Pro Forma (unaudited) summary of the Petrolia Energys balance sheet, as of May 31, 2017
EX-10.2 3 ex10-2.htm EX-10.2
Exhibit 10.2
PETROLIA ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | Pro-forma March 31, 2017 | Actual March 31, 2017 | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 4,387 | $ | 4,387 | ||||
| Accounts receivable | 48,201 | 48,201 | ||||||
| Other current assets | 5,506 | 5,506 | ||||||
| Total current assets | 58,094 | 58,094 | ||||||
| | ||||||||
| Property & equipment | ||||||||
| Oil and gas, on the basis of full cost accounting | ||||||||
| Evaluated properties | 14,032,580 | 14,032,580 | ||||||
| Furniture, equipment & software | 236,092 | 236,092 | ||||||
| Less accumulated depreciation | (1,137,981 | ) | (1,137,981 | ) | ||||
| Net property and equipment | 13,130,691 | 13,130,691 | ||||||
| | ||||||||
| Other Assets | ||||||||
| Intangible assets | 49,886 | 49,886 | ||||||
| Note receivable | --- | --- | ||||||
| | ||||||||
| Total Assets | $ | 13,238,671 | $ | 13,238,671 | ||||
| | ||||||||
| LIABILITIES & STOCKHOLDERS EQUITY | ||||||||
| | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 402,343 | $ | 402,343 | ||||
| Accrued liabilities | 584,211 | 584,211 | ||||||
| Debt short term | 275,000 | 275,000 | ||||||
| Convertible debt – related party, unamortized discount of 0 and 0 | 550,000 | 550,000 | ||||||
| Current maturities of installment notes payable | 32,582 | 32,582 | ||||||
| Note payable – related parties | 414,480 | 1,414,480 | ||||||
| Total current liabilities | 2,258,616 | 3,258,616 | ||||||
| | ||||||||
| Asset retirement obligations | 436,045 | 436,045 | ||||||
| Installment note payable – long term | 28,316 | 28,316 | ||||||
| Note payable to related party – long term | 1,904,020 | 2,904,020 | ||||||
| Total Liabilities | 4,626,997 | 6,626,997 | ||||||
| | ||||||||
| Stockholders’ Equity | ||||||||
| Preferred stock, $0.01 par value, 1,000,000 shares authorized; No shares issued & outstanding | - | - | ||||||
| Common stock, $.001 par value; 150,000,000 shares authorized; 89,034,505 shares issued and outstanding | 79,034 | 79,034 | ||||||
| Additional paid in capital | 16,963,530 | 14,963,530 | ||||||
| Accumulated deficit | (8,430,890 | ) | (8,430,890 | ) | ||||
| Total Stockholders’ Equity | 8,611,674 | 6,611,674 | ||||||
| | ||||||||
| Total Liabilities and Stockholders’ Equity | $ | 13,238,671 | $ | 13,238,671 | ||||
