v2.4.0.8

Restatement | 12 Months Ended
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Dec. 31, 2012
Restatement [Abstract] |
Restatement [Text Block] | NOTE 15 – RESTATEMENT The Company is restating its financial statements to properly account for the 2011 acquisition of Knox Gas LLC. The amendment is necessary to report the actual cost incurred by the Company in acquiring the assets that were conveyed to the company through the purchase of all membership interests. The original transaction was recorded as a purchase in exchange for two promissory notes of $250,000 each issued to Joel Senes and Barabara Reed. The actual cost to acquire these leases was $71,000.During the audit of the 2013 financial statements, it was determined that the Company had actually made and expensed the payments to acquire the assets held by Knox Gas LLC during 2010 and 2011. In addition, a operator is currently extracting gas from the properties and paying royalties directly to the land owners. Negotiations with the operator to pay a royalty to the Company failed during the first quarter of 2014. The Company intends to file suit to protect its rights to the income generated by the wells. As of the date of this amendment the Company has not taken legal action. The impact of the restatement on the financial statements was as follows:
|  | Originally |  |  |  |
|  | Reported |  |  | Restated |
2012: |  |  |  |  |  |
Evaluated Oil & Gas Properties |  | $ | 213,881 |  |  | $ | 71,000 |
Additional paid in capital |  | $ | 14,038,295 |  |  | $ | 13,482,569 |
Accumulated deficit |  | $ | (14,454,189 | ) |  | $ | (14,041,344 | )
Net loss |  | $ | (2,036,343 | ) |  | $ | (1,720,306 | )
Loss per common share |  | $ | (.05 | ) |  | $ | (.04 | )
2011: |  |  |  |  |  |  |  |
Evaluated Oil & Gas Properties |  | $ | 500,000 |  |  | $ | 71,000 |
Accrued interest payable-related party |  | $ | 25,808 |  |  | $ | 0 |
Note payable-related party |  | $ | 500,000 |  |  | $ | 0 |
Accumulated deficit |  | $ | (12,417,846 | ) |  | $ | (12,321,038 | )
Net loss |  | $ | (979,279 | ) |  | $ | (898,471 | )
Loss per common share |  | $ | (.06 | ) |  | $ | (.05 | )

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- Definition The entire disclosure for the nature and effects of a restatement to correct an error in the reported results of operations of prior periods. When prior period adjustments are recorded, the resulting effects (both gross and net of applicable income tax) on the net income of prior periods are disclosed in the annual report for the year in which the adjustments are made, and amended filings of previously issued reports are typically issued. + References No definition available. + Details
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