Investors

Financials

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 10,630 $ 56,456
Accounts receivable 37,755 44,379
Accounts receivable - affiliates 207,828 137,556
Prepaid expenses 10,096 9,951
Total current assets 266,309 248,342
Fixed Assets    
Furniture and equipment 43,622 46,883
Accumulated depreciation (41,672) (30,893)
Total furniture and fixtures, net 1,950 15,990
Oil and gas properties, net of impairment (successful efforts method) 2,787,986 2,787,986
Accumulated depletion, depreciation and amortization (2,234,098) (2,166,643)
Total oil and gas properties, net 553,888 621,343
Intangible assets 17,630,000 0
Total Assets 18,452,147 885,675
Current Liabilities    
Accounts payable 572,295 420,559
Accrued liabilities 419,069 746,491
Accrued liabilities - related parties 65,000 1,489,973
Liability for unauthorized preferred stock issued 9,283 9,283
Note payable (net of unamortized deferred financing costs) 0 564,263
Note payable (net of debt discount) - affiliate 550,000 0
Asset retirement obligation 63,421 76,850
Total current liabilities 1,679,068 3,307,419
Other Liabilities    
Asset retirement obligations 29,688 7,141
Total long term liabilities 29,688 7,141
Total Liabilities 1,708,756 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 September 30, 2017 and December 31, 2016, respectively 31,220 31,220
Receivable for stock subscription (5,000,000) 0
Additional paid-in capital 60,680,232 35,795,479
Accumulated deficit (47,992,475) (46,140,750)
Total Victory Energy Corporation stockholders' equity (deficit) 7,719,977 (10,314,051)
Non-controlling interest 9,023,414 7,885,166
Total stockholders' equity (deficit) 16,743,391 (2,428,885)
Total Liabilities and Stockholders' Equity (Deficit) 18,452,147 885,675
Preferred Series B stock, $0.001 par value, 800,000 shares authorized, 800,000 shares and 0 shares issued and outstanding for September 30, 2017 and December 31, 2016, respectively    
Stockholders' Equity (Deficit)    
Preferred stock 800 0
Preferred Series C stock, $0.001 par value, 810,000 shares authorized, 180,000 shares and 0 shares issued and outstanding for September 30, 2017 and December 31, 2016, respectively    
Stockholders' Equity (Deficit)    
Preferred stock 180 0
Preferred Series D stock, $0.001 par value, 20,000 shares authorized, 20,000 shares and 0 shares issued and outstanding for September 30, 2017 and December 31, 2016, respectively    
Stockholders' Equity (Deficit)    
Preferred stock $ 20 $ 0
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Oil and gas sales $ 57,764 $ 73,065 $ 213,744 $ 218,243
Gain on settlement and sale of oil and gas properties 0 0 0 64,824
Total revenues 57,764 73,065 213,744 283,067
Operating Expenses:        
Lease operating costs 13,145 20,585 70,885 83,712
Exploration and dry hole cost 0 0 2,218 0
Production taxes 3,322 4,097 11,813 11,152
General and administrative 510,636 190,675 1,628,124 1,258,833
Depreciation, depletion, amortization, and accretion 29,916 32,729 92,216 109,016
Total operating expenses 557,019 248,086 1,805,256 1,462,713
Loss from operations (499,255) (175,021) (1,591,512) (1,179,646)
Other Income (Expense):        
Management fee income 869 772 2,768 3,413
Interest expense (106,742) (33,300) (294,733) (99,613)
Total other income and expense (105,873) (32,528) (291,965) (96,200)
Loss before Tax Benefit (605,128) (207,549) (1,883,477) (1,275,846)
Tax benefit 0 0 0 0
Net loss (605,128) (207,549) (1,883,477) (1,275,846)
Less: Net loss attributable to non-controlling interest (5,954) (12,033) (31,752) (95,229)
Net loss attributable to Victory Energy Corporation $ (599,174) $ (195,516) $ (1,851,725) $ (1,180,617)
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) $ (0.01) $ (0.06) $ (0.04)
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,883,477) $ (1,275,846)
Adjustments to reconcile net loss to net cash used in operating activities    
Accretion of asset retirement obligations 9,118 2,129
Amortization of debt discount 210,000 0
Amortization of deferred financing costs 6,237 30,617
Gain on settlement and sale of oil and gas properties 0 (64,824)
Depletion, depreciation, and amortization 78,234 106,887
Stock based compensation 236,221 72,071
Change in operating assets and liabilities    
Accounts receivable 6,624 (5,677)
Accounts receivable - affiliate (70,272) (3,413)
Prepaid expense (145) 5,238
Accounts payable 151,736 (418,151)
Accrued liabilities - related parties (255,441) 326,127
Accrued liabilities (7,422) (125,515)
Accrued interest note payable - affiliate 50,000 0
Net cash used in operating activities (1,468,587) (1,350,357)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Lease purchases, drilling capital expenditures 0 (18,442)
Proceeds from sale of assets 0 8,294
Revisions of furniture and fixtures 3,261 0
Net cash provided by (used in) investing activities 3,261 (10,148)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Non-controlling interest contributions 1,170,000 1,372,000
Debt financing proceeds - affiliate 820,000 0
Principal payments of debt financing (570,500) (8,000)
Net cash provided by financing activities 1,419,500 1,364,000
Net Change in Cash and Cash Equivalents (45,826) 3,495
Beginning Cash and Cash Equivalents 56,456 2,384
Ending Cash and Cash Equivalents 10,630 5,879
Cash paid for:    
Interest 20,469 33,633
Non-cash investing and financing activities:    
Accrued interest and amortization of debt discount 274,264 0
Accrued capital expenditures 0 233,323
Revisions to asset retirement obligations 7,486 0
Intangible Assets $ 17,630,000 $ 0