ACCESS US OIL & GAS, INC.

CIK:0001550956|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONDENSED STATEMENTS OF OPERATIONS
OIL AND GAS REVENUES	$ 310,289	$ 87,129	$ 727,834	$ 87,129
COSTS AND OPERATING EXPENSES:
Lease operating expenses	50,402		86,232
Depreciation, depletion, amortization and accretion	160,024		297,899
General and administrative	78,121	143,535	157,265	274,067
Total costs and operating expenses	288,547	143,535	541,396	274,067
OPERATING INCOME (LOSS)	21,742	(56,406)	186,438	(186,938)
OTHER (INCOME) EXPENSES
Amortization of debt discount	404	558	962	1,116
Interest expense	7,373		20,960
Total other expense	7,777	558	21,922	1,116
INCOME (LOSS) BEFORE TAXES	$ 13,965	$ (56,964)	$ 164,516	$ (188,054)
PROVISION FOR INCOME TAXES
NET INCOME (LOSS)	$ 13,965	$ (56,964)	$ 164,516	$ (188,054)
BASIC AND DILUTED LOSS PER SHARE,			$ 0.01	$ (0.01)
Weighted average number of common shares outstanding, basic and diluted	21,290,000	21,290,000	21,290,000	21,290,000

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ 164,516	$ (188,054)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion, and amortization	297,899
Amortization of debt discount	962	1,116
Changes in operating assets and liabilities:
Change in accounts receivable	366,948	(87,129)
Change in accounts payable	671,863	261,295
Change in accrued expense - related party	155,789
Net cash provided by (used in) operating activities	1,657,977	(12,772)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in Comanche Exploration		(1,143,417)
Development of oil and gas properties	(1,170,419)
Net cash used in investing activities	(1,170,419)	(1,143,417)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing - related party	735,000	170,000
Payment of long-term debt	(1,199,084)
Net cash provided by (used in) financing activities	(464,084)	170,000
NET INCREASE (DECREASE) IN CASH	23,474	(986,189)
CASH, BEGINNING OF PEROID	9,845	1,002,866
CASH, END OF PERIOD	$ 33,319	$ 16,677
SUPPLEMENTAL CASH FLOW INFORMATION:
Income Taxes
Interest Paid	$ 36,717	$ 6,340

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 33,319	$ 9,845
Account receivables	311,929	678,877
Total current assets	345,248	688,722
PROPERTY AND EQUIPMENT
Unproved leasehold costs	1,463,784	1,463,784
Proved oil and gas properties, net	7,219,336	6,346,116
TOTAL ASSETS	9,028,368	8,498,622
CURRENT LIABILITIES:
Accounts payable - trade	172,625	144,444
Accounts payable - oil and gas	1,012,466	368,784
Accounts payable and accrued liabilities - related party	540,044	384,254
Notes payable - related party	7,344,568	7,808,652
Notes payable - net of discount	311,876	311,036
Total current liabilities	9,381,579	9,017,170
Long-term notes- payable, net of discount	37,225	37,103
Asset retirement obligations	17,280	16,580
TOTAL LIABILITIES	9,436,084	9,070,853
STOCKHOLDERS' DEFICIT:
Common stock, $.0001 par value, 100,000,000 shares authorized; 21,290,000 issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	2,129	2,129
Additional paid-in capital	22,434	22,434
Accumulated deficit	(432,279)	(596,794)
Total stockholders' deficit	(407,716)	(572,231)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 9,028,368	$ 8,498,622