Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities    
Net Loss $ (89,123,239) $ (25,449,755)
Adjustments to Reconcile Net Losses to Net Cash Used in Operating Activities:    
Depreciation, Depletion, Amortization and Accretion 2,698,738 879,850
Impairment of Oil and Gas Properties 79,142,113 21,391,490
Share-Based Compensation 114,874 159,318
Amortization of Discount on Notes 1,585,103 189,050
Amortization of Deferred Financing Costs   125,145
Bad Debt Expense 779,421  
Gain on settlement of Accounts Payable (44,279) (46,679)
Change in Fair Value of Derivative Liability (105,298) 126,960
Loss on Sale of Property and Equipment   602
Changes in Components of Working Capital and Other Assets:    
Accounts Receivable (1,268,667) 77,019
Inventories (7,680) (478)
Other Current Assets (63,190) 45,495
Accounts Payable and Accrued Expenses (101,104) 432,664
Net Cash Used in Operating Activities (6,393,208) (2,069,319)
Investing Cash Flows    
Cash paid for Oil and Gas Property Development Costs (3,768,344) (221,763)
Cash Paid for Segundo Acquisition (4,975,000)  
Proceeds from Sale of Oil and Gas Properties   347,600
Proceeds from Victory Settlement   54,021
Proceeds from Deposits, net   4,784
Cash Paid for Deposits (87,653)  
Cash Paid for Other Property and Equipment (20,850)  
Net Cash (Used in) Provided by Investing Activities (8,851,847) 184,642
Financing Cash Flows    
Proceeds from Issuance of Notes Payable 2,750,000 500,000
Proceeds from the Exercise of Warrants 4,072,500  
Principal Repayments on Notes Payable (1,500,000) (117,000)
Proceeds from Issuance of Long-Term Notes Payable 41,550,000  
Principal Repayments on Long-Term Notes Payable (33,925,766)  
Proceeds from Issuance of Convertible Notes 150,000 1,450,000
Proceeds from Issuance of Series C Preferred Stock and Warrants 5,000,000  
Bond Sinking Fund Deposit (1,684,527)  
Proceeds from Sale of Treasury Stock   104,754
Stock Placement Fees Paid (659,580) (22,012)
Net Cash Provided by Financing Activities 15,752,627 1,915,742
Increase in Cash 507,572 31,065
Cash at Beginning of the Year 197,662 166,597
Cash at End of the Year $ 705,234 $ 197,662