10-K Filing

PLEDGE PETROLEUM CORP CIK: 1434110 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001144204-15-019321`
Period End Date	20141231
Filing Date	20150330
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	prop-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 52 Cash Flow Statement 66

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash	`Cash`	$28.42K	USD	Point-in-time
Cash	`Cash`	$40.84K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$5.89K	USD	Point-in-time
Preferred Stock, shares undesignated	`PreferredStockSharesUndesignated`	5.00M	shares	Point-in-time
Preferred Stock, shares undesignated	`PreferredStockSharesUndesignated`	4.50M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNet`	-	USD	Point-in-time
Series A-1 Convertible Preferred stock, par value	`SeriesA1ConvertiblePreferredStockParValue`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$13.03K	USD	Point-in-time
Series A-1 Convertible Preferred stock, par value	`SeriesA1ConvertiblePreferredStockParValue`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$17.10K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$59.77K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$45.53K	USD	Point-in-time
Series A-1 Convertible Preferred stock, shares designated	`SeriesA1ConvertiblePreferredStockSharesDesignated`	5.00M	shares	Point-in-time
Series A-1 Convertible Preferred stock, shares designated	`SeriesA1ConvertiblePreferredStockSharesDesignated`	5.00M	shares	Point-in-time
Series A-1 Convertible Preferred stock, shares issued	`SeriesA1ConvertiblePreferredStockSharesIssued`	3.51M	shares	Point-in-time
Series A-1 Convertible Preferred stock, shares issued	`SeriesA1ConvertiblePreferredStockSharesIssued`	3.89M	shares	Point-in-time
Plant and Equipment, net	`PropertyPlantAndEquipmentNet`	$319.57K	USD	Point-in-time
Series A-1 Convertible Preferred stock, shares outstanding	`SeriesA1ConvertiblePreferredStockSharesOutstanding`	3.89M	shares	Point-in-time
Plant and Equipment, net	`PropertyPlantAndEquipmentNet`	$122.38K	USD	Point-in-time
Series A-1 Convertible Preferred stock, shares outstanding	`SeriesA1ConvertiblePreferredStockSharesOutstanding`	3.51M	shares	Point-in-time
Series A-1 Preferred Stock, liquidation preferencee	`PreferredStockLiquidationPreferenceValue`	$311.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetIncludingGoodwill`	-	USD	Point-in-time
Series A-1 Preferred Stock, liquidation preferencee	`PreferredStockLiquidationPreferenceValue`	$281.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetIncludingGoodwill`	$297.50K	USD	Point-in-time
Deposits	`Deposits`	$2.20K	USD	Point-in-time
Series B Convertible Preferred stock, par value	`SeriesBConvertiblePreferredStockParValue`	0.00	shares	Point-in-time
Series B Convertible Preferred stock, par value	`SeriesBConvertiblePreferredStockParValue`	0.00	shares	Point-in-time
Deposits	`Deposits`	$2.20K	USD	Point-in-time
Series B Convertible Preferred stock, shares designated	`SeriesBConvertiblePreferredStockSharesDesignated`	500,000.00	shares	Point-in-time
Series B Convertible Preferred stock, shares designated	`SeriesBConvertiblePreferredStockSharesDesignated`	500,000.00	shares	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$619.27K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$124.58K	USD	Point-in-time
Series B Convertible Preferred stock, shares issued	`SeriesBConvertiblePreferredStockSharesIssued`	0.00	shares	Point-in-time
Series B Convertible Preferred stock, shares issued	`SeriesBConvertiblePreferredStockSharesIssued`	75,000.00	shares	Point-in-time
Total Assets	`Assets`	$170.11K	USD	Point-in-time
Total Assets	`Assets`	$679.04K	USD	Point-in-time
Series B Convertible Preferred stock, shares outstanding	`SeriesBConvertiblePreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Series B Convertible Preferred stock, shares outstanding	`SeriesBConvertiblePreferredStockSharesOutstanding`	75,000.00	shares	Point-in-time
Series B Preferred Stock, liquidation preference	`SeriesBPreferredStockLiquidationPreference`	900,000.00	shares	Point-in-time
Series B Preferred Stock, liquidation preference	`SeriesBPreferredStockLiquidationPreference`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$347.44K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$186.58K	USD	Point-in-time
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesAndOtherPayables`	$240.43K	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesAndOtherPayables`	$60.09K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	205.30M	shares	Point-in-time
Notes payable	`NotesPayableCurrent`	$117.49K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.00K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	260.17M	shares	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayableCurrent`	$183.11K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	260.17M	shares	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayableCurrent`	$668.89K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	205.30M	shares	Point-in-time
Derivative financial liabilities	`DerivativeLiabilitiesCurrent`	$18.45K	USD	Point-in-time
Derivative financial liabilities	`DerivativeLiabilitiesCurrent`	$237.80K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$906.92K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.16M	USD	Point-in-time
Notes Payable.	`LongTermNotesPayable`	$106.53K	USD	Point-in-time
Notes Payable.	`LongTermNotesPayable`	-	USD	Point-in-time
Convertible notes payable, net.	`ConvertibleNotesPayable`	$181.52K	USD	Point-in-time
Convertible notes payable, net.	`ConvertibleNotesPayable`	$6.22K	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$6.22K	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$288.05K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.44M	USD	Point-in-time
Total Liabilities	`Liabilities`	$913.14K	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 4,500,000 shares and 5,000,000 shares undesignated.	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 4,500,000 shares and 5,000,000 shares undesignated.	`PreferredStockValue`	-	USD	Point-in-time
Series A-1 Convertible Preferred stock, $0.001 par value; 5,000,000 shares designated, 3,512,500 and 3,887,500 shares issued and outstanding, respectively. (liquidation preference $281,000 and 311,000, respectively)	`SeriesA1ConvertiblePreferredStock`	3,513.00	shares	Point-in-time
Series A-1 Convertible Preferred stock, $0.001 par value; 5,000,000 shares designated, 3,512,500 and 3,887,500 shares issued and outstanding, respectively. (liquidation preference $281,000 and 311,000, respectively)	`SeriesA1ConvertiblePreferredStock`	3,888.00	shares	Point-in-time
Series B Convertible, Redeemable Preferred Stock, $0.001 par value; 500,000 shares designated; 75,000 and 0 issued and outstanding (liquidation preference $900,000 and $0)	`SeriesBConvertibleRedeemablePreferredStock`	0.00	shares	Point-in-time
Series B Convertible, Redeemable Preferred Stock, $0.001 par value; 500,000 shares designated; 75,000 and 0 issued and outstanding (liquidation preference $900,000 and $0)	`SeriesBConvertibleRedeemablePreferredStock`	75.00	shares	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized, 260,169,499 and 205,297,714 shares issued and outstanding, respectively	`CommonStockValue`	$205.30K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized, 260,169,499 and 205,297,714 shares issued and outstanding, respectively	`CommonStockValue`	$260.17K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.91M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.39M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.27M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-234.09K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$170.11K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$679.04K	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net Revenues	`Revenues`	$190.03K	USD	Annual
Net Revenues	`Revenues`	$94.36K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	$357.86K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	$232.91K	USD	Annual
Gross Loss	`GrossProfit`	$-263.50K	USD	Annual
Gross Loss	`GrossProfit`	$-42.88K	USD	Annual
Research & development	`ResearchAndDevelopmentExpense`	-	USD	Annual
Research & development	`ResearchAndDevelopmentExpense`	$38.15K	USD	Annual
Equity based compensation	`ShareBasedCompensation`	$2.77M	USD	Annual
Equity based compensation	`ShareBasedCompensation`	$1.73M	USD	Annual
Sales and Marketing	`SellingAndMarketingExpense`	$6.62K	USD	Annual
Sales and Marketing	`SellingAndMarketingExpense`	$45.48K	USD	Annual
Professional Fees	`ProfessionalFees`	$262.72K	USD	Annual
Professional Fees	`ProfessionalFees`	$435.55K	USD	Annual
Business development	`BusinessDevelopment`	$535.17K	USD	Annual
Business development	`BusinessDevelopment`	-	USD	Annual
Consulting fees	`ConsultingFees`	$281.67K	USD	Annual
Consulting fees	`ConsultingFees`	$204.09K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$308.65K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$653.96K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$29.22K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$82.67K	USD	Annual
Total Expense	`OperatingExpenses`	$4.15M	USD	Annual
Total Expense	`OperatingExpenses`	$3.23M	USD	Annual
Loss from Operations	`OperatingIncomeLoss`	$-3.49M	USD	Annual
Loss from Operations	`OperatingIncomeLoss`	$-4.19M	USD	Annual
Other Income	`OtherIncome`	$150.00K	USD	Annual
Other Income	`OtherIncome`	$49.29K	USD	Annual
Profit on disposal of investments and assets	`GainLossOnInvestments`	-	USD	Annual
Profit on disposal of investments and assets	`GainLossOnInvestments`	$1.23M	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$-1.35M	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$-527.83K	USD	Annual
Call option expense	`CallOptionExpense`	$-5.50K	USD	Annual
Call option expense	`CallOptionExpense`	-	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-449.41K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-237.80K	USD	Annual
Other Income (expenses),net	`OtherOperatingIncomeExpenseNet`	$-827.24K	USD	Annual
Other Income (expenses),net	`OtherOperatingIncomeExpenseNet`	$-323.01K	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.82M	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.02M	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`NetIncomeLoss`	$-3.82M	USD	Annual
Net Loss	`NetIncomeLoss`	$-5.02M	USD	Annual
Deemed preferred stock dividend	`DeemedPreferredStockDividend`	-	USD	Annual
Deemed preferred stock dividend	`DeemedPreferredStockDividend`	$-1.60M	USD	Annual
Net loss available to common stock holders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.62M	USD	Annual
Net loss available to common stock holders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.82M	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	Annual
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	116.85M	shares	Annual
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	229.60M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`ProfitLoss`	$-5.02M	USD	Annual
Net loss for the period	`ProfitLoss`	$-3.82M	USD	Annual
Depreciation expense	`Depreciation`	$28.42K	USD	Annual
Depreciation expense	`Depreciation`	$30.17K	USD	Annual
Amortization expense	`AdjustmentForAmortization`	$52.50K	USD	Annual
Amortization expense	`AdjustmentForAmortization`	$800.00	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscount`	$1.18M	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscount`	$352.89K	USD	Annual
Equity based compensation charge	`StockOptionPlanExpense`	$2.77M	USD	Annual
Equity based compensation charge	`StockOptionPlanExpense`	$1.73M	USD	Annual
Stock based call option	`StockBasedCallOption`	$5.50K	USD	Annual
Stock based call option	`StockBasedCallOption`	-	USD	Annual
Derivative financial liability	`DerivativeGainLossOnDerivativeNet`	$449.41K	USD	Annual
Derivative financial liability	`DerivativeGainLossOnDerivativeNet`	$237.80K	USD	Annual
Gain on debt forgiven	`GainOnDebtForgiven`	-	USD	Annual
Gain on debt forgiven	`GainOnDebtForgiven`	$-150.00K	USD	Annual
Gain on disposal of assets and subsidiaries	`GainLossOnDispositionOfAssets`	$-1.23M	USD	Annual
Gain on disposal of assets and subsidiaries	`GainLossOnDispositionOfAssets`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.89K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$32.00	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-10.04K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$4.07K	USD	Annual
Accounts payable	`AccountsPayable1`	$134.70K	USD	Point-in-time
Accounts payable	`AccountsPayable1`	$160.86K	USD	Point-in-time
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-20.60K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-19.67K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$176.10K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$17.74K	USD	Annual
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.36M	USD	Annual
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.58M	USD	Annual
Proceeds on disposal of assets and subsidiaries	`ProceedsFromSaleOfProductiveAssets`	$1.00	USD	Annual
Proceeds on disposal of assets and subsidiaries	`ProceedsFromSaleOfProductiveAssets`	-	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-111.12K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-227.36K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-227.36K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-111.12K	USD	Annual
Proceeds on issuance of common stock, net of share issue expenses	`ProceedsFromIssuanceOfCommonStock`	$121.93K	USD	Annual
Proceeds on issuance of common stock, net of share issue expenses	`ProceedsFromIssuanceOfCommonStock`	$946.11K	USD	Annual
Proceeds on issuance of Series B Preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	Annual
Proceeds on issuance of Series B Preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$750.00K	USD	Annual
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$1.60M	USD	Annual
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$340.00K	USD	Annual
Repayment of notes payable and advances	`RepaymentsOfNotesPayable`	-	USD	Annual
Repayment of notes payable and advances	`RepaymentsOfNotesPayable`	$-435.50K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.60M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.72M	USD	Annual
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$12.42K	USD	Annual
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$28.35K	USD	Annual
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$28.42K	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$70.00	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$40.84K	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$28.42K	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$70.00	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$40.84K	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.58K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for interest	`InterestPaid`	-	USD	Annual
Cash paid for interest	`InterestPaid`	$157.20K	USD	Annual
Assets acquired in reverse merger	`NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1`	$2.66K	USD	Annual
Assets acquired in reverse merger	`NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1`	-	USD	Annual
Liabilities acquired in reverse merger	`NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1`	$1.45M	USD	Annual
Liabilities acquired in reverse merger	`NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1`	-	USD	Annual
Contributed assets	`ContributedAssets`	$37.30K	USD	Annual
Contributed assets	`ContributedAssets`	-	USD	Annual
Conversion of debt to equity	`DebtConversionConvertedInstrumentAmount1`	$2.09M	USD	Annual
Conversion of debt to equity	`DebtConversionConvertedInstrumentAmount1`	$1.60M	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.