2018 Q1 Form 10-K Financial Statement

#000162828018003845 Filed on March 29, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $430.0K $590.0K $2.175M
YoY Change -23.21% -15.71% 23.07%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $193.00 $11.32K $91.32K
YoY Change -99.19% -43.4% -30.99%
% of Gross Profit
Operating Expenses $430.0K $610.0K $2.190M
YoY Change -23.21% -16.44% 23.5%
Operating Profit -$427.6K -$2.190M
YoY Change -29.31% 23.5%
Interest Expense $58.32K -$40.00K $338.2K
YoY Change -34.74% 33.33% 152.2%
% of Operating Profit
Other Income/Expense, Net -$58.32K -$338.2K
YoY Change -34.74% 152.2%
Pretax Income -$485.9K -$650.0K -$2.529M
YoY Change -30.01% 3.17% 32.55%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$436.8K -$18.84M -$20.72M
YoY Change -34.54% 2711.94% 1019.03%
Net Earnings / Revenue
Basic Earnings Per Share -$19.93
Diluted Earnings Per Share -$74.58K -$11.02M -$18.14
COMMON SHARES
Basic Shares Outstanding 6.146M shares 31.22M shares 1.039M shares
Diluted Shares Outstanding 1.142M shares

Balance Sheet

Concept 2018 Q1 2017 Q4 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.32K $24.38K $24.38K
YoY Change 1.6% -59.37% -56.82%
Cash & Equivalents $20.32K $24.38K $24.38K
Short-Term Investments
Other Short-Term Assets $105.5K $112.2K $112.2K
YoY Change 954.7% 1022.2% 1027.84%
Inventory
Prepaid Expenses $105.5K $112.2K
Receivables $0.00
Other Receivables
Total Short-Term Assets $125.8K $136.6K $136.6K
YoY Change 89.86% 23.3% 23.3%
LONG-TERM ASSETS
Property, Plant & Equipment $300.00 $490.00 $490.00
YoY Change -99.95% -99.92% -99.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.750K $1.750K $1.750K
YoY Change
Total Long-Term Assets $17.63M $17.63M $17.63M
YoY Change 2220.91% 2175.45% 2175.45%
TOTAL ASSETS
Total Short-Term Assets $125.8K $136.6K $136.6K
Total Long-Term Assets $17.63M $17.63M $17.63M
Total Assets $17.76M $17.77M $17.77M
YoY Change 2049.97% 1906.25% 1906.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $480.9K $590.9K $590.9K
YoY Change -9.57% 40.5% 40.5%
Accrued Expenses $392.6K $374.3K $374.3K
YoY Change -3.16% -49.86% -83.26%
Deferred Revenue
YoY Change
Short-Term Debt $1.410M $896.5K $0.00
YoY Change 143.14% 60.09%
Long-Term Debt Due $896.5K
YoY Change 58.88%
Total Short-Term Liabilities $2.293M $1.871M $1.871M
YoY Change -20.6% -43.43% -43.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.293M $1.871M $1.871M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.293M $1.871M $1.871M
YoY Change -21.7% -43.55% -83.29%
SHAREHOLDERS EQUITY
Retained Earnings -$67.30M -$66.86M
YoY Change 43.77% 44.91%
Common Stock $82.76M $87.56M
YoY Change 128.89% 144.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.46M $15.90M $15.90M
YoY Change
Total Liabilities & Shareholders Equity $17.76M $17.77M $17.77M
YoY Change 2049.97% 1906.25% 1906.24%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017
OPERATING ACTIVITIES
Net Income -$436.8K -$18.84M -$20.72M
YoY Change -34.54% 2711.94% 1019.03%
Depreciation, Depletion And Amortization $193.00 $11.32K $91.32K
YoY Change -99.19% -43.4% -30.99%
Cash From Operating Activities -$449.8K -$468.1K -$1.938M
YoY Change -44.94% -31.16% -4.39%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $3.260K $3.260K
YoY Change -96.38% -96.64%
Cash From Investing Activities $3.260K $3.261K
YoY Change -96.38% -95.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $445.7K 482.8K $1.903M
YoY Change -42.93% -24.56% -4.98%
NET CHANGE
Cash From Operating Activities -$449.8K -468.1K -$1.938M
Cash From Investing Activities 3.260K $3.261K
Cash From Financing Activities $445.7K 482.8K $1.903M
Net Change In Cash -$4.059K 17.93K -$32.07K
YoY Change -88.72% -64.14% -159.32%
FREE CASH FLOW
Cash From Operating Activities -$449.8K -$468.1K -$1.938M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$468.1K -$1.938M
YoY Change -31.16% -3.51%

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CY2017Q4 us-gaap Oil And Gas Property Successful Effort Method Net
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0 USD
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-1773689 USD
CY2017 us-gaap Operating Income Loss
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-2190467 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
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0 USD
CY2012Q4 us-gaap Operating Loss Carryforwards
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8163281 USD
CY2017Q4 us-gaap Operating Loss Carryforwards
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8954020 USD
CY2016Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
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CY2017Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
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1999407 USD
CY2016Q4 us-gaap Other Liabilities Current
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9283 USD
CY2017Q4 us-gaap Other Liabilities Current
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9283 USD
CY2016 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
0 USD
CY2017 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
31694 USD
CY2016 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
18442 USD
CY2017 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
0 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2006Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
998333 shares
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PreferredStockSharesOutstanding
998333 shares
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0 USD
CY2017Q4 us-gaap Preferred Stock Shares Subscribed But Unissued Subscriptions Receivable
PreferredStockSharesSubscribedButUnissuedSubscriptionsReceivable
4800000 USD
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246950 USD
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9951 USD
CY2017Q4 us-gaap Prepaid Expense Current
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113967 USD
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0 USD
CY2017 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1135000 USD
CY2016 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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97094 USD
CY2017 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
0 USD
CY2017Q4 us-gaap Productive Oil Wells Number Of Wells Net
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30 well
CY2016 us-gaap Profit Loss
ProfitLoss
-1906599 USD
CY2017 us-gaap Profit Loss
ProfitLoss
-20720286 USD
CY2016Q4 us-gaap Property Plant And Equipment Other
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46883 USD
CY2017Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
43622 USD
CY2016Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
30893 USD
CY2017Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
43133 USD
CY2016Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
15990 USD
CY2017Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
489 USD
CY2016 us-gaap Repayments Of Short Term Debt
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109500 USD
CY2017 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
570500 USD
CY2016 us-gaap Results Of Operations Accretion Of Asset Retirement Obligations
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2670 USD
CY2017 us-gaap Results Of Operations Accretion Of Asset Retirement Obligations
ResultsOfOperationsAccretionOfAssetRetirementObligations
9613 USD
CY2016 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
6463 USD
CY2017 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
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15502 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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-46140750 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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-66861036 USD
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CY2017 us-gaap Share Based Compensation
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312351 USD
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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P36M
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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27766 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2632 shares
CY2017 us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
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53808 shares
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0 shares
CY2016 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
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0 shares
CY2017 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
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0 shares
CY2016 us-gaap Stock Issued During Period Value Issued For Services
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86733 USD
CY2017 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
312351 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
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26802052 USD
CY2016Q4 us-gaap Stockholders Equity
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-10314051 USD
CY2017Q4 us-gaap Stockholders Equity
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15897905 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-2721019 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-2428885 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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15897905 USD
CY2017Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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0.023631579
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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-1237729 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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824515 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1142105 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
823878 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1039420 shares
CY2017 vyey Adjustmentsto Additional Paidin Capital Changein Noncontrolling Interest
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-9055166 USD
CY2017 vyey Adjustmentsto Additional Paidin Capital Discounton Note Payable
AdjustmentstoAdditionalPaidinCapitalDiscountonNotePayable
210000 USD
CY2017 vyey Adjustmentsto Additional Paidin Capital Increase From Discounton Preferred Stock
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75500259 USD
CY2016 vyey Amortizationof Deferred Financing Costsasa Resultof Debt Settlement
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88060 USD
CY2017 vyey Amortizationof Deferred Financing Costsasa Resultof Debt Settlement
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317767 USD
CY2016 vyey Book Loss
BookLoss
0.340
CY2017 vyey Book Loss
BookLoss
0.340
CY2016 vyey Capital Contributions
CapitalContributions
2112000 USD
CY2017 vyey Capital Contributions
CapitalContributions
1170000 USD
CY2016Q4 vyey Common Stock Equivalents
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458006 shares
CY2017Q4 vyey Common Stock Equivalents
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888855 shares
CY2017Q4 vyey Common Stock Neededto Settle Convertible Preferred Stock
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3632 shares
CY2016Q4 vyey Convertible Preferred Stock Common Stock Equivalent
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137932 shares
CY2017Q4 vyey Convertible Preferred Stock Common Stock Equivalent
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137932 shares
CY2016 vyey Debt Discount Accretion
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0.001
CY2017 vyey Debt Discount Accretion
DebtDiscountAccretion
-0.492
CY2015Q3 vyey Forbearance Agreement Remaining Borrowing Base Deficiency Due
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260000 USD
CY2016 vyey Meals And Entertainment
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0.010
CY2017 vyey Meals And Entertainment
MealsAndEntertainment
0.000
CY2016 vyey Net Operating Loss Reduction Due
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0.000
CY2017 vyey Net Operating Loss Reduction Due
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2.033
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2186513 USD
CY2012 vyey Operating Loss Carryforwards Limitationson Use Period
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P20Y
CY2016 vyey Proceeds From Stock Subscriptions Relatedto Financing Activities
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0 USD
CY2017 vyey Proceeds From Stock Subscriptions Relatedto Financing Activities
ProceedsFromStockSubscriptionsRelatedtoFinancingActivities
200000 USD
CY2017 vyey Receivablefor Stock Subscriptions
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4800000 USD
CY2016 vyey Relatedpartycontribution
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2112000 USD
CY2017 vyey Relatedpartycontribution
Relatedpartycontribution
1170000 USD
CY2016 vyey Revisionof Furnitureand Fixtures
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0 USD
CY2017 vyey Revisionof Furnitureand Fixtures
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3261 USD
CY2017 vyey Stock Issuedor Redeemed During Period Value New Issuesor Redemptions
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99908098 USD
CY2016 vyey Stock Subscriptions Receivable Noncash Investingand Financing Activities
StockSubscriptionsReceivableNoncashInvestingandFinancingActivities
0 USD
CY2017 vyey Stock Subscriptions Receivable Noncash Investingand Financing Activities
StockSubscriptionsReceivableNoncashInvestingandFinancingActivities
4800000 USD
CY2017 us-gaap Property Plant And Equipment Preproduction Design And Development Costs
PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Other Property and Equipment:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our office equipment in Austin, Texas is being depreciated on the straight-line method over the estimated useful life of&#160;</font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;">&#160;to&#160;</font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;">&#160;years.&#160;</font></div></div>
CY2017 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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, depletion, and amortization (&#8220;DD&amp;A&#8221;) expense, property costs, estimated future net cash flows from proved reserves, assumptions related to abandonments and impairments of oil and natural gas properties, taxes, accruals of capitalized costs, operating costs and production revenue, general and administrative costs and interest, purchase price allocation on properties acquired, various common stock, warrants and option transactions, and loss contingencies.</font></div></div>

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