Legend Oil & Gas, Ltd.

CIK:0001140414|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenue	$ 3,859,142	$ 4,390,978
Operating Expenses:
Cost of revenue	3,091,106	2,866,351
General and administrative	4,067,826	4,111,135
Depreciation and amortization	741,043	532,708
Impairment of goodwill		438,106
Impairment of property and equipment		224,835
Loss on disposal of property and equipment	1,113,067	10,255
Total operating expenses	9,013,042	8,183,390
Operating loss	(5,153,900)	(3,792,412)
Other Expense:
Interest expense	(737,998)	(3,621,017)
Change in fair value of embedded derivative liabilities		(6,551,333)
Other expense		(4,600)
Total Other Expense	(737,998)	(10,176,950)
Loss from continuing operations	(5,891,898)	(13,969,362)
Loss from discontinued operations	(355,445)	(1,020,473)
Net loss	(6,247,343)	(14,989,835)
Undeclared dividends on preferred stock	(837,245)	(153,335)
Net loss from continuing operations available to common stockholders	(6,729,143)	(14,122,697)
Net loss from discontinued operations available to common stockholders	(355,445)	(1,020,473)
Net loss attributable to common stockholders	$ (7,084,588)	$ (15,143,170)
Basic and diluted net loss from continuing operations attributable to common stockholders (in dollars per share)	$ (0.01)	$ (0.02)
Basic and diluted net loss from discontinued operations attributable to common stockholders (in dollars per share)	0.00	0.00
Basic and diluted net loss attributable to common stockholders (in dollars per share)	$ (0.01)	$ (0.02)
Weighted average number of common shares outstanding - basic and diluted (in shares)	941,066,880	658,763,332

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,247,343)	$ (14,989,835)
Loss attributed to discontinued operations	355,445	1,020,473
Loss from continuing operations	(5,891,898)	(13,969,362)
Adjustments to reconcile net loss to cash flows used in operating activities:
Stock issued to employee	10,800	0
Depreciation	741,043	532,708
Loss on disposal of property and equipment	1,113,067	10,255
Impairment of property and equipment		224,835
Write-off of inventory		143,689
Loss on legal settlement	20,000
Impairment of goodwill		438,106
Amortization of discounts on long term debt	90,688
Amortization of discounts on convertible debt	247,290	854,576
Non-cash debt prepayments penalties		1,927,071
Change in fair value of embedded derivative liabilities		6,551,333
Changes in operating assets and liabilities:
Accounts receivable	(50,548)	885,310
Prepaid expenses	610,475	(243,359)
Inventory		63,748
Other current assets	(50,317)	23,279
Accounts payable and accrued expenses	(292,418)	338,433
Accounts payable-related party	(120,000)	(457,000)
Other current liabilities		(72,094)
Accrued interest	294,750	112,790
Accrued interest - related party	59,202	(333)
Net cash flows used in operating activities - continuing operations	(3,217,866)	(2,636,015)
Net cash flows (used in) provided by operating activities - discontinued operations	(2,967)	99,907
Net cash flows used in operating activities	(3,220,833)	(2,536,108)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from certificate of deposit		85,000
Cash paid for the purchase of property and equipment	(817,907)	(483,542)
Proceed from sale of property and equipment	158,355	21,355
Cash paid for the purchase of Black Diamond Energy Holdings, net cash received of $435,339 in 2015		(1,189,661)
Net cash flows used in investing activities - continuing operations	(659,552)	(1,566,848)
Net cash flows provided by investing activities - discontinued operations	90,000	808,642
Net cash flows used in investing activities	(569,552)	(758,206)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible debt-related party	4,470,000	2,310,000
Proceeds from short term debt	170,000	100,000
Proceeds on short term convertible debt - related party		1,750,000
Proceeds from long term debt - related party	1,362,455
Payments on short term debt	(2,334,721)	(390,602)
Payments on short term debt-related party		(713,429)
Payments on long term debt	(179,813)
Net cash flows provided by financing activities	3,487,921	3,055,969
Net change in cash and cash equivalents	(302,464)	(238,345)
Cash and cash equivalents, beginning of period	463,503	701,848
Cash and cash equivalents, end of period	161,039	463,503
Cash paid during the year for:
Interest	34,454	5,453
NON-CASH INVESTING AND FINANCING ACTIVITIES
Change in estimate of asset retirement obligations		69,132
Accrual of oil and gas development costs		20,789
Sale of oil and gas properties to settle related party debt		1,814,289
Fair value of derivative liability extinguished upon conversion of preferred stock to common stock		7,680,000
Preferred stock issued for conversion of debt		9,824,976
Conversion of preferred stock to common stock		600,000
Debt and common stock issued/to be issued for the purchase of Black Diamond Energy Holdings		3,715,300
Financed debt issuance costs and original issue discounts	1,011,521	104,000
Financing for insurance policies	627,967
Debt issued for the acquisition of property and equipment	524,961	271,623
Reclassification of accounts payable to short term debt	40,850
Reclassification of accrued interest on short term debt	147,300	$ 6,601
Preferred stock issued in conjunction with long term debt-related party	$ 14,500

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 161,039	$ 463,503
Accounts receivable	234,321	183,773
Prepaid Expenses	299,229	281,737
Other current assets	187,792	137,475
Total Current Assets	882,381	1,066,488
Property and equipment net	2,572,259	3,212,174
Assets held for sale - discontinued operations		398,680
Intangible assets	268,320	317,242
Total Assets	3,722,960	4,994,584
Current Liabilities
Accounts payable and accrued expenses	614,101	943,799
Accounts payable-related party		120,000
Accrued interest	253,955	106,505
Accrued interest-related party	69,236	10,034
Short term debt	214,694	249,348
Current portion of long term debt	238,580	1,074,781
Current portion of long term debt-related party	241,667
Total Current Liabilities	1,632,233	2,504,467
Liabilities of discontinued operations	139,927	96,129
Long term debt, net of deferred financing costs of $166,667 in 2016 and $0 in 2015	1,988,440	2,040,518
Long term debt-related party, net of debt discount and deferred financing costs of $94,690 in 2016	1,113,643
Convertible debt-related party, net of debt discount and deferred financing costs of $516,009 in 2016 and $89,323 in 2015	5,281,967	564,677
Total Liabilities	10,156,210	5,205,791
Stockholders' Deficit
Common stock - 4,900,000,000 shares authorized; $0.001 par value; 942,083,273 and 936,083,273 shares issued and outstanding in 2016 and 2015, respectively	942,083	936,083
Additional paid-in capital	44,864,248	44,844,948
Accumulated deficit	(52,239,591)	(45,992,248)
Total Stockholders' Deficit	(6,433,250)	(211,207)
Total Liabilities and Stockholders' Deficit	3,722,960	4,994,584
Series B Preferred Stock [Member]
Stockholders' Deficit
Preferred stock - $0.001 par value, 100,000,000 shares authorized; Preferred stock Series A - $0.001 par value; 0 shares issued and outstanding; Preferred stock Series B - $0.001 par value; 9,658 and 9,643 shares issued and outstanding in 2016 and 2015, respectively (liquidation preference of $10,648,579)	10	10
Total Stockholders' Deficit	10	10
Series A Preferred Stock [Member]
Stockholders' Deficit
Preferred stock - $0.001 par value, 100,000,000 shares authorized; Preferred stock Series A - $0.001 par value; 0 shares issued and outstanding; Preferred stock Series B - $0.001 par value; 9,658 and 9,643 shares issued and outstanding in 2016 and 2015, respectively (liquidation preference of $10,648,579)