Sable Natural Resources (SNREQ) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document Information [Line Items]
Entity Registrant Name	Sable Natural Resources Corp
Entity Central Index Key	1,475,899
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	SNRE
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015
Entity Common Stock, Shares Outstanding		36,296,402

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 113,302	$ 205,999
Accounts receivable, net	33,995	117,833
Inventory	0	59,385
Prepaid expenses and other	2,500	91,480
Total current assets	149,797	474,697
Restricted cash	0	2,986,154
Property and equipment, net	11,761,684	11,665,160
Deferred financing costs	2,642,288	3,209,168
Deposits and other	269,126	262,697
Total assets	14,822,895	18,597,876
Current liabilities:
Accounts payable	2,657,936	1,674,295
Accounts payable - related party	0	480,000
Accrued liabilities	213,179	414,567
Revenues payable	39,885	69,548
Debt - current portion	12,566,498	282,791
Total current liabilities	15,477,498	2,921,201
Other liabilities:
Debt	0	10,681,124
Note payable - related party	792,274	0
Accrued working interest	2,829,573	3,053,272
Derivative liabilities	124,575	617,125
Asset retirement obligation	1,317,513	1,284,771
Total liabilities	$ 20,541,433	$ 18,557,493
Commitments and contingencies
Mezzanine equity:
Preferred stock, Series A convertible, $0.001 par value; and redemption value of $1,236,868 at September 30, 2015 and $3,724,004 at December 31, 2014	$ 1,236,868	$ 3,724,004
Stockholders’ equity (deficit):
Common stock, $0.001 par value; 200,000,000 shares authorized; 37,297,433 shares issued and 36,296,402 outstanding at September 30, 2015 and 36,158,542 shares issued and 35,157,501 outstanding at December 31, 2014	47,497	36,158
Additional paid-in capital	21,948,691	21,947,952
Treasury stock, at cost: 1,001,041 shares at September 30, 2014 and December 31, 2013	(1,860,233)	(1,860,233)
Accumulated deficit	(27,087,243)	(23,807,498)
Accumulated other comprehensive loss	0	0
Total stockholders’ equity (deficit)	(6,955,406)	(3,683,621)
Total liabilities and stockholders’ equity (deficit)	$ 14,822,895	$ 18,597,876

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Temporary Equity, Par Value	$ 0.001	$ 0.001
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests	$ 1,236,868	$ 3,724,004
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	37,297,433	36,158,542
Common Stock, Shares, Outstanding	36,296,402	35,157,501
Treasury Stock, Shares	1,001,041	1,001,041

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Land services and other	$ 0	$ 612	$ 1,329	$ 187,303
Oil and gas sales	150,266	124,833	680,371	332,661
Sale of oil and gas interests	0	15,710	0	62,262
Total revenues	150,266	141,155	681,700	582,226
Operating expenses:
Oil & gas lease operating expenses	185,625	31,889	1,038,941	98,890
Exploration	0	21,693	39,624	52,643
Depreciation, depletion, and amortization	301,106	17,639	1,039,088	45,213
Selling, general, and administrative expenses	218,509	772,069	1,241,218	1,574,109
Loss on sale of assets, net	(8,387)	0	51,613	0
Impairment loss	0	0	136,684	0
Total operating expenses	696,853	843,290	3,547,168	1,770,855
Income (loss) from operations	(546,587)	(702,135)	(2,865,468)	(1,188,629)
Other income (expense):
Interest and dividend income	0	79	129	234
Interest expense	(782)	(54,082)	(567,893)	(172,952)
Deferred financing cost amortization	0	0	(566,880)	0
Change in value of accrued working interest	0	0	223,699	0
Change in fair value of derivative liabilities	0	0	492,550	0
Total other expense	(782)	(54,003)	(418,395)	(172,718)
Income (loss) before income taxes	(547,369)	(756,138)	(3,283,863)	(1,361,347)
Income tax benefit (provision)	0	0	0	0
Net income (loss)	$ (547,369)	$ (756,138)	$ (3,283,863)	$ (1,361,347)
Basic and diluted earnings per share:
Net income (loss)	$ (0.02)	$ (0.02)	$ (0.09)	$ (0.05)
Weighted average shares outstanding
Basic and diluted	35,742,471	34,879,168	35,354,634	29,824,534

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income (loss) to common stockholders	$ (547,369)	$ (756,138)	$ (3,283,863)	$ (1,361,347)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss) to common stockholders	$ (547,369)	$ (756,138)	$ (3,283,863)	$ (1,361,347)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Deficit) - 9 months ended Sep. 30, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interest [Member]
Balance at Dec. 31, 2014	$ (3,683,621)	$ 36,158	$ 21,947,952	$ (1,860,233)	$ (23,807,498)	$ 0	$ 0
Balance (in Shares) at Dec. 31, 2014		36,158,542		1,001,041
Share based compensation	12,078	$ 11,339	739
Share based compensation (in shares)		1,138,901
Comprehensive loss:
Net earnings (loss) from continuing operations	(3,283,863)				(3,283,863)
Comprehensive loss to common stockholders	(3,283,863)
Balance at Sep. 30, 2015	$ (6,955,406)	$ 47,497	$ 21,948,691	$ (1,860,233)	$ (27,091,361)	$ 0	$ 0
Balance (in Shares) at Sep. 30, 2015		37,297,443		1,001,041

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net Loss	$ (3,283,863)	$ (1,361,347)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, and amortization	1,006,346	45,213
Share-based compensation	12,078	8,070
Share-based interest payments	0	11,249
Accretion of discount on asset retirement obligations	32,742	0
Amortization of debt discount	123,819	51,202
Amortization of deferred financing fees	566,880	0
Change in accrued working interest liability	(223,699)	0
Change in fair value of derivative liabilities	(492,550)	0
(Gain) loss on sale of oil and gas interest	0	(32,970)
(Gain) loss on sale of assets	51,614	0
Impairment loss	136,684	0
Change in working capital:
Accounts receivable	83,838	(188,998)
Inventories	59,385	0
Prepaid expenses and other	82,551	62,178
Accounts payable	983,641	482,893
Accrued expenses	(201,388)	0
Other liabilities	(29,663)	(7,761)
Net cash provided by operating activities	(1,091,584)	(930,271)
Cash flows from investing activities:
Earnest money paid on property acquisiton	0	(968,663)
Proceeds from sale of oil and gas properties	0	89,028
Proceeds from sale of assets	144,859	0
Investments in oil and gas properties	(1,376,028)	(384,198)
FDF indemnity claim	(60,000)	0
Restricted cash	(50)	(234)
Net cash provided by (used in) investing activities	(1,291,219)	(1,264,067)
Cash flows from financing activities:
Issuance of 13% secured notes	1,675,000	0
Issuance of 12% convertible debentures	0	1,375,000
Proceeds from issuance of common stock	0	1,001,738
Release of escrow	2,986,204	0
Redemption of Series A convertible preferred stock	(2,487,136)	0
Borrowings from related party	312,274	0
Borrowings under notes payable	0	200,000
Payments on notes payable	(196,236)	(350,398)
Net cash used in financing activities	2,290,106	2,226,340
Net increase (decrease) in cash and cash equivalents	(92,697)	32,002
Cash and cash equivalents at beginning of period	205,999	93,728
Cash and cash equivalents at end of period	$ 113,302	$ 125,730

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical)	Sep. 30, 2015
Secured Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage	13.00%
Convertible Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.00%

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 1. Summary of Significant Accounting Policies General Sable Natural Resources Corporation (“Sable”) is an independent oil and gas company focused on the acquisition and exploitation of unconventional liquids rich gas and oil reserves in the Fort Worth Basin. The company's strategy is to increase production and expand oil and gas reserves through unconventional recompletions and restimulations of existing conventional wells and the drilling of low risk, high rate-of-return gas and oil wells. Sable and subsidiaries are collectively referred to herein as the "Company,” “we,” “us,” and “our.” The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These financial statements include the accounts of Sable and entities in which it holds a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior-period amounts have been reclassified to conform to the current year classification. The interim financial data as of September 30, 2015 and for the nine months ended September 30, 2015 and 2014 is unaudited; in the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. The consolidated results of operations for the nine months ended September 30, 2015 and 2014 are not necessarily indicative of the results to be expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto as filed in our Annual Report on Form 10-K for the year ended December 31, 2014. Due to time and financial constraints, these financial statements have not been reviewed by our independent auditors. We cannot be certain that our existing sources of cash will be adequate to meet our liquidity requirements, including cash requirements that may be due under existing debt obligations as well as amounts due to our vendors in the normal course of business. Our subsidiary, Sable Operating Company has filed for Chapter 11 bankruptcy. For the nine months ended September 30, 2015, we incurred a net loss of $ 3,283,863 27,087,243 We intend to seek substantial sources of liquidity. In addition, management has implemented plans to improve liquidity through cash flows generated from development of new business initiatives within the energy & natural resources industry and improvements to results from existing operations. We are currently in default on substantially all of our debt obligations, and are seeking ways to restructure the company to satisfy our creditors. There can be no assurance that we will be successful with our plans or that our results of operations will materially improve in either the short-term or long-term and accordingly, we may be unable to meet our obligations as they become due. A fundamental principle of the preparation of financial statements in accordance with generally accepted accounting principles is the assumption that an entity will continue in existence as a going concern, which contemplates continuity of operations and the realization of assets and settlement of liabilities occurring in the ordinary course of business. This principle is applicable to all entities except for entities in liquidation or entities for which liquidation appears imminent. In accordance with this requirement, our policy is to prepare our consolidated financial statements on a going concern basis unless we intend to liquidate or have no other alternative but to liquidate. Our consolidated financial statements have been prepared on a going concern basis and do not reflect any adjustments that might specifically result from the outcome of this uncertainty. On May 4, 2012, (the “Closing Date”), we entered into an agreement with a third party, FDF Resources Holdings LLC (the” Purchaser”), which resulted in the sale of 100 62.5 6,250,000 2,986,154 On May 4, 2015 a final claim of $ 60,000 2,926,204 173,479 2,752,725 2,487,136 The preparation of financial statements in accordance with GAAP requires management to make informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, including those related to proved reserves; the value of properties and equipment; goodwill; intangible assets; asset retirement obligations; litigation liabilities; environmental liabilities; pension assets, liabilities, and costs; income taxes; and fair values. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Basic earnings per share amounts have been computed based on the average number of shares of common stock outstanding for the period. Diluted earnings per share is calculated using the treasury stock method to reflect the potential dilution that could occur if dilutive share-based instruments were exercised. September 30, 2015 Warrants 11,892,440 Stock Options 745,000 Restricted Stock 763,333 Series A Convertible Preferred Stock 1,367,673 14,768,446

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	NOTE 2. PROPERTY AND EQUIPMENT Property and equipment, which includes our oil and gas properties at September 30, 2015 and December 31, 2014 consist of the following: September 30, December 31, 2015 2014 Oil and gas properties: Proved 12,701,831 11,462,488 Unproved 345,557 440,557 Furniture, fixtures, and equipment 225,247 359,931 Total property and equipment 13,272,635 12,262,976 Accumulated DD&A (1,510,951) (597,816) Property and equipment, net $ 11,761,684 $ 11,665,160

DERIVATIVE LIABILITIES

DERIVATIVE LIABILITIES	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 3. DERIVATIVE LIABILITIES At September 30, 2015, we had two derivative liabilities on our consolidated balance sheet related to the warrants issued to the holders of the Company’s Series A Convertible Preferred Stock and the 13 Series A Preferred 13% Secured Note - Stock - warrants warrants Total December 31, 2014 33,300 583,825 617,125 Change in fair value of derivative liabilities (33,300) (459,250) (492,550) September 30, 2015 — 124,575 124,575

DEBT

DEBT	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 4. DEBT December 31, September 30, 2015 2014 13.0% Secured Notes $ 11,325,000 $ 9,650,000 12.0% Convertible Debentures 1,950,000 1,950,000 Francis Promissory Note (non-interest bearing) 183,333 225,000 Strasburger Promissory Note (non-interest bearing) 91,242 105,642 5.5% Insurance Financing — 68,203 7.5% Secured Equipment Loans 65,888 137,855 Total debt $ 13,615,463 $ 12,136,700 Discount - 13% Secured Notes - warrants (924,989) (1,023,508) Discount - 12% Convertible Debentures - warrants (88,908) (97,760) Discount - Francis Note - interest (28,557) (42,835) Discount - Strasburger Note - interest (6,511) (8,682) Total debt net of discount $ 12,566,498 $ 10,963,915 Less: current maturities (12,566,498) (282,791) Total long-term debt - $ 10,681,124 Debt maturities are as follows: 2015 12,566,498 729,345 2016 — 3,887,200 2017 — 7,467,001 2018 — 28,312 2019 — 24,842 12,566,498 12,136,700 The Company is in default on all debt obligations except the 7.5 On June 18, 2015 the Company entered into a note payable to Cory Hall, former President and COO to secure advances made to purchase the Panther Creek property and to fund operations. The note is secured by the Company’s non-operated properties and bears interest at June 18, 2017 792,274 3,000,000 2,250,000 13 On July 8, 2015 Sable Operating Company received a notice of default and intent to accelerate that certain loan agreement originally dated October 14, 2014 from the holders of the 13% Secured Notes. The notice specifies three events of default; mineral contractor’s lien affidavits having been filed by three vendors, failure to make the required note payment due April 15, 2015 to RKJ Holdings, LLC (a related party controlled by the company’s former President and COO, Cory R. Hall), and failure to maintain the lease in good repair and operating condition due to numerous shut-in wells. The Secured Note holders were due quarterly interest payments on July 15 and October 15, 2015 that have not been paid as well. On August 6, 2015 Sable Operating Company received notice of acceleration and foreclosure sale on September 1, 2015 from the holders of the 13% Secured notes. The Company remains in default on substantially all of its debt obligations. On August 28, 2015 Sable Operating Company filed for Chapter 11 bankruptcy protection.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 5. COMMITMENTS AND CONTINGENCIES Leases The Company leases office space and office equipment under non-cancelable operating leases which provide for minimum annual rentals. At September 30, 2015, future minimum obligations under these lease agreements are as follows: 2015 $ 20,717 2016 71,825 2017 13,542 2018 3,386 Thereafter — $ 109,470 Total lease rental expense for the nine months ended September 30, 2015 and 2014 was $ 98,172 69,845 Litigation We may become involved from time to time in litigation on various matters, which are routine to the conduct of our business. We believe that none of these actions, individually or in the aggregate, will have a material adverse effect on our financial position or operations, although any adverse decision in these cases, or the costs of defending or settling such claims, could have a material adverse effect on our financial position, operations, and cash flows.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 6. STOCKHOLDERS’ EQUITY Warrants The fair value of our warrants is determined using the Black-Scholes option pricing model and the Monte Carlo simulation. The expected term of each warrant is estimated based on the contractual term or an expected time-to-liquidity event. The volatility assumption is estimated based on expectations of volatility over the term of the warrant as indicated by implied volatility. The risk-free interest rate is based on the U.S. Treasury rate for a term commensurate with the expected term of the warrant. Nine Months Ended September 30, 2015 2014 Weighted Weighted Average Average Exercise Exercise Warrants Price Warrants Price Outstanding at beginning of period 10,971,190 $ 0.84 4,748,690 $ 1.18 Issued 921,250 0.50 75,000 0.75 Adjustment for WayPoint Warrant — — — — Exercised — — — — Forfeited or expired — — — — Outstanding at end of period 11,892,440 0.77 4,823,690 1.17 Expected dividend yield —% Volatility 176.63 % Risk-free interest rate 1.07 % Expected life 1.59 Years Fair value on grant date $0.0800

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 7. STOCK BASED COMPENSATION In November 2012, the Board of Directors adopted the 2013 Equity Incentive Plan for the purpose of attracting and retaining the services of key employees, consultants, and non-employee members of the Board of Directors and to provide such persons with a proprietary interest in the Company through the granting of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and/or other awards. Stock Options We utilize the Black-Scholes option pricing model to measure the fair value of stock options granted to employees and directors. Forfeitures are recognized as a reversal of expense of any unvested amounts in the period incurred. Weighted Weighted Weighted Average Average Average Number Exercise Grant Date Remaining of Price Per Fair Value Contractual Shares Share Per Share Term Balance, December 31, 2014 745,000 $ 0.15 $ 0.31 9.5 Granted — $ — $ — Exercised — $ — $ — Canceled / Forfeited 625,000 $ 0.10 $ 0.33 Balance, September 30, 2015 120,000 $ 0.42 $ 0.19 7.48 Options exercisable at September 30, 2015 80,000 $ 0.42 $ 0.19 7.48 Restricted stock Restricted stock awards are awards of common stock that are subject the restrictions on transfer and to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. Forfeitures are recognized as a reversal of expense of any unvested amounts in the period incurred. Wtd Avg Grant-Date Shares Fair Value Nonvested, December 31, 2014 946,667 $ 0.12 Granted 1,000,000 $ 0.03 Vested (1,143,333) $ 0.04 Canceled / Forfeited (616,667) $ 0.33 Nonvested, September 30, 2015 763,333 $ 0.29

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2015
Financial Instruments And Fair Value Measurements [Abstract]
Financial Instruments Disclosure [Text Block]	NOTE 8. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Our financial instruments include cash and cash equivalents, accounts receivable, marketable securities, accounts payable, derivative liabilities, and long-term debt. Because of their short maturity, the carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value. The carrying value of certain long-term debt instruments approximates fair value since these instruments bear market rates of interest. Additional non-interest bearing long-term instruments have been reduced by a market interest rate. They approximate fair value as a result of this imputed interest. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. We utilize a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. • Level 1 — Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets. • Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices included for identical or similar assets and liabilities that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. These are typically obtained from readily-available pricing sources for comparable instruments. • Level 3 — Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. As discussed in Note 3, we consider the warrants issued to the holders of the Company’s 13% Secured Notes and the Series A Convertible Preferred Stock to be derivatives, and, as a result, the fair value of the derivative liabilities are reported on the accompanying consolidated balance sheets. We value the derivative liabilities using a Monte Carlo simulation, which contains significant unobservable, or Level 3, inputs. The use of valuation techniques requires us to make various key assumptions for inputs into the model, including assumptions about the expected behavior of the instruments’ holders and expected future volatility of the price of our common stock. At certain common stock price points within the Monte Carlo simulation, we assume holders of the instruments will convert into shares of our common stock. Carrying September 30, 2015 Amount Level 1 Level 2 Level 3 Derivative liabilities $ 124,575 $ — $ — $ 124,575 Carrying September 30, 2014 Amount Level 1 Level 2 Level 3 Derivative liabilities $ 2,510 $ — $ — $ 2,510 Balance, December 31, 2014 $ 617,125 Change in derivative liabilities (492,550) Balance, September 30, 2015 $ 124,575 Balance, December 31, 2013 $ 2,510 Change in derivative liabilities — Balance, September 30, 2014 $ 2,510

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 9. INCOME TAXES Income tax provision for the nine months ended September 30, 2015 and 2014 was $ 0 0 The balance of the valuation allowance as of December 31, 2014 was $ 11,199,275

SUPPLEMENTAL DISCLOSURES OF CAS

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	NOTE 10. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Additional cash flow information was as follows for the nine months ended September 30, 2015 and 2014: 2015 2014 Supplemental disclosures of cash flow information: Total cash paid for interest $ 542,280 $ 110,500 Total cash paid for taxes $ — — Cash paid for interest — related party $ — $ — 2015 2014 Supplemental disclosure of non-cash information: Warrants issued $ 73,700 $ 40,434

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 11. SUBSEQUENT EVENTS none.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These financial statements include the accounts of Sable and entities in which it holds a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior-period amounts have been reclassified to conform to the current year classification. The interim financial data as of September 30, 2015 and for the nine months ended September 30, 2015 and 2014 is unaudited; in the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. The consolidated results of operations for the nine months ended September 30, 2015 and 2014 are not necessarily indicative of the results to be expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto as filed in our Annual Report on Form 10-K for the year ended December 31, 2014. Due to time and financial constraints, these financial statements have not been reviewed by our independent auditors.
Liquidity [Policy Text Block]	Liquidity We cannot be certain that our existing sources of cash will be adequate to meet our liquidity requirements, including cash requirements that may be due under existing debt obligations as well as amounts due to our vendors in the normal course of business. Our subsidiary, Sable Operating Company has filed for Chapter 11 bankruptcy. For the nine months ended September 30, 2015, we incurred a net loss of $ 3,283,863 27,087,243 We intend to seek substantial sources of liquidity. In addition, management has implemented plans to improve liquidity through cash flows generated from development of new business initiatives within the energy & natural resources industry and improvements to results from existing operations. We are currently in default on substantially all of our debt obligations, and are seeking ways to restructure the company to satisfy our creditors. There can be no assurance that we will be successful with our plans or that our results of operations will materially improve in either the short-term or long-term and accordingly, we may be unable to meet our obligations as they become due. A fundamental principle of the preparation of financial statements in accordance with generally accepted accounting principles is the assumption that an entity will continue in existence as a going concern, which contemplates continuity of operations and the realization of assets and settlement of liabilities occurring in the ordinary course of business. This principle is applicable to all entities except for entities in liquidation or entities for which liquidation appears imminent. In accordance with this requirement, our policy is to prepare our consolidated financial statements on a going concern basis unless we intend to liquidate or have no other alternative but to liquidate. Our consolidated financial statements have been prepared on a going concern basis and do not reflect any adjustments that might specifically result from the outcome of this uncertainty.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted cash On May 4, 2012, (the “Closing Date”), we entered into an agreement with a third party, FDF Resources Holdings LLC (the” Purchaser”), which resulted in the sale of 100 62.5 6,250,000 2,986,154 On May 4, 2015 a final claim of $ 60,000 2,926,204 173,479 2,752,725 2,487,136
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, including those related to proved reserves; the value of properties and equipment; goodwill; intangible assets; asset retirement obligations; litigation liabilities; environmental liabilities; pension assets, liabilities, and costs; income taxes; and fair values. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Common Share Basic earnings per share amounts have been computed based on the average number of shares of common stock outstanding for the period. Diluted earnings per share is calculated using the treasury stock method to reflect the potential dilution that could occur if dilutive share-based instruments were exercised. September 30, 2015 Warrants 11,892,440 Stock Options 745,000 Restricted Stock 763,333 Series A Convertible Preferred Stock 1,367,673 14,768,446

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	There is no dilution effect on earnings due to the net loss for the period, however the Company has the following potentially dilutive securities outstanding: September 30, 2015 Warrants 11,892,440 Stock Options 745,000 Restricted Stock 763,333 Series A Convertible Preferred Stock 1,367,673 14,768,446

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment, which includes our oil and gas properties at September 30, 2015 and December 31, 2014 consist of the following: September 30, December 31, 2015 2014 Oil and gas properties: Proved 12,701,831 11,462,488 Unproved 345,557 440,557 Furniture, fixtures, and equipment 225,247 359,931 Total property and equipment 13,272,635 12,262,976 Accumulated DD&A (1,510,951) (597,816) Property and equipment, net $ 11,761,684 $ 11,665,160

DERIVATIVE LIABILITIES (Tables)

DERIVATIVE LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	Accordingly, we consider the warrants to be a derivative. The activity for the nine months ended September 30, 2015 for these derivatives is as follows: Series A Preferred 13% Secured Note - Stock - warrants warrants Total December 31, 2014 33,300 583,825 617,125 Change in fair value of derivative liabilities (33,300) (459,250) (492,550) September 30, 2015 — 124,575 124,575

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	A summary of our outstanding debt obligations as of September 30, 2015 and December 31, 2014 is presented as follows: December 31, September 30, 2015 2014 13.0% Secured Notes $ 11,325,000 $ 9,650,000 12.0% Convertible Debentures 1,950,000 1,950,000 Francis Promissory Note (non-interest bearing) 183,333 225,000 Strasburger Promissory Note (non-interest bearing) 91,242 105,642 5.5% Insurance Financing — 68,203 7.5% Secured Equipment Loans 65,888 137,855 Total debt $ 13,615,463 $ 12,136,700 Discount - 13% Secured Notes - warrants (924,989) (1,023,508) Discount - 12% Convertible Debentures - warrants (88,908) (97,760) Discount - Francis Note - interest (28,557) (42,835) Discount - Strasburger Note - interest (6,511) (8,682) Total debt net of discount $ 12,566,498 $ 10,963,915 Less: current maturities (12,566,498) (282,791) Total long-term debt - $ 10,681,124 Debt maturities are as follows: 2015 12,566,498 729,345 2016 — 3,887,200 2017 — 7,467,001 2018 — 28,312 2019 — 24,842 12,566,498 12,136,700

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	At September 30, 2015, future minimum obligations under these lease agreements are as follows: 2015 $ 20,717 2016 71,825 2017 13,542 2018 3,386 Thereafter — $ 109,470

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule Of Warrant Activity [Table Text Block]	A summary of warrant activity for the nine months ended September 30, 2015 and 2014 is as follows: Nine Months Ended September 30, 2015 2014 Weighted Weighted Average Average Exercise Exercise Warrants Price Warrants Price Outstanding at beginning of period 10,971,190 $ 0.84 4,748,690 $ 1.18 Issued 921,250 0.50 75,000 0.75 Adjustment for WayPoint Warrant — — — — Exercised — — — — Forfeited or expired — — — — Outstanding at end of period 11,892,440 0.77 4,823,690 1.17
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The following table shows the weighted average assumptions used in the Monte Carlo simulation of the fair value of the warrants issued in the nine months ended September 30, 2015: Expected dividend yield —% Volatility 176.63 % Risk-free interest rate 1.07 % Expected life 1.59 Years Fair value on grant date $0.0800

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table summarizes our stock option activity for the nine months ended September 30, 2015: Weighted Weighted Weighted Average Average Average Number Exercise Grant Date Remaining of Price Per Fair Value Contractual Shares Share Per Share Term Balance, December 31, 2014 745,000 $ 0.15 $ 0.31 9.5 Granted — $ — $ — Exercised — $ — $ — Canceled / Forfeited 625,000 $ 0.10 $ 0.33 Balance, September 30, 2015 120,000 $ 0.42 $ 0.19 7.48 Options exercisable at September 30, 2015 80,000 $ 0.42 $ 0.19 7.48
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	The following table summarizes our restricted stock activity for the nine months ended September 30, 2015 Wtd Avg Grant-Date Shares Fair Value Nonvested, December 31, 2014 946,667 $ 0.12 Granted 1,000,000 $ 0.03 Vested (1,143,333) $ 0.04 Canceled / Forfeited (616,667) $ 0.33 Nonvested, September 30, 2015 763,333 $ 0.29

FINANCIAL INSTRUMENTS AND FAI28

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Financial Instruments And Fair Value Measurements [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Carrying September 30, 2015 Amount Level 1 Level 2 Level 3 Derivative liabilities $ 124,575 $ — $ — $ 124,575 Carrying September 30, 2014 Amount Level 1 Level 2 Level 3 Derivative liabilities $ 2,510 $ — $ — $ 2,510
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Included below is a summary of the changes in our Level 3 fair value measurements: Balance, December 31, 2014 $ 617,125 Change in derivative liabilities (492,550) Balance, September 30, 2015 $ 124,575 Balance, December 31, 2013 $ 2,510 Change in derivative liabilities — Balance, September 30, 2014 $ 2,510

SUPPLEMENTAL DISCLOSURES OF C29

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Additional cash flow information was as follows for the nine months ended September 30, 2015 and 2014: 2015 2014 Supplemental disclosures of cash flow information: Total cash paid for interest $ 542,280 $ 110,500 Total cash paid for taxes $ — — Cash paid for interest — related party $ — $ — 2015 2014 Supplemental disclosure of non-cash information: Warrants issued $ 73,700 $ 40,434

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2015shares
Potentially Dilutive Securities
Warrants	11,892,440
Series A Convertible Preferred Stock	1,367,673
Total potentially dilutive securities	14,768,446
Stock Options
Potentially Dilutive Securities
Share-based compensation	745,000
Restricted Stock
Potentially Dilutive Securities
Share-based compensation	763,333

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details Textual) - USD ($)	May. 04, 2015	May. 04, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Net earnings (loss) from continuing operations			$ (547,369)	$ (756,138)	$ (3,283,863)	$ (1,361,347)
Accumulated deficit			(27,087,243)		(27,087,243)		$ (23,807,498)
Restricted cash			0		0		2,986,154
Final Claim Presented By Buyer	$ 60,000
Escrow Deposit	2,926,204
Legal Fees	173,479
Available For Distribution To Stockholders	$ 2,752,725
Restricted Cash Redeemed			$ 2,487,136		$ 2,487,136
Francis Drilling Fluids [Member]
Percentage of ownership interest in subsidiary sold		100.00%
Total consideration		$ 62,500,000
Restricted cash		$ 6,250,000					$ 2,986,154

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Proved	$ 12,701,831	$ 11,462,488
Unproved	345,557	440,557
Total property and equipment	13,272,635	12,262,976
Accumulated DD&A	(1,510,951)	(597,816)
Property and equipment, net	11,761,684	11,665,160
Furniture, fixtures, and equipment
Total property and equipment	$ 225,247	$ 359,931

DERIVATIVE LIABILITIES (Details

DERIVATIVE LIABILITIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
December 31, 2014			$ 617,125
Change in fair value of derivative liabilities	$ 0	$ 0	(492,550)	$ 0
September 30, 2015	124,575		124,575
Preferred Stock Warrants [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
December 31, 2014			33,300
Change in fair value of derivative liabilities			(33,300)
September 30, 2015	0		0
Secured Note Warrants [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
December 31, 2014			583,825
Change in fair value of derivative liabilities			(459,250)
September 30, 2015	$ 124,575		$ 124,575

DERIVATIVE LIABILITIES (Detai34

DERIVATIVE LIABILITIES (Details Textual)	Sep. 30, 2015
Secured Notes [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	13.00%

DEBT (Details)

DEBT (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt	$ 13,615,463	$ 12,136,700
Less: current maturities	(12,566,498)	(282,791)
Total long-term debt	0	10,681,124
total debt	12,566,498	10,963,915
13.0% Secured Notes
Debt Instrument [Line Items]
Discount	(924,989)	(1,023,508)
total debt	11,325,000	9,650,000
12.0% Convertible Debentures
Debt Instrument [Line Items]
Discount	(88,908)	(97,760)
total debt	1,950,000	1,950,000
Francis Promissory Note
Debt Instrument [Line Items]
Discount	(28,557)	(42,835)
total debt	183,333	225,000
Strasburger Promissory Note
Debt Instrument [Line Items]
Discount	(6,511)	(8,682)
total debt	91,242	105,642
5.5% Insurance Financing
Debt Instrument [Line Items]
total debt	0	68,203
7.5% Secured Equipment Loans
Debt Instrument [Line Items]
total debt	$ 65,888	$ 137,855

DEBT (Details 1)

DEBT (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2,015	$ 12,566,498	$ 729,345
2,016	0	3,887,200
2,017	0	7,467,001
2,018	0	28,312
2,019	0	24,842
total debt	$ 13,615,463	$ 12,136,700

DEBT (Details Textual)

DEBT (Details Textual) - USD ($)	1 Months Ended
	Jun. 18, 2015	Sep. 30, 2015	Dec. 31, 2014	Dec. 30, 2014
Debt Instrument [Line Items]
Notes Payable, Related Parties, Noncurrent		$ 792,274	$ 0
RKJ Holdings LLC [Member]
Debt Instrument [Line Items]
Secured Debt		$ 3,000,000		$ 2,250,000
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		13.00%
Line of Credit Facility, Interest Rate Description	prime +.75%
Debt Instrument, Maturity Date	Jun. 18, 2017
Secured Debt [Member] | RKJ Holdings LLC [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		13.00%
Secured Debt [Member] | Equipment Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		7.50%

COMMITMENTS AND CONTINGENCIES38

COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2015USD ($)
Schedule of future minimum rental payments for operating leases
2,015	$ 20,717
2,016	71,825
2,017	13,542
2,018	3,386
Thereafter	0
Total	$ 109,470

COMMITMENTS AND CONTINGENCIES39

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Total lease rental expense	$ 98,172	$ 69,845

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Warrants
Outstanding at beginning of period (in shares)	10,971,190	4,748,690
Issued (in shares)	921,250	75,000
Adjustment for WayPoint Warrant (in shares)	0	0
Exercised (in shares)	0	0
Forfeited or expired (in shares)	0	0
Outstanding at end of period (in shares)	11,892,440	4,823,690
Weighted Average Exercise Price
Outstanding at beginning of period (per share)	$ 0.84	$ 1.18
Issued (per share)	0.50	0.75
Adjustment for Way Point Warrant (per share)	0	0
Exercised (per share)	0	0
Forfeited or expired (per share)	0	0
Outstanding at end of period (per share)	$ 0.77	$ 1.17

STOCKHOLDERS' EQUITY (Details 1

STOCKHOLDERS' EQUITY (Details 1) - Warrant [Member]	9 Months Ended
	Sep. 30, 2015$ / shares
Class of Warrant or Right [Line Items]
Expected dividend yield	0.00%
Volatility	176.63%
Risk-free interest rate	1.07%
Expected life	1 year 7 months 2 days
Fair value on grant date (usd per warrant)	$ 0.0800

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - Employee Stock Option [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Number of shares
Outstanding at the end of the period (in shares)	745,000
Granted (in shares)	0
Exercised (in shares)	0
Canceled / Forfeited (in shares)	625,000
Outstanding at the end of the period (in shares)	120,000	745,000
Options exercisable at the end of the period (in shares)	80,000
Weighted Average Exercise Price Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 0.15
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Canceled / Forfeited (in dollars per share)	0.10
Outstanding at the end of the period (in dollars per share)	0.42	$ 0.15
Options exercisable at the end of the period (in dollars per share)	0.42
Weighted Average Grant-Date Fair Value Per Share
Outstanding at the beginning of the period (in dollars per share)	0.31
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Canceled / Forfeited (in dollars per share)	0.33
Outstanding at the end of the period (in dollars per share)	0.19	$ 0.31
Options exercisable at the end of the period (in dollars per share)	$ 0.19
Weighted Average Remaining Contractual Term
Outstanding at the end of the period	7 years 5 months 23 days	9 years 6 months
Exercisable	7 years 5 months 23 days

STOCK BASED COMPENSATION (Det43

STOCK BASED COMPENSATION (Details 1) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Number of Shares
Nonvested at the beginning of the period (in shares)	946,667
Granted (in shares)	1,000,000
Vested (in shares)	(1,143,333)
Canceled / Forfeited (in shares)	(616,667)
Nonvested at the end of the period (in shares)	763,333
Wtd Avg Grant-Date Shares Fair Value per Share
Nonvested at the beginning of the period (in dollars per share) | $ / shares	$ 0.12
Granted (in dollars per share) | $ / shares	0.03
Vested (in dollars per share) | $ / shares	0.04
Canceled / Forfeited (in dollars per share) | $ / shares	0.33
Nonvested at the end of the period (in dollars per share) | $ / shares	$ 0.29

FINANCIAL INSTRUMENTS AND FAI44

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Financial assets and liabilities from continuing operations at fair value
Derivative liabilities	$ 124,575	$ 2,510
Fair Value, Inputs, Level 1 [Member]
Financial assets and liabilities from continuing operations at fair value
Derivative liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
Financial assets and liabilities from continuing operations at fair value
Derivative liabilities	0	0
Fair Value, Inputs, Level 3 [Member]
Financial assets and liabilities from continuing operations at fair value
Derivative liabilities	$ 124,575	$ 2,510

FINANCIAL INSTRUMENTS AND FAI45

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details 1) - Fair Value, Inputs, Level 3 [Member] - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Changes in Level 3 fair value measurements
Beginning balance	$ 617,125	$ 2,510
Change in derivative liabilities	(492,550)	0
Ending balance	$ 124,575	$ 2,510

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0	$ 0
Deferred Tax Assets, Valuation Allowance					$ 11,199,275

SUPPLEMENTAL DISCLOSURES OF C47

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental disclosures of cash flow information:
Total cash paid for interest	$ 542,280	$ 110,500
Total cash paid for taxes	0	0
Cash paid for interest — related party	$ 0	$ 0
Supplemental disclosure of non-cash information:
Warrants issued	73,700	40,434