|
Consolidated Statement of Cash Flows (Unaudited) (USD $)
|
9 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Cash flows from operating activities: |
|
|
| Net (loss) |
$ (550,003) |
$ (425,918) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Common stock issued for services |
150,001 |
87,500 |
| Loss on conversion on notes payable |
57,050 |
|
| Accrued interest |
|
5,000 |
| Stock issued for reduction of interest on notes payable |
|
2,409 |
| Depreciation |
|
957 |
| Depletion |
16,103 |
27,686 |
| Depreciation and ARO liability |
2,172 |
2,172 |
| Amortization of discount on notes payable |
|
29,068 |
| Amortization of intangible assets |
31,938 |
31,938 |
| Net change in operating assets and liabilities: |
|
|
| Accounts receivable |
18,934 |
(3,494) |
| Joint interest receivable |
|
|
| Accounts payable and other accrued expenses |
33,805 |
85,217 |
| Dividends payable to related party |
|
3,900 |
| Due to related party |
5,000 |
5,000 |
| Asset retirement obligation |
7,700 |
9,233 |
| Net cash (used) in operating activities |
(227,300) |
(139,332) |
| Cash flows from investing activities: |
|
|
| Deposit on the purchase of additional assets |
(119,400) |
|
| Principle payments received on notes receivable |
6,434 |
3,572 |
| Net cash provided in investing activities |
(112,966) |
3,572 |
| Cash flows from financing activities: |
|
|
| Proceeds from notes payable |
|
140,000 |
| Common stock issued for cash |
300,000 |
|
| Preferred stock B issued for cash |
50,000 |
|
| Dividends paid on preferred stock |
(28,300) |
|
| Net cash provided in financing activities |
321,700 |
140,000 |
| Net (decrease) in cash and cash equivalents |
(18,566) |
4,240 |
| Cash and cash equivalents at beginning of period |
129,931 |
114,533 |
| Cash and cash equivalents at end of period |
111,365 |
118,773 |
| Supplemental disclosures of cash flow information: |
|
|
| Cash paid during the period for Interest |
|
|
| Cash paid during the period for Taxes |
|
|
| Common stock issued in exchange for consulting services |
150,001 |
87,500 |
| Common stock issued for conversion of note payable, accrued interest, and assumption of debt |
$ 57,500 |
$ 43,909 |