Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 14-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Delta International Oil & Gas Inc. | ' |
Entity Central Index Key | '0001112985 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock Shares Outstanding | ' | 32,338,826 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash | $1,659,321 | $1,833,407 |
Receivable from sale of bidding rights and oil and gas properties | 3,500,042 | 3,500,042 |
Total current assets | 5,159,363 | 5,333,449 |
Investment in mineral properties | 96,393 | 117,351 |
Investments in unproved oil and gas properties | 1,322,366 | 1,609,889 |
Investment in oil refinery | 89,904 | 109,452 |
Property and equipment | 53,001 | 61,698 |
Other assets | 7,901 | 8,234 |
TOTAL ASSETS | 6,728,928 | 7,240,073 |
Current Liabilities: | ' | ' |
Accounts payable | 7,377 | 1,744 |
Accrued expenses | 182,752 | 144,000 |
Notes payable | 75,000 | 75,000 |
Liabilities for uncertain tax positions | 61,792 | 75,228 |
Total current liabilities | 326,921 | 295,972 |
Long-term deferred tax liability | 633,590 | 633,590 |
Long-term debt payable to related parties | 150,655 | 150,655 |
Total liabilities | 1,111,166 | 1,080,217 |
Stockholders' Equity: | ' | ' |
Preferred stock $0.0001 par value-authorized 10,000,000 shares; no shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | ' | ' |
Common stock $0.0001 par value - authorized 250,000,000 shares; 32,338,826 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 3,233 | 3,233 |
Additional paid-in capital | 7,045,857 | 7,021,482 |
Accumulated deficit | -872,506 | -398,344 |
Accumulated other comprehensive loss | -558,822 | -466,515 |
Total stockholders' equity | 5,617,762 | 6,159,856 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $6,728,928 | $7,240,073 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 32,338,826 |
Common stock, shares outstanding | 32,338,826 | 32,338,826 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Costs and Expenses: | ' | ' |
General and administrative | $241,835 | $181,320 |
Total cost and expenses | 241,835 | 181,320 |
Loss from operations | -241,835 | -181,320 |
Other Income (Expense): | ' | ' |
Foreign exchange gain (loss) | -229,089 | -126,930 |
Interest expense | -3,238 | -12,598 |
Other Expense | -232,327 | -139,528 |
Loss before income taxes | -474,162 | -320,848 |
Provision for income taxes | ' | ' |
Net Loss | ($474,162) | ($320,848) |
Net income (loss) per common share: | ' | ' |
Basic | ($0.01) | ($0.01) |
Diluted | ($0.01) | ($0.01) |
Weighted average common shares - Basic & Diluted | 32,338,826 | 32,074,159 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net earnings (loss) | ($474,162) | ($320,848) |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustment | -92,307 | 42,424 |
Net change in other comprehensive income (loss) | -92,307 | 42,424 |
Comprehensive income (loss) | ($566,469) | ($278,423) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from Operating Activities: | ' | ' |
Net loss | ($474,162) | ($320,848) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Stock based compensation | 24,375 | ' |
Changes in operating assets and liabilities | 9,223 | -85,557 |
Net cash used in operating activities | -440,564 | -406,405 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of oil and gas properties and bidding rights | ' | 500,000 |
Net cash provided by (used in) investing activities | ' | 500,000 |
Cash flows from financing activities: | ' | ' |
Net cash provided by financing activities | ' | ' |
Effect of Exchange Rates on Cash | 266,478 | 127,592 |
Net increase in cash | -174,086 | 221,187 |
Cash - Beginning of period | 1,833,407 | 1,949,896 |
Cash - End of period | 1,659,321 | 2,171,082 |
Changes in operating assets and liabilities consists of: | ' | ' |
(Increase) decrease in advances and other receivables | ' | ' |
(Increase) decrease in other assets | ' | -46,745 |
Increase (decrease) in accounts payable and accrued expenses | 9,223 | -38,813 |
Increase (decrease) in income taxes payable | ' | ' |
Changes in assets and liabilities | 9,223 | -85,557 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | ' | ' |
Cash paid for income taxes | ' | ' |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation [Abstract] | ' |
BASIS OF PRESENTATION | ' |
1. BASIS OF PRESENTATION | |
The accompanying unaudited interim consolidated financial statements of Delta International Oil & Gas Inc. (“Delta” or the “Company”) 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, 2013. 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, 2013 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 | 3 Months Ended |
Mar. 31, 2014 | |
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. Pursuant to a separate Agreement dated March 31, 2012, the Company has agreed with PPL to assign and transfer 50% of SAHF's current ownership of the Tartagal and Morillo (i.e., a 9% interest in the concession) to PPL for a purchase price of $500,000. PPL has also agreed in an Undertaking to provide funds to the operating entities of Valle de Lerma and Selva Maria (the San Salvador and Libertador concessions were awarded to another party, whose bid exceeded that of the Company for these concessions), in the aggregate amount of up to $10,000,000 (Selva Maria is pending for approval from the government, which is standard procedure in Argentina). | |
As of December 31, 2012, the Company had received deposits in the amount of $3,499,958 from PPL on account of remainder of the proceeds has been recorded as a $4.0 million receivable from the sale of bidding rights and oil and gas properties. PPL is not current with the payment schedule set forth in the Cooperation Agreement, and the Company is in discussions with PPL to ensure that all payments provided for under the Cooperation Agreement are made within the time frame as required for concession financial commitments. In 2013, the Company received an additional payment of $500,000. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
3. RELATED PARTY TRANSACTIONS | |
As of March 31, 2014 and December 31, 2013, the Company owes three shareholders $150,655. |
Receivable_from_Sale_of_Biddin1
Receivable from Sale of Bidding Rights and Oil and Gas Properties (Details) (USD $) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2012 | Dec. 31, 2012 | |
Receivable from Sale of Bidding Rights and Oil and Gas Properties (Textual) | ' | ' |
Proceed from sale of Principle Petroleum Ltd. | $7,000,000 | ' |
Percentage sale of share in SAHF's | 50.00% | ' |
Percentage of interest in the concession | 9.00% | ' |
Proceed from sale of share in SAHF's | 500,000 | ' |
Maximum limit to provide funds to the operating entities | 10,000,000 | ' |
Amount received as deposit for purchase exploration and exploitation rights | ' | 3,499,958 |
Receivable from the sale of bidding rights and oil and gas properties | ' | 4,000,000 |
Additional payments received from the sale of bidding rights and oil and gas properties | ' | $500,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Shareholder | Shareholder | |
Related Party Transactions (Textual) | ' | ' |
Number of Shareholders | 3 | 3 |
Shareholders [Member] | ' | ' |
Related Party Transactions (Textual) | ' | ' |
Amount owed to related parties | 150,655 | 150,655 |