This info is taken from the current 10Q, notice the dates.
Current Assets:
Cash $ 26,172
Accounts receivable - oil and gas 9,929
Prepaid expenses 11,503
Bond investment receivable 66,000
Total Current Assets 113,604
Property and Equipment:
Oil and gas properties - full cost method
Subject to amortization 8,429,000
Undeveloped properties 1,217,000
Production equipment 300,584
Furniture and equipment 61,081
Accumulated depreciation, depletion
and amortization (71,838)
Net Property and Equipment 9,935,827
Investment in marketable securities 2,200,000
Organization costs, net of amortization 59,252
Total Assets $ 12,308,683
BALANCE SHEET
LIABILITIES AND STOCKHOLDERS' EQUITY
(Unaudited)
March 31, 1997
Current Liabilities
Amounts due for oil and gas properties $ 1,085,000
Bonds payable 171,840
Advances from related parties 293,775
Accounts payable 19,460
Note payable to related parties 35,484
Total Current Liabilities 1,605,559
Deferred income tax liability 3,032,000
Commitments and contingencies --
Stockholders' Equity
Common stock, $.001 par value; 25,000,000
shares authorized; 26,837,775 shares
issued and outstanding 26,838
Paid-in capital 15,859,036
Accumulated deficit (8,214,750)
Total Stockholders' Equity 7,671,124
Total Liabilities and Stockholders' Equity $12,308,683
STATEMENT OF OPERATIONS
(Unaudited)
For the Three Months Ended
March 31,
1997 1996
Revenue:
Oil and gas sales $ 26,444 $ 1,960
Other 5,500 --
31,944 1,960
Expenses:
Lease operating 182,166 3,316
General and administrative 149,261 637,555
Depreciation, depletion and
amortization 5,289 4,130
Interest 5,742 5,502
342,458 650,503
Loss before income taxes (310,514) (648,543)
Provision for income taxes -- --
Net loss $ (310,514) $ (648,543)
Loss per common share:
Primary and fully diluted $ (0.01) $ (0.05)
Weighted average common shares
outstanding:
Primary and fully diluted 25,782,275 14,327,570
What I don't like is the ratio between current assets (113,604) and current liabilities (1,605,559). These numbers just don't look too
good. Something has got to change quick or this Co. will be in tramendous debt very soon.
J.B. |
