XML 24 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended 220 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Cash Flows From Operating Activities:      
Net loss $ (1,169,350) $ (1,042,190) $ (90,037,137)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and depletion expense 23,457 25,033 1,672,070
Provision for loss on deposits 0 0 5,292,896
Write-offs and abandonments 0 0 7,742,128
Deferred income taxes 0 0 (2,018,398)
Compensatory stock options 6,843 0 1,363,788
Gain from settlement 0 0 (617,310)
Gain on sale of partial interest in DRSTP concession 0 0 (30,102,250)
Amortization of beneficial conversion feature associated with convertible debt 0 0 2,793,929
Amortization of deferred compensation 0 0 1,257,863
Loss on extinguishment of debt 0 0 5,669,500
Stock issued for services 0 0 20,897,077
Stock issued for settlements 0 0 225,989
Stock issued for officer bonuses 0 7,964 5,221,638
Stock issued for interest and penalties on convertible debt 0 0 10,631,768
Stock issued for board compensation 0 0 2,751,149
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (105,602) 2,176 (385,725)
Accounts payable and other accrued Liabilities (70,829) (61,187) (2,179,668)
Accounts payable and accrued liabilities, related party 19,667 0 19,667
Accrued retirement obligation 0 0 365,000
Net cash used in operating activities (1,295,814) (1,068,204) (59,436,026)
Cash Flows From Investing Activities:      
Purchase of long-term investment 0 0 (5,292,896)
Purchase of oil and gas concessions 0 (1,008,600) (8,772,303)
Proceeds from sale of partial interest in DRSTP concession 0 0 45,900,000
Proceeds from U.S. Treasury bills 0 0 5,011,000
Purchase of U.S. Treasury bills and accrued interest 0 0 (5,011,000)
Purchase of marketable equity securities 0 0 (1,350,000)
Purchase of restricted certificate of Deposit, and accrued interest (546) 0 (2,317,728)
Proceeds from sale of restricted certificate of deposit 0 0 131,000
Purchase of furniture and equipment 0 (167,941) (1,277,754)
Proceeds from deferred farm-out fees 2,731,558 0 2,731,558
Net cash provided by (used in) investing activities 2,731,012 (1,176,541) 29,751,877
Cash Flows From Financing Activities:      
Proceeds from warrants exercised 0 0 160,000
Proceeds from common stock, net of expenses 0 0 10,316,727
Proceeds from line of credit, related party 0 0 2,750,000
Proceeds from non-convertible debt, related party 0 0 158,700
Proceeds from convertible debt, related party 0 0 8,207,706
Proceeds from sale of convertible debt 0 0 9,019,937
Proceeds from bank borrowing 0 0 175,000
Proceeds from stockholder loans 0 0 1,845,809
Proceeds from stock subscription receivable 0 0 913,300
Repayment of shareholder loans 0 0 (1,020,607)
Repayment of long-term debt 0 0 (223,021)
Net cash provided by financing activities 0 0 32,303,551
Net increase (decrease) in cash and cash equivalents 1,435,198 (2,244,745) 2,619,402
Cash and cash equivalents, beginning of period 1,184,204 7,665,990 0
Cash and cash equivalents, end of period 2,619,402 5,421,245 2,619,402
Non-cash investing and financing activities:      
Unrealized (loss) gain in investment in Exile Resources (81,006) 309,505 (867,482)
Reclass of prepaid expenses to furniture and equipment $ 0 $ 131,000 $ 0