Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Jul. 31, 2016 | Nov. 11, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Amazing Energy Oil & Gas, Co. | |
Document Type | 10-K | |
Current Fiscal Year End Date | --07-31 | |
Entity Common Stock, Shares Outstanding | 64,824,830 | |
Entity Public Float | $ 11,014,928 | |
Amendment Flag | false | |
Entity Central Index Key | 1,375,618 | |
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 | Jul. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2016 | Jul. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 171,265 | $ 97,531 |
Prepaid expenses | 35,028 | 18,530 |
Oil and gas receivables, related party | 39,858 | 111,678 |
Total current assets | 246,151 | 227,739 |
Property, plant, and equipment, net of accumulated depreciation of $18,236 and $12,399, respectively | 19,314 | 25,150 |
Mineral property | 3,314 | |
OIL AND GAS PROPERTIES, Full Cost Method | ||
Evaluated properties, net of accumulated depletion of $997,986 and $873,027 respectively | 6,245,523 | 6,131,752 |
Other assets | 26,622 | 26,622 |
Total Assets | 6,537,610 | 6,414,577 |
CURRENT LIABILITIES: | ||
Accounts payable | 47,090 | 38,449 |
Accounts payable, related party | 981,606 | 203,939 |
Accrued liabilities | 20,815 | 76,447 |
Interest payable, related party | 343,219 | |
Current portion of convertible debt, related party | 329,506 | 519,014 |
Loan and deposit from Afranex | 100,213 | |
Total current liabilities | 1,379,017 | 1,281,281 |
LONG TERM LIABILITIES: | ||
Asset retirement obligation | 211,218 | 240,254 |
Common stock payable | 32,250 | |
Long-term convertible debt, related party | 2,751,665 | 2,849,459 |
Total long-term liabilities | 2,995,133 | 3,089,713 |
Total Liabilities | 4,374,150 | 4,370,994 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, no par value per share, 10,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Series A Preferred Stock, $0.01 par value, 9,000 and 0 shares issued and outstanding, $900,000 liquidation preference | 90 | |
Series B Preferred Stock, $0.01 par value, 50,000 and 0 shares issued and outstanding, $5,000,000 liquidation preference | 500 | |
Common stock, $0.001 par value per share, 3,000,000,000 shares authorized, 59,839,456 and 53,441,528 issued and outstanding | 59,840 | 53,442 |
Additional paid-in capital | 27,638,956 | 20,480,686 |
Accumulated deficit | (25,535,926) | (18,490,545) |
2,163,460 | 2,043,583 | |
Total Liabilities and Stockholders' Equity | $ 6,537,610 | $ 6,414,577 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Jul. 31, 2016 | Jul. 31, 2015 |
Net of accumulated depreciation (in Dollars) | $ 18,236 | $ 12,399 |
Net of accumulated depletion (in Dollars) | $ 997,986 | $ 873,027 |
Preferred stock, shares authorized (in Dollars per share) | $ 0.01 | $ 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred Stock, Series A, par value | 0.01 | 0.01 |
Preferred Stock, Series A, issued | 9,000 | 0 |
Preferred Stock, Series A, outstanding | 9,000 | 0 |
Preferred Stock, Series B, par value | 0.01 | 0.01 |
Preferred Stock, Series B, issued | 50,000 | 0 |
Preferred Stock, Series B, outstanding | 50,000 | 0 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, issued | 59,839,456 | 53,441,528 |
Common stock, outstanding | 59,839,456 | 53,441,528 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
REVENUES: | ||
Oil and gas sales | $ 250,476 | $ 781,133 |
OPERATING COSTS AND EXPENSES: | ||
Lease operating expenses | 529,502 | 683,889 |
Selling, general, and administrative costs | 478,006 | 694,423 |
Depreciation expense | 5,837 | 22,283 |
Depletion expense | 124,959 | 306,145 |
Accretion expense | 12,854 | 11,596 |
Gain on mineral property | (100,772) | (5,192) |
Total operating costs and expenses | 1,050,386 | 1,713,144 |
LOSS FROM OPERATIONS | (799,910) | (932,011) |
OTHER INCOME (EXPENSE): | ||
Interest income | 87 | 218 |
Loss on modification of related party notes payable | 208,317 | (13,921,168) |
Impairment of goodwill | (5,975,836) | |
Interest expense, related party | (269,722) | (231,031) |
Total other income (expense) | (6,245,471) | (14,151,981) |
NET LOSS | (7,045,381) | (15,083,992) |
NET LOSS - NON-CONTROLLING INTEREST | (6,157,632) | |
NET LOSS - AMAZING ENERGY OIL AND GAS, CO. | (7,045,381) | (8,926,360) |
PREFERRED DIVIDENDS ATTRIBUTABLE TO AMAZING ENERGY OIL AND GAS, CO. | (834,697) | |
DEEMED CAPITAL CONTRIBUTION ON THE EXCHANGE OF RELATED PARTY DEBT AND INTEREST FOR PREFERRED STOCK | 454,265 | |
NET LOSS ATTRIBUTABLE TO AMAZING ENERGY OIL AND GAS, CO. COMMON STOCKHOLDERS | $ (6,591,116) | $ (9,761,057) |
NET LOSS PER COMMON SHARE - Basic and diluted (in Dollars per share) | $ (0.12) | $ (0.56) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted (in Shares) | 53,705,068 | 17,509,962 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
BALANCES at Jul. 31, 2014 | $ 49,870 | $ 10,249 | $ (90,998) | $ 6,467,291 | $ (3,406,553) | $ 3,029,859 | |
BALANCES (in Shares) at Jul. 31, 2014 | 4,987,027 | 10,249,088 | |||||
Common shares issued for acquisition of Gulf South Securities, Inc. ("GSSI") | 3,314 | ||||||
Common shares issued for cash | $ 1,875 | 1,493,860 | 1,495,735 | ||||
Common shares issued for cash (in Shares) | 1,874,895 | ||||||
Share based compensation | $ 94 | 74,906 | 75,000 | ||||
Share based compensation (in Shares) | 93,745 | ||||||
Conversion option on modification of debt | $ 5,806,767 | 8,114,401 | 13,921,168 | ||||
Subsidiary shares exchanged for shares of common stock | $ 21,215 | (7,172,817) | 8,645,974 | (1,494,372) | |||
Subsidiary shares exchanged for shares of common stock (in Shares) | 21,215,169 | ||||||
Net loss | (15,083,992) | (15,083,992) | |||||
Conversion of preferred stock | $ (49,720) | $ 4,289 | 45,431 | ||||
Conversion of preferred stock (in Shares) | (4,972,027) | 4,288,544 | |||||
Preferred shares repurchased | $ (150) | (21,850) | (22,000) | ||||
Preferred shares repurchased (in Shares) | (15,000) | ||||||
Dividends paid on preferred stock | (1,432,017) | (1,432,017) | |||||
Recapitalization | $ 80 | $ 2,666 | $ 112,848 | (246,369) | (130,775) | ||
Recapitalization (in Shares) | 79,755 | 2,666,396 | |||||
Non-controlling interest resulting from recapitalization | $ (6,885) | 1,286,531 | (2,774,018) | 1,494,372 | |||
Non-controlling interest resulting from recapitalization (in Shares) | (6,885,059) | ||||||
Subsidiary shares issued for cash | $ 9,744 | 13,581 | 23,325 | ||||
BALANCES at Jul. 31, 2015 | $ 53,442 | 20,480,686 | (18,490,545) | $ 2,043,583 | |||
BALANCES (in Shares) at Jul. 31, 2015 | 53,441,528 | 53,441,528 | |||||
Common shares issued for services | $ 50 | 14,950 | $ 15,000 | ||||
Common shares issued for services (in Shares) | 50,000 | 50,000 | |||||
Common shares issued for acquisition of Gulf South Securities, Inc. ("GSSI") | $ 5,374 | 2,434,209 | $ 2,439,583 | ||||
Common shares issued for acquisition of Gulf South Securities, Inc. ("GSSI") (in Shares) | 5,373,528 | 5,373,528 | |||||
Warrants issued for acquisition of GSSI | 1,058,528 | $ 1,058,528 | |||||
Common shares issued for cost of acquisition of GSSI | $ 275 | 93,225 | 93,500 | ||||
Common shares issued for cost of acquisition of GSSI (in Shares) | 275,000 | ||||||
Preferred series B shares issued for acquisition of GSSI | $ 500 | 2,476,303 | 2,476,803 | ||||
Preferred series B shares issued for acquisition of GSSI (in Shares) | 50,000 | ||||||
Preferred series A shares issued for conversion of debt and interest | $ 90 | 445,645 | $ 445,735 | ||||
Preferred series A shares issued for conversion of debt and interest (in Shares) | 9,000 | 9,000 | |||||
Deemed capital contribution on the exchange of related party debt and interest | 454,265 | $ 454,265 | |||||
Common shares issued for cash | $ 699 | 181,145 | $ 181,844 | ||||
Common shares issued for cash (in Shares) | 699,400 | 699,400 | |||||
Share based compensation | $ 108,500 | ||||||
Net loss | (7,045,381) | (7,045,381) | |||||
BALANCES at Jul. 31, 2016 | $ 590 | $ 59,840 | $ 27,638,956 | $ (25,535,926) | $ 2,163,460 | ||
BALANCES (in Shares) at Jul. 31, 2016 | 59,000 | 59,839,456 | 59,839,456 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (7,045,381) | $ (15,083,992) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
Stock based compensation expense | 108,500 | 75,000 |
Gain from mineral property | (100,772) | (5,192) |
Depreciation expense | 5,837 | 22,283 |
Depletion expense | 124,959 | 306,145 |
Accretion expense | 12,854 | 11,596 |
Loss on modification of related party notes payable | (208,317) | 13,921,168 |
Impairment of goodwill | (5,975,836) | |
Changes in operating assets and liabilities, net of business acquired: | ||
Oil and gas receivables, related party | 71,820 | 122,920 |
Prepaid expenses and other current assets | (16,498) | (18,530) |
Accounts payable | 8,642 | 14,429 |
Accounts payable, related party | 777,667 | 58,763 |
Accrued liabilities | (55,632) | 22,277 |
Interest payable, related party | 269,478 | 230,960 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 137,309 | (154,893) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from the sale of oil and gas properties | 66,777 | |
Purchase of property and equipment | (1,325) | |
Proceeds from the sale of property and equipment | 19,000 | |
Net cash acquired (advanced) in acquisition of companies | (900) | 37,508 |
Purchase of oil and gas properties | (276,769) | (369,198) |
NET CASH (USED IN) INVESTING ACTIVITIES | (277,669) | (247,238) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common stock payable | 32,250 | |
Proceeds from sale of common stock, net of issuance costs | 181,844 | 1,519,060 |
Purchase of treasury shares | (22,000) | |
Preferred stock dividends paid | (1,432,017) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 214,094 | 65,043 |
NET INCREASE (DECREASE) IN CASH | 73,734 | (337,088) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 97,531 | 434,619 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 171,265 | 97,531 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Mineral property acquired in reverse acquisition | 2,439,583 | 3,314 |
Liabilities acquired in reverse acquisition | 171,597 | |
Subsidiary shares exchanged for common stock | 21,215 | |
Conversion of preferred stock | $ 4,289 | |
Preferred series A shares issued for conversion of debt and accrued interest (Note 10) | 445,735 | |
Acquisition of subsidiary through issuance of common stock, stock purchase warrants, and preferred stock (Note 13) | $ 5,974,915 |
Note 1. Nature of Business
Note 1. Nature of Business | 12 Months Ended |
Jul. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | Note 1. Nature of Business On October 14, 2014, Gold Crest Mines, Inc. ("Gold Crest", "the Company" or the "the Parent") incorporated a wholly owned Nevada subsidiary corporation named Amazing Energy Oil and Gas, Co. On October 15, 2014, Gold Crest merged the foregoing wholly owned subsidiary corporation into Gold Crest Mines, Inc. and, pursuant to Nevada law, changed its name to Amazing Energy Oil and Gas, Co. The Company entered into a change in control agreement as the first step in a reverse acquisition process with certain shareholders of Amazing Energy, Inc. on October 7, 2014. Through its primary subsidiary, Amazing Energy, Inc. (also a Nevada corporation) the main business of the Company is the exploration, development, and production of oil and gas in the Permian Basin of west Texas. Amazing Energy, Inc. was formed in 2010 as a Texas corporation and then changed its domicile to Nevada in 2011. The Company owns interests in oil and gas properties located in Texas. The Company is primarily engaged in the acquisition, exploration and development of oil and gas properties and the production and sale of oil and natural gas. Amazing Energy, LLC was formed in December 2008 as a Texas Limited Liability Company. In December of 2010, Amazing Energy, Inc. and Amazing Energy, LLC were combined as commonly controlled entities. On July 31, 2016 the Company acquired Gulf South Securities, Inc. ("GSSI") (See Note 13). GSSI was organized to be active in various aspects of the securities industry and is registered as a broker-dealer with the Financial Industry Regulatory Authority ("FINRA") and the Securities and Exchange Commission ("SEC"). GSSI is a FINRA limited broker dealer for the purpose of acting as a managing broker dealer to distribute oil and gas drilling limited partnership offerings. |
Note 2. Recapitalization
Note 2. Recapitalization | 12 Months Ended |
Jul. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2. Recapitalization On October 7, 2014, Amazing Energy, Inc. entered into a change in control agreement ("Plan of Merger") with Gold Crest Mines, Inc. Pursuant to the change in control agreement, the shareholders of Amazing Energy, Inc. would control approximately 95% of the shares of common stock of the Parent, Amazing Energy Oil and Gas, Co. Specific to the terms of the agreement, certain controlling shareholders of Amazing Energy, Inc. exchanged 12,829,000 shares of its common stock to Gold Crest Mines, Inc. for 384,848,504 (pre-reverse stock split, see below) shares of common stock and 79,755 shares of Series "A" convertible preferred stock of Gold Crest Mines. Each Series "A" convertible preferred share is convertible into 10,000 shares of Gold Crest Mines, Inc. common stock. The remaining outstanding shares of Amazing Energy, Inc. were held by non-controlling interests. On July 31, 2015, the non-controlling interest shares were converted into shares of the Parent's common stock at the same exchange ratio as the controlling shareholders. The Plan of Merger was accounted for as a reverse acquisition with Amazing Energy, Inc. (the legal subsidiary) regarded as the accounting acquirer and Gold Crest Mines, Inc. (the legal parent) deemed the accounting acquiree. The reverse acquisition is characterized as a recapitalization and the consolidated financial statements represent the continuation of the financial statements of the Amazing Energy Inc. with the exception of the capital structure which reflects the capital structure of Gold Crest Mines, Inc. On October 15, 2014, the Board of Directors approved a one-for-forty reverse stock split of the Company's common stock. The one-for-forty reverse stock split was effective February 15, 2015. As a result of the reverse stock split, the number of issued and outstanding shares was adjusted. Following the effective date of the reverse stock split, the par value of the common stock remained at $0.001 per share. Unless otherwise indicated, all references herein to shares outstanding and share issuances have been adjusted to give effect to the aforementioned stock split. |
Note 3. Significant Accounting
Note 3. Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2016 | |
Significant Accounting Policies And Going Concern [Abstract] | |
Significant Accounting Policies And Going Concern | Note 3. Significant Accounting Policies The Company maintains its accounts on the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Accounting principles followed and the methods of applying those principles, which materially affect the determination of financial position, results of operations and cash flows are summarized below: Use of estimates Basis of presentation – Risks and uncertainties Concentration of risks Cash and Cash Equivalents Income Taxes Fair value of financial instruments Oil and gas receivables Property, plant, and equipment Oil and gas properties Depletion and amortization Long-Lived Assets Ceiling test The determination of oil and gas reserves is a subjective process, and the accuracy of any reserve estimate depends on the quality of available data and the application of engineering and geological interpretation and judgment. Estimates of economically recoverable reserves and future net cash flows depend on a number of variable factors and assumptions that are difficult to predict and may vary considerably from actual results. In particular, reserve estimates for wells with limited or no production history are less reliable than those based on actual production. Subsequent re- evaluation of reserves and cost estimates related to future development of proved oil and gas reserves could result in significant revisions to proved reserves. There other issues, such as changes in regulatory requirements, technological advances, and other factors, which are difficult to predict, could also affect estimates of proved reserves in the future. Gains and losses on the sale of oil and gas properties are not generally reflected in income. Sales of less than 100% of the Company's interest in the oil and gas property are treated as a reduction of the capital cost of the field, with no gain or loss recognized, as long as doing so does not significantly affect the unit-of-production depletion rate. Costs of retired equipment, net of salvage value, are usually charged to accumulated depreciation. Asset retirement obligations Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the related long-lived asset. Stock-based compensation Revenue recognition Environmental laws and regulations Major customers Fair value measurements 1) the fair value measurement; 2) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); 3) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: a) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earnings are reported in the statement of operations; b) the amount of these gains or losses attributable to the change in unrealized gains or losses relating to those assets or liabilities still held at the reporting period date and a description of where those unrealized gains or losses are reported; c) purchases, sales, issuances, and settlements (net); and d) transfers into and/or out of Level 3. 4) the amount of the total gains or losses for the period included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of operations; and 5) in annual periods only, the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period. At July 31, 2016 and 2015 the Company had no assets or liabilities subject to fair value measurements on a recurring basis. Going Concern As of the release date of these financial statements, the Company has not yet achieved profitable operations, has had accumulated losses since its inception and expects to incur further losses in the development of its business. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management's plan to address the Company's ability to continue as a going concern includes: (1) obtaining debt or equity funding from private placements or institutional sources; (2) obtaining loans from financial institutions, where possible, or (3) participating in joint venture transactions with third parties. Although management believes that it will be able to obtain the necessary funding to allow the Company to remain a going concern through the methods discussed above, there can be no assurances that such methods will prove successful. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Recent accounting pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09), which supersedes the revenue recognition requirements in FASB Accounting Standards Codification (ASC) Topic 605, "Revenue Recognition". The guidance requires that an entity recognize revenue in a way that depicts the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods and services. The guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the new standard and its impact on the Company's consolidated financial statements. |
Note 4. Earnings Per Share
Note 4. Earnings Per Share | 12 Months Ended |
Jul. 31, 2016 | |
Earnings Per Share Reconciliation [Abstract] | |
Earnings Per Share Reconciliation Disclosure | Note 4. Earnings Per Share Basic earnings per share include no dilution and are computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company. Potentially dilutive securities outstanding are not included in the calculation when such securities would have an anti-dilutive effect on earnings per share. July 31, 2016 July 31, 2015 Conversion option on related party debt 11,832,724 13,921,168 Convertible preferred stock 6,490,000 - Warrants 2,674,576 - Total potential dilution 20,997,300 13,921,168 |
Note 5. Oil and Gas Properties
Note 5. Oil and Gas Properties | 12 Months Ended |
Jul. 31, 2016 | |
Oil and Gas Property [Abstract] | |
Oil and Gas Properties [Text Block] | Note 5. Oil and Gas Properties The Company is currently participating in oil and gas exploration activities in Texas. All of the Company's oil and gas properties are located in the United States. The Company has leasehold rights within approximately 70,000 contiguous acres in Pecos County, Texas, which lies within the Permian Basin. The property is located in the Northeast region of the County. The Pecos leasehold is comprised of multiple leases, and the Company has a variable working interest in twenty-two wells on these leases. The Company has drilled twenty-two wells throughout this property, with sixteen producing and six shut-in. The oil and gas property balances at July 31, 2016 and 2015 are set forth in the table below: Years Ended July 31, 2016 2015 Proved leasehold costs $ 2,477,079 $ 2,521,916 Cost of wells and development 4,600,327 4,274,870 Asset retirement obligation, asset 166,103 207,993 Total cost of oil and gas properties 7,243,509 7,004,779 Less: Accumulated depletion (997,986 ) (873,027 ) Oil and gas properties, net full cost method $ 6,245,523 $ 6,131,752 |
Note 6. Related Party Receivabl
Note 6. Related Party Receivables and Payables | 12 Months Ended |
Jul. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 6. Related Party Receivables and Payables The Company contracts under a joint operating agreement with Jilpetco, Inc. as the oil and gas field operating entity. All of the Company's revenues are received from and well operating expenses are billed by, Jilpetco, Inc., which is wholly owned by Jed Miesner, the Company's Chairman and majority shareholder. The related party receivables are for the sales of oil and gas and are all due from Jilpetco, Inc. As the field operator, Jilpetco, Inc. collects the payments from oil and gas sales and remits the Company's share to the Company. Related party payables consist of accrued oil and gas drilling and production expenses billed to the Company by Jilpetco, Inc. related party receivables and accounts payable are as follows: Years Ended July 31, 2016 2015 Related Party: Oil and gas receivables $ 39,858 $ 111,678 Accounts payable $ 981,606 $ 203,939 |
Note 7. Commitments and Conting
Note 7. Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 7. Commitments and Contingencies The Company is subject to contingencies as a result of environmental laws and regulations. Present and future environmental laws and regulations applicable to the Company's operations could require substantial capital expenditures or could adversely affect its operations in other ways that cannot be predicted at this time. Lease Commitments – Mineral Properties |
Note 8. Stockholders' Equity
Note 8. Stockholders' Equity | 12 Months Ended |
Jul. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8. Stockholders' Equity The Company is authorized to issue 3,000,000,000 shares of its common stock. All shares of common stock are equal to each other with respect to voting, liquidation, dividend, and other rights. Owners of shares are entitled to one vote for each share owned at any Shareholders' meeting. The common stock of the Company does not have cumulative voting rights, which means that the holders of more than fifty percent (50%) of the shares voting in an election of directors may elect all of the directors if they choose to do so. The Company is authorized to issue 10,000,000 shares of its preferred stock with a no par value per share. During the year ended July 31, 2016, the Company had the following equity transactions: Preferred shares issued for debt and interest - On the fifth anniversary of the acquisition of GSSI (Note 13), any shares of the Series A Preferred Stock outstanding will be convertible, at the discretion of the holder, for a period of three years, into common stock purchase warrants of the Company with an exercise price of $1.00 per share on the basis of 110 shares of common stock for each one share of Series A Preferred Stock outstanding. Shares Issued for services Delany Equity Group, LLC valued at $0.30 per share, the fair value of the Company's common stock on the date of issuance, totaling $15,000 for financial consulting services. On June 27, 2016, 250,000 shares of common stock were issued to Delany Equity Group, LLC and 25,000 shares were issued to Irwin Renneisen valued at $0.34 per share, the fair value of the Company's common stock on the date of issuance, totaling $93,500 for cost of acquisition of GSSI (Note 13). Shares Issued for cash Shares Issued for acquisition of GSSI On July 31, 2016, we issued 5,373,528 restricted shares of our common stock and 2,674,576 stock purchase warrants to Gulf South Holding, Inc. (GSHI) and others in consideration of GSHI transferring to us 100,000 shares of common stock of GSSI which constitutes all of the issued and outstanding shares of common stock of GSSI. (See Note 13). As part of the acquisition of GSSI effective July 31, 2016, the Company issued 50,000 shares of Preferred Series B stock with par value of $0.01 per share. These preferred shares were issued to Bories Capital, LLC, owned by Robert Bories, an officer of the Company as of July 31, 2016. Robert Bories is an officer of GSHI and Bories Capital, LLC has released its security interest in the common stock of GSSI. The Series B Preferred Stock has no voting rights other than to be voted when required by Nevada law. On the fifth anniversary of the acquisition of GSSI, any shares of the Series B Preferred Stock outstanding will be convertible, at the discretion of the holder, for a period of three years, into common stock purchase warrants of the Company with an exercise price of $1.00 per share on the basis of 110 shares of common stock for each one share of Series B Preferred Stock outstanding. For each new oil and gas well drilled by the Company with funds raised or delivered due to the efforts of the former GSHI officers, now Company officers, the Company will pay Miesner $10,000 in exchange for 100 shares of Series A Preferred Stock and Bories $10,000 in exchange for 100 shares of Series B Preferred Stock. In the event that the Company drills wells for its own account the Board of Directors of the Company will decide if such wells qualify for the aforementioned redemption. The Company will promptly cancel any Series A or B Preferred Stock purchased. During the year ended July 31, 2015, the Company had the following equity transactions: Shares Issued for cash Stock Based compensation Repurchase of Preferred Shares Non-Controlling Interest |
Note 9. Income Taxes
Note 9. Income Taxes | 12 Months Ended |
Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 9. Income Taxes Authoritative guidance for uncertainty in income taxes requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an examination. Management has reviewed the Company's tax positions and determined there were no uncertain tax positions requiring recognition in the consolidated financial statements. Currently tax years from fiscal 2014 through 2016 remain open for examination by tax authorities. Net operating losses prior to 2014 could be adjusted during an examination of open years. Estimated interest and penalties related to potential underpayment on any unrecognized tax benefits would be classified as a component of tax expense in the statement of operation. The Company has not recorded any interest or penalties associated with unrecognized tax benefits for any periods covered by these financial statements. The following is reconciliation between the federal income tax benefit computed at the statutory federal income tax rate of 35% and actual income tax benefit for the years ended July 31, 2016 and July 31, 2015: 2016 2015 Statutory benefit (2,395,430 ) (5,279,397 ) Permanent differences: Impairment of goodwill 2,031,784 - Debt modification 208,317 4,872,409 Other 4,621 65,401 Change in valuation allowance 150,708 341,587 Net tax benefit $ - $ - 2016 2015 Deferred Tax Assets: Net operating loss carryforward $ 2,711,635 $ 2,416,443 Depletion and depreciation 57,679 91,069 Total deferred tax assets 2,769,314 2,507,512 Deferred Tax Liabilities: Intangible drilling and other costs for oil and gas properties (1,466,532 ) (1,355,438 ) Other (41,126 ) (41,126 ) Total deferred tax liabilities (1,507,658 ) (1,396,564 ) Net deferred tax assets and liabilities 1,261,656 1,110,948 Less: Valuation allowance (1,261,656 ) (1,110,948 ) Total Deferred Tax Assets and Liabilities $ - $ - The Company had federal net operating loss carry forwards of approximately $7,975,397 and $7,107,186 at July 31, 2016 and July 31, 2015, respectively. The federal net operating loss carry forwards will begin to expire in fiscal years ending July 31, 2032 through July 31, 2036. Realization of the deferred tax asset is dependent, in part, on generating sufficient taxable income prior to expiration of the loss carry forwards. The Company has placed a 100% valuation allowance against the net deferred tax asset because future realization of these assets is not assured. |
Note 10. Related Party Converti
Note 10. Related Party Convertible Debt | 12 Months Ended |
Jul. 31, 2016 | |
Long Term Debt Related Party [Abstract] | |
Long Term Debt Related Party | Note 10. Related Party Convertible Debt On January 3, 2011, the Company formalized a loan agreement with Jed Miesner, the Company's CEO and Chairman for $1,940,000. The loan is scheduled to mature on December 31, 2030, bear interest at the rate of 8% per annum, and are collateralized with a leasehold deed of trust covering certain leasehold interests in Pecos County, Texas. At July 31, 2016 and 2015 the short term components of this loan were $191,029 and $291,559 respectively. The long term amounts at July 31, 2016 and 2015 were $1,748,971 and $1,648,441 respectively. On December 30, 2010, Amazing Energy, LLC, (a wholly owned subsidiary of the Company) entered into a $2,000,000 line of credit facility with JLM Strategic Investments, an entity controlled by Jed Miesner. Funds advanced on the line of credit mature on December 31, 2030, bear interest at the rate of 8% per annum and are collateralized with a leasehold deed of trust covering certain leasehold interests in Pecos County, Texas. At July 31, 2016 and 2015 the short term components of this loan were $30,162 and $62,138 respectively. The long term amounts at July 31, 2016 and 2015 were $11,008 and $266,335 respectively. There was a reduction in this debt of $287,303 on July 31, 2016 by the issuance of the Series A Preferred Stock (see below). On December 30, 2010, Amazing Energy, LLC, formalized loan agreements with Petro Pro Ltd., an entity also controlled by Jed Miesner for $1,100,000. The loan is scheduled to mature on December 31, 2030, bear interest at the rate of 8% per annum and are collateralized with a leasehold deed of trust covering certain leasehold interests in Pecos County, Texas. At July 31, 2016 and 2015 the short term components of this loan were $108,315 and $165,317 respectively. The long term amounts at July 31, 2016 and 2015 were $991,685 and $934,683 respectively. As of July 31, 2016 and 2015, the accrued and unpaid interest due to related parties was $0 and $343,219, respectively. At July 31, 2016, $612,697 of accrued interest on the debt was exchanged for the issuance of the Series A Preferred Stock (see below). Related party interest expense for the years ended July 30, 2016 and 2015 was $269,722 and $231,031 respectively. Contractual principal maturities for the two loan agreements and the credit facility outstanding at July 31, 2016, for the remaining terms are summarized by year as follows: Contractual Principal Maturities Years Ending JLM Strategic July 31, Jed Miesner Petro Pro, Ltd. Investments, LP Total 2017 $ 191,029 $ 108,315 $ 30,162 $ 329,506 2018 57,676 32,703 11,009 101,387 2019 62,690 35,319 - 97,609 2020 67,273 38,144 - 105,417 2021 72,655 41,196 - 113,851 Subsequent years 1,489,078 844,323 - 2,333,401 $ 1,940,000 $ 1,100,000 $ 41,171 $ 3,081,171 No principal payments have been paid on the two loan agreements and the credit facility since their inception. At July 31, 2016, Mr. Miesner has waived any event of default on the aforementioned delinquent payments of principal and interest due on the loans and credit facility. Effective July 31, 2016, the Company authorized the issuance of 9,000 shares of Preferred Series A stock with par value of $0.01 per share. These shares were issued to Jed Miesner, the Company's controlling shareholder, in exchange for cancellation of related party interest payable in the amount of $612,697 and debt payable to JLM Strategic Investments, LP in the amount of $287,303. Fair value of the convertible Series A Preferred Stock was based on the conversion option of 990,000 common share equivalents at $0.45 per share by applying a Black-Scholes model. The Black-Scholes model used the following variables: Preferred A Stock price on transaction date $ 0.454 Exercise price $ 1.00 Expected life in years 8.00 Expected volatility - peer group 195.18 % Risk free rate 1.29 % Fair value per unit $ 0.45 Units 990,000 Total Fair value $ 445,735 The Company recorded a total $900,000 reduction in accrued related party interest payable and related party debt. The difference between the fair value of the preferred stock and the debt and interest exchanged resulted in a gain of $454,265 on this transaction which has been recorded as a capital transaction as additional paid in capital rather than on the consolidated statement of operations as the debt holder is a significant shareholder and related party of the Company. Modification of Debt Agreements Fair value of the Company's stock price at the date of conversion $ 1.00 Conversion rate as adjusted for the Amazing Energy Inc. exchange ratio $ 0.26 Estimated volatility 248.00 % Risk free interest rate 1.88 % Conversion period 15 yrs. |
Note 11. Mineral Property Optio
Note 11. Mineral Property Option Agreement | 12 Months Ended |
Jul. 31, 2016 | |
Long Lived Assets Held-for-sale, Description [Abstract] | |
Long Lived Assets Held-for-sale, Description | Note 11. Mineral Property Option Agreement The Company owns a subsidiary corporation, Kisa Mines, Inc. ("Kisa"). Afranex Gold Limited ("Afranex") had originally agreed through an option agreement to purchase all of the outstanding common stock of Kisa for $400,000 on or before December 31, 2015. On November 23, 2015, the Company and Afranex agreed to extend the option to December 31, 2016, or such later date as agreed upon. The updated option agreement supersedes all previous correspondence and understandings between the parties. Afranex paid a $50,000 non-refundable option fee to Amazing on November 23, 2015, as consideration for extending this option. A new term sheet and option agreement was formalized and dated on January 31, 2016. Under the terms of this agreement, Afranex has an exclusive option to acquire either 100% of the issued share capital of Kisa or 100% of Kisa's right, title and interest in the mining permits and associated assets of Kisa. Afranex agrees to pay Amazing, on settlement of the Acquisition, a total of $169,788 settlement cash consideration. The January 31, 2016 agreement also eliminated an amount due from the Company to Afranex of $100,213 which has been recognized gain on sale of mineral interest during the year ended July 31, 2016. |
Note 12. Asset Retirement Oblig
Note 12. Asset Retirement Obligations | 12 Months Ended |
Jul. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | Note 12. Asset Retirement Obligations The Company accounts for its future asset retirement obligations by recording the fair value of the liability during the period in which it was incurred. The associated asset retirement costs are capitalized as part of the carrying amount of the long lived asset. The Company depletes the amount added to proved oil and gas property costs and gathering assets using the units-of-production method. The Company's asset retirement obligation consists of costs related to the plugging of wells, removal of facilities and equipment and site restoration on its oil and gas properties and gathering assets. The asset retirement liability is allocated to operating expense using a systematic and rational method. The information below reconciles the value of the asset retirement obligation for the periods presented. Years Ended July 31, 2016 2015 Asset retirement obligations - Beginning of year $ 240,254 $ 278,612 Asset retirement obligations incurred 4,238 7,434 Accretion 12,854 11,596 Revisions in estimated cash flows (46,128 ) (57,388 ) Asset retirement obligations - End of year $ 211,218 $ 240,254 |
Note 13. Acquisition of Gulf So
Note 13. Acquisition of Gulf South Securities, Inc. | 12 Months Ended |
Jul. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 13. Acquisition of Gulf South Securities, Inc. On July 31, 2016, the Company issued 5,373,528 shares of common stock and 2,674,576 common stock purchase warrants to GSHI and others in consideration of GSHI transferring to us 100,000 shares of common stock of GSSI which constitutes all of the issued and outstanding shares of common stock of GSSI. Further, we issued 50,000 shares of our Series B Preferred Stock to Bories Capital, LLC. These preferred shares were issued to Bories Capital, LLC, owned by Robert Bories, an officer of the Company as of July 31, 2016. Robert Bories is an officer of GSHI and Bories Capital, LLC has released its security interest in the common stock of GSSI. Upon the completion of the foregoing stock exchange, GSSI became our wholly owned subsidiary corporation. GSSI is an SEC, FINRA registered securities broker-dealer. We acquired GSSI The acquisition agreement contained provisions to establish employment agreements for certain GSSI employees and officers for raising corporate capital, as well as partnership drilling capital and funding, and for their committing to working with the Company to raise a minimum of $3,000,000 in capital, included but not limited to drilling or corporate capital, for the first full year on employment. Salaries, bonus awards, and other compensation will be established by the Company's Compensation Committee for the initial term of their employment agreements, on a month by month evaluation including but not limited to common stock participation based upon collective performance measurements. This is separate and apart from each of the aforementioned individual employee's ability to earn up to a maximum of 5% of the Company's outstanding shares based upon the number of outstanding common shares immediately following closing. In the event that the individuals listed above collectively raise $50 million in capital, the stock awards will be recognized at a cap of 20% for all the above officers combined. On April 1 of each year, stock awards will be given proportionate to the capital raised during the previous 12 months, not to exceed the 20% cap that they are eligible to receive. Should any of the employees be terminated without cause in the first year of employment then all the aforementioned employees will be immediately awarded a 1% stock bonus. The acquisition was a business combination accounted for using the acquisition method. Total c onsideration given for the purchase of GSSI is valued by the Company at $5,984,914. The 5,373,528 restricted shares of common stock issued was valued at $0.454 per share based on the trading price on July 31, 2016 for a value of $2,439,583. The 2,674,576 stock purchase warrants were valued at $0.396 per warrant for a value of $1,058,528 by applying a Black-Scholes model. The fair value of the convertible Series B Preferred Stock was based on the convertible option of 5,500,000 common share equivalents at $0.45 per share for a value of $2,476,803 by applying a Black-Scholes model. The Black-Scholes model used the following variables: Warrants Preferred B Stock price on transaction date $ 0.454 $ 0.454 Exercise price $ 1.00 $ 1.00 Expected life in years 3.00 8.00 Expected volatility – peer group 196.40 % 195.18 % Risk free rate 0.76 % 1.29 % Fair value per unit $ 0.396 $ 0.45 Units 2,674,576 5,500,000 Total Fair value $ 1,058,528 $ 2,476,803 We incurred $93,500 in expenses specifically related to the acquisition. On June 27, 2016, 250,000 shares of common stock were issued to Delany Equity Group, LLC and 25,000 shares were issued to Irwin Renneisen valued at $0.34 per share, the fair value of the Company's common stock on the date of issuance, totaling $93,500 for cost of acquisition of the GSSI. The purchase price allocation of the acquisition is summarized as follows: Common stock issued on acquisition $ 2,439,583 Stock purchase warrants issued on acquisition 1,058,528 Series B Preferred stock issued on acquisition 2,476,803 Cash 10,000 $ 5,984,914 Net assets acquired: Cash $ 9,100 Prepaid expenses 2,357 Goodwill 5,975,836 Accounts payable (2,379 ) $ 5,984,914 The Company has analyzed the acquired entity of GSSI and determined that it had no identified intangible assets thus the excess of consideration over fair value of net assets acquired was recognized as goodwill. However, on the date of the acquisition, management determined that the goodwill was not recoverable and recorded an adjustment of $5,975,836 to fully impair the amount on the consolidated statement of operations. The unaudited pro forma financial information below represents the combined results of our operations as if Year Ended July 31, 2016 Year Ended July 31, 2015 (Unaudited) (Unaudited) Revenue $ 441,883 $ 1,395,400 Loss from operations $ (803,715 ) $ (1,029,135 ) Net loss $ (1,073,351 ) $ (9,858,181 ) Net loss per share available to common stockholders, basic and diluted $ (0.02 ) $ (0.43 ) The unaudited pro forma financial information includes adjustments to 1) eliminate acquisition-related costs and goodwill impairment totaling $93,500 and $5,975,836, respectively, for the year ended July 31, 2016 which are non-recurring and 2) reflect the issuance of common stock as consideration in the acquisition and for payment of acquisition costs. |
Note 14. Fair Value of Financia
Note 14. Fair Value of Financial Instruments | 12 Months Ended |
Jul. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 14. Fair Value of Financial Instruments The following table sets forth transactions the Company measured at fair value on a nonrecurring basis by level within the fair value hierarchy: During the year ended July 31, 2016 the Company estimated the following fair values: · Preferred Stock Series A exchanged for convertible debt and interest (Note 10) · Warrants issued in a purchase transaction (Note 13) · Preferred Stock Series B issued in a purchase transaction (Note 13) · The Company recorded an impairment loss on goodwill (Note 13) Fair Value Measurement on a Nonrecurring Basis Fair value for the year ended July 31, 2016 Total Level 1 Level 2 Level 3 Preferred stock series A $ 445,735 $ - $ 445,735 $ - Common stock purchase warrants $ 1,058,528 $ - $ 1,058,528 $ - Preferred stock series B $ 2,476,803 $ - $ 2,476,803 $ - Goodwill impairment $ 5,965,836 $ - $ - $ 5,965,836 Estimated fair values during the year ended July 31, 2016 for the preferred stock and warrants were determined using a Black Scholes model with inputs as indicated in the respective footnotes referenced above. The fair value estimation of goodwill was determined by the Company based on unobservable inputs, therefore the valuation is classified within Level 3 of the fair value hierarchy. During the year ended July 31, 2015 the Company estimated the following fair values: · Convertible debt modification (Note 10) Fair Value Measurement on a Nonrecurring Basis Fair value for the year ended July 31, 2015 Total Level 1 Level 2 Level 3 Convertible debt modification $ 13,921,168 $ - $ 13,921,168 $ - Estimated fair value during the year ended July 31, 2015 for convertible debt modification was determined using a Black Scholes model with inputs as indicated in the respective footnote referenced above. Management uses the Black-Scholes option valuation technique as it embodies all of the requisite assumptions (including trading volatility, remaining term to maturity, market price, strike price, and risk free rates). |
Note 15. Subsequent Events
Note 15. Subsequent Events | 12 Months Ended |
Jul. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 15. Subsequent Events On April 15, 2016, we entered into an agreement with Jed Miesner, our Chairman, to acquire all of his interest (100% of the total outstanding shares of common stock) of Jilpetco, Inc., a Texas corporation ("Jilpetco") in consideration of $500,000. Jilpetco is engaged in the business of operating and providing oilfield services to oil and gas properties. As a result, Jilpetco will become our wholly owned subsidiary corporation. On August 25, 2016, we announced that the foregoing agreement was amended to extend the closing date to August 31, 2016 and exclude certain property therefrom. The parties agreed to allow Jed Miesner to assign certain accounts receivable, and to exclude personal property from the transaction. In addition, the $500,000 consideration for the acquisition is in the form of a note payable at 6% interest. On May 16, 2016, the Company began a private placement offering of 20,000,000 restricted shares of common stock at $0.26 per share. Through October 31, 2016, a total of 5,763,098 shares have sold for $1,498,405. The Company may, in its sole discretion, extend the offering period to March 31, 2017 or terminate the offering at any time. |
Note 16. Supplemental Oil and G
Note 16. Supplemental Oil and Gas Disclosures (Unaudited) | 12 Months Ended |
Jul. 31, 2016 | |
Policy Text Block [Abstract] | |
Oil and Gas Properties Policy [Policy Text Block] | Note 16. Supplemental Oil and Gas Disclosures (Unaudited) Costs Incurred 2016 2015 Development costs $ 283,750 $ 369,198 Total costs incurred $ 283,750 $ 369,198 Capitalized Costs 2016 2015 Proved properties $ 7,243,509 $ 7,004,779 Total oil and gas properties 7,243,509 7,004,779 Accumulated DD&A (997,986 ) (873,027 ) Net oil and gas properties $ 6,245,523 $ 6,131,752 Proved Oil and Gas Reserve · Future revenues were based on an un-weighted 12-month average of the first-day-of-the-month price held constant throughout the life of the properties. · Production and development costs were computed using year-end costs assuming no change in present economic conditions. · Future net cash flows were discounted at an annual rate of 10%. Reserve estimates are inherently imprecise and these estimates are expected to change as future information becomes available. Basis of Presentation As of July 31, 2016, we had twenty-two wells drilled with sixteen producing and six wells shut-in awaiting workovers. The proved reserves as of July 31, 2016 represent the reserves that were estimated to be recovered from twenty-two current wells. There are also nine wells planned for future drilling. All direct offset well locations in this report are proved undeveloped and are based on 10-acre drainage patterns unless current developed completions are estimated to drain an area larger than their volumetric assignment. In this case, the reserves of certain offset locations have been reduced. All locations have a scheduled Queens and/or Grayburg reservoir completion and each of these reservoir completions includes the cost of drilling a single wellbore. All reserves included in this report were estimated using either historical performance or volumetric methods. Estimated Quantities of Net Proved Oil and Natural Gas Reserves 2016 2015 Natural Natural Oil (1) Gas (1) Oil (1) Gas (1) Reserves: Beginning of year 357,290 1,312,500 274,750 1,055,550 Revisions of previous estimates (85,884 ) (90,208 ) 15,023 122,743 Extensions, discoveries and other additions 172,970 648,460 79,984 185,834 Production (7,396 ) (21,492 ) (12,467 ) (51,627 ) End of year 436,980 1,849,260 357,290 1,312,500 (1) Oil reserves are stated in barrels; gas reserves are stated in thousand cubic feet. The downward revision of previous gas reserves estimates was primarily due to reassessment of reservoir mapping based on additional log analysis from drilling. Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves – In reviewing the information that follows, we believe that the following factors should be taken into account: · future costs and sales prices will probably differ from those required to be used in these calculations; · actual production rates for future periods may vary significantly from the rates assumed in the calculations; · a 10% discount rate may not be reasonable relative to risk inherent in realizing future net oil and gas revenues; and · future net revenues may be subject to different rates of income taxation. Under the standardized measure, future cash inflows were estimated by applying year-end oil and gas prices applicable to our reserves to the estimated future production of year-end proved reserves. Future cash inflows do not reflect the impact of open hedge positions. Future cash inflows were reduced by estimated future development, abandonment and production costs based on year-end costs in order to arrive at net cash flows before tax. Future income tax expense has been computed by applying year-end statutory tax rates to aggregate future pre-tax net cash flows reduced by the tax basis of the properties involved and tax carryforwards. Use of a 10% discount rate and year- end prices and costs are required by ASC 932-235. In general, management does not rely on the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable as well as proved reserves and varying price and cost assumptions considered more representative of a range of possible outcomes. Basis of Presentation Standardized Measure of Discounted Future Net Cash Flows – 2016 2015 Future cash inflows $ 19,551,030 $ 24,859,110 Future production costs (7,569,270 ) (5,929,190 ) Future development costs (2,193,800 ) (1,361,600 ) Future income tax expense (3,425,783 ) (6,148,912 ) Discount at 10% for estimated timing of cash flows (1,733,300 ) (3,569,707 ) Standardized measure of discounted future net cash flows $ 4,628,877 $ 7,849,701 The following table presents a reconciliation of changes in the standardized measure of discounted future net cash flows: Years Ended July 31, 2016 2015 Standardized Measure, beginning of year $ 7,849,707 $ 7,760,844 Sales of oil produced, net of production costs 279,026 (97,244 ) Net changes in prices, development and production costs (7,500,569 ) (1,394,949 ) Extensions, discoveries and improved recovery, less related costs 3,381,367 2,047,764 Development costs incurred and changes during the period 76,471 369,198 Revisions of previous quantity estimates (1,166,679 ) (6,394,510 ) Accretion of discount 776,341 7,079,423 Net changes in production rates and other (1,002,119 ) 161,173 Net changes in income taxes 1,935,332 (1,681,992 ) Standardized Measure, end of year $ 4,628,877 $ 7,849,707 |
Note 4. Earnings Per Share (Tab
Note 4. Earnings Per Share (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Earnings Per Share Reconciliation [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | July 31, 2016 July 31, 2015 Conversion option on related party debt 11,832,724 13,921,168 Convertible preferred stock 6,490,000 - Warrants 2,674,576 - Total potential dilution 20,997,300 13,921,168 |
Note 5. Oil and Gas Properties
Note 5. Oil and Gas Properties (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Oil and Gas Property [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Years Ended July 31, 2016 2015 Proved leasehold costs $ 2,477,079 $ 2,521,916 Cost of wells and development 4,600,327 4,274,870 Asset retirement obligation, asset 166,103 207,993 Total cost of oil and gas properties 7,243,509 7,004,779 Less: Accumulated depletion (997,986 ) (873,027 ) Oil and gas properties, net full cost method $ 6,245,523 $ 6,131,752 |
Note 6. Related Party Receiva25
Note 6. Related Party Receivables and Payables (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Payable | Years Ended July 31, 2016 2015 Related Party: Oil and gas receivables $ 39,858 $ 111,678 Accounts payable $ 981,606 $ 203,939 |
Note 9. Income Taxes (Tables)
Note 9. Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 Statutory benefit (2,395,430 ) (5,279,397 ) Permanent differences: Impairment of goodwill 2,031,784 - Debt modification 208,317 4,872,409 Other 4,621 65,401 Change in valuation allowance 150,708 341,587 Net tax benefit $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred Tax Assets: Net operating loss carryforward $ 2,711,635 $ 2,416,443 Depletion and depreciation 57,679 91,069 Total deferred tax assets 2,769,314 2,507,512 Deferred Tax Liabilities: Intangible drilling and other costs for oil and gas properties (1,466,532 ) (1,355,438 ) Other (41,126 ) (41,126 ) Total deferred tax liabilities (1,507,658 ) (1,396,564 ) Net deferred tax assets and liabilities 1,261,656 1,110,948 Less: Valuation allowance (1,261,656 ) (1,110,948 ) Total Deferred Tax Assets and Liabilities $ - $ - |
Note 10. Related Party Conver27
Note 10. Related Party Convertible Debt (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Long Term Debt Related Party [Abstract] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Contractual Principal Maturities Years Ending JLM Strategic July 31, Jed Miesner Petro Pro, Ltd. Investments, LP Total 2017 $ 191,029 $ 108,315 $ 30,162 $ 329,506 2018 57,676 32,703 11,009 101,387 2019 62,690 35,319 - 97,609 2020 67,273 38,144 - 105,417 2021 72,655 41,196 - 113,851 Subsequent years 1,489,078 844,323 - 2,333,401 $ 1,940,000 $ 1,100,000 $ 41,171 $ 3,081,171 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Preferred A Stock price on transaction date $ 0.454 Exercise price $ 1.00 Expected life in years 8.00 Expected volatility - peer group 195.18 % Risk free rate 1.29 % Fair value per unit $ 0.45 Units 990,000 Total Fair value $ 445,735 |
Schedule of Servicing Liabilities at Fair Value [Table Text Block] | Fair value of the Company's stock price at the date of conversion $ 1.00 Conversion rate as adjusted for the Amazing Energy Inc. exchange ratio $ 0.26 Estimated volatility 248.00 % Risk free interest rate 1.88 % Conversion period 15 yrs. |
Note 12. Asset Retirement Obl28
Note 12. Asset Retirement Obligations (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations [Table Text Block] | Years Ended July 31, 2016 2015 Asset retirement obligations - Beginning of year $ 240,254 $ 278,612 Asset retirement obligations incurred 4,238 7,434 Accretion 12,854 11,596 Revisions in estimated cash flows (46,128 ) (57,388 ) Asset retirement obligations - End of year $ 211,218 $ 240,254 |
Note 13. Acquisition of Gulf 29
Note 13. Acquisition of Gulf South Securities, Inc. (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Warrants Preferred B Stock price on transaction date $ 0.454 $ 0.454 Exercise price $ 1.00 $ 1.00 Expected life in years 3.00 8.00 Expected volatility – peer group 196.40 % 195.18 % Risk free rate 0.76 % 1.29 % Fair value per unit $ 0.396 $ 0.45 Units 2,674,576 5,500,000 Total Fair value $ 1,058,528 $ 2,476,803 |
Schedule of Purchase Price Allocation | Common stock issued on acquisition $ 2,439,583 Stock purchase warrants issued on acquisition 1,058,528 Series B Preferred stock issued on acquisition 2,476,803 Cash 10,000 $ 5,984,914 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 9,100 Prepaid expenses 2,357 Goodwill 5,975,836 Accounts payable (2,379 ) $ 5,984,914 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended July 31, 2016 Year Ended July 31, 2015 (Unaudited) (Unaudited) Revenue $ 441,883 $ 1,395,400 Loss from operations $ (803,715 ) $ (1,029,135 ) Net loss $ (1,073,351 ) $ (9,858,181 ) Net loss per share available to common stockholders, basic and diluted $ (0.02 ) $ (0.43 ) |
Note 14. Fair Value of Financ30
Note 14. Fair Value of Financial Instruments (Tables) | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurement on a Nonrecurring Basis Fair value for the year ended July 31, 2016 Total Level 1 Level 2 Level 3 Preferred stock series A $ 445,735 $ - $ 445,735 $ - Common stock purchase warrants $ 1,058,528 $ - $ 1,058,528 $ - Preferred stock series B $ 2,476,803 $ - $ 2,476,803 $ - Goodwill impairment $ 5,965,836 $ - $ - $ 5,965,836 | Fair Value Measurement on a Nonrecurring Basis Fair value for the year ended July 31, 2015 Total Level 1 Level 2 Level 3 Convertible debt modification $ 13,921,168 $ - $ 13,921,168 $ - |
Note 16. Supplemental Oil and31
Note 16. Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Policy Text Block [Abstract] | |
Schedule of Development Wells Drilled [Table Text Block] | 2016 2015 Development costs $ 283,750 $ 369,198 Total costs incurred $ 283,750 $ 369,198 |
Schedule of Aging of Capitalized Exploratory Well Costs [Table Text Block] | 2016 2015 Proved properties $ 7,243,509 $ 7,004,779 Total oil and gas properties 7,243,509 7,004,779 Accumulated DD&A (997,986 ) (873,027 ) Net oil and gas properties $ 6,245,523 $ 6,131,752 |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block] | 2016 2015 Natural Natural Oil (1) Gas (1) Oil (1) Gas (1) Reserves: Beginning of year 357,290 1,312,500 274,750 1,055,550 Revisions of previous estimates (85,884 ) (90,208 ) 15,023 122,743 Extensions, discoveries and other additions 172,970 648,460 79,984 185,834 Production (7,396 ) (21,492 ) (12,467 ) (51,627 ) End of year 436,980 1,849,260 357,290 1,312,500 |
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block] | 2016 2015 Future cash inflows $ 19,551,030 $ 24,859,110 Future production costs (7,569,270 ) (5,929,190 ) Future development costs (2,193,800 ) (1,361,600 ) Future income tax expense (3,425,783 ) (6,148,912 ) Discount at 10% for estimated timing of cash flows (1,733,300 ) (3,569,707 ) Standardized measure of discounted future net cash flows $ 4,628,877 $ 7,849,701 |
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Years Ended July 31, 2016 2015 Standardized Measure, beginning of year $ 7,849,707 $ 7,760,844 Sales of oil produced, net of production costs 279,026 (97,244 ) Net changes in prices, development and production costs (7,500,569 ) (1,394,949 ) Extensions, discoveries and improved recovery, less related costs 3,381,367 2,047,764 Development costs incurred and changes during the period 76,471 369,198 Revisions of previous quantity estimates (1,166,679 ) (6,394,510 ) Accretion of discount 776,341 7,079,423 Net changes in production rates and other (1,002,119 ) 161,173 Net changes in income taxes 1,935,332 (1,681,992 ) Standardized Measure, end of year $ 4,628,877 $ 7,849,707 |
Note 2. Recapitalization (Detai
Note 2. Recapitalization (Details) - $ / shares | 2 Months Ended | 12 Months Ended | ||||
Oct. 07, 2014 | Jul. 31, 2016 | Apr. 15, 2016 | Jan. 31, 2016 | Jul. 31, 2015 | Oct. 15, 2014 | |
Disclosure Text Block Supplement [Abstract] | ||||||
Equity Method Investment, Ownership Percentage | 95.00% | 100.00% | 100.00% | |||
Business Acquisition, Share Exchange | 12,829,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 384,848,504 | 100,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Preferred Shares | 79,755 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 10,000 | |||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Note 3. Significant Accountin33
Note 3. Significant Accounting Policies (Details) $ in Millions | 12 Months Ended |
Jul. 31, 2016USD ($) | |
Significant Accounting Policies And Going Concern [Abstract] | |
Debt Conversion, Converted Instrument, Amount | $ 5.4 |
Note 4. Earnings Per Share (Det
Note 4. Earnings Per Share (Details) - Earnings Per Share - shares | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Conversion option on related party debt | 11,832,724 | 13,921,168 |
Convertible preferred stock | 6,490,000 | |
Warrants | 2,674,576 | |
Total potential dilution | 20,997,300 | 13,921,168 |
Note 5. Oil and Gas Propertie35
Note 5. Oil and Gas Properties (Details) | 12 Months Ended |
Jul. 31, 2016a | |
Oil and Gas Property [Abstract] | |
Area of Land (in Acres) | 70,000 |
Exploratory Wells Drilled, Net Productive | 22 |
Development Wells Drilled, Net Productive | 16 |
Exploratory Wells Drilled, Net Nonproductive | 6 |
Note 5. Oil and Gas Propertie36
Note 5. Oil and Gas Properties (Details) - Oil and Gas Properties - USD ($) | Jul. 31, 2016 | Jul. 31, 2015 |
Oil and Gas Properties [Abstract] | ||
Proved leasehold costs | $ 2,477,079 | $ 2,521,916 |
Cost of wells and development | 4,600,327 | 4,274,870 |
Asset retirement obligation, asset | 166,103 | 207,993 |
Total cost of oil and gas properties | 7,243,509 | 7,004,779 |
Less: Accumulated depletion | (997,986) | (873,027) |
Oil and gas properties, net full cost method | $ 6,245,523 | $ 6,131,752 |
Note 6. Related Party Receiva37
Note 6. Related Party Receivables and Payables (Details) - Related Party Payables - USD ($) | Jul. 31, 2016 | Jul. 31, 2015 |
Related Party: | ||
Oil and gas receivables | $ 39,858 | $ 111,678 |
Accounts payable | $ 981,606 | $ 203,939 |
Note 7. Commitments and Conti38
Note 7. Commitments and Contingencies (Details) | 43 Months Ended | ||
Feb. 28, 2019USD ($) | Jul. 31, 2016USD ($)aft²$ / item | Jul. 31, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||
Area of Real Estate Property (in Square Feet) | ft² | 3,700 | ||
Occupancy, Net | $ 52,000 | ||
Mining Claim (in Dollars per Item) | $ / item | 38 | ||
Area of Land (in Acres) | a | 70,000 | ||
Mining Property, Carrying Value | $ 0 | $ 3,314 |
Note 8. Stockholders' Equity (D
Note 8. Stockholders' Equity (Details) - USD ($) | Feb. 11, 2015 | Dec. 02, 2014 | Oct. 02, 2014 | Jun. 27, 2016 | Jun. 27, 2016 | Oct. 07, 2014 | Oct. 31, 2016 | Jul. 31, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2021 | May 16, 2016 | Oct. 31, 2014 |
Stockholders' Equity Note [Abstract] | |||||||||||||
Common Stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 | ||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |||||||||||
Preferred Shares, Series A, Shares, Issued for Conversion of Debt and Interest | 9,000 | ||||||||||||
Preferred Shares, Series A, Value, Issued for Conversion of Debt and Interest (in Dollars) | $ 445,735 | ||||||||||||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $ 100 | $ 100 | |||||||||||
Preferred Stock, Voting Rights | 10,000 | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 250,000 | 25,000 | 50,000 | ||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 0.34 | $ 0.34 | $ 0.30 | $ 0.30 | $ 0.26 | ||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 15,000 | ||||||||||||
Common Shares Issued for Cost of Acquisition, Value (in Dollars) | $ 93,500 | $ 93,500 | |||||||||||
Stock Issued During Period, Shares, New Issues | 28,000 | 2,500,000 | 5,763,098 | 699,400 | |||||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ 23,325 | $ 1,495,372 | $ 1,498,405 | $ 181,844 | $ 1,495,735 | ||||||||
Stock Issued During Period, Shares, Acquisitions | 5,373,528 | 25,000 | |||||||||||
Issued During Period, Warrants, Common Stock Purchase Warrants | 2,674,576 | ||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 384,848,504 | 100,000 | |||||||||||
Preferred Shares, Series B, Value, Acquisition (in Dollars) | $ 2,476,803 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.01 | $ 0.01 | $ 10,000,000 | ||||||||||
Preferred Stock, Redemption Amount (in Dollars) | $ 1 | ||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 55,000 | 125,000 | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross (in Dollars) | $ 167,280 | $ 75,000 | |||||||||||
Stock Repurchased During Period, Shares | 15,000 | ||||||||||||
Stock Repurchased During Period, Value (in Dollars) | $ 22,000 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 41.70% | 58.30% | |||||||||||
Income (Loss) Attributable to Noncontrolling Interest (in Dollars) | $ 6,157,632 |
Note 9. Income Taxes (Details)
Note 9. Income Taxes (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 7,975,397 | $ 7,107,186 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 100.00% |
Note 9. Income Taxes (Details)
Note 9. Income Taxes (Details) - Reconciliation of Federal Income Tax Benefit - USD ($) | 12 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | |
Reconciliation of Federal Income Tax Benefit [Abstract] | |||
Statutory benefit | $ (2,395,430) | $ (5,279,397) | |
Permanent differences: | |||
Impairment of goodwill | 2,031,784 | ||
Debt modification | 208,317 | $ (287,303) | (13,921,168) |
Other | 4,621 | 65,401 | |
Change in valuation allowance | 150,708 | 341,587 | |
Net tax benefit | $ 0 | $ 0 |
Note 9. Income Taxes (Details42
Note 9. Income Taxes (Details) - Deferred Tax Assets and Liabilities - USD ($) | Jul. 31, 2016 | Jul. 31, 2015 |
Deferred Tax Assets: | ||
Net operating loss carryforward | $ 2,711,635 | $ 2,416,443 |
Depletion and depreciation | 57,679 | 91,069 |
Total deferred tax assets | 2,769,314 | 2,507,512 |
Deferred Tax Liabilities: | ||
Intangible drilling and other costs for oil and gas properties | (1,466,532) | (1,355,438) |
Other | (41,126) | (41,126) |
Total deferred tax liabilities | (1,507,658) | (1,396,564) |
Net deferred tax assets and liabilities | 1,261,656 | 1,110,948 |
Less: Valuation allowance | (1,261,656) | (1,110,948) |
Total Deferred Tax Assets and Liabilities | $ 0 | $ 0 |
Note 10. Related Party Conver43
Note 10. Related Party Convertible Debt (Details) | 3 Months Ended | 12 Months Ended | 60 Months Ended | |||||||||
Jul. 31, 2015USD ($) | Apr. 30, 2015 | Jul. 31, 2016USD ($)$ / sharesshares | Jul. 31, 2016USD ($)$ / shares | Jul. 31, 2015USD ($) | Jul. 31, 2016USD ($)$ / shares | Oct. 31, 2016$ / shares | Jun. 27, 2016$ / shares | May 16, 2016$ / shares | Feb. 28, 2015$ / shares | Jan. 03, 2011USD ($) | Dec. 30, 2010USD ($) | |
Long Term Debt Related Party [Abstract] | ||||||||||||
Due to Officers or Stockholders | $ 1,940,000 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.00% | 8.00% | 8.00% | |||||||||
Debt Instrument, Periodic Payment | $ 191,029 | $ 291,559 | ||||||||||
Debt Instrument, Increase (Decrease), Net | 1,748,971 | 1,648,441 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||||||||||
Line of Credit Facility, Interest Rate During Period | 8.00% | |||||||||||
Line of Credit Facility, Periodic Payment | 30,162 | 62,138 | ||||||||||
Line of Credit Facility, Increase (Decrease), Net | 11,008 | 266,335 | ||||||||||
Repayments of Lines of Credit | 287,303 | |||||||||||
Loans Payable | $ 1,100,000 | |||||||||||
Loans Payable, Periodic Payment | 108,315 | 165,317 | ||||||||||
Increase (Decrease) in Loan Payable | 991,685 | 934,683 | ||||||||||
Interest Payable | $ 343,219 | 0 | $ 0 | 343,219 | $ 0 | |||||||
Extinguishment of Debt, Amount | 612,697 | |||||||||||
Interest Expense | $ 269,722 | 231,031 | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 9,000 | |||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.26 | $ 0.60 | |||||||
Gain (Loss) on Extinguishment of Debt | $ (208,317) | $ 287,303 | 13,921,168 | |||||||||
Convertible Debt, Fair Value Disclosures | $ 990,000 | $ 990,000 | $ 990,000 | |||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.34 | $ 0.26 | |||||||
Increase (Decrease) in Due to Related Parties | $ 900,000 | |||||||||||
Additional Paid in Capital | $ 454,265 | $ 454,265 | $ 454,265 | |||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 13,921,168 | 6,041,775 | ||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 13,921,168 | $ 13,921,168 |
Note 10. Related Party Conver44
Note 10. Related Party Convertible Debt (Details) - Summary of the Contractual Principal Maturities for the Loan Agreements - USD ($) | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 |
Summary of the Contractual Principal Maturities for the Loan Agreements [Abstract] | |||||||
2,017 | $ 191,029 | ||||||
2,018 | $ 57,676 | ||||||
2,019 | $ 62,690 | ||||||
2,020 | $ 67,273 | ||||||
2,021 | $ 72,655 | ||||||
Subsequent years | $ 1,489,078 | ||||||
$ 1,940,000 |
Note 10. Related Party Conver45
Note 10. Related Party Convertible Debt (Details) - Fair Value of the Convertible Series A Preferred Stock - USD ($) | 12 Months Ended | |||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 30, 2016 | Jul. 29, 2016 | |
Fair Value of the Convertible Series A Preferred Stock [Abstract] | ||||
Stock price on transaction date | $ 0.454 | $ 0.45 | $ 0.34 | |
Exercise price | $ 0.396 | $ 1 | ||
Expected life in years | 8 | |||
Expected volatility - peer group | 195.18% | 248.00% | ||
Risk free rate | 1.29% | 1.88% | ||
Fair value per unit | $ 0.45 | |||
Units (in Shares) | 990,000 | |||
Total Fair value (in Dollars) | $ 445,735 |
Note 10. Related Party Conver46
Note 10. Related Party Convertible Debt (Details) - Fair Value of the Conversion | 12 Months Ended | |
Jul. 31, 2016$ / shares | Jul. 31, 2015$ / shares | |
Fair Value of the Conversion [Abstract] | ||
Fair value of the Company's stock price at the date of conversion (in Dollars per share) | $ 0.396 | $ 1 |
Conversion rate as adjusted for the Amazing Energy Inc. exchange ratio | 0.26 | |
Estimated volatility | 195.18% | 248.00% |
Risk free interest rate | 1.29% | 1.88% |
Conversion period | 15 years |
Note 11. Mineral Property Opt47
Note 11. Mineral Property Option Agreement (Details) - USD ($) | 12 Months Ended | ||||||
Jul. 31, 2016 | Jul. 31, 2015 | Dec. 31, 2016 | Apr. 15, 2016 | Jan. 31, 2016 | Nov. 23, 2015 | Oct. 07, 2014 | |
Long Lived Assets Held-for-sale, Description [Abstract] | |||||||
Contractual Obligation | $ 400,000 | $ 500,000 | |||||
Contractual Obligation, Option Fee Payment | $ 50,000 | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | 95.00% | ||||
Contractual Obligation, Balance Due | $ 169,788 | ||||||
Gain on Sale of Mineral Property | $ (100,772) | $ (5,192) |
Note 12. Asset Retirement Obl48
Note 12. Asset Retirement Obligations (Details) - Asset Retirement Obligations - USD ($) | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Asset Retirement Obligations [Abstract] | ||
Asset retirement obligations - Beginning of year | $ 240,254 | $ 278,612 |
Asset retirement obligations incurred | 4,238 | 7,434 |
Accretion | 12,854 | 11,596 |
Revisions in estimated cash flows | (46,128) | (57,388) |
Asset retirement obligations - End of year | $ 211,218 | $ 240,254 |
Note 13. Acquisition of Gulf 49
Note 13. Acquisition of Gulf South Securities, Inc. (Details) - USD ($) | 2 Months Ended | 12 Months Ended | ||||
Oct. 07, 2014 | Jul. 31, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 30, 2016 | Jul. 29, 2016 | |
Business Combinations [Abstract] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 384,848,504 | 100,000 | ||||
Business Acquisition, Common Stock Purchase Warrants Issued, Number of Warrants (in Shares) | 2,674,576 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 100,000 | |||||
Business Acquisition, Series B Preferred Stock Issued, Number of Preferred Series B Shares (in Shares) | 50,000 | |||||
Business Acquisition, Transaction Costs | $ 5,984,914 | $ 5,984,914 | ||||
Share Price (in Dollars per share) | $ 0.454 | $ 0.454 | $ 0.45 | $ 0.34 | ||
Stock Issued During Period, Value, Acquisitions | $ 2,439,583 | $ 3,314 | ||||
Fair Value Assumptions, Exercise Price (in Dollars per share) | $ 0.396 | $ 0.396 | $ 1 | |||
Common Stock Purchase Warrants, Issued, Value | $ 1,058,528 | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 2,476,803 | $ 2,476,803 | ||||
Acquisition Costs, Cumulative | $ 93,500 | $ 93,500 | ||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | 5,373,528 | 25,000 | ||||
Goodwill and Intangible Asset Impairment | $ 5,975,836 |
Note 13. Acquisition of Gulf 50
Note 13. Acquisition of Gulf South Securities, Inc. (Details) - Fair Value of the Convertible Series B Preferred Stock - USD ($) | 12 Months Ended | |||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 30, 2016 | Jul. 29, 2016 | |
Fair Value of the Convertible Series B Preferred Stock [Abstract] | ||||
Stock price on transaction date | $ 0.454 | $ 0.45 | $ 0.34 | |
Exercise price | $ 1 | |||
Expected life in years | 8 | |||
Expected volatility – peer group | 195.18% | 248.00% | ||
Risk free rate | 1.29% | 1.88% | ||
Fair value per unit | $ 0.396 | $ 1 | ||
Units (in Shares) | 2,674,576 | |||
Total Fair value (in Dollars) | $ 445,735 |
Note 13. Acquisition of Gulf 51
Note 13. Acquisition of Gulf South Securities, Inc. (Details) - Purchase Price Allocation - USD ($) | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Purchase Price Allocation [Abstract] | ||
Common stock issued on acquisition | $ 2,439,583 | $ 3,314 |
Stock purchase warrants issued on acquisition | 1,058,528 | |
Series B Preferred stock issued on acquisition | 2,476,803 | |
Cash | 5,974,915 | |
$ 5,984,914 |
Note 13. Acquisition of Gulf 52
Note 13. Acquisition of Gulf South Securities, Inc. (Details) - Net assets acquired | Jul. 31, 2016USD ($) |
Net assets acquired [Abstract] | |
Cash | $ 9,100 |
Prepaid expenses | 2,357 |
Goodwill | 5,975,836 |
Accounts payable | (2,379) |
$ 5,984,914 |
Note 13. Acquisition of Gulf 53
Note 13. Acquisition of Gulf South Securities, Inc. (Details) - Unaudited Pro Forma Financial Information - USD ($) | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Unaudited Pro Forma Financial Information [Abstract] | ||
Revenue | $ 441,883 | $ 1,395,400 |
Loss from operations | (803,715) | (1,029,135) |
Net loss | $ (1,073,351) | $ (9,858,181) |
Net loss per share available to common stockholders, basic and diluted (in Dollars per share) | $ (0.02) | $ (0.43) |
Note 14. Fair Value of Financ54
Note 14. Fair Value of Financial Instruments (Details) - Fair Value Measurement on a Nonrecurring Basis - USD ($) | Jul. 31, 2016 | Jul. 31, 2015 |
Fair Value Measurement on a Nonrecurring Basis [Abstract] | ||
Preferred stock series A | $ 0 | $ 0 |
Common stock purchase warrants | 1,058,528 | |
Preferred stock series B | 500 | |
Goodwill impairment | $ 5,965,836 |
Note 14. Fair Value of Financ55
Note 14. Fair Value of Financial Instruments (Details) - Fair Value Measurement on a Nonrecurring Basis | 12 Months Ended |
Jul. 31, 2015USD ($) | |
Fair Value Measurement on a Nonrecurring Basis [Abstract] | |
Convertible debt modification | $ 13,921,168 |
Note 15. Subsequent Events (Det
Note 15. Subsequent Events (Details) - USD ($) | Dec. 02, 2014 | Oct. 02, 2014 | Oct. 31, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | Dec. 31, 2016 | Aug. 31, 2016 | Apr. 15, 2016 | Jan. 31, 2016 | Feb. 28, 2015 | Oct. 07, 2014 |
Subsequent Events [Abstract] | |||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | 95.00% | ||||||||
Contractual Obligation | $ 400,000 | $ 500,000 | |||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ 0.26 | $ 0.01 | $ 0.60 | ||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 28,000 | 2,500,000 | 5,763,098 | 699,400 | |||||||
Stock Issued During Period, Value, New Issues | $ 23,325 | $ 1,495,372 | $ 1,498,405 | $ 181,844 | $ 1,495,735 |
Note 16. Supplemental Oil and57
Note 16. Supplemental Oil and Gas Disclosures (Unaudited) (Details) | 12 Months Ended |
Jul. 31, 2016 | |
Policy Text Block [Abstract] | |
Exploratory Wells Drilled, Net Productive | 22 |
Development Wells Drilled, Net Productive | 16 |
Exploratory Wells Drilled, Net Nonproductive | 6 |
Note 16. Supplemental Oil and58
Note 16. Supplemental Oil and Gas Disclosures (Unaudited) (Details) - Costs Incurred - USD ($) | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Costs Incurred [Abstract] | ||
Development costs | $ 283,750 | $ 369,198 |
Total costs incurred | $ 283,750 | $ 369,198 |
Note 16. Supplemental Oil and59
Note 16. Supplemental Oil and Gas Disclosures (Unaudited) (Details) - Capitalized Costs - USD ($) | Jul. 31, 2016 | Jul. 31, 2015 |
Capitalized Costs [Abstract] | ||
Proved properties | $ 7,243,509 | $ 7,004,779 |
Total oil and gas properties | 7,243,509 | 7,004,779 |
Accumulated DD&A | (997,986) | (873,027) |
Net oil and gas properties | $ 6,245,523 | $ 6,131,752 |
Note 16. Supplemental Oil and60
Note 16. Supplemental Oil and Gas Disclosures (Unaudited) (Details) - Estimated Quantities of Net Proved Oil and Natural Gas Reserves - bbl | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Reserves: | ||
Beginning of year | 357,290 | 274,750 |
Revisions of previous estimates | (85,884) | 15,023 |
Extensions, discoveries and other additions | 172,970 | 79,984 |
Production | (7,396) | (12,467) |
End of year | 436,980 | 357,290 |
Note 16. Supplemental Oil and61
Note 16. Supplemental Oil and Gas Disclosures (Unaudited) (Details) - Standardized Measure of Discounted Future Net Cash Flows - USD ($) | Jul. 31, 2016 | Jul. 31, 2015 |
Standardized Measure of Discounted Future Net Cash Flows [Abstract] | ||
Future cash inflows | $ 19,551,030 | $ 24,859,110 |
Future production costs | (7,569,270) | (5,929,190) |
Future development costs | (2,193,800) | (1,361,600) |
Future income tax expense | (3,425,783) | (6,148,912) |
Discount at 10% for estimated timing of cash flows | (1,733,300) | (3,569,707) |
Standardized measure of discounted future net cash flows | $ 4,628,877 | $ 7,849,701 |
Note 16. Supplemental Oil and62
Note 16. Supplemental Oil and Gas Disclosures (Unaudited) (Details) - Reconciliation of Changes in Standardized Measure of Discounted Future Net Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Reconciliation of Changes in Standardized Measure of Discounted Future Net Cash Flows [Abstract] | ||
Standardized Measure, beginning of year | $ 7,849,707 | $ 7,760,844 |
Sales of oil produced, net of production costs | 279,026 | (97,244) |
Net changes in prices, development and production costs | (7,500,569) | (1,394,949) |
Extensions, discoveries and improved recovery, less related costs | 3,381,367 | 2,047,764 |
Development costs incurred and changes during the period | 76,471 | 369,198 |
Revisions of previous quantity estimates | (1,166,679) | (6,394,510) |
Accretion of discount | 776,341 | 7,079,423 |
Net changes in production rates and other | (1,002,119) | 161,173 |
Net changes in income taxes | 1,935,332 | (1,681,992) |
Standardized Measure, end of year | $ 4,628,877 | $ 7,849,707 |
Uncategorized Items - amaz-2016
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Share based compensation | us-gaap_ShareBasedCompensation | $ 97,505 |
ConversionofPreferredStock | amaz_ConversionofPreferredStock | (19,859) |
Common Stock [Member] | ||
ConversionofPreferredStock | amaz_ConversionofPreferredStock | $ 19,939 |
Conversion of preferred stock (in Shares) | amaz_ConversionOfPreferredStockShares | 19,938,750 |
Noncontrolling Interest [Member] | ||
Share based compensation | us-gaap_ShareBasedCompensation | $ 69,775 |
Preferred Stock [Member] | ||
ConversionofPreferredStock | amaz_ConversionofPreferredStock | $ (80) |
Conversion of preferred stock (in Shares) | amaz_ConversionOfPreferredStockShares | (79,755) |