BAKKEN RESOURCES INC

CIK:0001450390|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statements of Operations [Abstract]
REVENUES	$ 171,059	$ 118,839	$ 958,066	$ 218,793
OPERATING EXPENSES
Depreciation	69	594	172	1,220
Payroll	20,081	19,700	40,256	99,370
Professional fees	400,443	388,043	842,779	575,296
General and administrative expenses	47,838	77,349	92,666	148,891
Total Operating Expenses	468,431	485,686	975,873	824,777
INCOME/(LOSS) FROM OPERATIONS	(297,372)	(366,847)	(17,807)	(605,984)
OTHER INCOME (EXPENSES):
Interest income	23,092	2,145	24,114	3,484
Realized gains on investments	22,571	5,247	120,484	2,552
Dividend Income	6,238	23,116	22,564	34,906
Financing expense		(50,000)		(50,000)
Other Income	75,000		75,313
Total other income (expenses)	126,901	(19,492)	242,475	(9,058)
NET INCOME/LOSS BEFORE INCOME TAXES	(170,471)	(386,339)	224,668	(615,042)
Income tax benefit/(Provision)	13,135	133,849	66,434	305,897
NET INCOME/(LOSS) BEFORE INCOME TAXES	(157,336)	(252,490)	291,102	(309,145)
OTHER COMPREHENSIVE INCOME (LOSS)
Reclassification adjustment for realized gains	(22,571)		(120,484)
Unrealized gains on investments, net of tax	41,507	31,225	157,935	106,371
TOTAL COMPREHENSIVE INCOME/(LOSS)	$ (138,400)	$ (221,265)	$ 328,553	$ (202,774)
NET INCOME/(LOSS) PER COMMON SHARE
-BASIC
-DILUTED
Weighted average common shares outstanding:
-basic	56,735,350	56,735,350	56,735,350	56,735,350
-diluted	56,735,350	56,735,350	100,000,000	56,735,350

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 291,102	$ (309,145)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	172	1,220
Realized Gain on investments	(120,484)	(2,552)
Deferred income taxes on unrealized investment gains	(26,670)	(75,459)
Financing expense		50,000
Change in operating assets and liabilities:
Accounts receivable - trade	(698,312)	(166,955)
Other receivables	458,004	305,275
Related party receivable	102,170
Income tax refunds receivable	(63,947)	(188,665)
Prepaid expenses	(31,044)	(9,196)
Accounts payable	(6,799)	(539)
Royalty payable to related party		20,117
Accrued liabilities	56,698	50,620
NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES	(39,110)	(325,279)
CASH FLOW FROM INVESTING ACTIVITIES:
Purchases of investments	(1,207,615)	(18,098)
Cash provided from sale of investments	1,174,576	300,000
NET CASH PROVIDED/(USED) BY INVESTING ACTIVITIES	(33,039)	281,902
CASH FLOW FROM FINANCING ACTIVITIES:
Eagle credit facility financing cost		(50,000)
Eagle credit facility financing escrow	(250,000)
NET CASH PROVIDED/(USED) BY FINANCING ACTIVITIES	(250,000)	(50,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(322,148)	(93,377)
Cash at beginning of period	1,240,110	228,952
Cash at end of period	$ 917,961	$ 135,575

Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 917,961	$ 1,240,110
Financing deposit escrow	250,000
Accounts receivable - trade	814,145	115,833
Related party receivable	475,388	475,388
Prepaid expenses	83,391	52,347
Other receivables	157,854	615,858
Income tax refunds receivable	665,407	601,459
Investments available for sale	3,725,022	3,507,379
Total current assets	7,089,168	6,608,374
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $38,886 and $38,714	0	172
UNPROVED MINERAL RIGHTS AND LEASES	50,000	50,000
Total Assets	7,139,168	6,658,546
CURRENT LIABILITIES:
Accounts payable	105,929	112,728
Accrued liabilities	134,768	78,069
Related party payable	334,593	232,423
Total Liabilities	575,290	423,220
COMMITMENTS AND CONTINGENCIES (see Note 8)
STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value, 10,000,000 shares authorized, 600,000 Series A outstanding	600	600
Additional paid-in capital	4,710,157	4,710,159
Common stock, $.001 par value, 100,000,000 shares authorized, 56,735,350 shares issued and outstanding	56,735	56,735
Accumulated other comprehensive income, net of tax	241,889	204,438
Retained earnings	1,554,496	1,263,394
Total stockholders' equity	6,563,877	6,235,326
Total Liabilities and Stockholders' Equity	$ 7,139,168	$ 6,658,546