item 307 of Regulation S-K


I, Steven A. Kranker, certify that:

1.

I have reviewed this Form 10-Q of Earth Energy Reserves, Inc. for the period ended March 31, 2012;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


(c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and




(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


5.

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and


(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


/s/: Steven A. Kranker

Steven A. Kranker

Principal Executive Officer

May 21, 2012





Exhibit 31.2


Certification of Interim Principal Financial Officer


Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Item 307 of Regulation S-K


I, Doyle Pennington, certify that:


1.

I have reviewed this Form 10-Q of Earth Energy Reserves, Inc. for the period ended March 31, 2012;


2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


(c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and




(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


5.

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and


(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


/s/: Doyle Pennington

Doyle Pennington

Interim Principal Financial Officer

May 31, 2012




 EX-32 3 earthenergy10q3q12ex32.htm EXHIBIT 32 906 Certification

Exhibit 32.1


CERTIFICATION PURSUANT

Section 1350 Certification as adopted pursuant to

Section 906 of the SARBANES-OXLEY ACT OF 2002




The undersigned officer of Earth Energy Reserves, Inc. (the "Company"), hereby certifies, to such officer's knowledge, that the Company's Annual Report on Form 10-Q for the period ended March 31, 2012 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.





Date: May 21, 2012

By: /s/ Steven A. Kranker

                                           

Steven A. Kranker

Principal Executive Officer




Exhibit 32.2


CERTIFICATION PURSUANT

Section 1350 Certification as adopted pursuant to

Section 906 of the SARBANES-OXLEY ACT OF 2002




The undersigned officer of Earth Energy Reserves, Inc. (the "Company"), hereby certifies, to such officer's knowledge, that the Company's Annual Report on Form 10-Q for the period ended March 31, 2012 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.





Date: May 21, 2012

By: /s/Doyle Pennington

Doyle Pennington

Interim Principal Financial Officer





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QUASI RE-ORGANIZATION
 9 Months Ended
Mar. 31, 2012
Reorganizations [Abstract]  
QUASI RE-ORGANIZATION

NOTE 4: QUASI RE-ORGANIZATION

 

Effective July 1, 2010 and with shareholder approval, the Company entered into a quasi-reorganization (also referred to as a corporate adjustment). As a result of the quasi-reorganization all prior period losses charged to accumulated deficit were eliminated against additional paid-in capital. A quasi-reorganization requires that retained earnings be dated for ten years after the quasi-reorganization takes place.
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EQUITY TRANSACTIONS
 9 Months Ended
Mar. 31, 2012
Equity [Abstract]  
EQUITY TRANSACTIONS

NOTE 3: EQUITY TRANSACTIONS

 

During the nine month period ended  March 31, 2012, the company had the following stock transactions:

 

The Company received $237,500 in Subscriptions Receivable from sale of common stock which had occurred during the fourth quarter of the previous fiscal year.

 

As of June 30, 2011, the Company had completed its Private Placement Memorandum involving Series 2 Units. Subsequently, a new Private Placement Memorandum offering Series 3 Units was initiated in July 2011, with the intent to raise $15 million in equity capital, by selling Units at $1.50 each. Each of the Series 3 Units consists of one common share and two three-year warrants. During the four months from December 2011 through March 2012, 265,000 Series 3 Units were sold to six new shareholders for a total capital infusion of $397,500. Significant additional Unit sales are expected next quarter.

 

Also during the nine months, the Company issued 100,000 common shares to a corporate officer upon meeting the required vesting schedule. The Company had also cancelled 22,500 common shares to correct an apparent discrepancy between the tabulated list of shares earned for services provided to the Company, dating back to 2007, and to the ledger of shares actually issued. The Company recorded $1,154,646 in share-based compensation consisting of both common shares and options.  As of March 31, 2012, the resulting number of common shares issued and outstanding is 12,012,282.

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BALANCE SHEETS (USD $)
Mar. 31, 2012
Jun. 30, 2011
CURRENT ASSETS    
Cash $ 8,167 $ 220,778
TOTAL CURRENT ASSETS 8,167 220,778
Deposit - land 90,000  
TOTAL ASSETS 98,167 220,778
CURRENT LIABILITIES    
Notes payable - short term 30,000  
Notes payable - related parties 44,300  
Accounts payable 83,284 70,054
Accounts payable - related parties 14,251  
Accrued expenses 248,220  
TOTAL CURRENT LIABILITIES 420,055 70,054
STOCKHOLDERS' EQUITY    
Series A preferred stock, $0.0001 par value, authorized 10,000,000 shares, 32,580 and 32,580 shares issued and outstanding at March 31, 2012 and June 30, 2011, respectively 3 3
Common stock, $0.0001 par value, authorized 90,000,000 shares, 12,012,202 and 11,669,782 shares issued and outstanding at March 31, 2012 and June 30, 2011, respectively 1,201 1,167
Additional paid-in capital 5,286,806 3,731,389
Accumulated (deficit) - since quasi-reorganization, July 1, 2010 (5,609,898) (3,344,335)
Stockholders Equity Attributable To Parent Before Common Stock Subscriptions Receivable (321,888) 388,224
Common stock subscriptions receivable   (237,500)
TOTAL STOCKHOLDERS' EQUITY (321,888) 150,724
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 98,167 $ 220,778
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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Mar. 31, 2012
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization

 

Earth Energy Reserves, Inc. (formerly Asian American Business Development Company) (“Company”) was incorporated in the State of Nevada on February 12, 2002 as Wiltex First, Inc.  On March 10, 2005, the Company filed a certificate of amendment with the State of Nevada changing its name to Asian American Business Development Company and, on March 13, 2006 the Company’s name was changed to Earth Energy Reserves, Inc.  

 

Basis of Presentation

 

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments considered necessary for a fair presentation have been included.  All such adjustments are of a normal and recurring nature.  These financial statements should be read in conjunction with the audited financial statements at June 30, 2011.  Operating results for the nine months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending June 30, 2012.
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GOING CONCERN
 9 Months Ended
Mar. 31, 2012
Accounting Policies [Abstract]  
GOING CONCERN

NOTE 2: GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which contemplates continuation of the Company as a going concern.  Since inception, the Company has incurred net operating losses.  The future success of the Company will depend on its ability to attain additional capital, or to find an acquisition to add value to its present shareholders and ultimately, upon its ability to attain future profitable operations.
XML 18 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (Parentheticals) (USD $)
Mar. 31, 2012
Jun. 30, 2011
Statement Of Financial Position [Abstract]    
Series A preferred stock par value (in dollars per share) $ 0.0001 $ 0.0001
Series A preferred stock, shares authorized 10,000,000 10,000,000
Series A preferred stock, shares issued 32,580 32,580
Series A preferred stock, shares outstanding 32,580 32,580
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 90,000,000 90,000,000
Common stock, shares issued 12,012,202 11,669,782
Common stock, shares outstanding 12,012,202 11,669,782
XML 19 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
 9 Months Ended
Mar. 31, 2012
May 21, 2012
Document and Entity Information [Abstract]    
Entity Registrant Name Earth Energy Reserves, Inc.  
Entity Central Index Key 0001327557  
Trading Symbol eers  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Current Fiscal Year End Date --06-30  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   12,012,202
Document Type 10-Q  
Document Period End Date Mar. 31, 2012  
Amendment Flag false  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q3  
XML 20 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENT OF OPERATIONS (UNAUDITED) (USD $)
 3 Months Ended 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Mar. 31, 2011
EXPENSES        
Salaries $ 190,680 $ 164,772 $ 548,247 $ 558,301
Stock-based compensation 374,610 428,646 1,154,646 1,572,885
General and administrative 92,859 115,234 559,027 467,450
TOTAL OPERATING EXPENSES 658,149 708,652 2,261,920 2,598,636
NET OPERATING LOSS (658,149) (708,652) (2,261,920) (2,598,636)
OTHER INCOME/(EXPENSE)        
Interest income 1 67 2 590
Interest expense (750)   (3,645)  
TOTAL OTHER INCOME/(EXPENSES) (749) 67 (3,643) 590
(LOSS) BEFORE INCOME TAXES (658,898) (708,585) (2,265,563) (2,598,046)
INCOME TAXES            
NET (LOSS) $ (658,898) $ (708,585) $ (2,265,563) $ (2,598,046)
BASIC AND DILUTED (LOSS) PER SHARE (in dollars per share) $ (0.06) $ (0.06) $ (0.19) $ (0.23)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES        
OUTSTANDING - BASIC AND DILUTED (in shares) 11,959,782 11,244,582 11,824,532 11,208,622
XML 21 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) for the period $ (2,265,563) $ (2,598,046)
Adjustments to reconcile net (loss) to net cash (used) by operating activities:    
Employee share-based compensation 1,154,646 1,572,895
Contributed services fees 410  
Warrants issued for interest 2,895  
Changes in operating assets and liabilities:    
Accounts payable and accrued expenses 261,450 (78,487)
Accounts payable - related parties 14,251  
NET CASH (USED) BY OPERATING ACTIVITIES (831,911) (1,103,638)
CASH FLOWS FROM INVESTING ACTIVITIES    
Deposit on purchase of oil and gas properties (90,000) (100,000)
NET CASH (USED) BY INVESTING ACTIVITIES (90,000) (100,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from short term note payable 30,000  
Proceeds from short term note payable to related parties 44,300  
Sale of common stock 397,500 112,000
Proceeds from subscription receivable 237,500 965,000
Re-purchase and retirement of Series A preferred stock   (90,611)
NET CASH PROVIDED BY FINANCING ACTIVITIES 709,300 986,389
NET INCREASE (DECREASE) IN CASH (212,611) (217,249)
CASH AT BEGINNING OF PERIOD 220,778 329,773
CASH AT END OF PERIOD 8,167 112,524
Cash paid during the period for:    
Income taxes      
Interest      
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SUBSEQUENT EVENTS
 9 Months Ended
Mar. 31, 2012
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 5: SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date which the financial statements were available to be issued.

 

On February 3, 2012, the Company executed the definitive Purchase and Sale Agreement for our previously announced acquisition of our “NOLA-A” property, with $50,000 good faith deposit placed with the seller. The NOLA-A property consists of various interests in producing oil and gas leases located in the state of Louisiana, on established 14,400 acre leasehold with 19 existing gas wells.  The purchase price is $1,050,000, subject to customary closing settlement adjustments. As of April 8, 2012, the Purchase and Sale Agreement was suspended, due to the Company’s delays in raising sufficient capital to close the transaction. The Company is in continual verbal conversations with the Seller, and fully expects the property to remain available for purchase, allowing the Company to revive the Agreement, contingent upon raising the capital in the coming weeks.

 

On December 9, 2011, the Company signed an extension to the previously announced letter of intent with a large mineral owner to enter an oil and gas lease of 71,900 acres in northern Louisiana for exploration and production of coal bed methane reservoirs, known internally as the “NOLA-B” Project. While the Company anticipated consummating the lease by February 29, 2012, due to the delays in raising the capital, the Letter of Intent technically expired. The Company is in continuing verbal conversations with the Mineral Owner, and expects the property to remain available for lease, allowing the Company to revive the agreement, contingent upon raising sufficient capital. An initial lease bonus payment of $719,000 will be paid by the Company upon signing of the lease.

 

On December 2, 2011, the Company engaged the services of an investment banking firm to pursue raising up to $30 million additional capital for operations in the form of mezzanine debt financing. The company has executed the preliminary term sheet, and is currently awaiting final approval of this debt facility, with final interest rate and other terms as yet not finalized. While the Company expected to close on this mezzanine debt financing on February 29, 2012, due to the precipitous decline in natural gas commodity pricing during the December 2011 to February 2012 period , the investment bank’s imminent approval has been delayed, but is still likely forthcoming.

 

Beginning in March, 2012, the Board of Directors has elected to modify the Company’s acquisition and development focus from one exclusively emphasizing natural gas development in northern Louisiana (our “NOLA” play), to a revised focus of evaluating and acquiring a producing, oil or gas field with significant current cash flow, that will more readily enable project financing. Pursuit of the NOLA gas project will follow closing on the producing property. Management is currently evaluating ten to fifteen such properties, with an imminent offer to purchase one or more properties forthcoming in the next few weeks.

 

On May 1, 2012, the Company’s Management attended an oil and gas industry exposition in Houston, TX, wherein the Company received renewed interest in the NOLA gas project from investment bankers, institutional capital sources, potential joint venture partners, as well as introduction to several additional producing oil and gas properties for sale. The Company is currently pursuing these leads for both a promising “back-up” source of NOLA project funding, and for a forthcoming purchase offer on one of the producing assets.
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