Armada Oil, Inc.

CIK:0001081074|SEC Filings

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Calculation of Numerator and Denominator in Earnings Per Shares (USD $)

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Schedule of Calculation of Numerator and Denominator in Earnings Per Shares [Abstract]

Net loss

$ (587,862)

$ (622,498)

Less: Net loss attributable to noncontrolling interest

(103,745)

Net loss available to stockholders

(587,862)

(518,753)

Basic net loss allocable to participating securities (1)

^[1]

Basic net loss available to stockholders

$ (587,862)

$ (518,753)

Weighted average number of common shares outstanding – Basic (in Shares)

56,488,806

56,030,473

Options and warrants (in Shares)

^[2]

Weighted average number of common shares outstanding – Diluted (in Shares)

56,488,806

56,030,473

Basic (in Dollars per share)

$ (0.01)

Diluted (in Dollars per share)

$ (0.01)

[1]

Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses.

[2]

For the three months ended March 31, 2015, stock options and warrants representing 3,563,000 and 7,953,333 shares, respectively were antidilutive and, therefore, excluded from the diluted share calculation. For the three months ended March 31, 2014, stock options and warrants representing 2,775,000 and 7,553,333 shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculation.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (587,862)us-gaap_ProfitLoss	$ (622,498)us-gaap_ProfitLoss
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion, amortization, accretion and impairment expense	69,017	420,079
Deferred income tax benefit expense	0	(314,703)
Share-based compensation	55,508us-gaap_ShareBasedCompensation	17,678us-gaap_ShareBasedCompensation
Amortization of debt discount charged to interest expense	0	57,333
Amortization of deferred financing costs	21,126us-gaap_AmortizationOfFinancingCosts	5,641us-gaap_AmortizationOfFinancingCosts
Realized loss on derivative commodity contracts	0	165,511
Loss on change in derivative value – commodity contracts	0	167,673
Changes in operating assets and liabilities:
Accounts receivable – oil and gas	28,469	(183,712)
Accounts receivable – other	(725)	(22,216)
Prepaid expenses	5,641	(29,096)
Accounts payable	117,354	(247,327)
Accrued expenses	(11,410)	84,031
Revenue payable	1,748	(87,455)
CASH USED IN OPERATING ACTIVITIES	(301,134)	(589,061)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for development of oil and gas properties	0	(759,689)
Cash paid for support facilities and equipment	0	(243,965)
Cash paid for settlement of derivative commodity contracts	0	(165,511)
CASH USED IN INVESTING ACTIVITIES	0	(1,169,165)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of deferred financing cost	(12,682)us-gaap_PaymentsOfFinancingCosts	0us-gaap_PaymentsOfFinancingCosts
Principal payments on notes payable	(19,726)us-gaap_RepaymentsOfLongTermDebt	(228,337)us-gaap_RepaymentsOfLongTermDebt
Installment payments on financed liabilities	0us-gaap_RepaymentsOfOtherDebt	(10,000)us-gaap_RepaymentsOfOtherDebt
CASH USED IN FINANCING ACTIVITIES	(32,408)	(238,337)
NET CHANGE IN CASH	(333,542)	(1,996,563)
CASH AT BEGINNING OF PERIOD	406,306	7,095,972
CASH AT END OF PERIOD	72,764	5,099,409
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	62,114us-gaap_InterestPaid	156,033us-gaap_InterestPaid
Cash paid for income taxes	0us-gaap_IncomeTaxesPaid	0us-gaap_IncomeTaxesPaid
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Financed prepaid assets	39,114us-gaap_NotesIssued1	37,965us-gaap_NotesIssued1
Change in accrued oil and gas development costs	11,201	116,170
Common stock issued in satisfaction of stock payable	$ 8,602	$ 0

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 72,764	$ 406,306
Accounts receivable – oil and gas	55,660us-gaap_AccountsReceivableNetCurrent	84,129us-gaap_AccountsReceivableNetCurrent
Accounts receivable – other	101,064	100,339
Deferred financing costs, net – current	25,288us-gaap_DeferredTaxAssetsNetCurrent	33,732us-gaap_DeferredTaxAssetsNetCurrent
Prepaid expenses	94,818us-gaap_PrepaidExpenseCurrent	61,345us-gaap_PrepaidExpenseCurrent
TOTAL CURRENT ASSETS	349,594us-gaap_AssetsCurrent	685,851us-gaap_AssetsCurrent
Oil and gas properties, successful efforts accounting:
Properties subject to depletion, net	6,295,849	6,335,092
Properties not subject to depletion	13,938,870	13,927,669
Support facilities and equipment, net	92,746	96,109
Land	38,345us-gaap_Land	38,345us-gaap_Land
Net oil and gas properties	20,365,810	20,397,215
Property and equipment, net	103,407us-gaap_PropertyPlantAndEquipmentNet	125,476us-gaap_PropertyPlantAndEquipmentNet
Deposit on asset retirement obligations	40,000us-gaap_DepositsAssetsNoncurrent	40,000us-gaap_DepositsAssetsNoncurrent
Other assets	75,098us-gaap_OtherAssetsNoncurrent	75,098us-gaap_OtherAssetsNoncurrent
TOTAL ASSETS	20,933,909us-gaap_Assets	21,323,640us-gaap_Assets
Current liabilities:
Accounts payable – trade	2,196,950us-gaap_AccountsPayableTradeCurrent	2,068,395us-gaap_AccountsPayableTradeCurrent
Revenue payable	4,855us-gaap_DeferredRevenueCurrent	3,107us-gaap_DeferredRevenueCurrent
Accrued expenses	440,492us-gaap_AccruedLiabilitiesCurrent	451,902us-gaap_AccruedLiabilitiesCurrent
Accrued expenses – related parties	52us-gaap_DueToRelatedPartiesCurrent	52us-gaap_DueToRelatedPartiesCurrent
Stock payable	25,898aoil_StockPayable	43,065aoil_StockPayable
Notes payable	4,019,701us-gaap_NotesPayableCurrent	4,000,313us-gaap_NotesPayableCurrent
Notes payable – related parties	200,000	200,000
Other current liabilities	66,669us-gaap_OtherLiabilitiesCurrent	66,669us-gaap_OtherLiabilitiesCurrent
TOTAL CURRENT LIABILITIES	6,954,617us-gaap_LiabilitiesCurrent	6,833,503us-gaap_LiabilitiesCurrent
Asset retirement obligations	468,156	463,814
TOTAL LIABILITIES	7,422,773us-gaap_Liabilities	7,297,317us-gaap_Liabilities
Commitments and Contingencies
Equity:
Preferred stock, par value $0.01, 1,000,000 shares authorized, 0 shares issued and outstanding	0us-gaap_PreferredStockValue	0us-gaap_PreferredStockValue
Common stock, par value $0.001, 100,000,000 shares authorized, 56,605,473 and 56,105,473 shares issued and outstanding, respectively	56,605us-gaap_CommonStockValue	56,105us-gaap_CommonStockValue
Additional paid-in capital	16,429,013us-gaap_AdditionalPaidInCapital	16,356,838us-gaap_AdditionalPaidInCapital
Accumulated deficit	(2,974,482)	(2,386,620)
TOTAL STOCKHOLDERS’ EQUITY	13,511,136	14,026,323
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 20,933,909	$ 21,323,640