Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Sep. 25, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' | 97,518,283 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $14,640 | $1,577 |
Total current assets | 14,640 | 1,577 |
Certificates of deposit - Restricted | 86,495 | 86,485 |
Total Assets: | 101,135 | 88,062 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 353,573 | 542,493 |
Amounts due to related parties | 1,357,537 | 1,313,235 |
Total current liabilities | 1,711,110 | 1,855,728 |
Shareholders' equity (deficit) | ' | ' |
Common stock, par value $.12 per share: Authorized - 250,000,000 shares Outstanding - 86,242,185 and 79,670,752 shares, respectively | 10,349,063 | 9,560,490 |
Discount on common stock par value | -3,179,217 | -2,587,787 |
Capital in excess of par value | 32,139,311 | 32,139,311 |
Common stocks, including additional paid in capital, net of discount | 39,309,157 | 39,112,014 |
Accumulated deficit | -40,919,132 | -40,879,680 |
Total shareholders' equity (deficit) | -1,609,975 | -1,767,666 |
Total liabilities and shareholders' equity (deficit) | $101,135 | $88,062 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value | $0.12 | $0.12 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares outstanding | 86,242,185 | 79,670,752 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Interest and other income | ' | $127 | $10 | $127 |
Revenues, Total | ' | 127 | 10 | 127 |
Expenses: | ' | ' | ' | ' |
Administrative expenses | 7,557 | 19,136 | 26,291 | 46,667 |
Salaries | ' | 31,250 | 20,833 | 93,750 |
Shareholder communications | 4,604 | 4,300 | 12,604 | 17,566 |
Recovery of costs previously expensed | -20,266 | ' | -20,266 | ' |
Total Costs and expenses | -8,105 | 54,686 | 39,462 | 157,983 |
Net income (loss) | $8,105 | ($54,559) | ($39,452) | ($157,856) |
Weighted average number of Shares outstanding (basic & diluted) | 84,737,633 | 75,837,527 | 79,852,850 | 76,016,540 |
Net income (loss) per share (basic & diluted) | $0 | $0 | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Operating activities: | ' | ' |
Net loss | ($39,452) | ($157,856) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Recovery of costs previously expensed | -20,266 | ' |
Net change in: | ' | ' |
Accounts payable and accrued liabilities | -124,352 | 127,725 |
Net cash used in operating activities | -184,070 | -30,131 |
Investing activities: | ' | ' |
Purchase of certificate of deposit | -10 | -127 |
Net cash used in investing activities | -10 | -127 |
Financing activities: | ' | ' |
Sale of common stock net of expenses | 197,143 | 28,969 |
Net cash provided by financing activities | 197,143 | 28,969 |
Net increase (decrease) in cash and cash equivalents | 13,063 | -1,289 |
Cash and cash equivalents at beginning of period | 1,577 | 7,384 |
Cash and cash equivalents at end of period | $14,640 | $6,095 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
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 and nine month periods ended September 30, 2013, are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. 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, 2012. | ||
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. | ||
In May 2014, the FASB issued ASU 2014-10 (Development Stage Entities (Topic 915)), which eliminates certain financial reporting requirements related to development stage entities. The pronouncement removes the distinction between development stage companies and other reporting entities from U.S. GAAP. The pronouncement also eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The Company has decided to implement this update effective January 1, 2013. |
Going_Concern
Going Concern | 9 Months Ended | |
Sep. 30, 2013 | ||
Going Concern | ' | |
Note 2. | Going Concern | |
The Company has no recurring revenues, had recurring losses since 2006 and prior to 2005, and has an accumulated deficit. 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_income_loss_per_share
Net income (loss) per share | 9 Months Ended | |
Sep. 30, 2013 | ||
Net income (loss) per share | ' | |
Note 3. | Net income (loss) per share | |
Net income (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 September 30, 2013. |
Unproved_Oil_Gas_and_Mineral_P
Unproved Oil, Gas and Mineral Properties | 9 Months Ended | |
Sep. 30, 2013 | ||
Unproved Oil, Gas and Mineral Properties | ' | |
Note 4. | Unproved Oil, Gas and Mineral Properties | |
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. During 2012 and 2011, the Company recorded impairment losses for all costs incurred for property leases, exploration, and development activities relating to these leases. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Taxes | ' | |
Note 5. | Income Taxes | |
For the three month period ending September 30, 2013, the Company reported net income and utilized part of its net operating loss to offset its income tax liability. For the nine month periods ending September 30, 2013 and 2012, and the three month period ending September 30, 2012, 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 carry-forwards. The Company had approximately $11,585,000 in net operating loss carry-forwards at December 31, 2012. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |
Sep. 30, 2013 | ||
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 nine month period ended September 30, 2013 or 2012. The Company owes $150,000 to Angerer & Angerer at September 30, 2013. | ||
The Company has been accruing compensation and related benefits to it its former president and CEO (see Note 9). During the nine month period ended September 30, 2013 and 2012, the Company accrued compensation and retirement benefits of $25,552 and $114,984, respectively. At September 30, 2013, the Company owes compensation and related benefits to its former president and CEO of $708,334 and $186,703, respectively. | ||
The Company has also been accruing directors’ fees. During the nine month period ended September 30, 2013 and 2012, the Company accrued $18,750 of fees to directors. At September 30, 2013, the Company owes $312,500 in directors’ fees. |
Certificates_of_Deposit_Restri
Certificates of Deposit - Restricted | 9 Months Ended | |
Sep. 30, 2013 | ||
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 | 9 Months Ended | |
Sep. 30, 2013 | ||
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. | ||
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 the 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. At September 30, 2013, 4,444,444 shares have been reflected as issued under the October 2011 agreement and 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 transactions conducted in 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. During 2014, Mr. Angerer paid $65,873 for regulatory compliance costs and other general and administrative costs on behalf of the Company. The Company plans to issue Mr. Angerer 17,847,532 shares of restricted and unregistered shares of common stock in exchange for the funds paid into the Company during 2013 and through August 31, 2014, pursuant to the 2012 agreement. | ||
As of the date of this report, the Company plans to issue Mr. Angerer 26,856,680 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 August 31, 2014. |
Commitments_Contingencies_and_
Commitments, Contingencies and Subsequent Events | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments, Contingencies and Subsequent Events | ' | |
Note 9. | Commitments, Contingencies and Subsequent Events | |
See Note 8 regarding subsequent stock transactions. | ||
During and subsequent to 2012, 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 the date of this report. Mr. Ware resigned from the Company effective February 28, 2013. |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' |
Percentage of valuation allowance on deferred tax asset | 100.00% | ' |
Operating loss carry forwards | ' | $11,585,000 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Due to related parties, current | $1,357,537 | ' | $1,313,235 |
Compensation and related benefits | 25,552 | 114,984 | ' |
Directors fees accrued | 18,750 | 18,750 | ' |
Directors' fee Liability | 312,500 | ' | ' |
Angerer & Angerer | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Due to related parties, current | 150,000 | ' | ' |
President | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Compensation and related benefits liability | 708,334 | ' | ' |
Chief Executive Officer | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Compensation and related benefits liability | $186,703 | ' | ' |
Certificates_of_Deposit_Restri1
Certificates of Deposit - Restricted - Additional Information (Detail) (Certificates of Deposit) | Sep. 30, 2013 |
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 $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | 20 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | 20-May-11 | Sep. 30, 2012 | Oct. 31, 2011 | Dec. 31, 2011 | Aug. 31, 2012 | Sep. 30, 2013 | Aug. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 31, 2014 | |
Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | |||
Subsequent Event | Subsequent Event | |||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares, number of shares issued | ' | ' | 857,142 | ' | ' | ' | ' | 4,444,444 | ' | ' | ' | ' |
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 | ' | ' | ' | ' | 3,564,705 | ' | 17,847,532 |
Commitment to spend in operational costs | ' | ' | ' | 1,000,000 | 130,000 | ' | ' | ' | ' | ' | ' | ' |
Number of common stock covered under the agreement | ' | ' | ' | ' | 4,444,444 | ' | ' | ' | ' | ' | ' | ' |
Proceeds Issuance of common stock | 197,143 | 28,969 | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of legal compliance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | 65,873 |
Payment of existing liabilities of the company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $343,988 | ' |
Common stock issuable under all agreements made to date | ' | ' | ' | ' | ' | ' | ' | 26,856,680 | ' | ' | ' | ' |
Commitments_Contingencies_and_1
Commitments, Contingencies and Subsequent Events - Additional Information (Detail) (Employee Stock Option, President, USD $) | 1 Months Ended | 9 Months Ended |
Sep. 30, 2012 | Sep. 30, 2013 | |
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 |