Imperial Resources, Inc.

CIK:0001435394|SEC Filings

Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
Statements of Operations (Unaudited) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
Operating Revenue:
Natural Gas and condensate	$ 26,458	$ 11,828	$ 50,025	$ 59,759
Salt water disposal	32,947		32,947
Total Revenue	59,405	11,828	82,972	59,759
Operating Expenses:
Lease operating costs	(41,184)	6,506	(32,557)	16,287
Salt water disposal operating costs	30,332		30,332
Depletion	13,881	5,407	29,135	16,643
Depreciation	37,975	37,976	146,111	78,333
Accounting and audit	17,782	22,559	88,822	128,463
Directors Fees	36,000	45,000	90,000	90,000
Other administrative expenses	146,419	21,448	177,041	51,402
Total Operating Expenses	241,205	138,896	528,884	381,128
Loss from operations	(181,800)	(127,068)	(445,912)	(321,369)
Other Income and (Expenses):
Interest income (expense)	85,741	(85,894)	(112,415)	(142,456)
Gain (loss) on derivative liability	(90,817)		187,405	0
Total Other Income (Expenses)	(5,076)	(85,894)	74,990	(142,456)
Net Loss before extraordinary item	(186,876)	(212,962)	(370,922)	(463,825)
Extraordinary loss due to fire				(157,562)
NET LOSS	$ (186,876)	$ (212,962)	$ (370,922)	$ (621,387)
NET LOSS PER COMMON SHARE
Basic and diluted	$ 0.00	$ 0.00	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE OUTSTANDING SHARES
Basic and diluted	43,476,197	42,894,561	43,200,925	42,704,811

Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	Dec. 31, 2012	Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (370,922)	$ (621,387)
Add back Extraordinary Loss		157,562
Net loss before extraordinary loss	(370,922)	(463,825)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depletion and depreciation expense	148,518	94,976
Discount amortization	82,065	20,635
Gain (loss) on derivative liability	(187,405)
Changes in operating assets and liabilities:
Changes in accounts receivable	(21,347)	22,211
Changes in accounts payable	171,460	468,958
Net Cash Provided (Used) by Operations	(177,631)	142,955
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of salt water facility		(50,000)
Purchase of salt water equipment and deepening well		(1,466,453)
Investments in oil and gas properties	(248,090)	(238,173)
Net Cash Used by Investing Activities	(248,090)	(1,754,626)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loans from related parties		150,000
Proceeds from notes payable for salt water facility	320,000	1,200,000
Repayment of notes payable	(62,373)	(59,268)
Proceeds from issuance of common stock	120,000
Net Cash Provided by Financing Activities	377,627	1,290,732
Net Decrease in Cash	(48,094)	(320,938)
Cash at Beginning of Period	92,464	364,891
CASH AT END OF PERIOD	44,070	43,953
Supplemental disclosures:
Cash paid for interest	13,015	32,010
Purchase of salt water disposal facility through issuance of note payable		450,000
Debt discount on convertible note payable	$ 89,111

Balance Sheets (Unaudited) (USD $)	Dec. 31, 2012	Mar. 31, 2012
ASSETS
Cash	$ 44,070	$ 92,464
Accounts receivable	37,930	16,583
Total Current Assets	82,000	109,047
Other assets:
Investment in Oil and Gas properties	274,431	300,080
Saltwater Disposal Facility, net of accumulated depreciation	1,950,643	1,825,422
Total Other Assets	2,225,074	2,125,502
TOTAL ASSETS	2,307,074	2,234,549
Current liabilities:
Accounts payable and accrued expenses	473,944	302,484
Current portion of long term debt	94,300	95,967
Total Current Liabilities	568,244	398,451
Notes Payable, net of discount of $381,203 and $365,918 at December 31, 2012 and March 31, 2012, respectively	1,407,663	1,163,660
Derivative liability	419,579	509,628
Total Long-term Liabilities	1,827,242	1,673,288
Total Liabilities	2,395,486	2,071,739
STOCKHOLDERS EQUITY:
Common stock: 500,000,000 shares authorized, at $0.001 par value; 43,476,197 shares issued and outstanding at December 31, 2012; 42,894,561 shares issued and outstanding at March 31, 2012	43,476	42,894
Capital in excess of par value	2,032,745	1,913,327
Accumulated Deficit	(2,164,633)	(1,793,411)
Total Stockholders EquityTotal Stockholders Equity (Deficit)	(88,412)	162,810
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)	$ 2,307,074	$ 2,234,549