Financials

v3.5.0.2
CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 57,366 $ 228,194
Prepaid expenses 91,608 0
Current assets from discontinued operations 0 6,229,646
Total current assets 148,974 6,457,840
Property and equipment:    
Property and equipment 140,547 139,004
Less accumulated depreciation (108,705) (97,857)
Total property and equipment, net 31,842 41,147
Investment in Blackridge Holding Company, LLC 52,853 0
Non-current assets from discontinued operations 0 31,808,230
Total assets 233,669 38,307,217
Current liabilities:    
Current liabilities from discontinued operations 0 68,312,897
Accounts payable 23,165 0
Due to Black Ridge Holding Company, LLC 23,674 0
Accrued expenses 24,334 0
Total current liabilities 71,173 68,312,897
Noncurrent liabilities from discontinued operations 0 368,089
Total liabilities 71,173 68,680,986
Commitments and contingencies (See note 17)
Stockholders' equity (deficit):    
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued and outstanding 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized, 47,979,990 shares issued and outstanding 47,980 47,980
Additional paid-in capital 34,748,886 34,275,414
Accumulated deficit (34,634,370) (64,697,163)
Total stockholders' equity (deficit) 162,496 (30,373,769)
Total liabilities and stockholders' equity (deficit) $ 233,669 $ 38,307,217
v3.5.0.2
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Management fee income $ 500,000 $ 0 $ 549,451 $ 0
Total revenues 500,000 0 549,451 0
Operating expenses:        
General and administrative 600,017 652,659 1,899,586 1,985,383
Depreciation and amortization 3,484 4,010 10,848 12,286
Total operating expenses 603,501 656,669 1,910,434 1,997,669
Net operating income (loss) (103,501) (656,669) (1,360,983) (1,997,669)
Other income (expense):        
Other income (expense) 0 0 0 6,707
Gain on debt restructuring 0 0 41,621,150 0
Total other income (expense) 0 0 41,621,150 6,707
Income (loss) before provision for income taxes (103,501) (656,669) 40,260,167 (1,990,962)
Provision for income taxes 0 0 0 0
Income (loss) from continuing operations, net of income taxes (103,501) (656,669) 40,260,167 (1,990,962)
Loss from discontinued operations, net of income taxes 0 (28,263,818) (10,197,374) (46,872,099)
Net income (loss) $ (103,501) $ (28,920,487) $ 30,062,793 $ (48,863,061)
Weighted average common shares outstanding - basic 47,979,990 47,979,990 47,979,990 47,979,990
Weighted average common shares outstanding - fully diluted 47,979,990 47,979,990 48,055,112 47,979,990
Net income (loss) per common share - basic $ 0.00 $ (.60) $ 0.63 $ (1.02)
Net income (loss) per common share - fully diluted $ 0.00 $ (.60) $ .63 $ (1.02)
v3.5.0.2
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 30,062,793 $ (48,863,061)
Loss from discontinued operations, net of taxes (10,197,374) (46,872,099)
Income (loss) from continuing operations, net of income taxes 40,260,167 (1,990,962)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 10,848 12,286
Gain on debt restructuring (41,621,150) 0
Common stock options issued to employees and directors 473,472 465,876
Decrease (increase) in current assets:    
Prepaid expenses (54,508) (8,479)
Increase (decrease) in current liabilities:    
Accounts payable (3,049) (3,008)
Due to Black Ridge Holding Company , LLC 23,674 0
Accrued expenses 25,044 13,433
Net cash provided by (used in) operating activities from continuing operations (885,502) (1,510,854)
Net cash provided by operating activities from discontinued operations 3,829,723 15,315,846
Net cash provided by operating activities 2,944,221 13,804,992
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (1,543) 0
Net cash used in investing activities from continuing operations (1,543) 0
Net cash used in investing activities from discontinued operations (4,763,506) (17,841,075)
Net cash used in investing activities (4,765,049) (17,841,075)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net cash used in financing activities from continuing operations 0 0
Net cash used in financing activities from discontinued operations 1,650,000 4,000,000
Net cash provided by financing activities 1,650,000 4,000,000
NET CHANGE IN CASH (170,828) (36,083)
CASH AT BEGINNING OF PERIOD 228,194 94,682
CASH AT END OF PERIOD 57,366 58,599
SUPPLEMENTAL INFORMATION:    
Interest paid 1,429,564 3,292,793
Income taxes paid 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Transfer of net liabilities to Black Ridge Holding Company, LLC in restructuring (41,568,297) 0
Net change in accounts payable for purchase of oil and gas properties (3,744,487) (2,005,514)
Capitalized asset retirement costs, net of revision in estimate $ 4,737 $ 42,391