Diversified Resources Inc.
CIK:0001509692|SEC Filings
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jul. 31, 2016 |
Jul. 31, 2015 |
Jul. 31, 2016 |
Jul. 31, 2015 |
|
| Operating revenues | ||||
| Oil and gas sales | $ 61,459 | $ 161,052 | $ 177,505 | $ 518,865 |
| Oilfield and construction services | 2,064,316 | 5,835,506 | ||
| Revenue - other | 14,016 | 73,713 | ||
| Total operating revenue | 2,139,791 | 161,052 | 6,086,724 | 518,865 |
| Cost of services | ||||
| Subcontractor expenses | 261,053 | 1,072,417 | ||
| Field payroll | 1,181,584 | 3,076,582 | ||
| Fuel expenses | 155,488 | 362,954 | ||
| Equipment rental | 66,120 | 185,146 | ||
| Material | 113,340 | 362,380 | ||
| Total cost of services | 1,777,585 | 5,059,479 | ||
| Gross margin | 362,206 | 161,052 | 1,027,245 | 518,865 |
| Operating expenses | ||||
| Exploration costs, including dry holes | 16,513 | |||
| Lease operating expenses | 20,702 | 218,130 | 247,229 | 557,400 |
| General and administrative | 897,147 | 363,790 | 2,182,432 | 1,325,187 |
| Legal expense | 750,000 | |||
| Insurance expense | 57,233 | 396,367 | 23,747 | |
| Depreciation expense | 386,558 | 41,768 | 940,282 | 125,304 |
| Depletion expense | 12,593 | 25,263 | 35,436 | 86,389 |
| Production tax and royalty expense | 19,596 | 49,643 | 41,162 | 194,567 |
| Accretion expense | 8,736 | 7,870 | 26,208 | 22,832 |
| Total operating expenses | 1,402,565 | 706,464 | 4,619,116 | 2,351,939 |
| (Loss) from operations | (1,040,359) | (545,412) | (3,591,871) | (1,833,074) |
| Other income (expense) | ||||
| Interest expense | (72,623) | (41,555) | (176,487) | (80,792) |
| Other income (expense), net | (72,623) | (41,555) | (176,487) | (80,792) |
| Net (loss) | $ (1,112,982) | $ (586,967) | $ (3,768,358) | $ (1,913,866) |
| Net (loss) per common share basic and diluted | $ (0.03) | $ (0.03) | $ (0.09) | $ (0.08) |
| Weighted average shares outstanding basic and diluted | 40,859,329 | 22,851,919 | 43,685,821 | 22,940,864 |
CONSOLIDATED BALANCE SHEETS (Unaudited for July 31, 2016) - USD ($) |
Jul. 31, 2016 |
Oct. 31, 2015 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CURRENT ASSETS | ||||||||||||
| Cash | $ 232,998 | $ 21,706 | ||||||||||
| Accounts receivable, trade | 1,711,083 | 67,189 | ||||||||||
| Accounts receivable, other | 313,989 | |||||||||||
| Accrued revenue | 675,491 | |||||||||||
| Prepaid Insurance | 98,477 | |||||||||||
| Total current assets | 2,718,049 | 402,884 | ||||||||||
| LONG-LIVED ASSETS | ||||||||||||
| Property and Equipment | 9,995,022 | [1] | 1,846,111 | [2] | ||||||||
| Bonds and deposits | 169,301 | 167,867 | ||||||||||
| Land and other equipment | 194,540 | |||||||||||
| Oil and gas properties - proved developed (successful efforts method) | 1,215,294 | [3] | 1,282,876 | [4] | ||||||||
| Oil and gas properties - proved undeveloped (successful efforts method) | 1,241,724 | 1,241,724 | ||||||||||
| Oil and gas properties - unproved (successful efforts method) | 2,932,730 | 2,932,730 | ||||||||||
| Goodwill | 3,984,695 | |||||||||||
| Total assets | 22,451,355 | 7,874,192 | ||||||||||
| CURRENT LIABILITIES | ||||||||||||
| Accounts payable | 1,286,279 | 387,028 | ||||||||||
| Accounts payable, related party | 211,029 | 147,736 | ||||||||||
| Current portion of notes payable | 1,360,922 | 319,632 | ||||||||||
| Note payable - related party | 107,070 | 107,070 | ||||||||||
| Accrued interest, related party | 20,683 | 15,287 | ||||||||||
| Current portion of capital lease obligation | 89,004 | |||||||||||
| Estimated income tax liability | 741,300 | |||||||||||
| Line of credit | 347,126 | |||||||||||
| Accrued expenses | 534,927 | 405,669 | ||||||||||
| Total current liabilities | 4,698,340 | 1,382,422 | ||||||||||
| LONG TERM LIABILITIES | ||||||||||||
| Long term debt, notes payable | 7,636,797 | 3,498,108 | ||||||||||
| Accrued liability | 750,000 | |||||||||||
| Capital lease obligation | 159,724 | |||||||||||
| Asset retirement obligation | 347,309 | 321,101 | ||||||||||
| COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||
| Preferred stock | 301 | |||||||||||
| Common stock | 44,884 | 23,216 | ||||||||||
| Additional paid in capital | 19,675,373 | 9,741,759 | ||||||||||
| Accumulated deficit | (10,861,072) | (7,092,714) | ||||||||||
| Total stockholders' equity | 8,859,185 | 2,672,562 | ||||||||||
| Total liabilities and stockholders' equity | $ 22,451,355 | $ 7,874,192 | ||||||||||
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