EFLO ENERGY, INC.

CIK:0001448806|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
EXPENSES
Management and director's fees	$ 64,446	$ 197,048	$ 309,171	$ 629,617
Stock-based compensation expense	(74,654)	96,900	(41,030)	319,319
Consulting fees	26,341	97,465	154,686	342,000
Professional fees	27,351	234,859	257,950	480,764
Financing fees	0	0	0	176,400
Office, travel and general	28,409	54,470	162,620	291,823
Accretion of asset retirement obligations	175,370	174,098	525,904	517,139
Provision for doubtful accounts	907,460	0	907,460	0
Total Expenses	1,154,723	854,840	2,276,761	2,757,062
OPERATING LOSS	(1,154,723)	(854,840)	(2,276,761)	(2,757,062)
OTHER INCOME (EXPENSE)
Interest expense and other financing costs	(111,714)	(204,665)	(508,137)	(341,585)
Gain on settlement of accounts payable and accrued liabilities	0	0	1,649,396	0
NET INCOME (LOSS) before taxes	(1,266,437)	(1,059,505)	(1,135,502)	(3,098,647)
Provision for income tax	0	0	0	0
NET INCOME (LOSS)	(1,266,437)	(1,059,505)	(1,135,502)	(3,098,647)
Foreign currency translation	(13,495)	(12,626)	(64,105)	(45,710)
COMPREHENSIVE INCOME (LOSS)	$ (1,279,932)	$ (1,072,131)	$ (1,199,607)	$ (3,144,357)
BASIC AND DILUTED INCOME (LOSS) PER SHARE	$ (0.04)	$ (0.05)	$ (0.04)	$ (0.16)
WEIGHTED AVERAGE SHARES OUTSTANDING	33,148,171	19,588,206	26,684,058	19,538,745

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	May. 31, 2015	May. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (1,135,502)	$ (3,098,647)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation and fee payments	(41,030)	340,432
Amortization of convertible note discount	233,964	207,590
Unrealized foreign exchange gains	(2,047)	(45,710)
Gain on settlement of accounts payable and accrued liabilities	(1,649,396)	0
Accretion of asset retirement obligations	525,904	517,139
Provision for doubtful accounts	907,460	0
Changes in working capital items-
Accounts receivable	224,212	(531,393)
Prepaids and other	(91,904)	(35,323)
Accounts payable and accrued liabilities	578,895	556,227
Net cash used in operating activities	(449,444)	(2,089,685)
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures on oil and gas properties, net	(295,473)	(426,750)
Net cash used in investing activities	(295,473)	(426,750)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans	106,580	0
Proceeds from notes payable	0	2,255,000
Net cash provided by financing activities	106,580	2,255,000
DECREASE IN CASH	(638,337)	(261,435)
CASH, BEGINNING OF PERIOD	650,599	476,522
CASH, END OF PERIOD	12,262	215,087
SUPPLEMENTAL DISCLOSURE
Cash paid for interest	0	0
Cash paid for income taxes	0	0
NON-CASH INVESTING ACTIVITIES:
Accrued expenditures on oil and gas properties	1,002,013	508,314
NON-CASH FINANCING ACTIVITIES
Common stock issued for settlement of accounts payable and accrued liabilities	230,475	157,500
Common stock issued as settlement of convertible notes and interest	$ 4,081,750	$ 0

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	May. 31, 2015	Aug. 31, 2014
ASSETS
Cash	$ 12,262	$ 650,599
Accounts receivable; joint interest owners and other	426,173	1,589,898
Prepaids	152,881	47,864
Other	17,069	30,182
Total current assets	608,385	2,318,543
OIL AND GAS PROPERTIES, full cost method, unproven	50,588,799	50,305,989
OTHER ASSETS-Goodwill	1,194,365	1,194,365
Total assets	52,391,549	53,818,897
CURRENT LIABILITIES
Accounts payable and accrued liabilities	2,467,288	4,250,625
Short-term loans	104,533	0
Convertible notes, net of $nil and $233,964 of unamortized discount at May 31, 2015 and August 31, 2014, respectively	50,000	3,396,036
Asset retirement obligation-current	80,000	80,000
Total current liabilities	2,701,821	7,726,661
NONCURRECT LIABILITIES
Asset retirement obligations	18,284,927	17,759,023
Deferred income taxes	3,297,434	3,297,434
Total liabilities	24,284,182	28,783,118
STOCKHOLDERS' EQUITY
Capital Stock Authorized: 10,000,000 preferred shares, par value $0.001 per share 150,000,000 common shares, par value $0.001 per share Issued and outstanding: 34,835,699 common shares at May 31, 2015 (August 31, 2014 - 19,897,714 common shares)	34,836	19,898
Additional paid-in capital	34,749,302	30,493,045
Accumulated other comprehensive loss	(154,528)	(90,423)
Accumulated deficit	(6,522,243)	(5,386,741)
Total stockholders' equity	28,107,367	25,035,779
Total liabilities and stockholders' equity	$ 52,391,549	$ 53,818,897