Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 14, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'DELTA MUTUAL INC | ' |
Entity Central Index Key | '0001112985 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock Shares Outstanding | ' | 32,338,826 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash | $2,106,858 | $1,949,896 |
Receivable from sale of bidding rights and oil and gas properties | 3,500,042 | 4,000,042 |
Total current assets | 5,606,900 | 5,949,938 |
Investment in mineral properties | 150,899 | 160,144 |
Investments in unproved oil and gas properties | 1,750,714 | 1,995,024 |
Investment in oil refinery | 124,602 | 145,494 |
Property and equipment | 68,969 | 76,293 |
Other assets | 8,493 | 8,850 |
TOTAL ASSETS | 7,710,577 | 8,335,743 |
Current Liabilities: | ' | ' |
Accounts payable | 17,924 | 141,582 |
Accrued expenses | 142,719 | 221,809 |
Notes payable | 75,000 | 75,000 |
Notes payable to related parties | ' | 623,970 |
Liabilities for uncertain tax positions | 87,316 | 100,000 |
Total current liabilities | 322,959 | 1,162,361 |
Long-term deferred tax liability | 633,590 | 633,590 |
Long-term debt payable to related parties | 150,655 | 150,655 |
Total liabilities | 1,107,204 | 1,946,606 |
Stockholders' Equity: | ' | ' |
Preferred stock $0.0001 par value-authorized 10,000,000 shares; no shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | ' | ' |
Common stock $0.0001 par value - authorized 250,000,000 shares; 32,338,826 and 32,010,826 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 3,234 | 3,201 |
Additional paid-in capital | 7,016,367 | 6,900,096 |
Accumulated deficit | -47,579 | -311,237 |
Accumulated other comprehensive loss | -368,649 | -202,923 |
Total stockholders' equity | 6,603,373 | 6,389,137 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $7,710,577 | $8,335,743 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 32,338,826 | 32,010,826 |
Common stock, shares outstanding | 32,338,826 | 32,010,826 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statements of Operations [Abstract] | ' | ' | ' | ' |
Sales | ' | ' | ' | $1,789 |
Costs and Expenses: | ' | ' | ' | ' |
General and administrative | 220,657 | 234,775 | 579,658 | 1,028,035 |
Total cost and expenses | 220,657 | 234,775 | 579,658 | 1,028,035 |
Loss from operations | -220,657 | -234,775 | -579,658 | -1,026,246 |
Other Income (Expense): | ' | ' | ' | ' |
Foreign exchange gain (loss) | -74,956 | 222,122 | -128,500 | 443,715 |
Interest expense | -3,238 | -12,598 | -28,433 | -37,513 |
Life insurance proceeds | ' | ' | 1,000,249 | ' |
Gain on sale of bidding right and unvevaluated oil and gas property | ' | ' | ' | 7,244,716 |
Net other income (expense) | -78,194 | 209,524 | 843,316 | 7,650,918 |
Income (loss) before income taxes | -298,851 | -25,251 | 263,658 | 6,624,672 |
Provision for (benefit from ) income taxes | ' | -2,924 | ' | 767,182 |
Net income (loss) | ($298,851) | ($22,327) | $263,658 | $5,857,490 |
Net income (loss) per common share: | ' | ' | ' | ' |
Basic | ($0.01) | $0 | $0.01 | $0.18 |
Diluted | ($0.01) | $0 | $0.01 | $0.18 |
Weighted average common shares - Basic | 32,097,783 | 32,010,826 | 32,086,064 | 31,875,534 |
Weighted average common shares - Diluted | 32,097,783 | 32,873,172 | 33,234,500 | 32,732,103 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from Operating Activities: | ' | ' |
Net Income | $263,658 | $5,857,490 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ' | ' |
Gain on sale of bidding rights and unevaluated oil and gas properties | ' | -7,244,716 |
Loss on settlement of note payable | ' | 9,133 |
Issuance of warrants for services | 40,624 | 16,656 |
Issuance of common stock for services | ' | 7,260 |
Changes in operating assets and liabilities | -202,749 | 1,241,672 |
Net cash provided by (used in) operating activities | 101,533 | -112,505 |
Cash flows from investing activities: | ' | ' |
Oil and gas properties exploration and development costs | -39,054 | -493,806 |
Investment in oil refinery | ' | -159,556 |
Purchases of furniture and equipment | ' | -36,512 |
Proceeds from sales of oil and gas properties and bidding rights | 500,000 | 2,999,979 |
Investment in mineral properties | ' | -6,820 |
Net cash provided by investing activities | 460,946 | 2,303,285 |
Cash flows from financing activities: | ' | ' |
Settlement of notes payable to related parties | -623,970 | ' |
Proceeds from sales of common stock | 60,480 | ' |
Net cash used in financing activities | -563,490 | ' |
Effect of Exchange Rates on Cash | 157,973 | -211,881 |
Net increase in cash | 156,962 | 1,978,899 |
Cash - Beginning of period | 1,949,896 | 211,303 |
Cash - End of period | 2,106,858 | 2,190,203 |
Changes in operating assets and liabilities consists of: | ' | ' |
(Increase) decrease in advances and other receivables | ' | 1,789 |
(Increase) decrease in other assets | ' | ' |
Increase (decrease) in accounts payable and accrued expenses | -202,749 | -1,370 |
Increase (decrease) in income taxes payable | ' | 1,241,253 |
Changes in assets and liabilities | -202,749 | 1,241,672 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 130,686 | ' |
Cash paid for income taxes | ' | ' |
Supplementary information: | ' | ' |
Issuance of common stock for services | ' | 7,260 |
Issuance of common stock for investment in mineral properties | 15,200 | ' |
Issuance of common stock for debt | ' | 213,750 |
Issuance of warrants for unproved oil and gas properties | ' | $9,995 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
BASIS OF PRESENTATION | ' |
1. BASIS OF PRESENTATION | |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year end December 31, 2012 as reported on Form 10-K, have been omitted. |
Receivable_from_Sale_of_Biddin
Receivable from Sale of Bidding Rights and Oil and Gas Properties | 9 Months Ended |
Sep. 30, 2013 | |
Receivable from Sale of Bidding Rights and Oil and Gas Properties [Abstract] | ' |
RECEIVABLE FROM SALE OF BIDDING RIGHTS AND OIL AND GAS PROPERTIES | ' |
2. RECEIVABLE FROM SALE OF BIDDING RIGHTS AND OIL AND GAS PROPERTIES | |
On March 30, 2012 the Company entered into the Cooperation Agreement with PPL. Under the Cooperation Agreement, PPL agreed to pay us $7,000,000 for certain exploration and exploitation rights to oil and gas deposits and certain bidding rights held by Delta on the following areas: Valle de Lerma in the province of Salta; San Salvador de Jujuy; Libertador General San Martin in the province of Jujuy; and Selva Maria in the province of Formosa. In January 2013, the Company received $500,000 under this agreement. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
3. RELATED PARTY TRANSACTIONS | |
The Company has issued notes to related parties. As of September 30, 2013 and December 31, 2012, the Company owed $-0- and $623,970, respectively, to certain directors of the Company. As of September 30, 2013 and December 31, 2012, the Company owes three shareholders $150,655. Interest expense to related parties for the nine months ended September 30, 2013 and 2012 amounted to $28,733 and $37,118, respectively. On May 13 and 20, 2013, the Company repaid to Malcolm Sherman, Egani, Inc. and certain other shareholders all outstanding advances by such shareholders to the Company, together with accrued interest, in the aggregate amount of $754,856. |
Reclassification
Reclassification | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Reclassification [Abstract] | ' | ||||||||||||
RECLASSIFICATION | ' | ||||||||||||
4. RECLASSIFICATION | |||||||||||||
In accordance with the SEC’s Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” (“SAB 108”), the Company recorded a reclassification adjustments for the three and nine months ended September 30, 2012 of $(59,626) and $183,141 which served to increase the gain on sale of bidding rights and unevaluated oil and gas property, Provision for income taxes and General and Administrative expenses. This non-cash adjustment resulted from incorrectly recognizing revenue on the sale of bidding rights from a third party and from capitalizing certain general and administrative expenses as investments in unproved oil and gas properties. As a result of the Company’s evaluation of this error under SAB 108, the Company determined that this error was not material in relation to the current year, but was material to the three and nine months ended September 30, 2012. Consequently, the September 30, 2012 statement of operations was adjusted to reflect the correction of this error. In evaluating materiality and determining the appropriateness of applying SAB 108 to this error, the Company considered materiality both qualitatively and quantitatively as prescribed by the SEC’s Staff Accounting Bulletin No. 99. The table noted below reflects the impact of the above error to the consolidated statements of operations for the nine months ended September 30, 2012. | |||||||||||||
Nine Months ending September 30, 2012 | |||||||||||||
As Reported | Adjustments | As Adjusted | |||||||||||
Sales | $ | 1,789 | $ | - | $ | 1,789 | |||||||
Costs and Expenses: | |||||||||||||
General and administrative | 881,809 | 146,226 | 1,028,035 | ||||||||||
881,809 | 146,226 | 1,028,035 | |||||||||||
Loss from operations | (880,020 | ) | (146,226 | ) | (1,026,246 | ) | |||||||
Other Income (Expense): | |||||||||||||
Foreign exchange gain (loss) | 443,715 | - | 443,715 | ||||||||||
Interest expense | (37,513 | ) | - | (37,513 | ) | ||||||||
Life insurance proceeds | - | - | - | ||||||||||
Gain on sale of bidding right and unvevaluated oil and gas property | 6,500,000 | 744,716 | 7,244,716 | ||||||||||
Net other income (expense) | 6,906,202 | 744,716 | 7,650,918 | ||||||||||
Income (loss) before income taxes | 6,026,182 | 598,490 | 6,624,672 | ||||||||||
Provision for (benefit from ) income taxes | 351,833 | 415,349 | 767,182 | ||||||||||
Net income (loss) | $ | 5,674,349 | $ | 183,141 | $ | 5,857,490 | |||||||
Net income (loss) per common share: | |||||||||||||
Basic | $ | 0.18 | $ | 0 | $ | 0.18 | |||||||
Diluted | $ | 0.17 | $ | 0.01 | $ | 0.18 | |||||||
Weighted average common shares - Basic | 31,875,534 | - | 31,875,534 | ||||||||||
Weighted average common shares - Diluted | 32,732,103 | - | 32,732,103 | ||||||||||
Three Months ending September 30, 2012 | |||||||||||||
As Reported | Adjustments | As Adjusted | |||||||||||
Sales | $ | - | $ | - | $ | - | |||||||
Costs and Expenses: | |||||||||||||
General and administrative | 169,701 | 65,074 | 234,775 | ||||||||||
169,701 | 65,074 | 234,775 | |||||||||||
Loss from operations | (169,701 | ) | (65,074 | ) | (234,775 | ) | |||||||
Other Income (Expense): | |||||||||||||
Foreign exchange gain (loss) | 222,122 | - | 222,122 | ||||||||||
Interest expense | (12,598 | ) | - | (12,598 | ) | ||||||||
Life insurance proceeds | - | - | - | ||||||||||
Gain on sale of bidding right and unvevaluated oil and gas property | - | - | - | ||||||||||
Net other income (expense) | 209,524 | - | 209,524 | ||||||||||
Income (loss) before income taxes | 39,824 | (65,075 | ) | (25,251 | ) | ||||||||
Provision for (benefit from ) income taxes | 2,525 | (5,449 | ) | (2,924 | ) | ||||||||
Net earnings (loss) | $ | 37,299 | $ | (59,626 | ) | $ | (22,327 | ) | |||||
Net earnings (loss) per common share: | |||||||||||||
Basic | $ | (0.00 | ) | $ | - | $ | (0.00 | ) | |||||
Diluted | $ | (0.00 | ) | $ | - | $ | (0.00 | ) | |||||
Weighted average common shares - Basic | 32,010,826 | - | 32,010,826 | ||||||||||
Weighted average common shares - Diluted | 32,873,172 | - | 32,873,172 |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
5. STOCKHOLDERS’ EQUITY | |
On September 30, 2013, the Company received proceeds of $60,480 from the sale of 250,000 shares of common stock. |
Significant_Events
Significant Events | 9 Months Ended |
Sep. 30, 2013 | |
Significant Events [Abstract] | ' |
SIGNIFICANT EVENTS | ' |
6. SIGNIFICANT EVENTS | |
On May 10, 2013, the Board of Directors of the Company authorized the issuance of a common stock purchase warrant effective May 1, 2013, to purchase 1,000,000 shares of common stock, on or before April 30, 2018, at an exercise price of $0.20 per share, to Phillips W. Smith, a director of the Company. The number of shares of common stock as to which the warrant is exercisable vests in 24 monthly installments on the final day of each month during the term of the warrant, commencing May 31, 2013, and is vested in full as of April 30, 2015. If Mr. Smith ceases to be an active member of the Company’s Board of Directors at any time in the two-year period May 1, 2013 through April 30, 2015, vesting will cease as of the last full month during which he was an active member of the Board. The fair value of these warrants was $195,000 on the date of grant determined using the Black-Scholes option pricing model with the following inputs: Exercise price of $0.20, expected term of 5 years, stock price of $0.20, volatility of 195%, discount rate of 5% and no expected dividends. During the nine months ended September 30, 2013, the Company expensed $40,624 related to this award. (see Note 7 – Subsequent Events) | |
On May 13, 2013, the Company received the payment of the proceeds of $1,000,000 from its key-man life insurance policy of the life of Daniel R. Peralta, our former CEO. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
7. SUBSEQUENT EVENTS | |
On November 1, 2013, our Board of Directors approved the cancellation, as of the close of business October 31, 2013, of the common stock purchase warrant issued to Phillips W. Smith, a director of the Company, dated May 13, 2013, to purchase 1,000,000 shares of common stock on or before April 30, 2018, at an exercise price of $.20 per share, vesting in equal installments over the two year period through April 30, 2015. On that same date the Board approved the issuance to Mr. Smith of a replacement warrant to purchase 1,000,000 shares of common stock on or before October 31, 2018, at the same exercise price, the replacement warrant to vest in equal (to the extent practicable) monthly installments over a two year period commencing November 1, 2013 with the final installment vesting October 31, 2015. The Company evaluated the modification of the award, and the warrant was cancelled and reissued subsequent to September 30, 2013. Any change in value and amortization will be reflected during the fourth quarter of the Company’s fiscal year. | |
On October 29, 2013, our Board approved changing the Company’s name to Delta International Oil & Gas Inc., and authorized the filing by the Company in Delaware on October 29, 2013 of a Certificate of Ownership, providing for the merger of the Company’s wholly-owned subsidiary, Delta International Oil and Gas Inc., into the Company, and in the merger changing the Company’s name to Delta International Oil & Gas Inc. The change of our name from Delta Mutual, Inc. to Delta International Oil & Gas Inc. will be effective upon approval by FINRA. We expect to retain that our trading symbol “DLTZ” following approval by FINRA of our name change. |
Reclassification_Tables
Reclassification (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Reclassification [Abstract] | ' | ||||||||||||
Schedule of Prior Period Adjustments | ' | ||||||||||||
Nine Months ending September 30, 2012 | |||||||||||||
As Reported | Adjustments | As Adjusted | |||||||||||
Sales | $ | 1,789 | $ | - | $ | 1,789 | |||||||
Costs and Expenses: | |||||||||||||
General and administrative | 881,809 | 146,226 | 1,028,035 | ||||||||||
881,809 | 146,226 | 1,028,035 | |||||||||||
Loss from operations | (880,020 | ) | (146,226 | ) | (1,026,246 | ) | |||||||
Other Income (Expense): | |||||||||||||
Foreign exchange gain (loss) | 443,715 | - | 443,715 | ||||||||||
Interest expense | (37,513 | ) | - | (37,513 | ) | ||||||||
Life insurance proceeds | - | - | - | ||||||||||
Gain on sale of bidding right and unvevaluated oil and gas property | 6,500,000 | 744,716 | 7,244,716 | ||||||||||
Net other income (expense) | 6,906,202 | 744,716 | 7,650,918 | ||||||||||
Income (loss) before income taxes | 6,026,182 | 598,490 | 6,624,672 | ||||||||||
Provision for (benefit from ) income taxes | 351,833 | 415,349 | 767,182 | ||||||||||
Net income (loss) | $ | 5,674,349 | $ | 183,141 | $ | 5,857,490 | |||||||
Net income (loss) per common share: | |||||||||||||
Basic | $ | 0.18 | $ | 0 | $ | 0.18 | |||||||
Diluted | $ | 0.17 | $ | 0.01 | $ | 0.18 | |||||||
Weighted average common shares - Basic | 31,875,534 | - | 31,875,534 | ||||||||||
Weighted average common shares - Diluted | 32,732,103 | - | 32,732,103 | ||||||||||
Three Months ending September 30, 2012 | |||||||||||||
As Reported | Adjustments | As Adjusted | |||||||||||
Sales | $ | - | $ | - | $ | - | |||||||
Costs and Expenses: | |||||||||||||
General and administrative | 169,701 | 65,074 | 234,775 | ||||||||||
169,701 | 65,074 | 234,775 | |||||||||||
Loss from operations | (169,701 | ) | (65,074 | ) | (234,775 | ) | |||||||
Other Income (Expense): | |||||||||||||
Foreign exchange gain (loss) | 222,122 | - | 222,122 | ||||||||||
Interest expense | (12,598 | ) | - | (12,598 | ) | ||||||||
Life insurance proceeds | - | - | - | ||||||||||
Gain on sale of bidding right and unvevaluated oil and gas property | - | - | - | ||||||||||
Net other income (expense) | 209,524 | - | 209,524 | ||||||||||
Income (loss) before income taxes | 39,824 | (65,075 | ) | (25,251 | ) | ||||||||
Provision for (benefit from ) income taxes | 2,525 | (5,449 | ) | (2,924 | ) | ||||||||
Net earnings (loss) | $ | 37,299 | $ | (59,626 | ) | $ | (22,327 | ) | |||||
Net earnings (loss) per common share: | |||||||||||||
Basic | $ | (0.00 | ) | $ | - | $ | (0.00 | ) | |||||
Diluted | $ | (0.00 | ) | $ | - | $ | (0.00 | ) | |||||
Weighted average common shares - Basic | 32,010,826 | - | 32,010,826 | ||||||||||
Weighted average common shares - Diluted | 32,873,172 | - | 32,873,172 | ||||||||||
Receivable_from_Sale_of_Biddin1
Receivable from Sale of Bidding Rights and Oil and Gas Properties (Details) (USD $) | 1 Months Ended | 9 Months Ended |
Mar. 31, 2012 | Sep. 30, 2013 | |
Receivable from Sale of Bidding Rights and Oil and Gas Properties (Textual) | ' | ' |
Proceed from sale of Principle Petroleum Ltd. | $7,000,000 | ' |
Payments received from sale of bidding rights and oil and gas properties | ' | $500,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | 20-May-13 | 13-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Shareholder | Director [Member] | Director [Member] | Shareholders [Member] | Shareholders [Member] | ||||
Related Party Transactions (Textual) | ' | ' | ' | ' | ' | ' | ' | ' |
Amount owed to related parties | ' | ' | ' | ' | $0 | $623,970 | $150,655 | $150,655 |
Number of Shareholders | 3 | ' | ' | ' | ' | ' | ' | ' |
Interest expenses related parties | 28,733 | 37,118 | ' | ' | ' | ' | ' | ' |
Aggregate amount of repayment | ' | ' | $754,856 | $754,856 | ' | ' | ' | ' |
Reclassification_Details
Reclassification (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Prior Period Adjustments | ' | ' | ' | ' |
Sales | ' | ' | ' | $1,789 |
Costs and Expenses: | ' | ' | ' | ' |
General and administrative | 220,657 | 234,775 | 579,658 | 1,028,035 |
Total cost and expenses | 220,657 | 234,775 | 579,658 | 1,028,035 |
Loss from operations | -220,657 | -234,775 | -579,658 | -1,026,246 |
Other Income (Expense): | ' | ' | ' | ' |
Foreign exchange gain (loss) | -74,956 | 222,122 | -128,500 | 443,715 |
Interest expense | 3,238 | 12,598 | 28,433 | 37,513 |
Life Insurance Proceeds | ' | ' | 1,000,249 | ' |
Gain on sale of bidding right and unvevaluated oil and gas property | ' | ' | ' | 7,244,716 |
Net other income (expense) | -78,194 | 209,524 | 843,316 | 7,650,918 |
Income (loss) before income taxes | -298,851 | -25,251 | 263,658 | 6,624,672 |
Provision for (benefit from ) income taxes | ' | -2,924 | ' | 767,182 |
Net earnings (loss) | -298,851 | -22,327 | 263,658 | 5,857,490 |
Net earnings (loss) per common share: | ' | ' | ' | ' |
Basic | ($0.01) | $0 | $0.01 | $0.18 |
Diluted | ($0.01) | $0 | $0.01 | $0.18 |
Weighted average common shares - Basic | 32,097,783 | 32,010,826 | 32,086,064 | 31,875,534 |
Weighted average common shares - Diluted | 32,097,783 | 32,873,172 | 33,234,500 | 32,732,103 |
As Reported [Member] | ' | ' | ' | ' |
Schedule of Prior Period Adjustments | ' | ' | ' | ' |
Sales | ' | ' | ' | 1,789 |
Costs and Expenses: | ' | ' | ' | ' |
General and administrative | ' | 169,701 | ' | 881,809 |
Total cost and expenses | ' | 169,701 | ' | 881,809 |
Loss from operations | ' | -169,701 | ' | -880,020 |
Other Income (Expense): | ' | ' | ' | ' |
Foreign exchange gain (loss) | ' | 222,122 | ' | 443,715 |
Interest expense | ' | -12,598 | ' | -37,513 |
Life Insurance Proceeds | ' | ' | ' | ' |
Gain on sale of bidding right and unvevaluated oil and gas property | ' | ' | ' | 6,500,000 |
Net other income (expense) | ' | 209,524 | ' | 6,906,202 |
Income (loss) before income taxes | ' | 39,824 | ' | 6,026,182 |
Provision for (benefit from ) income taxes | ' | 2,525 | ' | 351,833 |
Net earnings (loss) | ' | 37,299 | ' | 5,674,349 |
Net earnings (loss) per common share: | ' | ' | ' | ' |
Basic | ' | $0 | ' | $0.18 |
Diluted | ' | $0 | ' | $0.17 |
Weighted average common shares - Basic | ' | 32,010,826 | ' | 31,875,534 |
Weighted average common shares - Diluted | ' | 32,873,172 | ' | 32,732,103 |
Adjustments [Member] | ' | ' | ' | ' |
Schedule of Prior Period Adjustments | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Costs and Expenses: | ' | ' | ' | ' |
General and administrative | ' | 65,074 | ' | 146,226 |
Total cost and expenses | ' | 65,074 | ' | 146,226 |
Loss from operations | ' | -65,074 | ' | -146,226 |
Other Income (Expense): | ' | ' | ' | ' |
Foreign exchange gain (loss) | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' |
Life Insurance Proceeds | ' | ' | ' | ' |
Gain on sale of bidding right and unvevaluated oil and gas property | ' | ' | ' | 744,716 |
Net other income (expense) | ' | ' | ' | 744,716 |
Income (loss) before income taxes | ' | -65,075 | ' | 598,490 |
Provision for (benefit from ) income taxes | ' | -5,449 | ' | 415,349 |
Net earnings (loss) | ' | ($59,626) | ' | $183,141 |
Net earnings (loss) per common share: | ' | ' | ' | ' |
Basic | ' | ' | ' | $0 |
Diluted | ' | ' | ' | $0.01 |
Weighted average common shares - Basic | ' | ' | ' | ' |
Weighted average common shares - Diluted | ' | ' | ' | ' |
Reclassification_Details_Textu
Reclassification (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2012 | Sep. 30, 2012 | |
Reclassification (Textual) | ' | ' |
Reclassification adjustment | ($59,626) | $183,141 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders Equity (Textual) | ' |
Proceeds from sales of common stock | $60,480 |
Common stock issued during period | 250,000 |
Significant_Events_Details
Significant Events (Details) (Phillips W. Smith, Director [Member], USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | |
13-May-13 | 10-May-13 | Sep. 30, 2013 | Nov. 01, 2013 | |
Warrant [Member] | Warrant [Member] | Warrant [Member] | Subsequent Event [Member] | |
Significant Events (Textual) | ' | ' | ' | ' |
Number of securities called by warrants | ' | 1,000,000 | ' | 1,000,000 |
Date from which warrants exercisable | ' | 1-May-13 | ' | 30-Apr-18 |
Warrants exercise price | ' | $0.20 | ' | $0.20 |
Term of the warrant vesting period | ' | 'Warrant is exercisable vests in 24 monthly installments on the final day of each month during the term of the warrant, commencing May 31, 2013, and is vested in full as of April 30, 2015. If Mr. Smith ceases to be an active member of the Company's Board of Directors at any time in the two-year period May 1, 2013 through April 30, 2015, vesting will cease as of the last full month during which he was an active member of the Board. | ' | 'Vesting in equal installments over the two year period through April 30, 2015 |
Award requisite service period | ' | '2 years | ' | ' |
Fair value of warrants | ' | $195,000 | ' | ' |
Exercise price | ' | $0.20 | ' | ' |
Expected term | ' | '5 years | ' | ' |
Stock price | ' | $0.20 | ' | ' |
Volatility rate | ' | 195.00% | ' | ' |
Discount rate | ' | 5.00% | ' | ' |
Expected dividend | ' | ' | ' | ' |
Company expensed related to award | ' | ' | 40,624 | ' |
Proceeds from life insurance policies | $1,000,000 | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], Director [Member], USD $) | 0 Months Ended |
Nov. 01, 2013 | |
Subsequent Event [Member] | Director [Member] | ' |
Subsequent Event (Textual) | ' |
Number of securities called by warrants | 1,000,000 |
Date from which warrants exercisable | 30-Apr-18 |
Warrants exercise price | $0.20 |
Term of the warrant vesting period | 'Vesting in equal installments over the two year period through April 30, 2015 |