v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities    
Net Loss $ (24,771,588) $ (89,123,239)
Adjustments to Reconcile Net Losses to Net Cash Used in Operating Activities:    
Depreciation, Depletion, Amortization and Accretion 1,480,535 2,698,738
Impairment of Oil and Gas Properties 8,137,987 79,142,113
Share-Based Compensation 1,194,243 114,874
Amortization of Discount on Notes 1,124,396 1,585,103
Bad Debt Expense 258,594 779,421
Gain on settlement of Accounts Payable (44,279)
Change in Fair Value of Derivative Liability (21,657) (105,298)
Loss on Sale of Property and Equipment 3,559,083  
Changes in Components of Working Capital and Other Assets:    
Accounts Receivable 312,766 (1,268,667)
Inventories (7,680)
Other Current Assets (108,738) (63,190)
Accounts Payable and Accrued Expenses 3,068,275 (101,104)
Net Cash Used in Operating Activities (5,766,104) (6,393,208)
Investing Cash Flows    
Cash paid for Oil and Gas Property Development Costs (2,046,057) (3,768,344)
Cash Paid for Segundo Acquisition (4,975,000)
Proceeds from Sale of Oil and Gas Properties 1,825,587  
Proceeds from Sale of Other Property and Equipment 10,069  
Cash Proceeds from (Paid for) Deposits 88,859 (87,653)
Cash Paid for Other Property and Equipment (1,570) (20,850)
Net Cash Used in Investing Activities (123,112) (8,851,847)
Financing Cash Flows    
Proceeds from Issuance of Notes Payable   2,750,000
Proceeds from the Exercise of Warrants   4,072,500
Principal Repayments on Notes Payable   (1,500,000)
Proceeds from Issuance of Long-Term Notes Payable   41,550,000
Principal Repayments on Long-Term Notes Payable (2,861,394) (33,925,766)
Proceeds from Issuance of Convertible Notes   150,000
Proceeds from Issuance of Series C Preferred Stock and Warrants 7,000,000 5,000,000
Bond Sinking Fund Deposit (1,684,527)
Proceeds from Borrowings on Notes Payable 150,000  
Cash Released from Restricted Cash 1,655,693  
Stock Placement Fees Paid   (659,580)
Net Cash Provided by Financing Activities 5,944,299 15,752,627
Increase in Cash 55,083 507,572
Cash at Beginning of the Year 705,234 197,662
Cash at End of the Year $ 760,317 $ 705,234

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