|
Consolidated Balance Sheets (Unaudited) (USD $)
|
Dec. 31, 2013
|
Mar. 31, 2013
|
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 111,365 |
$ 129,931 |
| Accounts receivable, net of allowance for doubtful accounts of $0 and $0 |
33,735 |
52,667 |
| Notes receivable |
13,571 |
12,148 |
| Deposits and prepaid expenses |
279,400 |
160,000 |
| Receivables from joint interests, net of allowance for doubtful accounts of $136,872 and $140,227 |
20,000 |
20,000 |
| Total current assets |
458,071 |
374,746 |
| Notes receivable |
5,000 |
12,857 |
| Unproven oil & gas properties |
1,867,183 |
1,867,183 |
| Producing oil & gas properties, net |
154,558 |
172,833 |
| Intellectual property rights, net |
106,461 |
138,402 |
| Total Assets |
2,591,273 |
2,566,021 |
| Current Liabilities: |
|
|
| Accounts payable and accrued liabilities |
658,264 |
630,674 |
| Accrued payroll - related parties |
208,717 |
202,217 |
| Dividends payable |
54,230 |
40,750 |
| Accrued liabilities to joint interest |
11,596 |
11,881 |
| Notes payable - related party |
26,000 |
21,000 |
| Notes payable, net of discount |
839,300 |
250,000 |
| Total current liabilities |
1,798,107 |
1,156,522 |
| Notes payable, net of discount |
275,000 |
864,750 |
| Accrued asset retirement obligation (ARO) liability |
110,361 |
102,661 |
| Total Liabilities |
2,183,468 |
2,123,933 |
| Commitments and contingencies |
|
|
| Stockholders' Equity |
|
|
| Preferred stock, Series A: $.10 par value, 1,000,000 shares authorized, 100 shares issued and outstanding stated at redemption value, as of December 31, 2013 and March 31, 2013, respectively; Series B: $.10 par value, 2,000 shares authorized, 200 shares issued and outstanding stated at redemption value as of December 31, 2013 and March 31, 2013, respectively |
700,000 |
650,000 |
| Common stock, $.001 par value: 200,000,000 shares authorized 11,458,062 and 6,208,062 shares issued and outstanding at December 31, 2013 and March 31, 2013, respectively |
11,459 |
6,209 |
| Additional paid in capital |
30,260,959 |
29,758,709 |
| Accumulated deficit |
(30,564,613) |
(29,972,830) |
| Total Stockholders Equity |
407,805 |
442,088 |
| Total Liabilities and Stockholders' Equity |
2,591,273 |
2,566,021 |
|
Preferred stock, Series A
|
|
|
| Stockholders' Equity |
|
|
| Preferred stock, Series A: $.10 par value, 1,000,000 shares authorized, 100 shares issued and outstanding stated at redemption value, as of December 31, 2013 and March 31, 2013, respectively; Series B: $.10 par value, 2,000 shares authorized, 200 shares issued and outstanding stated at redemption value as of December 31, 2013 and March 31, 2013, respectively |
500,000 |
500,000 |
|
Preferred stock, Series B
|
|
|
| Stockholders' Equity |
|
|
| Preferred stock, Series A: $.10 par value, 1,000,000 shares authorized, 100 shares issued and outstanding stated at redemption value, as of December 31, 2013 and March 31, 2013, respectively; Series B: $.10 par value, 2,000 shares authorized, 200 shares issued and outstanding stated at redemption value as of December 31, 2013 and March 31, 2013, respectively |
$ 200,000 |
$ 150,000 |