XML 14 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (20,720,286) $ (1,906,599)
Adjustments to reconcile net loss to net cash used in operating activities    
Loss on disposal of discontinued operations, net of tax 18,205,884 0
Accretion and revisions of asset retirement obligations 9,613 2,670
Amortization of debt discount 210,000 40,823
Amortization of deferred financing costs 6,237 0
Gain on settlement of asset retirement obligation 0 (27,850)
Gain on settlement and sale of oil and gas properties 0 (125,774)
Depletion, accretion, depreciation, and amortization 91,321 132,339
Stock based compensation 312,351 86,733
Change in operating assets and liabilities    
Accounts receivable (2,304) (6,689)
Accounts receivable - affiliate 126,243 (5,972)
Prepaid expense (104,016) (1,217)
Accounts payable 215,924 (1,112,210)
Accrued liabilities - related parties (58,435) 684,794
Accrued liabilities (312,172) 211,872
Accrued interest note payable - affiliate 81,500 0
Net cash used in operating activities (1,938,140) (2,027,080)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Lease purchases, drilling capital expenditures 0 (18,442)
Proceeds from sale of assets 0 97,094
Revisions of furniture and equipment 3,261 0
Net cash provided by investing activities 3,261 78,652
CASH FLOWS FROM FINANCING ACTIVITIES:    
Non-controlling interest contributions 1,170,000 2,112,000
Receivable for stock subscription 200,000 0
Debt financing proceeds - affiliate 1,135,000 0
Principal payments of debt financing (570,500) (109,500)
Redemption of preferred stock (31,694) 0
Net cash provided by financing activities 1,902,806 2,002,500
Net Change in Cash and Cash Equivalents (32,073) 54,072
Beginning Cash and Cash Equivalents 56,456 2,384
Ending Cash and Cash Equivalents 24,383 56,456
Supplemental cash flow information - cash paid for:    
Interest 20,469 46,056
Non-cash investing and financing activities:    
Accrued interest and amortization of debt discount 317,767 88,060
Accrued capital expenditures 0 230,661
Revisions to depreciation 6,086 0
Receivable for stock subscription 4,800,000 0
Intangible Assets $ 17,330,000 $ 0