Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Statement of Cash Flows [Abstract]        
Net Income(Loss) $ 23,228,364 $ (6,246,116) $ 19,716,269 $ (9,295,094)
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Depreciation, Depletion, Amortization and Accretion 136,726 434,948 463,926 1,006,989
Impairment of Oil and Gas Properties 224,309 1,375,000 755,966 2,150,374
Loss on Sale of Fixed Assets       9,595
Gain on Sale of Oil and Gas Properties     (25,808,246) (1,195)
Share-Based Compensation     343,629 9,632
Amortization of Discount on Notes     1,298,275 601,783
Change in Fair Value of Derivative Liability       (20,891)
Changes in Components of Working Capital and Other Assets:        
Accounts Receivable     595,248 166,111
Other Current Assets     109,163 82,587
Accounts Payable and Accrued Expenses     691,994 4,602,529
Net Cash Used in Operating Activities     (1,833,776) (687,580)
Investing Cash Flows        
Cash paid for Oil and Gas Property Development Costs     (2,482,788) (661,442)
Proceeds from Sale Fixed Assets       10,069
Cash Paid for (Proceeds from) Deposits     (141,009) 8,416
Proceeds from Sale of Oil and Gas Properties       404,287
Net Cash Used in Investing Activities     (2,623,797) (238,670)
Financing Cash Flows        
Proceeds from Issuance of Notes Payable       150,000
Principal Repayments of Notes Payable       (1,360,087)
Proceeds from Issuance of Series C Preferred Stock and Warrants     9,000,000  
Net Cash Provided by Financing Activities     9,000,000 (1,210,087)
(Decrease) Increase in Cash and Restricted Cash     4,542,427 (2,134,337)
Cash and Restricted Cash at Beginning of the Period     789,151 2,389,761
Cash and Restricted Cash at End of the Period $ 5,331,578 $ 253,424 $ 5,331,578 $ 253,424