We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
PetroGas Company (PK) | USOTC:PTCO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0035 | 4.24% | 0.086 | 0.082 | 0.149 | 0.09 | 0.086 | 0.09 | 3,103 | 21:01:37 |
☑
|
ANNUAL 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 SECURITIES AND EXCHANGE ACT OF 1934
|
Nevada
|
98-1153516
|
(State or jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
☑
|
ITEM NUMBER AND CAPTION
|
PAGE
|
|
PART I
|
||
ITEM 1.
|
DESCRIPTION OF BUSINESS
|
3 |
ITEM 1A.
|
RISK FACTORS
|
6 |
ITEM 2.
|
PROPERITES
|
11 |
ITEM 3.
|
LEGAL PROCEEDINGS
|
11 |
ITEM 4.
|
MINE SAFETY DISCLOSURE
|
11 |
PART II
|
||
ITEM 5.
|
MARKET FOR REGISTRANTS COMMON EQUITY & RELATED STOCKHOLDER MATTERS
|
12 |
ITEM 6.
|
SELECTED FINANCIAL DATA
|
14 |
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
14 |
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
16 |
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
18 |
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
18 |
ITEM 9B.
|
OTHER INFORMATION
|
19 |
PART III
|
||
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
19 |
ITEM 11.
|
EXECUTIVE COMPENSATION
|
20 |
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
20 |
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
|
21 |
ITEM 14.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
21 |
PART IV
|
||
ITEM 15.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
22 |
Name of The Property
|
Type of Property
|
Location
|
||||
June 11
th
, 2015
|
Ellis County
|
Overriding Royalty Int.
|
Oklahoma
|
|||
June 11
th
, 2015
|
Hemphill County
|
Overriding Royalty Int
|
Texas
|
|||
June 11
th
, 2015
|
Madison County
|
Wellbore Interest
|
Texas
|
|||
June 11
th
, 2015
|
Shelby County
|
Wellbore Interest
|
Texas
|
|||
June 11
th
, 2015
|
Emergy County
|
Lease Purchase
|
Utah
|
Assignment Date
|
Name of The Property
|
Type of Property
|
Location
|
|||
June 11
th
, 2015
|
Ellis County
|
Overriding Royalty Int.
|
Oklahoma
|
|||
June 11
th
, 2015
|
Hemphill County
|
Overriding Royalty Int
|
Texas
|
|||
June 11
th
, 2015
|
Madison County
|
Wellbore Interest
|
Texas
|
|||
June 11
th
, 2015
|
Shelby County
|
Wellbore Interest
|
Texas
|
|||
June 11
th
, 2015
|
Emergy County
|
Lease Purchase
|
Utah
|
-
|
Substantially greater financial resources, which gives them greater access to the types of distressed properties that we are targeting and flexibility when developing their exploration and drilling programs;
|
|
-
|
greater recognition in the industry, which influences a potential partners’ decision to participate in programs;
|
-
|
larger operations, which provides economies of scale and operating efficiencies not available to us;
|
|
-
|
longer operating histories; and
|
-
|
more established relationships with strategic partners.
|
·
|
decline in oil prices;
|
·
|
compliance with governmental regulations, which may include limitations on hydraulic fracturing, access to water or the discharge of greenhouse gases;
|
·
|
inadequate capital resources;
|
·
|
inability to attract and retain qualified personnel;
|
·
|
unavailability or high cost of drilling and completion equipment, services or materials;
|
·
|
unexpected drilling conditions, pressure or irregularities in formations, equipment failures or accidents;
|
·
|
adverse weather conditions;
|
·
|
surface access restrictions;
|
·
|
mechanical difficulties.
|
·
|
domestic and foreign supply of oil;
|
·
|
domestic and foreign consumer demand for oil;
|
·
|
overall United States and global economic conditions;
|
·
|
price and availability of alternative fuels;
|
·
|
governmental regulations;
|
·
|
technological advances affecting oil consumption.
|
Quarter Ended
|
High
|
Low
|
||||||
March 31, 2016
|
$
|
2.10
|
$
|
0.025
|
||||
December 31, 2015
|
$
|
8.30
|
$
|
1.05
|
||||
September 30, 2015
|
$
|
0
|
$
|
0
|
||||
June 30, 2015
|
$
|
0
|
$
|
0
|
||||
March 31, 2015
|
$
|
0
|
$
|
0
|
||||
December 31, 2014
|
$
|
0
|
$
|
0
|
||||
September 30, 2014
|
$
|
0
|
$
|
0
|
||||
June 30, 2014
|
$
|
0
|
$
|
0
|
Assignment Date
|
Name of The Property
|
Type of Property
|
Location
|
|||
June 11
th
, 2015
|
Ellis County
|
Overriding Royalty Int.
|
Oklahoma
|
|||
June 11
th
, 2015
|
Hemphill County
|
Overriding Royalty Int
|
Texas
|
|||
June 11
th
, 2015
|
Madison County
|
Wellbore Interest
|
Texas
|
|||
June 11
th
, 2015
|
Shelby County
|
Wellbore Interest
|
Texas
|
|||
June 11
th
, 2015
|
Emergy County
|
Lease Purchase
|
Utah
|
Page
|
|
Independent Auditor’s Reports
|
F-1
|
Balance Sheets
|
F-2
|
Statements of Operations
|
F-3
|
Statement of Changes in Shareholder’s Equity
|
F-4
|
Statements of Cash Flows
|
F-5
|
Notes to the Financial Statements
|
F-6 to F-14
|
March 31,
2016
|
March 31,
2015
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
-
|
$
|
5,971
|
||||
Total current assets
|
- |
5,971
|
||||||
Total assets
|
$
|
-
|
$
|
5.971
|
||||
Current liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$
|
9,552
|
$
|
6,000
|
||||
Advances from related party
|
118,433
|
-
|
||||||
Convertible notes
|
55,245
|
-
|
||||||
Total current liabilities
|
183,230
|
6,000
|
||||||
Long-term liabilities
|
||||||||
Asset retirement obligations
|
83,580
|
-
|
||||||
Total long term liabilities
|
83,580
|
-
|
||||||
Total liabilities
|
266,810
|
6,000
|
||||||
Commitments and contingencies
|
-
|
|||||||
Stockholders’ (deficit) equity
|
||||||||
Common stock, par value $0.001;
|
||||||||
300,000,000 shares authorized, 1,326,281 and 1,254,781 shares issued and
|
||||||||
outstanding as of March 31, 2016 and March 31, 2015 respectively
|
1,326
|
1,254
|
||||||
Additional paid in capital
|
970,038
|
28,265
|
||||||
Accumulated deficit
|
(1,238,174
|
)
|
(29,548
|
)
|
||||
Total stockholders’ (deficit) equity
|
(266,810
|
)
|
(29
|
)
|
||||
Total liabilities and stockholders’ (deficit) equity
|
$
|
-
|
$
|
5,971
|
Fiscal Year Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Revenue
|
$
|
-
|
$
|
-
|
||||
Operating Expenses
|
||||||||
Lease Operating expense
|
59,370
|
-
|
||||||
Accretion expense
|
83,580
|
-
|
||||||
Total operating expenses
|
(142,950
|
)
|
-
|
|||||
General and administrative expense
|
(248,865
|
)
|
(29,976
|
)
|
||||
Other Expenses:
|
||||||||
Loss on acquisition of royalty interest and unproven property
|
(46,238
|
)
|
-
|
|||||
Impairment of oil and gas leases, proven and unproven
|
(713,550
|
)
|
-
|
|||||
Gain on debt extinguishment
|
-
|
9,050
|
||||||
Loss on disposal of equipment
|
-
|
(8,565
|
)
|
|||||
Interest expenses
|
(57,023
|
)
|
-
|
|||||
Total other expenses
|
(816,811
|
)
|
485
|
|||||
Net loss
|
$
|
(1,208,626
|
)
|
$
|
(29,491
|
)
|
||
Net loss per share – basic and diluted
|
$
|
(0.92
|
)
|
$
|
(0.02
|
)
|
||
Weighted average shares outstanding – basic and diluted
|
1,308,325
|
1,099,500
|
Common Stock
|
Additional
Paid-in
|
Retained
|
Total
Stockholders’
(Deficit)
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||
Balance, March 31, 2014
|
900,000
|
900
|
5,100
|
(57
|
)
|
5,943
|
||||||||||||||
Shares issued for cash
|
354,000
|
354
|
23,165
|
-
|
23,519
|
|||||||||||||||
Fraction shares due to splits
|
781
|
-
|
-
|
-
|
-
|
|||||||||||||||
Net loss
|
- | - | - |
(29,491
|
)
|
(29,491
|
)
|
|||||||||||||
Balance, March 31, 2015
|
1,254,781
|
1,254
|
28,265
|
(29,548
|
)
|
(29
|
)
|
|||||||||||||
Debt discount
|
- | - |
55,245
|
- |
55,245
|
|||||||||||||||
Shares issued for cash
|
10,000
|
10
|
149,990
|
- |
150,000
|
|||||||||||||||
Shares issued for stock-based compensation
|
10,000
|
10
|
30,590
|
- |
30,600
|
|||||||||||||||
Shares issued for acquisitions
|
51,500
|
52
|
705,948
|
- |
706,000
|
|||||||||||||||
Net loss
|
- | - | - |
(1,208,626
|
)
|
(1,208,626
|
)
|
|||||||||||||
Balance, March 31, 2016
|
1,326,281
|
$
|
1,326
|
$
|
970,038
|
$
|
(1,238,174
|
)
|
$
|
(266,810
|
)
|
Fiscal Year Ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
$
|
(1,208,626
|
)
|
$
|
(29,491
|
)
|
||
Adjustments to reconcile net loss to net cash from operating activities:
|
||||||||
Gain on debt extinguishment
|
-
|
(9,050
|
)
|
|||||
Loss on deposal of assets
|
-
|
8,565
|
||||||
Asset retirement obligation accretion
|
83,580
|
|||||||
Impairment of oil and gas leases
|
713,550
|
-
|
||||||
Loss on acquisition of royalty interests and unproven property
|
46,237
|
-
|
||||||
Amortization of debt discount
|
55,245
|
- | ||||||
Stock-based compensation
|
30,600
|
- | ||||||
Change in operating assets and liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
4,777
|
6,000
|
||||||
Net cash from operating activities
|
(274,637
|
)
|
(23,976
|
)
|
||||
Cash flows from investing activities
|
||||||||
Improvements to proven oil and gas assets
|
(77,044
|
)
|
-
|
|||||
Refund on assets
|
23,257
|
- | ||||||
Net cash from investing activities
|
(53,787
|
)
|
-
|
|||||
Cash flows from financing activities
|
||||||||
Advances from related party
|
118,433
|
6,250
|
||||||
Proceeds from notes payable
|
110,000
|
-
|
||||||
Repayment on notes payable
|
(55,980
|
)
|
- | |||||
Proceeds from sale of common stock
|
150,000
|
23,519
|
||||||
Net cash from financing activities
|
322,453
|
29,769
|
||||||
Net change in cash and cash equivalents
|
(5,971
|
)
|
5,793
|
|||||
Beginning of period
|
5,971
|
178
|
||||||
End of period
|
$
|
-
|
$
|
5,971
|
||||
Noncash investing and financing activities:
|
||||||||
Issuance of common stock for acquisition of oil and gas properties
|
$
|
160,000
|
$
|
-
|
||||
Issuance of common stock for acquisition of overriding royalties and unproved property
|
97,500
|
-
|
||||||
Issuance of common stock for unproven oil and gas property
|
448,500
|
-
|
||||||
Asset retirement obligations incurred
|
83,580
|
-
|
||||||
Loan payable to convertible notes
|
54,020
|
- | ||||||
Accrued interest to convertible notes
|
1,225
|
- |
Name of The Property
|
Type of Property
|
Location
|
||||
June 11, 2015
|
Ellis County
|
Overriding Royalty Int.
|
Oklahoma
|
|||
June 11, 2015
|
Hemphill County
|
Overriding Royalty Int
|
Texas
|
|||
June 11, 2015
|
Madison County
|
Wellbore Interest
|
Texas
|
|||
June 11, 2015
|
Shelby County
|
Wellbore Interest
|
Texas
|
|||
June 11, 2015
|
Emergy County
|
Lease Purchase
|
Utah
|
Inflation Rate
|
3%
|
Estimated asset life
|
20 years
|
Credit adjusted risk free interest rate
|
18%
|
Principal
Amount
($)
|
Debt
Discount
($)
|
Carrying Value
($)
|
Accrued interest payable ($)
|
|||||||||||||
March 31, 2015
|
- | - | - | - | ||||||||||||
Additions
|
55,245 | (55,245 | ) | - | - | |||||||||||
Amortization of debt discount
|
- | 55,245 | 55,245 | - | ||||||||||||
Interest expenses
|
- | - | - | 552 | ||||||||||||
March 31, 2016
|
55,245 | - | 55,245 | 552 |
Name
|
Age
|
Positions Held
|
Date of
Appointment
|
|||
Huang Yu
|
33
|
Member of the Board of Directors; President, Secretary and Treasurer
|
April 3, 2015
|
|||
(2)
|
Zheng Xiangwu is the sole owner of Rise Fast Limited, a Hong Kong corporation, which owns 910,000 shares of the Company’s common stock. Mr. Zheng owns 46,500 shares in his own name.
|
Fee Category
|
Year Ended March 31, 2016
|
Year Ended March 31, 2015
|
||||||
Audit Fees
|
$
|
17,500
|
$
|
6,000
|
||||
Audit-Related Fees
|
-
|
-
|
||||||
Tax Fees
|
-
|
-
|
||||||
All Other Fees
|
-
|
-
|
||||||
Total Fees
|
$
|
17,500
|
$
|
6,000
|
(a)(1)
|
Financial Statements
|
(2)
|
Schedules
|
(3)
|
Exhibits
|
Exhibit No. | Description | |
3.1
|
Articles of Incorporation of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant’s registration statement on Form S-1 filed with the SEC on May 20, 2014, file number 333-196409.
|
|
3.2
|
Bylaws of Registrant incorporated by reference to Exhibit 3.2 to the Registrant’s registration statement on Form S-1 filed with the SEC on May 20, 2014, file number 333-196409.
|
|
10.1
|
Asset Purchase Agreement, among the Registrant, Zheng Xiangwu and Nelaco Operating Inc., dated June 10, 2015 incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 16, 2015, file number 333-196409.
|
|
31.1
|
Certification of the Principal Executive Officer and Principal Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
|
32.1
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). (1)
|
|
101.INS
|
XBRL INSTANCE DOCUMENT (1)
|
|
101.INS
|
XBRL TAXONOMY EXTENSION SCHEMA (1)
|
|
101.INS
|
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE (1)
|
|
101.INS
|
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE (1)
|
|
101.INS
|
XBRL TAXONOMY EXTENSION LABEL LINKBASE (1)
|
|
101.INS
|
XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE (1)
|
|
(1)
|
Filed herewith electronically
|
PETROGAS COMPANY | |||
Date: September 27, 2016
|
By:
|
/s/ Huang Yu | |
Huang Yu | |||
President and Chief Financial Officer | |||
Signatures
|
Title
|
Date
|
||
/s/ Huang Yu
|
President, Secretary, Treasurer, and Director
|
September 27, 2016
|
||
Huang Yu
|
||||
1 Year PetroGas (PK) Chart |
1 Month PetroGas (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions