American Natural Energy Corp

CIK:0000870732|SEC Filings

Condensed Consolidated Statements of Operations and Other Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Oil and gas sales	$ 379,780	$ 841,458	$ 1,425,277	$ 2,713,947
Operations income	0	11,923	0	39,989
Total Revenue	379,780	853,381	1,425,277	2,753,936
Expenses:
Lease operating expense	179,336	227,256	460,194	742,996
Production taxes	18,057	92,747	98,911	270,136
General and administrative	330,869	336,416	978,947	1,193,489
Foreign exchange loss (gain)	(16,384)	229,110	(15,468)	(463,176)
Depletion, depreciation and amortization - oil and gas properties	103,828	206,937	387,193	696,487
Accretion of asset retirement obligation	59,656	32,903	178,968	129,488
Depreciation and amortization - other assets	1,090	4,881	4,286	14,643
Total expenses	676,452	1,130,250	2,093,031	2,584,063
Other (Income) Expense
Interest and financing costs	143,210	319,302	261,681	842,174
Related party interest	346,843	263,254	1,022,970	752,313
Gain/loss on derivative liability	6,427,146	0	6,427,146	0
Gain on settlement of disputed revenue payables	0	0	(2,052,451)	0
Loss on debt extinguishment	817,396	0	1,225,886	39,953
Total other (income) expense	7,734,595	582,556	6,885,232	1,634,440
Net loss	(8,031,267)	(859,425)	(7,552,986)	(1,464,567)
Other comprehensive income (loss)- net of tax:
Foreign exchange translation	0	202,545	0	(463,176)
Other comprehensive income (loss)	0	202,545	0	(463,176)
Comprehensive loss	$ (8,031,267)	$ (656,880)	$ (7,552,986)	$ (1,927,743)
Basic and diluted loss per share	$ (0.28)	$ (0.03)	$ (0.28)	$ (0.06)
Basic	28,748,835	26,405,085	27,194,920	26,405,085
Diluted	28,748,835	26,405,085	27,194,920	26,405,085

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
Condensed Consolidated Statements of Cash Flows (USD $)	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income (loss)	$ (7,552,986)	$ (1,464,567)
Adjustments to reconcile net income(loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	391,479	711,130
Accretion of asset retirement obligation	178,968	129,488
Foreign exchange loss (gain)	(15,468)	(463,176)
Amortization of deferred financing costs	59,175	145,661
Amortization of debt discount	147,327	953,837
Related party amortization of debt discount	530,769	9,994
Stock issued in payment of interest	2,500	0
Loss on debt extinguishment	1,225,886	39,953
Gain/loss on derivative liability	6,427,146	0
Gain on settlement of disputed revenue	(2,052,451)	0
Changes in components of working capital:
Accounts receivable	47,754	(40,155)
Oil inventory	0	4,676
Prepaid expenses and other current assets	35,523	18,446
Accounts payable, revenues payable, accrued liabilities and interest	918,213	(185,486)
Net cash provided by (used in) operating activities	343,835	(140,199)
Cash flows from investing activities:
Purchase and development of oil and gas properties	(46,944)	(130,847)
Net cash used in investing activities	(46,944)	(130,847)
Cash flows from financing activities:
Payment of notes payable	(994,232)	(1,811,700)
Payment of notes payable-related party	(45,000)	(74,444)
Proceeds from issuance of notes payable	861,232	1,749,568
Proceeds from issuance of notes payable- related party	0	505,000
Payment of deferred financing costs	(200,919)	(125,000)
Net cash provided by (used in) financing activities	(378,919)	243,424
Increase in cash and cash equivalents	(82,028)	(27,622)
Cash beginning of period	82,295	31,177
Cash end of period	267	3,555
Supplemental disclosures:
Interest paid	235,804	330,663
Taxes paid	0	7,500
Non cash investing and financing activities:
Purchase of oil and gas properties in accounts payable	4,917	139,143
Debt issued in settlement of revenue payables	989,751	0
Financing Fees for shares	52,500	606,320
Debt discount due to fees related to Hillair debt	132,428	0
Derivative liability Palo Verde debt	627,478	0
Interest Transferred to debt principle	741,385	0
Prepaid insurance financed with debt	40,850	0
Asset retirement obligation revision	$ 0	$ 39,573

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 267	$ 82,295
Accounts receivable - joint interest billing	3,595	12,505
Accounts receivable - oil and gas sales	124,477	163,321
Prepaid expenses and other	52,988	47,661
Oil inventory	20,833	20,833
Deferred costs	239,241	0
Total current assets	441,401	326,615
Proved oil and natural gas properties, full cost method of accounting, net of accumulated depletion, depreciation, amortization and impairment of $23,376,865 and $22,989,672	17,877,014	18,263,854
Unproved oil and natural gas properties	775,774	724,266
Equipment and other fixed assets, net of accumulated depreciation of $1,177,193 and $1,172,907	1,038	5,324
Total assets	19,095,227	19,320,059
Current liabilities:
Accounts payable and accrued liabilities	4,751,213	4,254,749
Revenue payable	480,104	3,522,279
Accounts payable - related parties	114,226	99,733
Accrued interest	203,153	532,392
Insurance note payable	36,384	31,102
Notes payable - related parties net of discounts of $0 and $590,015 respectively	765,911	3,220,896
Note payable, net of discounts of $0 and $256,023 respectively	2,708,766	2,320,523
Taxes due on dissolution of subsidiary	32,752	32,752
Total current liabilities	9,092,509	14,014,426
Debenture payable - related parties, net of discounts of $59,246 and $0 respectively	3,579,877	0
Note payable, net of discounts of $140,195 and $0 respectively	1,149,366	0
Derivative liability	7,914,338	0
Asset retirement obligation	2,344,489	2,165,521
Total liabilities	24,080,579	16,179,947
Commitments and contingencies	0	0
Stockholders' equity :
Common stock Authorized - 250,000,000 shares with par value of $0.001 - 29,280,085 and 26,405,085 shares issued and outstanding respectively	29,280	26,405
Treasury stock	(150,000)	(150,000)
Additional paid-in capital	25,299,077	25,874,430
Accumulated deficit, since January 1, 2002 (in conjunction with the quasi- Reorganization stated capital was reduced by an accumulated deficit of $2,015,495)	(34,246,346)	(26,693,360)
Accumulated other comprehensive income	4,082,637	4,082,637
Total stockholders' equity	(4,985,352)	3,140,112
Total liabilities and stockholders' equity	$ 19,095,227	$ 19,320,059