Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

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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