Investors

Financials

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
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Oil and gas sales $ 70,680 $ 79,185 $ 155,980 $ 145,178
Gain on settlement and sale of oil and gas properties 0 64,824 0 64,824
Total revenues 70,680 144,009 155,980 210,002
Operating Expenses:        
Lease operating costs 31,836 25,774 57,740 63,127
Exploration and dry hole cost 315 0 2,218 0
Production taxes 3,806 3,782 8,491 7,055
General and administrative 513,826 623,995 1,117,488 1,068,156
Depreciation, depletion, amortization, and accretion 37,259 28,267 62,300 76,286
Total operating expenses 587,042 681,818 1,248,237 1,214,624
Loss from operations (516,362) (537,809) (1,092,257) (1,004,622)
Other Income (Expense):        
Management fee income 822 1,305 1,899 2,641
Interest expense (98,633) (33,124) (187,991) (66,313)
Total other income and expense (97,811) (31,819) (186,092) (63,672)
Loss before Tax Benefit (614,173) (569,628) (1,278,349) (1,068,294)
Tax benefit 0 0 0 0
Net loss (614,173) (569,628) (1,278,349) (1,068,294)
Less: Net loss attributable to non-controlling interest (28,883) (26,154) (25,798) (83,196)
Net loss attributable to Victory Energy Corporation $ (585,290) $ (543,474) $ (1,252,551) $ (985,098)
Weighted average shares, basic and diluted (in shares) 31,220,326 31,220,326 31,220,326 31,220,326
Net loss per share, basic and diluted (in dollars per share) $ (0.02) $ (0.02) $ (0.04) $ (0.03)
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,278,349) $ (1,068,294)
Adjustments to reconcile net loss to net cash used in operating activities    
Accretion of asset retirement obligations 1,655 1,597
Amortization of debt discount 124,055 0
Amortization of deferred financing costs 6,237 20,412
Gain on settlement and sale of oil and gas properties 0 (64,824)
Depletion, depreciation, and amortization 60,645 74,689
Stock based compensation 179,034 57,409
Change in operating assets and liabilities    
Accounts receivable 15,407 (20,274)
Management fee receivable - affiliate (1,899) (2,641)
Prepaid expense (16,764) 3,492
Accounts payable 150,107 15,599
Accrued liabilities - related parties (216,357) 215,683
Accrued liabilities (357,789) (140,319)
Accrued interest note payable - affiliate 15,719 0
Net cash used in operating activities (1,318,299) (907,471)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Lease purchases, drilling capital expenditures 0 (18,442)
Proceeds from sale of assets 0 8,294
Net cash used in investing activities 0 (10,148)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Non-controlling interest contributions 1,305,000 972,000
Debt financing proceeds - affiliate 320,000 0
Principal payments of debt financing (316,000) 0
Net cash provided by financing activities 1,309,000 972,000
Net Change in Cash and Cash Equivalents (9,299) 54,381
Beginning Cash and Cash Equivalents 56,456 2,384
Ending Cash and Cash Equivalents 47,157 56,765
Cash paid for:    
Interest 18,362 22,412
Non-cash investing and financing activities:    
Interest - accrued interest and amortization of debt discount 163,392 0
Accrued capital expenditures 173,568 305,983
Revisions to asset retirement obligations $ 7,570 $ 0