Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2013 | Jan. 17, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'WORTHINGTON ENERGY, INC. | ' |
Entity Central Index Key | '0001342643 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'WGAS | ' |
Entity Common Stock, Shares Outstanding | ' | 47,476,293 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-13 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2013 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash and cash equivalents | $4,337 | $8,065 |
Prepaid expenses and other current assets | 123 | 36,431 |
Total Current Assets | 4,460 | 44,496 |
Property and Equipment, net of accumulated depreciation | 12,888 | 14,570 |
Oil and gas properties | 5,798,563 | 6,854,550 |
Deferred financing costs | 0 | 370,000 |
Earnest money deposit | 0 | 100,000 |
Other assets | 14,610 | 14,610 |
Total Assets | 5,830,521 | 7,398,226 |
Current Liabilities: | ' | ' |
Accounts payable | 525,568 | 412,327 |
Accrued liabilities | 1,369,980 | 1,432,850 |
Payable to Ironridge Global IV, Ltd. | 84,128 | 1,489,623 |
Payable to former officer | 115,000 | 0 |
Unsecured convertible promissory notes payable, net of discount, in default | 702,492 | 663,054 |
Secured notes payable, net of discount, in default | 582,228 | 1,502,273 |
Convertible debentures in default | 2,456,532 | 2,550,000 |
Derivative liabilities | 7,471,079 | 7,795,335 |
Total Current Liabilities | 13,307,007 | 15,845,462 |
Long-Term Liabilities | ' | ' |
Long-term asset retirement obligation | 37,288 | 37,288 |
Total Liabilities | 13,344,295 | 15,882,750 |
Stockholders' Deficiency: | ' | ' |
Common stock, $0.001 par value; 6,490,000,000 shares authorized, 18,304,120 and 1,142,244 shares issued and outstanding, respectively | 18,303 | 1,141 |
Additional paid-in capital | 26,163,715 | 23,904,706 |
Deficit accumulated during the exploration stage | -33,696,792 | -32,390,371 |
Total Stockholders' Deficiency | -7,513,774 | -8,484,524 |
Total Liabilities and Stockholders' Deficiency | 5,830,521 | 7,398,226 |
Series A Preferred Stock [Member] | ' | ' |
Stockholders' Deficiency: | ' | ' |
preferred stock | 1,000 | 0 |
Undesignated preferred stock [Member] | ' | ' |
Stockholders' Deficiency: | ' | ' |
preferred stock | $0 | $0 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 6,490,000,000 | 6,490,000,000 |
Common stock, shares issued | 18,304,120 | 1,142,244 |
Common stock, shares outstanding | 18,304,120 | 1,142,244 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 1,000,000 | 0 |
Preferred stock, shares outstanding | 1,000,000 | 0 |
Undesignated preferred stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 9,000,000 | 9,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | 108 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Oil and gas revenues, net | $0 | $0 | $0 | $0 | $370,437 |
Costs and Operating Expenses | ' | ' | ' | ' | ' |
Lease operating expenses | 0 | 0 | ' | 0 | 164,381 |
Impairment loss on oil and gas properties | 0 | 0 | 11,623 | 0 | 5,096,701 |
Accretion of asset retirement obligations | 0 | 57 | 0 | 114 | 8,982 |
General and administrative expense | 437,411 | 478,102 | 806,278 | 1,047,409 | 7,100,468 |
Share-based compensation | 11,226 | 71,793 | 84,214 | 189,797 | 8,198,057 |
Total costs and operating expenses | 448,637 | 549,952 | 902,115 | 1,237,320 | 20,568,589 |
Loss from operations | -448,637 | -549,952 | -902,115 | -1,237,320 | -20,198,152 |
Other income (expense) | ' | ' | ' | ' | ' |
Interest income | 0 | 0 | ' | 0 | 63,982 |
Change in fair value of derivative liabilities | 1,238,545 | -1,254,317 | 1,402,514 | -68,081 | -2,786,634 |
Gain on transfer of common stock from Bayshore Exploration, L. L. C. | 0 | 0 | ' | 0 | 24,000 |
Interest expense | -143,246 | -257,180 | -308,233 | -413,176 | -1,959,859 |
Amortization of discount on convertible debentures and notes and other debt | -450,970 | -58,351 | -1,128,587 | -199,451 | -7,318,506 |
Interest expense - Ironridge Global IV, Ltd | 0 | 0 | 0 | 0 | -594,935 |
Amortization of deferred financing costs | -370,000 | -1,254,324 | -370,000 | -2,532,245 | -926,688 |
Total other income (expense) | 274,329 | -2,824,172 | -404,306 | -3,212,953 | -13,498,640 |
Net loss | ($174,308) | ($3,374,124) | ($1,306,421) | ($4,450,273) | ($33,696,792) |
Basic and Diluted Loss Per Common Share (in dollars per share) | ($0.02) | ($14.30) | ($0.24) | ($23.92) | ' |
Basic and Diluted Weighted-Average Common Shares Outstanding (in shares) | 8,393,391 | 235,995 | 5,409,600 | 186,084 | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY EQUITY (USD $) | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit during Development Stage [Member] |
Balance at Dec. 31, 2012 | ($8,484,524) | $0 | $1,141 | $23,904,706 | ($32,390,371) |
Balance (in shares) at Dec. 31, 2012 | ' | 0 | 1,142,244 | ' | ' |
Issuance of common stock upon conversion of notes payable and accrued interest - weighted average of $0.049 per share | 593,232 | ' | 12,217 | 581,015 | ' |
Issuance of common stock upon conversion of notes payable and accrued interest - weighted average of $0.049 per share (in shares) | ' | ' | 12,216,968 | ' | ' |
Issuance of common stock to Ironridge in settlement of liabilities, January 2013 to June 2013, weighted average of $0.33 per share | 1,405,495 | ' | 4,250 | 1,401,245 | ' |
Issuance of common stock to Ironridge in settlement of liabilities, January 2013 to June 2013, weighted average of $0.33 per share (in shares) | ' | ' | 4,250,000 | ' | ' |
Issuance of common stock to La Jolla Cove Investors, Inc. upon conversion of convertible debentures weighted average of $0.026 per share | 8,000 | ' | 310 | 7,690 | ' |
Issuance of common stock to La Jolla Cove Investors, Inc. upon conversion of convertible debentures weighted average of $0.026 per share (in shares) | ' | ' | 310,494 | ' | ' |
Issuance of common stock to La Jolla under an equity investment agreement, weighted average of $0.391 per shares | 79,230 | ' | 203 | 79,027 | ' |
Issuance of common stock to La Jolla under an equity investment agreement, weighted average of $0.391 per shares (in shares) | ' | ' | 202,814 | ' | ' |
Issuance of common stock and warrants for cash, February 2013, $0.607 per unit | 86,000 | ' | 142 | 85,858 | ' |
Issuance of common stock and warrants for cash, February 2013, $0.607 per unit (in shares) | ' | ' | 141,600 | ' | ' |
Issuance of common stock to chief executive officer in satisfaction of certain amounts owed to him, February 2013, $0.25 per share | 25,000 | ' | 100 | 24,900 | ' |
Issuance of common stock to chief executive officer in satisfaction of certain amounts owed to him, February 2013, $0.25 per share (in shares) | ' | ' | 100,000 | ' | ' |
Issuance of common stock for services, February 2013 - weighted average of $0.673 per share | 20,200 | ' | 30 | 20,170 | ' |
Issuance of common stock for services, February 2013 - weighted average of $0.673 per share (in shares) | ' | ' | 30,000 | ' | ' |
Return and cancelation of common stock in connection with the Settlement Agreement with Black Cat Exploration & Production, LLC and former officer, January 25, 2013, valued at $0.60 per share | -54,000 | ' | -90 | -53,910 | ' |
Return and cancelation of common stock in connection with the Settlement Agreement with Black Cat Exploration & Production, LLC and former officer, January 25, 2013, valued at $0.60 per share (in shares) | ' | ' | -90,000 | ' | ' |
Share-based compensation from grant of common stock options and issuance of common stock warrants to officers, directors and consultants | 64,014 | ' | 0 | 64,014 | ' |
Issuance of Series A Preferred Stock for accrued compensation | 50,000 | 1,000 | ' | 49,000 | ' |
Issuance of Series A Preferred Stock for accrued compensation (in shares) | ' | 1,000,000 | ' | ' | ' |
Net loss | -1,306,421 | ' | ' | ' | -1,306,421 |
Balance at Jun. 30, 2013 | ($7,513,774) | $1,000 | $18,303 | $26,163,715 | ($33,696,792) |
Balance (in shares) at Jun. 30, 2013 | ' | 1,000,000 | 18,304,120 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY EQUITY (Parenthetical) (USD $) | 6 Months Ended |
Jun. 30, 2013 | |
Stock Issued During Period Upon Conversion Of Notes Payable And Accrued Interest Weighted Average Price Per Share | $0.05 |
Stock Issued During Period In Settlement Of Liabilities Value Price Per Share | $0.33 |
Stock Issued During Period Conversion Of Convertible Securities Weighted Average Price Per Share | $0.03 |
Stock Issued During Period For New Shares Weighted Average Price Per Share | $0.39 |
Stock And Warrants Issued During Period Shares Issued For Cash Price Per Share | $0.61 |
Stock Issued During Period In Satisfaction Of Certain Amounts Owed Price Per Share | $0.25 |
Stock Issued During Period Shares Issued For Services Weighted Average Price Per Share | $0.67 |
Stock Cancelled And Returned During Period Price Per Share | $0.60 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 108 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Cash Flows From Operating Activities | ' | ' | ' |
Net loss | ($1,306,421) | ($4,450,273) | ($33,696,792) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Impairment loss on oil and gas properties | 11,623 | 0 | 5,096,701 |
Share-based compensation for services | 84,214 | 189,797 | 8,198,056 |
Amortization of deferred financing costs and discount on convertible debentures and notes and other debt | 1,498,587 | 2,731,696 | 8,245,194 |
Interest expense - Ironridge Global IV, Ltd. | 0 | 0 | 594,935 |
Gain on transfer of common stock from Bayshore Exploration, L.L.C. | 0 | 0 | -24,000 |
Accretion of asset retirement obligation | 0 | 114 | 8,982 |
Depreciation expense | 2,548 | 2,067 | 13,894 |
Change in fair vlue of derivative liabilities | -1,402,514 | 68,081 | 2,786,634 |
Change in assets and liabilities: | ' | ' | ' |
Prepaid expense and other current assets | 36,308 | 14,975 | 16,695 |
Other assets | 100,000 | 0 | 85,390 |
Accounts payable and accrued liabilities | 572,043 | 817,107 | 4,241,125 |
Net Cash Used In Operating Activities | -403,612 | -626,436 | -4,433,186 |
Cash Flows From Investing Activities | ' | ' | ' |
Proceeds from the sale of oil and gas properties | ' | 0 | 500,000 |
Acquisition of oil and gas properties | ' | -196,642 | -3,658,565 |
Earnest money deposit | ' | -100,000 | -100,000 |
Purchase of property and equipment | -866 | -3,596 | -26,782 |
Net Cash Used in Investing Activities | -866 | -300,238 | -3,285,347 |
Cash Flows From Financing Activities | ' | ' | ' |
Proceeds from the issuance of common stock and warrants,net of registration and offering costs | 144,000 | 0 | 3,373,970 |
Proceeds from issuance of convertible notes and other debt, and relatedbeneficial conversion features and common stock, less amount held inattorney's trust accounts | 260,500 | 950,668 | 3,343,500 |
Proceeds from issuance of convertible debentures | ' | 0 | 2,550,000 |
Proceeds from related parties for issuance of secured convertible notes and otherdebt, and related beneficial conversion features and common stock | ' | 0 | 180,000 |
Payment of deferred financing costs | ' | 0 | -506,000 |
Payment of payable to Bayshore Exploration, L.L.C. | ' | 0 | -489,600 |
Payment of principal on notes payable stockholder | ' | 0 | -325,000 |
Payment on principal on notes payable | -3,750 | -25,000 | -404,000 |
Net Cash Provided By Financing Activities | 400,750 | 925,668 | 7,722,870 |
Net Increase (Decrease) In Cash and Cash Equivalents | -3,728 | -1,006 | 4,337 |
Cash and Cash Equivalents At Beginning Of Period | 8,065 | 1,552 | 0 |
Cash and Cash Equivalents At End Of Period | $4,337 | $546 | $4,337 |
Organization_and_Significant_A
Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
Note 1 - Organization and Significant Accounting Policies | |
Organization – Paxton Energy, Inc. was organized under the laws of the State of Nevada on June 30, 2004. During August 2004, shareholder control of the Company was transferred, a new board of directors was elected and new officers were appointed. These officers and directors managed the Company until March 17, 2010, at which time, the existing members of the Company’s board of directors resigned, new members were appointed to the board of directors, and managerial control of the Company was transferred to new management. The new board of directors immediately commenced, among other things, the placement of unsecured convertible promissory notes to raise funds for working capital and held a meeting of stockholders on June 29, 2010, at which the stockholders approved 1) a 1-for-3 reverse common stock split, 2) a second reverse stock split of approximately 1 share for 2.4 shares of common stock, 3) the amendment of the Company’s certificate of incorporation to increase the Company’s authorized capital from 100 million to 500 million shares of common stock and from 5 million to 10 million shares of preferred stock, and 4) the adoption of the 2010 Stock Option Plan. On January 27, 2012, Paxton Energy, Inc. changed its name to Worthington Energy, Inc. (the “Company”). The Company held its annual meeting of stockholders on October 12, 2012, at which the Company’s stockholders approved a proposal a 1-for-10 reverse common stock split. In addition, on October 2, 2013 the Company affected a 1-for-50 reverse common stock split. All references in these condensed consolidated financial statements and related notes to numbers of shares of common stock, prices per share of common stock, and weighted average number of shares of common stock outstanding prior to the reverse stock splits have been adjusted to reflect the reverse stock splits on a retroactive basis for all periods presented, unless otherwise noted. As more fully disclosed in Note 9 to these condensed consolidated financial statements, on April 17, 2013, the Company designated one million shares of preferred stock as Series A Preferred Stock; issued one million shares of Series A Preferred Stock to Charles Volk, the Company’s chief executive officer; and pursuant to an Action by Written Consent of the Stockholders of the Company, the Company’s certificate of incorporation was amended to increase the Company’s authorized common stock from 500 million to 1.49 billion shares of common stock. On May 8, 2013, pursuant to an Action by Written Consent of the Stockholders of the Company, the Company’s certificate of incorporation was amended again to increase the Company’s authorized common stock from 1.49 billion to 2.49 billion shares of common stock. Also June 24, 2013, pursuant to an Action by Written Consent of the Stockholders of the Company, the Company’s certificate of incorporation was amended again to increase the Company’s authorized common stock from 2.49 billion to 6.49 billion shares of common stock. | |
Nature of Operations – As further described in Note 2 to these condensed consolidated financial statements, the Company commenced acquiring working interests in oil and gas properties in June 2005. The Company owns oil and gas properties in the Cooke Ranch prospect in LaSalle County, Texas, where the Company has been engaged primarily as a joint interest owner with Bayshore Exploration L.L.C. in the acquisition, exploration, and development of oil and gas properties and the production and sale of oil and gas. In March 2012, the Company acquired certain assets from Black Cat Exploration & Production LLC consisting of a 2% override interest in the Mustang Island 818-L lease, covering 1,400 acres in the Gulf of Mexico, with a 10.35% carried interest in the recently drilled I-1 well, located on the lease. However, as further described in Note 2 to these consolidated financial statements, the Company sold the 2% override interest in these properties in November 2012 and entered into a settlement agreement and mutual release of claims in January 2013, which resulted in, among other things, the transfer of the Company’s remaining interest in the Mustang Island 818-L lease and I-1 well back to Black Cat Exploration & Production LLC. | |
The Company is considered to be in the exploration stage due to the lack of significant revenues. | |
Condensed Interim Consolidated Financial Statements – The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, these condensed consolidated financial statements do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto for the year ended December 31, 2012, and for the period from June 30, 2004 (date of inception) through December 31, 2012, included in the Company’s annual report on Form 10-K. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to fairly present the Company’s consolidated financial position as of June 30, 2013, and its consolidated results of operations and cash flows for the six months ended June 30, 2013 and 2012, and for the period from June 30, 2004 (date of inception), through June 30, 2013. The results of operations for the six months ended June 30, 2013, may not be indicative of the results that may be expected for the year ending December 31, 2013. The condensed consolidated financial statements included in this report on Form 10-Q should be read in conjunction with the audited financial statements of Worthington Energy, Inc., and the notes thereto for the year ended December 31, 2012, included in its annual report on Form 10-K filed with the SEC on April 17, 2013. | |
Going Concern – The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not had significant revenue and is still considered to be in the exploration stage. The Company incurred losses of $1,306,421 for the six months ended June 30, 2013 and $13,255,095 for the year ended December 31, 2012. The Company also used cash of $403,612 and $1,348,778 in its operating activities during the six months ended June 30, 2013 and the year ended December 31, 2012, respectively. Through June 30, 2013, the Company has accumulated a deficit during the exploration stage of $33,696,792 and a significant portion of the Company’s debt is in default. At June 30, 2013, the Company has a working capital deficit of $13,302,547 including current liabilities of $13,307,007. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As a result, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2012 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. | |
The Company is currently seeking debt and equity financing to fund potential acquisitions and other expenditures, although it does not have any contracts or commitments for either at this time. The Company will have to raise additional funds to continue operations and, while it has been successful in doing so in the past, there can be no assurance that it will be able to do so in the future. The Company’s continuation as a going concern is dependent upon its ability to obtain necessary additional funds to continue operations and the attainment of profitable operations. The Company hopes that working capital will become available via financing activities currently contemplated with regards to its intended operating activities. | |
The Company’s continuation as a going concern is dependent upon its ability to obtain necessary additional funds to continue operations and to attain profitable operations. | |
Use of Estimates – In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in the Company’s condensed consolidated financial statements relate to the valuation of long-lived assets, accrued other liabilities, and valuation assumptions related to share-based payments and derivative liability. | |
Basic and Diluted Loss per Common Share – Basic loss per common share amounts are computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted loss per share amounts are computed assuming the issuance of common stock for potentially dilutive common stock equivalents. All outstanding stock options, warrants, stock awards, convertible promissory notes, and other obligations to be satisfied with the issuance of common stock are currently antidilutive and have been excluded from the diluted loss per share calculations. As such options, warrants, and stock awards to acquire 2,029,594 shares of common stock; the promissory notes and debentures convertible into 470,565,499 shares of common stock; shares of common stock issuable under the Equity Investment Agreement with La Jolla Cove Investors, Inc. of 75,111,111 shares; or the 2,300,000 shares issuable to Ironridge under the arrangement to settle liabilities were included in the computation of diluted loss per share at June 30, 2013 as their effect would have been anti-dilutive. None of the options, warrants, and stock awards to acquire 975,739 shares of common stock; the promissory notes and debentures convertible into 16,238,980 shares of common stock; or the 4,277,129 estimated shares issuable to Ironridge under the arrangement to settle liabilities were included in the computation of diluted loss per share at June 30, 2012 as their effect would have been anti-dilutive. | |
Fair Values of Financial Instruments – The carrying amounts reported in the condensed consolidated balance sheets for accounts payable, payable to Ironridge Global IV, Ltd., and payable to former officer approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for unsecured convertible promissory notes payable, secured notes payable, and convertible debentures approximate fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of derivative liabilities are estimated based on the method disclosed in Note 8 to these condensed consolidated financial statements. | |
Derivative Financial Instruments – The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average Black-Scholes-Merton pricing model to value the derivative instruments on June 30, 2013. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. | |
Recently Issued Accounting Statements – The FASB has issued ASU No. 2013-04, Liabilities (Topic 405), “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists (A Consensus the FASB Emerging Issues Task Force). ASU 2013-11 provides guidance on financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforward in the same tax jurisdiction as of the reporting date. This amendment is effective for public entities for fiscal years beginning after December 15, 2013 and interim periods within those years. The company does not expect the adoption of this standard to have a material impact on the Company’s financial position and results of operations. | |
Oil_and_Gas_Properties
Oil and Gas Properties | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Oil and Gas Property [Abstract] | ' | |||||||
Oil and Gas Properties [Text Block] | ' | |||||||
Note 2 - Oil and Gas Properties | ||||||||
Summary of Oil and Gas Properties | ||||||||
At June 30, 2013 and December 31, 2012, oil and gas properties, net of impairment losses recognized, consist of the following: | ||||||||
30-Jun | December 31, | |||||||
2013 | 2012 | |||||||
Leasehold interest costs - Vermillion 179 | $ | 5,698,563 | $ | 5,698,563 | ||||
Leasehold interest costs - Mustang Island | - | 1,055,987 | ||||||
Leasehold interest costs - Texas | 100,000 | 100,000 | ||||||
Wells - Texas | - | - | ||||||
$ | 5,798,563 | $ | 6,854,550 | |||||
Black Cat Purchase and Sale Agreement (Mustang Island) | ||||||||
On March 9, 2012, the Company acquired certain assets from Black Cat Exploration & Production LLC (“Black Cat”) pursuant to an amended Purchase and Sale Agreement for Oil & Gas Properties and Related Assets (the “Black Cat Agreement”). The Company acquired a 2% override interest in the Mustang Island 818-L lease, covering 1,400 acres in the Gulf of Mexico, with a 10.35% carried interest in the recently drilled I-1 well, located on the lease. The Company paid $175,000 in cash, issued a note for $1,075,000 and agreed to issue 90,000 shares of common stock, of which 45,000 shares were issued to Black Cat at the time of closing and the remaining 45,000 shares were issued on August 30, 2012 pursuant to when the well was connected to the main offshore pipeline of the Six Pigs Processing facility. The leasehold interest was capitalized in the amount of $2,305,987, representing $1,250,000 in cash and promissory note, $855,000 for the initial common stock issued in March 2012 (based on a closing price of $19.00 per share on the closing date), $157,500 for the second issuance of common stock in August 2012 (based on the most recent closing price of $3.50 per share at the time of connecting the well), and $43,487 in acquisition and well costs. | ||||||||
On November 1, 2012, the Company sold its 2% overriding royalty interest in the Mustang Island 818-L lease for $500,000. The sale reduced the carrying cost of the lease and well to $1,805,987. Proceeds from the sale were used to reduce the principal balance of the junior secured promissory note with Black Cat by $200,000 and the remaining $300,000 was used by the Company for working capital purposes. | ||||||||
On January 25, 2013, the Company entered into a Settlement Agreement and Mutual Release of Claims (the “Settlement Agreement”) with Mr. Anthony Mason and Black Cat. Pursuant to the terms of the Settlement Agreement, the Company agreed to pay Black Cat and/or Mr. Mason $125,000 in 10 equal payments, with the first payment due March 11, 2013 and the remaining payments every 30 days thereafter until paid in full. The Company has paid $10,000 to Mr. Mason resulting in a remaining liability of $115,000 at June 30, 2013. In the event that the Company obtains a credit facility in an amount equal to or greater than $3,500,000, the full amount of the settlement payment then outstanding will become immediately due and payable. In addition, the Company agreed to transfer to Black Cat all title and interest the Company owned in the I-1 well, Mustang Island 818-L lease and other assets acquired from Black Cat pursuant to the Black Cat Agreement. Furthermore, all production from the I-1 well, from the date the well went online was transferred to Black Cat in connection with the Settlement Agreement. In return, Black Cat agreed to return to the Company for cancellation the 90,000 shares of the Company’s common stock it received in connection with the Black Cat Agreement and to release the Company from all of its claims, which included the balance of the promissory note and accrued interest, unpaid compensation and other miscellaneous amounts. Further, in connection with the Settlement Agreement, Mr. Mason agreed to resign as President, Chief Executive Officer and a Director of the Company. | ||||||||
In connection with its accounting for the year ended December 31, 2012, the Company evaluated the accounting effects of the Settlement Agreement and concluded that estimated impairment in the approximate amount of $750,000 should be recorded as of December 31, 2012 by further reducing the carrying cost of the properties to $1,055,987. In January 2013, the Company accounted for the Settlement Agreement by removing the carrying value of the property; removed the released liabilities for the promissory note in the amount of $850,000; removed current liabilities for amounts owed to Mr. Mason, Black Cat, and others for accrued interest, accrued compensation, lease operating expenses, and other expenses in the aggregate amount of $265,364; recorded the fair value of the common stock returned to the Company for cancelation in the amount of $54,000; recorded a liability to Mr. Mason of $125,000; and recognized additional impairment expense of $11,623. | ||||||||
Montecito Asset Sale Agreement (Vermillion 179) | ||||||||
On May 6, 2011, the Company completed its acquisition of certain assets pursuant to an Asset Sale Agreement (the Montecito Agreement) with Montecito Offshore, L.L.C. (Montecito). The assets consist of certain oil and gas leases located in the Vermillion 179 tract, which is in the shallow waters of the Gulf of Mexico offshore from Louisiana. Pursuant to the terms of the Montecito Agreement, as amended, Montecito agreed to sell the Company a 70% leasehold working interest, with a net revenue interest of 51.975%, of certain oil and gas leases owned by Montecito, for $1,500,000 in cash, a subordinated promissory note in the amount of $500,000, and 30,000 shares of common stock. The leasehold interest has been capitalized in the amount of $5,698,563, representing $2,000,000 in cash and promissory note, $3,675,000 for the common stock based on a closing price of $2.45 per share on the closing date, and $23,563 in acquisition costs. No drilling or production has commenced as of June 30, 2013. Consequently, the oil and gas properties have not been subjected to amortization of the full cost pool. | ||||||||
In December 2011, Montecito filed a lawsuit in the Civil District Court for the Parish of Orleans of the State of Louisiana against the Company by filing a Petition to Rescind Sale. In this action, Montecito is seeking to rescind the asset sale transaction, as described in the previous paragraph. The Company has entered into settlement discussions and has reached a preliminary settlement, but final document remain to be signed as of the date of this Report. Pursuant to the anticipated settlement, the Company will return its leasehold interests in Vermillion 179 to Montecito, and would be released from all liabilities related to a subordinated promissory note due Montecito (see Note 6), Convertible Debentures (see Note 7), and accrued interest thereon, and any related derivative liabilities will be extinguished. The Company currently estimates this will result in a net increase to equity to the Company but there is no assurance that such settlement will be finalized as contemplated by the Company. | ||||||||
Texas Oil and Gas Operations | ||||||||
Commencing in the year ended December 31, 2005 and continuing into the year ended December 31, 2009, the Company participated in oil and gas exploration and development activities in Texas, principally with Bayshore Exploration L.L.C. (“Bayshore”) in La Salle County, Texas. During 2005, the Company acquired from Bayshore a 31.75% working interest (23.8125% net revenue interest) in the Cooke Ranch prospect, consisting of approximately 8,883 acres. During 2006, the Company entered into an agreement with Bayshore to acquire a 50% working interest in approximately 3,200 acres of oil and gas leases and oil and gas lease options located in La Salle County, Texas, for the purpose of oil and gas exploration and production. The Company was also granted an option to increase its working interest in the leases to 75% within 90 days of the date of the agreement, on the same terms and conditions. On June 13, 2006, the Company exercised its option to increase its working interest to 75% (56.25% net revenue interest). To date, the Company has acquired a 75% working interest in approximately 2,268 acres. Additionally during 2006, the Company entered into a Joint Exploration Agreement with Bayshore covering the 8,883 acres of the Cooke Ranch prospect. The Exploration Agreement provides for the Company and Bayshore to join together for the purpose of drilling exploratory wells and performing studies of the Cooke Ranch prospect acreage and acquiring additional prospective oil and gas properties on which to explore for, develop, and produce oil and gas. During 2008, Bayshore entered into a lease of 220 acres in LaSalle County, Texas within the area of mutual interest covered by the exploration agreement. The Company exercised its right to purchase its proportionate share (31.75%) of that lease and paid Bayshore for the Company’s share of the lease bonus and related expenses. In connection with that new lease, the Company entered into a participation in a farm out whereby the Company retained approximately a 4% fully carried working interest in the Cartwright No. 3 well drilled on the new lease by third parties. | ||||||||
During the period of time commencing with the year ended December 31, 2005 and continuing into the year ended December 31, 2009, the Company participated with Bayshore in the drilling of ten wells and participated with another entity in the drilling of a well in another county in Texas. Three of these wells were determined to be dry and were plugged and abandoned. The Company has sold all or part of its interests in two wells to Bayshore in order to reduce its indebtedness to Bayshore. At June 30, 2013, the Company has remaining interests in six wells in Texas with working interests ranging from 4.0% to 31.75%. Management of the Company has the understanding that the six wells are currently shut in and not producing. At June 30, 2013, given that the Company is still considered to be in the exploration stage, a determination has not been made about the extent of oil reserves that should be classified as proved reserves. Consequently, the oil and gas properties have not been subjected to amortization of the full cost pool. | ||||||||
Each year, the management of the Company has performed evaluations of its producing oil and gas properties to determine whether oil and gas properties are impaired. Management has also considered the market value of its nonproducing properties. During 2006, 2008, 2009, and 2012, the Company determined that capitalized costs for wells drilled, for leasehold interests, and other related costs were in excess of the present value of estimated future cash flows from those properties. As a result, the Company recognized impairment losses in the total amount of $4,335,078 during those years, including reducing the carrying value of wells drilled to zero and the carrying value of leasehold interests to $100,000 as of June 30, 2013 and December 31, 2012. | ||||||||
Accrued_Liabilities
Accrued Liabilities | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | |||||||
Note 3 - Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following at June 30, 2013 and December 31, 2012: | ||||||||
June 30 | December 31, | |||||||
2013 | 2012 | |||||||
Accrued salaries | $ | 136,445 | $ | 352,038 | ||||
Accrued payroll taxes | 94,417 | 85,323 | ||||||
Accrued directors fees | 64,969 | 69,033 | ||||||
Accrued interest | 1,057,021 | 909,606 | ||||||
Accrued registration rights penalties and interest | 14,628 | 14,350 | ||||||
Other accrued expenses | 2,500 | 2,500 | ||||||
Total accrued liabilities | $ | 1,369,980 | $ | 1,432,850 | ||||
Payable_To_Ironridge_Global_Iv
Payable To Ironridge Global Iv, Ltd | 6 Months Ended |
Jun. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Payable To Ironridge Global Ltd [Text Block] | ' |
Note 4 – Payable to Ironridge Global IV, Ltd. | |
In March 2012, Ironridge Global IV, Ltd. (“Ironridge”) filed a complaint against the Company for the payment of $1,388,407 in outstanding accounts payable, accrued compensation, accrued interest, and notes payable of the Company (the “Claim Amount”) that Ironridge had purchased from various creditors of the Company. The lawsuit was filed in the Superior Court of the State of California for the County of Los Angeles Central District, and the case was Ironridge Global IV, Ltd. v. Worthington Energy, Inc., Case No. BC 480184 . On March 22, 2012, the court approved an Order for Approval of Stipulation for Settlement of Claims (the "Order"). | |
The Order provided for the immediate issuance by the Company of 20,300 shares of common stock (the “Initial Shares”) to Ironridge towards settlement of the Claim Amount. The Order also provided for an adjustment in the total number of shares which may be issuable to Ironridge based on a calculation period for the transaction, defined as that number of consecutive trading days following the date on which the Initial Shares were issued (the "Issuance Date") required for the aggregate trading volume of the common stock, as reported by Bloomberg LP, to exceed $4.2 million (the "Calculation Period"). Pursuant to the Order, Ironridge would retain 2,000 shares of the Company's common stock as a fee, plus that number of shares (the "Final Amount") with an aggregate value equal to (a) the $1,358,135 plus reasonable attorney fees through the end of the Calculation Period, (b) divided by 70% of the following: the volume weighted average price ("VWAP") of the Common Stock over the length of the Calculation Period, as reported by Bloomberg, not to exceed the arithmetic average of the individual daily VWAPs of any five trading days during the Calculation Period. The Company has calculated that the Calculation Period ended during the December 31, 2012 and calculated that the Final Amount to be issued under the Order is 856,291 shares of common stock. Additionally, during the December 31, 2012 when the Final Amount was determined, the Company calculated the fair value of the original liability to Ironridge Global IV, Ltd to be $1,981,312, that amount which when discounted to 70% of the VWAP and multiplied by the Final Amount, would equal $1,358,135 plus reasonable attorney fees. In so doing, the Company recognized an expense for the excess of the fair value of the resultant liability to Ironridge Global IV, Ltd. in excess of the original carrying amount of the liabilities acquired by Ironridge and adjusted the liability to Ironridge Global IV, Ltd. for the fair value adjustment. | |
Pursuant to the Order, for every 8,400 shares of the Company's common stock that traded during the Calculation Period, or if at any time during the Calculation Period a daily VWAP is below 90% of the closing price on the day before the Issuance Date, the Company was to immediately issue additional shares (each, an "Additional Issuance"), subject to the limitation in the paragraph below. Since the issuance of the Initial Shares, the Company has issued an additional 194,200 shares of common stock during the nine months ended December 31, 2012 plus an additional 4,250,000 shares of common stock during the six months ended June 30, 2013. At the end of the Calculation Period, (a) if the sum of the Initial Shares and any Additional Issuance is less than the Final Amount, the Company shall immediately issue additional shares to Ironridge, up to the Final Amount, and (b) if the sum of the Initial Shares and any Additional Issuance is greater than the Final Amount, Ironridge shall promptly return any remaining shares to the Company and its transfer agent for cancellation. However, the Order also provides that under no circumstances shall the Company issue to Ironridge a number of shares of common stock in connection with the settlement of claims which, when aggregated with all shares of common stock then owned or beneficially owned or controlled by Ironridge and its affiliates, at any one time exceed 9.99% of the total number of shares of common stock of the Company then issued and outstanding. | |
The total issuances of 4,464,500 have been accounted for as 1) the issuance of 2,000 shares for fees in connection with the settlement transaction and 2) the issuance of 4,462,500 shares as part of the Final Amount and issued in settlement of the fair value of the liability to Ironridge Global IV, Ltd. The fee shares were valued at the closing price of the Company’s common stock of $0.40 per share on March 22, 2012, or $40,000, and recorded as share-based compensation for services. The issuance of 4,462,500 shares in settlement of the fair value of the liability to Ironridge Global IV, Ltd. has been accounted for as the reduction of a proportionate amount of the calculated fair value of the original liability to Ironridge, or $1,395,251 through December 31, 2012 and $1,863,258 through June 30, 2013. Accordingly, the amount of the liability to Ironridge reported in the accompanying condensed consolidated balance sheet is $1,489,623 at December 31, 2012 and $84,128 at June 30, 2013. | |
Unsecured_Convertible_Promisso
Unsecured Convertible Promissory Notes Payable | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||
Convertible Notes Payable [Abstract] | ' | |||||||||||||||||||
Mortgage Notes Payable Disclosure [Text Block] | ' | |||||||||||||||||||
Note 5 - Unsecured Convertible Promissory Notes Payable | ||||||||||||||||||||
A summary of unsecured convertible promissory notes at June 30, 2013 and December 31, 2012 is as follows: | ||||||||||||||||||||
June 30, 2013 | December 31, 2012 | |||||||||||||||||||
Unpaid | Unamortized | Carrying | Unpaid | Unamortized | Carrying | |||||||||||||||
Principal | Discount | Value | Principal | Discount | Value | |||||||||||||||
Asher Enterprises, Inc. | $ | 102,100 | $ | 53,634 | $ | 48,466 | $ | 133,000 | $ | 69,821 | $ | 63,179 | ||||||||
GEL Properties, LLC | 173,845 | 85,765 | 88,080 | 167,762 | 84,690 | 83,072 | ||||||||||||||
Prolific Group, LLC | 90,900 | 54,777 | 36,123 | 64,150 | 38,123 | 26,027 | ||||||||||||||
Various Other Individuals and Entities | 3,750 | - | 3,750 | 45,000 | - | 45,000 | ||||||||||||||
Haverstock Master Fund, LTD and Common Stock, LLC | 295,906 | - | 295,906 | 344,102 | 107,591 | 236,511 | ||||||||||||||
Magna Group, LLC | - | - | - | 40,000 | 37,808 | 2,192 | ||||||||||||||
Hanover Holdings I, LLC | 18,500 | 8,214 | 10,286 | 25,500 | 23,717 | 1,783 | ||||||||||||||
Five Individuals | 206,250 | - | 206,250 | 206,250 | 960 | 205,290 | ||||||||||||||
JMJ Financial | 25,000 | 23,836 | 1,164 | - | - | - | ||||||||||||||
Charles Volk (related party) | 125,000 | 116,095 | 8,905 | - | - | - | ||||||||||||||
Tomer Tal | 50,000 | 46,438 | 3,562 | - | - | - | ||||||||||||||
$ | 1,091,251 | $ | 388,759 | $ | 702,492 | $ | 1,025,764 | $ | 362,710 | $ | 663,054 | |||||||||
Asher Enterprises, Inc. | ||||||||||||||||||||
At various dates commencing in April 2010 and continuing through June 2013, the Company has issued fourteen unsecured convertible promissory notes to Asher Enterprises, Inc. (Asher), an unaffiliated entity. The convertible promissory notes bear interest at 8% per annum. The principal and unpaid accrued interest are generally due approximately nine months after the issuance date. Certain of these notes are currently in default. In general, the notes are convertible until maturity at a variable conversion price equal to 50% of the average of the lowest three closing bid prices from the ten trading days prior to the date of the conversion notice. Additionally, the notes have generally contained a reset provision that provides that if the Company issues or sells any shares of common stock for consideration per share less than the conversion price of the notes, that the conversion price will be reduced to the amount of consideration per share of the stock issuance. During the six months ended June 30, 2013, the Company received notices of conversion of notes totaling $113,900 and accrued interest of $5,500, which were converted into 2,827,164 shares of common stock, or a weighted-average conversion price of $0.042 per share. This variable conversion price and the anti-dilution reset provision constitute an embedded derivative under generally accepted accounting principles and are required to be recorded as liabilities and valued at fair value. The fair value of these embedded conversion features is recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $221,563 and $177,835 for the six months ended June 30, 2013 and 2012, respectively. The carrying amount of these convertible promissory notes was $48,466 at June 30, 2013, representing their unconverted face amount of $102,100 less the unamortized discount of $53,634. The carrying amount of these convertible promissory notes was $63,179 at December 31, 2012, representing their unconverted face amount of $133,000 less the unamortized discount of $69,821. | ||||||||||||||||||||
GEL Properties, LLC and Prolific Group, LLC | ||||||||||||||||||||
At various dates commencing in August 2011 and continuing through June 30, 2013, the Company received proceeds pursuant to seven unsecured convertible promissory notes to GEL Properties, LLC (“GEL”), an unaffiliated entity. Additionally, in August 2012, GEL purchased the rights to $75,000 of principal of a secured bridge loan note held by a noteholder of the Company and in February 2013, GEL purchased the rights to $37,500 of principal of a secured note held by What Happened LLC. These acquired rights were restated to be consistent with other notes held by GEL. The convertible promissory notes bear interest at 6% per annum. The principal and unpaid accrued interest are generally due approximately one year after the issuance date. Certain of these notes are currently in default. The notes are convertible until maturity at a variable conversion price equal to 70% of the lowest closing bid price from the five trading days prior to the date of the conversion notice. During the six months ended June 30, 2013, the Company received notices of conversion of notes totaling $151,416 and accrued interest of $4,879, which were converted into 4,220,020 shares of common stock, or a weighted-average conversion price of $0.037 per share. This variable conversion price constitutes an embedded derivative under generally accepted accounting principles and is required to be recorded as liabilities and valued at fair value. The fair value of these embedded conversion features is recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $298,742 and $110,995 for the six months ended June 30, 2013 and 2012, respectively. The carrying amount of these convertible promissory notes was $88,080 at June 30, 2013, representing their unconverted face amount of $173,846 less the unamortized discount of $85,766. The carrying amount of these convertible promissory notes is $83,072 at December 31, 2012, representing their unconverted face amount of $167,762 less the unamortized discount of $84,690. | ||||||||||||||||||||
In September 2012 and February 2013, the Company received proceeds pursuant to two unsecured convertible promissory notes to Prolific Group, LLC (“Prolific”), an unaffiliated entity. Additionally, 1) in July 2012 Prolific acquired the rights to three unsecured convertible promissory notes from one of the Company’s noteholders, 2) in September 2012 Prolific purchased the rights to $40,000 of principal of a secured bridge loan note held by another noteholder of the Company, and 3) in February 2013 Prolific purchased the rights to $50,000 of principal of a secured note held What Happened LLC. These acquired rights were restated such that all notes held by Prolific bear interest at 6% per annum and the principal and unpaid accrued interest are generally due approximately one year after the issuance date. Certain of these notes are currently in default. The notes are convertible until maturity at a variable conversion price equal to 70% of the lowest closing bid price from the five trading days prior to the date of the conversion notice. During the six months ended June 30, 2013, the Company received notices of conversion of notes totaling $48,250 and accrued interest of $1,272, which were converted into 564,145 shares of common stock, or a weighted-average conversion price of $0.088 per share. This variable conversion price constitutes an embedded derivative under generally accepted accounting principles and is required to be recorded as liabilities and valued at fair value. The fair value of these embedded conversion features are recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $147,183 for the six months ended June 30, 2013. The carrying amount of these convertible promissory notes was $36,123 at June 30, 2013, representing their unconverted face amount of $90,900 less the unamortized discount of $54,777. The carrying amount of these convertible promissory notes is $26,027 at December 31, 2012, representing their unconverted face amount of $64,150 less the unamortized discount of $38,123. | ||||||||||||||||||||
Various Other Individuals and Entities | ||||||||||||||||||||
Commencing in November 2011 and continuing through April 2012, the Company issued thirteen additional unsecured convertible promissory notes to various unaffiliated entities or individuals. Aggregate proceeds from these convertible promissory notes totaled $307,000. In connection with twelve of these notes totaling $287,000, the Company also issued warrants to purchase 287,000 shares of common stock. The warrants are exercisable at $1.50 per share and expire on December 31, 2016. The convertible promissory notes bear interest at 8% per annum. The principal and unpaid accrued interest were due on dates ranging from August 1, 2012 to October 26, 2012. These notes are currently in default. In general, the notes were convertible until maturity at a variable conversion price equal to 50% of the average of the lowest three closing bid prices from the ten trading days prior to the date of the conversion notice. Prior to 2013, eleven of these unsecured convertible promissory notes had been converted into common stock. During the six months ended June 30, 2013, the Company received notices of conversion of the remaining two notes totaling $45,000 and accrued interest of $3,124, which were converted into 214,530 shares of common stock, or a weighted-average conversion price of $0.22 per share. This variable conversion price constituted an embedded derivative under generally accepted accounting principles and was required to be recorded as liabilities and valued at fair value. The fair value of these embedded conversion features was recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeded the face amount of the note, the excess was amortized immediately as interest expense. The remaining discounts were amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever was earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $0 and $383,721 for the six months ended June 30, 2013 and 2012, respectively. The principal balance these convertible promissory notes was $3,750 and $45,000 at June 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
Haverstock Master Fund, LTD and Common Stock, LLC | ||||||||||||||||||||
Upon execution of an equity facility with Haverstock Master Fund, LTD (“Haverstock”) in June 2012, the Company issued Haverstock a convertible note in the principal amount of $295,000 for payment of an implementation fee of $250,000, legal fees of $35,000, and due diligence fees of $10,000 that have been expensed. In July 2012, the Company received proceeds of $75,000 from Common Stock, LLC pursuant to a convertible note. These convertible notes matured on March 22, 2013 and are in default. The notes bear interest at the rate of 8% per annum. These noteholders are permitted, at any time after 180 days from the issue dates, to convert the outstanding principal into common stock at a conversion price per share equal to 50% of the average of the three lowest daily intraday trading prices of the common stock during the ten trading days immediately preceding the conversion date. The noteholders agreed to restrict their ability to convert the notes and receive shares of our common stock such that the number of shares of common stock held by the noteholder and its affiliates after such conversion does not exceed 4.99% of the then issued and outstanding shares of the Company’s common stock. During the six months ended June 30, 2013, the Company received a notice of conversion from Haverstock of $48,196 of its convertible note, which was converted into 1,234,856 shares of common stock, or $0.039 per share. The variable conversion price constitutes an embedded derivative under generally accepted accounting principles and is required to be valued at fair value. The fair value of these embedded conversion features is recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $107,591 for the six months ended June 30, 2013. The carrying amount of these convertible promissory notes was $295,906 at June 30, 2013, representing their unconverted face amount. The carrying amount of these convertible promissory notes is $236,511 at December 31, 2012, representing their unconverted face amount of $344,102 less the unamortized discount of $107,591. | ||||||||||||||||||||
Magna Group, LLC and Hanover Holdings I, LLC | ||||||||||||||||||||
In December 2012, Magna Group, LLC (“Magna”) purchased the rights to $40,000 of principal of a secured bridge loan note held by a noteholder of the Company and these acquired rights were restated such that the note held by Magna bears interest at 12% per annum and the principal and unpaid accrued interest are due one year after the issuance date. This note is currently in default. The note is convertible until maturity at a variable conversion price equal to 55% of the lowest daily volume weighted average price of the Company’s common stock in the three days prior to the date of the conversion notice. During the six months ended June 30, 2013, the Company received notices of conversion of the entire note of $40,000, which was converted into 107,881 shares of common stock, or a weighted-average conversion price of $0.37 per share. This variable conversion price constitutes an embedded derivative under generally accepted accounting principles and is required to be recorded as a liability and valued at fair value. The fair value of these embedded conversion features is recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $37,808 for the six months ended June 30, 2013. | ||||||||||||||||||||
In November and December 2012, the Company received proceeds pursuant to two unsecured convertible promissory notes to Hanover Holdings I, LLC (“Hanover”), an unaffiliated entity. Proceeds from the convertible promissory note were $25,500. The convertible promissory notes bear interest at 12% per annum. The principal and unpaid accrued interest are due one year after the issuance date. This note is currently in default. The first note is convertible until maturity at a variable conversion price equal to 55% of the lowest daily volume weighted average price of the Company’s common stock in the three days prior to the date of the conversion notice. The second note is convertible until maturity at a variable conversion price equal to 57% of the lowest trading price from the ten trading days prior to the date of the conversion notice. During the six months ended June 30, 2013, the Company received notices of conversion of the entire note of $7,000, which was converted into 509,091 shares of common stock, or a weighted-average conversion price of $0.014 per share. This variable conversion price constitutes an embedded derivative under generally accepted accounting principles and is required to be valued at fair value. The fair value of these embedded conversion features is recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $15,503 for the six months ended June 30, 2013. The carrying amount of these convertible promissory notes is $10,286 at June 30, 2013, representing their unconverted face amount of $18,500 less the unamortized discount of $8,214. The carrying amount of these convertible promissory notes is $1,783 at December 31, 2012, representing their unconverted face amount of $25,500 less the unamortized discount of $23,717. | ||||||||||||||||||||
Five Individuals | ||||||||||||||||||||
On July 31, 2012, the Company received proceeds of $100,000 pursuant to an unsecured promissory note and issued a warrant to purchase 2,000 shares of common stock of the Company to two individuals. The promissory note requires the repayment of $115,000 of principal (including interest of $15,000) by October 31, 2012. The warrant has an exercise price of $5.00 per share and expires onJuly 31, 2015. Proceeds from the note were paid on the Bridge Loan Note that is discussed in further detail in Note 6 to these condensed consolidated financial statements. As of June 30, 2013, this note is in default. | ||||||||||||||||||||
On August 9, 2012, the Company received proceeds of $25,000 pursuant to an unsecured promissory note and issued a warrant to purchase 500 shares of common stock of the Company to an individual. The promissory note requires the repayment of $28,750 of principal (including interest of $3,750) by November 9, 2012. The warrant has an exercise price of $5.00 per share of common stock and will be exercisable until October 9, 2015. As of June 30, 2013, this note is in default. | ||||||||||||||||||||
On October 8, 2012, the Company received proceeds of $50,000 pursuant to an unsecured promissory note and issued a warrant to purchase 1,000 shares of common stock of the Company to two individuals. The promissory note requires the repayment of $62,500 of principal (including interest of $12,500) by January 7, 2013. The warrant has an exercise price of $5.00 per share of common stock and will be exercisable until October 8, 2015. As of June 30, 2013, this note is in default. | ||||||||||||||||||||
The fair value of the warrants and the amounts of stated interest were recorded as discounts to these notes and are amortized over the terms of the notes. The Company recognized interest expense from the amortization of the discounts in the amount of $960 for the six months ended June 30, 2013. The aggregate carrying amount of these promissory notes is $206,250 at June 30, 2013, representing their face amount. The carrying amount of these promissory notes is $205,290 at December 31, 2012, representing their face amount of $206,250 less the unamortized discount of $960. | ||||||||||||||||||||
JMJ Financial | ||||||||||||||||||||
On June 12, 2013, the Company issued an unsecured convertible promissory note to JMJ Financial (“JMJ”), an unaffiliated entity. The convertible promissory bear no interest for the first 90 days, but contains a 10% original issue discount. The principal and unpaid accrued interest are generally due approximately one year after the issuance date. In general, this note is convertible until maturity at a variable conversion price equal to 60% of the average of the lowest two trading prices in the 20 trading days prior to conversion. This variable conversion price constitute an embedded derivative under generally accepted accounting principles and are required to be recorded as a liability and valued at fair value. The fair value of these embedded conversion features is recorded as discounts to the carrying amount of the convertible promissory note. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $14,026 for the six months ended June 30, 2013. The carrying amount of these convertible promissory notes was $1,164 at June 30, 2013, representing their unconverted face amount of $25,000 less the unamortized discount of $23,836. | ||||||||||||||||||||
Charles Volk (Related Party) | ||||||||||||||||||||
On June 4, 2013, the Company issued an unsecured convertible promissory notes to Charles Volk, the Company’s CEO, (“Volk”). The convertible promissory bear at 10% per annum and contains a $25,000 original issue discount. The convertible note was issued in exchange for $100,000 of accrued compensation due to Volk. The principal and unpaid accrued interest due one year after the issuance date. The notes are convertible at a variable conversion price equal to 50% of the current market price of the Company’s common stock. In addition, the conversion price also included an anti-dilution provision that allows for the automatic reset of the conversion price upon any future sale of the Company’s common stock, warrants, options, convertible debt or any other equity-linked securities at an issuance, exercise or conversion price below the current conversion price of the convertible promissory note. The Company determined that the variable conversion price and the anti-dilution reset provision caused the conversion feature to be bifurcated from the convertible promissory notes, and are required to be recorded as a liability and valued at fair value. The fair value of these embedded conversion features and the original issue discount are recorded as discounts to the carrying amount of the convertible promissory note. In addition to the issuance of the convertible note, in the same transaction, the Company issued to Volk a warrant to purchase 1,250,000 shares of the Company’s common stock at $0.05 per share. The fair value of the warrant at the date of issuance was $37,116 and is considered a discount to the note. The fair value was calculated using the Black-Scholes model with the following assumptions: volatility - 307%; terms – 3 years; dividend yield – 0% and risk free interest rate – 0.14%. In the event the discount to the note exceed the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $174,323 for the six months ended June 30, 2013. The carrying amount of this convertible promissory note was $8,905 at June 30, 2013, representing their unconverted face amount of $125,000 less the unamortized discount of $116,095. | ||||||||||||||||||||
Tomer Tal | ||||||||||||||||||||
On June 4, 2013, the Company issued an unsecured convertible promissory notes to Tomer Tal (“Tal”). The convertible promissory bear at 10% per annum and contains a $10,000 original issue discount. The convertible note was issued in exchange for $40,000 of accounts payable due to Tal. The principal and unpaid accrued interest due one year after the issuance date. The notes are convertible at a variable conversion price equal to 50% of the current market price of the Company’s common stock. In addition, the conversion price also included an anti-dilution provision that allows for the automatic reset of the conversion price upon any future sale of the Company’s common stock, warrants, options, convertible debt or any other equity-linked securities at an issuance, exercise or conversion price below the current conversion price of the convertible promissory note. The Company determined that the variable conversion price and the anti-dilution reset provision caused the conversion feature to be bifurcated from the convertible promissory notes, and are required to be recorded as a liability and valued at fair value. The fair value of these embedded conversion features and the original issue discount are recorded as discounts to the carrying amount of the convertible promissory note. In addition to the issuance of the convertible note, in the same transaction, the Company issued to Tal a warrant to purchase 500,000 shares of the Company’s common stock at $0.05 per share. The fair value of the warrant at the date of issuance was $14,846 and is considered a discount to the note. The fair value was calculated using the Black-Scholes model with the following assumptions: volatility - 307%; terms – 3 years; dividend yield – 0% and risk free interest rate – 0.14%. In the event the discount to the note exceed the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $69,729 for the six months ended June 30, 2013. The carrying amount of this convertible promissory note was $3,562 at June 30, 2013, representing their unconverted face amount of $50,000 less the unamortized discount of $46,438. | ||||||||||||||||||||
Secured_Notes_Payable
Secured Notes Payable | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||||||||
Note 6 - Secured Notes Payable | ||||||||||||||||||||
A summary of secured notes payable at June 30, 2013 and December 31, 2012: | ||||||||||||||||||||
June 30, 2013 | December 31, 2012 | |||||||||||||||||||
Unpaid | Unamortized | Carrying | Unpaid | Unamortized | Carrying | |||||||||||||||
Principal | Discount | Value | Principal | Discount | Value | |||||||||||||||
Black Cat Exploration & Production LLC | $ | - | $ | - | $ | - | $ | 850,000 | $ | - | $ | 850,000 | ||||||||
Montecito Offshore, LLC | 500,000 | - | 500,000 | 500,000 | - | 500,000 | ||||||||||||||
Bride Loan Settlement Note | 40,000 | - | 40,000 | 40,000 | - | 40,000 | ||||||||||||||
What Happened LLC | 21,575 | - | 21,575 | 125,000 | - | 125,000 | ||||||||||||||
La Jolla Cove Investors, Inc. | 84,500 | 63,847 | 20,653 | 92,500 | 105,227 | -12,727 | ||||||||||||||
$ | 646,075 | $ | 63,847 | $ | 582,228 | $ | 1,607,500 | $ | 105,227 | $ | 1,502,273 | |||||||||
Black Cat Exploration & Production, LLC (Mustang Island) | ||||||||||||||||||||
As further described in Note 2 to these condensed consolidated financial statements, on March 9, 2012, the Company acquired certain assets from Black Cat pursuant to the Black Cat Agreement, as amended. Pursuant to the terms of the Black Cat Agreement the Company issued a junior secured promissory note in the amount of $1,075,000 as partial consideration for the purchase. $100,000 of the junior secured promissory note was due on May 31, 2012 and the balance was payable at the later of (i) June 25, 2012 or (ii) 30 days after production commenced from the Mustang Island Well, which was deemed to have occurred on August 29, 2012 when the well was connected to the main offshore pipeline of the Six Pigs Processing facility. The Company paid $25,000 toward the principal of this note during the three months ended June 30, 2012 and paid an additional $200,000 in November 2012, resulting in a balance of $850,000 at December 31, 2012. The note accrued interest at 11% per annum, was secured by a second lien mortgage on the properties acquired from Black Cat, and was subordinated to the bridge loan note described below. | ||||||||||||||||||||
As more fully described in Note 2 to these condensed consolidated financial statements, on January 25, 2013, the Company and Black Cat entered into a Settlement Agreement and Mutual Release of Claims with Mr. Mason and Black Cat which, among other things, released the Company from its obligation to repay this promissory note and related accrued interest. | ||||||||||||||||||||
Montecito Offshore, L.L.C. (Vermillion 179) | ||||||||||||||||||||
As further described in Note 2, on May 6, 2011, the Company acquired a leasehold interest in oil and gas properties from Montecito Offshore, L.L.C. (Montecito). Pursuant to the terms of the agreement, as amended, the Company issued a subordinated promissory note in the amount of $500,000 as partial consideration for the purchase. The note is secured by a second lien mortgage, subordinated to the convertible debentures issued in May 2011, as further described in Note 7 to these condensed consolidated financial statements. The note bears interest at 9% per annum. The note and unpaid interest were originally due ninety days after the date of the promissory note, but the due date was extended to August 15, 2011. The note came due on August 15, 2011 and has not been paid. The Company’s failure to repay the note when due constitutes an event of default under the note. Upon the occurrence of an event of default, the note holder has the right to exercise its rights under the security agreement associated with the note. These rights include, among other things, the right to foreclose on the collateral if necessary. The Company is exploring alternatives for a partial sale, a farm-in, or the refinancing of the Vermillion 179 tract in order to pay off this note, with accrued interest. | ||||||||||||||||||||
In December 2011, Montecito filed a lawsuit in the Civil District Court for the Parish of Orleans of the State of Louisiana against the Company by filing a Petition to Rescind Sale. In this action, Montecito is seeking to rescind the asset sale transaction, as described in the previous paragraph. The Company has entered into settlement discussions and has reached a preliminary settlement, but final document remain to be signed as of the date of this Report. | ||||||||||||||||||||
Bridge Loan Note | ||||||||||||||||||||
On March 6, 2012, the Company received proceeds of $250,000 under a secured bridge loan note. The Company agreed to pay the note holder $277,500 by the maturity date of May 5, 2012. This note is currently in default. The bridge loan note was secured by a deed of trust on certain oil and gas properties acquired from Black Cat as described in Note 2 to these condensed consolidated financial statements. In the event of default, the note holder was entitled to 80% of the proceeds from the sale of production from the collateral property and the principal amount due under the note was to be increased by $27,500. This note was not repaid by May 5, 2012 and was in default. Accordingly, the principal amount of the note was increased by $27,500 to $305,000. In June 2012, the noteholder sold a 50% interest in this note to an entity related to the noteholder. As described in Note 5 to these condensed consolidated financial statements, proceeds from an unsecured promissory note were used to reduce the balance by $100,000, resulting in a combined balance on the notes of $205,000. During the period from July to December 2012, the noteholders sold the remaining principal balance of the notes to GEL ($75,000), Prolific ($40,000), and Magna ($90,000), all as disclosed in Note 5 to these condensed consolidated financial statements. | ||||||||||||||||||||
Upon issuance, the Company determined the fair value of the warrants was $8,639 and recorded a corresponding discount to the convertible debentures. The Company also recorded $27,500 as the original issue discount on this note. The total discount of $36,139 has been amortized over the sixty day term of the note. The Company recognized interest expense from the amortization of the discount in the amount of $15,058 for the three months ended March 31, 2012. | ||||||||||||||||||||
On December 12, 2012, the Company and these noteholders entered into a Settlement Agreement and Mutual Release of Claims in order to settle any and all claims that may have existed between the parties. In connection with this settlement agreement, the Company issued an unsecured promissory note in the amount of $40,000 to settle unpaid accrued interest, certain legal costs, and other unspecified amounts. The note bears interest at 6% per annum and is due on or before June 12, 2013. This note is currently in default. Additionally, the Company issued a warrant to acquire 20,000 shares of the Company’s common stock, exercisable until December 12, 2013. The exercise price of the warrant varies from a low of $2.50 per share at December 12, 2012 to $10.00 per share at December 12, 2013. | ||||||||||||||||||||
What Happened LLC | ||||||||||||||||||||
On April 19, 2012, the Company issued a secured promissory note in the principal face amount of $100,000 in exchange for $100,000 from What Happened LLC. Pursuant to a deed of trust, security agreement and financing statement covering as extracted collateral, the Company granted the investor a security interest in all of the Company’s prospective 6% working interest in the Alvey Lease. The Company agreed to repay $125,000 on June 18, 2012, plus interest at the rate of 11% per annum. The secured promissory note was not repaid by the due date and is in default. Proceeds from the secured promissory note were used to pay an earnest money deposit under a Purchase and Sale Agreement with D Bar Leasing. | ||||||||||||||||||||
In lieu of repayment in cash, the investor has the option of converting the obligation represented by the secured promissory note into a 3.75% carried working interest in the Alvey Lease, which the investor was required to advise the Company of whether it intended to exercise such option on or prior to the maturity of the secured note. Although the period for exercise of the option has expired, the Company and the investor have had discussions to extend the date to exercise such option to any time prior to repayment. As disclosed in Note 5 to these condensed consolidated financial statements, What Happened LLC has sold $87,500 of the secured promissory note to GEL and Prolific, leaving a balance of $37,500 which is also expected to be sold. During the six months ended June 30, 2013, the Company received notices of conversion of notes totaling $15,925, which were converted into 1,000,000 shares of common stock, or a weighted-average conversion price of $0.016 per share. The carrying amount of this note payable was $21,575 and $125,000 at June 30, 2013 and December 31, 2102, respectively. Upon completion of the sale of this note, the option will expire and the Company will retain the 3.75% carried working interest in settlement of the earning money deposit. | ||||||||||||||||||||
La Jolla Cove Investors, Inc. | ||||||||||||||||||||
The Company and La Jolla Cove Investors, Inc. (La Jolla) entered into a Securities Purchase Agreement (the SPA) dated as of April 30, 2012 (the Closing Date). Pursuant to the SPA, the Company issued La Jolla a Convertible Debenture in the amount of $200,000 (the Convertible Debenture) and an Equity Investment Agreement (the Equity Investment Agreement) in exchange for $100,000 in cash and a Secured Promissory Note (the Promissory Note) from La Jolla in the amount of $100,000 which is due on demand by the Company at any time after April 30, 2013. La Jolla was required to prepay the Promissory Note on January 25, 2013 if certain conditions were met at that date. However, the conditions were not met. | ||||||||||||||||||||
Pursuant to the Convertible Debenture, the Company agreed to pay La Jolla the principal sum of $200,000 (subject to adjustment as provided in the Convertible Debenture) on April 30, 2014 or such earlier date as required by the Convertible Debenture. Interest on the outstanding Convertible Debenture accrues at a rate of 4.75% per annum. The number of shares into which the Convertible Debenture can be converted is equal to the dollar amount being converted, divided by the quotient of the Conversion Price divided by 10, plus the dollar amount of the Convertible Debenture being converted divided by the Conversion Price. The Conversion Price is defined as equal to the lesser of (i) $225.00 or (ii) 75% of the three lowest volume weighted average prices (“VWAPs”) during the 21 days prior to the date of the conversion notice submitted by La Jolla. If on the date La Jolla delivers a conversion notice, the applicable conversion is below $10.00 (the “Floor Price”), the Company shall have the right exercisable within two business days after the Company’s receipt of the Conversion Notice to prepay that portion of the Convertible Debenture that La Jolla elected to convert. Any such prepayment shall be made in an amount equal to 120% of the sum of (i) the principal amount to be converted as specified in the applicable conversion notice plus (ii) any accrued and unpaid interest on any such principal amount. | ||||||||||||||||||||
Among the conditions that constitute an event of default is the situation where the average VWAP per share of the Company’s common stock for any period of three consecutive trading days during the term of the Convertible Debenture is less than $5.00 per share. This condition initially occurred in early June 2012 and has continued through June 30, 2013. On June 14, 2012, La Jolla notified the Company of the event of default and that it was accelerating the repayment of the Convertible Debenture (net of the $100,000 note receivable), repayment premium, and accrued interest in the aggregate amount of $120,586. However, in July 2012, La Jolla withdrew its notification. But, since an event of default has occurred, and has not been cured by the Company or the requirement has not been waived by La Jolla, the Convertible Debenture continues to be callable by La Jolla. As such, the Convertible Debenture is classified among the current liabilities of the Company and is presented net of the $100,000 note receivable. | ||||||||||||||||||||
Pursuant to the Equity Investment Agreement, La Jolla has the right from time to time during the term of the agreement to purchase up to $2,000,000 of the Company’s Common Stock in accordance with the terms of the agreement. Beginning October 27, 2012 and for each month thereafter, La Jolla shall purchase from the Company at least $100,000 of common stock, at a price per share equal to 125% of the VWAP on the Closing Date, provided, however, that La Jolla shall not be required to purchase common stock if (i) the VWAP for the five consecutive trading days prior to the payment date is equal to or less than $10.00 per share or (ii) an event of default has occurred under the SPA, the Convertible Debenture or the Equity Investment Agreement. Pursuant to the Equity Investment Agreement, La Jolla has the right to purchase, at any time and in any amount, at La Jolla’s option, common stock from the Company at a price per share equal to 125% of the VWAP on the Closing Date. | ||||||||||||||||||||
During the six months ended June 30, 2013, La Jolla sent the Company notices of conversion of $8,000 of the Convertible Debenture and notices of purchase of $79,230 under the Equity Investment Agreement. Pursuant to these notifications, the Company issued 513,308 shares of common stock at a weighted average price of $0.179 per share. | ||||||||||||||||||||
In connection with the issuance of the Convertible Debenture, Charles F. Volk, Jr., Anthony Mason and Samuel J. Butero issued a Secured Continuing Personal Guaranty pursuant to which they guaranteed the Company’s obligations under the Equity Investment Agreement and the Convertible Debenture, up to a total of $100,000. | ||||||||||||||||||||
The variable conversion price constitutes an embedded derivative under generally accepted accounting principles and is required to be valued at fair value. The fair value of the embedded conversion feature has been recorded as a discount to the carrying amount of the Convertible Debenture. The discount is being amortized over the period from the issuance date to the maturity date or to the conversion date, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $41,380 for the six months ended June 30, 2013. The carrying amount of this Convertible Debenture is $20,653 at June 30, 2013, representing the unconverted face amount of $184,500, less the unamortized discount of $63,847 and less the note receivable due from La Jolla in the amount of $100,000. The carrying amount of this Convertible Debenture is $(12,727) at December 31, 2012, representing the unconverted face amount of $192,500, less the unamortized discount of $105,227 and less the note receivable due from La Jolla in the amount of $100,000. | ||||||||||||||||||||
Convertible_Debentures_and_Rel
Convertible Debentures and Related Warrants (In default) | 6 Months Ended |
Jun. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Convertible Debt Disclosures [Text Block] | ' |
Note 7 - Convertible Debentures and Related Warrants (In default) | |
In May 2011 the Company sold units to certain investors for aggregate cash proceeds of $2,550,000 at a price of $30,000 per unit. Each unit consisted of a secured convertible debenture in the principal amount of $30,000 and a warrant to purchase 20,000 shares of the Company’s common stock. The convertible debentures were issued in three tranches, matured one year after issuance on May 5, 2012, May 13, 2012, and May 19, 2012, and originally accrued interest at 9% per annum. The debentures were convertible at the holder’s option at any time into common stock at a conversion price originally set at $1.50 per share. The debentures will automatically be redeemed with a 30% premium upon a Change of Control or Listing Event (each as defined in the convertible debenture). Interest on the debentures is payable quarterly in arrears in cash. The Company is in default under the convertible debentures because it has not made the interest payments that were due on July 1, 2011, October 1, 2011, January 1, 2012, April 1, 2012, May 5, 2012, May 13, 2012, and May 19, 2012, and has not repaid the principal which matured on May 5, 2012, May 13, 2012, and May 19, 2012. As such, the Company is in default on all unpaid principal and total accrued interest of $897,431 as of June 30, 2013. The default interest rate is 18% per annum. Interest on the convertible debentures has been accrued at 18% in the accompanying condensed consolidated financial statements commencing on July 1, 2011, the date when the Company first defaulted on an interest payment. To date, such default has not been either cured by the Company or waived by the holders of the convertible debentures. Upon the occurrence of an event of default, the debenture holders have the right to exercise their rights under the Mineral Mortgage associated with the debentures. These rights include, among other things, the right to foreclose on the collateral if necessary. The Company is currently working to resolve the default on these debentures. The Company can provide no assurance that it will obtain a resolution, or that the secured creditors will not eventually foreclose if not paid in the near term. The Company is exploring alternatives for a partial sale, a farm-in, or the refinancing of the Vermillion 179 tract in order to pay off the debentures, with accrued interest. | |
The debentures contain price ratchet anti-dilution protection. In addition, the conversion price shall be adjusted if the conversion price of securities in a subsequent offering by the Company is adjusted pursuant to a make good provision. The shares of common stock issuable upon conversion of the debentures are entitled to piggyback registration rights. The Company has determined that this anti-dilution reset provision caused the conversion feature to be bifurcated from the debentures, treated as a derivative liability, and accounted for at its fair value. Upon issuance, the Company recorded a corresponding discount to the convertible debentures. During the six months ended June 30, 2013 and during the year ended December 31, 2012, the conversion of certain unsecured convertible promissory notes and related issuance of common stock triggered the reset of the conversion price of the convertible debentures pursuant to the price ratchet anti-dilution protection provisions of these agreements. As of June 30, 2013 and December 31, 2012, the reset conversion price of the debentures is $0.014 and $0.44 per share, respectively, based on the lowest of the conversion prices. The conversion price of these debentures has been further adjusted subsequent to June 30, 2013 pursuant to the price ratchet anti-dilution protection provisions. During the six months ended June 30, 2013, a debenture holder sent the Company notices of conversion of $93,468 of convertible debentures and $36,532 of the accrued interest. Pursuant to these notices, the Company issued 1,539,181 shares of common stock at a weighted average price of $0.084 per share. | |
In connection with this placement of convertible debentures, the Company issued warrants to acquire 34,000 shares of the Company’s common stock to the debenture holders. The warrants were originally exercisable for a period of five years at an exercise price of $150.00 per share. The warrants became exercisable on a cashless basis six months after issuance because there was not an effective registration statement registering for resale the shares issuable upon exercise of the warrants. The shares of common stock issuable upon exercise of the warrants are entitled to piggyback registration rights. The warrants contain price ratchet anti-dilution protection. The Company has determined that this anti-dilution reset provision of the warrants is subject to derivative liability treatment and is required to be accounted for at its fair value. Upon issuance, the Company determined the fair value of the warrants and recorded a corresponding discount to the convertible debentures. During the six months ended June 30, 2013 and during the year ended December 31, 2012, the conversion of certain unsecured convertible promissory notes and related issuance of common stock triggered the reset of the exercise price of these warrants pursuant to the price ratchet anti-dilution protection provisions of these agreements. As of June 30, 2013 and December 31, 2012, the reset exercise price of the warrants is $0.014 and $0.44 per share, respectively, based on the lowest of the conversion prices. As further explained in Note 15 to these condensed consolidated financial statements, the exercise price of these warrants has been further adjusted subsequent to June 30, 2013 pursuant to the price ratchet anti-dilution protection provisions. | |
The total discount to the debentures of $2,367,194 has been amortized over the one year term of the debentures in 2012 using the effective interest method, and therefore, no further interest expense was recognized on the amortization of this discount during the period ended June 30, 2013. The carrying amount of the convertible debentures is $2,456,532 at June 30, 2013 and $2,550,000 at December 31, 2012, representing their unconverted face amount since the discount is now fully amortized. | |
In connection with this sale of convertible debentures and warrants, the Company 1) incurred a placement fee with its placement agent of $356,000, 2) issued five-year warrants to its placement agent to acquire 3,400 shares of common stock, which was 10% of the aggregate number of shares of the Company’s common stock issuable upon conversion of the debentures, and 3) paid $50,000 for legal services in connection with the issuance of these convertible debentures and warrants. The warrants issued to the placement agent were originally exercisable at $150.00 per share, may be exercised on a cashless basis, and contain price ratchet anti-dilution protection. The Company has determined that this anti-dilution reset provision of the warrants is subject to derivative liability treatment and is required to be accounted for at its fair value. Upon issuance, the Company determined the fair value of the warrants and recorded a corresponding charge to deferred financing costs. During the six months ended June 30, 2013 and during the year ended December 31, 2012, the conversion of certain unsecured convertible promissory notes and related issuance of common stock triggered the reset of the exercise price of these warrants pursuant to the price ratchet anti-dilution protection provisions of these agreements. As of June 30, 2013 and December 31, 2012, the reset exercise price of the warrants is $0.014 and $0.44 per share, respectively, based on the lowest of the conversion prices. As further explained in Note 15 to these condensed consolidated financial statements, the exercise price of these warrants has been further adjusted subsequent to June 30, 2013 pursuant to the price ratchet anti-dilution protection provisions. | |
Total deferred financing costs recorded for the issuance of convertible debentures was $531,688. Deferred financing costs have been amortized over the one year term of the debentures in 2012 using the effective interest method and therefore, no further interest expense was recognized on the amortization of this discount during the period ended June 30, 2013 | |
Pursuant to the debentures and warrants, no holder may convert or exercise such holder’s debenture or warrant if such conversion or exercise would result in the holder beneficially owning in excess of 4.99% of our then issued and outstanding common stock. A holder may, however, increase or decrease this limitation (but in no event exceed 9.99% of the number of shares of common stock issued and outstanding) by providing the Company with 61 days’ notice that such holder wishes to increase or decrease this limitation. | |
Pursuant to a Mineral Mortgage between the Company and the purchasers of the debentures and warrants, the Company granted a first priority lien on all assets acquired from Montecito Offshore, LLC, as further discussed in Note 2 to these consolidated financial statements. | |
Derivative_Liabilities
Derivative Liabilities | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivatives and Fair Value [Text Block] | ' | ||||||||
Note 8 - Derivative Liabilities | |||||||||
In June 2008, the FASB issued authoritative guidance on determining whether an instrument (or embedded feature) is indexed to an entity’s own stock. Under the authoritative guidance, effective January 1, 2009, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. The conversion feature of the Company’s Debentures (described in Note 7 and 10), and the related warrants, do not have fixed settlement provisions because their conversion and exercise prices, respectively, may be lowered if the Company issues securities at lower prices in the future. The Company was required to include the reset provisions in order to protect the holders of the Debentures from the potential dilution associated with future financings. In accordance with the FASB authoritative guidance, the conversion feature of the Debentures was separated from the host contract (i.e., the Debentures) and recognized as a derivative instrument. Both the conversion feature of the Debentures and the related warrants have been characterized as derivative liabilities to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. All of the notes described in Notes, 5, 6 and 7 that contain a reset provision or have a conversion price that is a percentage of the market price contain embedded conversion features which are considered derivative liabilities. In addition, at June 30, 2013, the Company did not have sufficient authorized shares to satisfy all the conversion for the notes described in Notes 5, 6 and 7; therefore the warrants outstanding at June 30, 2013 are also considered derivative liabilities. | |||||||||
As of June 30, 2013 and December 31, 2012, the derivative liabilities were valued using a probability weighted average Black Scholes-Merton pricing model with the following assumptions: | |||||||||
June 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Conversion feature: | |||||||||
Risk-free interest rate | 0.15 | % | 0.15 | % | |||||
Expected Volatility | 317 | % | 200 | % | |||||
Expected life (in years) | .06 to 1 | .5 to 1 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Warrants: | |||||||||
Risk-free interest rate | 0.15 | % | 0.2 | % | |||||
Expected Volatility | 317 | % | 200 | % | |||||
Expected life (in years) | 2.1 to 3.7 | 2.6 to 4.2 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Fair Value | |||||||||
Conversion feature | 7,443,059 | 7,768,138 | |||||||
Warrants | 28,020 | 27,197 | |||||||
$ | 7,471,079 | $ | 7,795,335 | ||||||
The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the convertible debentures and notes was determined by the maturity date of the notes. The expected life of the warrants was determined by their expiration dates. The expected dividend yield was based on the fact that the Company has not paid dividends to its common stockholders in the past and does not expect to pay dividends to its common stockholders in the future. | |||||||||
At December 31, 2012, the fair value of the aggregate derivative liability of the conversion feature and warrants was $7,795,335. During the six months ended June 30, 2013, we recognized an additional derivative liability of $1,078,258 related to the issuances of unsecured convertible promissory notes payable and warrants as described under Note 5. As of June 30, 2013 the aggregate derivative liability of all outstanding convertible debentures and notes, and warrants was $ 1,741,079. For the six months ended June 30, 2013, the Company recorded a change in fair value of the derivative liability of $1,402,514, of which $965,263 represented the fair value of the related derivative liability of the converted notes, immediately prior to their conversion. | |||||||||
Preferred_and_Common_Stock
Preferred and Common Stock | 6 Months Ended |
Jun. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Stockholders Equity Note Disclosure [Text Block] | ' |
Note 9 – Preferred and Common Stock | |
Issuance of Series A Preferred Stock | |
On April 10, 2013, the board of directors authorized the Company to file a certificate of designation authorizing one million shares of Series A Preferred Stock and authorized the sale and issuance of one million shares of Series A Preferred Stock to Charles Volk, the Company’s chief executive officer in exchange for the conversion of $50,000 of accrued salary owing to Mr. Volk. On April 17, 2013, the certificate of designation was filed with the Secretary of State of Nevada. Among the designations are that 1) one share of Series A Preferred Stock is convertible into one share of common stock and 2) each share of Series A Preferred Stock is entitled to 750 votes for each share of common stock. | |
Issuance of Common Stock for Services | |
In connection with a consulting agreement dated February 1, 2013 with David Pinkman, a newly-appointed member of the board of directors, the Company issued 20,000 shares of common stock to Mr. Pinkman for consulting services to the Company. For accounting purposes, this issuance has been recorded at $5,200, or $0.26 per share, the closing price of the common stock on the date the issuance was made. | |
On February 6, 2013, the Company issued 10,000 shares of common stock to an employee as bonus compensation for services rendered. For accounting purposes, this issuance has been recorded at $15,000, or $1.50 per share, as valued by the Company. | |
Issuance of Common Stock to Chief Executive Officer | |
On February 6, 2013, the board of directors authorized the issuance of common stock to the chief executive officer in satisfaction of certain amounts owed to him. Pursuant to this authorization, the Company issued 100,000 shares of common stock to the chief executive officer. The stock was valued at $25,000, or $0.25 per share, the amount stated in the unanimous consent of the board of directors. | |
Issuance of Common Stock and Warrants for Cash | |
On February 13 and 25, 2013, the Company entered into Common Stock and Warrant Purchase Agreements with two individuals and sold 100,000 shares of common stock at $0.50 per share and issued warrants to purchase 100,000 shares of common stock. Proceeds from the sale were $50,000. The warrants are exercisable at $2.50 per shares and expire in February 2016. | |
On April 5, 2013, the Company entered into a Common Stock Purchase Agreements with a trust and sold 41,600 shares of common stock at $0.87 per share. Proceeds from the sale were $36,000. | |
Stock_Options_and_Warrants
Stock Options and Warrants | 6 Months Ended | |||||||||||
Jun. 30, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||
Note 10 - Stock Options and Warrants | ||||||||||||
Stock Options and Compensation-Based Warrants | ||||||||||||
On June 29, 2010, the stockholders of the Company approved the adoption of the 2010 Stock Option Plan. The Plan provides for the granting of incentive and nonqualified stock options to employees and consultants of the Company. Generally, options granted under the plan may not have a term in excess of ten years. Upon adoption, the Plan reserved 40,000 shares of the Company’s common stock for issuance there under. | ||||||||||||
Generally accepted accounting principles for stock options and compensation-based warrants require the recognition of the cost of services received in exchange for an award of equity instruments in the financial statements, is measured based on the grant date fair value of the award, and requires the compensation expense to be recognized over the period during which an employee or other service provider is required to provide service in exchange for the award (the vesting period). No income tax benefit has been recognized for share-based compensation arrangements and no compensation cost has been capitalized in the accompanying condensed consolidated balance sheet. | ||||||||||||
A summary of stock option and compensation-based warrant activity for the three-month period ended June 30, 2013 is presented below: | ||||||||||||
Weighted | ||||||||||||
Shares | Weighted | Average | ||||||||||
Under | Average | Remaining | Aggregate | |||||||||
Option or | Exercise | Contractual | Intrinsic | |||||||||
Warrant | Price | Life | Value | |||||||||
Outstanding at December 31, 2012 | 74,300 | $ | 40.5 | 2.7 years | $ | 7,910 | ||||||
Granted or issued | 38,000 | 3.5 | ||||||||||
Expired or forfeited | - | - | ||||||||||
Outstanding at June 30, 2013 | 112,300 | 28.14 | 2.8 years | $ | - | |||||||
Exercisable at June 30, 2013 | 112,300 | $ | 28.14 | 2.8 years | $ | - | ||||||
During the six months ended June 30, 2013, the Company granted options and issued compensation-based warrants to certain consultants and individuals to acquire an aggregate of 38,000 shares of common stock at exercise prices ranging from $2.50 to $5.00 per share. All of these options and compensation-based warrants vested immediately. | ||||||||||||
During the six months ended June 30, 2012, the Company granted options and issued compensation-based warrants certain consultants to acquire an aggregate of 59,000 shares of common stock at exercise prices ranging from $7.50 to $12.50 per share. Of these options and compensation-based warrants, 47,000 vested immediately and 12,000 vest over twelve months. | ||||||||||||
The fair value of these stock options and compensation-based warrants was estimated on the date of grant or issuance using the Black-Scholes option pricing model. The weighted-average fair value of the stock options granted and compensation based warrants issued during the six months ended June 30, 2013 was $1.01 per share. The weighted-average assumptions used for the options granted and compensation-based warrants issued during the six months ended June 30, 2013 were risk-free interest rate of 0.27%, volatility of 229%, expected life of 2.0 years, and dividend yield of zero. The weighted-average fair value of the stock options granted and compensation based warrants issued during the six months ended June 30, 2012 was $1.41 per share. The weighted-average assumptions used for the options granted and compensation-based warrants issued during the six months ended June 30, 2012 were risk-free interest rate of 0.31%, volatility of 219%, expected life of 2.0 years, and dividend yield of zero. | ||||||||||||
For the six-month periods ended June 30, 2013 and 2012, the Company reported compensation expense related to stock options, compensation-based warrants, and stock awards of $64,014 and $115,054, respectively. As of June 30, 2013, there was approximately $0 of unrecognized compensation cost related to stock options and compensation-based warrants that will be recognized over a weighted average period of approximately 0.2 years. The intrinsic values at June 30, 2013 are based on a closing price of $0.75 per share. | ||||||||||||
Other Stock Warrants | ||||||||||||
A summary of other stock warrant activity for the three-month period ended June 30, 2013 is presented below: | ||||||||||||
Weighted | ||||||||||||
Weighted | Average | |||||||||||
Shares | Average | Remaining | Aggregate | |||||||||
Under | Exercise | Contractual | Intrinsic | |||||||||
Warrant | Price | Life | Value | |||||||||
Outstanding at December 31, 2012 | 67,294 | $ | 37 | 3.1 years | $ | 21,261 | ||||||
Issued | 1,850,000 | 0.12 | ||||||||||
Expired | - | - | ||||||||||
Outstanding at June 30, 2013 | 1,917,294 | $ | 1.4 | 2.9 years | $ | - | ||||||
As discussed more fully in Note 7 to these condensed consolidated financial statements, the Company issued warrants to purchase 37,630 shares of common stock at $150.00 per share principally during May 2011 in connection with the issuance of convertible debentures, plus the Company issued compensation-based warrants in June 2011 to purchase 14,000 shares of common stock at $90.00 per share that contain price ratchet anti-dilution protection. During the six months ended June 30, 2013 and during the year ended December 31, 2012, the conversion of certain unsecured convertible promissory notes and related issuance of common stock triggered the reset of the exercise price of these warrants pursuant to the price ratchet anti-dilution protection provisions of these agreements. As of June 30, 2013 and December 31, 2012, the reset exercise price of the warrants is $0.014 and $0.44 per share, respectively, based on the lowest of the conversion prices. As further explained in Note 15 to these condensed consolidated financial statements, the exercise price of these warrants has been further adjusted subsequent to June 30, 2013 pursuant to the price ratchet anti-dilution protection provisions. | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||
Jun. 30, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||
Note 11 - Fair Value Measurements | ||||||||||||||
For assets and liabilities measured at fair value, the Company uses the following hierarchy of inputs: | ||||||||||||||
• | Level one — Quoted market prices in active markets for identical assets or liabilities; | |||||||||||||
• | Level two — Inputs other than level one inputs that are either directly or indirectly observable; and | |||||||||||||
• | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |||||||||||||
Liabilities measured at fair value on a recurring basis at June 30, 2013 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,042,994 | $ | - | $ | 5,042,994 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,428,085 | $ | - | $ | 2,428,085 | ||||||
Liabilities measured at fair value on a recurring basis at December 31, 2012 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,460,914 | $ | - | $ | 5,460,914 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,334,421 | $ | - | $ | 2,334,421 | ||||||
As further described in Note 8 to these condensed consolidated financial statements, the fair value of the derivative liabilities for the embedded conversion features of the convertible notes, convertible debentures and related warrants is measured using multinomial lattice models. | ||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended | ||
Jun. 30, 2013 | |||
Supplemental Cash Flow Elements [Abstract] | ' | ||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||
Note 12 - Supplemental Cash Flow Information | |||
During the six months ended June 30, 2013, the Company had the following noncash investing and financing activities: | |||
· | The Company recorded a valuation discount of $1,078,258 relating to the derivative liabilities of instruments issued. | ||
⋅ | The Company issued 12,216,968 shares of common stock as a result of the conversion of principal of $593,232 of convertible promissory notes and related accrued interest. | ||
⋅ | The Company issued 513,308 shares of common stock to La Jolla as a result of the conversion of $8,000 of principal of the 4.75% convertible debenture and common stock purchase $79,230 under the Equity Investment Agreement. | ||
⋅ | The Company issued 4,250,000 shares of common stock to Ironridge Global IV, Ltd. in settlement of $1,405,495 of the liability that it had acquired from the Company’s creditors. | ||
⋅ | The Company issued 100,000 shares of common stock to the chief executive officer in satisfaction of $25,000 of the liability owed to him by the Company. | ||
⋅ | The Company issued 1,000,000 shares of Series A preferred stock to the chief executive officer in satisfaction of $50,000 of the liability owed to him by the Company. | ||
⋅ | In connection with the Settlement Agreement with Mr. Anthony Mason and Black Cat, the Company transferred to Black Cat all title and interest the Company owned in the I-1 well, Mustang Island 818-L lease and other assets acquired from Black Cat pursuant to the Black Cat Agreement, which had a carrying value of $1,055,987, net of impairment recognized, and agreed to pay $125,000 to Mr. Mason. In return, Black Cat returned to the Company for cancellation 90,000 shares of the Company’s common stock with a current value of $54,000 and released the Company from all of its claims having a recorded value of $1,115,364, which included the balance of the 850,000 promissory note, $95,582 accrued interest, and $169,782 unpaid compensation and other miscellaneous amounts. | ||
During the six months ended June 30, 2012, the Company had the following noncash investing and financing activities: | |||
⋅ | The Company issued 231,537 shares of common stock as a result of the conversion of $97,000 of principal of 8% convertible promissory notes and $3,400 of related accrued interest. | ||
⋅ | The Company issued 203,680 shares of common stock as a result of the conversion of $124,100 of principal of 6% convertible promissory notes and $2,743 of related accrued interest with an unaffiliated entity. | ||
⋅ | The Company issued 34,208 shares of common stock as a result of the conversion of $25,000 of principal of 8% convertible promissory notes and $211 of related accrued interest. | ||
⋅ | The Company issued 450,000 shares of common stock and a junior secured promissory note in the amount of $1,075,000 in connection with its acquisition of certain oil and gas properties from Black Cat Exploration & Production LLC. | ||
⋅ | Ironridge Global IV, Ltd. purchased approximately $1.4 million of outstanding liabilities from certain of the Company’s creditors, including notes payable, accrued compensation and interest, and other accounts payable. | ||
⋅ | The Company issued 615,000 shares of common stock to Ironridge Global IV, Ltd. in settlement of approximately $174,353 of the liability that it had acquired from the Company’s creditors. | ||
⋅ | The Company issued a convertible promissory note to an LLC in payment of deferred financing costs totaling $295,000, which are recorded in the accompanying condensed consolidated balance sheet. | ||
The Company paid $13,650 and $15,000 for interest during the six months ended June 30, 2013 and 2012, respectively. | |||
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 13 – Related Party Transactions | |
Warren Rothouse was appointed to be a director of the Company in October 2012. Mr. Rothouse is Senior Partner of Surety Financial Group, LLC (Surety). Surety has provided investor relations services to the Company in recent years. On November 7, 2012, the Company entered into a new agreement with Surety to provide investor relations services for the fifteen month period commencing December 1, 2012 and continuing through February 28, 2014. The agreement provided for monthly payments of $6,500 for Surety’s services. In addition, Surety was issued 10,000 shares of restricted common stock of the Company’s common stock and warrants to purchase 15,000 shares of the Company’s common stock. The exercise price of the warrants is $5.00 per share and the warrants are exercisable on a cashless basis. The term of the warrants is three years. On February 27, 2013, the Company amended the November 7, 2012 agreement. Under the amended agreement, Surety will provide investor relations services for the fifteen month period commencing March 1, 2013 and continuing through May 31, 2014 and Surety will receive monthly payments of $10,000 for its services. Compensation to Surety under the agreements was $23,000 for the six months ended June 30, 2013. | |
Effective January 31, 2013, David Pinkman was appointed to the Board of Directors of the Company. On February 1, 2013, the Company entered into a consulting agreement with Mr. Pinkman. The term of the agreement is for twelve months and provides for monthly compensation of $8,330. As additional compensation, the Company issued 20,000 shares of restricted common stock to Mr. Pinkman and issued him a warrant to acquire 20,000 shares of the Company’s common stock at $2.50 per share. Compensation earned by Mr. Pinkman under the consulting agreement was $16,660 for the six months ended June 30, 2013. | |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 14 - Subsequent Events | |
Issuance of Convertible Promissory Notes | |
During August 2013, the Company received $5,000 under an unsecured note arrangement with GEL. The unsecured convertible promissory notes accrue interest at 6% per annum. The principal and unpaid accrued interest are due August 14, 2013. Amounts due under the note are convertible until maturity at a variable conversion price equal to 70% of the lowest closing bid price from the five trading days prior to the date of the conversion notice. | |
Conversion of Promissory Notes | |
Between July 1, 2013 and January 17, 2014 convertible note holders converted $75,296 of unsecured convertible promissory notes and $2,572 of accrued interest into 24,725,405 shares of common stock at a weighted-average conversion price of $0.003 per share. | |
Issuance of Common Stock and Warrants for Cash | |
On July 19, 2013, the Company entered into a Common Stock Purchase Agreements with a trust and sold 500,000 shares of common stock at $0.01 per share and a three year warrant to purchase 500,000 shares of common stock at a strike price of $0.025 per share. Proceeds from the sale were $5,000. | |
Issuance of Common Stock for Cash | |
On October 4, 2013 La Jolla Cove Investors converted $560 under their agreement for issuance of 1,642,667 shares of common stock and invested $5,600 for issuance of 4,073 shares of common stock. | |
Ironridge Global | |
Between July 1, 2013 and January 17, 2014 the Company issued 2,300,000 share of common stock to Ironridge Global in satisfaction of $23,000 in debt for a conversion price of $0.01 per share. | |
Stock split | |
On October 2, 2013 the Company affected a 1-for-50 reverse common stock split. All references in these condensed consolidated financial statements and related notes to numbers of shares of common stock, prices per share of common stock, and weighted average number of shares of common stock outstanding prior to the reverse stock split have been adjusted to reflect the reverse stock splits on a retroactive basis for all periods presented, unless otherwise noted. On October 2, 2013 the Issued Outstanding shares were 47,746,052 whereby there was a rounding loss of 193 shares. On October 18, 2014 there were 28 shares added to the Issued and Outstanding from a round up from Pershing LLC. | |
Organization_and_Significant_A1
Organization and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization Disclosure, Policy [Policy Text Block] | ' |
Organization – Paxton Energy, Inc. was organized under the laws of the State of Nevada on June 30, 2004. During August 2004, shareholder control of the Company was transferred, a new board of directors was elected and new officers were appointed. These officers and directors managed the Company until March 17, 2010, at which time, the existing members of the Company’s board of directors resigned, new members were appointed to the board of directors, and managerial control of the Company was transferred to new management. The new board of directors immediately commenced, among other things, the placement of unsecured convertible promissory notes to raise funds for working capital and held a meeting of stockholders on June 29, 2010, at which the stockholders approved 1) a 1-for-3 reverse common stock split, 2) a second reverse stock split of approximately 1 share for 2.4 shares of common stock, 3) the amendment of the Company’s certificate of incorporation to increase the Company’s authorized capital from 100 million to 500 million shares of common stock and from 5 million to 10 million shares of preferred stock, and 4) the adoption of the 2010 Stock Option Plan. On January 27, 2012, Paxton Energy, Inc. changed its name to Worthington Energy, Inc. (the “Company”). The Company held its annual meeting of stockholders on October 12, 2012, at which the Company’s stockholders approved a proposal a 1-for-10 reverse common stock split. In addition, on October 2, 2013 the Company affected a 1-for-50 reverse common stock split. All references in these condensed consolidated financial statements and related notes to numbers of shares of common stock, prices per share of common stock, and weighted average number of shares of common stock outstanding prior to the reverse stock splits have been adjusted to reflect the reverse stock splits on a retroactive basis for all periods presented, unless otherwise noted. As more fully disclosed in Note 9 to these condensed consolidated financial statements, on April 17, 2013, the Company designated one million shares of preferred stock as Series A Preferred Stock; issued one million shares of Series A Preferred Stock to Charles Volk, the Company’s chief executive officer; and pursuant to an Action by Written Consent of the Stockholders of the Company, the Company’s certificate of incorporation was amended to increase the Company’s authorized common stock from 500 million to 1.49 billion shares of common stock. On May 8, 2013, pursuant to an Action by Written Consent of the Stockholders of the Company, the Company’s certificate of incorporation was amended again to increase the Company’s authorized common stock from 1.49 billion to 2.49 billion shares of common stock. Also June 24, 2013, pursuant to an Action by Written Consent of the Stockholders of the Company, the Company’s certificate of incorporation was amended again to increase the Company’s authorized common stock from 2.49 billion to 6.49 billion shares of common stock. | |
Business Combinations Policy [Policy Text Block] | ' |
Nature of Operations – As further described in Note 2 to these condensed consolidated financial statements, the Company commenced acquiring working interests in oil and gas properties in June 2005. The Company owns oil and gas properties in the Cooke Ranch prospect in LaSalle County, Texas, where the Company has been engaged primarily as a joint interest owner with Bayshore Exploration L.L.C. in the acquisition, exploration, and development of oil and gas properties and the production and sale of oil and gas. In March 2012, the Company acquired certain assets from Black Cat Exploration & Production LLC consisting of a 2% override interest in the Mustang Island 818-L lease, covering 1,400 acres in the Gulf of Mexico, with a 10.35% carried interest in the recently drilled I-1 well, located on the lease. However, as further described in Note 2 to these consolidated financial statements, the Company sold the 2% override interest in these properties in November 2012 and entered into a settlement agreement and mutual release of claims in January 2013, which resulted in, among other things, the transfer of the Company’s remaining interest in the Mustang Island 818-L lease and I-1 well back to Black Cat Exploration & Production LLC. | |
The Company is considered to be in the exploration stage due to the lack of significant revenues. | |
Condensed Interim Consolidated Financial Statements [Policy Text Block] | ' |
Condensed Interim Consolidated Financial Statements – The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, these condensed consolidated financial statements do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto for the year ended December 31, 2012, and for the period from June 30, 2004 (date of inception) through December 31, 2012, included in the Company’s annual report on Form 10-K. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to fairly present the Company’s consolidated financial position as of June 30, 2013, and its consolidated results of operations and cash flows for the six months ended June 30, 2013 and 2012, and for the period from June 30, 2004 (date of inception), through June 30, 2013. The results of operations for the six months ended June 30, 2013, may not be indicative of the results that may be expected for the year ending December 31, 2013. The condensed consolidated financial statements included in this report on Form 10-Q should be read in conjunction with the audited financial statements of Worthington Energy, Inc., and the notes thereto for the year ended December 31, 2012, included in its annual report on Form 10-K filed with the SEC on April 17, 2013. | |
Liquidity Disclosure [Policy Text Block] | ' |
Going Concern – The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not had significant revenue and is still considered to be in the exploration stage. The Company incurred losses of $1,306,421 for the six months ended June 30, 2013 and $13,255,095 for the year ended December 31, 2012. The Company also used cash of $403,612 and $1,348,778 in its operating activities during the six months ended June 30, 2013 and the year ended December 31, 2012, respectively. Through June 30, 2013, the Company has accumulated a deficit during the exploration stage of $33,696,792 and a significant portion of the Company’s debt is in default. At June 30, 2013, the Company has a working capital deficit of $13,302,547 including current liabilities of $13,307,007. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As a result, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2012 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. | |
The Company is currently seeking debt and equity financing to fund potential acquisitions and other expenditures, although it does not have any contracts or commitments for either at this time. The Company will have to raise additional funds to continue operations and, while it has been successful in doing so in the past, there can be no assurance that it will be able to do so in the future. The Company’s continuation as a going concern is dependent upon its ability to obtain necessary additional funds to continue operations and the attainment of profitable operations. The Company hopes that working capital will become available via financing activities currently contemplated with regards to its intended operating activities. | |
The Company’s continuation as a going concern is dependent upon its ability to obtain necessary additional funds to continue operations and to attain profitable operations. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates – In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in the Company’s condensed consolidated financial statements relate to the valuation of long-lived assets, accrued other liabilities, and valuation assumptions related to share-based payments and derivative liability. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Basic and Diluted Loss per Common Share – Basic loss per common share amounts are computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted loss per share amounts are computed assuming the issuance of common stock for potentially dilutive common stock equivalents. All outstanding stock options, warrants, stock awards, convertible promissory notes, and other obligations to be satisfied with the issuance of common stock are currently antidilutive and have been excluded from the diluted loss per share calculations. As such options, warrants, and stock awards to acquire 2,029,594 shares of common stock; the promissory notes and debentures convertible into 470,565,499 shares of common stock; shares of common stock issuable under the Equity Investment Agreement with La Jolla Cove Investors, Inc. of 75,111,111 shares; or the 2,300,000 shares issuable to Ironridge under the arrangement to settle liabilities were included in the computation of diluted loss per share at June 30, 2013 as their effect would have been anti-dilutive. None of the options, warrants, and stock awards to acquire 975,739 shares of common stock; the promissory notes and debentures convertible into 16,238,980 shares of common stock; or the 4,277,129 estimated shares issuable to Ironridge under the arrangement to settle liabilities were included in the computation of diluted loss per share at June 30, 2012 as their effect would have been anti-dilutive. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Values of Financial Instruments – The carrying amounts reported in the condensed consolidated balance sheets for accounts payable, payable to Ironridge Global IV, Ltd., and payable to former officer approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for unsecured convertible promissory notes payable, secured notes payable, and convertible debentures approximate fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of derivative liabilities are estimated based on the method disclosed in Note 8 to these condensed consolidated financial statements. | |
Derivatives, Policy [Policy Text Block] | ' |
Derivative Financial Instruments – The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average Black-Scholes-Merton pricing model to value the derivative instruments on June 30, 2013. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Issued Accounting Statements – The FASB has issued ASU No. 2013-04, Liabilities (Topic 405), “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists (A Consensus the FASB Emerging Issues Task Force). ASU 2013-11 provides guidance on financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforward in the same tax jurisdiction as of the reporting date. This amendment is effective for public entities for fiscal years beginning after December 15, 2013 and interim periods within those years. The company does not expect the adoption of this standard to have a material impact on the Company’s financial position and results of operations. | |
Oil_and_Gas_Properties_Tables
Oil and Gas Properties (Tables) | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Oil and Gas Property [Abstract] | ' | |||||||
Unproved Properties Disclosure [Table Text Block] | ' | |||||||
At June 30, 2013 and December 31, 2012, oil and gas properties, net of impairment losses recognized, consist of the following: | ||||||||
30-Jun | December 31, | |||||||
2013 | 2012 | |||||||
Leasehold interest costs - Vermillion 179 | $ | 5,698,563 | $ | 5,698,563 | ||||
Leasehold interest costs - Mustang Island | - | 1,055,987 | ||||||
Leasehold interest costs - Texas | 100,000 | 100,000 | ||||||
Wells - Texas | - | - | ||||||
$ | 5,798,563 | $ | 6,854,550 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued liabilities consisted of the following at June 30, 2013 and December 31, 2012: | ||||||||
June 30 | December 31, | |||||||
2013 | 2012 | |||||||
Accrued salaries | $ | 136,445 | $ | 352,038 | ||||
Accrued payroll taxes | 94,417 | 85,323 | ||||||
Accrued directors fees | 64,969 | 69,033 | ||||||
Accrued interest | 1,057,021 | 909,606 | ||||||
Accrued registration rights penalties and interest | 14,628 | 14,350 | ||||||
Other accrued expenses | 2,500 | 2,500 | ||||||
Total accrued liabilities | $ | 1,369,980 | $ | 1,432,850 | ||||
Unsecured_Convertible_Promisso1
Unsecured Convertible Promissory Notes Payable (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||
Convertible Notes Payable [Abstract] | ' | |||||||||||||||||||
Convertible Debt [Table Text Block] | ' | |||||||||||||||||||
A summary of unsecured convertible promissory notes at June 30, 2013 and December 31, 2012 is as follows: | ||||||||||||||||||||
June 30, 2013 | December 31, 2012 | |||||||||||||||||||
Unpaid | Unamortized | Carrying | Unpaid | Unamortized | Carrying | |||||||||||||||
Principal | Discount | Value | Principal | Discount | Value | |||||||||||||||
Asher Enterprises, Inc. | $ | 102,100 | $ | 53,634 | $ | 48,466 | $ | 133,000 | $ | 69,821 | $ | 63,179 | ||||||||
GEL Properties, LLC | 173,845 | 85,765 | 88,080 | 167,762 | 84,690 | 83,072 | ||||||||||||||
Prolific Group, LLC | 90,900 | 54,777 | 36,123 | 64,150 | 38,123 | 26,027 | ||||||||||||||
Various Other Individuals and Entities | 3,750 | - | 3,750 | 45,000 | - | 45,000 | ||||||||||||||
Haverstock Master Fund, LTD and Common Stock, LLC | 295,906 | - | 295,906 | 344,102 | 107,591 | 236,511 | ||||||||||||||
Magna Group, LLC | - | - | - | 40,000 | 37,808 | 2,192 | ||||||||||||||
Hanover Holdings I, LLC | 18,500 | 8,214 | 10,286 | 25,500 | 23,717 | 1,783 | ||||||||||||||
Five Individuals | 206,250 | - | 206,250 | 206,250 | 960 | 205,290 | ||||||||||||||
JMJ Financial | 25,000 | 23,836 | 1,164 | - | - | - | ||||||||||||||
Charles Volk (related party) | 125,000 | 116,095 | 8,905 | - | - | - | ||||||||||||||
Tomer Tal | 50,000 | 46,438 | 3,562 | - | - | - | ||||||||||||||
$ | 1,091,251 | $ | 388,759 | $ | 702,492 | $ | 1,025,764 | $ | 362,710 | $ | 663,054 | |||||||||
Secured_Notes_Payable_Tables
Secured Notes Payable (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||||||||||
A summary of secured notes payable at June 30, 2013 and December 31, 2012: | ||||||||||||||||||||
June 30, 2013 | December 31, 2012 | |||||||||||||||||||
Unpaid | Unamortized | Carrying | Unpaid | Unamortized | Carrying | |||||||||||||||
Principal | Discount | Value | Principal | Discount | Value | |||||||||||||||
Black Cat Exploration & Production LLC | $ | - | $ | - | $ | - | $ | 850,000 | $ | - | $ | 850,000 | ||||||||
Montecito Offshore, LLC | 500,000 | - | 500,000 | 500,000 | - | 500,000 | ||||||||||||||
Bride Loan Settlement Note | 40,000 | - | 40,000 | 40,000 | - | 40,000 | ||||||||||||||
What Happened LLC | 21,575 | - | 21,575 | 125,000 | - | 125,000 | ||||||||||||||
La Jolla Cove Investors, Inc. | 84,500 | 63,847 | 20,653 | 92,500 | 105,227 | -12,727 | ||||||||||||||
$ | 646,075 | $ | 63,847 | $ | 582,228 | $ | 1,607,500 | $ | 105,227 | $ | 1,502,273 | |||||||||
Derivative_Liabilities_Tables
Derivative Liabilities (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | ||||||||
As of June 30, 2013 and December 31, 2012, the derivative liabilities were valued using a probability weighted average Black Scholes-Merton pricing model with the following assumptions: | |||||||||
June 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Conversion feature: | |||||||||
Risk-free interest rate | 0.15 | % | 0.15 | % | |||||
Expected Volatility | 317 | % | 200 | % | |||||
Expected life (in years) | .06 to 1 | .5 to 1 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Warrants: | |||||||||
Risk-free interest rate | 0.15 | % | 0.2 | % | |||||
Expected Volatility | 317 | % | 200 | % | |||||
Expected life (in years) | 2.1 to 3.7 | 2.6 to 4.2 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Fair Value | |||||||||
Conversion feature | 7,443,059 | 7,768,138 | |||||||
Warrants | 28,020 | 27,197 | |||||||
$ | 7,471,079 | $ | 7,795,335 | ||||||
Stock_Options_and_Warrants_Tab
Stock Options and Warrants (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||
A summary of stock option and compensation-based warrant activity for the three-month period ended June 30, 2013 is presented below: | ||||||||||||
Weighted | ||||||||||||
Shares | Weighted | Average | ||||||||||
Under | Average | Remaining | Aggregate | |||||||||
Option or | Exercise | Contractual | Intrinsic | |||||||||
Warrant | Price | Life | Value | |||||||||
Outstanding at December 31, 2012 | 74,300 | $ | 40.5 | 2.7 years | $ | 7,910 | ||||||
Granted or issued | 38,000 | 3.5 | ||||||||||
Expired or forfeited | - | - | ||||||||||
Outstanding at June 30, 2013 | 112,300 | 28.14 | 2.8 years | $ | - | |||||||
Exercisable at June 30, 2013 | 112,300 | $ | 28.14 | 2.8 years | $ | - | ||||||
Schedule of Other Share-based Compensation, Activity [Table Text Block] | ' | |||||||||||
A summary of other stock warrant activity for the three-month period ended June 30, 2013 is presented below: | ||||||||||||
Weighted | ||||||||||||
Weighted | Average | |||||||||||
Shares | Average | Remaining | Aggregate | |||||||||
Under | Exercise | Contractual | Intrinsic | |||||||||
Warrant | Price | Life | Value | |||||||||
Outstanding at December 31, 2012 | 67,294 | $ | 37 | 3.1 years | $ | 21,261 | ||||||
Issued | 1,850,000 | 0.12 | ||||||||||
Expired | - | - | ||||||||||
Outstanding at June 30, 2013 | 1,917,294 | $ | 1.4 | 2.9 years | $ | - | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Table Text Block] | ' | |||||||||||||
Liabilities measured at fair value on a recurring basis at June 30, 2013 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,042,994 | $ | - | $ | 5,042,994 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,428,085 | $ | - | $ | 2,428,085 | ||||||
Liabilities measured at fair value on a recurring basis at December 31, 2012 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,460,914 | $ | - | $ | 5,460,914 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,334,421 | $ | - | $ | 2,334,421 | ||||||
Organization_and_Significant_A2
Organization and Significant Accounting Policies (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 108 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||
Oct. 02, 2013 | Oct. 12, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 13, 2006 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Mar. 09, 2012 | Mar. 31, 2012 | Jun. 24, 2013 | 8-May-13 | Apr. 17, 2013 | Jun. 24, 2013 | 8-May-13 | Apr. 17, 2013 | Jun. 29, 2010 | |
acre | Common Stock [Member] | Common Stock [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | Ironridge [Member] | Ironridge [Member] | Mustang Island [Member] | Mustang Island [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | 2010 Stock Option Plan [Member] | |||||||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | acre | acre | |||||||||||||||||||
Organization And Significant Accounting Policies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity, Reverse Stock Split | '1-for-50 | '1-for-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Of Common Stock Originally Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 |
Common Stock, Shares Authorized | ' | ' | 6,490,000,000 | ' | 6,490,000,000 | ' | 6,490,000,000 | 6,490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,490,000,000 | 1,490,000,000 | 500,000,000 | 6,490,000,000 | 2,490,000,000 | 1,490,000,000 | 500,000,000 |
Shares Of Preferred Stock Originally Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 |
Preferred Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 |
Override Interest On Property Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' |
Area of Land | ' | ' | ' | ' | ' | ' | ' | ' | 2,268 | ' | ' | ' | ' | ' | ' | 1,400 | 1,400 | ' | ' | ' | ' | ' | ' | ' |
Carried Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.35% | 10.35% | ' | ' | ' | ' | ' | ' | ' |
Development Wells Drilled, Net Productive | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' |
Override Interest On Property Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent, Total | ' | ' | ($174,308) | ($3,374,124) | ($1,306,421) | ($4,450,273) | $13,255,095 | ($33,696,792) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Total | ' | ' | ' | ' | -403,612 | -626,436 | 1,348,778 | -4,433,186 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities, Current, Total | ' | ' | 13,307,007 | ' | 13,307,007 | ' | 15,845,462 | 13,307,007 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working Capital Deficit | ' | ' | 13,302,547 | ' | 13,302,547 | ' | ' | 13,302,547 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working Capital Deficit Including Current Liabilities | ' | ' | $13,307,007 | ' | $13,307,007 | ' | ' | $13,307,007 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | 2,029,594 | 975,739 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 470,565,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,304,120 | 1,142,244 | 75,111,111 | 16,238,980 | 2,300,000 | 4,277,129 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil_and_Gas_Properties_Details
Oil and Gas Properties (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Oil and Gas Properties [Line Items] | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | $5,798,563 | $6,854,550 |
Vermillion [Member] | ' | ' |
Oil and Gas Properties [Line Items] | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | 5,698,563 | 5,698,563 |
Mustang Island [Member] | ' | ' |
Oil and Gas Properties [Line Items] | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | 0 | 1,055,987 |
Texas [Member] | ' | ' |
Oil and Gas Properties [Line Items] | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | 100,000 | 100,000 |
Wells Texas [Member] | ' | ' |
Oil and Gas Properties [Line Items] | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | $0 | $0 |
Oil_and_Gas_Properties_Details1
Oil and Gas Properties (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 108 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||
6-May-11 | Jun. 30, 2013 | Aug. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 13, 2006 | Mar. 31, 2012 | 6-May-11 | Mar. 31, 2012 | 6-May-11 | Aug. 30, 2012 | 6-May-11 | 6-May-11 | Mar. 30, 2012 | Jun. 30, 2013 | Nov. 02, 2012 | Aug. 30, 2012 | Mar. 09, 2012 | Jun. 30, 2013 | Dec. 31, 2008 | Dec. 31, 2006 | Jun. 13, 2006 | Dec. 31, 2005 | Jun. 30, 2013 | Jun. 13, 2006 | Jun. 30, 2013 | Jun. 13, 2006 | Mar. 09, 2012 | Jan. 25, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Mar. 11, 2013 | Nov. 02, 2012 | |
acre | Promissory Note [Member] | Promissory Note [Member] | Issuance One [Member] | Issuance One [Member] | Issuance Two [Member] | Montecito Asset Sale Agreement [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Black Cat [Member] | Black Cat [Member] | Black Cat [Member] | Black Cat [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | ||||||||||
acre | acre | acre | acre | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | acre | acre | |||||||||||||||||||||||||||||||
Oil and Gas Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Override Interest On Property Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | 2.00% | ' | ' | ' |
Area of Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,268 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220 | 3,200 | 8,883 | 8,883 | ' | ' | ' | ' | 1,400 | ' | ' | ' | ' | 1,400 | ' | ' | ' |
Carried Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.35% | ' | ' | ' | ' | 10.35% | ' | ' | ' |
Development Wells Drilled, Net Productive | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 1 | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $175,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | 18,304,120 | ' | 18,304,120 | ' | 18,304,120 | ' | 18,304,120 | 1,142,244 | ' | ' | ' | 855,000 | 3,675,000 | 157,500 | 30,000 | ' | ' | 90,000 | ' | 45,000 | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,698,563 | 2,305,987 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | $0.00 | ' | $0.00 | ' | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | $19 | $2.45 | $3.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Costs, Period Cost | 23,563 | ' | 43,487 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Of Note To Acquire Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,075,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Sale Of Royalty Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' |
Sale Value Of Royalty Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' |
Reduction In Carrying Cost Value Of Lease Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,055,987 | ' | ' | ' | ' | 1,805,987 |
Reduction Of Secured Promissory Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Utilised For Working Capital From Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Amount Payable Towards Settlement Agreement And Claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' |
Payment Towards Settlement Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' |
Unpaid Amount Towards Settlement Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000 | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' |
Impairment of Oil and Gas Properties | ' | 4,335,078 | ' | 0 | 0 | 11,623 | 0 | 5,096,701 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,623 | 750,000 | ' | ' | ' | ' | ' |
Settlement Of Promissory Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 850,000 | ' | ' | ' | ' | ' | ' |
Settlement Of Current Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,364 | ' | ' | ' | ' | ' | ' |
Cancellation Of Fair Value Of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000 | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' |
Percentage Sale Of Leasehold Working Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | -31.75% | 50.00% | ' | 31.75% | ' | 75.00% | ' | 56.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Sale Of Net Revenue Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.81% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Working Interest Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.75% | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment Of Leasehold Interest | ' | $100,000 | ' | $100,000 | ' | $100,000 | ' | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Accrued salaries | $136,445 | $352,038 |
Accrued payroll taxes | 94,417 | 85,323 |
Accrued directors fees | 64,969 | 69,033 |
Accrued interest | 1,057,021 | 909,606 |
Accrued registration rights penalties and interest | 14,628 | 14,350 |
Other accrued expenses | 2,500 | 2,500 |
Total accrued liabilities | $1,369,980 | $1,432,850 |
Recovered_Sheet1
Payable to Ironridge Global IV, Ltd (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Mar. 22, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | $1,388,407 | ' | ' | ' |
Litigation Settlement Common Stock Shares Issued | ' | ' | 20,300 | ' | ' | ' |
Litigation Settlement Minimum Trade Volume Of Common Stock To Be Exceeded | ' | ' | 4,200,000 | ' | ' | ' |
Litigation Settlement Common Stock Shares Can Be Retained | ' | ' | 2,000 | ' | ' | ' |
Litigation Settlement Common Stock Shares Value Can Be Retained | ' | ' | 1,358,135 | ' | ' | ' |
Litigation Final Settlement Common Stock Shares To Be Issued | 856,291 | ' | ' | ' | ' | ' |
Litigation Settlement Liability Fair Value | 1,981,312 | ' | ' | ' | 1,981,312 | 1,981,312 |
Litigation Final Settlement Percentage | ' | ' | ' | ' | ' | 70.00% |
Litigation Discounted Final Settlement Value | ' | ' | ' | ' | ' | 1,358,135 |
Common Stock Shares Traded Number | ' | ' | ' | ' | ' | 8,400 |
Common Stock Daily VWAP Trigger Additional Shares Issued | ' | ' | ' | ' | ' | 90.00% |
Common Stock Beneficial Ownership And Controlled Percentage | ' | ' | ' | 9.99% | ' | ' |
Litigation Settlement Additional Common Stock Shares Issued | ' | ' | ' | 4,250,000 | 194,200 | ' |
Litigation Settlement Common Stock Shares Issued Total | ' | ' | ' | ' | ' | 4,464,500 |
Litigation Settlement Fees Common Stock Shares Issued | ' | ' | ' | ' | ' | 2,000 |
Litigation Settlement Liability Common Stock Shares Issued | ' | ' | ' | ' | ' | 4,462,500 |
Litigation Settlement Fee Share Price | ' | $0.40 | ' | ' | ' | ' |
Litigation Settlement Fee Common Stock Value Issued | ' | 40,000 | ' | ' | ' | ' |
Litigation Settlement Fair Value Of Liability Proportionate Reduction | ' | ' | ' | 1,863,258 | 1,395,251 | ' |
Other Liabilities, Current | $1,489,623 | ' | ' | $84,128 | $1,489,623 | $1,489,623 |
Unsecured_Convertible_Promisso2
Unsecured Convertible Promissory Notes Payable (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | $1,091,251 | $1,025,764 |
Unamortized Discount | 388,759 | 362,710 |
Carrying Value | 702,492 | 663,054 |
Asher Enterprises, Inc [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 102,100 | 133,000 |
Unamortized Discount | 53,634 | 69,821 |
Carrying Value | 48,466 | 63,179 |
GEL Properties, LLC [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 173,845 | 167,762 |
Unamortized Discount | 85,765 | 84,690 |
Carrying Value | 88,080 | 83,072 |
Prolific Group, LLC [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 90,900 | 64,150 |
Unamortized Discount | 54,777 | 38,123 |
Carrying Value | 36,123 | 26,027 |
Various Other Individuals and Entities [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 3,750 | 45,000 |
Unamortized Discount | 0 | 0 |
Carrying Value | 3,750 | 45,000 |
Haverstock Master Fund, LTD And Common Stock, LLC [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 295,906 | 344,102 |
Unamortized Discount | 0 | 107,591 |
Carrying Value | 295,906 | 236,511 |
Magna Group, LLC [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 0 | 40,000 |
Unamortized Discount | 0 | 37,808 |
Carrying Value | 0 | 2,192 |
Hanover Holdings I, LLC [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 18,500 | 25,500 |
Unamortized Discount | 8,214 | 23,717 |
Carrying Value | 10,286 | 1,783 |
Five Individuals [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 206,250 | 206,250 |
Unamortized Discount | 0 | 960 |
Carrying Value | 206,250 | 205,290 |
JMJ Financial [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 25,000 | 0 |
Unamortized Discount | 23,836 | 0 |
Carrying Value | 1,164 | 0 |
Charles Volk [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 125,000 | 0 |
Unamortized Discount | 116,095 | 0 |
Carrying Value | 8,905 | 0 |
Tomer Tal [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 50,000 | 0 |
Unamortized Discount | 46,438 | 0 |
Carrying Value | $3,562 | $0 |
Unsecured_Convertible_Promisso3
Unsecured Convertible Promissory Notes Payable (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 108 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Feb. 28, 2013 | Aug. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Feb. 28, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 08, 2012 | Aug. 09, 2012 | Jul. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 12, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 04, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 04, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Asher Enterprises, Inc [Member] | Asher Enterprises, Inc [Member] | Asher Enterprises, Inc [Member] | GEL Properties, LLC [Member] | GEL Properties, LLC [Member] | GEL Properties, LLC [Member] | GEL Properties, LLC [Member] | GEL Properties, LLC [Member] | Prolific Group, LLC [Member] | Prolific Group, LLC [Member] | Prolific Group, LLC [Member] | Prolific Group, LLC [Member] | Various Other Individuals and Entities [Member] | Various Other Individuals and Entities [Member] | Various Other Individuals and Entities [Member] | Various Other Individuals and Entities [Member] | Various Other Individuals and Entities [Member] | Haverstock Master Fund, LTD And Common Stock, LLC [Member] | Haverstock Master Fund, LTD And Common Stock, LLC [Member] | Haverstock Master Fund, LTD And Common Stock, LLC [Member] | Haverstock Master Fund, LTD And Common Stock, LLC [Member] | Haverstock Master Fund, LTD And Common Stock, LLC [Member] | Magna Group, LLC [Member] | Magna Group, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Five Individuals [Member] | Five Individuals [Member] | Five Individuals [Member] | Five Individuals [Member] | Five Individuals [Member] | JMJ Financial [Member] | JMJ Financial [Member] | JMJ Financial [Member] | Charles Volk [Member] | Charles Volk [Member] | Charles Volk [Member] | Tomer Tal [Member] | Tomer Tal [Member] | Tomer Tal [Member] | |||||||
Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Thirteen Unsecured Convertible Promissory Notes [Member] | Twelve Unsecured Convertible Promissory Notes [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Unsecured Promissory Notes One [Member] | Unsecured Promissory Notes Two [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | ||||||||||||
Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Unsecured Convertible Promissory Notes Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Rate | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | 70.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | 55.00% | ' | ' | ' | 55.00% | 57.00% | ' | ' | ' | ' | ' | 60.00% | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | $113,900 | ' | ' | ' | ' | $151,416 | ' | ' | ' | ' | $48,250 | ' | $45,000 | ' | ' | ' | ' | ' | ' | $48,196 | ' | ' | $40,000 | ' | $7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ' | ' | ' | 5,500 | ' | ' | ' | ' | 4,879 | ' | ' | ' | ' | 1,272 | ' | 3,124 | ' | ' | ' | ' | ' | ' | 0.039 | ' | ' | 0.37 | ' | 0.014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | 2,827,164 | ' | ' | ' | ' | 4,220,020 | ' | ' | ' | ' | 564,145 | ' | 214,530 | ' | ' | ' | ' | ' | ' | 1,234,856 | ' | ' | 107,881 | ' | 509,091 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | $0.04 | ' | ' | ' | ' | $0.04 | ' | ' | ' | ' | $0.09 | ' | $0.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Debt Discount (Premium) | 450,970 | 58,351 | 1,128,587 | 199,451 | 7,318,506 | ' | 221,563 | 177,835 | ' | ' | ' | 298,742 | 110,995 | ' | ' | ' | 147,183 | ' | 0 | 383,721 | ' | ' | ' | ' | ' | 107,591 | ' | ' | 37,808 | ' | 15,503 | ' | ' | ' | ' | ' | ' | 960 | ' | ' | 14,026 | ' | ' | 174,323 | ' | ' | 69,729 | ' |
Long-term Debt, Gross | 702,492 | ' | 702,492 | ' | 702,492 | 663,054 | 48,466 | ' | 63,179 | ' | ' | 88,080 | ' | 83,072 | ' | ' | 36,123 | 26,027 | 3,750 | ' | 45,000 | ' | ' | ' | ' | 295,906 | ' | 236,511 | 0 | 2,192 | 10,286 | 1,783 | ' | ' | ' | ' | ' | 206,250 | 205,290 | ' | 1,164 | 0 | ' | 8,905 | 0 | ' | 3,562 | 0 |
Debt Instrument, Unamortized Discount | 388,759 | ' | 388,759 | ' | 388,759 | 362,710 | 53,634 | ' | 69,821 | ' | ' | 85,765 | ' | 84,690 | ' | ' | 54,777 | 38,123 | 0 | ' | 0 | ' | ' | ' | ' | 0 | ' | 107,591 | 0 | 37,808 | 8,214 | 23,717 | ' | ' | ' | ' | ' | 0 | 960 | ' | 23,836 | 0 | ' | 116,095 | 0 | ' | 46,438 | 0 |
Bridge Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquire secured notes, Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | ' | ' | ' | 0 | 2,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | 25,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.014 | ' | 0.014 | ' | 0.014 | 0.44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | 5 | ' | ' | ' | ' | ' | ' | 0.05 | ' | ' | 0.05 | ' |
Payments for Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Percentage Of Common Stock Held Upon Conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Unsecured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 25,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,500 | 28,750 | 115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500 | 3,750 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Oct-15 | 9-Oct-15 | 31-Jul-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | 10,000 | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 307.00% | ' | ' | 307.00% | ' |
Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '3 years | ' |
Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | 0.00% | ' |
Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.14% | ' | ' | 0.14% | ' |
Debt Instrument, Face Amount | 1,091,251 | ' | 1,091,251 | ' | 1,091,251 | 1,025,764 | 102,100 | ' | 133,000 | ' | ' | 173,845 | ' | 167,762 | ' | ' | 90,900 | 64,150 | 3,750 | ' | 45,000 | 307,000 | 287,000 | ' | ' | 295,906 | ' | 344,102 | 0 | 40,000 | 18,500 | 25,500 | ' | ' | ' | ' | ' | 206,250 | 206,250 | ' | 25,000 | 0 | ' | 125,000 | 0 | ' | 50,000 | 0 |
Payment For Diligence Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | 6.00% | ' | 8.00% | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | 12.00% | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | 10.00% | ' | ' | 10.00% | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 287,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 500 | 2,000 | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | 500,000 | ' |
Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | 40,000 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22-Mar-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37,116 | ' | ' | $14,846 | ' |
Secured_Notes_Payable_Details
Secured Notes Payable (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Unpaid Principal | $646,075 | $1,607,500 |
Unamortized Discount | 63,847 | 105,227 |
Carrying Value | 582,228 | 1,502,273 |
Bridge Loan [Member] | ' | ' |
Unpaid Principal | 40,000 | 40,000 |
Unamortized Discount | 0 | 0 |
Carrying Value | 40,000 | 40,000 |
Black Cat Exploration And Production LLC [Member] | ' | ' |
Unpaid Principal | 0 | 850,000 |
Unamortized Discount | 0 | 0 |
Carrying Value | 0 | 850,000 |
Montecito Offshore, LLC [Member] | ' | ' |
Unpaid Principal | 500,000 | 500,000 |
Unamortized Discount | 0 | 0 |
Carrying Value | 500,000 | 500,000 |
What Happened LLC [Member] | ' | ' |
Unpaid Principal | 21,575 | 125,000 |
Unamortized Discount | 0 | 0 |
Carrying Value | 21,575 | 125,000 |
La Jolla Cove Investors, Inc. [Member] | ' | ' |
Unpaid Principal | 84,500 | 92,500 |
Unamortized Discount | 63,847 | 105,227 |
Carrying Value | $20,653 | ($12,727) |
Secured_Notes_Payable_Details_
Secured Notes Payable (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 108 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | 6-May-11 | 6-May-11 | Jun. 30, 2013 | Dec. 31, 2012 | Apr. 19, 2012 | Dec. 31, 2012 | Jun. 18, 2012 | Dec. 31, 2012 | Jun. 14, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Apr. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Mar. 06, 2012 | Dec. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2012 | 5-May-12 | Dec. 12, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Equity Investment Agreement [Member] | Equity Investment Agreement [Member] | Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Montecito Offshore LLC [Member] | Montecito Offshore LLC [Member] | Montecito Offshore LLC [Member] | Montecito Offshore LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | |||||||
Junior Secured Promissory Note [Member] | Subordinated Promissory Note [Member] | Secured Promissory Note [Member] | Secured Promissory Note [Member] | Secured Promissory Note [Member] | GEL Properties, LLC [Member] | Convertible Debenture [Member] | Convertible Debenture [Member] | Promissory Note [Member] | Equity Investment Agreement [Member] | Equity Investment Agreement [Member] | Equity Investment Agreement [Member] | Settlement Agreement [Member] | Prolific Group, LLC [Member] | Magna Group, LLC [Member] | GEL Properties, LLC [Member] | ||||||||||||||||||||||||||||||
Prolific Group, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,075,000 | ' | ' | ' | $500,000 | $15,925 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Payment Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '100,000 of the junior secured promissory note was due on May 31, 2012 and the balance was payable at the later of (i) June 25, 2012 or (ii) 30 days after production commenced from the Mustang Island Well, which was deemed to have occurred on August 29, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment on principal on notes payable | ' | ' | -3,750 | -25,000 | -404,000 | ' | ' | ' | 200,000 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | -40,000 | -90,000 | -75,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | 11.00% | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' |
Proceeds from Issuance of Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 277,500 | ' | 277,500 | 305,000 | ' | ' | ' | ' |
Sale Of Production From The Collateral Property Entitle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' |
Repayments of Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,639 | ' | 8,639 | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | 79,230 | ' | ' | ' | ' | ' | ' | ' | 27,500 | ' | ' | ' | ' | ' |
Amortization of Financing Costs and Discounts, Total | ' | ' | 1,498,587 | 2,731,696 | 8,245,194 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,058 | 36,139 | ' | ' | ' | ' | ' |
Secured Notes Payable Unpaid Principal | 646,075 | ' | 646,075 | ' | 646,075 | 1,607,500 | ' | ' | ' | ' | 0 | 850,000 | ' | ' | 500,000 | 500,000 | ' | ' | 21,575 | 125,000 | ' | ' | ' | ' | ' | 84,500 | ' | 92,500 | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Working Interest In Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Jun-12 | ' | ' | ' | ' | ' | 30-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-May-12 | ' | ' | ' | ' | ' |
Estimated Sales Of Notes Payables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 513,308 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Conversion Price Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Conversion Price is defined as equal to the lesser of (i) $225.00 or (ii) 75% of the three lowest volume weighted average prices (VWAPs) during the 21 days prior to the date of the conversion notice submitted by La Jolla. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Investment Agreement Purchase Price Percentage Of Closing Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
volume weighted average price Per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Debt Discount (Premium) | 450,970 | 58,351 | 1,128,587 | 199,451 | 7,318,506 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,380 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt, Current | 582,228 | ' | 582,228 | ' | 582,228 | 1,502,273 | ' | ' | ' | ' | 0 | 850,000 | ' | ' | 500,000 | 500,000 | ' | ' | 21,575 | 125,000 | ' | ' | ' | ' | ' | 20,653 | ' | -12,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Receivable, Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | 1,091,251 | ' | 1,091,251 | ' | 1,091,251 | 1,025,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 100,000 | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Interest In Notes Payable Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Original Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,500 | ' | ' | ' | ' | ' |
Increase in Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 305,000 | ' | ' | ' | ' | ' |
Percentage of Interest Sold to an Entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Notes Payable, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,000 | ' | 205,000 | ' | ' | ' | ' | ' |
Warrants Issued to Acquire Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price of Warrant Varies from Low | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price of Warrant Varies to High | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Carried Working Interest in Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Weighted Average Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Conversion Price Prepayment Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'equal to 120% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Purchased During Period For Agreement | ' | ' | ' | ' | ' | ' | 2,000,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Purchase Price Per Share Percentage | ' | ' | ' | ' | ' | ' | ' | 'equal to 125% of the VWAP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Weighted Average Conversion Price Per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | ' | ' | ' | 0 | 2,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument Unconverted Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184,500 | 192,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | $388,759 | ' | $388,759 | ' | $388,759 | $362,710 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $63,847 | ' | $105,227 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible_Debentures_and_Rel1
Convertible Debentures and Related Warrants (In default) (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 108 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||
Jul. 01, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | 31-May-11 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | |
Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | ||||||||
Debenture Holder [Member] | Placement Agent [Member] | |||||||||||
Convertible Debt disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | ' | ' | ' | ' | $0 | $2,550,000 | ' | $2,550,000 | ' | ' | ' | ' |
Debt Instrument, Face Amount of Each unit | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' |
Debt Instrument, Convertible, Number of Warrants for Each unit | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | $1.50 | ' | ' | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | ' | ' | ' | ' | 'The debentures will automatically be redeemed with a 30% premium upon a Change of Control or Listing Event (each as defined in the convertible debenture). | ' | ' | ' |
Interest Payable | ' | ' | ' | ' | ' | ' | ' | ' | 897,431 | ' | ' | ' |
Debt Instrument, Debt Default, Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' |
Debt Instrument, Convertible, Reset Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.44 | ' | ' |
Debt Conversion, Original Debt, Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,468 | ' |
Debt Conversion, Original Debt, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,532 | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,539,181 | ' |
Debt Conversion, Converted Instrument, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.08 | ' |
Debt Instrument, Convertible, Number of Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,000 | 3,400 |
Debt Instrument, Convertible, Expiration Period of Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'five years | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | 0.014 | ' | 0.014 | ' | 0.014 | 0.44 | ' | ' | ' | ' | 150 |
Amortization of Debt Discount (Premium) | ' | 450,970 | 58,351 | 1,128,587 | 199,451 | 7,318,506 | ' | ' | ' | 2,367,194 | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 356,000 |
Debt Instrument, Convertible, Exercise Price of Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 |
Legal Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 |
Deferred Finance Costs, Gross | ' | ' | ' | ' | ' | ' | ' | ' | 531,688 | ' | ' | ' |
Restricted Percentage of Common Stock Issued And Outstanding for Debt conversion | ' | ' | ' | ' | ' | ' | ' | ' | 4.99% | ' | ' | ' |
Restricted Percentage of Common Stock Issued And Outstanding for Debt conversion, Maximum Limit | ' | ' | ' | ' | ' | ' | ' | ' | 9.99% | ' | ' | ' |
Convertible Debt, Current | ' | 2,456,532 | ' | 2,456,532 | ' | 2,456,532 | 2,550,000 | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | $1,091,251 | ' | $1,091,251 | ' | $1,091,251 | $1,025,764 | $30,000 | ' | ' | ' | ' |
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Accrued Interest Rates | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Liabilities_Details
Derivative Liabilities (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2012 | |
Derivative Liability, Fair Value | $7,471,079 | $7,795,335 |
Conversion Feature [Member] | ' | ' |
Risk-free interest rate | 0.15% | 0.15% |
Expected Volatility | 317.00% | 200.00% |
Expected dividend yield | 0.00% | 0.00% |
Derivative Liability, Fair Value | 7,443,059 | 7,768,138 |
Conversion Feature [Member] | Maximum [Member] | ' | ' |
Expected life (in years) | '1 year | '1 year |
Conversion Feature [Member] | Minimum [Member] | ' | ' |
Expected life (in years) | '22 days | '6 months |
Warrant [Member] | ' | ' |
Risk-free interest rate | 0.15% | 0.20% |
Expected Volatility | 317.00% | 200.00% |
Expected dividend yield | 0.00% | 0.00% |
Derivative Liability, Fair Value | $28,020 | $27,197 |
Warrant [Member] | Maximum [Member] | ' | ' |
Expected life (in years) | '3 years 8 months 12 days | '4 years 2 months 12 days |
Warrant [Member] | Minimum [Member] | ' | ' |
Expected life (in years) | '2 years 1 month 6 days | '2 years 7 months 6 days |
Derivative_Liabilities_Details1
Derivative Liabilities (Details Textual) (USD $) | 6 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | |
Derivative Liability, Current | $7,471,079 | $7,795,335 |
Issuance Of Unsecured Convertible Promissory Notes And Warrants | 1,078,258 | ' |
Outstanding Liability Of Convertible Debentures, Notes And Warrants | 1,741,079 | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 1,402,514 | ' |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $965,263 | ' |
Preferred_and_Common_Stock_Det
Preferred and Common Stock (Details Textual) (USD $) | 6 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Jun. 30, 2013 | Dec. 31, 2012 | Apr. 10, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 25, 2013 | Apr. 05, 2013 | |
Mr. Volk [Member] | David Pinkman [Member] | Employee [Member] | Chief Executive Officer [Member] | Two Individuals [Member] | Trust [Member] | |||
Accrued Salaries, Current | $136,445 | $352,038 | $50,000 | ' | ' | ' | ' | ' |
Preferred Stock, Voting Rights | ' | ' | 'each share of Series A Preferred Stock is entitled to 750 votes for each share of common stock | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | 20,000 | 10,000 | 100,000 | ' | ' |
Stock Issued During Period, Value, Issued for Services | 20,200 | ' | ' | 5,200 | 15,000 | 25,000 | ' | ' |
Share Price | ' | ' | ' | $0.26 | $1.50 | $0.25 | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | ' | ' | ' | ' | ' | ' | 100,000 | 41,600 |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | $0.50 | $0.87 |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Sale of Stock, Consideration Received on Transaction | ' | ' | ' | ' | ' | ' | $50,000 | $36,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.014 | 0.44 | ' | ' | ' | ' | 2.5 | ' |
Stock_Options_and_Warrants_Det
Stock Options and Warrants (Details) (2010 Stock Option Plan [Member], USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | |
2010 Stock Option Plan [Member] | ' | ' | ' |
Shares Under Option or Warrant, Outstanding at the Beginning | 74,300 | ' | ' |
Shares Under Option or Warrant, Granted or issued | 38,000 | 59,000 | ' |
Shares Under Option or Warrant, Expired or forfeited | 0 | ' | ' |
Shares Under Option or Warrant, Outstanding at the Ending | 112,300 | ' | 74,300 |
Shares Under Option or Warrant, Exercisable at the Ending | 112,300 | ' | ' |
Weighted Average Exercise Price, Outstanding at Beginning | $40.50 | ' | ' |
Weighted Average Exercise Price, Granted or issued | $3.50 | ' | ' |
Weighted Average Exercise Price, Expired or forfeited | $0 | ' | ' |
Weighted Average Exercise Price, Outstanding at the Ending | $28.14 | ' | $40.50 |
Weighted Average Exercise Price, Exercisable at the Ending | $28.14 | ' | ' |
Weighted Average Remaining Contractual Life, Outstanding | '2 years 9 months 18 days | ' | '2 years 8 months 12 days |
Weighted Average Remaining Contractual Life, Exercisable at the Ending | '2 years 9 months 18 days | ' | ' |
Aggregate Intrinsic Value, Outstanding at the Beginning | $7,910 | ' | ' |
Aggregate Intrinsic Value, Outstanding at the Ending | 0 | ' | 7,910 |
Aggregate Intrinsic Value, Exercisable at the Ending | $0 | ' | ' |
Stock_Options_and_Warrants_Det1
Stock Options and Warrants (Details 1) (Other Stock Warrants [Member], USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2011 | 31-May-11 | Jun. 30, 2013 | Dec. 31, 2012 | |
Other Stock Warrants [Member] | ' | ' | ' | ' |
Shares Under Option or Warrant, Outstanding at the Beginning | ' | ' | 67,294 | ' |
Shares Under Warrant, Issued | ' | ' | 1,850,000 | ' |
Shares Under Warrant, Expired | 14,000 | 37,630 | 0 | ' |
Shares Under Option or Warrant, Outstanding at the Ending | ' | ' | 1,917,294 | 67,294 |
Weighted Average Exercise Price, Outstanding at Beginning | ' | ' | $37 | ' |
Weighted Average Exercise Price, Issued | ' | ' | $0.12 | ' |
Weighted Average Exercise Price, Expired | $90 | $150 | $0 | ' |
Weighted Average Exercise Price, Outstanding at the Ending | ' | ' | $1.40 | $37 |
Weighted Average Remaining Contractual Life, Outstanding | ' | ' | '2 years 10 months 24 days | '3 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding at the Beginning | ' | ' | $21,261 | ' |
Aggregate Intrinsic Value, Outstanding at the Ending | ' | ' | $0 | $21,261 |
Stock_Options_and_Warrants_Det2
Stock Options and Warrants (Details Textual) (USD $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | 31-May-11 | Jun. 30, 2013 | Dec. 31, 2012 | |
2010 Stock Option Plan [Member] | 2010 Stock Option Plan [Member] | Other Stock Warrants [Member] | Other Stock Warrants [Member] | Other Stock Warrants [Member] | Other Stock Warrants [Member] | |
Common Stock, Capital Shares Reserved for Future Issuance | 40,000 | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $2.50 | $7.50 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $5 | $12.50 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | ' | 47,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | 12,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 38,000 | 59,000 | ' | ' | 1,850,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | 14,000 | 37,630 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $1.01 | $1.41 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.27% | 0.31% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 229.00% | 219.00% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '2 years | '2 years | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $64,014 | $115,054 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $0 | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 months 12 days | ' | ' | ' | ' | ' |
Share Price | $0.75 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | $90 | $150 | $0 | ' |
Debt Instrument, Convertible, Reset Conversion Price | ' | ' | ' | ' | $0.01 | $0.44 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Conversion Feature Of Debentures And Related Warrants [Member] | ' | ' |
Derivative Liability | $5,042,994 | $5,460,914 |
Conversion Feature Of Debentures And Related Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivative Liability | 0 | 0 |
Conversion Feature Of Debentures And Related Warrants [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivative Liability | 5,042,994 | 5,460,914 |
Conversion Feature Of Debentures And Related Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Derivative Liability | 0 | 0 |
Embedded Conversion Feature And Reset Provisions Of Notes [Member] | ' | ' |
Derivative Liability | 2,428,085 | 2,334,421 |
Embedded Conversion Feature And Reset Provisions Of Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivative Liability | 0 | 0 |
Embedded Conversion Feature And Reset Provisions Of Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivative Liability | 2,428,085 | 2,334,421 |
Embedded Conversion Feature And Reset Provisions Of Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Derivative Liability | $0 | $0 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Details Textual) (USD $) | 6 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | |
Capitalized Costs, Proved Properties | $5,798,563 | ' | $6,854,550 |
Deferred financing costs | 0 | 295,000 | 370,000 |
Interest Paid, Total | 13,650 | 15,000 | ' |
Convertible Promissory Notes And Related Accured Interest | 593,232 | ' | ' |
Stock Issued Under the Equity Agreement | 79,230 | ' | ' |
Derivative Instrument, Valuation Discount | 1,078,258 | ' | ' |
Ironridge Global IV, Ltd [Member] | ' | ' | ' |
Purchase of Outstanding Liabilities | ' | 1,400,000 | ' |
Black Cat Agreement [Member] | ' | ' | ' |
Capitalized Costs, Proved Properties | 1,055,987 | ' | ' |
Return And Cancellation Of Common Stock Shares In Connection With The Settlement Agreement | 90,000 | ' | ' |
Return And Cancellation Of Common Stock Value In Connection With The Settlement Agreement | 54,000 | ' | ' |
Value of Claims Released | 1,115,364 | ' | ' |
Black Cat Agreement [Member] | Accured Interest [Member] | ' | ' | ' |
Value of Claims Released | 95,582 | ' | ' |
Black Cat Agreement [Member] | UnPaid Compensation [Member] | ' | ' | ' |
Value of Claims Released | 169,782 | ' | ' |
Mr.Mason [Member] | ' | ' | ' |
Settlement Liability | 125,000 | ' | ' |
Series A Preferred Stock [Member] | Chief Executive Officer [Member] | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | 1,000,000 | ' | ' |
Debt Conversion, Converted Instrument, Amount | 50,000 | ' | ' |
Common Stock [Member] | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | 231,537 | ' |
Debt Conversion, Converted Instrument, Amount | ' | 97,000 | ' |
Debt Conversion, Original Debt, Interest Rate of Debt | ' | 8.00% | ' |
Interest Payable | ' | 3,400 | ' |
Convertible Promissory Notes And Related Accured Interest | 12,217 | ' | ' |
Stock Issued Under the Equity Agreement | 203 | ' | ' |
Common Stock [Member] | Asher Enterprises, Inc [Member] | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | 12,216,968 | ' | ' |
Common Stock [Member] | Prolific Group, LLC [Member] | ' | ' | ' |
Debt Conversion, Original Debt, Interest Rate of Debt | 6.00% | ' | ' |
Common Stock [Member] | La Jolla Cove Investors Inc [Member] | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | 513,308 | ' | ' |
Debt Conversion, Converted Instrument, Amount | 8,000 | ' | ' |
Debt Conversion, Original Debt, Interest Rate of Debt | 4.75% | ' | ' |
Common Stock [Member] | Ironridge Global IV, Ltd [Member] | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | 4,250,000 | 615,000 | ' |
Debt Conversion, Converted Instrument, Amount | 1,405,495 | 174,353 | ' |
Common Stock [Member] | Black Cat Exploration And Production LLC [Member] | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | 450,000 | ' |
Debt Conversion, Converted Instrument, Amount | ' | 1,075,000 | ' |
Common Stock [Member] | Chief Executive Officer [Member] | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | 100,000 | ' | ' |
Debt Conversion, Converted Instrument, Amount | 25,000 | ' | ' |
Common Stock One [Member] | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | 203,680 | ' |
Debt Conversion, Converted Instrument, Amount | ' | 124,100 | ' |
Debt Conversion, Original Debt, Interest Rate of Debt | ' | 6.00% | ' |
Interest Payable | ' | 2,743 | ' |
Common Stock Two [Member] | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | 34,208 | ' |
Debt Conversion, Converted Instrument, Amount | ' | 25,000 | ' |
Debt Conversion, Original Debt, Interest Rate of Debt | ' | 8.00% | ' |
Interest Payable | ' | $211 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2012 | |
Investor Relation Services Agreement Description | ' | 'On November 7, 2012, the Company entered into a new agreement with Surety to provide investor relations services for the fifteen month period commencing December 1, 2012 and continuing through February 28, 2014. |
Monthly Payment Towards Investor Relation Services | $10,000 | $6,500 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 10,000 | ' |
Warrants Issued During Period Shares For Purchase Of Common Stock | 15,000 | ' |
Investment Warrants, Exercise Price | $5 | ' |
Warrants Term | '3 years | ' |
Investor Relation Services Agreement Amendment Description | 'On February 27, 2013, the Company amended the November 7, 2012 agreement. Under the amended agreement, Surety will provide investor relations services for the fifteen month period commencing March 1, 2013 and continuing through May 31, 2014 | ' |
Compensation Towards Investor Relation Services | 23,000 | ' |
David Pinkman [Member] | ' | ' |
Monthly Compensation Towards Consulting Agreement | 8,330 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 20,000 | ' |
Warrant Issued To Acquire Common Stock | 20,000 | ' |
Warrant Issued To Acquire Common Stock Price Per Share | $2.50 | ' |
Compensation Earned Under Consulting Agreement | $16,660 | ' |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 0 Months Ended | 6 Months Ended | 108 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||
Oct. 02, 2013 | Oct. 12, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Oct. 02, 2013 | Oct. 18, 2014 | Jun. 30, 2013 | Jul. 19, 2013 | Jun. 30, 2013 | Jan. 17, 2014 | Jun. 30, 2013 | Jan. 17, 2014 | Oct. 04, 2013 | Oct. 04, 2013 | |
Common Stock [Member] | Common Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Common Stock [Member] | Unsecured convertible promissory notes [Member] | Unsecured convertible promissory notes [Member] | GEL Properties, LLC [Member] | Ironridge Global [Member] | La Jolla Cove Investors [Member] | La Jolla Cove Investors [Member] | ||||||||||||
Common Stock [Member] | Agreement [Member] | |||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Aug-13 | ' | ' | ' | ' | ' |
Debt Instrument Covertible, Variable Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | 97,000 | ' | ' | ' | ' | ' | 75,296 | ' | ' | ' | ' |
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,572 | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | 231,537 | ' | ' | ' | ' | ' | 24,725,405 | ' | 2,300,000 | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | $0.01 | ' | ' |
Common Stock, Shares, Issued | ' | ' | 18,304,120 | ' | 18,304,120 | 1,142,244 | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | 144,000 | 0 | 3,373,970 | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000 | ' | ' |
Stockholders Equity, Reverse Stock Split | '1-for-50 | '1-for-10 | ' | ' | ' | ' | ' | ' | ' | ' | '1-for-50 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | $79,230 | ' | ' | ' | $203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,600 | $560 |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | 202,814 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,073 | 1,642,667 |
Common Stock, Shares, Outstanding | ' | ' | 18,304,120 | ' | 18,304,120 | 1,142,244 | ' | ' | 47,746,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity Note, Changes in Capital Structure, Subsequent Changes to Number of Common Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' |
Rounding Loss Of Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 193 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant To Purchase Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' | ' |