Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 47,157 $ 56,456
Accounts receivable 28,972 44,379
Prepaid expenses 26,715 9,951
Total current assets 102,844 110,786
Fixed Assets    
Furniture and equipment 43,622 46,883
Accumulated depreciation (40,211) (30,893)
Total furniture and fixtures, net 3,411 15,990
Oil and gas properties, net of impairment (successful efforts method) 2,795,557 2,787,986
Accumulated depletion, depreciation and amortization (2,214,709) (2,166,643)
Total oil and gas properties, net 580,848 621,343
Other Assets    
Management fee receivable - affiliate 139,455 137,556
Total Assets 826,558 885,675
Current Liabilities    
Accounts payable 570,667 420,559
Accrued liabilities 404,419 746,491
Accrued liabilities - related parties 1,273,616 1,489,973
Liability for unauthorized preferred stock issued 9,283 9,283
Note payable (net of unamortized deferred financing costs) 254,500 564,263
Note payable (net of debt discount) - affiliate 284,055 0
Asset retirement obligation 52,321 76,850
Total current liabilities 2,848,861 3,307,419
Other Liabilities    
Asset retirement obligations 40,895 7,141
Total long term liabilities 40,895 7,141
Total Liabilities 2,889,756 3,314,560
Stockholders' Equity (Deficit)    
Common stock, $0.001 par value, 47,500,000 shares authorized, 31,220,326 shares and 31,220,326 shares issued and outstanding for June 30, 2017 and December 31, 2016, respectively 31,220 31,220
Additional paid-in capital 36,134,513 35,795,479
Accumulated deficit (47,393,299) (46,140,750)
Total Victory Energy Corporation stockholders' deficit (11,227,566) (10,314,051)
Non-controlling interest 9,164,368 7,885,166
Total stockholders' equity (deficit) (2,063,198) (2,428,885)
Total Liabilities and Stockholders' Deficit $ 826,558 $ 885,675