Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 23, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Rockdale Resources Corp | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 47,794,422 | |
Amendment Flag | false | |
Entity Central Index Key | 1,368,637 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 21,508 | $ 3,091 |
Accounts receivable | 117,295 | 48,633 |
Inventory | 113,531 | 0 |
Other current assets | 26,512 | 31,049 |
Total current assets | 278,846 | 82,773 |
Oil and gas, on the basis of full cost accounting | ||
Evaluated properties | 4,558,286 | 4,733,853 |
Furniture, equipment & software | 120,056 | 108,234 |
Less accumulated depreciation | (1,080,845) | (1,045,644) |
Net property and equipment | 3,597,497 | 3,796,443 |
Other Assets | ||
Intangible assets | 49,886 | 0 |
Note receivable | 316,800 | 316,800 |
Total Assets | 4,243,029 | 4,196,016 |
Current liabilities | ||
Accounts payable | 384,637 | 169,564 |
Accrued liabilities | 192,000 | 130,582 |
Convertible debt – related party, net of discount of 40,557 and 171,573 | 509,443 | 378,427 |
Current maturities of installment notes payable | 26,186 | 21,144 |
Note Payable to Affiliates | 63,000 | 192,875 |
Deferred rent | 2,816 | 2,816 |
Total current liabilities | 1,178,082 | 895,408 |
Asset retirement obligations | 226,361 | 213,328 |
Installment note payable | 0 | 6,652 |
Total Liabilities | 1,404,443 | 1,115,388 |
Stockholders’ Equity | ||
Preferred stock, $0.10 par value, 1,000,000 shares authorized; No shares issued & outstanding | 0 | 0 |
Common stock, $.001 par value; 150,000,000 shares authorized; 47,094,442 and 42,839,958 shares issued and outstanding | 47,094 | 42,840 |
Additional paid in capital | 9,588,134 | 9,129,629 |
Accumulated deficit | (6,796,642) | (6,091,841) |
Total Stockholders’ Equity | 2,838,586 | 3,080,628 |
Total Liabilities and Stockholders’ Equity | $ 4,243,029 | $ 4,196,016 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Convertible debt, discount (in Dollars) | $ 40,557 | $ 171,573 |
Preferred stock, par value (in Dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 47,094,442 | 42,839,958 |
Common stock, shares outstanding | 47,094,442 | 42,839,958 |
STATEMENT OF OPERATIONS (Unaudi
STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Oil and gas sales | ||||
Oil and gas sales | $ 34,294 | $ 67,633 | $ 57,293 | $ 128,159 |
Equipment sales | 18,000 | 0 | 198,000 | 0 |
Total Revenue | 52,294 | 67,633 | 255,293 | 128,159 |
Operating expenses | ||||
Lease operating expense | 62,902 | 77,183 | 107,803 | 134,054 |
Cost of equipment sold | 3,030 | 0 | 33,330 | 0 |
Production tax | 1,679 | 3,121 | 2,772 | 5,917 |
General and administrative expenses | 292,620 | 103,326 | 631,102 | 243,482 |
Depreciation, depletion and amortization | 17,669 | 27,016 | 35,201 | 59,210 |
Impairment of Oil & Gas Properties | 0 | 668,073 | 0 | 668,073 |
Asset retirement obligation accretion | 6,605 | 0 | 13,033 | 0 |
Total operating expenses | 384,505 | 878,719 | 823,241 | 1,110,736 |
Loss from operations | (332,211) | (811,086) | (567,948) | (982,577) |
Other Income (expenses) | ||||
Interest (expense) | (84,400) | (42,757) | (157,476) | (88,030) |
Other income | 15,457 | 5,000 | 34,959 | 8,484 |
Loss on conveyance of PORRI warrants | (1,705) | 0 | (14,336) | 0 |
Loss on conversion of debt | 0 | (69,107) | 0 | (69,107) |
Net loss | $ (402,859) | $ (917,950) | $ (704,801) | $ (1,131,230) |
Loss per share (Basic and fully diluted) (in Dollars per share) | $ (0.01) | $ (0.05) | $ (0.02) | $ (0.06) |
Weighted average number of common shares outstanding (in Shares) | 45,747,169 | 19,723,482 | 44,634,222 | 19,470,832 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities | ||
Net loss | $ (704,801) | $ (1,131,230) |
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 35,201 | 59,210 |
Accretion of debt discount | 134,467 | 62,405 |
Impairment of Oil & Gas Properties | 0 | 668,073 |
Loss on Conveyance of PORRI warrants | 14,336 | 69,107 |
ARO accretion | 13,033 | 0 |
Stock-based compensation expense - employees | 138,097 | 33,778 |
Changes in operating assets and liabilities | ||
Accounts receivable | (68,662) | (2,335) |
Inventory | 33,330 | 0 |
Other assets | 4,537 | 7,647 |
Accounts payable | 257,073 | 39,220 |
Accrued liabilities | 61,418 | 1,147 |
Net cash flows from operating activities | (81,971) | (192,978) |
Cash Flows from Investing Activities | ||
Cash acquired from investment in Askarii | 114 | 0 |
Proceeds from sale of property and equipment | 30,000 | 4,525 |
Purchase of fixed asset | (13,116) | 0 |
Cash flows from investing activities | 16,998 | 4,525 |
Cash Flows from Financing Activities | ||
Payments of shareholder advances | (81,000) | |
Proceeds from shareholder advances | 118,000 | 60,000 |
Proceeds from issuance of common stock | 48,000 | 140,000 |
Payments on notes payable | (1,610) | (7,867) |
Cash flows from financing activities | 83,390 | 192,133 |
Net change in cash and cash equivalents | 18,417 | 3,680 |
Cash and cash equivalents | ||
Beginning of period | 3,091 | 24,688 |
End of period | 21,508 | 28,368 |
SUPPLEMENTAL DISCLOSURES | ||
Interest Paid | 16,453 | 8,716 |
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | ||
Purchase of Askarii | 50,000 | 0 |
Warrants issued with debt | 3,451 | 0 |
Transfer to Askarii inventory | 146,861 | 0 |
Shares Issued as Payment for Affiliated Note [Member] | ||
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | ||
Debt conversion, original debt amount | 146,875 | 0 |
Shares Issued as Settlement of Accounts Payable [Member] | ||
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | ||
Debt conversion, original debt amount | 42,000 | 0 |
Shares Issued as Payment of Shareholder Advances [Member] | ||
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | ||
Debt conversion, original debt amount | 20,000 | 0 |
Shares Issued for Conversion of Debt [Member] | ||
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | ||
Debt conversion, original debt amount | $ 0 | $ 60,000 |
NOTE 1. ORGANIZATION AND BASIS
NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION: Rockdale Resources Corporation (“we”, “us”, “Rockdale” and the “Company”) an oil and gas exploration, development, and production company. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”). Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 2015, as reported in Form 10-K, have been omitted. The consolidated financial statements include the accounts of the Company and it’s wholly-owned subsidiary, Askarii Resources, LLC (“Askarii”). Our subsidiary operates in the oil field services industry, providing equipment and services to various oil field related Companies. All significant intercompany transactions are eliminated in the consolidation process. Since the single subsidiary is wholly-owned, all non intercompany balances are included in the consolidated financial statement balances. |
NOTE 2. SUMMARY OF SIGNIFICANT
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying unaudited consolidated financial statements follows. Management Estimates - Inventories - Intangible Assets - Our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit. Intangible assets acquired as part of a business combination are capitalized at their acquisition-date fair value. Equipment sales - when the significant risks and rewards of ownership have been transferred to the buyer and the recovery of the consideration is probable. Recent Accounting Pronouncements The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company. |
NOTE 3. GOING CONCERN
NOTE 3. GOING CONCERN | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | NOTE 3. GOING CONCERN The Company has suffered recurring losses from operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company plans to generate profits by reworking its existing oil or gas wells and drilling additional wells, as needed. The Company will need to raise funds through either the sale of its securities, issuance of corporate bonds, joint venture agreements and/or bank financing to accomplish its goals. If additional financing is not available when needed, the Company may need to cease operations. The Company may not be successful in raising the capital needed to drill and/or rework existing oil wells. Any additional wells that the Company may drill may be non-productive. Management believes that actions presently being taken to secure additional funding for the reworking of its existing infrastructure will provide the opportunity for the Company to continue as a going concern. Since the Company has an oil producing asset, its goal is to increase the production rate by optimizing its current infrastructure. The accompanying financial statements have been prepared assuming the Company will continue as a going concern; no adjustments to the financial statements have been made to account for this uncertainty. |
NOTE 4. NOTES PAYABLE
NOTE 4. NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. NOTES PAYABLE – RELATED PARTY On June 30, 2016, the maturity date of the $350,000 and $200,000 Convertible Secured Promissory Notes (the “Notes”) between the Company and Rick Wilber (“Holder”) were extended to December 31, 2016. If at any time prior to December 31, 2016, the Company pays the Holder $500,000 on the Notes (together with all accrued interest), the Company will receive a $50,000 discount on the total principal amount of $550,000 outstanding under the Notes. If the Notes are fully paid by the Company, the Company will issue new warrants for the purchase of 500,000 shares of stock at an exercise price of $0.15 per share that will expire five (5) years from the grant date (and the old warrants will be extinguished). If payment is not made before December 31, 2016, no discount is allowed. During the six months ended June 30, 2016 and 2015 the company amortized $131,016 and $62,405, respectively, of debt discount to interest expense. At June 30, 2016 the remaining unamortized debt discount is $40,557. |
NOTE 5. EQUITY
NOTE 5. EQUITY | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5. EQUITY Preferred Stock – 1,000,000 Common Stock – On February 1, 2016, the Company acquired 100% of the issued and outstanding shares in Askarii Resources, a private Texas based oil & gas service company. The Company acquired Askarii by issuing one million restricted common shares. Based on the current market value of the Rockdale stock at $0.05 per share, the aggregate value of the transaction is $50,000. There were minimal tangible assets purchased from Askarii. The final purchase price allocation is as follows: trademarks $10,000, internet/website $5,000, customer lists $10,000 and customer relationships $25,000. On February 10, 2016, a shareholder provided an advance of $20,000 in order to temporarily fund the Company’s working capital needs. On April 1, 2016, in order to compensate the shareholder, the Company granted 285,714 shares in order to pay off the debt in full. The valuation of the grant was $20,000, based on 285,714 shares valued at $0.07 per share on April 1, 2016. On March 11, 2016, the Board of Directors granted (3) contract employees 700,000 shares of the Company’s restricted common stock for settlement of outstanding payables. The shares were issued at current market price of $0.06 per share on March 11, 2016, at a value of $42,000. As a result of the 2015 Annual Meeting of our Stockholders, held on April14, 2016, the shareholders voted to increase the total number of authorized shares of common stock to 150,000,000. On May 2, 2016, the Company paid off its outstanding Promissory Note to Blue Sky NM (“BSNM”) for $146,875. This Note was created when the 15% working interest in the Twin Lakes field was purchased earlier in the year. The payoff was made by issuing 1,468,750 shares of Company common stock. Based on the market value of the stock on May 2, 2016 of $0.10, the value of the transaction was $146,875 and resulted in no gain or loss. In addition, a cash payment of $4,869 was made to pay off the remaining outstanding interest. During the six months ended June 30, 2016, the company expensed $17,000 of stock based compensation (for CEO) related to restricted stock awards. The remaining value to be expensed on these awards is $42,500 at June 30, 2016. Summary information regarding common stock warrants granted and outstanding as of and for the six months ended June 30, 2016, is as follows: Warrants Weighted Average Exercise Price Aggregate intrinsic value Weighted average remaining contractual life (years) Outstanding at year ended December 31, 2015 11,910,111 $ 0.33 $ - 3.52 Granted 3,080,000 0.08 - 2.25 Exercised - - - - Expired - - - - Outstanding at quarter ended June 30, 2016 14,990,111 $ 0.28 $ - 3.26 |
NOTE 6. COMMITMENTS AND CONTING
NOTE 6. COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6. COMMITMENTS AND CONTINGENCIES The Company, as a lessee of oil and gas properties, is subject to various federal, state and local laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the Company for the cost of pollution clean-up resulting from operations and subject the Company to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in the affected area. The Company is not aware of any environmental claims existing as of June 30, 2016, which have not been provided for, or covered by insurance or which may have a material impact on its financial position or results of operations. There can be no assurance, however, that current regulatory requirements will not change, or past noncompliance with environmental laws will not be discovered on the Company’s properties. Office Lease |
NOTE 7. RELATED PARTY
NOTE 7. RELATED PARTY | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 7. RELATED PARTY Transactions with related parties and affiliates Beginning February 1, 2016, the Company sponsored the SUDS 1% Term Overriding Royalty Interest (“ORRI”) offering on behalf of the SUDS field to raise $300,000 to purchase and install pump jacks for twenty two (22) previously drilled wells at the field. Under the terms of the Rockdale offering, investors received 1% of the gross revenue from the field monthly, based on their investment of $20,000 until such time they receive a cumulative revenue amount of $30,000. With each unit purchased, a warrant to purchase 10,000 shares of Company’s common stock was granted with an exercise price of $0.10 per share, and an expiration date of February 28, 2019. At the end of the second quarter, the $300,000 offering had been received which resulted in the granting of warrants to purchase 150,000 shares of common stock. The following affiliated investors each purchased one (1) unit: Joel Oppenheim, Zel C Khan, Lee Lytton, Paul Deputy and Leo Womack. Included in that purchase each accredited investor received 10,000 warrants to purchase an additional 10,000 shares of common stock. The fair value of all these SUDS related warrants (affiliated and non affiliated) was $14,336 and was based on a $0.06 per share valuation, volatility of 235%, a discount rate of 1.09%, over a 3 year term. In addition, to properly account for Rockdale’s 10% working interest owner in the SUDS field, $30,000 of the $300,000 raise was offset against the full cost pool of Property & Equipment. The pump jacks related to the ORRI offering were to be purchased from Askarii Resources at a market price of $10,000 per unit for a total of $220,000. Equipment sales for the six months ended June 30, 2016 is 198,000 which is $22,000 less than the gross sales. The net revenue of $22,000 represents Rockdale’s working interest that is eliminated in the consolidation process. Rockdale had previously purchased the surplus units as part of the Twin Lakes San Andres Unit (‘TLSAU”) acquisition before transferring them to Askarii at cost. For the six months ended, Askarii booked a profit of $164,670 on the sale of twenty two (22) pump jacks to the other owners of the SUDs properties who are related parties. On March 11, 2016, the Board of Directors granted Leo B. Womack, the Chairman of the Board of Directors of the Company an option to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $0.06 per share, which vests immediately, and is exercisable for 36 months thereafter. The Board also granted Lee Lytton and Joel Oppenheim, members of the Board of Directors each an option to purchase 500,000 shares of the Company’s common stock at an exercise price of $0.06 per share, which vest immediately, and are exercisable for 36 months thereafter. The fair value of the options granted on March 11, 2016 is $115,045 and was based on a $0.06 valuation, volatility of 235%, a discount rate of 1.09% and a 3 year term. The total amount of the options was expensed in 2016. These warrants are subject to a clawback provision which would be ratably invoked if a director did not complete his 2016 service term. On May 31, 2016, the Company issued 8 units or 800,000 shares to the current CFO as part of the September 1, 2015 private offering. The shares were issued at a price of $0.06 per share and included warrants to purchase an additional 800,000 shares of common stock at a price of $0.10 cents per share at any time prior to August 5, 2018. This represented the final sale under this offering. During the six months ended June 30, 2016, shareholders advanced an additional $118,000 while also being paid back $41,000 along with $20,000 being converted as described in Note 5. This resulted in an increase of $17,500 in borrowings through shareholders. This increased the shareholder advance liability from $46,000 at December 31, 2015 to $63,000 at June 30, 2016 which is included under Note payable to affiliates. . In connection with these loans the company granted 50,000 warrants to purchase 50,000 shares of common stock at a price of $0.09. The fair value of these warrants was $3,451, based on a $0.09 price per share valuation, volatility of 284%, a discount rate of 0.87% and a 3 year term was amortized to interest expense as part of debt discount in the six months ended. On November 4, 2015 the Company executed a Promissory Note for $146,875 related to the TLSAU acquisition. The note was due on December 31, 2015 and accrues at a rate of 10% per annum and the repayment of the note is secured by 1,000,000 shares of restricted stock of the Company. The Company exercised its one time right for a 6 month extension of the maturity date of the note by issuing BSNM 500,000 additional shares of restricted Company stock. On May 2, 2016, this note was converted into 500,000 shares of common stock at a price of $0.075 cents per share at a value of $37,500. On June 24, 2016, the Company purchased a 2007 Toyota Tundra vehicle for $10,265 from Jovian Petroleum Corporation. It is being used for field operations. During July 2016, payments of $7,000 were made against the outstanding balance. There was no promissory note created for the remaining outstanding balance of $3,264, and both parties agreed for the balance to be paid when funds become available. The truck’s estimated useful life is 5 years. In association with Mr. Zel C. Khan’s employment agreement dated September 23, 2015, the Company issued one warrant to purchase one share of the Company’s restricted stock at an exercise price of $0.20 per share for each dollar of Mr. Khan’s deferred gross salary for the six months ended 2016. Mr. Khan’s total accrued salary at June 30, 2016 was $80,000. The Company granted warrants to purchase 80,000 shares of common shares for the six months ended 2016. The warrants have a term of 36 months from the June 30, 2016, the date of grant. The fair value of these warrants was $4,210, based on a $0.07 price per share valuation, volatility of 235%, a discount rate of 1.09% and a 3 year term. |
NOTE 8. BUSINESS SEGMENTS
NOTE 8. BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 8. BUSINESS SEGMENTS We are a diversified oil and gas company with operations in two segments: Oil and Gas Exploration and Production exploration, development, and production Oil field services Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Revenues Oil & Gas $ 34,294 $ 67,633 $ 57,293 $ 128,159 Oil field services 18,000 - 198,000 - Net Income (Loss) Oil & Gas (417,829 ) (917,950 ) (869,471 ) (1,131,230 ) Oil field services 14,970 - 164,670 - June 30, 2016 December 31, 2015 Assets Oil & Gas 4,129,498 4,196,016 Oil field services 113,531 - Accounts Receivable Oil & Gas 117,295 48,633 Oil field services $ - $ - $ $ All segment expenses were incurred by the Oil & Gas segment except the cost of equipment sold of $33,330 which was incurred in the six months ended June 30, 2016. |
NOTE 9. SUBSEQUENT EVENTS
NOTE 9. SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 9. SUBSEQUENT EVENTS During July and August 2016, two directors and the CFO provided loans of $130,000 (Leo Womack $20,000, Joel Oppenheim $10,000 and Paul Deputy $100,000) in order to temporarily fund the Company’s working capital needs. The loans pay a 10% annual interest and mature in 90 days. To compensate the directors and CFO, the Company granted one warrant to purchase one share of common stock to the shareholder for each dollar advanced, and agreed to pay interest of 10% on all balances outstanding. The exercise price of each warrant is $0.077 per share and they expire three (3) years from their grant date. A total of 130,000 warrants were granted. On July 8, 2016, the Company purchased a workover/service rig for $80,000. A portion of the purchase was funded through $60,000 of loans (Lee Lytton $10,000, Leo Womack $10,000, Joel Oppenheim $10,000, Quinten Beasley $10,000, Paul Deputy $10,000 and one shareholder for $10,000) that accrue a 10% annual interest and mature in 90 days. In addition, each of the six (6) noteholders were granted warrants to purchase 10,000 shares of our common stock with an exercise price of $0.09 and an expiration term of 3 years. The remaining $20,000 was funded through the Company’s operating account. On August 13, Joel Oppenheim was granted 37,500 warrants in exchange for providing a bank access to various personal assets in order to collateralize the Company’s letters of credit. The exercise price of each warrant is $0.06 per share and they expire three (3) years from their grant date. On August 17, 2016 Paul M. Deputy was appointed Chief Financial Officer (“CFO”) of the Company and entered into an employment agreement with the Company effective July 1, 2016 to serve as Chief Financial Officer for an initial term of twelve (12) months (automatically renewable thereafter for additional one year terms). The agreement provides that the Company will pay Mr. Deputy $140,000 per year. The Company granted Mr. Deputy options to purchase 550,000 shares of the Company’s restricted common stock at an exercise price of $0.077 per share and have a term of three (3) years beginning July 1, 2016. Mr. Deputy’s compensation for the first 90 days of the contract period will be deferred with the Board having the option to, (a) authorize payment at that time or (b) elect to defer payment until the closing of the financing in exchange for granting Mr. Deputy a warrant to purchase Rockdale shares equal to the amount of salary deferred at a price equal to the closing price of the stock on the day of the Board meeting or (c) issue shares of common stock based on a strike price equal to the closing price of the company’s shares on the previous day. On August 17, 2016 the Board of Directors granted two employees 200,000 shares of the Company’s restricted common stock from the 2015 Stock Incentive Plan. The shares were issued at current market price of $0.077 per share on August 17, 2016 at a value of $15,400. On August 17, 2016 the Board of Directors granted the CFO 500,000 shares of the Company’s restricted common stock for settlement of outstanding payables. The shares were issued at current market price of $0.077 per share on August 17, 2016 at a value of $38,500. The remaining payable after the granting of shares was $26,500. On August 17, 2016 the Board of Directors granted Joel Oppenheim options to purchase 300,000 shares of the Company’s restricted common stock at an exercise price of $0.077 per share and have a term of three (3) years beginning August 17, 2016 at a value of $23,100. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Management Estimates - |
Inventory, Policy [Policy Text Block] | Inventories - |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets - Our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit. Intangible assets acquired as part of a business combination are capitalized at their acquisition-date fair value. |
Revenue Recognition, Policy [Policy Text Block] | Equipment sales - when the significant risks and rewards of ownership have been transferred to the buyer and the recovery of the consideration is probable. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company. |
NOTE 5. EQUITY (Tables)
NOTE 5. EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Summary information regarding common stock warrants granted and outstanding as of and for the six months ended June 30, 2016, is as follows: Warrants Weighted Average Exercise Price Aggregate intrinsic value Weighted average remaining contractual life (years) Outstanding at year ended December 31, 2015 11,910,111 $ 0.33 $ - 3.52 Granted 3,080,000 0.08 - 2.25 Exercised - - - - Expired - - - - Outstanding at quarter ended June 30, 2016 14,990,111 $ 0.28 $ - 3.26 |
NOTE 8. BUSINESS SEGMENTS (Tabl
NOTE 8. BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Revenues Oil & Gas $ 34,294 $ 67,633 $ 57,293 $ 128,159 Oil field services 18,000 - 198,000 - Net Income (Loss) Oil & Gas (417,829 ) (917,950 ) (869,471 ) (1,131,230 ) Oil field services 14,970 - 164,670 - June 30, 2016 December 31, 2015 Assets Oil & Gas 4,129,498 4,196,016 Oil field services 113,531 - Accounts Receivable Oil & Gas 117,295 48,633 Oil field services $ - $ - $ $ |
NOTE 4. NOTES PAYABLE (Details)
NOTE 4. NOTES PAYABLE (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
NOTE 4. NOTES PAYABLE (Details) [Line Items] | ||||
Amortization of Debt Discount (Premium) | $ 134,467 | $ 62,405 | ||
Debt Instrument, Unamortized Discount | $ 40,557 | 40,557 | $ 171,573 | |
Convertible Debt [Member] | ||||
NOTE 4. NOTES PAYABLE (Details) [Line Items] | ||||
Debt Instrument, Payment Terms | If at any time prior to December 31, 2016, the Company pays the Holder $500,000 on the Notes (together with all accrued interest), the Company will receive a $50,000 discount on the total principal amount of $550,000 outstanding under the Notes. If the Notes are fully paid by the Company, the Company will issue new warrants for the purchase of 500,000 shares of stock at an exercise price of $0.15 per share that will expire five (5) years from the grant date (and the old warrants will be extinguished). If payment is not made before December 31, 2016, no discount is allowed. | |||
Amortization of Debt Discount (Premium) | 131,016 | $ 62,405 | ||
Debt Instrument, Unamortized Discount | $ 40,557 | 40,557 | ||
Convertible Secured Note #1 [Member] | ||||
NOTE 4. NOTES PAYABLE (Details) [Line Items] | ||||
Debt Instrument, Face Amount | $ 350,000 | 350,000 | ||
Debt Instrument, Maturity Date | Dec. 31, 2016 | |||
Convertible Secured Note #2 [Member] | ||||
NOTE 4. NOTES PAYABLE (Details) [Line Items] | ||||
Debt Instrument, Face Amount | $ 200,000 | $ 200,000 | ||
Debt Instrument, Maturity Date | Dec. 31, 2016 |
NOTE 5. EQUITY (Details)
NOTE 5. EQUITY (Details) | May 02, 2016USD ($)$ / sharesshares | Mar. 11, 2016USD ($)$ / sharesshares | Feb. 10, 2016USD ($)$ / sharesshares | Feb. 01, 2016USD ($)$ / sharesshares | Sep. 23, 2015$ / shares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($) | Apr. 14, 2016shares | Dec. 31, 2015shares |
NOTE 5. EQUITY (Details) [Line Items] | |||||||||
Preferred Stock, Shares Authorized (in Shares) | shares | 1,000,000 | 1,000,000 | |||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.06 | $ 0.07 | |||||||
Proceeds from Loans | $ 20,000 | ||||||||
Stock Issued During Period, Shares, Other (in Shares) | shares | 285,714 | ||||||||
Stock Issued During Period, Value, Other | $ 20,000 | ||||||||
3 | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross (in Shares) | shares | 700,000 | ||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 42,000 | $ 17,000 | |||||||
Common Stock, Shares Authorized (in Shares) | shares | 150,000,000 | 150,000,000 | 150,000,000 | ||||||
Debt Conversion, Original Debt, Amount | $ 146,875 | ||||||||
Working interest | 15.00% | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1,468,750 | ||||||||
Share Price (in Dollars per share) | $ / shares | $ 100,000 | ||||||||
Interest Paid | $ 4,869 | $ 16,453 | $ 8,716 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 42,500 | ||||||||
Employee Stock Option [Member] | |||||||||
NOTE 5. EQUITY (Details) [Line Items] | |||||||||
Option Exercise Price (in Dollars per share) | $ / shares | $ 146,875 | ||||||||
Askarii Resources [Member] | |||||||||
NOTE 5. EQUITY (Details) [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | shares | 1,000,000 | ||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.05 | ||||||||
Business Combination, Consideration Transferred | $ 50,000 | ||||||||
Trademarks [Member] | |||||||||
NOTE 5. EQUITY (Details) [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 10,000 | ||||||||
Internet Domain Names [Member] | Askarii Resources [Member] | |||||||||
NOTE 5. EQUITY (Details) [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,000 | ||||||||
Customer Lists [Member] | Askarii Resources [Member] | |||||||||
NOTE 5. EQUITY (Details) [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 10,000 | ||||||||
Customer Relationships [Member] | Askarii Resources [Member] | |||||||||
NOTE 5. EQUITY (Details) [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 25,000 |
NOTE 5. EQUITY (Details) - Sch
NOTE 5. EQUITY (Details) - Schedule of Stockholders' Equity Note, Warrants or Rights - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Abstract] | ||
Warrants Outstanding | 11,910,111 | |
Warrants Outstanding, Weighted Average Exercise Price | $ 0.33 | |
Warrants Outstanding, Aggregate Intrinsic Value | $ 0 | |
Warrants Outstanding, Weighted Average Remianing Contractual Term | 3 years 94 days | 3 years 189 days |
Granted | 3,080,000 | |
Granted | $ 0.08 | |
Granted | 2 years 3 months | |
Exercised | 0 | |
Exercised | $ 0 | |
Expired | 0 | |
Expired | $ 0 | |
Warrants Outstanding | 14,990,111 | |
Warrants Outstanding, Weighted Average Exercise Price | $ 0.28 | |
Warrants Outstanding, Aggregate Intrinsic Value | $ 0 |
NOTE 6. COMMITMENTS AND CONTI21
NOTE 6. COMMITMENTS AND CONTINGENCIES (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Rent Expense, Minimum Rentals | $ 1,650 |
NOTE 7. RELATED PARTY (Details)
NOTE 7. RELATED PARTY (Details) | Aug. 17, 2016$ / sharesshares | Aug. 13, 2016$ / sharesshares | Jul. 08, 2016USD ($)$ / sharesshares | Jun. 24, 2016USD ($) | May 31, 2016$ / sharesshares | May 02, 2016USD ($)$ / sharesshares | Mar. 11, 2016USD ($)$ / sharesshares | Feb. 10, 2016$ / sharesshares | Feb. 01, 2016USD ($)$ / sharesshares | Nov. 04, 2015USD ($)shares | Sep. 23, 2015$ / sharesshares | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 3,080,000 | |||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 100,000 | |||||||||||||||
Purchase Price of Pump Jacks, Per Pump Jack | $ 10,000 | |||||||||||||||
Payments to Acquire Oil and Gas Equipment | 220,000 | |||||||||||||||
Sales Revenue, Goods, Gross | 198,000 | |||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.06 | $ 0.07 | ||||||||||||||
Proceeds from Related Party Debt | 118,000 | $ 60,000 | ||||||||||||||
Repayments of Related Party Debt | $ 81,000 | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 146,875 | |||||||||||||||
Stock Issued During Period, Shares, Other (in Shares) | shares | 285,714 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1,468,750 | |||||||||||||||
Warrants, Weighted Average Remaining Contractual Ter | 3 years 94 days | 3 years 189 days | ||||||||||||||
STUDS 1% Term Overriding Royalty Interest [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Offering Amount | $ 300,000 | |||||||||||||||
Number of Drilled Wells | 22 | |||||||||||||||
Percentage of Monthly Gross Revenues Paid to Investors (in Dollars per share) | $ / shares | $ 0.01 | |||||||||||||||
Investor, Investment Amount | $ 20,000 | |||||||||||||||
Investor, Maximum Cumlative Renvue | $ 30,000 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in Shares) | shares | 10,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.10 | |||||||||||||||
Class of Warrant or Right, Expiration Date | Feb. 28, 2019 | |||||||||||||||
Proceeds from Overriding Royalty Interest Offering | $ 300,000 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | shares | 150,000 | |||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 235.00% | |||||||||||||||
Fair Value Inputs, Discount Rate | 1.09% | |||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||
Working Interest Ownership | 10.00% | |||||||||||||||
Cost Method Investments, Original Cost | $ 30,000 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.077 | $ 0.06 | $ 0.09 | |||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 550,000 | 37,500 | 10,000 | |||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.077 | |||||||||||||||
Debt Instrument, Face Amount | $ 10,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||
Consolidation, Eliminations [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Sales Revenue, Goods, Gross | $ 22,000 | |||||||||||||||
Accredited Investors [Member] | STUDS 1% Term Overriding Royalty Interest [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | shares | 10,000 | |||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 10,000 | |||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 14,336 | |||||||||||||||
Vehicles [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 10,265 | |||||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||||||||||||
Vehicles [Member] | Subsequent Event [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Repayments of Other Debt | $ 7,000 | |||||||||||||||
Loans Payable | $ 3,264 | |||||||||||||||
Board of Directors Chairman [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Options granted (in Shares) | shares | 1,000,000 | |||||||||||||||
Exercise price of option (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||
Exercise term of options | 36 months | |||||||||||||||
Board of Directors Chairman [Member] | Subsequent Event [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 10,000 | |||||||||||||||
Director #1 [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Options granted (in Shares) | shares | 500,000 | |||||||||||||||
Exercise price of option (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||
Exercise term of options | 36 months | |||||||||||||||
Director #1 [Member] | Subsequent Event [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 10,000 | |||||||||||||||
Director #2 [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Options granted (in Shares) | shares | 500,000 | |||||||||||||||
Exercise price of option (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||
Exercise term of options | 36 months | |||||||||||||||
Director #2 [Member] | Subsequent Event [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 10,000 | |||||||||||||||
Chairman of the Board of Directors and Two Directors [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 235.00% | |||||||||||||||
Fair Value Inputs, Discount Rate | 1.09% | |||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 115,045 | |||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 80,000 | |||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 4,210 | |||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.07 | $ 0.07 | ||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 235.00% | |||||||||||||||
Fair Value Inputs, Discount Rate | 1.09% | |||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||
Accrued Salaries | $ 80,000 | $ 80,000 | ||||||||||||||
Warrants, Weighted Average Remaining Contractual Ter | 36 months | |||||||||||||||
Chief Executive Officer [Member] | Warrants Issued for Each Dollar of Deferred Salary [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.20 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | shares | 1 | |||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 1 | |||||||||||||||
September 1, 2015 Private Offering [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 800,000 | |||||||||||||||
Number of Units Sold | 8 | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 800,000 | |||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||
Shareholder Advances [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.09 | $ 0.09 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | shares | 50,000 | 50,000 | ||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 50,000 | |||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 3,451 | |||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.09 | $ 0.09 | ||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 284.00% | |||||||||||||||
Fair Value Inputs, Discount Rate | 0.87% | |||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||
Proceeds from Related Party Debt | $ 118,000 | |||||||||||||||
Repayments of Related Party Debt | 41,000 | |||||||||||||||
Debt Conversion, Original Debt, Amount | 20,000 | |||||||||||||||
Increase (Decrease) in Due to Related Parties | 17,500 | |||||||||||||||
Due to Related Parties | $ 63,000 | $ 63,000 | $ 46,000 | |||||||||||||
Note for TLSAU Acquisition [Member] | ||||||||||||||||
NOTE 7. RELATED PARTY (Details) [Line Items] | ||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.075 | |||||||||||||||
Debt Instrument, Face Amount | $ 146,875 | |||||||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2015 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||
Debt Instrument, Collateral | secured by 1,000,000 shares of restricted stock of the Company | |||||||||||||||
Debt Instrument, Description | The Company exercised its one time right for a 6 month extension of the maturity date of the note by issuing BSNM 500,000 additional shares of restricted Company stock. | |||||||||||||||
Stock Issued During Period, Shares, Other (in Shares) | shares | 500,000 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 500,000 | |||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 37,500 |
NOTE 8. BUSINESS SEGMENTS (Deta
NOTE 8. BUSINESS SEGMENTS (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Cost of equipment sold | $ 33,330 |
NOTE 8. BUSINESS SEGMENTS (De24
NOTE 8. BUSINESS SEGMENTS (Details) - Schedule of Segment Reporting Information, by Segment - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Revenues | |||||
Revenues | $ 52,294 | $ 67,633 | $ 255,293 | $ 128,159 | |
Net Income (Loss) | |||||
Net Income (Loss) | (402,859) | (917,950) | (704,801) | (1,131,230) | |
Assets | |||||
Assets | 4,243,029 | 4,243,029 | $ 4,196,016 | ||
Oil and Gas Exploration [Member] | |||||
Revenues | |||||
Revenues | 34,294 | 67,633 | 57,293 | 128,159 | |
Net Income (Loss) | |||||
Net Income (Loss) | (417,829) | (917,950) | (869,471) | (1,131,230) | |
Assets | |||||
Assets | 4,129,498 | 4,129,498 | 4,196,016 | ||
Accounts Receivable | |||||
Accounts Receivable | 117,295 | 117,295 | 48,633 | ||
Oil Field Services [Member] | |||||
Revenues | |||||
Revenues | 18,000 | 0 | 198,000 | 0 | |
Net Income (Loss) | |||||
Net Income (Loss) | 14,970 | $ 0 | 164,670 | $ 0 | |
Assets | |||||
Assets | 113,531 | 113,531 | 0 | ||
Accounts Receivable | |||||
Accounts Receivable | $ 0 | $ 0 | $ 0 |
NOTE 9. SUBSEQUENT EVENTS (Deta
NOTE 9. SUBSEQUENT EVENTS (Details) | Aug. 17, 2016USD ($)$ / sharesshares | Aug. 13, 2016$ / sharesshares | Jul. 08, 2016USD ($)$ / sharesshares | May 02, 2016USD ($)shares | Mar. 11, 2016$ / sharesshares | Aug. 22, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($) | Feb. 10, 2016$ / shares | Dec. 31, 2015USD ($) |
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Proceeds from Related Party Debt | $ 118,000 | $ 60,000 | ||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 3,080,000 | |||||||||
Property, Plant and Equipment, Gross | $ 120,056 | $ 108,234 | ||||||||
Number of Employees | 3 | |||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.06 | $ 0.07 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1,468,750 | |||||||||
Debt Conversion, Original Debt, Amount | $ 146,875 | |||||||||
Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||
Debt Instrument, Term | 90 days | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.077 | $ 0.06 | $ 0.09 | |||||||
Warrants, Term of Warrants | 3 years | 3 years | 3 years | |||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 550,000 | 37,500 | 10,000 | |||||||
Proceeds from Notes Payable | $ 60,000 | |||||||||
Debt Instrument, Face Amount | $ 10,000 | |||||||||
Number of Noteholders | (6) | |||||||||
Payments to Acquire Oil and Gas Property and Equipment | $ 20,000 | |||||||||
Employment Agreement, Term | 12 months | |||||||||
Employment Agreement, Renewal Term | 1 year | |||||||||
Employment Agreement, Annual Salary | $ 140,000 | |||||||||
Number of Employees | 2 | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | shares | 200,000 | |||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.077 | |||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 15,400 | |||||||||
Oil and Gas Properties [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Property, Plant and Equipment, Gross | 80,000 | |||||||||
Board of Directors Chairman [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | shares | 1,000,000 | |||||||||
Board of Directors Chairman [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 10,000 | |||||||||
Director [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | shares | 300,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 0.077 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | $ 23,100 | |||||||||
Chief Financial Officer [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 10,000 | |||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.077 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 500,000 | |||||||||
Debt Conversion, Original Debt, Amount | $ 38,500 | |||||||||
Due to Related Parties | $ 26,500 | |||||||||
Director #1 [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | shares | 500,000 | |||||||||
Director #1 [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 10,000 | |||||||||
Director #2 [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | shares | 500,000 | |||||||||
Director #2 [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 10,000 | |||||||||
Quinten Beasley [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 10,000 | |||||||||
Notes Payable, Other Payables [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Number of Directors | 2 | |||||||||
Proceeds from Related Party Debt | $ 130,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||
Debt Instrument, Term | 90 days | |||||||||
Debt Instrument, Description | the Company granted one warrant to purchase one share of common stock to the shareholder for each dollar advanced, and agreed to pay interest of 10% on all balances outstanding | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.077 | |||||||||
Warrants, Term of Warrants | 3 years | |||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 130,000 | |||||||||
Notes Payable, Other Payables [Member] | Board of Directors Chairman [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Proceeds from Related Party Debt | $ 20,000 | |||||||||
Notes Payable, Other Payables [Member] | Director [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Proceeds from Related Party Debt | 10,000 | |||||||||
Notes Payable, Other Payables [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||||||||||
NOTE 9. SUBSEQUENT EVENTS (Details) [Line Items] | ||||||||||
Proceeds from Related Party Debt | $ 100,000 |