Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2015 |
Sep. 30, 2014 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (1,743,920)
|
$ (346,963)
|
| Loss from discontinued operations |
0
|
562,876
|
| Income (loss) from continuing operations |
(1,743,920)
|
215,913
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization |
3,433
|
2,266
|
| Impairment of oil and gas property |
20,000
|
0
|
| Stock-based compensation |
48,450
|
215,320
|
| Gain on sale of real estate |
(971)
|
(1,470,012)
|
| Realized loss on the sale of trading securities, net |
235,748
|
41,494
|
| Unrealized loss on trading securities, net |
138,182
|
213,143
|
| Change in operating assets and liabilities: |
|
|
| Accounts payable to related parties |
(104,000)
|
(503)
|
| Other current assets |
(7,970)
|
5,754
|
| Accounts payable and accrued expenses |
(453,903)
|
137,810
|
| Net cash used in operating activities from continuing operations |
(1,864,951)
|
(638,815)
|
| Net cash used in operating activities from discontinued operations |
0
|
(451,124)
|
| Net cash used in operating activities |
(1,864,951)
|
(1,089,939)
|
| Cash flows from investing activities: |
|
|
| Purchases of trading securities |
(308,546)
|
(3,332,574)
|
| Sales of trading securities |
85,141
|
3,232,675
|
| Purchase of land |
0
|
(220,000)
|
| Investment in oil and gas property |
0
|
(20,000)
|
| Proceeds from sale of real estate |
1,662,500
|
1,327,519
|
| Proceeds from notes receivable |
2,004,291
|
38,274
|
| Net cash provided by investing activities from continuing operations |
3,443,386
|
1,028,106
|
| Net cash provided by investing activities from discontinued operations |
0
|
1,174,266
|
| Net cash provided by investing activities |
3,443,386
|
2,202,372
|
| Cash flows from financing activities: |
|
|
| Principal payments on debt |
(321,215)
|
(1,221,101)
|
| Proceeds from the issuance of debt |
0
|
450,000
|
| Payments for acquisition of treasury stock in subsidiary |
0
|
(1,706)
|
| Payments for acquisition of treasury stock |
(35,037)
|
(19,024)
|
| Net cash used in financing activities from continuing operations |
(356,252)
|
(791,831)
|
| Net cash used in financing activities from discontinued operations |
0
|
(379,526)
|
| Net cash used in financing activities |
(356,252)
|
(1,171,357)
|
| Net increase (decrease) in cash and cash equivalents |
1,222,183
|
(58,924)
|
| Cash and cash equivalents at beginning of period |
373,482
|
670,372
|
| Cash and cash equivalents at end of period |
1,595,665
|
611,448
|
| Supplemental cash flow information: |
|
|
| Interest paid |
39,833
|
59,981
|
| Income taxes paid |
0
|
0
|
| Non-cash investing and financing transactions: |
|
|
| Reclassification of promissory note to accounts payable and accrued expenses |
131,081
|
0
|
| Unrealized loss on marketable securities |
60,050
|
43,550
|
| Cancellation of treasury stock |
260,530
|
0
|
| Write off of Inez acquisition payable |
230,000
|
0
|
| Contingent obligation |
750,000
|
0
|
| Contract obligation paid with restricted cash |
130,645
|
0
|
| Change in estimate of asset retirement obligations |
499
|
0
|
| Unpaid portion of Inez oil and gas property acquisition |
0
|
230,000
|
| Stock and note issued to related party for acquisition of real estate |
$ 0
|
$ 450,000
|