Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current Assets    
Cash and cash equivalents $ 56,765 $ 2,384
Accounts receivable - less allowance for doubtful accounts of $0, and $200,000 for June 30, 2016 and December 31, 2015, respectively 57,964 37,690
Accounts receivable - affiliates 134,225 131,584
Prepaid expenses 5,242 8,734
Total current assets 254,196 180,392
Fixed Assets    
Furniture and equipment 46,883 46,883
Accumulated depreciation (27,661) (24,429)
Total furniture and fixtures, net 19,222 22,454
Oil gas properties, net of impairment (successful efforts method) 2,787,986 3,033,279
Accumulated depletion, depreciation and amortization (2,112,224) (2,274,188)
Total oil and gas properties, net 675,762 759,091
Other Assets    
Deferred debt financing costs 26,648 47,060
Total Assets 975,828 1,008,997
Current Liabilities    
Accounts payable 1,548,369 1,591,764
Accrued liabilities 394,300 534,619
Accrued liabilities - related parties 1,020,862 805,179
Liability for unauthorized preferred stock issued 9,283 9,283
Note payable 680,000 680,000
Asset retirement obligation 54,826 14,403
Total current liabilities 3,707,640 3,635,248
Other Liabilities    
Asset retirement obligations 28,092 94,768
Total long term liabilities 28,092 94,768
Total Liabilities 3,735,732 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 June 30, 2016 and December 31, 2015, respectively 31,220 31,220
Additional paid-in capital 35,766,155 35,708,746
Accumulated deficit (45,274,224) (44,289,126)
Total Victory Energy Corporation stockholders' deficit (9,476,849) (8,549,160)
Non-controlling interest 6,716,945 5,828,141
Total stockholders' equity (deficit) (2,759,904) (2,721,019)
Total Liabilities and Stockholders' Equity $ 975,828 $ 1,008,997