Investors

Financials

v3.8.0.1
BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 24,383 $ 56,456
Accounts Receivable 0 44,379
Prepaid expenses 113,967 9,951
Total current assets 138,350 110,786
Fixed Assets    
Furniture and equipment 43,622 46,883
Accumulated depreciation (43,133) (30,893)
Total furniture and equipment, net 489 15,990
Oil & gas properties, net of impairment 0 2,787,986
Accumulated depletion and accretion 0 (2,166,643)
Total oil & gas properties, net 0 621,343
Intangible assets 17,630,000 0
Management fee receivable - affiliate 0 137,556
Total Assets 17,768,839 885,675
Current Liabilities    
Accounts payable 590,870 420,559
Accrued liabilities 374,281 746,491
Accrued liabilities - related parties 0 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 896,500 0
Asset retirement obligation 0 76,850
Total current liabilities 1,870,934 3,307,419
Other Liabilities    
Asset retirement obligation 0 7,141
Total long term liabilities 0 7,141
Total Liabilities 1,870,934 3,314,560
Stockholders Equity (Deficit)    
Common stock, $0.001 par value, 300,000,000 shares authorized, 5,206,174 shares and 823,278 shares issued and outstanding at December 31, 2017 and 2016, respectively 5,206 823
Receivable for stock subscription (4,800,000) 0
Additional paid-in capital 87,552,737 35,825,876
Accumulated deficit (66,861,036) (46,140,750)
Total Victory Energy Corporation stockholders equity (deficit) 15,897,905 (10,314,051)
Noncontrolling interest 0 7,885,166
Total stockholders equity (deficit) 15,897,905 (2,428,885)
Total Liabilities and Stockholders Equity (Deficit) 17,768,839 885,675
Preferred Series B stock, $0.001 par value, 800,000 shares authorized, 800,000 shares and 0 shares issued and outstanding for December 31, 2017 and 2016, respectively    
Stockholders Equity (Deficit)    
Preferred stock 800 0
Preferred Series C stock, $0.001 par value, 810,000 shares authorized, 180,000 and 0 shares issued and outstanding for December 31, 2017 and 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 18,333 and 0 shares outstanding for December 31, 2017 and 2016, respectively    
Stockholders Equity (Deficit)    
Preferred stock $ 18 $ 0
v3.8.0.1
STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating Expenses    
General and administrative $ 2,174,965 $ 1,767,226
Depreciation and amortization 15,502 6,463
Total operating expenses 2,190,467 1,773,689
Loss from operations (2,190,467) (1,773,689)
Other Income (Expense)    
Interest expense (338,236) (134,116)
Total other income (expense) (338,236) (134,116)
Loss before tax benefit (2,528,703) (1,907,805)
Tax benefit 0 0
Loss from continuing operations (2,528,703) (1,907,805)
Income (loss) from discontinued operations (18,191,583) 1,206
Loss applicable to common stockholders $ (20,720,286) $ (1,906,599)
Basic:    
Loss per share from Continuing Operations (in dollars per share) $ (2.43) $ (2.32)
Loss per share from discontinued operations (in dollars per share) (17.5) 0.0
Loss per share, basic (in dollars per share) (19.93) (2.32)
Diluted:    
Loss per share from Continuing Operations (in dollars per share) (2.21) (2.31)
Loss per share from discontinued operations (in dollars per share) (15.93) 0.00
Loss per share, diluted (in dollars per share) $ (18.14) $ (2.31)
Weighted average shares, basic (in shares) 1,039,420 823,878
Weighted average shares, diluted (in shares) 1,142,105 824,515
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (20,720,286) $ (1,906,599)
Adjustments to reconcile net loss to net cash used in operating activities    
Loss on disposal of discontinued operations, net of tax 18,205,884 0
Accretion and revisions of asset retirement obligations 9,613 2,670
Amortization of debt discount 210,000 40,823
Amortization of deferred financing costs 6,237 0
Gain on settlement of asset retirement obligation 0 (27,850)
Gain on settlement and sale of oil and gas properties 0 (125,774)
Depletion, accretion, depreciation, and amortization 91,321 132,339
Stock based compensation 312,351 86,733
Change in operating assets and liabilities    
Accounts receivable (2,304) (6,689)
Accounts receivable - affiliate 126,243 (5,972)
Prepaid expense (104,016) (1,217)
Accounts payable 215,924 (1,112,210)
Accrued liabilities - related parties (58,435) 684,794
Accrued liabilities (312,172) 211,872
Accrued interest note payable - affiliate 81,500 0
Net cash used in operating activities (1,938,140) (2,027,080)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Lease purchases, drilling capital expenditures 0 (18,442)
Proceeds from sale of assets 0 97,094
Revisions of furniture and equipment 3,261 0
Net cash provided by investing activities 3,261 78,652
CASH FLOWS FROM FINANCING ACTIVITIES:    
Non-controlling interest contributions 1,170,000 2,112,000
Receivable for stock subscription 200,000 0
Debt financing proceeds - affiliate 1,135,000 0
Principal payments of debt financing (570,500) (109,500)
Redemption of preferred stock (31,694) 0
Net cash provided by financing activities 1,902,806 2,002,500
Net Change in Cash and Cash Equivalents (32,073) 54,072
Beginning Cash and Cash Equivalents 56,456 2,384
Ending Cash and Cash Equivalents 24,383 56,456
Supplemental cash flow information - cash paid for:    
Interest 20,469 46,056
Non-cash investing and financing activities:    
Accrued interest and amortization of debt discount 317,767 88,060
Accrued capital expenditures 0 230,661
Revisions to depreciation 6,086 0
Receivable for stock subscription 4,800,000 0
Intangible Assets $ 17,330,000 $ 0