Investors

Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 20,479 $ 56,456
Accounts receivable 38,280 44,379
Prepaid expenses 7,494 9,951
Total current assets 66,253 110,786
Fixed Assets    
Furniture and equipment 46,883 46,883
Accumulated depreciation (32,509) (30,893)
Total furniture and fixtures, net 14,374 15,990
Oil and gas properties, net of impairment (successful efforts method) 2,795,557 2,787,986
Accumulated depletion, depreciation and amortization (2,188,860) (2,166,643)
Total oil and gas properties, net 606,697 621,343
Other Assets    
Management fee receivable - affiliate 138,633 137,556
Total Assets 825,957 885,675
Current Liabilities    
Accounts payable 531,826 420,559
Accrued liabilities 405,400 746,491
Accrued liabilities - related parties 1,310,847 1,489,973
Liability for unauthorized preferred stock issued 9,283 9,283
Note payable (net of unamortized deferred financing costs) 371,500 564,263
Note payable (net of debt discount) - affiliate 206,696 0
Asset retirement obligation 52,321 76,850
Total current liabilities 2,887,873 3,307,419
Other Liabilities    
Asset retirement obligations 40,448 7,141
Total long term liabilities 40,448 7,141
Total Liabilities 2,928,321 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 March 31, 2017 and December 31, 2016, respectively 31,220 31,220
Additional paid-in capital 36,126,176 35,795,479
Accumulated deficit (46,808,011) (46,140,750)
Total Victory Energy Corporation stockholders' deficit (10,650,615) (10,314,051)
Non-controlling interest 8,548,251 7,885,166
Total stockholders' equity (deficit) (2,102,364) (2,428,885)
Total Liabilities and Stockholders' Deficit $ 825,957 $ 885,675
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues    
Oil and gas sales $ 85,300 $ 65,993
Total revenues 85,300 65,993
Operating Expenses:    
Lease operating costs 25,904 37,353
Exploration and dry hole cost 1,903 0
Production taxes 4,685 3,273
General and administrative 603,663 444,161
Depreciation, depletion, amortization, and accretion 25,041 48,019
Total operating expenses 661,196 532,806
Loss from operations (575,896) (466,813)
Other Income (Expense):    
Management fee income 1,077 1,336
Interest expense (89,358) (33,189)
Total other income and expense (88,281) (31,853)
Loss before Tax Benefit (664,177) (498,666)
Tax benefit 0 0
Net loss (664,177) (498,666)
Less: Net income (loss) attributable to non-controlling interest 3,085 (57,042)
Net loss attributable to Victory Energy Corporation $ (667,262) $ (441,624)
Weighted average shares, basic and diluted (in shares) 31,220,326 31,220,326
Net loss per share, basic and diluted (in dollars per share) $ (0.02) $ (0.01)
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (664,177) $ (498,666)
Adjustments to reconcile net loss to net cash used in operating activities    
Accretion of asset retirement obligations 1,208 1,080
Amortization of debt discount 40,296 0
Amortization of deferred financing costs 6,237 10,206
Depletion, depreciation, and amortization 23,833 46,939
Stock based compensation 170,697 23,415
Change in operating assets and liabilities    
Accounts receivable 6,099 (720)
Management fee receivable - affiliate (1,077) (1,336)
Prepaid expense 2,457 1,746
Accounts payable 111,267 113,285
Accrued liabilities - related parties (179,126) 199,571
Accrued liabilities (341,091) (153,390)
Accrued interest note payable - affiliate 6,400 0
Net cash used in operating activities (816,977) (257,870)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Lease purchases, drilling capital expenditures 0 (18,443)
Net cash used in investing activities 0 (18,443)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Non-controlling interest contributions 660,000 302,000
Debt financing proceeds - affiliate 320,000 0
Principal payments of debt financing (199,000) 0
Net cash provided by financing activities 781,000 302,000
Net Change in Cash and Cash Equivalents (35,977) 25,687
Beginning Cash and Cash Equivalents 56,456 2,384
Ending Cash and Cash Equivalents 20,479 28,071
Cash paid for:    
Interest 12,458 11,239
Non-cash investing and financing activities:    
Interest - Accrued interest 18,145 11,745
Accrued capital expenditures 197,615 334,395
Revisions to asset retirement obligations $ 7,570 $ 0