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CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current assets:    
Cash $ 1,773,109 $ 2,478,250
Accounts receivable - oil and gas    16,571
Accounts receivable – oil and gas - related party 155,504 112,488
Accounts receivable - related party 217,638 83,064
Deferred merger costs 46,709  
Prepaid expenses and other current assets 23,582 133,900
Total current assets 2,216,542 2,824,273
Oil and gas properties:    
Oil and gas properties, subject to amortization, net 3,202,321 2,420,688
Oil and gas properties, not subject to amortization, net 5,918,014 925,382
Total oil and gas properties, net 9,120,335 3,346,070
Equipment, net of accumulated depreciation 61,525 87,883
Notes receivable - related parties 4,297,648 2,786,064
Other assets 2,090  
Investments - equity method 1,933,820 2,098,334
Investments – cost method 4,100 4,100
Total assets 17,636,060 11,146,724
Current liabilities:    
Accounts payable 217,176 132,243
Accounts payable - related party 2,450,339 922,112
Accrued expenses 1,157,296 1,449,014
Accrued expenses - related party 643,529 36,168
Notes payable, net of discount 2,636,140 0
Notes payable, net of discount – related party 938,290 2,170,065
Common stock payable 217,943 0
Total current liabilities 8,260,713 4,709,602
Long-term liabilities:    
Notes payable – related party 6,170,065   
Asset retirement obligations 69,242 59,298
Total liabilities 14,500,020 4,768,900
Commitments and contingencies      
Redeemable Series A convertible preferred stock -0- and 555,556 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively    1,250,000
Shareholders' equity:    
Series A convertible preferred stock, $0.001 par value, 100,000,000 shares authorized, -0- and 6,234,845 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively    6,235
Common stock, $0.001 par value, 200,000,000 shares authorized; 13,913,875 and 7,183,501shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively 13,914 7,184
Stock subscription receivable (392,825) (276,326)
Additional paid-in capital 20,205,893 18,167,419
Accumulated deficit (16,690,942) (12,776,688)
Total shareholders' equity 3,136,040 5,127,824
Total liabilities and shareholders' equity $ 17,636,060 $ 11,146,724