Regent (REGT) 10-Q 22 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 22, 2016
Document and Entity Information:
Entity Registrant Name	REGENT TECHNOLOGIES INC
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Trading Symbol	REGT
Amendment Flag	false
Entity Central Index Key	319,200
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		23,449,355
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 10,005	$ 4,411
Prepaid expenses and other	78,992	75,730
Investments (Note 4)	100,519	110,513
Total current assets	189,516	190,654
Property, plant and equipment, net	185,780	185,780
Intangible assets, net	4,614,220	4,614,220
Oil and natural gas properties, net	102,100	102,100
Investments, restricted (Note 4)	207,422	207,422
Total assets	5,299,038	5,300,176
CURRENT LIABILITIES:
Accounts payable	25,217	11,651
Notes payable - stockholder	25,000	25,000
Notes payable - related parties	18,000	8,000
Accrued interest payable	2,120	1,074
Accrued liabilities - related parties	12,316	12,230
Total current liabilities	82,653	57,955
Accrued liabilities - related parties	12,000	17,000
Asset retirement obligation	10,660	10,660
Total liabilities	105,313	85,615
STOCKHOLDERS' EQUITY:
Convertible Preferred stock, $.10 par value, 1,000,000 shares authorized, 99,500 shares issued and outstanding, Regent Natural Resources Co.	9,950	9,950
Series A 8% Convertible Preferred stock, $.10 par value, 1,000,000 shares authorized, 175,000 and 150,000 shares issued and outstanding at June 30, 2016 and December 31, 2015 respectively, Registrant	17,500	15,000
Series B Convertible Preferred stock, $.10 par value, 1,500,000 shares authorized, 1,500,000 shares issued and outstanding, Registrant	150,000	150,000
Common stock, $.01 par value, 100,000,000 shares authorized, 23,449,355 and 23,249,355 shares issued and outstanding at June 30, 2016 and December 31, 2015 respectively	232,493	232,493
Paid-in capital in excess of par	8,349,771	8,329,271
Accumulated deficit	(3,567,989)	(3,522,153)
Total Stockholders' Equity	5,193,725	5,214,561
Total Liabilities and Stockholders' Equity	$ 5,299,038	$ 5,300,176

CONSOLIDATED BALANCE SHEETS PAR

CONSOLIDATED BALANCE SHEETS PARENTHETICALS - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Parentheticals
Convertible Preferred stock par Value	$ 0.10	$ 0.10
Convertible Preferred stock shares authorized	1,000,000	1,000,000
Convertible Preferred stock shares issued	99,500	99,500
Convertible Preferred stock shares outstanding	99,500	99,500
Series A Preferred Stock, par value	$ 0.10	$ 0.10
Series A Preferred Stock, shares authorized	1,000,000	1,000,000
Series A Preferred Stock, shares issued	175,000	150,000
Series A Preferred Stock, shares outstanding	175,000	150,000
Series B Preferred Stock, par value	$ 0.10	$ 0.10
Series B Preferred Stock, shares authorized	1,500,000	1,500,000
Series B Preferred Stock, shares issued	1,500,000	1,500,000
Series B Preferred Stock, shares outstanding	1,500,000	1,500,000
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	23,449,355	23,249,355
Common Stock, shares outstanding	23,449,355	23,249,355

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues {1}
Operating revenues:	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Lease operating expense	662	5,900	2,087	6,950
Production and other taxes	0	0	0	1,000
Depreciation, depletion and amortization	0	0	0	74
General and administrative	32,198	27,315	42,702	47,139
Total operating expenses	32,860	33,215	44,789	55,163
Loss from operations	(32,860)	(33,215)	(44,789)	(55,163)
Other expense:
Interest expense	(620)	(594)	(1,047)	(1,338)
Total other expense	(620)	(594)	(1,047)	(1,338)
Loss before income taxes	(33,480)	(33,809)	(45,836)	(56,501)
Income tax provision	0	0	0	0
Net loss	(33,480)	(33,809)	(45,836)	(56,501)
Series A preferred dividends	0	299	0	886
Net loss available to common stockholders	$ (33,480)	$ (34,108)	$ (45,836)	$ (57,387)
Net loss per share of common stock: (basic and diluted)	$ 0	$ 0	$ 0	$ 0
Weighted average common shares outstanding: (basic and diluted)	23,432,871	23,193,795	23,432,871	23,167,372

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net loss before non-cash operating activities	$ (45,836)	$ (56,501)
Adjustments to reconcile net net cash used in operating activities:
Depreciation, depletion and amortization	0	74
Preferred stock dividends (non-cash)	0	886
Increase in prepaid expense and other	(3,262)	(27,233)
Increase (decrease) in accounts payable	13,566	(10,744)
Decrease in accrued liabilities - related parties	(4,914)	(10,900)
Increase in accrued interest payable - related parties	1,046	1,339
Net Cash Used In Operating Activities:	(39,400)	(103,965)
Investing activities:
Proceeds from sale of MacuCLEAR stock investment	9,994	0
Capital expenditures for oil and natural gas interests	0	(6,000)
Net Cash Provided By Investing Activities:	9,994	(6,000)
Financing activities:
Proceeds from sale of Series A preferred stock	25,000	0
Borrowings - related parties	10,000	0
Net Cash Provided By (Used In) Financing Activities:	35,000	0
Net Increase (Decrease) in Cash:	5,594	(109,965)
Cash at beginning of period	4,411	188,032
Cash at end of period	10,005	78,067
Cash paid for:
Interest	0	0
Income taxes	0	0
Non-cash investing and financing activities:
Series A preferred dividends paid in common stock	0	587
Common stock issued in exchange for assets	$ 2,000	$ 0

Description of Business and Sig

Description of Business and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Description of Business and Significant Accounting Policies:
Description of Business and Significant Accounting Policies	NOTE 1. Description of Business and Significant Accounting Policies Regent Technologies, Inc., formerly Regent Petroleum Corporation, was incorporated under the laws of the State of Colorado on January 18, 1980. During 1999, the Company had re-entered the development stage pursuant to ASC No. 915, "Development Stage Activities" ("ASC 915") of the "Accounting Standards Codification ("Codification" or "ASC") and the Hierarchy of Generally Accepted Accounting Principles." As of January 1, 2013, management determined that ASC No. 915 was no longer applicable and accordingly, the ASC No. 915 development stage reporting format was discontinued. Regent NRCo is a Texas corporation and is engaged in testing oil and gas production enhancement technologies and the acquisition and development of oil and natural gas properties. In 2013, the Company organized a second subsidiary REGENT SPV LLC as a Texas limited liability company. It is referred to herein as “RSPV” and it will operate as an unregulated company and will invest in, own and operate distributed solar power ventures, including commercial and residential solar installations. Consolidation Principles The consolidated financial statements of the Company included in this report have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary Estimates and Assumptions The preparation of financial statements in conformity with US GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The accounting policies most affected by management’s estimates and assumptions are provisions for depreciation, depletion and amortization, estimates of proved reserves, impairment of long-lived assets based on estimates of future net cash flows, and asset retirement obligations based on estimates regarding timing and cost of future asset retirements. Property, Plant and Equipment The Company follows the full-cost method of accounting under which all costs associated with property acquisition, exploration and development activities are capitalized. We capitalize internal costs that can be directly identified with our acquisition, exploration and development activities and do not include any costs related to production, general corporate overhead or similar activities. The internal costs that are capitalized do not include any costs related to production, general corporate overhead or similar activities. The Company does not recognize any gain or loss on the sale or other disposition of oil and gas properties unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. Estimates of our proved reserves as of December 31, 2015 were prepared by a third party engineering firm. The costs of unproved properties are excluded from amortization until the properties are evaluated. The Company reviews its equipment and other operating assets for impairment in accordance with ASC 360, Property, Plant, and Equipment Depreciation, Depletion and Amortization Depreciation and depletion of producing oil and natural gas properties are calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible development costs, and proved reserves are used for unamortized leasehold costs. Gains and losses on disposals or retirements that are significant or include an entire depreciable or depletable property unit are included in operating income. Depreciation of furniture, fixtures and equipment, consisting of office furniture, computer hardware and software, leasehold improvements, and solar power equipment is computed using the straight-line method over their estimated useful lives, which vary from three to ten years. Business Acquisitions We account for business acquisitions using the acquisition method of accounting and record intangible assets separate from goodwill. Intangible assets are recorded at fair value based on estimates as of the date of acquisition. Goodwill is recorded as the residual amount of the purchase price consideration less the fair value assigned to the individual assets acquired and liabilities assumed as of the date of acquisition. We charge acquisition related costs that are not part of the purchase price consideration to general and administrative expense as they are incurred. These costs typically include transaction and integration costs, such as legal, accounting, and other professional fees. Contingent consideration, which represents an obligation of the acquirer to transfer additional assets or equity interests to the former owner as part of the exchange if specified future events occur or conditions are met, is accounted for at fair value either as a liability or as equity depending on the terms of the acquisition agreement. Intangibles – Goodwill and Other Acquired intangible assets are amortized over their estimated useful lives. We evaluate the recoverability of our intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. If such review indicates that the carrying amount of property and equipment and intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value as impairment. We would record any impairment in accordance with ASC No. 350, “Intangibles – Goodwill and Other” (“ASC 350”). Pursuant to ASC 350, we perform impairment tests between scheduled annual tests in the fourth quarter if facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. Asset Retirement Obligation Our asset retirement obligation primarily represents the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives, in accordance with federal, state and local laws. We account for asset retirement obligations based on the guidance of ASC No. 410, "Asset Retirement and Environmental Obligations" ("ASC 410"), which addresses the required accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. ASC 410 requires that the fair value of an asset's retirement obligation be recorded as a liability in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. Periodic accretion of the discount of the estimated liability is treated as accretion expense included in depreciation, depletion and amortization on our Consolidated Statements of Operations. Income Taxes We utilize the asset and liability method to account for income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, whether in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. In accordance with the requirements of ASC No. 820, "Fair Value Measurement" ("ASC 820"), the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under ASC 820 and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows: • Level 1 Inputs – unadjusted quoted market prices in active markets for identical assets or liabilities; • Level 2 Inputs – quotes which are derived principally from or corroborated by observable market data. Included in this level are interest rate information and commodity pricing data obtained from third party pricing sources and our creditworthiness; and • Level 3 Inputs – unobservable inputs for the asset or liability, such as discounted cash flow models or valuations, based on the Company’s various assumptions and future commodity prices. Included in this level is the carrying value of our investment in MacuCLEAR Preferred Stock (see Note 4 Earnings per Common Share Earnings per common share are determined under the provisions of ASC No. 260, "Earnings per Share" ("ASC 260"), which requires the Company to report both basic earnings per share, which is based on the weighted-average number of common shares outstanding, and diluted earnings per share, which is based on the weighted-average number of the common shares outstanding plus all potentially dilutive shares outstanding. At June 30, 2016, there are no exercisable common stock equivalents that are potentially dilutive. Accordingly, no common stock equivalents are included in the earnings per share calculations and basic and diluted earnings per share are the same for all periods presented. Recent Accounting Pronouncements During the quarter ended June 30, 2016, there were several new accounting pronouncements issued by the Financial Accounting Standards Board (FASB). Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or operating results. The Company will monitor these emerging issues to assess any potential future impact on its consolidated financial statements. Other Accounting Policies The remaining significant accounting policies of the Company are described in Note 1 to the consolidated financial statements of the 2015 Form 10-K. In management's opinion, the accounting policies and estimates presented in the 2015 Form 10-K have not changed and therefore the unaudited consolidated financial statements herein should be read in conjunction with the Company's audited financial statements on Form 10-K for the year ended December 31, 2015, which was previously filed with the Securities and Exchange Commission.

Going Concern Uncertainties

Going Concern Uncertainties	6 Months Ended
	Jun. 30, 2016
Going Concern Uncertainties:
Going Concern Uncertainties	NOTE 2. Going Concern Uncertainties As of the date of this quarterly report, there is substantial doubt regarding our ability to continue as a going concern as we have not generated sufficient cash flow to fund our business operations and material commitments. Our future success and viability, therefore, are dependent upon our ability to generate capital financing. We are optimistic that we will be successful in our new business operations and capital raising efforts; however, there can be no assurance that we will be successful in generating revenue or raising additional capital. The failure to generate sufficient revenues or raise additional capital may have a material and adverse effect upon the Company and our shareholders. These consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying consolidated financial statements.

Intangible Assets and Solar Log

Intangible Assets and Solar Logic Acquisition	6 Months Ended
	Jun. 30, 2016
Intangible Assets and Solar Logic Acquisition:
Intangible Assets and Solar Logic Acquisition	NOTE 3. Intangible Assets and Solar Logic Acquisition Effective December 1, 2015, Regent Technologies, Inc. entered into the Regent-Solar Logic IP Rights Agreement (the “SL Agreement”) with Solar Logic Incorporated (“Solar Logic”) which includes an exclusive license of Solar Logic’s intellectual property (the “SL Intellectual Property License” of “License”) to the Company. Under the Agreement and License, Solar Logic transferred all of its equipment to Regent and granted the exclusive rights to all intellectual property which includes two issued patents and its trade secrets, technology, business and technical information and know-how, databases, and other confidential and proprietary information as well as solar manufacturing processes and protocols. Please read Note 3 of the consolidated financial statements for the year ended December 31, 2015 which is incorporated herein from the Registrant's Form 10-K for the year ended December 31, 2015. Intangible assets currently include those assets acquired as part of our Solar Logic Acquisition described above. In the future, this will include our internally-generated intangible assets, which will represent patents on technologies related to our products and production processes. We will record an asset for patents, after the patent has been issued, based on the legal, filing, and other costs incurred to secure them. We amortize intangible assets on a straight-line basis over their estimated useful lives beginning with the use of the asset which we expect will be in the first quarter of 2017. We estimate the useful life of our intangible assets to be 15 years and the estimated amortization expense for the first five years of usage to be approximately $307,000 per year.

Investments

Investments	6 Months Ended
	Jun. 30, 2016
Investments:
Investments	NOTE 4. Investments The Company’s Subsidiary is holding 76,590 shares of MacuCLEAR Series A Preferred Stock (“MacuCLEAR”) and 19,268 shares of MacuCLEAR common stock for the partial redemption of the Subsidiary’s outstanding 99,950 shares of Series A Preferred Stock. The MacuCLEAR preferred and common stock being held for the partial redemption of Subsidiary preferred stock is held at cost or basis whichever is less. During April 2016, the Boards of the Company and the Company’s Subsidiary voted to initiate the redemption process with the conversion of each unit of 5,000 shares of the Subsidiary preferred stock in exchange for 4,817 shares of Series A Preferred Stock of MacuCLEAR plus the issuance of 18,930 shares of newly issued restricted common stock of Regent Technologies, Inc. This exchange will result in the delivery of the MacuCLEAR stock described above and the delivery of 376,707 newly issued shares of Regent Technologies, Inc. restricted common stock. As of the date of this filing, over 75% of the holders of the Subsidiary preferred stock have elected to convert. This conversion process requires that the holders of the transferred MacuCLEAR preferred stock execute a MacuCLEAR Shareholder’s Agreement to complete the conversion. The Company anticipates that the conversion will be completed before September 30, 2016. The Company’s Subsidiary is also holding 5,361 shares of MacuCLEAR Preferred Stock currently being marketed for capital reallocation as a current asset. During the current quarter, the Subsidiary sold 533 shares for $18.75 per share. The carrying value for the shares being marketed receive Level 3 Fair Value Measurement under ASC 820 of $18.75 per share based on sales by MacuCLEAR of new issues of preferred stock during December 2015 and January 2016 with the same designations.

Property, Plant, and Equipment

Property, Plant, and Equipment	6 Months Ended
	Jun. 30, 2016
Property, Plant, and Equipment:
Property, Plant and Equipment	NOTE 5. Property, Plant and Equipment Pursuant to the Solar Logic Acquisition described in Note 3, $185,780 was assigned to property, plant and equipment effective December 1, 2015. On June 24, 2014 the Company engaged Enstream Capital Markets, LLC to provide financial advisory services to the Company on an exclusive basis to assist with the Company’s needs for equity and debt capital for several projects under evaluation. The Company entered into a Purchase and Sale Agreement on November 18, 2014 to acquire certain oil and gas assets in Ohio, Pennsylvania and New York which agreement was terminated on December 15, 2014 due to the Seller’s inability to satisfy certain conditions precedent to closing. The Company is continuing to negotiate the acquisition and has advanced $70,731 toward environmental, engineering and bank fees related thereto. The Company’s current oil and gas properties consist of interests in two productive wells and one injection well in Hill County, Texas. Effective January 1, 2016, Regent NRCo increased its ownership in its net profits interest in one of the wells from 50% to 90%. The consideration for the acquisition was the issuance of 200,000 shares of common stock of Regent Technologies, Inc. to three parties, one of which was a related party (see Note 10). The consideration was booked at par value of $2,000 with an equivalent offset to Paid-in capital in excess of par because the transaction included a related party. In April 2015, we negotiated a third-party exploratory agreement and earned a 2.5% carried non-op working interest in the first five wells drilled on 35,000 gross acres in Zavala County, Texas. After drilling three wells, the operator was unable to stimulate and complete the wells due to the sustained drop in the price of oil which resulted in the operator’s inability to raise the necessary capital. We do not anticipate that we will realize any value from the exploratory agreement which was terminated during the first quarter of 2016. The agreement and the drilling activity terminated without any loss or liability to the Company.

Private Placement Memorandum

Private Placement Memorandum	6 Months Ended
	Jun. 30, 2016
Private Placement Memorandum:
Private Placement Memorandum	NOTE 6. Private Placement Memorandum Effective January 1, 2016, the Company approved a Private Placement Memorandum (“PPM”) to raise $850,000 through the issuance of 850,000 shares of Series A 8% Convertible Preferred Stock at $1.00 per share (the “Offering”). This PPM is a continuation of the PPM approved in 2014 for $1,000,000 under which the Company sold three $50,000 units. Under the renewed PPM, the Company is selling full Units for $50,000 (“Unit”) with the right to sell partial Units. The Company is relying on the federal exemption provided under Rule 506(b) for treatment of the Offering as an exempt offering of securities and filed a Form D with the Securities and Exchange Commission on April 20, 2016.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity:
Stockholders' Equity	NOTE 7. Stockholders’ Equity During 2015, the Board of Directors voted to continue offering for sale shares of the Series A 8% Convertible Preferred Stock for total sales up to 1,000,000 shares with a par value of $.10 per share. As of the date of this quarterly filing, there are outstanding 175,000 shares of Series A Preferred Stock. The Series A Preferred Stock shares are being offered under the PPM. Upon declaration of any dividend by the Company, the 8% is paid-to-date through Regent common stock for the first two years. In addition, the Board has established 1,500,000 shares of Series B Preferred Stock which were all issued pursuant to the Solar Logic transaction (See Note 3). Please read Note 8 of the consolidated financial statements for the year ended December 31, 2015 for preferred stock designations and further information which is incorporated herein from the Registrant's Form 10-K for the year ended December 31, 2015. The Company’s common stock outstanding increased 200,000 effective January 1, 2016, with the acquisition of the 40% net profits interest (see Note 5). Since one of the three sellers was a related party, there was no increase in the asset value and the stock was booked at par value of $2,000 with an equivalent offset to Paid-in capital in excess of par due to the related party.

Asset Retirement Obligation

Asset Retirement Obligation	6 Months Ended
	Jun. 30, 2016
Asset Retirement Obligation:
Asset Retirement Obligation	NOTE 8. Asset Retirement Obligation We have included estimated future costs of abandonment and dismantlement in our amortization base and amortize these costs as a component of our depreciation, depletion, and accretion expense. The Company has not increased the asset retirement obligation for this quarter due to only nominal impact.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Taxes:
Income Taxes	NOTE 9. Income Taxes The Company recognizes deferred tax assets and liabilities based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, future tax benefits, such as those from net operating loss carry forwards, are recognized to the extent that realization of such benefits is more likely than not. As of June 30, 2016, we have no unrecognized tax benefits and there were no significant changes to the calculation since December 31, 2015.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions:
Related Party Transactions	NOTE 10. Related Party Transactions During the six months ended June 30, 2016, the Company made net payments of $4,715 for accrued liabilities owed to Solar Logic, Inc., NR Partners and SIG Partners, LC. NR Partners is a partnership comprised of the President and a director of the Company. SIG Partners, LC is an entity owned by the President of the Company and is the operator of the Company’s oil and gas interests. In addition, Regent NRCo acquired a 10% net profits interest in oil and gas properties from a director of the Regent NRCo (see Note 5). During the current quarter, the Company borrowed $10,000 from a director of Regent NRCo which amount is repayable in September 2016 plus interest at 10% per annum.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies:
Consolidation Principles	Consolidation Principles The consolidated financial statements of the Company included in this report have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary
Estimates and Assumptions	Estimates and Assumptions The preparation of financial statements in conformity with US GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The accounting policies most affected by management’s estimates and assumptions are provisions for depreciation, depletion and amortization, estimates of proved reserves, impairment of long-lived assets based on estimates of future net cash flows, and asset retirement obligations based on estimates regarding timing and cost of future asset retirements.
Property, Plant and Equipment, Policy	Property, Plant and Equipment The Company follows the full-cost method of accounting under which all costs associated with property acquisition, exploration and development activities are capitalized. We capitalize internal costs that can be directly identified with our acquisition, exploration and development activities and do not include any costs related to production, general corporate overhead or similar activities. The internal costs that are capitalized do not include any costs related to production, general corporate overhead or similar activities. The Company does not recognize any gain or loss on the sale or other disposition of oil and gas properties unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. Estimates of our proved reserves as of December 31, 2015 were prepared by a third party engineering firm. The costs of unproved properties are excluded from amortization until the properties are evaluated. The Company reviews its equipment and other operating assets for impairment in accordance with ASC 360, Property, Plant, and Equipment
Depreciation, Depletion, and Amortization	Depreciation, Depletion and Amortization Depreciation and depletion of producing oil and natural gas properties are calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible development costs, and proved reserves are used for unamortized leasehold costs. Gains and losses on disposals or retirements that are significant or include an entire depreciable or depletable property unit are included in operating income. Depreciation of furniture, fixtures and equipment, consisting of office furniture, computer hardware and software, leasehold improvements, and solar power equipment is computed using the straight-line method over their estimated useful lives, which vary from three to ten years.
Business Acquisitions	Business Acquisitions We account for business acquisitions using the acquisition method of accounting and record intangible assets separate from goodwill. Intangible assets are recorded at fair value based on estimates as of the date of acquisition. Goodwill is recorded as the residual amount of the purchase price consideration less the fair value assigned to the individual assets acquired and liabilities assumed as of the date of acquisition. We charge acquisition related costs that are not part of the purchase price consideration to general and administrative expense as they are incurred. These costs typically include transaction and integration costs, such as legal, accounting, and other professional fees. Contingent consideration, which represents an obligation of the acquirer to transfer additional assets or equity interests to the former owner as part of the exchange if specified future events occur or conditions are met, is accounted for at fair value either as a liability or as equity depending on the terms of the acquisition agreement.
Intangibles - Goodwill and Other	Intangibles – Goodwill and Other Acquired intangible assets are amortized over their estimated useful lives. We evaluate the recoverability of our intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. If such review indicates that the carrying amount of property and equipment and intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value as impairment. We would record any impairment in accordance with ASC No. 350, “Intangibles – Goodwill and Other” (“ASC 350”). Pursuant to ASC 350, we perform impairment tests between scheduled annual tests in the fourth quarter if facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value.
Asset Retirement Obligations, Policy	Asset Retirement Obligation Our asset retirement obligation primarily represents the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives, in accordance with federal, state and local laws. We account for asset retirement obligations based on the guidance of ASC No. 410, "Asset Retirement and Environmental Obligations" ("ASC 410"), which addresses the required accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. ASC 410 requires that the fair value of an asset's retirement obligation be recorded as a liability in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. Periodic accretion of the discount of the estimated liability is treated as accretion expense included in depreciation, depletion and amortization on our Consolidated Statements of Operations.
Income Taxes, Policy	Income Taxes We utilize the asset and liability method to account for income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, whether in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. In accordance with the requirements of ASC No. 820, "Fair Value Measurement" ("ASC 820"), the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under ASC 820 and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows: • Level 1 Inputs – unadjusted quoted market prices in active markets for identical assets or liabilities; • Level 2 Inputs – quotes which are derived principally from or corroborated by observable market data. Included in this level are interest rate information and commodity pricing data obtained from third party pricing sources and our creditworthiness; and • Level 3 Inputs – unobservable inputs for the asset or liability, such as discounted cash flow models or valuations, based on the Company’s various assumptions and future commodity prices. Included in this level is the carrying value of our investment in MacuCLEAR Preferred Stock (see Note 4
Earnings per Common Share	Earnings per Common Share Earnings per common share are determined under the provisions of ASC No. 260, "Earnings per Share" ("ASC 260"), which requires the Company to report both basic earnings per share, which is based on the weighted-average number of common shares outstanding, and diluted earnings per share, which is based on the weighted-average number of the common shares outstanding plus all potentially dilutive shares outstanding. At June 30, 2016, there are no exercisable common stock equivalents that are potentially dilutive. Accordingly, no common stock equivalents are included in the earnings per share calculations and basic and diluted earnings per share are the same for all periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements During the quarter ended June 30, 2016, there were several new accounting pronouncements issued by the Financial Accounting Standards Board (FASB). Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or operating results. The Company will monitor these emerging issues to assess any potential future impact on its consolidated financial statements.
Other Accounting Policies	Other Accounting Policies The remaining significant accounting policies of the Company are described in Note 1 to the consolidated financial statements of the 2015 Form 10-K. In management's opinion, the accounting policies and estimates presented in the 2015 Form 10-K have not changed and therefore the unaudited consolidated financial statements herein should be read in conjunction with the Company's audited financial statements on Form 10-K for the year ended December 31, 2015, which was previously filed with the Securities and Exchange Commission.

Description of Business and S17

Description of Business and Significant Accounting Policies (Narrative) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Description of Business and Significant Accounting Policies (Narrative)
Property and Equipment, minimum useful life	3 years
Property and Equipment, maximum useful life	10 years
Exercisable common stock equivalents at end of period	$ 0	$ 0
Common stock equivalents included in earnings per share calculation and basic and diluted earnings per share during period	0	0

Intangible Assets and Solar L18

Intangible Assets and Solar Logic Acquisition (Narrative) (Details)	Jun. 30, 2016USD ($)
Intangible Assets and Solar Logic Acquisition (Narrative):
Estimated useful life of intangible assets (in Years)	15
Estimated amortization expense for first 5 years of usage	$ 307,000

Investments (Narrative) (Detail

Investments (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Investments (Narrative)
Company Subsidiary holding shares of MacuCLEAR Series A Preferred Stock for partial redemption of the Subsidiary's outstanding Series A Preferred Stock, held at cost or basis, whichever is less (in Shares)	76,590
Company Subsidiary holding shares of MacuCLEAR Common Stock for partial redemption of the Subsidiary's outstanding Series A Preferred Stock, held at cost or basis, whichever is less (in Shares)	19,268
Outstanding shares of Subsidiary Preferred Stock to be partially redeemed with MacuCLEAR preferred and common stock and with common stock of the Subsidiary or the Company	99,950
During April 2016, the Boards of the Company and the Company's Subsidiary voted to initiate the redemption process with the conversion of each unit of shares of the Subsidiary preferred stock	5,000
Redemption of Subsidiary units - issuance of shares of Series A Preferred Stock of MacuCLEAR	4,817
Redemption of Subsidiary units - issuance of shares of newly issued restricted common stock of Regent Technologies, Inc.	18,930
Redemption exchange will result in delivery of MacuCLEAR stock described above and delivery of total shares of restricted common stock of Regent Technologies, Inc.	376,707
Percent of holders of Subsidiary preferred stock electing to convert	75.00%
Company Subsidiary holding shares of MacuCLEAR Preferred Stock being marketed for capital reallocation as a current asset (in Shares)	5,361
Number of shares of MacuCLEAR Preferred Stock sold during the period	533
The carrying value of the shares being marketed receive Level 3 Fair Value Measurement under ASC 820 based on sales by MacuCLEAR of new issues of Preferred Stock with the same designations during December, 2015 and January 2016 (in Dollars per Share) | $ / shares	$ 18.75

Property Plant and Equipment (D

Property Plant and Equipment (Details)	Jun. 30, 2016USD ($)shares	Dec. 01, 2015USD ($)	Apr. 30, 2015
Property Plant and Equipment Details
Pursuant to the Solar Logic Acquisition, amount assigned to property, plant and equipment		$ 185,780
Purchase and Sale Agreement to acquire certain oil and gas assets in OH, PA and NY - Company continues to negotiate the acquisition and advanced funds towards environmental, engineering and bank fees related thereto	$ 70,731
Company owns interest in producing oil and gas wells in Hill County, TX (number of wells)	2
Company owns interest in injection well in Hill County, TX (number of wells)	1
Effective January 1, 2016, Regent NRCo increased its ownership in its net profits interest in one of the Hill County, TX wells from minimum	50.00%
Effective January 1, 2016, Regent NRCo increased its ownership in its net profits interest in one of the Hill County, TX wells to maximum	90.00%
Consideration for the Hill County, TX acquisition was the issuance of shares of common stock of the Company | shares	200,000
Stock issued in the net profits transaction was booked at par value with an equivalent offset to paid-in capital in excess of par due to the related party	$ 2,000
Company negotiated a third-party exploratory agreement and earned a carried working interest in certain wells drilled on 35,000 acres in Zavala County, TX (in Percentage)			2.50%
Number of wells subject to the carried working interest on the Zavala County, TX property			5
Zavala County, TX property agreement and drilling activity terminated wells during first quarter 2016 due to sustained drop in price of oil - loss or liability to the Company (number of wells)	3

Private Placement Memorandum (N

Private Placement Memorandum (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Private Placement Memorandum (Narrative)
Effective January 1, 2016, Company approved a Private Placement Memorandum ("2016 PPM") to raise funds through the issuance of Series A 8% Convertible Preferred Stock ("Series A Preferred") (in Dollars)	$ 850,000
Number of Series A Preferred shares to be issued under the 2016 PPM | shares	850,000
Per share purchase price of Series A Preferred under the 2016 PPM | $ / shares	$ 1
Rate of interest on Series A Preferred	8.00%
PPM is a continuation of the PPM approved in 2014 ("2014 PPM") in the amount of	$ 1,000,000
Price per Unit under the 2014 PPM | $ / shares	$ 50,000
Number of Units sold under the 2014 PPM	3
Under the 2016 PPM, the Company is selling full Units for an amount with the right to sell partial Units	$ 50,000

Equity (Narrative) (Details)

Equity (Narrative) (Details)	Jun. 30, 2016USD ($)$ / sharesshares
Equity (Narrative)
In December, 2015, the Company's Board voted to continue offering for sale shares Series A 8% Convertible Preferred Stock ("Series a Preferred") (in Shares)	1,000,000
Series A Preferred Stock par value per share | $ / shares	$ 0.10
Series A Preferred Stock outstanding at end of period	175,000
Company's Board established Series B Preferred Stock (total shares)	1,500,000
Shares of Series B Preferred Stock outstanding (issued pursuant to the Solar Logic Transaction)	1,500,000
Effective January 1, 2016, outstanding Common Stock increased with the acquistion of the 40% net profits interest in Hill County, TX well (Shares)	200,000
No increase in the asset value due to related party | $	$ 0
Stock was booked at par value with an equivalent offset to paid-in capital in excess of par due to the related party | $	$ 2,000

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	Jun. 30, 2016USD ($)
Income Taxes (Narrative)
Unrecognized tax benefits	$ 0
Significant changes to calculation since December 31, 2015	$ 0

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Related Party Transaction (Narrative)
Net payments for accrued liabilities owed to Solar Logic, NR Partners and SIG Partners, LC	$ 4,715
Regent NRCo acquired a net profits interest in oil and gas properties from a director of the Regent NRCo (percent)	10.00%
Company borrowed from a director of Regent NRCo repayable in September 2016 plus interest at 10% per annum	$ 10,000