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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Imperial Resources Inc (CE) | USOTC:IPRC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0003 | 0.00 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE EXCHANGE ACT OF 1934
|
Nevada
|
83-0512922
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
106 E. 6th ST. Suite 900, Austin, TX 78701
|
(Address of principal executive offices)
|
(512) 332-5740
|
(Registrant’s telephone number)
|
(Former name, former address and former fiscal year, if changed since last report)
|
¨
|
Large accelerated filer
|
¨
|
Accelerated filer
|
¨
|
Non-accelerated filer
(Do not check if smaller
reporting company)
|
x
|
Smaller Reporting company
|
Page No.(s)
|
||
PART I - FINANCIAL INFORMATION
|
||
Item 1.
|
Financial Statements
|
4 |
Consolidated Balance Sheets as of December 31, 2011 (unaudited) and March 31, 2011
|
5 | |
Consolidated Statements of Operations for the three and nine months ended December 31, 2011 and 2010 (unaudited)
|
6 | |
Consolidated Statements of Cash Flows for the nine months ended December 31, 2011 and 2010 (unaudited)
|
7 | |
Notes to Consolidated Financial Statements
|
8 to 20 | |
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
21 |
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
26 |
Item 4.
|
Controls and Procedures
|
27 |
PART II - OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
28 |
Item 1A.
|
Risk Factors
|
28 |
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
28 |
Item 3.
|
Defaults Upon Senior Securities
|
28 |
Item 4.
|
[RESERVED]
|
28 |
Item 5.
|
Other Information
|
28 |
Item 6.
|
Exhibits
|
28 |
SIGNATURES
|
29 |
(Restated)
December 31, 2011
|
March 31, 2011
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
43,953
|
$
|
364,891
|
||||
Accounts receivable
|
6,292
|
28,503
|
||||||
Total Current Assets
|
50,245
|
393,394
|
||||||
Investment in oil and gas properties, net
|
332,885
|
322,126
|
||||||
Property and equipment-Salt Water Disposal Facility, net
|
1,730,558
|
-
|
||||||
Oil and gas properties held for sale
|
210,770
|
-
|
||||||
Total Assets
|
$
|
2,324,458
|
$
|
715,520
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
551,655
|
$
|
82,697
|
||||
Current portion of notes payable
|
94,300
|
-
|
||||||
Total Current Liabilities
|
645,955
|
82,697
|
||||||
Notes Payable, net of discount of $391,032
|
1,105,402
|
-
|
||||||
Derivative liability
|
402,760
|
|||||||
Total Liabilities
|
2,154,117
|
82,697
|
||||||
Stockholders’ equity:
|
||||||||
500,000,000 shares authorized, $0.001 par value; 42,894,561 and 42,362,100 shares issued and outstanding at December 31, 2011 and March 31, 2011, respectively
|
42,894
|
42,362
|
||||||
Additional paid-in capital
|
1,913,324
|
1,763,858
|
||||||
Accumulated deficit
|
(1,785,877
|
)
|
(1,173,397
|
)
|
||||
Total Stockholders’ Equity
|
170,341
|
632,823
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
2,324,458
|
$
|
715,520
|
(Restated)
Three months ended
|
Three months ended
|
(Restated)
Nine months ended
|
Nine months ended | |||||||||||||
December 31, 2011 |
December 31, 2010
|
December 31, 2011 | December 31, 2010 | |||||||||||||
REVENUES
|
||||||||||||||||
Oil and gas revenue
|
$
|
11,828
|
$
|
20,423
|
$
|
59,759
|
$
|
88,057
|
||||||||
Operatin
g
Expenses:
|
||||||||||||||||
Lease operating costs
|
8,771
|
24,973
|
27,365
|
68,796
|
||||||||||||
Depreciation
|
37,976
|
-
|
78,333
|
-
|
||||||||||||
Depletion
|
5,408
|
1,288
|
16,644
|
3,864
|
||||||||||||
Professional Fees
|
30,815
|
37,537
|
135,384
|
43,037
|
||||||||||||
Directors fees
|
45,000
|
-
|
72,000
|
-
|
||||||||||||
Other Administrative Expenses
|
15,081
|
25,021
|
51,402
|
33,801
|
||||||||||||
Total Operating Expenses
|
143,051
|
88,819
|
381,128
|
149,498
|
||||||||||||
LOSS FROM OPERATIONS
|
(131,223
|
)
|
(68,396
|
)
|
(321,369
|
)
|
(61,441
|
)
|
||||||||
Other Income (Expense):
|
||||||||||||||||
Loss on debt extinguishment
|
-
|
(276,260
|
)
|
-
|
(276,260
|
)
|
||||||||||
Interest expense
|
(102,537
|
)
|
(11,250
|
)
|
(354,298
|
)
|
(33,750
|
)
|
||||||||
Gain on derivative liability
|
87,230
|
220,749
|
||||||||||||||
Total Other Expenses
|
(15,307
|
)
|
(287,510
|
)
|
(133,549
|
)
|
(310,010
|
)
|
||||||||
Net Loss Before Extraordinary Items
|
(146,530
|
)
|
(355,906
|
)
|
(454,918
|
)
|
(371,451
|
)
|
||||||||
Extraordinary loss due to lightning strike
|
-
|
-
|
(157,562
|
)
|
-
|
|||||||||||
NET LOSS
|
$
|
(146,530
|
)
|
$
|
(355,906
|
)
|
$
|
(612,480
|
)
|
$
|
(371,451
|
)
|
||||
Net (loss) income before extraordinary items per common share (basic and diluted)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
||||
Extraordinary loss per common share (basic and diluted)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
||||
Net loss per common share (basic and diluted)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
||||
WEIGHTED AVERAGE OUTSTANDING SHARES
|
||||||||||||||||
Basic and diluted
|
42,894,561
|
40,555,586
|
42,704,811
|
40,185,869
|
(Restated)
Nine Months ended
December 31, 2011
|
Nine Months ended
December 31, 2010
|
|||||||
Cash flows from operating activities:
|
||||||||
Net Loss
|
$
|
(612,480
|
)
|
$
|
(371,451
|
)
|
||
Add back extraordinary loss
|
157,562
|
-
|
||||||
Net loss before extraordinary loss
|
(454,918
|
)
|
(371,451
|
)
|
||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||
Capital contributions - expenses
|
-
|
7,800
|
||||||
Loss on debt extinguishment
|
-
|
276,260
|
||||||
Amortization of discount and interest expense
|
232,478
|
-
|
||||||
Gain on derivative liability
|
(220,750)
|
|||||||
Depletion and depreciation expense
|
94,977
|
3,864
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Changes in accounts receivable
|
22,211
|
757
|
||||||
Changes in accounts payable and accrued expenses
|
468,958
|
100,705
|
||||||
Net cash provided by operating activities
|
142,956
|
17,935
|
||||||
Cash flows used in investing activities:
|
||||||||
Investments in oil and gas properties
|
(238,173
|
)
|
-
|
|||||
Purchase of fixed assets-salt water disposal well
|
(1,466,453
|
)
|
-
|
|||||
Purchase of saltwater disposal facility
|
(50,000
|
)
|
-
|
|||||
Net cash used in investing activities
|
(1,754,626
|
)
|
-
|
|||||
Cash flows from financing activities:
|
||||||||
Proceeds from sale of common stock
|
150,000
|
-
|
||||||
Notes payable
|
1,200,000
|
-
|
||||||
Repayments of notes payable
|
(59,268
|
)
|
-
|
|||||
Net cash provided by financing activities
|
1,290,732
|
-
|
||||||
Net decrease in cash and cash equivalents
|
(320,938
|
)
|
17,935
|
|||||
Cash and cash equivalents at the beginning of period
|
364,891
|
-
|
||||||
Cash and cash equivalents at the end of period
|
$
|
43,953
|
$
|
17,935
|
||||
Supplemental Disclosure of Cash Flow Information
|
||||||||
Cash paid for interest
|
$
|
32,010
|
$
|
-
|
||||
Supplemental Disclosure of Noncash Investing and Financing Activities:
|
||||||||
Derivative liability
|
$
|
623,510
|
||||||
Purchase of salt water disposal facility through issuance of note payable
|
$
|
450,000
|
-
|
|||||
Issuance of 1,625,059 shares of common stock for extinguishment of note payable carrying value of $900,000, plus accrued interest of $42,534
|
$
|
-
|
1,218,794
|
|||||
1.
|
ORGANIZATION AND BASIS OF PRESENTATION
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (RESTATED)
|
(a)
|
Basis of Consolidation
|
(b)
|
Nature of Operations
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (RESTATED) - cont'd
|
|
(c)
|
Concentration of Credit Risk
|
(d)
|
Investments in Oil and Gas Properties and Property and Equipment-Saltwater Disposal Facility
|
Disposal wells
|
10 years
|
Machinery and equipment
|
7 years
|
(e)
|
Impairment of Long-Lived Assets
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (RESTATED) - cont'd
|
(f)
|
Oil and Gas Properties Held For Sale
|
(g)
|
Income Taxes
|
(h)
|
Basic and Diluted Net Loss Per Share
|
(i)
|
Use of Estimates in the Preparation of Consolidated Financial Statements
|
(j)
|
Fair value of financial instruments
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (RESTATED) - cont'd
|
(k)
|
Derivative Instruments
|
(l)
|
Cash Equivalents
|
(m)
|
Revenue Recognition
|
(n)
|
Reclassifications
|
3.
|
INVESTMENTS IN OIL AND GAS PROPERTIES AND SALT WATER DISPOSAL FACILITY
|
Balance as of
March 31, 2011
|
Additions
|
Balance as of
December 31, 2011
|
||||||||||
Producing Well
|
$
|
313,266
|
$
|
-
|
$
|
313,266
|
||||||
Accumulated depletion on producing well
|
(70,900
|
)
|
(16,643
|
)
|
(87,543
|
)
|
||||||
Net producing well
|
242,366
|
(16,643
|
)
|
225,723
|
||||||||
Exploratory Wells
|
79,760
|
238,172
|
317,932
|
|||||||||
Oklahoma exploratory well transferred to held for sale
|
-
|
(210,770)
|
(210,770)
|
|||||||||
Total oil and gas
|
$
|
322,126
|
$
|
10,759
|
$
|
332,885
|
3.
|
INVESTMENTS IN OIL AND GAS PROPERTIES AND SALT WATER DISPOSAL FACILITY- Continued
|
December 31, 2011
|
||||
Purchase of salt water facility
|
$
|
500,000
|
||
Additions to well
|
1,466,453
|
|||
Loss of equipment due to lightning strike
|
(157,562
|
)
|
||
Depreciation expense and accumulated depreciation
|
(78,333
|
)
|
||
Total property and equipment related to salt water facility
|
$
|
1,730,558
|
4.
|
OILAND GAS PROPERTIES HELD FOR SALE
|
5.
|
NOTES PAYABLE (RESTATED)
|
5.
|
NOTE PAYABLE - Continued
|
Description
|
Amount
|
|||
Legion Note
|
$
|
390,734
|
||
Quarry Bay Note
|
1,200,000
|
|||
Total borrowings
|
1,590,734
|
|||
Less Current Portion
|
(94,300
|
)
|
||
Less debt discount
|
(391,032
|
)
|
||
Long term notes payable as of December 31, 2011
|
1,105,402
|
6.
|
STOCKHOLDERS’ EQUITY
|
7.
|
GOING CONCERN
|
8.
|
INCOME TAXES (RESTATED)
|
9.
|
COMMITMENTS AND CONTINGENCIES
|
10
.
|
SIGNIFICANT TRANSACTIONS WITH RELATED PARTY
|
11.
|
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS
|
11.
|
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS - Continued
|
Consolidated Balance Sheet
|
||||||||||||
December 31, 2011
|
||||||||||||
Previously Reported
|
Adjustments
|
As Restated
|
||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
$
|
43,953
|
$
|
43,953
|
||||||||
Accounts receivable
|
6,292
|
6,292
|
||||||||||
Total Current Assets
|
50,245
|
50,245
|
||||||||||
Investment in oil and gas properties, net
|
332,885
|
332,885
|
||||||||||
Property and equipment – Salt Water Disposal Facility, net
|
1,730,558
|
1,730,558
|
||||||||||
Oil and gas properties held for sale
|
210,770
|
210,770
|
||||||||||
Total Assets
|
2,324,458
|
2,324,458
|
||||||||||
Liabilities and Stockholders’ Equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Accounts payable and accrued liabilities
|
$
|
551,655
|
$
|
$
|
551,655
|
|||||||
Current portion of notes payable
|
94,300
|
94,300
|
||||||||||
Total Current Liabilities
|
645,955
|
645,955
|
||||||||||
Notes payable , net of discount of $391,032
|
1,435,252
|
(329,850
|
)
|
1,105,402
|
||||||||
Derivative Liability
|
-
|
402,760
|
402,760
|
|||||||||
Total Liabilities
|
2,081,207
|
72,910
|
2,154,117
|
|||||||||
Stockholders’ equity:
|
||||||||||||
500,000,000 shares authorized, $0.001 par value, ; 42,894,561 and 42,362,100 shares issued and outstanding at December 31, 2011and March 31, 2011
|
42,894
|
42,894
|
||||||||||
Additional-paid-in capital
|
1,995,144
|
(81,820)
|
1,913,324
|
|||||||||
Accumulated deficit
|
(1,794,787
|
)
|
8,910
|
(1,785,877
|
)
|
|||||||
Total Stockholders' Equity
|
243,251
|
(72,910
|
)
|
170,341
|
||||||||
Total Liabilities and Stockholders' Equity
|
$
|
2,324,458
|
$
|
-
|
$
|
2,324,458
|
11.
|
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS - Continued
|
Consolidated Statement of Operations
|
||||||||||||||||||||||||
Three Months Ended
December 31, 2011
|
Nine Months Ended
December 31, 2011
|
|||||||||||||||||||||||
Previously Reported
|
Adjustments
|
As Restated
|
Previously Reported
|
Adjustments
|
As Restated
|
|||||||||||||||||||
REVENUES
|
-
|
|||||||||||||||||||||||
Oil and gas revenue
|
11,828
|
11,828
|
59,759
|
59,759
|
||||||||||||||||||||
Operatin
g
Expenses:
|
||||||||||||||||||||||||
Lease operating costs
|
6,506
|
2,265
|
8,771
|
16,287
|
11,078
|
27,365
|
||||||||||||||||||
Depreciation
|
37,976
|
37,976
|
78,333
|
78,333
|
||||||||||||||||||||
Depletion
|
5,407
|
1
|
5,408
|
16,643
|
1
|
16,644
|
||||||||||||||||||
Professional Fees
|
22,559
|
8,256
|
30,815
|
128,463
|
6,921
|
135,384
|
||||||||||||||||||
Directors fees
|
45,000
|
45,000
|
90,000
|
(18,000)
|
72,000
|
|||||||||||||||||||
Other Administrative Expenses
|
21,448
|
(6,367
|
)
|
15,081
|
51,402
|
51,402
|
||||||||||||||||||
Total Operating Expenses
|
138,896
|
143,051
|
381,128
|
381,128
|
||||||||||||||||||||
(LOSS) INCOME FROM OPERATIONS
|
(127,068
|
)
|
4,155
|
(131,223
|
)
|
(321,369
|
)
|
(321,369
|
)
|
|||||||||||||||
Other Income (Expense):
|
||||||||||||||||||||||||
Interest expense
|
(85,894
|
)
|
(16,643
|
)
|
(102,537
|
)
|
(142,456
|
)
|
(211,842
|
)
|
(354,298
|
)
|
||||||||||||
Gain on derivative liability
|
-
|
87,230
|
87,230
|
-
|
220,749
|
220,749
|
||||||||||||||||||
Total Other Income (Expense)
|
(85,894
|
)
|
(15,307
|
)
|
(142,456
|
)
|
(133,549
|
)
|
||||||||||||||||
Net Loss Before Extraordinary Items
|
(212,962
|
)
|
66,432
|
(146,530
|
)
|
(463,825
|
)
|
8,907
|
(454,918
|
)
|
||||||||||||||
Extraordinary loss due to fire
|
-
|
-
|
(157,562
|
)
|
(157,562
|
)
|
||||||||||||||||||
NET LOSS
|
(212,962
|
)
|
66,432
|
(146,530
|
)
|
(621,387
|
)
|
8,907
|
(612,480
|
)
|
||||||||||||||
Net (loss) income before extraordinary items per common share (basic and diluted)
|
(0.00
|
)
|
(0.00
|
)
|
(0.01
|
)
|
(0.01
|
)
|
||||||||||||||||
Extraordinary loss per common share (basic and diluted)
|
(0.00
|
)
|
(0.00
|
)
|
(0.00
|
)
|
(0.00
|
)
|
||||||||||||||||
Net loss per common share (basic and diluted)
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
||||||||||||||||
WEIGHTED AVERAGE OUTSTANDING SHARES
|
||||||||||||||||||||||||
Basic and diluted
|
42,894,561
|
42,894,561
|
42,704,811
|
42,704,811
|
11.
|
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS - Continued
|
Consolidated Statement of Cash Flows
|
||||||||||||
Nine Months Ended December 31, 2011
|
||||||||||||
Previously Reported
|
Adjustments
|
As Restated
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net Loss
|
$
|
(621,387
|
)
|
$
|
8,907
|
$
|
(612,480
|
)
|
||||
Add back extraordinary loss
|
157,562
|
157,562
|
||||||||||
Net loss before extraordinary loss
|
(463,825
|
)
|
8,907
|
(454,918
|
)
|
|||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|||||||||||
Amortization of discount and interest expense
|
20,635
|
211,843
|
232,478
|
|||||||||
Gain on derivate liability
|
-
|
(220,750)
|
(220,750)
|
|||||||||
Depletion and depreciation expense
|
94,976
|
1
|
94,977
|
|||||||||
Changes in accounts receivable
|
22,211
|
22,211
|
||||||||||
Changes in accounts payable
|
468,958
|
468,958
|
||||||||||
Net cash used in operating activities
|
142,955
|
142,956
|
||||||||||
|
|
|||||||||||
Cash flows used in investing activities:
|
|
|||||||||||
Investments in oil and gas properties
|
(238,173
|
)
|
(238,173
|
)
|
||||||||
Purchase of fixed assets-salt water disposal well
|
(1,466,453
|
)
|
(1,466,453
|
)
|
||||||||
Purchase of saltwater disposal facility
|
(50,000
|
)
|
(50,000
|
)
|
||||||||
Net cash used in investing activities
|
(1,754,626
|
)
|
(1,754,626
|
)
|
||||||||
|
|
|
||||||||||
Cash flows from financing activities:
|
|
|
||||||||||
Proceeds from sale of common stock
|
150,000
|
150,000
|
||||||||||
Notes payable
|
1,200,000
|
1,200,000
|
||||||||||
Repayments of notes payable
|
(59,268
|
)
|
(59,268
|
)
|
||||||||
Net cash provided from financing activities
|
1,290,732
|
1,290,732
|
||||||||||
|
|
|
||||||||||
Net decrease in cash and cash equivalents
|
(320,938
|
)
|
-
|
(320,938)
|
||||||||
Cash and cash equivalents at the beginning of period
|
364,891
|
364,891
|
||||||||||
Cash and cash equivalents at the end of period
|
43,953
|
43,953
|
||||||||||
|
|
|
||||||||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
||||||||||
Cash paid for interest
|
32,010
|
32,010
|
||||||||||
Supplemental Disclosure of Noncash Investing and Financing Activities:
|
||||||||||||
Derivative Liability
|
623,510
|
623,510
|
||||||||||
Purchase of saltwater disposal facility through issuance of note payable
|
450,000
|
450,000
|
12.
|
SUBSEQUENT EVENTS
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
●
|
risks related to our limited operating history; including security and conversion arrangements over Notes payable;
|
●
|
risks related to our financing and development activities;
|
●
|
risks related to the historical losses and expected losses in the future;
|
●
|
risks related to our dependence on our executive officers;
|
●
|
risks related to fluctuations in oil and natural gas prices, and the price for salt water disposal;
|
●
|
risks related to exploratory activities, drilling for and producing oil and natural gas, and the drilling of salt water disposal wells;
|
●
|
risks related to the operation of salt water disposal facilities;
|
●
|
risks related to liability claims from oil and gas, and salt water disposal operations;
|
●
|
risks related to accessing the oil and natural gas, and salt water disposal markets;
|
●
|
risks related to the statutory regulation of the drilling for and producing of oil and natural gas, and the disposal of salt water;
|
●
|
risks related to legal and reporting compliance costs and the ongoing accreditation of our auditors by the PCAOB;
|
●
|
risks related to the unavailability of drilling equipment and supplies;
|
●
|
risks related to competition in the oil and natural gas industry, including the disposal of salt water;
|
●
|
risks related to period to period comparison of our financial results;
|
●
|
risks related to our securities and the general public markets;
|
●
|
risks related to our ability to raise capital or enter into joint venture or working interest arrangements on acceptable terms.
|
December 31, 2011
|
||||
Purchase of salt water facility
|
$
|
500,000
|
||
Cost to complete and deepen well
|
1,466,453
|
|||
Loss of equipment due to lightning strike
|
(157,562
|
)
|
||
Depreciation expense and accumulated depreciation
|
(78,333
|
)
|
||
Total property and equipment related to salt water facility
|
$
|
1,730,558
|
Nine Months Ended
|
Nine Months Ended
|
Amount of Increase
|
||||||||||
December 31, 2011
|
December 31, 2010
|
(Decrease) | ||||||||||
Revenues
|
||||||||||||
Oil and gas revenue
|
$
|
59,759
|
$
|
88,057
|
$
|
(28,298
|
)
|
|||||
Operatin
g
Expenses:
|
||||||||||||
Lease operating costs
|
27,365
|
68,796
|
(41,431
|
)
|
||||||||
Depreciation
|
78,333
|
-
|
78,333
|
|||||||||
Depletion
|
16,644
|
3,864
|
12,780
|
|||||||||
Professional Fees
|
135,384
|
43,037
|
92,347
|
|||||||||
Directors fees
|
72,000
|
-
|
72,000
|
|||||||||
Other Administrative Expenses
|
51,402
|
33,801
|
17,601
|
|||||||||
Total Operating Expenses
|
381,128
|
149,498
|
231,630
|
|||||||||
LOSS FROM OPERATIONS
|
(321,369
|
)
|
(61,441
|
)
|
259,928
|
|||||||
Other Expenses:
|
||||||||||||
Loss on debt extinguishment
|
-
|
(276,260
|
)
|
276,260
|
||||||||
Interest on promissory notes
|
(354,298
|
)
|
(33,750
|
)
|
(320,548
|
)
|
||||||
Gain on derivative liabilities
|
220,749
|
220,749
|
||||||||||
Total other expenses
|
(133,549
|
)
|
(310,010
|
)
|
176,461
|
|||||||
Net Loss Before Extraordinary Items
|
(454,918
|
)
|
(371,451
|
)
|
(83,467
|
)
|
||||||
Extraordinary loss due to lightning strike
|
(157,562
|
)
|
-
|
(157,562
|
)
|
|||||||
Net Loss
|
$
|
(612,480
|
)
|
$
|
(371,451
|
)
|
$
|
(241,029
|
)
|
Use of Estimates in the Preparation of Consolidated Financial Statements
|
Property and Equipment:
|
Fair value of financial instruments
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
RESERVED
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
Filed herewith
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
Filed herewith
|
101.INS
|
XBRL Instance Document
|
Filed herewith
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
Filed herewith
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
Filed herewith
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
Filed herewith
|
31.1
|
Certification of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
31.2
|
Certification of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
32.1
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
32.2
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
IMPERIAL RESOURCES, INC.
|
||
Date: February 28, 2013
|
By:
|
/s/
Rob Durbin
|
Rob Durbin
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
||
Date: February 28, 2013
|
By:
|
/s/ Bob Bintliff
|
Bob Bintliff
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
1 Year Imperial Resources (CE) Chart |
1 Month Imperial Resources (CE) Chart |
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