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Investment in Unconsolidated Investee (Tables)
 3 Months Ended
Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Business combination

The difference between the fair value of the Company’s investment, and the amount of underlying equity in the net assets of Agribotix, totaling approximately $1,489,000 is accounted for as if Agribotix was a consolidated subsidiary and all identifiable assets, including goodwill, were recorded at fair value and amortized, with this amortization recorded in “memo” and the Company’s portion included in its share of earnings of Agribotix. Condensed unaudited summary financial information for Agribotix LLC as of March 31, 2018 and for the three months ended March 31, 2018 is as follows:

 

   

March 31,

2018

    (Unaudited)
ASSETS        
Cash   $ 37,645  
Accounts receivable     21,151  
Property and equipment     9,070  
Inventories     4,740  
Marketable securities in EnerJex at fair market value     866,000  
         
Total assets   $ 938,606  
         
LIABILITIES AND MEMBERS' DEFICIT        
Accounts payable and accrued expenses   $ 103,406  
Deferred revenue     9,067  
Debt     1,855,913  
Members' deficit     (1,029,780 )
         
Total liabilities and members' deficit   $ 938,606  

 

   

For the Three

Months Ended

March 31, 2018

    (Unaudited)
STATEMENT OF OPERATIONS        
Revenues   $ 85,897  
Cost of sales     49,860  
Gross profit     36,037  
Operating expenses     139,096  
Operating loss     (103,059 )
Other (expense) income     178  
Net loss     (102,881 )
Loss on marketable securities     (134,000 )
Comprehensive loss   $ (236,881 )
Ownership interest     20 %
Share of net loss as of date of investment   $ (914 )