Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Aug. 22, 2016 | Jun. 30, 2015 | |
Document and Entity Information: | |||
Entity Registrant Name | ALLIED RESOURCES INC | ||
Document Type | 10-Q | ||
Document Period End Date | Jun. 30, 2016 | ||
Trading Symbol | alod | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,211,524 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 5,653,001 | ||
Entity Public Float | $ 0 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q2 |
ALLIED RESOURCES, INC BALANCE S
ALLIED RESOURCES, INC BALANCE SHEETS JUNE 30, 2016 AND DECEMBER 31, 2015 - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 1,205,851 | $ 1,265,126 |
Accounts Receivable, Net, Current | 28,981 | 25,723 |
Assets, Current | 1,234,832 | 1,290,849 |
Assets, Noncurrent | ||
Oil and gas properties (proven), net (successful efforts method) | 528,457 | 558,255 |
Deposits Assets, Noncurrent | 704,701 | 704,701 |
Assets, Noncurrent | 1,233,158 | 1,262,956 |
Assets | 2,467,990 | 2,553,805 |
Liabilities, Current | ||
Accounts Payable, Current | 49,469 | 13,047 |
Liabilities, Current | 49,469 | 13,047 |
Liabilities, Noncurrent | ||
Asset Retirement Obligations, Noncurrent | 240,418 | 234,610 |
Liabilities, Noncurrent | 240,418 | 234,610 |
Liabilities | 289,887 | 247,657 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 5,653 | 5,653 |
Additional Paid in Capital, Common Stock | 9,916,458 | 9,916,458 |
Retained Earnings (Accumulated Deficit) | (7,744,008) | (7,615,963) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,178,103 | 2,306,148 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Liabilities and Equity | $ 2,467,990 | $ 2,553,805 |
Statement of Financial Position
Statement of Financial Position - Parenthetical Allied Resources Balance Sheets June 30, 2016 and December 31, 2015 - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Condensed Consolidated Balance Sheets Parenthetical | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 0 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued | 5,653,011 | 5,653,011 |
Common Stock, Shares Outstanding | 5,653,011 | 5,653,011 |
Common Stock, Value, Outstanding | $ 5,653 | $ 5,653 |
ALLIED RESOURCES INC STATEMENTS
ALLIED RESOURCES INC STATEMENTS OF OPERATIONS THREE AND SIX MONTHS ENDED JUNE 30, 2016 AND 2015 - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | ||||
Oil and gas Revenues | $ 85,344 | $ 53,190 | $ 165,335 | $ 164,291 |
Revenues | 85,344 | 53,190 | 165,335 | 164,291 |
Cost of Revenue | ||||
Gross Profit | 85,344 | 53,190 | 165,335 | 164,291 |
Operating Expenses | ||||
Production Costs | 76,208 | 66,802 | 158,477 | 156,200 |
Amortization of Deferred Charges | ||||
Depreciation Depletion and Amortization | 14,846 | 11,173 | 29,798 | 22,486 |
General and Administrative Expense | 72,319 | 87,601 | 106,976 | 122,143 |
Operating Expenses | 163,373 | 165,576 | 295,251 | 300,829 |
OperatingCostAnd Expenses | 163,373 | 165,576 | 295,251 | 300,829 |
Operating Income (Loss) | (78,029) | (112,386) | (129,916) | (136,538) |
Investment Income, Nonoperating | ||||
Investment Income, Net | 490 | 760 | 1,871 | 1,977 |
Investment Income, Nonoperating | 490 | 760 | 1,871 | 1,977 |
Nonoperating Income (Expense) | 490 | 760 | 1,871 | 1,977 |
Interest and Debt Expense | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (77,539) | (111,626) | (128,045) | (134,561) |
Net Income (Loss) Attributable to Parent | $ (77,539) | $ (111,626) | $ (128,045) | $ (134,561) |
Earnings Per Share | ||||
Earnings Per Share, Basic and Diluted | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.02) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5,653,000 | 5,653,000 | 5,653,000 | 5,653,000 |
ALLIED RESOURCES, INC. STATEMEN
ALLIED RESOURCES, INC. STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2016 AND 2015 - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) | $ (128,045) | $ (134,561) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Other Depreciation and Amortization | 29,708 | 22,486 |
Accretion Expense | 5,808 | 5,533 |
Increase (Decrease) in Operating Assets | ||
Increase (Decrease) in Receivables | (3,258) | 43,737 |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable | 36,422 | 5,728 |
Net Cash Provided by (Used in) Operating Activities | (59,275) | (57,077) |
Net Cash Provided by (Used in) Financing Activities | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (59,275) | (57,077) |
Cash and Cash Equivalents, at Carrying Value | 1,265,126 | 1,412,161 |
Cash and Cash Equivalents, at Carrying Value | $ 1,205,851 | $ 1,355,084 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 1 - Basis of Presentation | Note 1 Basis of Presentation The accompanying unaudited condensed financial statements have been prepared by management in accordance with the instructions in Form 10-Q and, therefore, do not include all information and footnotes required by generally accepted accounting principles and should, therefore, be read in conjunction with the Companys Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission. These statements do include all normal recurring adjustments which the Company believes necessary for a fair presentation of the statements. The interim operations are not necessarily indicative of the results to be expected for the full year ended December 31, 2016. |
Note 2 - Additional Footnotes I
Note 2 - Additional Footnotes Included by Reference | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 2 - Additional Footnotes Included by Reference | Note 2 Additional Footnotes Included By Reference There have been no material changes in the information disclosed in the notes to the financial statements included in the Companys Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission. Therefore, those footnotes are included herein by reference. |
Note 3 - Subsequent Events
Note 3 - Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 3 - Subsequent Events | Note 3 Subsequent Events The Company evaluated its June 30, 2016 financial statements for subsequent events through the date the financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements. |