United States Oil & Gas Corp

CIK:0001439154|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
SALES, net	$ 1,665,448	$ 1,653,234	$ 5,108,591	$ 4,929,315
Cost of Goods Sold	1,642,221	1,515,300	4,940,247	4,498,455
Gross Profit	23,227	137,934	168,344	430,860
Operating Expenses:
Salaries and Benefits	113,261	97,188	404,121	239,207
Consultant Fees	26,000	5,500	63,000	44,089
Service and Prospecting Fees	19,098	21,365	69,531	49,890
Travel and Entertainment	491	2,113	5,776	49,839
Professional Fees	41,362	37,324	118,327	97,731
General and Administrative	67,035	49,628	182,465	167,418
Repairs and Maintenance	2,865	8,623	4,269	26,929
Depreciation	13,155	18,116	38,764	37,406
Amortization	19,600	19,600	58,800	59,576
Change in A/R provision	943	(615)	1,655	615
Other Operating Expense		13,898	1,235	58,762
Total Operating Expenses	303,810	272,740	947,943	831,462
Income (Loss) from Operations	(280,583)	(134,806)	(779,599)	(400,602)
Non-Operating Income (expense):
Interest Income	905		2,031	20
Interest Expense	(47,440)	(18,271)	(137,443)	(79,525)
Accretion Expense on Convertible Notes	(89,562)	(14,624)	(398,479)	(96,614)
Loss on Conversion of Debt			(481,082)
Gain (loss) on Derivative Liability	(16,410)	92,616	(124,719)	97,163
Finance Fee			(5,000)	(250,000)
Other Income (loss)	6,103	387	21,193	(2,590)
Total Non-Op. Inc.(expense), net	(146,404)	60,108	(1,123,499)	(331,546)
Income (Loss) Before Income Taxes	(426,987)	(74,698)	(1,903,098)	(732,148)
Income Tax Expense (benefit)			4,199	273
Net Loss from Continuing Operations	(426,987)	(74,698)	(1,907,297)	(732,421)
Net Income (Loss) from Discontinued Operations	(752,048)	85,199	(471,933)	120,464
NET INCOME (LOSS)	$ (1,179,035)	$ 10,501	$ (2,379,230)	$ (611,957)
From Continuing Operations
Basic (in Dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Diluted (in Dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
From Discontinued Operations
Basic (in Dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Diluted (in Dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Net
Basic (in Dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Diluted (in Dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Wtd. avg. shares outstanding basic (in Shares)	2,337,209,521	1,279,378,400	2,312,051,026	1,112,711,733
Wtd. avg. shares outstanding diluted (in Shares)	2,337,209,521	1,491,764,813	2,312,051,026	1,112,711,733

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (loss)	$ (2,379,230)	$ (611,957)
Adjustments to reconcile net loss to net cash (used) provided by operating activities:
Loss on conversion of debt	481,082
Amortization of discount on debt	398,009	96,614
Amortization of deferred financing costs	5,000
Fee to extend note's maturity		250,000
Shares issued for services	25,000
Gain/Loss on derivative liabilities	124,719	(97,163)
Change in accounts receivable provision	123,496	169,145
Depreciation expense	167,424	169,913
Impairment of Goodwill	921,420
Loss on fixed asset disposal	14,823
Amortization of intangibles	59,103	59,777
Gain on preferred stock received	(62)
Changes in operating assets and liabilities:
Accounts receivable	(401,832)	(464,992)
Inventory	(37,828)	(161,197)
Other current assets	(140,597)	31,144
Accounts payable	270,936	319,932
Accrued expenses	140,760	57,443
Deferred revenue/tax	(34,489)	194,784
CASH (USED) PROVIDED BY OPERATING ACTIVITIES	(262,268)	13,443
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for purchase of fixed assets	(204,886)	(83,430)
CASH USED BY INVESTING ACTIVITIES	(204,886)	(83,430)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of stock		125,000
Borrowings on convertible debt	410,000	100,000
Financing costs for debt offering	(5,000)
Borrowings on letters of credit, net	69,529	26,276
Borrowings on debt	150,000
Principal payments on debt	(39,062)	(63,403)
Borrowings on related party debt	89,000
Principal payments on related party debt	(200,611)	(20,615)
CASH PROVIDED BY FINANCING ACTIVITIES	473,856	167,258
NET INCREASE (DECREASE) IN CASH	6,702	97,271
CASH AT BEGINNING OF YEAR	4,007	337,350
CASH AT PERIOD END	10,709	434,621
NON-CASH TRANSACTIONS
Conversion of related party debt	583,815
Conversion of convertible debt and accrued interest to common stock	250,000	267,808
Derivative liability from issuance of convertible notes payable (recorded as discount on debt)	251,886
Settlement of portion of derivative liability	526,530	18,118
Shares issued for stock payable	$ 150,000

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS:
Cash and cash equivalents	$ 10,709	$ 4,007
Restricted Cash	15,792	181,164
Accounts receivable – trade, net	77,898	93,474
Inventory	156,439	153,407
Prepaid Expenses	9,407	1,247
Other current assets	600
Current assets of Discontinued Operations
Cash and cash equivalents	0	0
Restricted Cash	391,164	105,212
Accounts receivable – trade, net	1,895,031	1,601,118
Inventory	302,858	268,061
Prepaid Expenses	36,803	24,946
Other current assets	1,340	450
Total Current Assets	2,898,041	2,433,086
Property and equipment, net	411,109	494,327
Other Assets:
Deposits		600
Intangible Assets, net	646,800	705,600
Goodwill	75,111	75,111
Assets of Discontinued Operations
Property and equipment, net	565,061	459,205
Other Assets:
Goodwill	1,760,505	2,681,925
Deposits		890
Intangible Assets, net	337	639
Total Other Assets	3,458,923	4,418,297
Total Assets	6,356,964	6,851,383
CURRENT LIABILITIES:
Notes Payable – Current	162,959	47,811
Related Party Notes Payable – Current	519,491	776,300
Common Stock Payable – Related Party		150,000
Convertible Notes Payable, net of discount	734,953	809,960
Deferred Revenue		34,489
Derivative Liability	660,614	810,539
Accounts Payable	418,634	342,290
Accrued Expenses	85,006	44,452
Interest Payable	139,858	47,210
Current Liabilities of Discontinued Operations
Accounts Payable	615,718	421,184
Accrued Expenses	73,751	75,207
Lines of Credit	229,605	160,076
Total Current Liabilities	3,640,589	3,719,518
Notes Payable – Long Term	35,563	39,781
Convertible Notes Payable – Long Term, net of discount	305,972	49,642
Related Party Notes Payable – Long Term		4,803
Liabilities of Discontinued Operations
Related Party Notes Payable – Long Term	3,450,000	3,750,000
Total Liabilities	7,432,124	7,563,744
Stockholders’ Equity (Deficit)
Common Stock, .000003 par value, 5,000,000,000 shares authorized, 2,337,209,521 and 1,590,690,900 outstanding at September 30, 2011 and December 31, 2010, respectively	7,012	4,771
Preferred Stock, .001 par value, 10,000,000 shares authorized, 54,163 and 115,638 issued and outstanding at September 30, 2011 and December 31, 2010, respectively pari passu or senior to any new preferred shares, convertible to common at 80% of market price, callable by the Company any time at $6 per share, dividends shall not accrue unless declared, $5 per share liquidation preference	54	116
Additional Paid In Capital	5,479,334	3,465,082
Retained Deficit	(6,561,560)	(4,182,330)
Total Stockholders’ Equity (deficit)	(1,075,160)	(712,361)
Total Liabilities and Stockholders’ Equity (deficit)	$ 6,356,964	$ 6,851,383