Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 17, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | AMERICAN ENERGY GROUP LTD | |
Entity Central Index Key | 843,212 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 66,975,719 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Current Assets | ||
Cash | $ 22,553 | $ 213 |
Prepaid expenses | 10,345 | 27,680 |
Total Current Assets | 32,898 | 27,893 |
Property and Equipment | ||
Office equipment | 25,670 | 25,670 |
Accumulated depreciation | (23,758) | (23,503) |
Net Property and Equipment | 1,912 | 2,167 |
Total Assets | 34,810 | 30,060 |
Current Liabilities | ||
Accounts payable | 56,801 | 58,377 |
Note payable | 10,302 | 28,654 |
Accrued liabilities | 450,420 | 379,329 |
Notes payable - related parties | 100,000 | 1,457,135 |
Total Current Liabilities | 617,523 | 1,923,495 |
Non-Current Liabilities | ||
Notes payable - related parties | 1,595,000 | |
Total Liabilities | 2,212,523 | 1,923,495 |
Stockholders' Deficit | ||
Common stock, par value $0.001 per share; authorized 80,000,000 shares; 66,975,719 and 66,518,674 shares issued and outstanding, respectively | 66,976 | 66,519 |
Capital in excess of par value | 18,244,457 | 17,834,731 |
Accumulated deficit | (20,489,146) | (19,794,685) |
Total Stockholders' Deficit | (2,177,713) | (1,893,435) |
Total Liabilities and Stockholders' Deficit | $ 34,810 | $ 30,060 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Jun. 30, 2016 |
Stockholders' Equity: | ||
Common Stock Par Value | $ 0.001 | $ 0.001 |
Common Stock Shares Authorized | 80,000,000 | 80,000,000 |
Common Stock Shares Issued | 66,975,719 | 66,518,674 |
Common Stock Shares Outstanding | 66,975,719 | 66,518,674 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statements Of Operations | ||||
Revenue | ||||
Expenses | ||||
Administrative salaries | 37,877 | 57,144 | 58,437 | 163,112 |
Legal and professional | 93,379 | 64,114 | 230,937 | 131,554 |
General and administrative | 42,422 | 52,488 | 84,535 | 102,723 |
Office overhead expenses | 687 | 621 | 687 | 8,128 |
Depreciation | 128 | 201 | 255 | 401 |
Total Expenses | 174,493 | 174,568 | 374,851 | 405,918 |
Net Operating Income (Loss) | (174,493) | (174,568) | (374,851) | (405,918) |
Other Income and (Expense) | ||||
Interest expenses related party | (66,567) | (261,652) | ||
Loss on extinguishment of debt | (258,183) | |||
Interest expense | (22,058) | (4,260) | (61,427) | (6,992) |
Total Other Income and (Expense) | (22,058) | (70,827) | (319,610) | (268,644) |
Net Income (Loss) Before Taxes | (196,551) | (245,395) | (694,461) | (674,562) |
Income Taxes | ||||
Net Income (Loss) | $ (196,551) | $ (245,395) | $ (694,461) | $ (674,562) |
Earnings per Share Basic | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings per Share Fully Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding Basic and Diluted | 66,621,682 | 61,019,341 | 66,743,393 | 60,721,651 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net Income (Loss) | $ (694,461) | $ (674,562) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Depreciation | 255 | 401 |
Warrant issuance costs | 235,504 | |
Loss on extinguishment of debt | 258,183 | |
Amortization of debt discount | 17,865 | |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid expenses | 17,335 | 24,197 |
Increase (decrease) in accounts payable | (1,576) | (5,437) |
Increase (decrease) in accrued expenses and other current liabilities | 71,091 | (164,465) |
Net Cash (Used In) Operating Activities | (331,308) | (584,362) |
Cash Flows From Financing Activities | ||
Proceeds from the issuance of debt - related party | 220,000 | 500,000 |
Principal payments on notes payable | (18,352) | (20,302) |
Proceeds from the issuance of common stock | 152,000 | 86,500 |
Net Cash Provided By Financing Activities | 353,648 | 566,198 |
Net Increase (Decrease) in Cash | 22,340 | (18,164) |
Cash and Cash Equivalents, Beginning of Period | 213 | 24,999 |
Cash and Cash Equivalents, End of Period | 22,553 | 6,835 |
Cash Paid For: | ||
Interest | 4,520 | 4,245 |
Taxes | ||
Non-Cash Financing Activities: | ||
Common stock issued in satisfaction of accounts payable and accrued expenses | ||
Common stock issued for services rendered |
General
General | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 1 - General | The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements.Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim condensed financial statements be read in conjunction with the Company's audited financial statements and notes thereto included in its June 30, 2016 Annual Report on Form 10-K. Operating results for the three months and six months ended December 31, 2016 are not necessarily indicative of the results that may be expected for the year ending June 30, 2017. |
Basic Loss Per Share of Common
Basic Loss Per Share of Common Stock | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 2 - Basic Loss Per Share of Common Stock | Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2016 2015 2016 2015 Income (Loss) (numerator) $ (196,551 ) $ (245,395 ) $ (694,461 ) $ (674,562 ) Basic and Fully Diluted Shares (denominator) 66,621,682 61,019,341 66,743,393 60,721,651 Basic Income (Loss) Per Share $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) The basic loss per share of common stock is based on the weighted average number of shares issued and outstanding during the period of the financial statements. Stock warrants convertible into 11,193,334 shares of common stock are included in the fully diluted income per share calculation for the six months ended December 31, 2016, because their inclusion would be anti-dilutive, thereby reducing the net loss per common share. |
Common Stock
Common Stock | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 3 - Common Stock | During July, 2016, the Company issued 516,667 shares of common stock for cash at $0.12 per share. During August, 2016, the Company issued 600,000 shares of common stock at $.10 per share. During August, 2016, the Company also cancelled 1,088,193 shares previously issued in exchange for services in 2011. During December, 2016, the Company issued 428,571 shares of common stock for cash at $0.07 per share. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 4 - Income Taxes | The Company accounts for corporate income taxes in accordance with FASB ASC 740-10 Income Taxes. FASB ASC 740-10 requires an asset and liability approach for financial accounting and reporting for income tax purposes. As of December 31, 2016, the Company had net operating loss carryovers of $56,652,317 which can be used to reduce future taxable income. No deferred tax benefit has been recorded related to these carryovers as utilization cannot be reasonably assured. |
Notes Payable - Related Partie
Notes Payable - Related Parties | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 5 - Notes Payable - Related Parties | During the six months ended December 31, 2016, $1,275,000 in related party notes with an original maturity date of August 31, 2016 were extended to February 5, 2020. During the six months ended December 31, 2016, the Company borrowed an additional $100,000 from an individual investor with interest at 5%, payable in full in three years. During the six months ended December 31, 2016, the Company borrowed $110,000 from a current shareholder with interest at 5%, payable in full at maturity. During the six months ended December 31, 2016, the Company borrowed an additional $10,000 from an individual investor with interest at 2.5%, payable in full in one year. The Company incurred $39,041 of interest expense on notes payable during the six months ended December 31, 2016. Warrants to acquire additional shares of common stock issued in connection with $825,000 of related party notes payable were extended from August 31, 2016 to February 5, 2020. Amortization of related debt discount resulted in $17,865 of interest expense for the three months ended September 30, 2016. |
Warrants
Warrants | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 6 - Warrants | During the six months ended December 31, 2016, the Company extended 5,333,334 warrants in connection with the financing addressed in Note 5. The warrants can be purchased at $0.10 per share. The Company reported a $258,183 loss on extinguishment of debt related to the extension of these warrant issuances. The expense of these warrants was calculated using the Black-Scholes option pricing model using the following assumptions: Dividend yield 0 Expected volatility 1.20% Risk free interest 0.50% Expected life 3.5 years |
Other Contingencies - Litigatio
Other Contingencies - Litigation | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 7 - Other Contingencies - Litigation | In December, 2011, we initiated civil legal proceedings against Hycarbex and others in the High Court of Islamabad, Pakistan. Our pleadings with respect to the 2.5% carried working interest positions in the Sanjawi and Zamzama North concessions sought a registration of those interests with the Government of Pakistan and simultaneously sought the imposition of an injunction preventing the transfer of the working interest in those concessions until the registration can be effected, thereby protecting our interests. In our pleadings with respect to the Yasin concession and the right to receive 18% of the gross production revenues, our pleadings sought a referral to arbitration based upon ownership of, in effect, a 25% carried working interest to which is attributed 18% of gross production revenues and the right to receive pertinent records and data, the appointment of a receiver to both protect and cause disbursement of the 18% of gross revenues since the inception of production in April, 2011, and the imposition of an injunction against the transfer of the working interest in the Yasin concession. The Court immediately issued two injunction orders preserving the status quo as to the Companys interests in each of the Yasin, Sanjawi and Zamzama North petroleum concessions. On March 27, 2012, the Islamabad High Court issued its final order (later clarified as to certain arbitration procedures by a clarification Order dated April 4, 2012). The Court directed the parties to proceed to arbitration in London, UK under the ICC Rules of Arbitration and further reaffirmed the continuation of the pending temporary injunctions against Hycarbexs potential transfer of interests in the concessions prior to final resolution in the arbitration forum. Our application for the appointment of a receiver was neither granted nor denied, but was instead deferred by the Court to the arbitration forum. Hycarbex appealed the March 27, 2012 Order asserting that litigation should not have been initiated by American Energy without first going to arbitration, asserting that our claims to 18% of gross production revenues were premature (despite already having made some payments toward that production interest) because a commercial discovery had not yet been declared, and asserting that the injunctions had the effect of enjoining all of the working interest, not just a portion. American Energy countered with an appeal that the Court should reconsider the application for a receiver due to an existing arbitration rule which would prevent the arbitration forum from granting interim relief of that type, irrespective of the merits of such an application. These appeals have become moot by virtue of the ICC Partial Final Award described below. On April 10, 2012, pursuant to the terms of the March 27, 2012, Islamabad High Court Order, we filed our claim with the International Chamber of Commerce (ICC) International Court of Arbitration seeking an order which voids, ab initio In February, 2013, we filed an Application For Interim Relief with the ICC which was heard by the tribunal on June 13, 2013. By Order dated September 25, 2013, the ICC granted all requests made by the Company against Hycarbex American Energy, Inc. (Hycarbex), Hycarbex Asia Pte, Ltd. (Hycarbex Asia) and Hydro Tur, Ltd. (Hydro Tur) in its Application For Interim Relief filed with the ICC in February, 2013 and presented to the ICC in a hearing conducted June 13, 2013. By Order dated September 25, 2013, the ICC granted to the Company all requested relief and therein ordered Hycarbex, Hycarbex Asia and Hydro Tur to do the following within fourteen (14) days of the Order: (1) to produce to the Company the records of production and sales from the Yasin petroleum concession in Pakistan for the period August 2011 through the date of the Order and to continue to do so pending further order, (2) to pay to the Company 18% of all sales proceeds of hydrocarbons received by such parties between August 2011 through December 2012, (3) to pay to the Company 18% of all sale proceeds of hydrocarbons received by such parties between December 2012 and the date of the Order, and (4) to direct the purchaser of the hydrocarbons to pay direct to the Company 18% of all future sale proceeds during the pendency of the arbitration proceedings. The ICC further ordered that in the event that Hycarbex, Hycarbex Asia and Hydro Tur fail to produce to the Company the production and sales records for the period August 2011 through December 2012 within the fourteen (14) days following the Order, that such parties are ordered to pay to the Company $1,436,138 as an approximate interim amount pending the determination of actual sales proceeds from the actual records. The ICC further ordered that in the event that Hycarbex, Hycarbex Asia and Hydro Tur fail to produce to the Company the production and sales records for the period December 2012 through the date of the Order and continue to do so, that the arbitration tribunal will consider an application from the Company for a further Order as to an approximate interim monetary amount pending the determination of actual sale proceeds for such period. The Order granting interim relief is not appealable to a court or other tribunal and under Pakistans Arbitration Act of 1940, international arbitration orders are enforceable in the Pakistan courts. Subsequent to the ICC Order, Hycarbex produced certain sales records and other records of Hycarbex but Hycarbex and Hycarbex Asia failed to pay the ordered monetary sum. Hycarbex and Hycarbex Asia also requested a modification of the Order granting interim relief. The Order was not suspended by the ICC while this request was under consideration. By communication from the ICC dated February 4, 2014, the modification requested by Hycarbex and Hycarbex Asia was denied by the arbitration tribunal. The Liquidators for Hycarbex Asia appointed in 2013 in the pending insolvency proceedings for Hycarbex Asia in Singapore replaced their legal counsel and then requested a stay of the arbitration proceedings on February 12, 2014 from the English High Court of Justice, Chancery Division. However, this request for stay of the arbitration proceedings was promptly denied by the English Court and Hycarbex Asia was directed by the Court to pay to the Company costs of £40,000, which have been paid. On February 17, 2014, the arbitration proceedings commenced before the 3-arbitrator tribunal with the first order of business being consideration of another request to the arbitration tribunal by the Liquidators of Hycarbex Asia for suspension of the proceeding or, in the alternative, a postponement to permit newly appointed legal counsel to prepare a proper defense to the Companys claims in arbitration. A complete suspension was rejected by the Tribunal. The Liquidators voluntarily offered to pay interim costs of $50,000 toward the actual costs determined by the Tribunal as caused by the request. We opposed the postponement and indicated that any consideration of same must be conditioned upon protection of the disputed assets and adequate measures to assure payment to us of the monies due to us under the September 25, 2013 Order granting interim relief. The tribunal adjourned the final hearing on the merits until June 16, 2014, based upon Hycarbex Asias assertion that the change of counsel was necessitated by a conflict arising out of a divergence of the respective interests of Hycarbex Asia and the other Defendants. We were awarded the $50,000 in inconvenience costs offered by Hycarbex Asia, which have been paid, and given the opportunity to request an increase in that sum based upon actual costs incurred. The Tribunal further issued an interim Order dated February 175, 2014, requiring Hycarbex to produce to us all records of production from August 2011 forward, including any production which occurs after the date of the Order. The Order further required Hycarbex to produce any future notices of regulatory action or default received from the Government of Pakistan. The Order further ordered that the parties prepare a joint letter to Sui Southern Gas Company Limited (the purchaser of the gas from the Haseeb #1 Well) withdrawing Hycarbexs October 8, 2013 instruction letter to Sui Southern Gas Company and further ordered that the joint letter direct Sui Southern Gas Company Limited to pay 18% of the gross production proceeds directly to the Company going forward. The Order further directed that the joint letter be submitted to Sui Southern Gas Company Limited within 7 days after agreement is reached on the form of the letter. The Company and Hycarbex Asia reached agreement as to the form of the letter during the second week of May, 2014, and the joint letter was submitted to Sui Southern Gas Company Limited. The Order further authorized our use of any documents and transcripts from the arbitration proceedings in any ancillary proceeding initiated by the Company in Pakistan. In August, 2014, we initiated separate legal actions in Pakistan for an injunction against Sui Southern Gas Company Limited (Sui Southern) and Hycarbex-American Energy, Inc. (Hycarbex), respectively, in furtherance of the prior interim orders of the Arbitration Tribunal. The action filed in the Sindh, Karachi High Court named as defendants Sui Southern, Hycarbex, its parent company, Hycarbex Asia Pte. Ltd. (Hycarbex Asia) and two additional pro forma defendants and requests an injunction against Sui Southern against payment to Hycarbex of 18% of the total proceeds of gas sales. The requested injunction was granted to us by the Karachi Court but later vacated by the Court as premature as it pertains to Sui Southern. The action filed in the Islamabad High Court named Hycarbex, Hycarbex Asia and Hydro Tur as defendants and sought injunctive relief against Hycarbex from interference with the Arbitration Tribunal-ordered notifications to Sui Southern to pay us directly our 18% of production, sought injunctive relief against Hycarbex from acceptance by Hycarbex of any production proceeds which may be paid by Sui Southern, and sought a deposit into the Court from Hycarbex of the sum of $1,436,137, which Hycarbex was ordered to pay to us by prior Interim Order of the Arbitration Tribunal dated September 25, 2013 as the sum due through December, 2012. The Arbitration Tribunal likewise ordered in that prior Interim Order that Hycarbex direct Sui Southern to pay to us directly 18% of production occurring after December, 2012. The April 15 Award from the ICC Arbitration Tribunal eliminates any further need for this injunctive relief. On April 15, 2015, the ICC Arbitration Tribunal rendered its Partial Final Award in the pending arbitration proceedings which declared that the November 9, 2003 Stock Purchase Agreement between the Company, Hycarbex and Hydro-Tur, which was amended on February 16, 2004, and December 15, 2009, is void ab initio The Company has effected the shareholder and management registration changes ordered by the ICC and has caused Hycarbex to open a new office in Islamabad, Pakistan for Hycarbexs future operations. The new management of Hycarbex has also assumed control of Hycarbexs Pakistan personnel. Finally, the new management of Hycarbex has begun its efforts to assume complete control of the Pakistan-based assets, including review and appraisement of each asset and interfacing with the local oil and gas regulatory authorities with jurisdiction over those assets to assure regulatory compliance. The assumption of complete control of the Hycarbex Pakistan-based assets is expected to take several months and not to be completed until calendar 2017. |
Going Concern
Going Concern | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 8 - Going Concern | The Companys financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments related to the recoverability of assets or classification of liabilities that might be necessary should the Company be unable to continue as a going concern. At December 31, 2016, the Companys current liabilities exceeded its current assets and it has recorded negative cash flows from operations. The preceding circumstances combine to raise substantial doubt about the Companys ability to continue as a going concern. Management expects to continue to be successful in future capital raises, if necessary, to continue operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 9 - Subsequent Events | In accordance with ASC 855-10, management of the Company has reviewed all material events from December 31, 2016 through the date the financial statements were issued. There were no other material events that warrant any additional disclosure. |
Basic Loss Per Share of Commo15
Basic Loss Per Share of Common Stock (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Basic Loss Per Share Of Common Stock Tables | |
Basic Loss Per Share of Common Stock | Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, 2016 2015 2016 2015 Income (Loss) (numerator) $ (196,551 ) $ (245,395 ) $ (694,461 ) $ (674,562 ) Basic and Fully Diluted Shares (denominator) 66,621,682 61,019,341 66,743,393 60,721,651 Basic Income (Loss) Per Share $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Warrants Tables | |
Summary of expense warrants using assumptions | Dividend yield 0 Expected volatility 1.20% Risk free interest 0.50% Expected life 3.5 years |
Basic Loss Per Share of Commo17
Basic Loss Per Share of Common Stock (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic Loss Per Share Of Common Stock Details | ||||
Income (Loss) (numerator) | $ (196,551) | $ (245,395) | $ (694,461) | $ (674,562) |
Basic Shares (denominator) | 66,621,682 | 61,019,341 | 66,743,393 | 60,721,651 |
Basic Income (Loss) Per Share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic Loss Per Share of Commo18
Basic Loss Per Share of Common Stock (Details Narrative) | 6 Months Ended |
Dec. 31, 2016shares | |
Basic Loss Per Share Of Common Stock Details Narrative | |
Stock warrants convertible into shares of common stock | 11,193,334 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - $ / shares | 1 Months Ended | |||
Aug. 31, 2016 | Dec. 31, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | |
Common Stock Shares Issued | 66,975,719 | 66,518,674 | ||
Common Stock Par Value | $ 0.001 | $ 0.001 | ||
Common Stock [Member] | ||||
Common Stock Shares Issued | 600,000 | 428,571 | 516,667 | |
Common Stock Par Value | $ .10 | $ 0.07 | $ 0.12 | |
Common Stock cancelled shares | 1,088,193 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | Dec. 31, 2016USD ($) |
Income Taxes Details Narrative | |
Net operating loss carryovers | $ 56,652,317 |
Notes Payable Related Parties (
Notes Payable Related Parties (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from the issuance of debt | $ 825,000 | ||
Interest expense | 39,041 | ||
Amortization of debt discount | $ 17,865 | 17,865 | |
Related Party [Member] | |||
Proceeds from the issuance of debt | 1,275,000 | ||
Investor [Member] | |||
Proceeds from the issuance of debt | $ 100,000 | ||
Interest rate | 5.00% | 5.00% | |
Shareholders Equity [Member] | |||
Proceeds from the issuance of debt | $ 110,000 | ||
Interest rate | 5.00% | 5.00% | |
Individual Investor [Member] | |||
Proceeds from the issuance of debt | $ 10,000 | ||
Interest rate | 2.50% | 2.50% |
Warrants (Details)
Warrants (Details) | 6 Months Ended |
Dec. 31, 2016 | |
Warrants Details | |
Dividend yield | 0.00% |
Expected volatility | 1.20% |
Risk free interest | 0.50% |
Expected life | 3 years 6 months |
Warrants (Details Narrative)
Warrants (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Issued warrants | 5,333,334 | ||||
Loss on extinguishment of debt | $ (258,183) | ||||
Common Stock Par Value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Warrants [Member] | |||||
Common Stock Par Value | $ .10 | $ .10 |
Other Contingencies - Litigat24
Other Contingencies - Litigation (Details Narrative) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2014USD ($)Integer | Feb. 17, 2014USD ($) | Feb. 28, 2013USD ($) | Mar. 27, 2012 | Dec. 31, 2011 | Dec. 15, 2009 | |
Other Contingencies - Litigation Details Narrative | ||||||
Working interest litigation percentage | 25.00% | |||||
Gross working interest percentage | 18.00% | |||||
Ownership working interest percenatge | 25.00% | |||||
Gross production revenue percentage | 18.00% | 18.00% | 18.00% | 18.00% | ||
ICC granted relief period | 14 days | |||||
Sale proceed percentage description | (1) to produce to the Company the records of production and sales from the Yasin petroleum concession in Pakistan for the period August 2011 through the date of the Order and to continue to do so pending further order, (2) to pay to the Company 18% of all sales proceeds of hydrocarbons received by such parties between August 2011 through December 2012, (3) to pay to the Company 18% of all sale proceeds of hydrocarbons received by such parties between December 2012 and the date of the Order, and (4) to direct the purchaser of the hydrocarbons to pay direct to the Company 18% of all future sale proceeds during the pendency of the arbitration proceedings. | |||||
Interim amount pending | $ 1,436,137 | $ 1,436,138 | ||||
Interim cost to actual cost | $ 50,000 | |||||
Inconvenience cost offered | $ 50,000 | |||||
Additional proforma defendants | Integer | 2 | |||||
Total proceed for gross sales | 18.00% | |||||
Ownership percentage of common stock | 100.00% | |||||
Recovery of ownership percentage | 100.00% |