Victory Oilfield Tech (VYEY) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 14, 2018
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	VYEY
Entity Registrant Name	VICTORY ENERGY CORP
Entity Central Index Key	700,764
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding (in shares)		28,026,713

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 20,324	$ 24,383
Prepaid expenses	105,467	112,217
Total current assets	125,791	136,600
Fixed Assets
Furniture and equipment	43,622	43,622
Accumulated depreciation	(43,327)	(43,133)
Total furniture and equipment, net	295	489
Intangible assets	17,630,000	17,630,000
Deposits	1,750	1,750
Total Assets	17,757,836	17,768,839
Current Liabilities
Accounts payable	480,923	590,870
Accrued liabilities	392,607	374,281
Liability for unauthorized preferred stock issued	9,283	9,283
Note payable (net of debt discount) - affiliate	1,410,200	896,500
Total current liabilities	2,293,013	1,870,934
Total Liabilities	2,293,013	1,870,934
Stockholders Equity
Common stock, $0.001 par value, 300,000,000 shares authorized, 6,146,446 shares and 5,206,174 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	6,146	5,206
Receivable for stock subscription	0	(4,800,000)
Additional paid-in capital	82,755,710	87,552,737
Accumulated deficit	(67,297,846)	(66,861,036)
Total stockholders' equity	15,464,823	15,897,905
Total Liabilities and Stockholders' Equity	17,757,836	17,768,839
Preferred Series B stock, $0.001 par value, 800,000 shares authorized, 800,000 shares issued and outstanding at March 31, 2018 and December 31, 2017
Stockholders Equity
Preferred stock	800	800
Preferred Series C stock, $0.001 par value, 810,000 shares authorized, 0 shares and 180,000 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
Stockholders Equity
Preferred stock	0	180
Preferred Series D stock, $0.001 par value, 20,000 shares authorized, 13,333 shares and 18,333 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
Stockholders Equity
Preferred stock	$ 13	$ 18

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017	Aug. 21, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	6,146,446	5,206,174
Common stock, outstanding (in shares)	6,146,446	5,206,174
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	800,000	800,000
Preferred stock, shares issued (in shares)	800,000	800,000
Preferred stock, shares outstanding (in shares)	800,000	800,000
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	810,000	810,000	810,000
Preferred stock, shares issued (in shares)	0	180,000	180,000
Preferred stock, shares outstanding (in shares)	0	180,000
Series D Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	13,333	18,333
Preferred stock, shares outstanding (in shares)	13,333	18,333

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Expenses
General and administrative	$ 427,387	$ 603,263
Depreciation and amortization	193	1,616
Total operating expenses	427,580	604,879
Loss from operations	(427,580)	(604,879)
Other Income (Expense)
Interest expense	(58,316)	(89,358)
Total other income (expense)	(58,316)	(89,358)
Loss from before tax benefit	(485,896)	(694,237)
Tax benefit	0	0
Loss from continuing operations	(485,896)	(694,237)
Income from discontinued operations	49,086	30,060
Loss applicable to common stockholders	$ (436,810)	$ (664,177)
Basic and diluted:
Loss per share from continuing operations (in dollars per share)	$ (0.08)	$ (0.84)
Income per share from discontinued operations (in dollars per share)	0.01	0.04
Loss per share, basic (in dollars per share)	$ (0.07)	$ (0.81)
Weighted average shares, basic and diluted (in shares)	5,903,454	823,278

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (436,810)	$ (664,177)
Adjustments to reconcile net loss to net cash used in operating activities
Accretion of asset retirement obligations	0	1,208
Amortization of deferred financing costs	0	6,237
Amortization of debt discount	0	40,296
Depletion, accretion, depreciation and amortization	193	23,833
Stock based compensation	25,000	170,697
Change in operating assets and liabilities
Accounts receivable	0	6,099
Management fee receivable - affiliate	0	(1,077)
Prepaid expenses	6,750	2,457
Accounts payable	(109,947)	111,267
Accrued liabilities - related parties	0	(179,126)
Accrued liabilities	18,326	(341,091)
Accrued interest on note payable - affiliate	46,700	6,400
Net cash used in operating activities	(449,788)	(816,977)
CASH FLOWS FROM FINANCING ACTIVITIES
Non-controlling interest contributions	0	660,000
Debt financing proceeds - affiliate	467,000	320,000
Principal payments of debt financing	0	(199,000)
Contributions - affiliate	55,000	0
Conversion and redemption of preferred stock	(76,271)	0
Net cash provided by financing activities	445,729	781,000
Net change in cash and cash equivalents	(4,059)	(35,977)
Beginning cash and cash equivalents	24,383	56,456
Ending cash and cash equivalents	20,324	20,479
Cash paid for:
Interest	0	12,458
Non-cash investing and financing activities:
Accrued interest	58,316	18,145
Accrued capital expenditures	0	197,615
Revisions to depreciation	$ 0	$ 7,570

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies: Victory Energy Corporation ("Victory" or the "Company") is an Austin, Texas based publicly held company that is in the process of transitioning from an upstream oil and gas exploration and production company, into an oilfield energy-tech products company focused on improving well performance and extending the lifespan of the industry's most sophisticated and expensive equipment. Prior to entering into the Transaction Agreement and Divestiture Agreement described below, the Company had been focused on the acquisition and development of unconventional resource play opportunities in the Permian Basin, the Eagle Ford shale of south Texas and other strategically important areas that offer predictable economic outcomes and long-lived reserve characteristics. The Company's asset portfolio included both vertical and horizontal wells in prominent formations such as the Eagle Ford, Austin Chalk, Woodbine, Spraberry, Wolfcamp, Wolfberry, Mississippian, Cline, Fusselman and Ellenberger. As of August 21, 2017, the Company held a working interest in 30 completed wells located in Texas and New Mexico, predominantly in the Permian Basin of west Texas and the Eagle Ford area of south Texas. Prior to the divestiture of Aurora Energy Partners, a two-member Texas partnership (“Aurora”), described below, all of the Company's oil and natural gas operations were conducted through, and the Company held all of our oil and natural gas assets through, the Company's 50% partnership interest in Aurora. Aurora was a consolidated subsidiary for financial statement purposes. Through the Company's partnership interest in Aurora, the Company was the beneficial owner of fifty percent ( 50% ) of the oil and gas properties, wells and reserves held of record by Aurora. Following the Transaction Agreement and the divestiture of the Company's interests in Aurora, the Company has begun its transition into a technology driven oilfield services company offering patented oil and gas technology drilling products designed to improve oil and gas well drilling outcomes. The Company’s products can help achieve this goal by reducing drilling torque, friction, wear resistance, corrosion and other issues that occur during drilling and completion. The Company was organized under the laws of the State of Nevada on January 7, 1982. The Company is authorized to issue 300,000,000 shares of $0.001 par value common stock. On December 19, 2017 the Company completed a 1-for-38 reverse stock split of the outstanding common stock. All information in this Quarterly Report on Form 10-Q reflects the effect of the reverse stock split. The Company has 6,146,446 shares of common stock outstanding as of March 31, 2018 . Our corporate headquarters are located at 3355 Bee Caves Rd. Ste. 608, Austin, Texas. A summary of significant accounting policies followed in the preparation of the accompanying financial statements is set forth below. Basis of Presentation and Consolidation: For the quarter ended March 31, 2017 the financial statements were previously presented on a consolidated basis. Following the Divestiture of Aurora discussed above, which was completed on December 13, 2017, the Company does not have any subsidiaries. All operations are conducted by the Company. Use of Estimates: The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation, taxes, accruals of capitalized costs, operating costs, general and administrative costs, interest, various common stock, warrants and option transactions, and loss contingencies. Cash and Cash Equivalents: The Company considers all liquid investments with original maturities of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company had no cash equivalents at March 31, 2018 and December 31, 2017 . Other Property and Equipment: Our office equipment in Austin, Texas is being depreciated on the straight-line method over the estimated useful life of three to seven years. Intangible Assets: Our intangible assets are comprised of contract-based and marketing-related intangible assets. Our contract-based intangible assets include a sublicense agreement and a trademark license. The contract-based intangible assets have useful lives of 11.1 years to 15 years . As of March 31, 2018 the Company has not begun to use the economic benefits of the sublicense agreement and the trademark license and, accordingly, they were not amortized. The Company will begin to amortize the contract-based intangible assets using the straight-line amortization method over their respective remaining useful lives once it has begun to use their economic benefits. Our marketing related intangible assets include three non-compete agreements all of which have useful lives of 15 years . As of March 31, 2018 the Company has not begun to use the economic benefits of the non-compete agreements and, accordingly, they were not amortized. The Company will begin to amortize the marketing-related intangible assets using the straight-line amortization method over their respective remaining useful lives once it has begun to use their economic benefits. The remaining useful lives of intangible assets will be evaluated each reporting period. Intangible assets will be tested for impairment at least annually and upon a triggering event. The following table shows intangible assets and related accumulated amortization as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Sublicense agreement $ 11,330,000 $ 11,330,000 Trademark license 6,030,000 6,030,000 Non-compete agreements 270,000 270,000 Accumulated amortization — — Intangible assets, net $ 17,630,000 $ 17,630,000 Fair Value: At March 31, 2018 and 2017 , the carrying value of our financial instruments such as prepaid expenses and payables approximated their fair values based on the short-term maturities of these instruments. The carrying value of other liabilities approximated their fair values because the underlying interest rates approximated market rates at the balance sheet dates. Management believes that due to our current credit worthiness, the fair value of debt could be less than the book value. Financial Accounting Standard Board, or FASB, Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures , established a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring fair value. This framework defined three levels of inputs to the fair value measurement process and requires that each fair value measurement be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by FASB ASC Topic 820 hierarchy are as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Leve1 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Leve1 2 input must be observable for substantially the full term of the asset or liability; and Leve1 3 - unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data). Unamortized Discount: Unamortized discount consists of value attributed to free standing equity instruments issued to the holders of affiliate note payable (see Note 12) and are amortized over the life of the related loans using a method consistent with the interest method. There was no amortization of debt discount for the three months ended March 31, 2018. Amortization of debt discount totaled $40,296 for the three months ended March 31, 2017 and is included in interest expense in the statements of operations. The following table shows the discount and related accumulated amortization as of three months ended March 31, 2018 and 2017 : March 31, 2018 March 31, 2017 Original issuance discount $ — $ 160,000 Accumulated amortization — (40,296 ) Unamortized discount, net $ — $ 119,704 Stock-Based Compensation: The Company applies FASB ASC 718, Compensation-Stock Compensation , to account for the issuance of options and warrants to employees, key partners, directors, officers and Navitus Energy Group ("Navitus") investors. The standard requires all share-based payments, including employee stock options, warrants and restricted stock, be measured at the fair value of the award and expensed over the requisite service period (generally the vesting period). The fair value of options and warrants granted to employees, directors and officers is estimated at the date of grant using the Black-Scholes option pricing model by using the historical volatility of our stock price. The calculation also takes into account the common stock fair market value at the grant date, the exercise price, the expected term of the common stock option or warrant, the dividend yield and the risk-free interest rate. The Company from time to time may issue stock options, warrants and restricted stock to acquire goods or services from third parties. Restricted stock, options or warrants issued to third parties are recorded on the basis of their fair value, which is measured as of the date issued. The options or warrants are valued using the Black-Scholes option pricing model on the basis of the market price of the underlying equity instrument on the “valuation date,” which for options and warrants related to contracts that have substantial disincentives to non-performance, is the date of the contract, and for all other contracts is the vesting date. Expense related to the options and warrants is recognized on a straight-line basis over the shorter of the period over which services are to be received or the vesting period and is included in general and administrative expenses in the accompanying statements of operations. The Company recognized stock-based compensation expense from stock awards, warrants, and stock options granted to directors, officers, employees and third parties of $25,000 and $170,697 for the three months ended March 31, 2018 and 2017, respectively Income Taxes: The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes, which requires an asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. Deferred tax assets include tax loss and credit carry forwards and are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Earnings (loss) per Share: Basic earnings (loss) per share are computed using the weighted average number of common shares outstanding at March 31, 2018 and 2017 , respectively. Diluted earnings per share reflect the potential dilutive effects of common stock equivalents such as options, warrants and convertible securities. Given the historical and projected future losses of the Company, all potentially dilutive common stock equivalents are considered anti-dilutive. Basic and diluted weighted average number of common shares outstanding was 5,903,454 and 823,278 at March 31, 2018 and 2017, respectively. Recently Adopted Accounting Standards On May 17, 2017, FASB issued Accounting Standards Update ("ASU") 2017-09, Scope of Modification Accounting ( clarifies Topic 718) Compensation – Stock Compensation , such that an entity must apply modification accounting to changes in the terms or conditions of a share-based payment award unless all of the following criteria are met: (1) the fair value of the modified award is the same as the fair value of the original award immediately before the modification and the ASU indicates that if the modification does not affect any of the inputs to the valuation technique used to value the award, the entity is not required to estimate the value immediately before and after the modification; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification; and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification; the ASU is effective for all entities for fiscal years beginning after December 15, 2017, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. The Company adopted this ASU on January 1, 2018. The Company expects the adoption of this ASU will only impact financial statements if and when there is a modification to share-based award agreements. In January 2017, FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is deemed to be a business. Determining whether a transferred set constitutes a business is important because the accounting for a business combination differs from that of an asset acquisition. The definition of a business also affects the accounting for dispositions. Under ASU 2017-01, when substantially all of the fair value of assets acquired is concentrated in a single asset, or a group of similar assets, the assets acquired would not represent a business and business combination accounting would not be required. ASU 2017-01 may result in more transactions being accounted for as asset acquisitions rather than business combinations. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017 and shall be applied prospectively. Early adoption is permitted. The Company adopted ASU 2017-01 on January 1, 2017 and will apply the new guidance to applicable transactions going forward. In March 2016, FASB issued guidance regarding the simplification of employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted this guidance in the second quarter of 2016 as permitted by the guidance. Adoption of this guidance did not impact the financial statements, except for the simplification in accounting for income taxes using a modified retrospective approach. Upon adoption, the Company recorded a related deferred tax asset for previously unrecognized excess tax benefits of $37 million . As it is more likely than not that the deferred tax asset will not be realized, the Company recorded a full valuation allowance of $37 million , resulting in no net effect on the statement of operations. The Company elected to continue its current policy of estimating forfeitures. Recently Issued Accounting Standards In February 2016, the FASB issued guidance regarding the accounting for leases. The guidance requires recognition of most leases on the balance sheet. The guidance requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The guidance is effective for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of this guidance on the financial statements. In January 2016, the FASB issued guidance regarding several broad topics related to the recognition and measurement of financial assets and liabilities. The guidance is effective for interim and annual periods beginning after December 15, 2017. The Company does not expect this guidance to have a material impact on the financial statements. In May 2014, the FASB issued guidance regarding the accounting for revenue from contracts with customers. In April 2016, May 2016 and December 2016, FASB issued additional guidance, addressed implementation issues and provided technical corrections. The guidance may be applied retrospectively or using a modified retrospective approach to adjust retained earnings (deficit). The guidance is effective for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of this guidance on the financial statements. However, the Company currently has no revenue from contracts with customers. Going Concern: The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As presented in the financial statements, the Company has incurred losses of $ 436,810 and $ 664,177 during the three months ended March 31, 2018 and 2017 , respectively. Non-cash expenses and allowances were significant during the three months ended March 31, 2018 and 2017 , and the net cash used in operating activities, or negative cash flows from operating activities, were $ 449,788 and $ 816,977 , respectively. The cash proceeds from loans from affiliates and new contributions to the Aurora partnership by Navitus have allowed the Company to continue operations. Management anticipates that operating losses will continue in the near term until the Company begins to operate as a technology focused oilfield services company. For the three months ended March 31, 2018 and 2017, the Company had no significant capital expenditures. On August 21, 2017, the Company entered into a loan agreement (as amended, the “VPEG Loan Agreement”) with Visionary Private Equity Group I, LP, a Missouri limited partnership (“VPEG”), pursuant to which VPEG loaned $500,000 to the Company. Such loan is evidenced by a secured convertible original issue discount promissory note issued by us to VPEG on August 21, 2017 (the “VPEG Note”). The VPEG Note reflects an original issue discount of $50,000 such that the principal amount of the VPEG Note is $550,000 , notwithstanding the fact that the loan is in the amount of $500,000 . The VPEG Note does not bear any interest in addition to the original issue discount, matures on September 1, 2017, and is secured by a security interest in all of the Company’s assets. On October 11, 2017, the Company and VPEG entered into an amendment to the VPEG Loan Agreement and VPEG Note, pursuant to which the parties agreed to (i) increase the loan amount to $565,000 , (ii) increase the principal amount of the VPEG Note to $621,500 , reflecting an original issue discount of $56,500 and (iii) extend the maturity date to November 30, 2017. On January 17, 2018, the Company and VPEG entered into a second amendment to the VPEG Loan Agreement and VPEG Note, pursuant to which the parties agreed (i) to extend the maturity date to a date that is five business days following VPEG’s written demand for payment on the VPEG Note; (ii) that VPEG will have the option but not the obligation to loan the Company additional amounts under the VPEG Note on the same terms upon the written request from the Company; and (iii) that, in the event that VPEG exercises its option to convert the note into shares of common stock at any time after the maturity date and prior to payment in full of the principal amount of the VPEG Note, the Company shall issue to VPEG a five year warrant to purchase a number of additional shares of common stock equal to the number of shares issuable upon such conversion, at an exercise price of $1.52 per share, and containing a cashless exercise feature and such other provisions as mutually agreed to by the Company and VPEG. This loan provided short-term financing required for operating and transaction expenses. On August 21, 2017, the Company entered into a transaction agreement (the “Transaction Agreement”) with Armacor Victory Ventures, LLC, a Delaware limited liability company (“AVV”), pursuant to which AVV (i) granted to the Company a worldwide, perpetual, royalty free, fully paid up and exclusive sublicense to all of AVV’s owned and licensed intellectual property for use in the Oilfield Services industry, except for a tubular solutions company headquartered in France, and (ii) agreed to contribute to the Company $5,000,000 (the “Cash Contribution”), in exchange for which the Company issued 800,000 shares of its newly designated Series B Convertible Preferred Stock. To date, AVV has contributed a total of $255,000 to the Company, but has yet to make the entire Cash Contribution. The Company remains in active discussions with VPEG and others related to longer term financing required for capital expenditures planned for 2018. Without additional outside investment from the sale of equity securities and/or debt financing, capital expenditures and overhead expenses must be reduced to a level commensurate with available cash flows. The accompanying financial statements are prepared as if the Company will continue as a going concern. The financial statements do not contain adjustments, including adjustments to recorded assets and liabilities, which might be necessary if the Company were unable to continue as a going concern.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations Divestiture of Aurora On August 21, 2017, the Company entered into a divestiture agreement with Navitus, and on September 14, 2017, the Company entered into amendment no. 1 to the divestiture agreement (as amended, the “Divestiture Agreement”). Pursuant to the Divestiture Agreement, the Company agreed to divest and transfer its 50% ownership interest in Aurora to Navitus, which owned the remaining 50% interest, in consideration for a release from Navitus of all of the Company’s obligations under the second amended partnership agreement, dated October 1, 2011, between the Company and Navitus, including, without limitation, obligations to return to Navitus investors their accumulated deferred capital, deferred interest and related allocations of equity. The Company also agreed to (i) issue 4,382,872 shares of common stock to Navitus and (ii) pay off or otherwise satisfy all indebtedness and other material liabilities of Aurora at or prior to closing of the Divestiture Agreement. Closing of the Divestiture Agreement was completed on December 13, 2017. The Divestiture Agreement contained usual pre- and post-closing representations, warranties and covenants. In addition, Navitus agreed that the Company may take any steps necessary to amend the exercise price of warrants issued to Navitus Partners, LLC to reflect an exercise price of $1.52 . The Company also agreed to provide Navitus with demand registration rights with respect to the shares to be issued to it under the Divestiture Agreement, whereby the Company agreed to, upon Navitus’ request, file a registration statement on an appropriate form with the Securities and Exchange Commission ("SEC") covering the resale of such shares and use commercially reasonable efforts to cause such registration statement to be declared effective within one hundred twenty (120) days following such filing. The registration statement was filed on February 5, 2018 and amended on February 8, 2018. The Company has not yet amended the exercise price of warrants issued to Navitus Partners, LLC to reflect an exercise price of $1.52 . Closing of the Divestiture Agreement was subject to customary closing conditions and certain other specific conditions, including the following: (i) the issuance of 4,382,872 shares of common stock to Navitus; (ii) the payment or satisfaction by the Company of all indebtedness or other liabilities of Aurora, which total approximately $1.2 million ; (iii) the receipt of any authorizations, consents and approvals of all governmental authorities or agencies and of any third parties; (iv) the execution of a mutual release by the parties; and (v) the execution of customary officer certificates by the Company and Navitus regarding the representations, warrants and covenants contained in the Divestiture Agreement. Consequently, the Company issued 4,382,872 shares of common stock to Navitus on December 14, 2017. Aurora's revenues, related expenses and loss on disposal are components of "income (loss) from discontinued operations" in the statements of operations. The statement of cash flows is reported on a consolidated basis without separately presenting cash flows from discontinued operations for all periods presented. Results from discontinued operations were as follows: Three Months Ended 2018 2017 Revenues from discontinued operations $ 86,483 $ 85,300 Income from discontinued operations before tax benefit 49,086 30,060 Tax benefit — — Net income from discontinued operations 49,086 30,060 Loss on disposal of discontinued operations, net of tax — — Income from discontinued operations, net of tax $ 49,086 $ 30,060

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions $250,000 payable to Rogers that was issued by the Company in connection with the entry by Lucas and the Company into the Pre-Merger Collaboration Agreement with Lucas Energy Inc., Navitus and AEP Assets, LLC, a wholly-owned subsidiary of Aurora, (ii) that the Company would pay Rogers, on or before July 15, 2015, $258,125 , and (iii) that Rogers’ legal counsel will hold the assignment of the Additional Penn Virginia Property and the Settlement Shares in escrow until such time as the payment of $258,125 is made by the Company to the Rogers. Failure of the Company to make the payment of $258,125 on or before July 15, 2015, would result in the Company being in default under the Rogers Settlement Agreement and default interest on the amount due would begin to accrue at a per diem rate of $129.0625 . Additionally, the Company acknowledged in the Amendment its obligation to pay Rogers’ attorney’s fees. The Company has not made any payments to Rogers pursuant to the Rogers Settlement Agreement and as a result the additional Penn Virginia Property was returned to Lucas in September 2015. The full amount due under the Roger’s obligation including accrued interest at March 31, 2018 totals $385,897 and is included in accrued liabilities on the balance sheets.

Revolving Credit Agreement

Revolving Credit Agreement	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Revolving Credit Agreement	Revolving Credit Agreement On February 20, 2014, Aurora, as borrower, entered a credit agreement (the "Credit Agreement") with Texas Capital Bank (“the Lender”). Guarantors on the Credit Agreement are the Company and Navitus, the two partners of Aurora. Pursuant to the Credit Agreement, the Lender agreed to extend credit to Aurora in the form of (a) one or more revolving credit loans (each such loan, a “Loan”) and (b) the issuance of standby letters of credit, of up to an aggregate principal amount at any one time not to exceed the lesser of (i) $25,000,000 or (ii) the borrowing base in effect from time to time (the “Commitment”). The initial borrowing base on February 20, 2014 was set at $1,450,000 . The borrowing base is determined by the Lender, in its sole discretion, based on customary lending practices, review of the oil and natural gas properties included in the borrowing base, financial review of Aurora, the Company and Navitus and such other factors as may be deemed relevant by the Lender. The borrowing base is re-determined (i) on or about June 30 of each year based on the previous December 31 reserve report prepared by an independent reserve engineer, and (ii) on or about August 31 of each year based on the previous June 30 reserve report prepared by Aurora’s internal reserve engineers or an independent reserve engineer and certified by an officer of Aurora. The Credit Agreement was to mature on February 20, 2017. Amounts borrowed under the Credit Agreement will bear interest at rates equal to the lesser of (i) the maximum rate of interest which may be charged or received by the Lender in accordance with applicable Texas law and (ii) the interest rate per annum publicly announced from time to time by the Lender as the prime rate in effect at its principal office plus the applicable margin. The applicable margin is, (i) with respect to Loans, one percent ( 1.00% ) per annum, (ii) with respect to letter of credit fees, two percent ( 2.00% ) per annum and (iii) with respect to commitment fees, one-half of one percent ( 0.50% ) per annum. Loans made under the Credit Agreement are secured by (i) a first priority lien in the oil and gas properties of Aurora, the Company and Navitus, and (ii) a first priority security interest in substantially all of the assets of Aurora and its subsidiaries, if any, as well as in 100% of the partnership interests in Aurora held by the Company and Navitus. Loans made under the Credit Agreement to Aurora are fully guaranteed by the Company and Navitus. On May 13, 2015, Aurora informed the Lender it would not make a required $300,000 payment but was submitting the newly acquired five Eagle Ford wells as additional collateral to be considered and its willingness to execute mortgages regarding the properties to meet the Deficiency. On August 21, 2015, the Company executed a Forbearance Agreement whereby the Lender would forbear all existing events of default which includes all payments under the previously mentioned Borrowing Base Deficiency payments not yet paid under the April 13, 2015 Redetermination Date notification, as well as the late interest payments for June, July and August 2015, violations of Aurora financial covenants for the three months ended March 31, 2015, and June 30, 2015, and default notice for the late filing of March 31, 2015 financial reports. On August 26, 2015, the Company paid the Lender $76,081 to cover a portion of the deficiency payment, as well as a Forbearance document fee and Lender's legal expenses, as required by the Forbearance Agreement, and the aforementioned Forbearance Agreement went into effect for the $260,000 remaining borrowing base deficiency payment. On August 31, 2015, the Forbearance Agreement terminated pursuant to its terms. The Company made a $50,000 principal payment to the Lender on October 14, 2015 as part of that plan. On December 5, 2016, the Company entered into a new Forbearance Agreement to the Credit Agreement. Pursuant to the Forbearance Agreement, the Lender has agreed to forbear from exercising any of its rights and remedies under the Credit Agreement until February 20, 2017 with respect to the historical events of default. The Forbearance Period was amended and extended on March 2, 2017 and will end on the first to occur of the following: (i) the expiration of the amended Forbearance Period on August 20, 2017, (ii) a breach by Aurora or any Guarantor of any of the conditions, covenants, representations and/or warranties set forth in the Forbearance Agreement, (iii) the occurrence of any new event of default under the Credit Agreement, (iv) the occurrence or threat of the occurrence of any enforcement action against Aurora or any Guarantor by any of their creditors which, in Lender’s reasonable judgment, would materially interfere with the operation of Aurora’s or the Guarantor’s business or the Lender’s ability to collect on the obligations due under the Credit Agreement, (v) the institution of any bankruptcy proceeding relating to Aurora or any Guarantor, or (vi) the initiation by Aurora or any Guarantor of any judicial, administrative or arbitration proceedings against the Lender. The Lender’s agreement to forbear from exercising its rights and remedies as a result of the Existing Events of Default is subject to and conditioned upon the following: (i) the payment by Aurora to the Lender of at least $20,000 on or before the last business day of each calendar week occurring hereafter and (ii) the delivery by Aurora of such other documents, instruments and certificates as reasonably requested by Lender. The foregoing description of the Forbearance Agreement is a summary only and is qualified in its entirety by reference to the complete text of the Forbearance Agreement. Since the execution of the extended Forbearance Agreement, the Company has paid the Lender $570,500 . The balance owed on the Credit Agreement was $0 and $371,500 as of March 31, 2018 and 2017 , respectively. Amortization of debt financing costs on this debt was $0 and $6,237 for the three months ended March 31, 2018 and 2017 , respectively. Interest expense related to the Credit Agreement was $0 and $12,458 for the three months ended March 31, 2018 and 2017 , respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions David McCall, former general counsel and former director, is a partner in The McCall Firm (“McCall”). Fees related to his services are attributable to litigation involving the Company’s oil and natural gas operations in Texas. On August 21, 2017, in connection with the Transaction Agreement, the Company entered into a settlement agreement and mutual release (the “McCall Settlement Agreement”) with McCall, pursuant to which all obligations of the Company to McCall to repay indebtedness for borrowed money, which totaled $380,323 , including all accrued, but unpaid, interest thereon, was converted into 20,000 shares of the Company’s newly designated Series D Preferred Stock. As of March 31, 2018 and 2017 , the Company owed McCall $0 and $503,377 , respectively. During the three months ended March 31, 2018 , the Company redeemed 6,667 shares of Series D Preferred Stock. On August 21, 2017, the Company entered into a settlement agreement and mutual release (the “Navitus Settlement Agreement”) with Messrs. Ronald Zamber and Greg Johnson (affiliate of Navitus), pursuant to which all obligations of the Company to Messrs. Zamber and Johnson to repay indebtedness for borrowed money, which totaled approximately $520,800 , was converted into 65,591.4971298402 shares of Series C Preferred Stock, 46,699.9368965913 shares of which were issued to Dr. Zamber and 18,891.5602332489 shares of which were issued to Mr. Johnson. On January 24, 2018, these shares of Series C Preferred Stock were automatically converted into 342,633 shares of common stock, with 243,948 shares issued to Dr. Zamber and 98,685 shares issued to Mr. Johnson. On August 21, 2017, the Company entered into a settlement agreement and mutual release (the “Insider Settlement Agreement”) with Dr. Zamber and Mrs. Kim Rubin Hill, the wife of Kenneth Hill, the Company’s Chief Executive Officer, pursuant to which all obligations of the Company to Dr. Zamber and Mrs. Hill to repay indebtedness for borrowed money, which totaled approximately $35,000 , was converted into 4,408.03072109140 shares of Series C Preferred Stock, 1,889.1560233249000 shares of which were issued to Dr. Zamber and 2,518.8746977665000 shares of which were issued to Mrs. Hill. On January 24, 2018, these shares of Series C Preferred Stock were automatically converted into 23,027 shares of common stock, with 9,869 shares issued to Dr. Zamber and 13,158 shares issued to Mrs. Hill. On February 3, 2017, the Company completed a private placement, pursuant to which VPEG purchased a unit comprised of $320,000 principal amount of a 12% unsecured six-month promissory note and a common stock purchase warrant to purchase 136,928 shares of common stock at an exercise price of $3.5074 per share. Visionary PE GP I, LLC is the general partner of VPEG and Dr. Zamber is the Managing Director Visionary PE GP I, LLC. On August 21, 2017, the Company entered into a settlement agreement and mutual release (the “VPEG Settlement Agreement”) with VPEG, pursuant to which all obligations of the Company to VPEG to repay indebtedness for borrowed money (other than the VPEG Note), which totaled approximately $873,409.64 , was converted into 110,000.472149068 shares of Series C Preferred Stock. Pursuant to the VPEG Settlement Agreement, the 12% unsecured six-month promissory note was repaid in full and terminated, but VPEG retained the common stock purchase warrant. On January 24, 2018, these shares of Series C Preferred Stock were automatically converted into 574,612 shares of common stock. On August 21, 2017, in connection with the Transaction Agreement, the Company entered into the VPEG Loan Agreement with VPEG, pursuant to which VPEG loaned $500,000 to the Company. Such loan is evidenced by the VPEG Note, which was issued by the Company to VPEG on August 21, 2017. The VPEG Note reflects an original issue discount of $50,000 such that the principal amount of the note is $550,000 , notwithstanding the fact that the loan is in the amount of $500,000 . The VPEG Note does not bear any interest in addition to the original issue discount, matures on September 1, 2017, and is secured by a security interest in all of the Company’s assets. On October 11, 2017, the Company and VPEG entered into an amendment to the VPEG Loan Agreement and VPEG Note, pursuant to which the parties agreed to (i) increase the loan amount to $565,000 , (ii) increase the principal amount of the VPEG Note to $621,500 , reflecting an original issue discount of $56,500 and (iii) extend the maturity date to November 30, 2017. On January 17, 2018, the Company and VPEG entered into a second amendment to the VPEG Loan Agreement and VPEG Note, pursuant to which the parties agreed (i) to extend the maturity date to a date that is five business days following VPEG’s written demand for payment on the Note; (ii) that VPEG will have the option but not the obligation to loan the Company additional amounts under the Note on the same terms upon the written request of the Company; and (iii) that, in the event that VPEG exercises its option to convert the Note into shares of the Company’s common stock at any time after the maturity date and prior to payment in full of the principal amount of the Note, the Company shall issue to VPEG a five year warrant to purchase a number of additional shares of common stock equal to the number of shares issuable upon such conversion, at an exercise price of $1.52 per share and containing a cashless exercise feature and such other provisions as mutually agreed to by the Company and VPEG. The number of shares that will be issuable pursuant to the warrant, if issued and exercised will be, and the exercise price to purchase such shares was, calculated on a post Reverse Split basis. As of March 31, 2018 the balance of the loan was $1,410,200 and is recorded in "Note payable (net of debt discount) - affiliate". During the three months ended March 31, 2018 , the Company paid $30,000 in consulting fees to Kevin DeLeon, a director of the Company.

Stockholders Equity

Stockholders Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Stockholders Equity	Stockholders Equity Preferred stock The Company is authorized to issue 10,000,000 shares of $0.001 par value preferred stock. As of March 31, 2018, the Company has designated 200,000 shares of its preferred stock as Series A Preferred Stock, 800,000 shares as Series B Convertible Preferred Stock and 20,000 shares as Series D Preferred Stock. As of March 31, 2018, no shares of Series A Preferred Stock, 800,000 shares of Series B Convertible Preferred Stock and 13,333 shares of Series D Preferred Stock are issued and outstanding. On August 21, 2017, the Company designated 810,000 shares as Series C Preferred Stock and issued 180,000 shares. On January 24, 2018, all shares of Series C Preferred Stock were automatically converted into 940,272 shares of common stock. On February 5, 2018, the Company filed a Certificate of Withdrawal with the Nevada Secretary of State to withdraw the designation of the Series C Preferred Stock and return such shares to undesignated preferred stock of the Company. Common stock The Company is authorized to issue 300,000,000 shares of $0.001 par value common stock, and has 6,146,446 shares of common stock outstanding as of March 31, 2018 . 2014 Long-Term Incentive Plan In 2014, the Board of Directors and stockholders of the Company approved the 2014 Long Term Incentive Plan for the employees, directors and consultants of the Company and its affiliates. As of March 31, 2018, 3,367,500 shares of unrestricted common stock and 595,000 options were issued under the 2014 Long Term Incentive Plan. As of March 31, 2018, no shares remain available under the 2014 Long Term Incentive Plan. 2017 Equity Incentive Plan On September 14, 2017, the Board of Directors of the Company approved the Victory Energy Corporation 2017 Equity Incentive Plan (the “2017 Plan”), which was adopted by the Company’s stockholders on November 20, 2017. The 2017 Plan provides for awards of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, performance share awards, and performance compensation awards to officers, employees, consultants, and directors of the Company and its subsidiaries. The plan is administered by the compensation committee. The maximum number of shares of common stock that may be delivered to participants under the 2017 Plan is 15,000,000 shares. Shares subject to an award under the 2017 Plan for which the award is canceled, forfeited or expires again become available for grants under the 2017 Plan. The maximum number of shares that may be covered by awards to any single individual in any year is 250,000 shares and the maximum cash payment that can be made to any individual for any single or combined performance goals for any performance period is $250,000 . As of March 31, 2018, no shares of unrestricted common stock and no options had been issued under the 2017 Plan. Stock Based Compensation The Company estimates the fair value of employee stock options and warrants granted using the Black-Scholes Option Pricing Model. Key assumptions used to estimate the fair value of warrants and stock options include the exercise price of the award, the fair value of the Company’s common stock on the date of grant, the expected warrant or option term, the risk free interest rate at the date of grant, the expected volatility and the expected annual dividend yield on the Company’s common stock. During the three months ended March 31, 2018 and 2017 , the Company did no t grant stock awards to directors, officers, or employees.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases Rent expense for three months ended March 31, 2018 and 2017 was $7,500 and $7,500 , respectively. The Company's office space is leased on a month-to-month basis, and therefore future annual minimum payments under non-cancellable operating leases are $0 and $0 for the three months ended March 31, 2018 and 2017 , respectively. Litigation Legal Cases Settled Cause No. 08-04-07047-CV; Oz Gas Corporation v. Remuda Operating Company, et al. v. Victory Energy Corporation.; In the 112th District Court of Crockett County, Texas. Plaintiff Oz Gas Corporation (“Oz”) filed a lawsuit in April 2008 against various parties for bad faith trespass, among other claims, regarding the drilling of two wells on lands that Oz claims title to. On November 18, 2009, the Company intervened in the lawsuit to protect its 50% interest in one of the named wells in the lawsuit (that being the 155-2 well located on the Adams Baggett Ranch in Crockett County, Texas). This case was mediated, with no settlement reached. It went to trial February 8-9, 2012. The Court found in favor of Oz and rendered verdict against the Company and the other Defendants, jointly and severally. The Company appealed this case to the 8th Court of Appeals in El Paso, Texas where the Court of Appeals affirmed the verdict of the District Court and the Company filed a Motion for Rehearing, which was denied. The Company filed a Petition for Review in the Supreme Court of Texas on December 15, 2014, which was denied. The Company filed a Motion for Rehearing with the Supreme Court, which was denied. A Settlement and Forbearance Agreement was entered into on March 22, 2016 between the parties wherein no further post-judgment discovery or collection efforts will be made by Oz, for $140,000 net of a $14,000 payment received by the Oz receiver (see next following Cause No. C-1-CV-16-001610), with monthly payments of $7,500 commencing April 15, 2016. The remaining balance was fully paid off during 2017, therefore there is no liability as of March 31, 2018 . Cause No. 2015-05280; TELA Garwood Limited, LP. v. Aurora Energy Partners, Victory Energy Corporation, Kenneth Hill, David McCall, Robert Miranda, Robert Grenley, Ronald Zamber, and Patrick Barry; In the 164th District Court of Harris County, Texas. This lawsuit was filed on January 30, 2015 and supplemented on March 4, 2015. This lawsuit alleged breach of contract regarding a Purchase and Sale Agreement (the "PSA") that TELA Garwood Limited, LP ("TELA") and Aurora Energy Partners entered into on June 30, 2014. A first closing was held on June 30, 2014 and a purchase price adjustment payment was made on July 31, 2014. Between these two dates Aurora paid TELA approximately $3,050,133 . A second closing was to take place in September, however several title defects were found to exist. The title defects could not be cured and a purchase price reduction in relation to the title defects could not be agreed upon by the parties, and therefore, the second closing never took place. The Court granted Aurora's partial motions for summary judgment dismissing claims against Aurora and the Company's officers and directors, including Kenny Hill, David McCall, Robert Grenley, Ronald Zamber, Patrick Barry, and Fred Smith. The Court denied the remaining summary judgment issues of both parties. On June 2, 2016 Aurora and the Company filed a second Motion for Partial Summary Judgment on some discrete contract interpretation issues. The Court denied this motion on September 2, 2016. On December 9, 2016, Aurora and the Company and TELA entered into a Mutual Release and Settlement Agreement in which Aurora agreed to pay TELA $320,000 (which is recorded in Accounts Payable as of December 31, 2016) and in turn each party agreed to release the other party from any matter relating to the PSA, the litigation or any claims that were or could have been brought in the litigation. In accordance with the Mutual Release and Settlement Agreement, Aurora made the full payment on February 1, 2017. Legal Cases Pending Cause No. CV-47,230; James Capital Energy, LLC and Victory Energy Corporation v. Jim Dial, et al.; In the 142nd District Court of Midland County, Texas. This is a lawsuit filed on or about January 19, 2010 by James Capital Energy, LLC and the Company against numerous parties for fraud, fraudulent inducement, negligent misrepresentation, breach of contract, breach of fiduciary duty, trespass, conversion and a few other related causes of action. This lawsuit stems from an investment the Company entered into for the purchase of six wells on the Adams Baggett Ranch with the right of first refusal on option acreage. On December 9, 2010, the Company was granted an interlocutory Default Judgment against Defendants Jim Dial, 1st Texas Natural Gas Company, Inc., Universal Energy Resources, Inc., Grifco International, Inc., and Precision Drilling & Exploration, Inc. The total judgment amounted to approximately $17,183,987 . The Company has added a few more parties to this lawsuit. Discovery is ongoing in this case and no trial date has been set at this time. The Company believes they will be victorious against all the remaining Defendants in this case. On October 20, 2011 Defendant Remuda filed a Motion to Consolidate and a Counterclaim against the Company. Remuda is seeking to consolidate this case with two other cases wherein Remuda is the named Defendant. An objection to this motion was filed and the cases have not been consolidated. Additionally, the Company does not believe that the counterclaim made by Remuda has any legal merit. There was no further activity related to this case during the three months ended March 31, 2018 .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 10, 2018, the Company and AVV entered into a Supplementary Agreement (the “Supplementary Agreement”), pursuant to which the Series B Convertible Preferred Stock was canceled and, in lieu thereof, the Company issued to AVV 20,000,000 shares (the “AVV Shares”) of its common stock. Under the terms of the Supplementary Agreement, so long as AVV is an affiliate of the Company, it shall not transfer or sell any securities of the Company that it holds, including the AVV Shares, except in accordance with the Company’s insider trading policy and subject to the terms of a lock up agreement. AVV must obtain the prior written consent of the Company (which consent will not be unreasonably withheld or delayed) to any transfer, assignment, sale, loan, short sale, giftover, pledge, encumbrance, hypothecation, exchange or other disposition of the AVV Shares or any other securities of the Company held by AVV other than sales of such AVV Shares or other securities in market transactions through the over-the-counter market or any national securities exchange on which the Company’s common stock then trades that are effected through broker-dealers who receive no more than customary commissions for effecting such sales. The Supplementary Agreement contains certain covenants by AVV, including a covenant that AVV will use its best efforts to help facilitate approval of a proposed $5 million private placement of the Company’s common stock at a price per share of $0.75 , which will include 50% warrant coverage at an exercise price of $0.75 per share (the “Proposed Private Placement”). AVV also covenants, among other things, to invest a minimum of $500,000 in the Proposed Private Placement. On April 23, 2018, the Company filed a Certificate of Withdrawal with the Nevada Secretary of State to withdraw the designation of the Series B Convertible Preferred Stock and return such shares to undesignated preferred stock of the Company. On April 10, 2018, Victory and VPEG entered into a settlement agreement and mutual release (the “Settlement Agreement”), pursuant to which (i) VPEG released and discharged the Company from its obligations under the VPEG Loan Agreement and VPEG Note (the “VPEG Loan Documents”), (ii) the VPEG Loan Documents were terminated, and (iii) the Company and VPEG agreed to enter into a new debt agreement (described below) to satisfy the Company’s working capital needs pending consummation the Proposed Private Placement. Pursuant to the Settlement Agreement, and in consideration and full satisfaction of the outstanding indebtedness of $1,410,200 under the VPEG Loan Documents, the Company issued to VPEG (i) 1,880,267 shares of common stock (the “VPEG Shares”) and (ii) a five -year warrant to purchase 1,880,267 shares of common stock at an exercise price of $0.75 per share, which will contain a customary cashless exercise provision. If the actual price per share in the Proposed Private Placement is less than $0.75 , the number of VPEG Shares will be adjusted upward proportionately, and the exercise price of the VPEG Warrants will be reduced, accordingly. On April 10, 2018, in connection with the Settlement Agreement, the Company and VPEG entered into a loan Agreement (the “New Debt Agreement”), pursuant to which VPEG may, in its sole discretion and upon written request from VPEG, loan to VPEG up to $2,000,000 upon the terms set forth therein. Any loan made pursuant to the New Debt Agreement will be evidenced by a secured convertible original issue discount promissory note (the “New Note”). The New Note will reflect a 10% original issue discount and will not bear any interest in addition to the original issue discount. The New Note will be secured by a security interest in all of the Company’s assets. Upon the occurrence of an event of default, interest upon the unpaid principal amount shall begin to accrue at a rate equal to the lesser of (i) eight percent ( 8% ) per annum or (ii) the maximum interest rate allowed from time to time under applicable law, and shall continue at such default interest rate until the event of default is cured or full payment is made of the unpaid principal amount. Under the terms of the New Note, VPEG will have the right, exercisable at any time from and after the maturity date and prior to payment in full of the principal amount, to convert all or any portion of the principal amount then outstanding, plus all accrued but unpaid interest at the default interest rate into shares of common stock at a conversion price equal to $0.75 per share or, such lower price as shares of common stock are sold in the Proposed Private Placement. If VPEG exercises its right to convert the New Note into common stock, the Company will issue to VPEG on the date of such conversion a warrant to purchase a number of shares of common stock equal to the number of shares issuable upon such conversion of the New Note, the terms of which shall be mutually agreeable to the parties; provided that the warrant shall have a five ( 5 ) year term and the exercise price shall be $0.75 per share (or such lower exercise price per share of common stock as may be afforded to investors in the Proposed Private Placement) with the ability of VPEG to exercise the warrant on a cashless basis. Subsequent to March 31, 2018, the Company has received loan proceeds of $200,000 from VPEG under the New Debt Agreement. On April 20, 2018, stockholders collectively holding 26,969,635 shares of the Common Stock of the Company, constituting approximately 95.73% of the issued and outstanding shares of the Company’s Common Stock and Series D Preferred Stock, voting together as a single class on an as-converted to Common Stock basis, consented in writing to approve a Certificate of Amendment to the Company’s Amended and Restated Articles of Incorporation to change the name of the Company to “Victory Oilfield Tech, Inc.” Stockholder approval of the Certificate of Amendment shall become effective on the 20th day following the filing and mailing to the Company’s stockholders of a definitive Information Statement on Schedule 14C. The Company will promptly thereafter file the Certificate of Amendment with the Nevada Secretary of State to effect the name change. On April 24, 2018, the registration statement related to the 4,382,872 shares of common stock issued to Navitus under the Divestiture Agreement was declared effective by the SEC (see “Divestiture of Aurora” under Note 2).

Organization and Summary of S14

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation: For the quarter ended March 31, 2017 the financial statements were previously presented on a consolidated basis. Following the Divestiture of Aurora discussed above, which was completed on December 13, 2017, the Company does not have any subsidiaries. All operations are conducted by the Company.
Use of Estimates	Use of Estimates: The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation, taxes, accruals of capitalized costs, operating costs, general and administrative costs, interest, various common stock, warrants and option transactions, and loss contingencies.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all liquid investments with original maturities of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company had no cash equivalents at March 31, 2018 and December 31, 2017 .
Other Property and Equipment	Other Property and Equipment: Our office equipment in Austin, Texas is being depreciated on the straight-line method over the estimated useful life of three to seven years.
Intangible Assets	Intangible Assets: Our intangible assets are comprised of contract-based and marketing-related intangible assets. Our contract-based intangible assets include a sublicense agreement and a trademark license. The contract-based intangible assets have useful lives of 11.1 years to 15 years . As of March 31, 2018 the Company has not begun to use the economic benefits of the sublicense agreement and the trademark license and, accordingly, they were not amortized. The Company will begin to amortize the contract-based intangible assets using the straight-line amortization method over their respective remaining useful lives once it has begun to use their economic benefits. Our marketing related intangible assets include three non-compete agreements all of which have useful lives of 15 years . As of March 31, 2018 the Company has not begun to use the economic benefits of the non-compete agreements and, accordingly, they were not amortized. The Company will begin to amortize the marketing-related intangible assets using the straight-line amortization method over their respective remaining useful lives once it has begun to use their economic benefits. The remaining useful lives of intangible assets will be evaluated each reporting period. Intangible assets will be tested for impairment at least annually and upon a triggering event.
Fair Value	Fair Value: At March 31, 2018 and 2017 , the carrying value of our financial instruments such as prepaid expenses and payables approximated their fair values based on the short-term maturities of these instruments. The carrying value of other liabilities approximated their fair values because the underlying interest rates approximated market rates at the balance sheet dates. Management believes that due to our current credit worthiness, the fair value of debt could be less than the book value. Financial Accounting Standard Board, or FASB, Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures , established a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring fair value. This framework defined three levels of inputs to the fair value measurement process and requires that each fair value measurement be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by FASB ASC Topic 820 hierarchy are as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Leve1 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Leve1 2 input must be observable for substantially the full term of the asset or liability; and Leve1 3 - unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data).
Unamortized Discount	Unamortized Discount: Unamortized discount consists of value attributed to free standing equity instruments issued to the holders of affiliate note payable (see Note 12) and are amortized over the life of the related loans using a method consistent with the interest method. There was no amortization of debt discount for the three months ended March 31, 2018. Amortization of debt discount totaled $40,296 for the three months ended March 31, 2017 and is included in interest expense in the statements of operations.
Stock-Based Compensation	Stock-Based Compensation: The Company applies FASB ASC 718, Compensation-Stock Compensation , to account for the issuance of options and warrants to employees, key partners, directors, officers and Navitus Energy Group ("Navitus") investors. The standard requires all share-based payments, including employee stock options, warrants and restricted stock, be measured at the fair value of the award and expensed over the requisite service period (generally the vesting period). The fair value of options and warrants granted to employees, directors and officers is estimated at the date of grant using the Black-Scholes option pricing model by using the historical volatility of our stock price. The calculation also takes into account the common stock fair market value at the grant date, the exercise price, the expected term of the common stock option or warrant, the dividend yield and the risk-free interest rate. The Company from time to time may issue stock options, warrants and restricted stock to acquire goods or services from third parties. Restricted stock, options or warrants issued to third parties are recorded on the basis of their fair value, which is measured as of the date issued. The options or warrants are valued using the Black-Scholes option pricing model on the basis of the market price of the underlying equity instrument on the “valuation date,” which for options and warrants related to contracts that have substantial disincentives to non-performance, is the date of the contract, and for all other contracts is the vesting date. Expense related to the options and warrants is recognized on a straight-line basis over the shorter of the period over which services are to be received or the vesting period and is included in general and administrative expenses in the accompanying statements of operations.
Income Taxes	Income Taxes: The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes, which requires an asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. Deferred tax assets include tax loss and credit carry forwards and are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards On May 17, 2017, FASB issued Accounting Standards Update ("ASU") 2017-09, Scope of Modification Accounting ( clarifies Topic 718) Compensation – Stock Compensation , such that an entity must apply modification accounting to changes in the terms or conditions of a share-based payment award unless all of the following criteria are met: (1) the fair value of the modified award is the same as the fair value of the original award immediately before the modification and the ASU indicates that if the modification does not affect any of the inputs to the valuation technique used to value the award, the entity is not required to estimate the value immediately before and after the modification; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification; and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification; the ASU is effective for all entities for fiscal years beginning after December 15, 2017, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. The Company adopted this ASU on January 1, 2018. The Company expects the adoption of this ASU will only impact financial statements if and when there is a modification to share-based award agreements. In January 2017, FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is deemed to be a business. Determining whether a transferred set constitutes a business is important because the accounting for a business combination differs from that of an asset acquisition. The definition of a business also affects the accounting for dispositions. Under ASU 2017-01, when substantially all of the fair value of assets acquired is concentrated in a single asset, or a group of similar assets, the assets acquired would not represent a business and business combination accounting would not be required. ASU 2017-01 may result in more transactions being accounted for as asset acquisitions rather than business combinations. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017 and shall be applied prospectively. Early adoption is permitted. The Company adopted ASU 2017-01 on January 1, 2017 and will apply the new guidance to applicable transactions going forward. In March 2016, FASB issued guidance regarding the simplification of employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted this guidance in the second quarter of 2016 as permitted by the guidance. Adoption of this guidance did not impact the financial statements, except for the simplification in accounting for income taxes using a modified retrospective approach. Upon adoption, the Company recorded a related deferred tax asset for previously unrecognized excess tax benefits of $37 million . As it is more likely than not that the deferred tax asset will not be realized, the Company recorded a full valuation allowance of $37 million , resulting in no net effect on the statement of operations. The Company elected to continue its current policy of estimating forfeitures. Recently Issued Accounting Standards In February 2016, the FASB issued guidance regarding the accounting for leases. The guidance requires recognition of most leases on the balance sheet. The guidance requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The guidance is effective for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of this guidance on the financial statements. In January 2016, the FASB issued guidance regarding several broad topics related to the recognition and measurement of financial assets and liabilities. The guidance is effective for interim and annual periods beginning after December 15, 2017. The Company does not expect this guidance to have a material impact on the financial statements. In May 2014, the FASB issued guidance regarding the accounting for revenue from contracts with customers. In April 2016, May 2016 and December 2016, FASB issued additional guidance, addressed implementation issues and provided technical corrections. The guidance may be applied retrospectively or using a modified retrospective approach to adjust retained earnings (deficit). The guidance is effective for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of this guidance on the financial statements. However, the Company currently has no revenue from contracts with customers.

Organization and Summary of S15

Organization and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table shows intangible assets and related accumulated amortization as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Sublicense agreement $ 11,330,000 $ 11,330,000 Trademark license 6,030,000 6,030,000 Non-compete agreements 270,000 270,000 Accumulated amortization — — Intangible assets, net $ 17,630,000 $ 17,630,000
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	The following table shows the discount and related accumulated amortization as of three months ended March 31, 2018 and 2017 : March 31, 2018 March 31, 2017 Original issuance discount $ — $ 160,000 Accumulated amortization — (40,296 ) Unamortized discount, net $ — $ 119,704

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Results from discontinued operations were as follows: Three Months Ended 2018 2017 Revenues from discontinued operations $ 86,483 $ 85,300 Income from discontinued operations before tax benefit 49,086 30,060 Tax benefit — — Net income from discontinued operations 49,086 30,060 Loss on disposal of discontinued operations, net of tax — — Income from discontinued operations, net of tax $ 49,086 $ 30,060

Organization and Summary of S17

Organization and Summary of Significant Accounting Policies (Details)	Jan. 17, 2018$ / shares	Dec. 19, 2017	Aug. 21, 2017USD ($)wellshares	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017USD ($)shares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Oct. 11, 2017USD ($)	Aug. 20, 2017	Jun. 30, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Productive oil wells, number of wells, net | well			30
Common stock, shares authorized (in shares) | shares				300,000,000		300,000,000	300,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.001		$ 0.001	$ 0.001
Stockholders' equity note, stock split, conversion ratio		0.0263
Common stock, outstanding (in shares) | shares				6,146,446		6,146,446	5,206,174
Cash equivalents				$ 0		$ 0	$ 0
Amortization of debt discount				0	$ 40,296
Allocated share-based compensation expense				$ 25,000	$ 170,697
Weighted average shares, basic and diluted (in shares) | shares				5,903,454	823,278
Revenue from contract with customer				$ 0
Net loss				436,810	$ 664,177
Net cash used in operating activities				$ 449,788	$ 816,977
Adjustments for New Accounting Pronouncement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred tax assets, gross										$ 37,000,000
Deferred tax assets, valuation allowance										$ 37,000,000
Office Equipment | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Property, plant and equipment, useful life				3 years
Office Equipment | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Property, plant and equipment, useful life				7 years
Aurora
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling ownership percentage of subsidiary			50.00%						50.00%
VPEG | Loan Agreement | Visionary Private Equity Group I, LP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Note principal amount			$ 500,000
Amount borrowed from related party			550,000
Original issue discount			50,000
Investor | Loan Agreement Amendment | Visionary Private Equity Group I, LP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Note principal amount								$ 565,000
Amount borrowed from related party				$ 1,410,200		1,410,200		621,500
Original issue discount								$ 56,500
Investor | Issue of Warrants | Visionary Private Equity Group I, LP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of warrant or right, term	5 years
Warrant exercise price (in dollars per share) | $ / shares	$ 1.52
Private Placement | Armacor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, consideration receivable on transaction			$ 5,000,000
Cash contribution for shares						$ 255,000
Private Placement | Armacor | Series B Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in sale (in shares) | shares			800,000
Contract-Based Intangible Assets | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Useful life				11 years 1 month 6 days
Contract-Based Intangible Assets | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Useful life				15 years
Marketing-Related Intangible Assets
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Useful life				15 years

Organization and Summary of S18

Organization and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 0	$ 0
Intangible assets, net	17,630,000	17,630,000
Sublicense agreement
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	11,330,000	11,330,000
Trademark license
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	6,030,000	6,030,000
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 270,000	$ 270,000

Organization and Summary of S19

Organization and Summary of Significant Accounting Policies - Unamortized Discount (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Original issuance discount	$ 0	$ 160,000
Accumulated amortization	0	(40,296)
Unamortized discount, net	$ 0	$ 119,704

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Dec. 14, 2017	Aug. 21, 2017	Aug. 20, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common stock, issued (in shares)	6,146,446	5,206,174
Aurora Energy Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, liabilities				$ 1.2
Aurora
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling ownership percentage of subsidiary				50.00%	50.00%
Navitus Partners, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Warrant exercise price (in dollars per share)				$ 1.52
Navitus Partners, LLC | Aurora Energy Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common stock, issued (in shares)			4,382,872
Navitus Partners, LLC | Aurora
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling ownership percentage of subsidiary				50.00%

Discontinued Operations - Resul

Discontinued Operations - Results of Discontinued Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net of tax	$ 49,086	$ 30,060
Aurora Energy Partners | Discontinued Operations, Disposed of by Means Other than Sale, Exchange
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues from discontinued operations	86,483	85,300
Income from discontinued operations before tax benefit	49,086	30,060
Tax benefit	0	0
Net income from discontinued operations	49,086	30,060
Loss on disposal of discontinued operations, net of tax	0	0
Income from discontinued operations, net of tax	$ 49,086	$ 30,060

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) - USD ($)	Mar. 31, 2018	Aug. 21, 2017	Aug. 20, 2017	Jul. 15, 2015
Aurora
Business Acquisition [Line Items]
Noncontrolling ownership percentage of subsidiary		50.00%	50.00%
Louise H. Rogers
Business Acquisition [Line Items]
Notes payable				$ 250,000
Collaboration agreement, settlement agreement, total settlement payments due	$ 385,897			258,125
Collaboration agreement, settlement agreement, settlement payments, past due, daily interest accrual				$ 129.0625

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details)	Oct. 14, 2015USD ($)	Aug. 26, 2015USD ($)	May 13, 2015USD ($)well	Feb. 20, 2014USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Aug. 21, 2015USD ($)
Line of Credit Facility [Line Items]
Forbearance agreement, borrowing base deficiency payment		$ 76,081
Forbearance agreement, remaining borrowing base deficiency due								$ 260,000
Forbearance agreement, payment of borrowing base deficiency	$ 50,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Repayments of lines of credit					$ 570,500
Line of credit facility, fair value of amount outstanding					0	$ 371,500
Revolving Credit Facility | Forbearance Agreement
Line of Credit Facility [Line Items]
Forbearance agreement, periodic borrowing base deficiency payment							$ 20,000
Texas Capital Bank | Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 25,000,000
Texas Capital Bank | Revolving Credit Facility
Line of Credit Facility [Line Items]
Current borrowing capacity				$ 1,450,000
Debt instrument interest rate				0.50%
Failure to make required payment for decrease in maximum borrowing capacity			$ 300,000
Line of credit facility, number of wells added for collateral due to amount outstanding exceeding maximum borrowing capacity | well			5
Amortization of debt financing costs					0	6,237
Interest expense					$ 0	$ 12,458
Texas Capital Bank | Revolving Credit Facility | Letter of Credit
Line of Credit Facility [Line Items]
Debt instrument interest rate				2.00%
Texas Capital Bank | Revolving Credit Facility | Loans
Line of Credit Facility [Line Items]
Debt instrument interest rate				1.00%
Debt instrument, collateral, percentage of interest in subsidiary				100.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jan. 24, 2018	Jan. 17, 2018	Aug. 21, 2017	Feb. 03, 2017	Mar. 31, 2018	Oct. 11, 2017	Mar. 31, 2017
VPEG | Insider Settlement Agreement
Related Party Transaction [Line Items]
Amount borrowed from related party			$ 35,000
General Counsel and Director | Legal Fees
Related Party Transaction [Line Items]
Accrued liabilities to related parties					$ 0		$ 503,377
Visionary Private Equity Group I, LP | Securities Purchase Agreement
Related Party Transaction [Line Items]
Note principal amount				$ 320,000
Stated interest rate				12.00%
Visionary Private Equity Group I, LP | VPEG | VPEG Settlement Agreement
Related Party Transaction [Line Items]
Amount borrowed from related party			873,409.64
Visionary Private Equity Group I, LP | VPEG | Loan Agreement
Related Party Transaction [Line Items]
Amount borrowed from related party			550,000
Note principal amount			500,000
Original issue discount			50,000
Visionary Private Equity Group I, LP | Investor | Loan Agreement Amendment
Related Party Transaction [Line Items]
Amount borrowed from related party					$ 1,410,200	$ 621,500
Note principal amount						565,000
Original issue discount						$ 56,500
McCall Law Firm | VPEG | McCall Settlement Agreement
Related Party Transaction [Line Items]
Amount borrowed from related party			380,323
Navitus Energy Group | Corporate Joint Venture | Navitus Settlement Agreement
Related Party Transaction [Line Items]
Amount borrowed from related party			$ 520,800
Ron Zamber | VPEG | Insider Settlement Agreement
Related Party Transaction [Line Items]
Debt converted to shares in settlement (in shares)	9,869		1,889.1560233248899
Rim Rubin Hill | VPEG | Insider Settlement Agreement
Related Party Transaction [Line Items]
Debt converted to shares in settlement (in shares)	13,158		2,518.8746977665201
Series D Preferred Stock
Related Party Transaction [Line Items]
Stock redeemed or called during period (in shares)					6,667
Series D Preferred Stock | McCall Law Firm | VPEG | McCall Settlement Agreement
Related Party Transaction [Line Items]
Debt converted to shares in settlement (in shares)			20,000
Series C Preferred Stock
Related Party Transaction [Line Items]
Debt converted to shares in settlement (in shares)	940,272
Series C Preferred Stock | VPEG | Insider Settlement Agreement
Related Party Transaction [Line Items]
Debt converted to shares in settlement (in shares)	23,027		4,408.03072109141
Series C Preferred Stock | Visionary Private Equity Group I, LP | VPEG | VPEG Settlement Agreement
Related Party Transaction [Line Items]
Debt converted to shares in settlement (in shares)	574,612		110,000.472149068
Class of warrant or right, term		5 years
Debt conversion price (in dollars per share)		$ 1.52
Series C Preferred Stock | Navitus Energy Group | Corporate Joint Venture | Navitus Settlement Agreement
Related Party Transaction [Line Items]
Debt converted to shares in settlement (in shares)	342,633		65,591.4971298402
Series C Preferred Stock | Ron Zamber | VPEG | Navitus Settlement Agreement
Related Party Transaction [Line Items]
Debt converted to shares in settlement (in shares)	243,948		46,699.9368965913
Series C Preferred Stock | Greg Johnson | VPEG | Navitus Settlement Agreement
Related Party Transaction [Line Items]
Debt converted to shares in settlement (in shares)	98,685		18,891.5602332489
Convertible Common Stock | Visionary Private Equity Group I, LP | Securities Purchase Agreement
Related Party Transaction [Line Items]
Warrants issued (in shares)				136,928
Warrant exercise price (in dollars per share)				$ 3.5074
Director | Kevin DeLeon
Related Party Transaction [Line Items]
Professional fees					$ 30,000

Stockholders Equity (Details)

Stockholders Equity (Details) - USD ($)	Jan. 24, 2018	Sep. 14, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Aug. 21, 2017
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			10,000,000
Preferred stock, par value (in dollars per share)			$ 0.001
Common stock, shares authorized (in shares)			300,000,000		300,000,000
Common stock, par value (in dollars per share)			$ 0.001		$ 0.001
Common stock, outstanding (in shares)			6,146,446		5,206,174
Stock awards grants during period (in shares)			0	0
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			200,000
Preferred stock, shares issued (in shares)			0
Preferred stock, shares outstanding (in shares)			0
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			800,000		800,000
Preferred stock, par value (in dollars per share)			$ 0.001		$ 0.001
Preferred stock, shares issued (in shares)			800,000		800,000
Preferred stock, shares outstanding (in shares)			800,000		800,000
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			20,000		20,000
Preferred stock, par value (in dollars per share)			$ 0.001		$ 0.001
Preferred stock, shares issued (in shares)			13,333		18,333
Preferred stock, shares outstanding (in shares)			13,333		18,333
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			810,000		810,000	810,000
Preferred stock, par value (in dollars per share)			$ 0.001		$ 0.001
Preferred stock, shares issued (in shares)			0		180,000	180,000
Preferred stock, shares outstanding (in shares)			0		180,000
Debt converted to shares (in shares)	940,272
Long-Term Incentive Plan
Class of Stock [Line Items]
Number of shares available for grant (in shares)			0
Equity Incentive Plan
Class of Stock [Line Items]
Maximum number of shares of common stock that may be delivered to participants		15,000,000
Maximum number of shares that may be covered by awards to any single individual in any year		250,000
Maximum cash payment that can be made to any individual for any single or combined performance goals for any performance period		$ 250,000
Common Stock | Long-Term Incentive Plan
Class of Stock [Line Items]
Common stock issued under incentive plan (in shares)			3,367,500
Common Stock | Equity Incentive Plan
Class of Stock [Line Items]
Common stock issued under incentive plan (in shares)			0
Employee Stock Option | Long-Term Incentive Plan
Class of Stock [Line Items]
Common stock issued under incentive plan (in shares)			595,000
Employee Stock Option | Equity Incentive Plan
Class of Stock [Line Items]
Common stock issued under incentive plan (in shares)			0

Commitments and Contingencies (

Commitments and Contingencies (Details)	Dec. 09, 2016USD ($)	Mar. 22, 2016USD ($)	Dec. 09, 2010USD ($)	Jul. 31, 2014USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Jan. 19, 2010producing_well	Apr. 30, 2008well
Loss Contingencies [Line Items]
Operating leases, rent expense					$ 7,500	$ 7,500
Operating leases, future minimum payments due					0	$ 0
Oz Gas Corporation v. Remuda Operating Company, et al. v. Victory Energy Corporation
Loss Contingencies [Line Items]
Number of oil wells subject to litigation | well								2
Ownership percentage								50.00%
Amount outstanding of settlement		$ 140,000			$ 0
Proceeds from legal settlements		14,000
Monthly payments due		$ 7,500
TELA Garwood v. Aurora Energy Partners and Victory Energy Corporation
Loss Contingencies [Line Items]
Payments to acquire working interest				$ 3,050,133
Litigation settlement amount	$ 320,000
Pending Litigation | Victory v. Jim Dial, et al.
Loss Contingencies [Line Items]
Number of oil wells subject to litigation | producing_well							6
Litigation settlement, amount awarded from other party			$ 17,183,987

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Apr. 20, 2018	Apr. 10, 2018	Jan. 17, 2018	May 15, 2018	Mar. 31, 2018	Dec. 31, 2018	Apr. 24, 2018	Dec. 31, 2017	Dec. 14, 2017	Oct. 11, 2017	Aug. 21, 2017
Subsequent Event [Line Items]
Common stock, issued (in shares)					6,146,446			5,206,174
Subsequent Event
Subsequent Event [Line Items]
Number of shares in vote (in shares)	26,969,635
Percent of shares in vote to shares issued and outstanding	95.73%
Navitus Partners, LLC
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)											$ 1.52
Private Placement | Armacor
Subsequent Event [Line Items]
Proposed private placement					$ 255,000
Private Placement | Armacor | Subsequent Event
Subsequent Event [Line Items]
Shares issued in sale (in shares)		20,000,000
Loan Agreement Amendment | Investor | Visionary Private Equity Group I, LP
Subsequent Event [Line Items]
Amount borrowed from related party					$ 1,410,200					$ 621,500
Loan Agreement Amendment | Investor | Visionary Private Equity Group I, LP | Subsequent Event
Subsequent Event [Line Items]
Amount borrowed from related party		$ 1,410,200
Issue of Warrants | Investor | Visionary Private Equity Group I, LP
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)			$ 1.52
Class of warrant or right, term			5 years
Issue of Warrants | Investor | Visionary Private Equity Group I, LP | Subsequent Event
Subsequent Event [Line Items]
Shares issued in sale (in shares)		1,880,267
Warrant exercise price (in dollars per share)		$ 0.75
Class of warrant or right, term		5 years
Number of shares called by warrants (in shares)		1,880,267
New Debt Agreement | Investor | Visionary Private Equity Group I, LP | Subsequent Event
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)		$ 0.75
Class of warrant or right, term		5 years
Loan amount		$ 2,000,000
Original issue debt discount		10.00%
Interest rate upon default of loan		8.00%
Debt conversion price (in dollars per share)		$ 0.75
Proceeds from loans				$ 200,000
Aurora Energy Partners | Navitus Partners, LLC
Subsequent Event [Line Items]
Common stock, issued (in shares)									4,382,872
Aurora Energy Partners | Navitus Partners, LLC | Subsequent Event
Subsequent Event [Line Items]
Common stock, issued (in shares)							4,382,872
Scenario, Forecast | Private Placement | Armacor | Subsequent Event
Subsequent Event [Line Items]
Proposed private placement						$ 5,000,000
Stock price (in dollars per share)						$ 0.75
Warrant coverage, percent						50.00%
Warrant exercise price (in dollars per share)		$ 0.75
Minimum investment in Proposed Private Placement						$ 500,000