Eos Petro (EOPT) 10-Q 27 Apr 18 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Mar. 09, 2018
Document and Entity Information:
Entity Registrant Name	Eos Petro, Inc.
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Entity Central Index Key	1,419,583
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		55,496,528
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	eopt

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash	$ 4,485	$ 24,762
Other current assets
Total current assets	4,485	24,762
Long-term deposits	65,089	54,128
Total assets	69,574	78,890
Current liabilities
Accounts payable	1,596,546	1,501,514
Accrued expenses	1,314,957	1,221,456
Accrued officers' compensation	543,662	467,501
Accrued termination fee	5,500,000	5,500,000
Accrued structuring fee	4,000,000	4,000,000
LowCal convertible and promissory notes payable, in default	8,250,000	8,250,000
Notes payable, net of discount of $0 and $45,916	2,148,000	2,022,084
Derivative liabilities	468,689	469,267
Total current liabilities	23,821,854	23,431,822
Asset retirement obligation	104,308	101,764
Total liabilities	23,926,162	23,533,586
Stockholders' deficit
Series B Preferred stock: $0.0001 par value; 44,000,000 shares authorized,none issued and outstanding
Common stock; $0.0001 par value; 300,000,000 shares authorized 52,811,528 and 52,461,528 shares issued and outstanding	5,281	5,246
Additional paid-in capital	142,911,858	141,543,351
Accumulated deficit	(166,773,727)	(165,003,293)
Total stockholders' deficit	(23,856,588)	(23,454,696)
Total liabilities and stockholders' deficit	$ 69,574	$ 78,890

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Note Payable, discount	$ 0	$ 45,916
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares Issued	52,811,528	52,461,528
Common Stock, Shares Outstanding	52,811,528	52,461,528
Series B Preferred Stock
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	44,000,000	44,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Oil and gas sales		$ 19,428
Costs and expenses
Lease operating expense		32,674
General and administrative	1,330,985	9,986,981
Total costs and expenses	1,330,985	10,019,655
Loss from operations	(1,330,985)	(10,000,227)
Other income (expense)
Interest and finance costs	(440,027)	(1,923,931)
Change in fair value of derivative liabilities	578	605,662
Total other income (expense)	(439,449)	(1,318,269)
Net loss	$ (1,770,434)	$ (11,318,496)
Net loss per share attributed to common stockholders - basic and diluted	$ (0.03)	$ (0.24)
Weighted average common shares outstanding basic and diluted	52,670,972	48,118,981

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Deficit (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Stockholders' Equity, beginning of period, Value at Dec. 31, 2016	$ 5,246	$ 141,543,351	$ (165,003,293)	$ (23,454,696)
Stockholders' Equity, beginning of period, Shares at Dec. 31, 2016	52,461,528			52,461,528
Issuance of common stock for debt extension, Value	$ 15	223,485		$ 223,500
Issuance of common stock for debt extension, Shares	150,000			150,000
Issuance of common stock for services, Value		148,990		$ 150,000
Issuance of common stock for services, Shares				100,000
Issuance of common stock for cash, Value	$ 10	99,990		$ 100,000
Issuance of common stock for cash, Shares	100,000			100,000
Fair value of vested options		896,042		$ 896,042
Net loss			(1,770,434)	(1,770,434)
Stockholders' Equity, end of period, Value at Mar. 31, 2017	$ 5,281	$ 142,911,858	$ (166,773,727)	$ (23,856,588)
Stockholders' Equity, end of period, Shares at Mar. 31, 2017	52,811,528			52,811,528

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net loss	$ (1,770,434)	$ (11,318,496)
Adjustments to reconcile net loss to net cash used in operating activities:
Depletion		6,273
Depreciation		1,378
Accretion of asset retirement obligation	2,544	2,313
Amortization of debt discounts	45,916
Fair value of stock issued for services	149,000
Fair value of stock issued for debt extension	223,500	1,250,000
Fair value of stock issued for amendment of note agreement		300,000
Fair value of warrants issued for consulting services		569,395
Fair value of warrants issued for amendment of note agreement		188,378
Fair value of vested options	896,042	7,836,691
Sale of common shares owned by majority stockholder to affiliates at discount		931,060
Change in fair value of derivative liabilities	(578)	(605,662)
Change in operating assets and liabilities:
Other current assets		3,694
Long-term deposit	(10,961)
Accounts payable	95,032	227,308
Accrued expenses	173,501	214,220
Accrued compensation - officer	76,161	90,000
Net cash used in operating activities	(120,277)	(303,448)
Cash flows from financing activities:
Proceeds from issuance of notes payable		250,000
Proceeds from the sale of common stock	100,000
Repayment of notes payable		(20,000)
Proceeds from issuance of notes payable, related party		125,000
Repayment of notes payable, related party		(45,275)
Net cash provided by financing activities	100,000	309,725
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(20,277)	6,277
CASH AND CASH EQUIVALENTS, beginning of period	24,762	1,367
CASH AND CASH EQUIVALENTS, end of period	4,485	7,644
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Notes payable issued for accounts payable		120,000
Accrued interest and loan fee converted to note payable	$ 80,000

Note 1 - Organization And Summa

Note 1 - Organization And Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Note 1 - Organization And Summary of Significant Accounting Policies	NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Business Eos Petro, Inc. (the “Company”) was organized under the laws of the state of Nevada in 2007. On October 12, 2012, the Company (then named "Cellteck, Inc.") and Eos Global Petro, Inc. ("Eos"). As a result of the merger, Eos became a wholly-owned subsidiary of the Company. Effective May 20, 2013, the Company changed its name to Eos Petro, Inc. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of March 31, 2017, the Company had a stockholders’ deficit of $23,856,588, and, for the three months ended March 31, 2017, reported a net loss of $1,770,434 and had negative cash flows from operating activities of $120,277. The Company is also in default on $8,590,000 of its convertible and promissory notes. In addition, the Company may have become obligated to pay a $5.5 million termination fee under the "Dune Merger Agreement," as defined in Note 8 below (the "Parent Termination Fee," as more fully defined in the Dune Merger Agreement) (see Note 8) and $4 million that may be due under a structuring fee with GEM Global Yield Fund ("GEM"). Furthermore, $8,250,000 of LowCal Convertible and Promissory Notes became due on May 1, 2016 and are therefore now due and payable. Management estimates the Company's capital requirements for the next twelve months, including drilling and completing wells for the Company's oil and gas "Works Property" located in Illinois and possible acquisitions, will total approximately $2,500,000, excluding any amounts that may be due to Dune Energy, Inc. under the Dune Merger Agreement or a $4 million structuring fee that may be due to GEM. Errors may be made in predicting and reacting to relevant business trends and the Company will be subject to the risks, uncertainties and difficulties frequently encountered by early-stage companies. The Company may not be able to successfully address any or all of these risks and uncertainties. Failure to adequately do so could cause the Company's business, results of operations, and financial condition to suffer. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty. The Company's ability to continue as a going concern is an issue due to its net losses and negative cash flows from operations, and its need for additional financing to fund future operations. The Company's ability to continue as a going concern is subject to its ability to obtain necessary funding from outside sources, including the sale of its securities or obtaining loans from investors or financial institutions. There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. Any debt financing or other financing of securities senior to common stock that the Company is able to obtain will likely include financial and other covenants that will restrict the Company's flexibility. At a minimum, the Company expects these covenants to include restrictions on its ability to pay dividends on its common stock in the case of debt financing, or cause substantial dilution for stockholders in the case of convertible debt and equity financing. Any failure to comply with these covenants would have a material adverse effect on the Company's business, prospects, financial condition, results of operations and cash flows. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates reflected in the condensed consolidated financial statements include, but are not limited to, amortization and depletion allowances, the recoverability of the carrying amount and estimated useful lives of long-lived assets, asset retirement obligations, the valuation of equity instruments issued in connection with financing transactions and share-based compensation, and assumptions used in valuing derivative liabilities and net operating loss carryforwards. Actual results could differ from those estimates. Basic and Diluted Earnings (Loss) Per Share Earnings per share is calculated in accordance with the ASC 260-10, “Earnings Per Share.” March 31, December 31, 2017 2016 Options 5,750,000 5,750,000 Warrants 8,627,734 8,627,734 Convertible notes 2,000,000 2,000,000 Total 16,377,734 16,377,734 Concentrations One customer accounted for 100% of oil sales for the three months ended March 31, 2016. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued ASU 2016-08, ASU 2016-10, ASU 2016-11, ASU 2016-12, ASU 2016-20, and ASU 2017-05, all of which clarify certain implementation guidance within ASU 2014-09. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. The standard can be adopted either retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The Company is currently in the process of analyzing the information necessary to determine the impact of adopting this new guidance on its financial position, results of operations, and cash flows. The Company will adopt the provisions of this statement in the first quarter of fiscal 2018. In February 2016, the FASB issued ASU No. 2016-02, Leases. This update will require the recognition of a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, for all leases with terms longer than 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of comprehensive income and the repayment of the principal portion of the lease liability will be classified as a financing activity while the interest component will be included in the operating section of the statement of cash flows. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its financial statements and related disclosures. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

Note 2 - LowCal Convertible and

Note 2 - LowCal Convertible and Promissory Notes Payable	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Note 2 - LowCal Convertible and Promissory Notes Payable	NOTE 2 - LOWCAL CONVERTIBLE AND PROMISSORY NOTES PAYABLE LowCal convertible and promissory notes payable at March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, 2017 2016 LowCal Convertible Note $ 5,000,000 $ 5,000,000 LowCal Promissory Note 3,250,000 3,250,000 Total $ 8,250,000 $ 8,250,000 The LowCal Loan is secured by: (i) a mortgage, lien on, assignment of and security interest in and to oil and gas properties; (ii) a guaranty by the Company as a primary obligor for payment of Eos' obligations when due; and (iii) a first priority position equal to the outstanding principal balance of and accrued interest on the LowCal Loan on the first draw down by either Eos or the Company from a commitment letter entered into with a prospective investor, should the Company or Eos be in a position to draw on this facility. As amended, the maturity dates of both the LowCal Loan and the Second LowCal Note are May 1, 2016, and are currently in default. The Second LowCal Note must also be repaid upon the earlier to occur of: (i) the Company closing certain potential acquisition transactions, or (ii) the Company closing a financing for a minimum of $20,000,000. The parties have agreed that, upon repayment in full of the Second LowCal Note, LowCal will forever release, cancel and terminate all of its mortgages and any other liens against the Company.

Note 3 - Notes Payable

Note 3 - Notes Payable	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Note 3 - Notes Payable	NOTE 3 – NOTES PAYABLE Notes payable at March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, 2017 2016 Secured note payable, at 18% (1) $ 300,000 $ 300,000 Note payable at 10%, (2) 728,000 728,000 Note payable, at 2%, (3) 100,000 100,000 Notes payable at 5% to 10% (4) 200,000 200,000 Note payable at 10%, (5) 200,000 200,000 Note payable at 5%, (6) 580,000 500,000 Note payable at 2%, (7) 40,000 40,000 Total notes payable 2,148,000 2,068,000 Debt discount - (45,916) $ 2,148,000 $ 2,022,084 (1) Note payable issued in 2012 to Vatsala Sharma with interest at 18% per annum, secured by all of Eos’ assets, a mortgage on the Works oil and gas property, a 50% security interest in Nikolas Konstant’s personal residence, and his personally held shares in a non-affiliated public corporation. As amended, the maturity date of the Sharma loan is January 15, 2017. This note is currently in default. (2) Notes payable issued in 2014 ($130,000), 2015 ($453,000), and 2016 ($275,000) to Bacchus Investors, LLC, with interest at 4-10% per annum, unsecured, and due upon demand. (3) Note payable issued in 2014 to Ridelinks, Inc., interest at 2% per annum, and unsecured. The note was initially due March 26, 2016. On April 14, 2017, the note was amended to extend the maturity date July 31, 2017 (see Note 9). (4) Unsecured promissory notes, interest at 5% to 10% per annum, and due upon demand. (5) Note payable issued in 2016, interest at 10%, and secured by certain assets. The note was initially due December 15, 2016. On April 11, 2017, the note was amended to extend the maturity date to July 30, 2017 (see Note 9). (6) Note payable issued in 2016, interest at 5%, secured by certain assets of the Company, in the original principal amount of $500,000, due on June 5, 2017. On February 6, 2017, the note was amended and a loan fee of $75,000 and accrued interest of $5,000 were added to principal. In addition, the Company agreed to issue 150,000 shares to the note holder valued at $223,500 based on the market price of the Company’s stock on the date of the amendment. (7) Note issued in 2016, with an original issue discount of $10,000, unsecured, and due November 30, 2016. The note is currently in default. During three months ended March 31, 2017, the Company recognized amortization of debt discounts of notes issued in 2016 of $45,916. As of March 31, 2017, the unamortized valuation discount was $0.

Note 4 - Derivative Liabilities

Note 4 - Derivative Liabilities	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Note 4 - Derivative Liabilities	NOTE 4 – DERIVATIVE LIABILITIES Under authoritative guidance used by the FASB on determining whether an instrument (or embedded feature) is indexed to an entity’s own stock, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. On November 1, 2016, the Company issued a warrant to purchase an aggregate of 500,000 shares of the Company’s common stock to an investor in connection with a note payable. The exercise price of the warrant is equal to 85% of the price per shares of common stock sold by the Company in a future offering of at least $1,000,000. If no such offering occurs within six months then the exercise price will be $0.10 per shares. Since the exercise price of the warrant is a percentage of a future offering price, the Company determined that the warrant met the definition of a derivative and is to be re-measured at the end of each reporting period with the change in fair value reported in the statement of operations. As of March 31, 2017, and December 31, 2016, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions: March 31, December 31, 2017 2016 Exercise Price $ 0.10 $ 0.10 Stock Price $ 1.00 $ 1.00 Expected life of the options (Years) 2.59 2.84 Expected volatility 136% 133% Risk-free interest rate 1.50% 0.80% Expected dividend yield 0% 0% Fair Value $ 468,689 $ 469,267 The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the warrants was determined by the expiration dates of the warrants. The expected dividend yield was based on the fact that the Company has not paid dividends to its common stockholders in the past and does not expect to pay dividends to its common stockholders in the future. The Company recorded an adjustment to the fair value of derivative liabilities of $578 and $605,662 for three months ended March 31, 2017 and 2016, respectively, and were valued using Level 2 inputs.

Note 5 - Related Party Transact

Note 5 - Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Note 5- Related Party Transactions	NOTE 5 - RELATED PARTY TRANSACTIONS Plethora Enterprises, LLC The Company has a consulting agreement with Plethora, which is solely owned by Nikolas Konstant, the Company’s Chairman of the Board and Chief Financial Officer. Under the consulting agreement, for the three months ended March 31, 2017 and 2016, the Company recorded compensation expense of $90,000 and $90,000, respectively. At March 31, 2017 and December 31, 2016 and 2015, there was $403,262 and $363,601, respectively, due to Mr. Konstant, and included in the balance of accrued officers’ compensation in the accompanying consolidated balance sheet. During the three months ended March 31, 2016, Plethora sold an aggregate of 351,515 of its shares of the Company's restricted common stock in private sales. The proceeds from these sales of $125,000 were loaned to the Company. Of the 351,515 shares of common stock sold by Plethora, 251,515 shares were sold to either affiliates of the Company, vendors, or individuals with whom the Company had a past business relationship. The Company considered the provisions of Staff Accounting Bulletin ("SAB") Topic 5T, Accounting for Expenses or Liabilities Paid by Principal Stockholders

Note 6 - Stockholders' Deficit

Note 6 - Stockholders' Deficit	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Note 6- Stockholders' Deficit	NOTE 6- STOCKHOLDERS’ DEFICIT During the three months ended March 31, 2017 the Company issued: · · ·

Note 7 - Stock Options and Warr

Note 7 - Stock Options and Warrants	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Note 7 - Stock Options and Warrants	NOTE 7 - STOCK OPTIONS AND WARRANTS Option Activity A summary of the option activity is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price ($) Life (in years) Value ($) Outstanding, December 31, 2016 5,750,000 1.33 3.63 - Granted - Exercised - Forfeited/Canceled - Outstanding, March 31, 2017 5,750,000 1.33 3.38 - Exercisable, March 31, 2017 4,250,000 1.44 3.24 - At March 31, 2017, there was no intrinsic value to the outstanding and exercisable stock options. The following table summarizes information about options outstanding at March 31, 2017: Options Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 1.00 4,500,000 3.79 1.00 2.50 1,250,000 1.92 2.50 Options Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 1.00 3,000,000 3.79 1.00 2.50 1,250,000 1.92 2.50 During the three months ended March 31, 2017 and 2016, the Company recorded $896,042 and $7,836,691, respectively, of share based compensation relating to the vesting of options granted in 2016. As of March 31, 2017, the unamortized balance related to future stock based compensation for options previously granted but not vested is $2,284,172. Warrant Activity A summary of warrant activity is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Warrants Price ($) Life (in years) Value ($) Outstanding, December 31, 2016 8,627,734 2.75 2.26 450,000 Granted - Exercised - Forfeited/Canceled - Outstanding, March 31, 2017 8,627,734 2.75 2.01 450,000 Exercisable, March 31, 2017 8,627,734 2.75 2.01 450,000 The following tables summarize information about warrants outstanding and exercisable at March 31, 2017: Warrants Outstanding and Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 0.10 500,000 2.59 1.00 1.00 2,175,000 1.59 1.00 2.00 1,100,000 2.56 2.00 2.50 3,207,734 2.37 2.50 3.00 50,000 2.88 3.00 4.00 75,000 1.34 4.00 6.00 20,000 0.08 6.00 7.15 1,500,000 1.28 7.15 8,627,734

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Note 8 - Commitments and Contingencies	NOTE 8 - COMMITMENTS AND CONTINGENCIES Dune Merger Agreement On September 17, 2014 the Company entered into an Agreement and Plan of Merger with Dune Energy Inc. ("Dune") and Eos Delaware, dated as of September 16, 2014, as subsequently amended (the "Dune Merger Agreement"), and on the terms and subject to the conditions described therein, Eos Delaware agreed to conduct a cash tender offer to purchase all of Dune's issued and outstanding shares of common stock at a price of $0.30 per share in cash, without interest, upon the terms and conditions set forth in the Dune Merger Agreement. Due to the severe decline in oil prices, the Company's sources of capital for the merger and tender offer were withdrawn, and the Company was unable to complete the merger and tender described in the Dune Merger Agreement on the terms originally negotiated. After a series of amendments to the Dune Merger Agreement while the parties continued to try to negotiate financing terms, the tender offer ultimately expired on February 27, 2015. Subsequently, on March 4, 2015, Dune provided the Company with notice of its decision to terminate the Dune Merger Agreement in accordance with the terms thereof, and demanded the Parent Termination Fee (as defined in the Dune Merger Agreement) of $5,500,000 in cash, and reimbursement for certain unidentified expenses incurred by Dune. Dune has threatened to bring litigation to collect these amounts in connection with its contention that the Company breached the Dune Merger Agreement and is entitled to the Parent Termination Fee. The Company has accordingly recorded a liability for $5,500,000 related to the Parent Termination Fee. No lawsuit has been filed to date against the Company for the Parent Termination Fee, and the Company would vigorously defend itself, should any action ever be brought. GEM Global Yield Fund Pursuant to the financing commitment, dated August 31, 2011, and the Common Stock Purchase Agreement and Registration Rights Agreement, both dated as of July 11, 2013, entered into between the Company and GEM (collectively referred to as the "Commitment Agreements"), the Company was required to use commercially reasonable efforts to uplist to the NYSE, NASDAQ or AMEX stock exchange within 270 days of July 11, 2013, and then to file a registration statement covering the shares and warrants referenced in the Commitment Agreements within 30 days of uplisting. The Company further agreed to pay to GEM a structuring fee equal to $4 million, which was to be paid on the 18-month anniversary of July 11, 2013 regardless of whether the Company had drawn down from the Commitment at that time. At the Company's election, the Company may elect to pay the structuring fee in registered shares of its common stock of the Company at a per share price equal to 90% of the average closing trading price of the Company's common stock for the thirty-day period immediately prior to the 18-month anniversary of July 11, 2013. As of January 11, 2015, the 18-month anniversary date of the agreement, the Company had not met this requirement and may now become liable for payment of this structuring fee to GEM. As of December 31, 2015, the Company has recorded an accrued structuring fee of $4 million.

Note 9 - Subsequent Events

Note 9 - Subsequent Events	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Note 9- Subsequent Events	NOTE 9– SUBSEQUENT EVENTS These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-Q for the period ended September 30, 2017, filed on April 27, 2018, with the Securities and Exchange Commission, which contains additional information of events subsequent to March 31, 2017.

Note 1 - Organization and Sum16

Note 1 - Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Policy Text Block [Abstract]
Organization and Business	Organization and Business Eos Petro, Inc. (the “Company”) was organized under the laws of the state of Nevada in 2007. On October 12, 2012, the Company (then named "Cellteck, Inc.") and Eos Global Petro, Inc. ("Eos"). As a result of the merger, Eos became a wholly-owned subsidiary of the Company. Effective May 20, 2013, the Company changed its name to Eos Petro, Inc.
Going Concern	Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of March 31, 2017, the Company had a stockholders’ deficit of $23,856,588, and, for the three months ended March 31, 2017, reported a net loss of $1,770,434 and had negative cash flows from operating activities of $120,277. The Company is also in default on $8,590,000 of its convertible and promissory notes. In addition, the Company may have become obligated to pay a $5.5 million termination fee under the "Dune Merger Agreement," as defined in Note 8 below (the "Parent Termination Fee," as more fully defined in the Dune Merger Agreement) (see Note 8) and $4 million that may be due under a structuring fee with GEM Global Yield Fund ("GEM"). Furthermore, $8,250,000 of LowCal Convertible and Promissory Notes became due on May 1, 2016 and are therefore now due and payable. Management estimates the Company's capital requirements for the next twelve months, including drilling and completing wells for the Company's oil and gas "Works Property" located in Illinois and possible acquisitions, will total approximately $2,500,000, excluding any amounts that may be due to Dune Energy, Inc. under the Dune Merger Agreement or a $4 million structuring fee that may be due to GEM. Errors may be made in predicting and reacting to relevant business trends and the Company will be subject to the risks, uncertainties and difficulties frequently encountered by early-stage companies. The Company may not be able to successfully address any or all of these risks and uncertainties. Failure to adequately do so could cause the Company's business, results of operations, and financial condition to suffer. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty. The Company's ability to continue as a going concern is an issue due to its net losses and negative cash flows from operations, and its need for additional financing to fund future operations. The Company's ability to continue as a going concern is subject to its ability to obtain necessary funding from outside sources, including the sale of its securities or obtaining loans from investors or financial institutions. There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. Any debt financing or other financing of securities senior to common stock that the Company is able to obtain will likely include financial and other covenants that will restrict the Company's flexibility. At a minimum, the Company expects these covenants to include restrictions on its ability to pay dividends on its common stock in the case of debt financing, or cause substantial dilution for stockholders in the case of convertible debt and equity financing. Any failure to comply with these covenants would have a material adverse effect on the Company's business, prospects, financial condition, results of operations and cash flows.
Estimates	Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates reflected in the condensed consolidated financial statements include, but are not limited to, amortization and depletion allowances, the recoverability of the carrying amount and estimated useful lives of long-lived assets, asset retirement obligations, the valuation of equity instruments issued in connection with financing transactions and share-based compensation, and assumptions used in valuing derivative liabilities and net operating loss carryforwards. Actual results could differ from those estimates.
Basic and Diluted Earnings (Loss) Per Share	Basic and Diluted Earnings (Loss) Per Share Earnings per share is calculated in accordance with the ASC 260-10, “Earnings Per Share.” March 31, December 31, 2017 2016 Options 5,750,000 5,750,000 Warrants 8,627,734 8,627,734 Convertible notes 2,000,000 2,000,000 Total 16,377,734 16,377,734
Concentrations	Concentrations One customer accounted for 100% of oil sales for the three months ended March 31, 2016.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued ASU 2016-08, ASU 2016-10, ASU 2016-11, ASU 2016-12, ASU 2016-20, and ASU 2017-05, all of which clarify certain implementation guidance within ASU 2014-09. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. The standard can be adopted either retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The Company is currently in the process of analyzing the information necessary to determine the impact of adopting this new guidance on its financial position, results of operations, and cash flows. The Company will adopt the provisions of this statement in the first quarter of fiscal 2018. In February 2016, the FASB issued ASU No. 2016-02, Leases. This update will require the recognition of a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, for all leases with terms longer than 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of comprehensive income and the repayment of the principal portion of the lease liability will be classified as a financing activity while the interest component will be included in the operating section of the statement of cash flows. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its financial statements and related disclosures. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

Note 1 - Organization and Sum17

Note 1 - Organization and Summary of Significant Accounting Policies: Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block Supplement [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive. March 31, December 31, 2017 2016 Options 5,750,000 5,750,000 Warrants 8,627,734 8,627,734 Convertible notes 2,000,000 2,000,000 Total 16,377,734 16,377,734

Note 2 - LowCal Convertible a18

Note 2 - LowCal Convertible and Promissory Notes Payable: Summary of Convertible Promissory Notes (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block Supplement [Abstract]
Summary of Convertible Promissory Notes	LowCal convertible and promissory notes payable at March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, 2017 2016 LowCal Convertible Note $ 5,000,000 $ 5,000,000 LowCal Promissory Note 3,250,000 3,250,000 Total $ 8,250,000 $ 8,250,000

Note 3 - Notes Payable_ Schedul

Note 3 - Notes Payable: Schedule of Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block Supplement [Abstract]
Schedule of Notes Payable	Notes payable at March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, 2017 2016 Secured note payable, at 18% (1) $ 300,000 $ 300,000 Note payable at 10%, (2) 728,000 728,000 Note payable, at 2%, (3) 100,000 100,000 Notes payable at 5% to 10% (4) 200,000 200,000 Note payable at 10%, (5) 200,000 200,000 Note payable at 5%, (6) 580,000 500,000 Note payable at 2%, (7) 40,000 40,000 Total notes payable 2,148,000 2,068,000 Debt discount - (45,916) $ 2,148,000 $ 2,022,084

Note 4 - Derivative Liabiliti20

Note 4 - Derivative Liabilities: Schedule of Warrant Valuation Assumptions (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block Supplement [Abstract]
Schedule of Warrant Valuation Assumptions	As of March 31, 2017, and December 31, 2016, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions: March 31, December 31, 2017 2016 Exercise Price $ 0.10 $ 0.10 Stock Price $ 1.00 $ 1.00 Expected life of the options (Years) 2.59 2.84 Expected volatility 136% 133% Risk-free interest rate 1.50% 0.80% Expected dividend yield 0% 0% Fair Value $ 468,689 $ 469,267

Note 7 - Stock Options and Wa21

Note 7 - Stock Options and Warrants: Schedule of Stock Options, Activity (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block Supplement [Abstract]
Schedule of Stock Options, Activity	A summary of the option activity is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price ($) Life (in years) Value ($) Outstanding, December 31, 2016 5,750,000 1.33 3.63 - Granted - Exercised - Forfeited/Canceled - Outstanding, March 31, 2017 5,750,000 1.33 3.38 - Exercisable, March 31, 2017 4,250,000 1.44 3.24 -

Note 7 - Stock Options and Wa22

Note 7 - Stock Options and Warrants: Schedule of Options Exercisable and Outstanding (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block Supplement [Abstract]
Schedule of Options Exercisable and Outstanding	The following table summarizes information about options outstanding at March 31, 2017: Options Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 1.00 4,500,000 3.79 1.00 2.50 1,250,000 1.92 2.50 Options Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 1.00 3,000,000 3.79 1.00 2.50 1,250,000 1.92 2.50

Note 7 - Stock Options and Wa23

Note 7 - Stock Options and Warrants: Schedule of Warrants, Activity (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block Supplement [Abstract]
Schedule of Warrants, Activity	A summary of warrant activity is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Warrants Price ($) Life (in years) Value ($) Outstanding, December 31, 2016 8,627,734 2.75 2.26 450,000 Granted - Exercised - Forfeited/Canceled - Outstanding, March 31, 2017 8,627,734 2.75 2.01 450,000 Exercisable, March 31, 2017 8,627,734 2.75 2.01 450,000

Note 7 - Stock Options and Wa24

Note 7 - Stock Options and Warrants: Schedule of Exerciseable and Outstanding Warrants (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block Supplement [Abstract]
Schedule of Exerciseable and Outstanding Warrants	The following tables summarize information about warrants outstanding and exercisable at March 31, 2017: Warrants Outstanding and Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 0.10 500,000 2.59 1.00 1.00 2,175,000 1.59 1.00 2.00 1,100,000 2.56 2.00 2.50 3,207,734 2.37 2.50 3.00 50,000 2.88 3.00 4.00 75,000 1.34 4.00 6.00 20,000 0.08 6.00 7.15 1,500,000 1.28 7.15 8,627,734

Note 1 - Organization And Sum25

Note 1 - Organization And Summary of Significant Accounting Policies: Going Concern (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Total stockholders' deficit	$ (23,856,588)		$ (23,454,696)
Net loss	(1,770,434)	$ (11,318,496)
Net cash used in operating activities	(120,277)	$ (303,448)
Works Property
Future Estimated Capital Requirements	$ 2,500,000

Note 1 - Organization And Sum26

Note 1 - Organization And Summary of Significant Accounting Policies: Earnings Per Share (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,377,734	16,377,734
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,750,000	5,750,000
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,627,734	8,627,734
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,000,000	2,000,000

Note 1 - Organization And Sum27

Note 1 - Organization And Summary of Significant Accounting Policies: Concentrations (Details)	3 Months Ended
	Mar. 31, 2016
Sales | Customer Concentration Risk
Concentration Risk, Percentage	100.00%

Note 2 - LowCal Convertible a28

Note 2 - LowCal Convertible and Promissory Notes Payable: Summary of Convertible Promissory Notes (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Convertible Debt, Current	$ 8,250,000	$ 8,250,000
LowCal Convertible Note
Convertible Debt, Current	5,000,000	5,000,000
LowCal Promissory Note
Convertible Debt, Current	$ 3,250,000	$ 3,250,000

Note 2 - LowCal Convertible a29

Note 2 - LowCal Convertible and Promissory Notes Payable (Details)	3 Months Ended
	Mar. 31, 2017
LowCal Loan
Debt Instrument, Payment Terms	The Second LowCal Note must also be repaid upon the earlier to occur of: (i) the Company closing certain potential acquisition transactions, or (ii) the Company closing a financing for a minimum of $20,000,000.

Note 3 - Notes Payable_ Sched30

Note 3 - Notes Payable: Schedule of Notes Payable (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Total notes payable	$ 2,148,000	$ 2,068,000
Debt Discount	0	(45,916)
Note Payable Net	2,148,000	2,022,084
Note Payable 1
Total notes payable	300,000	300,000
Note Payable 2
Total notes payable	728,000	728,000
Note Payable 3
Total notes payable	100,000	100,000
Note Payable 4
Total notes payable	200,000	200,000
Note Payable 5
Total notes payable	200,000	200,000
Note Payable 6
Total notes payable	580,000	500,000
Note Payable 7
Total notes payable	$ 40,000	$ 40,000

Note 3 - Notes Payable (Details

Note 3 - Notes Payable (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 06, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2012	Dec. 31, 2015	Apr. 15, 2015	Dec. 31, 2014
Issuance of common stock for debt extension, Shares		150,000
Issuance of common stock for debt extension, Value		$ 223,500
Unamortized valuation discount		0
Amortization of debt discounts		$ 45,916
Note Payable 1
Debt Instrument, Interest Rate, Stated Percentage					18.00%
Debt Instrument, Maturity Date					Jan. 15, 2017
Note Payable 2
Debt Instrument, Face Amount				$ 275,000		$ 453,000		$ 130,000
Debt Instrument, Interest Rate, Stated Percentage				4.00%		4.00%		4.00%
Note Payable 3
Debt Instrument, Interest Rate, Stated Percentage								2.00%
Debt Conversion, Original Debt, Due Date of Debt		Mar. 26, 2016
Debt Instrument, Maturity Date		Jul. 31, 2017
Note Payable 4
Debt Instrument, Interest Rate, Stated Percentage							5.00%
Note Payable 5
Debt Instrument, Interest Rate, Stated Percentage		10.00%		10.00%
Debt Conversion, Original Debt, Due Date of Debt		Dec. 15, 2016
Debt Instrument, Maturity Date		Jul. 30, 2017
Note Payable 6
Debt Instrument, Face Amount				$ 500,000
Debt Instrument, Interest Rate, Stated Percentage				5.00%
Debt Conversion, Original Debt, Due Date of Debt		Jun. 5, 2017
Loan fee	$ 75,000
Accrued interest	$ 5,000
Issuance of common stock for debt extension, Shares	150,000
Issuance of common stock for debt extension, Value	$ 223,500
Note Payable 7
Debt Instrument, Maturity Date		Nov. 30, 2016
Original issue discount				$ 10,000

Note 4 - Derivative Liabiliti32

Note 4 - Derivative Liabilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Nov. 01, 2016
Offering Cost	$ 1,000,000
Change in fair value of derivative liabilities	$ 578	$ 605,662
Exercise price of warrants	$ 0.10
Warrant
Warrants, Outstanding			500,000

Note 4 - Derivative Liabiliti33

Note 4 - Derivative Liabilities: Schedule of Warrant Valuation Assumptions (Details) - Derivative Liabilities - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value Measurements, Valuation Techniques	Black-Scholes-Merton pricing model
Exercise Price	$ 1	$ 1
Stock Price	$ 1	$ 1
Expected life of the options (Years)	2 years 7 months 2 days	2 years 10 months 3 days
Expected Volatility	136.00%	133.00%
Risk-free interest rate	1.50%	0.80%
Expected dividend yield	0.00%	0.00%
Fair Value	$ 468,689	$ 469,267

Note 5 - Related Party Transa34

Note 5 - Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Plethora Enterprises, LLC
Compensation expense	$ 90,000	$ 90,000
Due to Related Parties, Current	403,262		$ 363,601
Stock Issued During Period, Value, Restricted Stock	$ 125,000
Stock Issued During Period, Shares, Restricted Stock	351,515
Sale of Stock, Number of Shares Issued in Transaction	351,515
Affiliates [Member]
Sale of Stock, Number of Shares Issued in Transaction	251,515

Note 6- Stockholders' Deficit (

Note 6- Stockholders' Deficit (Details)	3 Months Ended
	Mar. 31, 2017USD ($)shares
Issuance of common stock for services, Shares | shares	100,000
Issuance of common stock for services, Value | $	$ 150,000
Issuance of common stock for cash, Value | $	$ 100,000
Issuance of common stock for cash, Shares | shares	100,000
Issuance of common stock for debt extension, Shares | shares	150,000
Issuance of common stock for debt extension, Value | $	$ 223,500
Consultant
Issuance of common stock for services, Shares | shares	100,000
Issuance of common stock for services, Value | $	$ 149,000

Note 7 - Stock Options and Wa36

Note 7 - Stock Options and Warrants: Schedule of Stock Options, Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Text Block [Abstract]
Options, Outstanding, Beginning Balance	5,750,000	5,750,000
Options, Outstanding, Beginning Balance, Weighted Average Exercise Price	$ 1.33	$ 1.33
Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 4 months 17 days	3 years 7 months 17 days
Options, Outstanding Intrinsic Value, Beginning Balance
Options, Granted
Options, Exercised
Options, Forfeited/Canceled
Options, Outstanding, Ending Balance	5,750,000	5,750,000
Options, Outstanding, Ending Balance, Weighted Average Exercise Price	$ 1.33	$ 1.33
Options, Outstanding Intrinsic Value, Ending Balance
Options, Exercisable	4,250,000
Options, Exercisable Weighted Average Exercise Price	$ 1.44
Options, Exercisable Weighted Average Remaining Contractual Term	3 years 2 months 7 days
Options, Exercisable, Intrinsic Value

Note 7 - Stock Options and Wa37

Note 7 - Stock Options and Warrants: Schedule of Options Exercisable and Outstanding (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Outstanding, Number of Shares	5,750,000	5,750,000	5,750,000
Outstanding, Weighted Average Remaining Life (Years)	3 years 4 months 17 days	3 years 7 months 17 days
Outstanding, Weighted Average Exercise Price	$ 1.33	$ 1.33	$ 1.33
Exercisable, Number of Shares	4,250,000
Exercisable Weighted Average Remaining Contractual Term	3 years 2 months 7 days
Exercisable Weighted Average Exercise Price	$ 1.44
1
Outstanding, Number of Shares	4,500,000
Outstanding, Weighted Average Remaining Life (Years)	3 years 9 months 4 days
Outstanding, Weighted Average Exercise Price	$ 1
Exercisable, Number of Shares	3,000,000
Exercisable Weighted Average Remaining Contractual Term	3 years 9 months 4 days
Exercisable Weighted Average Exercise Price	$ 1
2.50
Outstanding, Number of Shares	1,250,000
Outstanding, Weighted Average Remaining Life (Years)	1 year 11 months 1 day
Outstanding, Weighted Average Exercise Price	$ 2.50
Exercisable, Number of Shares	1,250,000
Exercisable Weighted Average Remaining Contractual Term	1 year 11 months 1 day
Exercisable Weighted Average Exercise Price	$ 2.50

Note 7 - Stock Options and Wa38

Note 7 - Stock Options and Warrants (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Options, Outstanding Intrinsic Value
Options, Exercisable, Intrinsic Value
Employee Stock Option
Allocated Share-based Compensation Expense	896,042	$ 7,836,691
Nonvested Awards, Unamortized Compensation Cost	$ 2,284,172

Note 7 - Stock Options and Wa39

Note 7 - Stock Options and Warrants: Schedule of Warrants, Activity (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Text Block [Abstract]
Warrants, Outstanding, Beginning Balance	8,627,734
Warrants, Outstanding, Beginning Balance, Weighted Average Exercise Price | $ / shares	$ 2.75
Warrants, Weighted Average Remaining Contractual Life	2 years 4 days	2 years 3 months 4 days
Warrants, Outstanding Intrinsic Value, Beginning Balance | $	$ 450,000
Warrants, Granted
Warrants Exercised
Warrants, Forfeited/Canceled
Warrants, Outstanding, Ending Balance	8,627,734	8,627,734
Warrants, Outstanding, Ending Balance, Weighted Average Exercise Price | $ / shares	$ 2.75	$ 2.75
Warrants, Outstanding Intrinsic Value, Ending Balance | $	$ 450,000	$ 450,000
Warrants, Exercisable	8,627,734
Exercisable, Weighted Average Exercise Price | $ / shares	$ 2.75
Exercisable, Weighted Average Remaining Contractual Life	2 years 4 days
Exercisable, Intrinsic Value | $	$ 450,000

Note 7 - Stock Options and Wa40

Note 7 - Stock Options and Warrants: Schedule of Exerciseable and Outstanding Warrants (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Number of Shares	8,627,734
Weighted Average Remaining Life (Years)	2 years 4 days	2 years 3 months 4 days
Exercise price	$ 0.10
Warrants | 0.10
Number of Shares	500,000
Weighted Average Remaining Life (Years)	2 years 7 months 2 days
Weighted Average Exercise Price ($)	$ 1
Exercise price	$ 0.10
Warrants | 1.00
Number of Shares	2,175,000
Weighted Average Remaining Life (Years)	1 year 7 months 2 days
Weighted Average Exercise Price ($)	$ 1
Exercise price	$ 1
Warrants | 2.00
Number of Shares	1,100,000
Weighted Average Remaining Life (Years)	2 years 6 months 21 days
Weighted Average Exercise Price ($)	$ 2
Exercise price	$ 2
Warrants | 2.50
Number of Shares	3,207,734
Weighted Average Remaining Life (Years)	2 years 4 months 13 days
Weighted Average Exercise Price ($)	$ 2.50
Exercise price	$ 2.50
Warrants | 3.00
Number of Shares	50,000
Weighted Average Remaining Life (Years)	2 years 10 months 17 days
Weighted Average Exercise Price ($)	$ 3
Exercise price	$ 3
Warrants | 4.00
Number of Shares	75,000
Weighted Average Remaining Life (Years)	1 year 4 months 2 days
Weighted Average Exercise Price ($)	$ 4
Exercise price	$ 4
Warrants | 6.00
Number of Shares	20,000
Weighted Average Remaining Life (Years)	29 days
Weighted Average Exercise Price ($)	$ 6
Exercise price	$ 6
Warrants | 7.15
Number of Shares	1,500,000
Weighted Average Remaining Life (Years)	1 year 3 months 11 days
Weighted Average Exercise Price ($)	$ 7.15
Exercise price	$ 7.15

Note 8 - Commitments and Cont41

Note 8 - Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2015	Sep. 17, 2014
Acquisition termination fee		$ 5,500,000
Structuring fee	$ 4,000,000
Dune Energy, Inc
Cash Tender Offer, Per Share Price			$ 0.30
Acquisition termination fee	5,500,000
Structuring fee	$ 4,000,000