Investors

Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets    
Cash and cash equivalents $ 5,879 $ 2,384
Accounts receivable - less allowance for doubtful accounts of $0, and $200,000 for September 30, 2016 and December 31, 2015, respectively 43,367 37,690
Accounts receivable - affiliates 134,997 131,584
Prepaid expenses 3,496 8,734
Total current assets 187,739 180,392
Fixed Assets    
Furniture and equipment 46,883 46,883
Accumulated depreciation (29,277) (24,429)
Total furniture and fixtures, net 17,606 22,454
Oil gas properties, net of impairment (successful efforts method) 2,787,986 3,033,279
Accumulated depletion, depreciation and amortization (2,142,806) (2,274,188)
Total oil and gas properties, net 645,180 759,091
Other Assets    
Deferred debt financing costs 16,443 47,060
Total Assets 866,968 1,008,997
Current Liabilities    
Accounts payable 1,114,619 1,591,764
Accrued liabilities 409,104 534,619
Accrued liabilities - related parties 1,131,306 805,179
Liability for unauthorized preferred stock issued 9,283 9,283
Note payable 672,000 680,000
Asset retirement obligation 52,321 14,403
Total current liabilities 3,388,633 3,635,248
Other Liabilities    
Asset retirement obligations 31,129 94,768
Total long term liabilities 31,129 94,768
Total Liabilities 3,419,762 3,730,016
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 September 30, 2016 and December 31, 2015, respectively 31,220 31,220
Additional paid-in capital 35,780,817 35,708,746
Accumulated deficit (45,469,743) (44,289,126)
Total Victory Energy Corporation stockholders' deficit (9,657,706) (8,549,160)
Non-controlling interest 7,104,912 5,828,141
Total stockholders' equity (deficit) (2,552,794) (2,721,019)
Total Liabilities and Stockholders' Equity $ 866,968 $ 1,008,997
v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Oil and gas sales $ 73,065 $ 152,448 $ 218,243 $ 550,647
Gain on settlement and sale of oil and gas properties 0 0 64,824 0
Total revenues 73,065 152,448 283,067 550,647
Operating Expenses:        
Lease operating costs 20,585 37,279 83,712 114,296
Exploration and dry hole cost 0 (5,611) 0 (2,120)
Production taxes 4,097 7,178 11,152 26,719
General and administrative 190,675 941,822 1,258,833 3,657,016
Impairment of oil and natural gas properties 0 3,152 0 309,539
Depreciation, depletion, amortization, and accretion 32,729 84,423 109,016 335,437
Total operating expenses 248,086 1,068,243 1,462,713 4,440,887
Loss from operations (175,021) (915,795) (1,179,646) (3,890,240)
Other Income (Expense):        
Management fee income 772 3,053 3,413 5,728
Interest expense (33,300) (32,220) (99,613) (79,406)
Total other income and expense (32,528) (29,167) (96,200) (73,678)
Loss before Tax Benefit (207,549) (944,962) (1,275,846) (3,963,918)
Tax benefit 0 0 0 0
Net loss (207,549) (944,962) (1,275,846) (3,963,918)
Less: Net loss attributable to non-controlling interest (12,033) (62,353) (95,229) (287,278)
Net loss attributable to Victory Energy Corporation $ (195,516) $ (882,609) $ (1,180,617) $ (3,676,640)
Weighted average shares, basic and diluted (in shares) 31,220,326 29,776,068 31,220,326 29,428,000
Net loss per share, basic and diluted (in dollars per share) $ (0.01) $ (0.03) $ (0.04) $ (0.12)
v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,275,846) $ (3,963,918)
Adjustments to reconcile net loss to net cash used in operating activities    
Amortization of debt discount and financing warrants 30,617 30,617
Accretion of asset retirement obligations 2,129 4,593
Depletion, depreciation, and amortization 106,887 335,437
Gain on settlement and sale of oil and gas properties (64,824) 0
Impairment of oil and natural gas properties 0 309,539
Gain on asset retirement settlement 0 (3,721)
Stock based compensation 72,071 411,527
Stock grants in exchange for services 0 169,210
Change in operating assets and liabilities    
Accounts receivable (5,677) 17,014
Accounts receivable - affiliate (3,413) (4,917)
Prepaid expense 5,238 17,892
Accounts payable (418,151) 300,207
Accrued liabilities - related parties 326,127 201,177
Accrued liabilities (125,515) 274,342
Net cash used in operating activities (1,350,357) (1,901,001)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Lease purchases, drilling capital expenditures (18,442) (529,974)
Proceeds from the sale of assets 8,294 0
Net cash used in investing activities (10,148) (529,974)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Non-controlling interest contributions 1,372,000 2,611,000
Principal payments of debt financing (8,000) (70,000)
Net cash provided by financing activities 1,364,000 2,541,000
Net Change in Cash and Cash Equivalents 3,495 110,025
Beginning Cash and Cash Equivalents 2,384 2,941
Ending Cash and Cash Equivalents 5,879 112,966
Cash paid for:    
Interest   32,730
Non-cash investing and financing activities:    
Asset retirement obligation incurred 0 2,506
Accrued capital expenditures $ 233,323 $ 398,052