GEOPETRO RESOURCES CO
CIK:0001116927|SEC Filings
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Unaudited Consolidated Statements of Operations (USD $)
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3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
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Sep. 30, 2014
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Sep. 30, 2013
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Sep. 30, 2014
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Sep. 30, 2013
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| Costs and Expenses | ||||
| Plant operations | $ 31,007 | $ 106,459 | $ 105,161 | $ 266,922 |
| Lease operations | 24,951 | 32,061 | 153,700 | 126,333 |
| General and administrative | 308,183 | 346,349 | 980,049 | 1,456,442 |
| Depreciation and depletion | 1,236 | 2,699 | 4,635 | 8,641 |
| Total costs and expenses | 365,377 | 487,568 | 1,243,545 | 1,858,338 |
| Loss from operations | (365,377) | (487,568) | (1,243,545) | (1,858,338) |
| Other Income (Expense) | ||||
| Interest expense | (85,686) | (89,512) | (257,914) | (257,754) |
| Interest income | 17 | 28 | ||
| Other income (expense) | (7) | 1 | 6,481 | 5,589 |
| Gain on sale | 11,000 | |||
| Total other income (expense) | (85,676) | (89,511) | (240,405) | (252,165) |
| Loss Before Taxes | (451,053) | (577,079) | (1,483,950) | (2,110,503) |
| Income tax expense | (1,600) | (1,600) | ||
| Net Loss | (451,053) | (577,079) | (1,485,550) | (2,112,103) |
| Preferred stock dividend | (79,996) | (81,213) | (239,773) | (241,233) |
| Net Loss Applicable to Common Shareholders | $ (531,049) | $ (658,292) | $ (1,725,323) | $ (2,353,336) |
| Net Loss Per Common Share Basic and Diluted (in Dollars per share) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.05) |
| Weighted average number of common shares outstanding basic and diluted (in Shares) | 89,101,454 | 52,217,161 | 78,958,766 | 49,921,060 |
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Unaudited Consolidated Balance Sheets (USD $)
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Sep. 30, 2014
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Dec. 31, 2013
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| Current Assets | |||||
| Cash and cash equivalents | $ 7,127 | $ 10,857 | [1] | ||
| Accounts receivable-other | 16,644 | 16,644 | [1] | ||
| Prepaid expenses | 59,803 | 34,719 | [1] | ||
| Total current assets | 83,574 | 62,220 | [1] | ||
| Oil and Gas Properties, at cost (full cost method) | |||||
| Unproved properties | 2,659,248 | 2,626,860 | [1] | ||
| Proved properties | 57,151,646 | 57,129,646 | [1] | ||
| Gas processing plant, at cost | 5,533,910 | 5,533,910 | [1] | ||
| Less-accumulated depletion, depreciation, and impairment | (41,991,589) | (41,991,589) | [1] | ||
| Net oil and gas properties | 23,353,215 | 23,298,827 | [1] | ||
| Furniture, Fixtures and Equipment, at cost, net of depreciation | 12,763 | 17,398 | [1] | ||
| Other Assets | 49,336 | 36,733 | [1] | ||
| Total Assets | 23,498,888 | 23,415,178 | [1] | ||
| Current Liabilities | |||||
| Trade payables and accrued expenses | 2,154,987 | 2,152,029 | [1] | ||
| Current portion of notes payable | 2,848,165 | 2,907,987 | [1] | ||
| Notes payable - related party | 901,000 | 900,778 | [1] | ||
| Interest payable | 513,161 | 377,572 | [1] | ||
| Preferred dividends payable | 1,436,009 | 1,196,236 | [1] | ||
| Other taxes payable | 192,717 | 233,942 | [1] | ||
| Royalty owners payable | 327,840 | 327,844 | [1] | ||
| Total current liabilities | 8,373,879 | 8,096,388 | [1] | ||
| Long Term Notes Payable, net of current portion | 124,840 | 79,882 | [1] | ||
| Asset Retirement Obligations | 75,000 | 75,000 | [1] | ||
| Other Long Term Liabilities | 40,292 | 53,145 | [1] | ||
| Total Liabilities | 8,614,011 | 8,304,415 | [1] | ||
| Shareholders' Equity | |||||
| Series B preferred stock, no par value; 7,523,000 shares authorized; 5,185,027 and 5,370,027 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively. Liquidation preference of $3,888,770 and $4,027,520 at September 30, 2014 and December 31, 2013, respectively. | 3,695,122 | 3,833,872 | [1] | ||
| Common stock, no par value; 100,000,000 shares authorized; 89,236,074 and 56,191,074 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively. | 61,312,159 | 59,696,609 | [1] | ||
| Additional paid-in capital | 4,580,360 | 4,557,723 | [1] | ||
| Accumulated deficit | (54,702,764) | (52,977,441) | [1] | ||
| Total shareholders' equity | 14,884,877 | 15,110,763 | [1] | ||
| Total Liabilities and Shareholders' Equity | $ 23,498,888 | $ 23,415,178 | [1] | ||
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