The accompanying notes are an integral part of these consolidated financial statements.
The accompanying notes are an integral part of these consolidated financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – BASIS OF PRESENTATION
These consolidated audited financial statements of Solar Quartz Technologies Corporation (Solar Quartz or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, these financials statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim periods. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations.
The sale of the Company’s oil and gas properties, as explained in Note 3, raised substantial doubt of the Company to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation and Basis of Presentation
— The consolidated financial statements include the accounts of Solar Quartz Technologies Corporation and its subsidiaries. Solar Quartz’s significant accounting policies are consistent with those discussed in the audited financial statements as of September 30, 2016 and 2015. All significant intercompany accounts and transactions have been eliminated in consolidation.
The Company's fiscal year-end is September 30. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows
Cash and Cash Equivalents
—The Company considers all highly liquid instruments purchased with a maturity date of three months or less to be cash equivalents.
Debt Issuance Costs
—Costs incurred in connection with the issuance of long-term debt are capitalized and amortized over the term of the related debt.
Conversion Feature Liability and Warrant Liabilities
—The conversion feature liability and warrant liabilities are recorded at fair value based upon valuation models utilizing relevant factors such as expected life, estimated volatility, risk-free interest and expected dividend rate. Changes in the fair value of these liabilities are reported in the statements of operations.
Stock-Based Compensation
—The Company accounts for employee stock-based compensation using the fair value method. The fair value attributable to stock options is calculated based on the Black-Scholes option pricing model and is amortized to expense over the service period which is equivalent to the time required to vest the stock options.
Income Taxes
—Income taxes are provided based on the liability method for financial reporting purposes. Under this method deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized.
Uncertain tax positions are recognized in the financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The Company is required to file federal income tax returns in the United States and in various state and local jurisdictions. The Company's tax returns filed since inception are subject to examination by taxing authorities in the jurisdictions in which it operates in accordance with the normal statutes of limitations in the applicable jurisdiction.
Earnings Per Share
– Basic earnings per share have been calculated based upon the weighted-average number of common shares outstanding. Diluted earnings per share have been calculated based upon the weighted-average number of common and potential shares.
Reclassifications
– Certain amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net loss, working capital or equity previously reported.
Recently Issued Accounting Pronouncements
– Various accounting standards updates have been recently issued, most of which represented technical corrections to the accounting literature or were applicable to specific industries. No new accounting pronouncements have been issued that are likely to have a material impact to the Company’s consolidated financial statements.
Fair Value Measurements
—The carrying value of cash and cash equivalents, accounts receivable, and accounts payable, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. The estimated fair value of long-term debt was determined by discounting future cash flows using rates currently available to the Company for debt with similar terms and remaining maturities. The Company calculated that the estimated fair value of the long-term debt is not significantly different than the carrying value of the debt. The participation liability associated with outstanding long-term debt was determined by utilizing a present value factor of 10 applied to proved developed reserves associated with the wells drilled with the proceeds of the notes.
Fair value is defined as the price that would be received to sell an asset or price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in determining fair value are classified for disclosure purposes according to a hierarchy that prioritizes those inputs based upon the degree to which they are observable. The three levels of the fair-value-measurement hierarchy are as follows:
|
·
|
Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
|
|
|
|
·
|
Level 2—Inputs that reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
|
·
|
Level 3—Unobservable inputs reflecting the Company's own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
|
In determining fair value, the Company utilizes observable market data when available, or models that incorporate observable market data. In addition to market information, the Company incorporates transaction-specific details that, in management's judgment, market participants would take into account in measuring fair value. The Company utilizes the most observable inputs available for the valuation technique employed. If a fair value measurement reflects inputs at multiple levels within the hierarchy, the fair-value measurement of both financial and nonfinancial assets and liabilities are characterized based upon the lowest level of input that is significant to the fair value measurement.
NOTE 3 – SUBSEQUENT EVENT
On July 1, 2017 the company acquired all of the shares of Solar Quartz Technologies Limited, a company incorporated in New Zealand (“SQTNZ”). These shares were purchased from Solar Quartz Technologies, Inc. (“SQTI”). We subsequently changed our name to Solar Quartz Technologies Corporation in Colorado and with FINRA, and have also been cleared by FINRA to use the new trading symbol SQTX. During July 2017 the Company issued 213,402,755 new shares of common stock to SQTI in exchange for 122 (100%) of the common shares of SQTNZ. The issuance of these shares was equivalent to 95% of the Company's shares issued, after we issue in the future an additional 10,021,224 shares of common stock to those holders of our common stock immediately prior to the acquisition. The Company does not anticipate any further reorganization of its common stock. We plan to apply to trade on the more senior OTCQX exchange or NASDAQ.
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
SQTNZ is a corporation that has no prior business activity other than being the title owner of the exclusive mining and development rights for two High Purity Quartz (HPQ) Silica deposits known as Quartz Hill (represented by leases ML 30235, ML 30236 and ML 30237) and White Springs (represented by leases ML 30238 and ML 30239) located in North Queensland, Australia. Together they contain deposits in excess of 15 million tons of 99% pure High Purity Quartz which is feedstock in high demand in the marketplace to be used in the production of High Purity Quartz Sand (HPQS) according to independent professional reports.
HPQS is an essential primary material for the manufacture of: Photo-Voltaic (PV) solar panels; Semiconductors; all High-end Electronic products; Fiber Optical cables; Halogen Lamps; HD and LCD television screens; and Epoxy Mounding Compounds (EMC).
NOTE 4 – INCOME TAXES
The Company operates in the United States; accordingly, federal and state income taxes have been provided based upon the tax laws and rates of the U.S. The Company has incurred losses since inception and, accordingly has a net operating loss carry forward as of September 30, 2016, of approximately $5,756,365. Since the Company has, on a cumulative basis, experienced net losses for tax purposes, the provisions for income taxes consists of the following:
Description
|
|
2016
|
|
|
2015
|
|
Tax provision at expected tax rate (35%)
|
|
$
|
2,391
|
|
|
$
|
149,083
|
|
Impact of permanent differences
|
|
|
-
|
|
|
|
500
|
|
Increase (decrease) to valuation allowance
|
|
|
(2,391
|
)
|
|
|
(149,583
|
)
|
Income tax provision
|
|
$
|
-
|
|
|
$
|
-
|
|
NOTE 5 – STOCKHOLDERS' EQUITY
Preferred Stock
— In July 2017 the Company increased its authorized preferred stock from 5,000,000 to 10,000,000 shares authorized none issued or outstanding.
Common Stock
—In July 2017 the Company increased its authorized common shares from an aggregate of 100,000,000 shares to an aggregate of 500,000,000 shares of common stock with $0.00001 par value.
Treasury Stock
— There were 14,355 shares previously accounted for as treasury charged to income as a cancellation of treasury shares for the year ended September 30, 2015.
Common shares of 866,350 and 23,025 were issued in conjunction with the settlement of debt during the years ended September 30, 2016 and 2015, respectively, resulting in increases to common stock of $866 and $23, respectively and additional paid-in capital of $796,702 and $0, respectively.
NOTE 6 – STOCK-BASED COMPENSATION
On January 10, 2011, the Board of Directors approved a Non-Qualified Stock Option Plan (the "Plan") which authorizes the issuance of up to 1,500,000 shares of Company common stock to persons that exercise options granted pursuant to the Plan. The Company's employees, directors, officers, consultants and advisors are eligible to be granted options pursuant to the Plan, provided however, that bona fide services must be rendered by such consultants or advisors, and such services must not be in connection with the offer or sale of securities in a capital-raising transaction. As of September 30, 2017, no options were outstanding.
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7 – COMMITMENTS AND CONTINGENCIES
Office Lease
– The Company leases a virtual office lease in The Woodlands, Texas until June 30, 2019 at $197 per month..
Contractual Obligations
– The Company’s material future contractual obligations by fiscal year as of September 30, 2016 were as follows:
|
|
Total
|
|
|
2016
|
|
|
Thereafter
|
|
Convertible notes
|
|
$
|
70,747
|
|
|
$
|
70,747
|
|
|
|
-
|
|
Notes Payable
|
|
$
|
85,000
|
|
|
$
|
85,000
|
|
|
|
-
|
|
The Company has contractual capital commitments outstanding in the principal balance of $70,474 at September 30, 2016. Accrued interest of $36,044 is due in addition to the principal balance of the Convertible notes.
NOTE 8 – FAIR VALUE OF FINANCIAL INSTRUMENTS
The following table summarizes the financial liabilities measured at fair value on a recurring basis as of September 30, 2016 and 2015:
Description
|
|
Level
|
|
|
September 30,
2016
|
|
|
September 30,
2015
|
|
Convertible Notes
|
|
1
|
|
|
$
|
70,474
|
|
|
$
|
146,937
|
|
NOTE 9 - INTERIM PERIOD DISCLOSURES
Interim period unaudited disclosures for the years ended September 30, 2017 and 2016 are detailed in the following schedules.
The consolidated unaudited balance sheets as of June 30, 2017, March 31, 2017 and December 31, 2016, are detailed below:
ASSETS
|
|
June 30,
2017
|
|
|
March 31,
2017
|
|
|
December 31,
2016
|
|
Current Assets
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Cash and cash equivalents
|
|
$
|
66
|
|
|
$
|
68
|
|
|
$
|
98
|
|
Total current assets
|
|
|
66
|
|
|
|
68
|
|
|
|
98
|
|
TOTAL ASSETS
|
|
$
|
66
|
|
|
$
|
68
|
|
|
$
|
98
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
62,772
|
|
|
$
|
59,013
|
|
|
$
|
55,030
|
|
Accrued interest payable
|
|
|
44,003
|
|
|
|
41,350
|
|
|
|
38,696
|
|
Accrued liabilities
|
|
|
23,885
|
|
|
|
21,761
|
|
|
|
19,635
|
|
Short term notes payable
|
|
|
85,000
|
|
|
|
85,000
|
|
|
|
85,000
|
|
Other liabilities
|
|
|
92
|
|
|
|
92
|
|
|
|
92
|
|
Current portion of notes payable, net of discount
|
|
|
70,747
|
|
|
|
70,747
|
|
|
|
70,747
|
|
Total current assets
|
|
|
286,500
|
|
|
|
277,963
|
|
|
|
269,201
|
|
Commitments and contingencies
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Stockholders' Deficit
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized; none issued or outstanding
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.00001 par value; 100,000,000 and 50,000,000 shares authorized; 1,002,134 shares issued and outstanding
|
|
|
1,002
|
|
|
|
1,002
|
|
|
|
1,002
|
|
Additional paid-in capital
|
|
|
6,318,920
|
|
|
|
6,318,920
|
|
|
|
6,318,920
|
|
Accumulated deficit
|
|
|
(6,606,356
|
)
|
|
|
(6,597,817
|
)
|
|
|
(6,589,025
|
)
|
Total stockholders' deficit
|
|
|
(286,434
|
)
|
|
|
(277,895
|
)
|
|
|
(269,103
|
)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
66
|
|
|
$
|
68
|
|
|
$
|
98
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of operations for the three and nine-month periods ended June 30, 2016, are detailed in the following schedules:
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended
June 30
|
|
|
Nine Months
Ended June 30
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas sales
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
3,788
|
|
|
|
2,754
|
|
|
|
12,522
|
|
|
|
27,549
|
|
Total costs and expenses
|
|
|
3,788
|
|
|
|
2,754
|
|
|
|
12,522
|
|
|
|
27,549
|
|
Loss from Operations
|
|
|
(3,788
|
)
|
|
|
(2,754
|
)
|
|
|
(12,522
|
)
|
|
|
(27,549
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
27
|
|
|
|
-
|
|
|
|
27
|
|
|
|
-
|
|
Interest expense
|
|
|
(2,653
|
)
|
|
|
(2,624
|
)
|
|
|
(7,959
|
)
|
|
|
(11,004
|
)
|
Other interest costs
|
|
|
(2,125
|
)
|
|
|
(2,096
|
)
|
|
|
(6,375
|
)
|
|
|
(3,699
|
)
|
Gain on debt extinguishment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
91,102
|
|
Total other income (expense)
|
|
|
(4,751
|
)
|
|
|
(4,720
|
)
|
|
|
(14,307
|
)
|
|
|
76,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before income taxes
|
|
|
(8,539
|
)
|
|
|
(7,474
|
)
|
|
|
(26,829
|
)
|
|
|
48,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
$
|
(8,539
|
)
|
|
$
|
(7,474
|
)
|
|
$
|
(26,829
|
)
|
|
$
|
48,850
|
|
Income (Loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.01
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
1,002,134
|
|
|
|
1,002,134
|
|
|
|
1,002,134
|
|
|
|
1,002,134
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of operations for the three and six-month periods ended March 31, 2016, are detailed in the following schedules:
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended
March 31
|
|
|
Six Months Ended
March 31
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Revenue
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Oil and gas sales
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
4,014
|
|
|
|
20,563
|
|
|
|
8,734
|
|
|
|
24,795
|
|
Total costs and expenses
|
|
|
4,014
|
|
|
|
20,563
|
|
|
|
8,734
|
|
|
|
24,795
|
|
Loss from Operations
|
|
|
(4,014
|
)
|
|
|
(20,563
|
)
|
|
|
(8,734
|
)
|
|
|
(24,795
|
)
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(2,653
|
)
|
|
|
(2,854
|
)
|
|
|
(5,306
|
)
|
|
|
(7,131
|
)
|
Other interest costs
|
|
|
(2,125
|
)
|
|
|
(1,603
|
)
|
|
|
(4,250
|
)
|
|
|
(2,852
|
)
|
Gain on debt extinguishment
|
|
|
-
|
|
|
|
43,382
|
|
|
|
-
|
|
|
|
91,102
|
|
Total other income (expense)
|
|
|
(4,778
|
)
|
|
|
38,925
|
|
|
|
(9,556
|
)
|
|
|
81,119
|
|
Net Income (Loss) before income taxes
|
|
|
(8,792
|
)
|
|
|
18,362
|
|
|
|
(18,290
|
)
|
|
|
56,324
|
|
Provision for income taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net Income (Loss)
|
|
$
|
(8,792
|
)
|
|
$
|
18,362
|
|
|
$
|
(18,290
|
)
|
|
$
|
56,324
|
|
Income (Loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.01
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.06
|
|
Weighted average shares outstanding
|
|
|
1,002,134
|
|
|
|
1,002,134
|
|
|
|
1,002,134
|
|
|
|
1,002,134
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of operations for the three-month periods ended March 31, 2016 and 2015, are detailed in the following schedules:
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended
December 31
|
|
|
|
2016
|
|
|
2015
|
|
Revenue
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Oil and gas sales
|
|
$
|
-
|
|
|
$
|
-
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
4,720
|
|
|
|
4,232
|
|
Total costs and expenses
|
|
|
4,720
|
|
|
|
4,232
|
|
Loss from Operations
|
|
|
(4,720
|
)
|
|
|
(4,232
|
)
|
Other income (expense)
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(2,653
|
)
|
|
|
(4,276
|
)
|
Other interest costs
|
|
|
(2,125
|
)
|
|
|
(1,250
|
)
|
Gain on debt extinguishment
|
|
|
-
|
|
|
|
47,720
|
|
Total other income (expense)
|
|
|
(4,778
|
)
|
|
|
42,194
|
|
Net Income (Loss) before income taxes
|
|
|
(9,498
|
)
|
|
|
37,962
|
|
Provision for income taxes
|
|
|
-
|
|
|
|
-
|
|
Net Income (Loss)
|
|
$
|
(9,498
|
)
|
|
$
|
37,962
|
|
Income (Loss) per share:
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.01
|
)
|
|
$
|
0.04
|
|
Weighted average shares outstanding
|
|
|
831,241
|
|
|
|
991,119
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of cash flow for the three and nine-month periods ended June 30, 2017 and 2016, are detailed in the following schedule:
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
Nine Months Ended
June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Cash flows from Operating Activities
|
|
|
|
|
|
|
Net Income (loss)
|
|
$
|
(26,829
|
)
|
|
$
|
48,850
|
|
Adjustments to reconcile net income/(loss)
|
|
|
|
|
|
|
|
|
to net cash from operating activities:
|
|
|
|
|
|
|
|
|
Gain on debt extinguishment
|
|
|
-
|
|
|
|
(76,190
|
)
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
966
|
|
|
|
(966
|
)
|
Accounts payable
|
|
|
8,560
|
|
|
|
(6,217
|
)
|
Due to related party
|
|
|
3,000
|
|
|
|
|
|
Accrued interest payable
|
|
|
7,959
|
|
|
|
(5,180
|
)
|
Accrued liabilities
|
|
|
6,374
|
|
|
|
4,923
|
|
Other liabilities
|
|
|
0
|
|
|
|
(183
|
)
|
Net cash from operating activities
|
|
|
31
|
|
|
|
(34,963
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
Issuance of common stock
|
|
|
-
|
|
|
|
23
|
|
Issuance of short term note payable
|
|
|
-
|
|
|
|
35,000
|
|
Net cash from financing activities
|
|
|
-
|
|
|
|
35,023
|
|
|
|
|
|
|
|
|
|
|
Net Change in Cash and Cash Equivalents
|
|
|
31
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
35
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
End of period
|
|
$
|
66
|
|
|
$
|
65
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of cash flow for the three and six-month periods ended March 31, 2017 and 2016, are detailed in the following schedule:
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
Six Months Ended
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
Cash flows from Operating Activities
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net Income (loss)
|
|
$
|
(67,784
|
)
|
|
$
|
56,324
|
|
Adjustments to reconcile net income/(loss)
|
|
|
|
|
|
|
|
|
to net cash from operating activities:
|
|
|
|
|
|
|
|
|
Gain on debt extinguishment
|
|
|
-
|
|
|
|
(76,190
|
)
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
39,030
|
|
|
|
(234
|
)
|
Accrued interest payable
|
|
|
10,584
|
|
|
|
(7,805
|
)
|
Accrued liabilities
|
|
|
8,471
|
|
|
|
2,827
|
|
Other liabilities
|
|
|
(208
|
)
|
|
|
25
|
|
Net cash from operating activities
|
|
|
(9,907
|
)
|
|
|
(25,053
|
)
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
Issuance of common stock
|
|
|
-
|
|
|
|
23
|
|
Issuance of short term note payable
|
|
|
-
|
|
|
|
35,000
|
|
Net cash from financing activities
|
|
|
-
|
|
|
|
35,023
|
|
Net Change in Cash and Cash Equivalents
|
|
|
(9,907
|
)
|
|
|
9,970
|
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
9,975
|
|
|
|
5
|
|
End of period
|
|
$
|
68
|
|
|
$
|
9,975
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of cash flow for the three and three-month periods ended December 31, 2016 and 2015, are detailed in the following schedules:
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
Three Months Ended
December 31
|
|
|
|
2016
|
|
|
2015
|
|
Cash Flows from Operating Activities
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net Income (loss)
|
|
$
|
(9,498
|
)
|
|
$
|
37,962
|
|
Adjustments to reconcile net income/(loss)
|
|
|
|
|
|
|
|
|
to net cash from operating activities:
|
|
|
|
|
|
|
|
|
Gain on debt extinguishment
|
|
|
-
|
|
|
|
(39,909
|
)
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
966
|
|
|
|
-
|
|
Accounts payable
|
|
|
818
|
|
|
|
3,586
|
|
Due to Related Party
|
|
|
3,000
|
|
|
|
|
|
Accrued interest payable
|
|
|
2,652
|
|
|
|
(3,547
|
)
|
Accrued liabilities
|
|
|
2,124
|
|
|
|
1,250
|
|
Other liabilities
|
|
|
-
|
|
|
|
410
|
|
Net Cash from Operating Activities
|
|
|
63
|
|
|
|
(248
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
Issuance of common stock
|
|
|
-
|
|
|
|
12
|
|
Net Cash from Financing Activities
|
|
|
-
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
Net Change in Cash and Cash Equivalents
|
|
|
63
|
|
|
|
(236
|
)
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
35
|
|
|
|
5
|
|
End of period
|
|
$
|
98
|
|
|
$
|
(231
|
)
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated unaudited balance sheets as of June 30, 2016, March 31, 2016 and December 31, 2015, are detailed below:
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
ASSETS
|
|
June 30,
2016
|
|
|
March 31,
2016
|
|
|
December 31,
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Current Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
65
|
|
|
$
|
9,975
|
|
|
$
|
-
|
|
Other receivables
|
|
|
966
|
|
|
|
-
|
|
|
|
-
|
|
Total current assets
|
|
|
1,031
|
|
|
|
9,975
|
|
|
|
-
|
|
Debt issuance costs
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
TOTAL ASSETS
|
|
$
|
1,031
|
|
|
$
|
9,975
|
|
|
$
|
-
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
14,000
|
|
|
$
|
19,983
|
|
|
$
|
23,253
|
|
Bank overdraft
|
|
|
-
|
|
|
|
-
|
|
|
|
231
|
|
Accrued interest payable
|
|
|
33,391
|
|
|
|
30,766
|
|
|
|
35,024
|
|
Accrued liabilities
|
|
|
15,386
|
|
|
|
13,290
|
|
|
|
11,713
|
|
Short term notes payable
|
|
|
85,000
|
|
|
|
85,000
|
|
|
|
50,000
|
|
Other liabilities
|
|
|
92
|
|
|
|
300
|
|
|
|
685
|
|
Current portion of notes payable, net of discount $- and $71,754
|
|
|
70,747
|
|
|
|
70,747
|
|
|
|
107,028
|
|
TOTAL CURRENT LIABILITIES
|
|
|
218,616
|
|
|
|
220,086
|
|
|
|
227,934
|
|
Commitments and contingencies
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized; none issued or outstanding
|
|
-
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.00001 par value; 100,000,000 and 50,000,000 shares authorized; 1,002,134 and 979,109 shares issued and outstanding
|
|
|
1,002
|
|
|
|
1,002
|
|
|
|
991
|
|
Additional paid-in capital
|
|
|
6,318,920
|
|
|
|
6,318,920
|
|
|
|
6,318,920
|
|
Accumulated deficit
|
|
|
(6,537,507
|
)
|
|
|
(6,530,033
|
)
|
|
|
(6,547,845
|
)
|
Total stockholders' deficit
|
|
|
(217,585
|
)
|
|
|
(210,111
|
)
|
|
|
(227,934
|
)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
1,031
|
|
|
$
|
9,975
|
|
|
$
|
-
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of operations for the three and nine-month periods ended June 30, 2016 and 2015, are detailed in the following schedules:
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended
June 30
|
|
|
Nine Months Ended
June 30
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas sales
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
2,754
|
|
|
|
11,005
|
|
|
|
27,549
|
|
|
|
90,419
|
|
Total costs and expenses
|
|
|
2,754
|
|
|
|
11,005
|
|
|
|
27,549
|
|
|
|
90,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from Operations
|
|
|
(2,754
|
)
|
|
|
(11,005
|
)
|
|
|
(27,549
|
)
|
|
|
(90,419
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Interest income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Interest expense
|
|
|
(2,624
|
)
|
|
|
(5,510
|
)
|
|
|
(11,004
|
)
|
|
|
(24,161
|
)
|
Other interest costs
|
|
|
(2,096
|
)
|
|
|
-
|
|
|
|
(3,699
|
)
|
|
|
-
|
|
Gain on debt extinguishment
|
|
|
-
|
|
|
|
-
|
|
|
|
91,102
|
|
|
|
2,570,926
|
|
Total other income (expense)
|
|
|
(4,720
|
)
|
|
|
(5,510
|
)
|
|
|
76,399
|
|
|
|
2,546,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before income taxes
|
|
|
(7,474
|
)
|
|
|
(5,500
|
)
|
|
|
48,850
|
|
|
|
2,456,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
$
|
(7,474
|
)
|
|
$
|
(16,515
|
)
|
|
$
|
48,850
|
|
|
$
|
2,456,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
0.02
|
|
|
$
|
(0.02
|
)
|
|
|
0.06
|
|
|
$
|
2.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
1,002,134
|
|
|
|
973,139
|
|
|
|
996,650
|
|
|
|
973,139
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of operations for the three and six-month periods ended March 31, 2016 and 2015, are detailed in the following schedules:
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended
March 31
|
|
|
Six Months Ended
March 31
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas sales
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
21,113
|
|
|
|
11,005
|
|
|
|
24,795
|
|
|
|
98,035
|
|
Total costs and expenses
|
|
|
21,113
|
|
|
|
11,005
|
|
|
|
24,795
|
|
|
|
98,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from Operations
|
|
|
(21,113
|
)
|
|
|
(11,005
|
)
|
|
|
(24,795
|
)
|
|
|
(98,035
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(2,854
|
)
|
|
|
(5,510
|
)
|
|
|
(7,131
|
)
|
|
|
(18,650
|
)
|
Other interest costs
|
|
|
(1,603
|
)
|
|
|
-
|
|
|
|
(2,852
|
)
|
|
|
-
|
|
Gain on debt extinguishment
|
|
|
43,382
|
|
|
|
-
|
|
|
|
91,102
|
|
|
|
2,570,926
|
|
Total other income (expense)
|
|
|
38,925
|
|
|
|
(5,510
|
)
|
|
|
81,119
|
|
|
|
2,552,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before income taxes
|
|
|
17,812
|
|
|
|
(5,500
|
)
|
|
|
56,324
|
|
|
|
2,454,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
$
|
17,812
|
|
|
$
|
(16,515
|
)
|
|
$
|
56,324
|
|
|
$
|
2,454,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
0.02
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.06
|
|
|
$
|
2.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
1,002,134
|
|
|
|
973,139
|
|
|
|
996,650
|
|
|
|
973,139
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of operations for the three-month periods ended March 31, 2016 and 2015, are detailed in the following schedules:
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended
December 31
|
|
|
|
2015
|
|
|
2014
|
|
Revenue
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Oil and gas sales
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
3,682
|
|
|
|
87,030
|
|
Total costs and expenses
|
|
|
3,682
|
|
|
|
87,030
|
|
|
|
|
|
|
|
|
|
|
Loss from Operations
|
|
|
(3,682
|
)
|
|
|
(87,030
|
)
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(5,526
|
)
|
|
|
(13,140
|
)
|
Gain from extinguishment of debt
|
|
|
47,720
|
|
|
|
2,570,927
|
|
Total other income (expense)
|
|
|
42,194
|
|
|
|
2,557,787
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) before income taxes
|
|
|
38,512
|
|
|
|
2,470,757
|
|
Provision for income taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
$
|
38,512
|
|
|
$
|
2,470,757
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) per share:
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
0.04
|
|
|
$
|
2.54
|
|
Weighted average shares outstanding (2)
|
|
|
989,291
|
|
|
|
973,139
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of cash flow for the nine-month periods ended June 30, 2016 and 2015, are detailed in the following schedules:
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
|
|
|
|
|
|
Nine Months Ended
June 30,
|
|
|
|
2016
|
|
|
2015
|
|
Cash Flows from Operating Activities
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net Income (loss)
|
|
$
|
48,850
|
|
|
$
|
2,456,346
|
|
Adjustments to reconcile net income/(loss)
|
|
|
|
|
|
|
|
|
to net cash from operating activities:
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs
|
|
|
-
|
|
|
|
4,107
|
|
Gain on debt extinguishment
|
|
|
(76,190
|
)
|
|
|
(2,677,698
|
)
|
Amortization of debt discount
|
|
|
-
|
|
|
|
3,523
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
(966
|
)
|
|
|
12,500
|
|
Accounts payable
|
|
|
(6,217
|
)
|
|
|
8,813
|
|
Accrued interest payable
|
|
|
(5,180
|
)
|
|
|
105,341
|
|
Accrued liabilities
|
|
|
4,923
|
|
|
|
-
|
|
Other liabilities
|
|
|
(183
|
)
|
|
|
-
|
|
Net Cash from Operating Activities
|
|
|
(34,963
|
)
|
|
|
(87,068
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
Issuance of common stock
|
|
|
23
|
|
|
|
-
|
|
Issuance of short term note payable
|
|
|
35,000
|
|
|
|
50,000
|
|
Net Cash from Financing Activities
|
|
|
35,023
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
Net Change in Cash and Cash Equivalents
|
|
|
60
|
|
|
|
(37,068
|
)
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
5
|
|
|
|
39,251
|
|
End of period
|
|
$
|
65
|
|
|
$
|
2,183
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of cash flow for the three and six-month periods ended March 31, 2016 and 2015, are detailed in the following schedule:
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
|
|
|
|
|
|
Six Month Ended
March 31,
|
|
|
|
2016
|
|
|
2015
|
|
Cash Flows from Operating Activities
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net Income (loss)
|
|
$
|
56,324
|
|
|
$
|
2,454,241
|
|
Adjustments to reconcile net income/(loss)
|
|
|
|
|
|
|
|
|
to net cash from operating activities:
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs
|
|
|
-
|
|
|
|
4,107
|
|
Gain on debt extinguishment
|
|
|
(76,190
|
)
|
|
|
(2,677,698
|
)
|
Amortization of debt discount
|
|
|
-
|
|
|
|
3,523
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
-
|
|
|
|
12,500
|
|
Accounts payable
|
|
|
(234
|
)
|
|
|
55,945
|
|
Accrued interest payable
|
|
|
(7,805
|
)
|
|
|
99,831
|
|
Accrued liabilities
|
|
|
2,827
|
|
|
|
-
|
|
Other liabilities
|
|
|
25
|
|
|
|
8,332
|
|
Net Cash from Operating Activities
|
|
|
(25,053
|
)
|
|
|
(39,219
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
Capital expenditures on oil and gas properties
|
|
|
-
|
|
|
|
-
|
|
Net Cash from Investing Activities
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
Issuance of common stock
|
|
|
23
|
|
|
|
-
|
|
Issuance of short term note payable
|
|
|
35,000
|
|
|
|
-
|
|
Net Cash from Financing Activities
|
|
|
35,023
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net Change in Cash and Cash Equivalents
|
|
|
9,970
|
|
|
|
(39,219
|
)
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
5
|
|
|
|
39,251
|
|
|
|
|
|
|
|
|
|
|
End of period
|
|
$
|
9,975
|
|
|
$
|
32
|
|
SOLAR QUARTZ TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated statements of cash flow for the three-month periods ended December 31, 2016 and 2015, are detailed in the following schedule:
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
Three Month Ended
December 31,
|
|
|
|
2015
|
|
|
2014
|
|
Cash Flows from Operating Activities
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net Income (loss)
|
|
$
|
38,512
|
|
|
$
|
2,470,757
|
|
Adjustments to reconcile net income/(loss)
|
|
|
|
|
|
|
|
|
to net cash from operating activities:
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs
|
|
|
-
|
|
|
|
4,107
|
|
Gain on debt extinguishment
|
|
|
-
|
|
|
|
(2,677,698
|
)
|
Amortization of debt discount
|
|
|
(39,897
|
)
|
|
|
3,523
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
-
|
|
|
|
12,500
|
|
Accounts payable
|
|
|
3,036
|
|
|
|
46,127
|
|
Accrued interest payable
|
|
|
(3,547
|
)
|
|
|
94,321
|
|
Accrued liabilities
|
|
|
1,250
|
|
|
|
-
|
|
Other liabilities
|
|
|
410
|
|
|
|
7,232
|
|
Net
Cash
from
Operating
Activities
|
|
|
(236
|
)
|
|
|
(39,131
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
Purchase of furniture and equipment
|
|
|
-
|
|
|
|
-
|
|
Capital expenditures on oil and gas properties
|
|
|
-
|
|
|
|
-
|
|
Net Cash from Investing Activities
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
Repayment of note payable
|
|
|
-
|
|
|
|
-
|
|
Net Cash from Financing Activities
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net Change in Cash and Cash Equivalents
|
|
|
(236
|
)
|
|
|
(39,131
|
)
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
5
|
|
|
|
39,251
|
|
|
|
|
|
|
|
|
|
|
End of period
|
|
$
|
(231
|
)
|
|
$
|
120
|
|