Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 18, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'United American Petroleum Corp. | ' |
Entity Central Index Key | '0001321516 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 293,011,261 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Cash | $357,642 | $557,298 |
Accounts receivable, net of allowance for uncollectible accounts | 108,143 | 119,052 |
Related party receivables | 97,493 | 99,536 |
Total current assets | 563,278 | 775,886 |
Evaluated, net of accumulated depletion of $308,882 and $236,614 as of September 30, 2014 and December 31, 2013, respectively | 371,528 | 1,139,435 |
TOTAL ASSETS | 934,806 | 1,915,321 |
Accounts payable and accrued liabilities | 1,067,435 | 1,150,116 |
Convertible note payable, net of debt discount of $0 and $26,758 as of September 30, 2014 and December 31, 2013, respectively | 15,561 | 131,027 |
Embedded derivative liability | 42,369 | 139,508 |
Deferred gain on sale of assets | 7,500 | 17,500 |
Other payable | 144,417 | 582,278 |
Total current liabilities | 1,277,282 | 2,020,429 |
Asset retirement obligation | 118,786 | 112,727 |
TOTAL LIABILITIES | 1,396,068 | 2,133,156 |
Preferred Stock, Series B, $0.001 par value, 1,000 shares authorized, 1,000 shares issued and 1,000 share outstanding and no shares issued and outstanding, respectively | 1 | 1 |
Common stock, $0.001 par value, 750,000,000 shares authorized, 260,251,261 shares issued and outstanding as of September 30, 2014 and 86,875,192 shares issued and outstanding at December 31, 2013 | 260,251 | 86,876 |
Additional paid-in capital | 8,479,071 | 8,301,499 |
Accumulated deficit | -9,200,585 | -8,606,211 |
Total stockholders' deficit | -461,262 | -217,835 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $934,806 | $1,915,321 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Accumulated depletion of evaluted oil and gas properties | $308,882 | $236,614 |
Debt discount | $0 | $26,758 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 1,000 | 1,000 |
Preferred stock, shares outstanding | 1,000 | 1,000 |
Common stock par value | $0.00 | $0.00 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 260,251,261 | 86,875,192 |
Common stock, shares outstanding | 260,251,261 | 86,875,192 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUE | ' | ' | ' | ' |
Oil and Gas sales | $177,057 | $106,634 | $482,339 | $475,145 |
Operator Income | 11,311 | 5,250 | 16,411 | 21,450 |
TOTAL REVENUE | 188,368 | 111,884 | 498,750 | 496,595 |
OPERATING EXPENSES | ' | ' | ' | ' |
Lease operating expenses | 42,274 | 82,517 | 295,410 | 354,930 |
Bad debt expense | ' | ' | 12,660 | ' |
Accretion expense | 3,000 | 1,000 | 9,186 | 3,000 |
Depletion expense | 26,725 | 14,769 | 72,268 | 89,022 |
General and administrative | 163,564 | 156,045 | 562,876 | 423,591 |
TOTAL OPERATING EXPENSES | 235,563 | 254,331 | 952,400 | 870,543 |
NET LOSS BEFORE OTHER EXPENSE | -47,195 | -142,447 | -453,650 | -373,948 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest expense | -10,019 | -193,956 | -189,559 | -274,894 |
Gain (loss) on embedded derivatives | -29,874 | 29,186 | 96,523 | 96,088 |
Loss on convertible note conversion | -47,688 | ' | -47,688 | ' |
Total other income (expense) | -87,581 | -164,770 | -140,724 | -178,806 |
NET LOSS | ($134,776) | ($307,217) | ($594,374) | ($552,754) |
LOSS PER SHARE - BASIC AND DILUTED | $0 | ($0.01) | $0 | ($0.01) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED | 181,276,760 | 51,010,765 | 126,198,617 | 50,339,543 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Cash Flows [Abstract] | ' | ' |
Net income (loss) | ($594,374) | ($552,754) |
Adjustments to reconcile net loss to net cash provided used in operating activities: | ' | ' |
Bad debt expense | 12,660 | ' |
Accretion expense | 9,186 | 3,000 |
Depletion expense | 72,268 | 89,022 |
Amortization of debt discount and non-cash interest expense | 179,566 | 274,894 |
Gain on embedded derivatives | -96,523 | -96,088 |
Loss on convertible note conversion | 47,688 | ' |
Reduction in full cost pool due to operator income from owned wells | 138,986 | ' |
Change in assets and liabilities | ' | ' |
Accounts receivable | -1,751 | -126,201 |
Related party receivable | 2,043 | -10,575 |
Accounts payable and accrued expenses | -417,588 | 74,221 |
Other payable | -1,817 | 116,516 |
Net provided by (used in) operating activities | -649,656 | -227,965 |
CASH FLOWS USED IN INVESTING ACTIVITIES: | ' | ' |
Proceeds from sale of oil and gas properties | 450,000 | ' |
Net cash provided by investing activities | 450,000 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from convertible notes | ' | 279,448 |
Net cash provided by financing activities | ' | 279,448 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -199,656 | 51,483 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 557,298 | 572,784 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 357,642 | 624,267 |
Cash paid during the period for: | ' | ' |
Interest | ' | ' |
Taxes | ' | ' |
NON CASH TRANSACTIONS: | ' | ' |
Asset retirement liability retired | 3,127 | 17,449 |
Discount from liabilities | 152,810 | 210,250 |
Conversion of principal and interest to common shares | 201,533 | 117,656 |
Reclassification of derivative liability | 153,426 | 197,821 |
Settlement of derivative liabilities to additional paid-in capital | ' | 70,000 |
Settlement of legal expenses through exchange of property | $93,525 | ' |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Nature of Operations and Basis of Presentation | ' | |
1 | Nature of Operations and Basis of Presentation | |
Nature of Operations | ||
United American Petroleum Corp. (“United”) is incorporated under the laws of the state of Nevada. United’s principal business is the acquisition and management of leasehold interests in petroleum and natural gas rights, either directly or indirectly, and the exploitation and development of properties subject to these leases. | ||
Basis of Presentation | ||
These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim consolidated financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q and Article 8 of SEC Regulation S-X. The principles for interim consolidated financial information do not require the inclusion of all the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements on Form 10-K for the year ended December 31, 2013. The condensed consolidated financial statements included herein are unaudited; however, in the opinion of management, they contain all normal recurring adjustments necessary for a fair statement of the condensed results for the interim periods. Operating results for the nine month period ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. We made certain reclassifications to prior-period amounts to conform to the current presentation. |
Going_Concern
Going Concern | 9 Months Ended | |
Sep. 30, 2014 | ||
Going Concern | ' | |
Going Concern | ' | |
2 | Going Concern | |
The Company has incurred a net loss and negative operating cash flows since inception through September 30, 2014. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s management is implementing plans to sustain the Company’s cash flow from operating activities and/or acquire additional capital funding. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |
Sep. 30, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
3 | Related Party Transactions | |
Our officers and directors are also the directors and shareholders of a related party company that previously owned working interests in several of our oil and gas interests. As of September 30, 2014 the Company had a receivable in the amount of $97,493 due from this related party, with working interest amounts payable. This represents a $2,043 decrease from an amount of $99,536 as of December 31, 2013. |
Convertible_Notes_and_Detached
Convertible Notes and Detached Warrants | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Convertible Notes And Detached Warrants | ' | |||||||
Convertible Notes Payable and Detached Warrants | ' | |||||||
4 | Convertible Notes and Detached Warrants | |||||||
The following table summarizes the changes in our convertible notes as of September 30, 2014: | ||||||||
Convertible notes payable | Face value | Debt discount | Convertible notes payable, net | |||||
Balance as of December 31, 2013 | $ | 1,57,785 | (26,758) | 1,31,027 | ||||
Additions due to new convertible debt | - | - | - | |||||
Debt discount additions | - | (1,52,810) | (1,52,810) | |||||
Debt discount amortization | - | 1,79,568 | 1,79,568 | |||||
Conversions of convertible debt (principal) into common shares | (1,42,224) | - | (1,42,224) | |||||
Balance as of September 30, 2014 | $ | 15,561 | - | 15,561 | ||||
Convertible Promissory Note – January 31, 2013 | ||||||||
On January 31, 2013, we entered into a convertible promissory note (“Note”) with JMJ Financial (“JMJ”) pursuant to which JMJ agreed to lend the Company up to $400,000 in multiple installments in exchange for a senior secured convertible promissory note with a conversion price equal to 60% of the lowest trading price per share during the previous 25 trading days. The first installment of $55,000 was delivered less a fee of $5,000 on the date of the Note. The second installment of $25,000 was delivered in April 2013. The Note matures on January 31, 2014, or upon default, whichever is earlier, and bears interest at an annual rate of 12%. As described in Note 5, the embedded conversion feature qualified for liability classification at fair value. As a result, the Company recorded a discount of $55,000 to the Note payable on issuance of the first installment. The Company also recorded a discount of $25,000 to the Note payable on issuance of the second installment. As of September 30, 2014 there was $14,783 in outstanding principal and $18,333 in outstanding original interest discount (OID) on this Note. | ||||||||
On January 7, 2014, JMJ exercised a portion of the conversion rights of the note for 2,800,000 shares of common respectively at a stock price of $0.0011 for a total of $6,380 principal converted. Later in January 2014, JMJ submitted another conversion request under its Note; however, the Company was unable to comply with this request due to insufficient authorized shares of common stock. The lack of authorized shares constituted a default pursuant to the Note. The Company promptly notified JMJ of its inability to honor the conversion request. Subsequently, the Company amended its Articles of Incorporation to increase the authorized common shares of the Company to 750,000,000 shares, effective June 3, 2014. JMJ has not expressed an intention to assert the remedies set forth in the Note at this time. | ||||||||
On June 9, 2014, JMJ exercised a portion of the conversion rights of the note for 3,000,000 shares of common respectively at a stock price of $0.0011 for a total of $3,300 principal converted. | ||||||||
On June 27, 2014, JMJ exercised a portion of the conversion rights of the note for 4,600,000 shares of common respectively at a stock price of $0.00115 for a total of $5,290 principal converted. | ||||||||
During the quarter ended September 30, 2014, JMJ exercised a portion of the conversion rights of the note for 34,900,000 shares of common respectively at a stock price of $0.0005 for a total of $17,555 principal converted. | ||||||||
As of September 30, 2014, there was $23,667 in outstanding principal and interest on these Notes. | ||||||||
Convertible Note – February 19, 2013 | ||||||||
On February 19, 2013, we entered into a Note with Asher Enterprises, Inc. (“Asher”) pursuant to which Asher lent $103,500 to us in a single installment (minus fees of $3,500 paid to the Company’s securities counsel). Principal and interest outstanding under the Note can be converted into common stock of the Company at a price equal to 60% of the average lowest trading price per share during the previous 10 trading days. The embedded conversion option cannot be exercised until 180 days from the date of the note and as such, was not priced until exercisable. The total number of conversion shares is calculated by dividing the amount of the notes by the conversion price. | ||||||||
On January 2, 2014, Asher exercised a portion of the conversion rights of the note for 2,235,294 shares of common respectively at a stock price of $0.0017, for a total of $3,800 accrued interest converted. | ||||||||
As of December 31, 2013 the principal on this note had been fully converted. Upon conversion of the final accrued interest of $3,800 in the first quarter of 2014 described above, the obligations relating to the note were fully satisfied. | ||||||||
Convertible Note – April 22, 2013 | ||||||||
On April 22, 2013, we entered into another Note with Asher pursuant to which Asher lent $63,000 (minus fees of $3,000) to us in a single installment with a conversion price equal to 60% of the average lowest trading price per share during 5 of the previous 10 trading days. | ||||||||
On September 23, 2013, Asher lent us an additional $50,000 in a single installment (minus fees of $3,000) under the same terms as the previous installment made April 22, 2013. | ||||||||
On January 7, 2014, Asher converted $5,240 of principal of the Note into 2,757,895 shares of common stock. On January 13, 2014, Asher converted $4,950 of principal of the Note into 2,750,000 shares of common stock. | ||||||||
In January 2014, Asher submitted a conversion request under one of its Notes; however, the Company did not have sufficient shares of authorized common stock to honor the conversion request. Asher issued us a notice of default; however, Asher immediately waived the default provided that we began the process to increase our number of authorized shares. Asher later reissued the notice of default to us due to our delay in commencing the increase process. Therefore, we initially recognized a liability and a loss of $102,810 in the first quarter of 2014, which represented the additional amount due under the Notes in the event of default. Subsequently, the Company amended its Articles of Incorporation to increase the number of authorized shares of common stock of the Company to 750,000,000, effective June 3, 2014. In the second quarter of 2014 we received confirmation from Asher’s legal counsel that the penalty was waived in Q2and as such we de-recognized the penalty liability as of June 30, 2014. Due to the reversal of the penalty in Q2 2014, there is zero net impact to the three months and nine months ended September 30, 2014. | ||||||||
On June 4, 2014, Asher converted $4,690 of principal of the Note into 2,758,824 shares of common stock. | ||||||||
On June 16, 2014, Asher converted $12,150 of principal of the Note into 4,860,000 shares of common stock. | ||||||||
On June 24, 2014, Asher converted $7,750 of principal of the Note into 4,843,750 shares of common stock. | ||||||||
During the quarter ended September 30, 2014, Asher exercised all of the conversion rights of the notes for 107,870,304 shares of common respectively at a stock price of $0.00073 for a total of $82,713 principal and accrued interest converted. | ||||||||
As of September 30, 2014, the principal on this note had been fully converted and the obligations relating to the note were fully satisfied. |
Fair_Value_Measurements_and_De
Fair Value Measurements and Derivative Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements and Derivative Liabilities | ' | ||||||||||||||||
5 | Fair Value Measurements and Derivative Liabilities | ||||||||||||||||
The Company measures fair value in accordance with a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||||||||||
Level 2 | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and | ||||||||||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||||||||||
The following table sets forth the Company’s consolidated financial assets and liabilities measured at fair value by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
LIABILITIES: | |||||||||||||||||
Conversion option liability (as of September 30, 2014) | — | — | — | 42,369 | |||||||||||||
During 2013, the Company issued debt instruments that were convertible into common stock at a conversion price equal to 60% of the lowest trading price per share during the previous 25 trading days. The conversion options embedded in these instruments contain no explicit limit to the number of shares to be issued upon settlement and as a result are classified as liabilities under ASC 815. Additionally, because the number of shares to be issued upon settlement is indeterminate, all other share settle-able instruments must also be classified as liabilities. As a result, the Company measured its outstanding warrants on September 30, 2014 at fair value and re-classified these amounts from additional paid-in capital to derivative liabilities. | |||||||||||||||||
The following is a reconciliation of the conversion option liability and embedded warrant liability for which Level 3 inputs were used in determining fair value: | |||||||||||||||||
Beginning balance December 31, 2013 | $ | 139,508 | |||||||||||||||
Additions due to new convertible debt | 152,810 | ||||||||||||||||
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | (153,426 | ) | |||||||||||||||
Mark to market of debt derivative | (96,523 | ) | |||||||||||||||
Debt derivative as of September 30, 2014 | $ | 42,369 | |||||||||||||||
The Company’s conversion option liabilities are valued using pricing models and the Company generally uses similar models to value similar instruments. Where possible, the Company verifies the values produced by its pricing models to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility and correlations of such inputs. These consolidated financial liabilities do not trade in liquid markets, and as such, model inputs cannot generally be verified and do involve significant management judgment. Such instruments are typically classified within Level 3 of the fair value hierarchy. The Company uses the Black Scholes Option Pricing Model to value its derivatives based upon the following assumptions: dividend yield of -0-%, volatility of 158%-398%, risk free rate of 0.01-0.07% and an expected term of 0 years to .75 year. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||
Sep. 30, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
6 | Commitments and Contingencies | ||
Legal matters | |||
In April 2014, we settled a judgment that had been rendered against the Company in the amount of $19,856 plus attorneys’ fees of $73,669. We settled this judgment by assigning our interest in the Walker Smith lease and having the other working interest owners assign their interest in the lease as well. |
Recent_Events
Recent Events | 9 Months Ended | |
Sep. 30, 2014 | ||
Notes to Financial Statements | ' | |
Recent Events | ' | |
7 | Recent Events | |
On February 26, 2014, the Company completed the sale of a 46% working interest (comprising a 34.5% net revenue interest) in an oil, gas and mineral lease covering 430 acres in Duval County, Texas, to RTO Exploration, LLC (“Buyer”) for the purchase price of $400,000. In addition to the purchase price, in 2013 the Buyer paid a $10,000 non-refundable option payment to the Company. The purchase price was the result of negotiations between the Company and the Buyer. | ||
On July 7, 2014, we assigned our interest in the Crouch, Lane Heady, Shillingburg, Duvalle 1&2 and RP Wilson well leases to DMV Pipeline LLC. We received $50,000 as consideration for the assignment of interest. | ||
To account for the sale, we applied the two step process required by the full cost rules. First we calculated the impact of the sale of the working interest on the Company’s depletion rate, determining that the resulting change was not significant (less than 10%). Therefore, step two of the process (calculate loss or gain on sale) was not applicable, and we recognized the $50,000 proceeds as a direct reduction to the full cost pool. |
Fair_Value_Measurements_and_De1
Fair Value Measurements and Derivative Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of consolidated financial assets and liabilities measured at fair value | ' | ||||||||||||||||
The following table sets forth the Company’s consolidated financial assets and liabilities measured at fair value by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
LIABILITIES: | |||||||||||||||||
Conversion option liability (as of September 30, 2014) | — | — | — | 42,369 | |||||||||||||
Reconciliation of the conversion option liability and detachable warrant liability for Level 3 inputs | ' | ||||||||||||||||
The following is a reconciliation of the conversion option liability and embedded warrant liability for which Level 3 inputs were used in determining fair value: | |||||||||||||||||
Beginning balance December 31, 2013 | $ | 139,508 | |||||||||||||||
Additions due to new convertible debt | 152,810 | ||||||||||||||||
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | (153,426 | ) | |||||||||||||||
Mark to market of debt derivative | (96,523 | ) | |||||||||||||||
Debt derivative as of September 30, 2014 | $ | 42,369 |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Related Party Receivable Details Narrative | ' | ' |
Related party receivables | $97,493 | $99,536 |
Increase (Decrease) in related party receivable | ($2,043) | ' |
Convertible_Notes_and_Detached1
Convertible Notes and Detached Warrants (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Convertible Notes And Detached Warrants Details | ' |
Principal balance of notes payable as of December 31, 2013, net of debt discount of $26,758 | $131,027 |
Additions due to new convertible debt | ' |
Amortization of debt discount | 26,758 |
Conversions of convertible debt (principal) into common shares | -142,224 |
Principal balance of notes payable as of September 30, 2014 | $15,561 |
Convertible_Notes_and_Detached2
Convertible Notes and Detached Warrants (Details Narrative) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 13, 2014 | Jan. 07, 2014 | Sep. 30, 2014 | Jun. 27, 2014 | Jun. 09, 2014 | Sep. 30, 2014 | Jun. 24, 2014 | Jun. 16, 2014 | Jun. 04, 2014 | Sep. 23, 2013 |
Convertible Note 2/19/2013 | Convertible Note 4/22/2013 | Convertible Note 4/22/2013 | Convertible Note 4/22/2013 | Credit Facility 1/31/2013 | Credit Facility 1/31/2013 | Credit Facility 1/31/2013 | Convertible Note 4/22/2013 | Convertible Note 4/22/2013 | Convertible Note 4/22/2013 | Convertible Note 4/22/2013 | |||
Date of issuance | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-13 | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-14 | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | ' | $63,000 | ' | ' | $400,000 | ' | ' | ' | $50,000 |
Debt fee | ' | ' | 16,500 | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' |
Discount on issuance | 0 | 26,758 | 3,500 | ' | ' | 3,000 | ' | ' | 25,000 | ' | ' | ' | 3,000 |
First installment | ' | ' | 103,500 | ' | ' | ' | ' | ' | 55,000 | ' | ' | ' | ' |
First installment, date | ' | ' | ' | ' | ' | 22-Apr-13 | ' | ' | ' | ' | ' | ' | ' |
Second installment | ' | ' | ' | ' | ' | 47,000 | ' | ' | 25,000 | ' | ' | ' | ' |
Second installment, date | ' | ' | ' | ' | ' | 23-Sep-13 | ' | ' | 30-Apr-13 | ' | ' | ' | ' |
Conversion price, percentage of trading price | ' | ' | 60.00% | ' | ' | 60.00% | ' | ' | 60.00% | ' | ' | ' | ' |
Debt conversion price, number of trading days to compute conversion price | ' | ' | ' | ' | ' | '10 days | ' | ' | '25 days | ' | ' | ' | ' |
Embedded conversion option can be exercised, earliest number of days from issuance | ' | ' | '180 days | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' |
Debt conversion price, number of days for average price | ' | ' | '10 days | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' |
Debt conversion, shares issued | ' | ' | 2,235,294 | 2,750,000 | 2,757,895 | ' | 4,600,000 | 3,000,000 | 2,800,000 | 4,843,750 | 4,860,000 | 2,758,824 | ' |
Total principal amount converted | ' | ' | 3,800 | 4,950 | 5,240 | ' | 5,290 | 3,300 | 6,380 | 7,750 | 12,150 | 4,690 | ' |
Debt conversion price | ' | ' | $0.00 | ' | ' | ' | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' |
Outstanding principal | 15,561 | 131,027 | ' | ' | ' | 106,593 | ' | ' | 14,783 | ' | ' | ' | ' |
Outstanding Orignal Interest | ' | ' | ' | ' | ' | ' | ' | ' | $18,333 | ' | ' | ' | ' |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value Details | ' | ' |
Conversion Option Liability | $42,369 | $139,508 |
Fair_Value_Details_2
Fair Value (Details 2) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
ReclassificationOfDetachableWarrantsToDerivativeLiability | ' |
Conversion option liability and detachable warrant liability, beginning | $139,508 |
Additions due to new convertible debt | 152,810 |
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | -153,426 |
Mark to market of debt derivative | -96,523 |
Conversion option liability and detachable warrant liability, ending | $42,369 |
Fair_Value_Details_3
Fair Value (Details 3) | 9 Months Ended | 3 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Minimum [Member] | Maximum [Member] | ||
Dividend Yield | 0.00% | ' | ' |
Volatility | ' | 158.00% | 398.00% |
Risk Free Rate | ' | 0.01% | 0.07% |
Expected Term | ' | '0 days | '9 months |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Narrative) (Subsequent Event [Member], USD $) | 1 Months Ended |
Apr. 30, 2014 | |
Subsequent Event [Member] | ' |
Amount of settlement as a result of judgement | $19,856 |
Attorneys' fees | $73,669 |
Recent_Events_Details_Narrativ
Recent Events (Details Narrative) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Jul. 07, 2014 | |
acre | ||
Recent Events Details Narrative | ' | ' |
Sale of working capital percentage | 46.00% | ' |
Sale of working interest consisting of net revenue interest, percent | 34.50% | ' |
Number of acres in oil, gas and mineral lease | 430 | ' |
Sales price of working interest | $410,000 | ' |
Non-refundable option payment paid by buyer | 10,000 | ' |
Cash received as consideration for assignment of interest in well leases | ' | $50,000 |