ERHC Energy Inc

CIK:0000799235|SEC Filings

Unaudited Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Details
Revenues	$ 0	$ 0	$ 54,612	$ 0
Costs and expenses:
General and administrative expenses	132,779	583,465	933,074	1,779,521
Exploration costs	0	2,275,304	746,563	3,055,960
Depreciation	10,642	15,642	31,105	52,672
Loss (gain) on sale of interest in oil and gas concessions, net	0	0	146,750	(2,727,805)
Total costs and expenses	143,421	2,874,411	1,857,492	2,160,348
Nonoperating Income (Expense)
Interest income and other	3,230	153	3,282	560
Gain (loss) on mark-to-market of derivative liability	64,009	(67,643)	(18,090)	(172,640)
Loss on embedded derivative	0	(297,903)	(495,837)	(332,387)
Loss on available for sale securities	0	(844,518)	0	(844,518)
Loss on debt conversions	0	0	(133,408)	0
Interest expense	(113,829)	(128,766)	(468,756)	(310,407)
Total other income and (expense)	(46,590)	(1,338,677)	(1,112,809)	(1,659,392)
Loss before benefit (provision) for income taxes	(190,011)	(4,213,088)	(2,915,689)	(3,819,740)
Benefit (provision)for income taxes	0	0	0	0
Net Income (Loss)	$ (190,011)	$ (4,213,088)	$ (2,915,689)	$ (3,819,740)
Basic and diluted net loss per common share	$ (0.00)	$ (0.10)	$ (0.00)	$ (0.11)
Basic and diluted weighted-average common shares outstanding	2,879,442,094	42,685,912	2,638,522,815	34,975,264

Unaudited Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net Cash Provided by (Used in) Operating Activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (2,915,689)	$ (3,819,740)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Depreciation and depletion expense	31,105	52,672
Loss on embedded derivative	495,837	332,387
Loss on debt conversion	133,408	0
Loss on change in fair value of derivatives	18,090	172,640
Loss (gain) on sale of interest in oil and gas concessions, net	146,750	(2,727,805)
Amortization of convertible debt discount	430,379	198,122
Amortization of debt issuance cost	21,970	61,898
Loss on available for sale securities	0	844,518
Changes in operating assets and liabilities:
Increase (Decrease) in Prepaid Expense	3,304	34,949
Increase (Decrease) in Accounts Payable and Accrued Liabilities	882,336	2,829,563
Accounts payable to related parties	185,021	0
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	(567,489)	(2,020,796)
Net Cash Provided by (Used in) Investing Activities
Purchase of furniture and equipment	0	(1,000)
Purchase of oil and gas properties	0	(2,272,576)
Return payment from purchase of oil and gas properties	125,000	0
Proceeds from sale of interest in oil and gas concessions and properties	65,000	4,000,000
Proceeds from available for sale securities	0	502,909
Net Cash Provided by (Used in) Investing Activities	190,000	2,229,333
Net Cash Provided by (Used in) Financing Activities
Debt origination costs	0	(27,004)
Principal payment on convertible debt	0	(32,433)
Proceeds from convertible debt	84,475	394,531
Net Cash Provided by (Used in) Financing Activities	84,475	335,094
Cash and Cash Equivalents, Period Increase (Decrease)	(293,014)	543,631
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	439,544	757,313
Cash and Cash Equivalents, at Carrying Value, Ending Balance	146,530	1,300,944
Non-cash investing and financing activities:
Interest Paid	0	26,190
Income Taxes Paid	0	0
Discount from derivative	590,837	243,850
Conversion of note payable to common stock	523,547	436,822
Derivative liabilities extinguished on conversion	$ 869,378	$ 843,708

Unaudited Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Current Assets
Cash and cash equivalents	$ 146,530	$ 439,544
Prepaid expenses	26,201	29,505
Total current assets	172,731	469,049
Oil and gas properties and concession fees:
Concession fees	5,173,819	5,173,819
Proved properties	173,250	510,000
Furniture and equipment, net of accumulated depreciation	38,976	70,081
Total assets	5,558,776	6,222,949
Current liabilities:
Accounts Payable and Accrued Liabilities, Current	10,174,741	9,273,608
Accounts payable - related parties	285,459	100,438
Income tax payable	2,739,607	2,739,607
Convertible note payable in default, net of discount - short term	102,891	0
Convertible Notes Payable, Current	111,532	181,535
Derivative Liability, Current	510,403	770,854
Total current liabilities	13,924,633	13,066,042
Shareholders' deficit:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	287,944	4,748
Additional paid-in capital	108,546,669	107,436,940
Accumulated deficit	(117,200,470)	(114,284,781)
Total shareholders' deficit	(8,365,857)	(6,843,093)
Total liabilities and shareholders' deficit	$ 5,558,776	$ 6,222,949