Coastal Caribbean Oils & Minerals (COCBF) Inactive 10-Q24 Jul 142012 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	Jul. 23, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-12	'
Document Fiscal Year Focus	'2012	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'COCBF	'
Entity Registrant Name	'COASTAL CARIBBEAN OILS & MINERALS LTD	'
Entity Central Index Key	'0000021239	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	95,504,951

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current assets:	'	'
Cash and cash equivalents	$3,440	$7,384
Total current assets	3,440	7,384
Certificates of deposit - Restricted	86,318	86,318
Total Assets	89,758	93,702
Current liabilities:	'	'
Accounts payable and accrued liabilities	243,139	235,073
Amounts due to related parties	1,179,500	1,134,922
Total current liabilities	1,422,639	1,369,995
Shareholders' equity (deficit)	'	'
Common stock, par value $.12 per share: Authorized - 250,000,000 shares Outstanding - 75,133,824 and 75,133,824 shares, respectively	9,016,059	9,016,059
Discount on common stock	-2,184,293	-2,184,293
Capital in excess of par value	32,139,311	32,139,311
Common stocks, including additional paid in capital, net of discount	38,971,077	38,971,077
Deficit accumulated during the development stage	-40,303,958	-40,247,370
Total shareholders' equity (deficit)	-1,332,881	-1,276,293
Total liabilities and shareholders' equity (deficit)	$89,758	$93,702

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Common stock, par value	$0.12	$0.12
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares outstanding	75,133,824	75,133,824

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		710 Months Ended
Consolidated Statements of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Interest and other income	'	$81	$3,985,523
Gain on settlement	'	'	8,124,016
Revenues, Total	'	81	12,109,539
Expenses:	'	'	'
Legal fees and costs	'	'	17,688,104
Administrative expenses	20,272	48,676	11,321,674
Salaries	31,250	31,250	4,677,681
Shareholder communications	5,066	300	4,188,043
Goodwill impairment	'	'	801,823
Write off of unproved properties	'	'	9,523,271
Exploration costs	'	'	188,218
Lawsuit judgments	'	'	1,941,916
Minority interests	'	'	-632,974
Other	'	'	364,865
Contractual services	'	'	2,350,876
Total Costs and expenses	56,588	80,226	52,413,497
Net loss	-56,588	-80,145	-40,303,958
Revenues, Total	'	81	12,109,539
Total Costs and expenses	56,588	80,226	52,413,497
Deficit accumulated during the development stage	'	'	($40,303,958)
Average number of shares outstanding (basic & diluted)	75,133,824	70,661,604	'
Net loss per share (basic & diluted)	$0	$0	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended		710 Months Ended
Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Operating activities:	'	'	'
Net loss	($56,588)	($80,145)	($40,303,958)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Gain on settlement	'	'	-8,124,016
Goodwill impairment	'	'	801,823
Minority interest	'	'	-602,949
Depreciation	'	629	12,973
Write off of unproved properties	'	'	9,491,990
Common stock issued for services	'	'	119,500
Compensation recognized for stock option grant	'	'	75,000
Recoveries from previously written off properties	'	'	252,173
Net change in:	'	'	'
Accounts payable and accrued liabilities	52,644	77,154	1,428,675
Net cash used in operating activities	-3,944	-2,362	-36,848,789
Investing activities:	'	'	'
Additions to oil, gas, and mineral properties net of assets acquired for common stock and reimbursements	'	-3,500	-6,652,219
Well drilling costs	'	-3,335	-1,285,992
Sale of unproved nonoperating interests	'	'	512,595
Net proceeds from settlement	'	'	8,124,016
Proceeds from relinquishment of surface rights	'	'	246,733
Purchase of certificate of deposit	'	-81	-140,973
Redemption of CDs	'	'	54,655
Purchase of minority interest in CPC	'	'	-801,823
Purchase of fixed assets	'	'	-74,623
Net cash used in investing activities	0	-6,916	-17,631
Financing activities:	'	'	'
Notes payable proceeds	'	'	184,988
Repayment of loans	'	'	-159,988
Sale of common stock net of expenses	'	'	31,413,111
Shares issued upon exercise of options	'	'	891,749
Sale of shares by subsidiary	'	'	820,000
Sale of subsidiary shares	'	'	3,720,000
Net cash provided by financing activities	0	'	36,869,860
Net increase (decrease) in cash and cash equivalents	-3,944	-9,278	3,440
Cash and cash equivalents at beginning of period	7,384	17,043	'
Cash and cash equivalents at end of period	$3,440	$7,765	$3,440

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2012
Basis of Presentation	'
	Note 1.	Basis of Presentation
	The accompanying unaudited consolidated financial statements include Coastal Caribbean Oils & Minerals, Ltd. (“the Company”) and its wholly owned subsidiary, Coastal Petroleum Company (“Coastal Petroleum”) and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the three month period ended March 31, 2012, are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.
	Effects of Recent Accounting Pronouncements
	In May 2014, the FASB issued ASU 2014-09 (Revenue from Contracts with Customers (Topic 606)), which requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance addresses in particular contracts with more than one performance obligation as well as the accounting for some costs to obtain or fulfill a contract with a customer and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is not permitted. We believe that our implementation of this guidance will have no material impact on our consolidated financial statements.

Going_Concern

Going Concern	3 Months Ended
	Mar. 31, 2012
Going Concern	'
	Note 2.	Going Concern
	The Company has no recurring revenues, had recurring losses since 2006 and prior to 2005, and has a deficit accumulated during the development stage. The Company’s current cash position is not adequate to fund existing operations or exploration and development. The Company has an agreement in place with a director pursuant to which the director may further fund the Company to continue operations and exploration. There is no assurance that the Company will be able to obtain any funding, that sufficient funding can be obtained, or that the Company will be able to raise necessary funds.
	These situations raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities, which may result from the outcome of this uncertainty.

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2012
Net Loss Per Share	'
	Note 3.	Net loss per share
	Net loss per share is based upon the weighted average number of common and common equivalent shares outstanding during the period. The Company’s basic and diluted calculations of earnings per share (“EPS”) are the same because the exercise of options is not assumed in calculating diluted EPS, as the result would be anti-dilutive. The Company has included common shares to be issued to Robert J. Angerer, Sr. for advances made through March 31, 2012.

Unproved_Oil_Gas_and_Mineral_P

Unproved Oil, Gas and Mineral Properties	3 Months Ended
	Mar. 31, 2012
Unproved Oil, Gas and Mineral Properties	'
	Note 4.	Unproved Oil, Gas and Mineral Properties
	In December 2011, the Company determined that its leases and capitalized development costs were impaired due to the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals, and recorded an impairment charge of $2,832,519.
	Montana Leases
	The Company had a presence in Valley County, Montana, where it held leases covering approximately 32,313 net acres, which were the remaining unexpired leases from those leases the Company acquired in three separate acquisitions between July 2005 and February 2006. Subsequent to 2011, these leases expired due to the expiration of the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals, and an impairment charge of $2,832,519 was recorded.
	North Dakota Leases
	In July 2005, the Company acquired leases to the deeper rights in approximately 21,688 net acres in and near Slope County, North Dakota. Subsequent to 2011, these leases expired due to the expiration of the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2012
Income Taxes	'
	Note 5.	Income Taxes
	For the three month periods ending March 31, 2012 and 2011, the Company reported a loss for both financial statement reporting and income tax purposes. The Company has provided a 100% valuation allowance on its deferred tax asset as a result of its net operating loss carryforwards. The Company had approximately $9,441,000 in net operating loss carryforwards at December 31, 2011.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2012
Related Party Transactions	'
	Note 6.	Related Party Transactions
	See Note 8 also.
	Services
	Through May 2009, the Company paid a monthly retainer to the law firm of Angerer & Angerer which had been litigation counsel to the Company for more than twenty-five years and also served the Company in that capacity as well as others including general counsel services, management services, public relations, shareholder relations and representing the Company before state and federal agencies for permitting. The principals of the law firm included two individuals who are collectively shareholders, officers and a director of the Company. No amounts were paid or accrued in the three month periods ending March 31, 2012 or 2011. The Company owes $150,000 to Angerer & Angerer at March 31, 2012.
	The Company expensed $0 and $3,494 for legal fees by the law firm of Igler & Dougherty, P.A., during the three months ended March 31, 2012 and 2011, respectively. The Company owed Igler & Dougherty, P.A. $8,000 at March 31, 2012. Mr. Herbert D. Haughton, a shareholder of Igler & Dougherty, P.A., was elected a director of Coastal Caribbean and of Coastal Petroleum in December 2005. These legal fees were paid subsequent to March 31, 2012.
	The Company has been accruing compensation and related benefits to it its president and CEO. During the three months ended March 31, 2012 and 2011, the Company accrued compensation and retirement benefits of $38,328. At March 31, 2012, the Company owes compensation and related benefits to its president and CEO of $593,750 and $160,750, respectively.
	The Company has also been accruing directors’ fees. During the three months ended March 31, 2012, the Company accrued $6,250 of fees to directors. At March 31, 2012, the Company owes $275,000 in directors’ fees.

Certificates_of_Deposit_Restri

Certificates of Deposit - Restricted	3 Months Ended
	Mar. 31, 2012
Certificates of Deposit - Restricted	'
	Note 7.	Certificates of Deposit – Restricted
	The Company has pledged certificates of deposit for pollution bond requirements under three previous well permits.

Stock_Transactions

Stock Transactions	3 Months Ended
	Mar. 31, 2012
Stock Transactions	'
	Note 8.	Stock Transactions
	Beginning in 2010, the Company has entered into various agreements to sell and sold restricted shares of its common stock for cash or in return for payment of certain Company expenses that have allowed the Company to pay lease rentals and other administrative costs necessary to keep the Company viable through the current period.

	On May 20, 2011, the Company entered into an agreement with Robert J. Angerer, Sr., for the sale of 857,142 restricted and unregistered shares of common stock of the Company for $60,000, in order to cover certain Company expenses. Mr. Angerer also exercised an option under the agreement for 142,857 shares of common stock for $10,000. The Company plans to issue Mr. Angerer a total of 999,999 restricted and unregistered shares of common stock for investments made under this agreement. This agreement has concluded.
	Then in October 2011, in order to fund immediate cash needs at that time, the Company entered into another agreement with Robert J. Angerer, Sr., for an immediate infusion of $30,000 cash and the commitment to spend $130,000 in operational costs to complete the Federal 1-19A well. The agreement also provided options for Mr. Angerer to provide additional funding. In return, the Company will issue 4,444,444 restricted and unregistered shares of common stock to Mr. Angerer. Under this agreement, Mr. Angerer provided a total of $90,000 in cash to the Company; he provided $55,000 in 2011 and an additional $35,000 through August of 2012. Mr. Angerer also paid directly $70,000 for expenses related to the Federal 1-19A well. The Company plans to issue Mr. Angerer a total of 4,444,444 restricted and unregistered shares of common stock for investments made under this agreement. The agreement was completed and all other options under the agreement expired. During 2011, 3,472,221 shares have been reflected as issued under the October 2011 agreement; and at March 31, 2012, 972,223 shares remain to be issued to Mr. Angerer.
	In September 2012, the Company entered into a new agreement with Robert J. Angerer, Sr., to provide additional funding in return for shares of restricted and unregistered shares of common stock of the Company at $.03 per share. Mr. Angerer agreed to provide up to $1,000,000 to perform a nitrogen fracturing operation on the Federal 1-19A well, to abandon two existing wells, to pay existing liabilities, and to allow the Company to cure its delinquent legal and regulatory filings. In conjunction with this agreement, the Company entered into a separation agreement with Phillip W. Ware. Mr. Angerer completed the nitrogen fracturing operation on the Federal 1-19A well at a cost of $171,501 in 2012. The Company plans to issue 3,564,705 shares of restricted and unregistered shares of common stock to Mr. Angerer for 2012. In 2013, Mr. Angerer paid $60,000 to the Company in order for the Company to pay legal compliance costs and paid $343,988 of existing liabilities of the Company. In February 2014, Mr. Angerer paid $30,500 for regulatory compliance costs on behalf of the Company. The Company plans to issue Mr. Angerer 15,834,199 shares of restricted and unregistered shares of common stock in exchange for the funds paid into the Company during 2013 and through June 30, 2014, pursuant to the 2012 agreement.
	As of the date of this report, the Company plans to issue Mr. Angerer 24,843,347 shares of restricted and unregistered shares of common stock in exchange for the funds paid into the Company through the various agreements described above that were entered into and performed from 2011 through June 30, 2014.

Commitments_Contingencies_and_

Commitments, Contingencies and Subsequent Events	3 Months Ended
	Mar. 31, 2012
Commitments, Contingencies and Subsequent Events	'
	Note 9.	Commitments, Contingencies and Subsequent Events
	See Note 8 regarding subsequent stock transactions.
	Subsequent to 2011, the Company’s property leases expired due to the expiration of the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rental payments.
	The Company is delinquent in filing its periodic reports required under the Securities Exchange Act of 1934 due to lack of funding. The Company is currently preparing its delinquent reports and plans to file all delinquent reports in 2014. The previous inaction to bring the Company’s filings current may result in de-registration of the Company with the Securities Exchange Commission (SEC). Loss of this status may limit the Company’s ability to access capital markets. The Company is working to file the delinquent reports, but there is no assurance that the Company will be able to file its delinquent reports.
	In September 2012, the Company entered into a separation agreement and release with Phillip Ware, formerly the CEO and President of the Company, in connection with the September 2012 agreement with Robert J. Angerer, Sr. as disclosed in Note 8. Mr. Ware agreed that his existing options for 450,000 shares of common stock would expire within 90 days of the termination date, which was February 28, 2013. The options were not exercised and have expired. The Company agreed to pay Mr. Ware $200,000 and issued him an option to purchase 1,000,000 shares of restricted and unregistered shares of common stock for $.03 per share. This option expires on December 31, 2017. The Company has not paid Mr. Ware or issued the stock option as of July 23, 2014. Mr. Ware resigned from the Company effective February 28, 2013.

Unproved_Oil_Gas_and_Mineral_P1

Unproved Oil Gas and Mineral Properties - Additional Information (Detail) (USD $)	1 Months Ended	710 Months Ended	3 Months Ended
	Dec. 31, 2011	Mar. 31, 2012	Mar. 31, 2012	Jul. 31, 2005
			MONTANA	NORTH DAKOTA
			Transactions	acre
			acre
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]	'	'	'	'
Write off of unproved properties	$2,832,519	$9,523,271	$2,832,519	'
Gas and oil lease area, undeveloped, net	'	'	32,313	21,688
Number of acquisitions between July 2005 and February 2006	'	'	3	'

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Income Taxes [Line Items]	'	'
Percentage of valuation allowance on deferred tax asset	100.00%	'
Operating loss carry forwards	'	$9,441,000

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended	710 Months Ended		3 Months Ended
	Mar. 31, 2012	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2012	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
	Mar. 31, 2012	Mar. 31, 2012	Dec. 31, 2011	Angerer & Angerer	Igler & Dougherty, P.A.	Igler & Dougherty, P.A.	President	Chief Executive Officer	Chief Executive Officer
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'
Legal fees	'	$17,688,104	'	$150,000	$0	$3,494	'	'	'
Due to related parties, current	1,179,500	1,179,500	1,134,922	'	8,000	'	'	'	'
Compensation and related benefits	'	'	'	'	'	'	38,328	38,328	'
Compensation and related benefits liability	'	'	'	'	'	'	593,750	'	160,750
Directors fees accrued	$6,250	$275,000	'	'	'	'	'	'	'

Certificates_of_Deposit_Restri1

Certificates of Deposit - Restricted - Additional Information (Detail) (Certificates of Deposit)	Mar. 31, 2012
	Well
Certificates of Deposit	'
Cash and Cash Equivalents [Line Items]	'
Number of previous well permits	3

Stock_Transactions_Additional_

Stock Transactions - Additional Information (Detail) (USD $)

710 Months Ended

0 Months Ended

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

8 Months Ended

11 Months Ended

12 Months Ended

18 Months Ended

Mar. 31, 2012

20-May-11

Oct. 31, 2011

Dec. 31, 2011

Mar. 31, 2012

Dec. 31, 2011

Feb. 28, 2014

Sep. 30, 2012

Aug. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2014

Robert J. Angerer, Sr.

Subsequent Event

Well

Class of Stock [Line Items]

Issuance of common shares, number of shares issued

857,142

3,472,221

Issuance of common shares, value

$60,000

Additional common shares issued, value

10,000

Additional common shares issued

142,857

Common stock issuable under the agreement

999,999

4,444,444

972,223

3,564,705

15,834,199

Commitment to spend in operational costs

130,000

1,000,000

Number of common stock covered under the agreement

4,444,444

Proceeds Issuance of common stock

31,413,111

30,000

55,000

35,000

90,000

Expenses related to Federal 1-19A well

70,000

171,501

Common stock issuable under the agreement, price per share

$0.03

Number of existing wells

Payment of legal compliance costs to the company

30,500

60,000

Payment of existing liabilities of the company

$343,988

Common stock issuable under all agreements made to date

24,843,347

Commitments_Contingencies_and_1

Commitments, Contingencies and Subsequent Events - Additional Information (Detail) (Subsequent Event, Employee Stock Option, President, USD $)	1 Months Ended
	Sep. 30, 2012
Subsequent Event \| Employee Stock Option \| President	'
Commitments, Contingencies And Subsequent Events [Line Items]	'
Stock option plan authorized	450,000
Stock options, expiration period	'90 days
Agreed payment to former CEO	$200,000
Number of shares issued	1,000,000
Common stock issued, share price	$0.03
Stock options, expiration date	31-Dec-17
Employment agreement termination date	28-Feb-13