10-K Filing

PLEDGE PETROLEUM CORP CIK: 1434110 FY 2015

Filing Information

Form Type	10-K
Accession Number	`0001144204-16-091311`
Period End Date	20151231
Filing Date	20160330
Fiscal Year	2015
Fiscal Period	FY
XBRL Instance	prop-20151231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 48 Cash Flow Statement 66 Stockholders Equity 24

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`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
Preferred Stock Shares Undesignated	`PreferredStockSharesUndesignated`	5.00M	shares	Point-in-time
Preferred Stock Shares Undesignated	`PreferredStockSharesUndesignated`	0.00	shares	Point-in-time
Cash	`Cash`	$40.84K	USD	Point-in-time
Cash	`Cash`	$11.70M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$913.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$5.89K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$227.01K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$13.03K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$11.93M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	260.17M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	268.56M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$59.77K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	260.17M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	268.56M	shares	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$690.54K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$319.57K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetIncludingGoodwill`	$297.50K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetIncludingGoodwill`	$227.50K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$2.20K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$2.20K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$619.27K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$920.24K	USD	Point-in-time
Total Assets	`Assets`	$12.85M	USD	Point-in-time
Total Assets	`Assets`	$679.04K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$347.44K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$150.07K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$1.00K	USD	Point-in-time
Accrued expenses and other payables	`Accruedliabilitiesandotherpayables`	$290.95K	USD	Point-in-time
Accrued expenses and other payables	`Accruedliabilitiesandotherpayables`	$240.43K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$117.49K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.00K	USD	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayableCurrent`	$183.11K	USD	Point-in-time
Derivative financial liabilities	`DerivativeLiabilitiesCurrent`	-	USD	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`	$445.02K	USD	Point-in-time
Convertible notes payable, net	`LongTermNotesPayable`	$6.22K	USD	Point-in-time
Convertible notes payable, net	`LongTermNotesPayable`	-	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$6.22K	USD	Point-in-time
Total Liabilities	`Liabilities`	$913.14K	USD	Point-in-time
Total Liabilities	`Liabilities`	$445.02K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized, 268,558,931 and 260,169,499 shares issued and outstanding, respectively.	`CommonStockValue`	$268.56K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized, 268,558,931 and 260,169,499 shares issued and outstanding, respectively.	`CommonStockValue`	$260.17K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$9.91M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$26.27M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.39M	USD	Point-in-time
Total stockholder's equity (deficit) - controlling interest	`StockholdersEquity`	$12.15M	USD	Point-in-time
Total stockholder's equity (deficit) - controlling interest	`StockholdersEquity`	$-234.09K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	-	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$249.34K	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$12.40M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-234.09K	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.27M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$12.85M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$679.04K	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net Revenue	`Revenues`	$190.03K	USD	Annual
Net Revenue	`Revenues`	$91.00K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	$232.91K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	$272.65K	USD	Annual
Gross Loss	`GrossProfit`	$-42.88K	USD	Annual
Gross Loss	`GrossProfit`	$-181.65K	USD	Annual
Sales and Marketing	`SellingAndMarketingExpense`	$7.33K	USD	Annual
Sales and Marketing	`SellingAndMarketingExpense`	$6.62K	USD	Annual
Professional fees	`ProfessionalFees`	$1.16M	USD	Annual
Professional fees	`ProfessionalFees`	$435.55K	USD	Annual
Business development	`BusinessDevelopment`	-	USD	Annual
Business development	`BusinessDevelopment`	$37.74K	USD	Annual
Consulting fees	`ConsultingFees`	$390.91K	USD	Annual
Consulting fees	`ConsultingFees`	$204.09K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$3.42M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$2.35M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$82.67K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$137.19K	USD	Annual
Total Expense	`OperatingExpenses`	$4.09M	USD	Annual
Total Expense	`OperatingExpenses`	$4.15M	USD	Annual
Loss from Operations	`OperatingIncomeLoss`	$-4.19M	USD	Annual
Loss from Operations	`OperatingIncomeLoss`	$-4.27M	USD	Annual
Other (expense) income	`OtherOperatingIncomeExpenseNet`	$150.00K	USD	Annual
Other (expense) income	`OtherOperatingIncomeExpenseNet`	$-31.06K	USD	Annual
Amortization of debt discount and finance costs	`AmortizationOfDebtDiscountPremium`	$527.83K	USD	Annual
Amortization of debt discount and finance costs	`AmortizationOfDebtDiscountPremium`	$52.66K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$18.45K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-449.41K	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.02M	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.33M	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`ProfitLoss`	$-4.33M	USD	Annual
Net Loss	`ProfitLoss`	$-5.02M	USD	Annual
Net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-350.66K	USD	Annual
Net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Net Loss Attributable to Controlling Interest	`NetIncomeLoss`	$-3.98M	USD	Annual
Net Loss Attributable to Controlling Interest	`NetIncomeLoss`	$-5.02M	USD	Annual
Deemed preferred stock dividend	`DeemedPreferredStockDividend`	$1.60M	USD	Annual
Deemed preferred stock dividend	`DeemedPreferredStockDividend`	$2.46M	USD	Annual
Undeclared Series B and Series C dividends	`UndeclaredSeriesBAndSeriesCPreferredDividends`	-	USD	Annual
Undeclared Series B and Series C dividends	`UndeclaredSeriesBAndSeriesCPreferredDividends`	$460.73K	USD	Annual
Net loss available to common stock holders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.62M	USD	Annual
Net loss available to common stock holders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.90M	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`	264.98M	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 attributable to controlling interest	`NetIncomeLoss`	$-3.98M	USD	Annual
Net loss attributable to controlling interest	`NetIncomeLoss`	$-5.02M	USD	Annual
Less: loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-350.66K	USD	Annual
Less: loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Net loss	`ProfitLoss`	$-4.33M	USD	Annual
Net loss	`ProfitLoss`	$-5.02M	USD	Annual
Depreciation expense	`Depreciation`	$30.17K	USD	Annual
Depreciation expense	`Depreciation`	$67.19K	USD	Annual
Amortization expense	`AdjustmentForAmortization`	$52.50K	USD	Annual
Amortization expense	`AdjustmentForAmortization`	$70.00K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscount`	$16.23K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscount`	$352.89K	USD	Annual
Equity based compensation charge	`AllocatedShareBasedCompensationExpense`	$1.54M	USD	Annual
Equity based compensation charge	`AllocatedShareBasedCompensationExpense`	$2.77M	USD	Annual
Stock issued for services rendered	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Stock issued for services rendered	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$70.00K	USD	Annual
Derivative financial liability	`DerivativeGainLossOnDerivativeNet`	$-449.41K	USD	Annual
Derivative financial liability	`DerivativeGainLossOnDerivativeNet`	$18.45K	USD	Annual
Gain on debt forgiven	`GainOnForgivenessOfDebtByIssuer`	-	USD	Annual
Gain on debt forgiven	`GainOnForgivenessOfDebtByIssuer`	$150.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.98K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.89K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-4.07K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$213.98K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$160.86K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-197.37K	USD	Annual
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	Annual
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$1.00K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$50.52K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-19.67K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-17.74K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$11.26K	USD	Annual
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.96M	USD	Annual
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.36M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$227.36K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$438.16K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-438.16K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-227.36K	USD	Annual
Proceeds on issuance of Series C Preferred stock	`ProceedsOnIssuanceOfSeriesCPreferredStock`	-	USD	Annual
Proceeds on issuance of Series C Preferred stock	`ProceedsOnIssuanceOfSeriesCPreferredStock`	$14.75M	USD	Annual
Proceeds on issuance of Series B Preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$750.00K	USD	Annual
Proceeds on issuance of Series B Preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	Annual
Proceeds on common stock issued, net of expenses	`ProceedsFromIssuanceOfCommonStock`	$946.11K	USD	Annual
Proceeds on common stock issued, net of expenses	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Contribution from joint venture partner	`ContributionFromJointVenturePartner`	-	USD	Annual
Contribution from joint venture partner	`ContributionFromJointVenturePartner`	$600.00K	USD	Annual
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$125.00K	USD	Annual
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$340.00K	USD	Annual
Repayment of notes payable and advances	`RepaymentsOfNotesPayable`	$435.50K	USD	Annual
Repayment of notes payable and advances	`RepaymentsOfNotesPayable`	$421.00K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.60M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$15.05M	USD	Annual
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$12.42K	USD	Annual
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.66M	USD	Annual
CASH AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$40.84K	USD	Point-in-time
CASH AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$11.70M	USD	Point-in-time
CASH AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$28.42K	USD	Point-in-time
CAST AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$40.84K	USD	Point-in-time
CAST AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$11.70M	USD	Point-in-time
CAST AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$28.42K	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for interest	`InterestPaid`	$48.13K	USD	Annual
Cash paid for interest	`InterestPaid`	$157.20K	USD	Annual
Conversion of debt to equity	`DebtConversionConvertedInstrumentAmount1`	$1.60M	USD	Annual
Conversion of debt to equity	`DebtConversionConvertedInstrumentAmount1`	$12.79K	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$12.40M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-234.09K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.27M	USD	Point-in-time
Conversion of notes and accrued interest thereon to common stock	`Conversionsofnotesandaccruedinterestthereontocommonstock`	$1.60M	USD	Annual
Conversion of notes and accrued interest thereon to common stock	`Conversionsofnotesandaccruedinterestthereontocommonstock`	$12.79K	USD	Annual
Subscription for Series B Convertible, Redeemable Preferred Stock	`SubscriptionForSeriesBConvertibleRedeemablePreferredStockValue`	$750.00K	USD	Annual
Subscription for Series C Convertible Preferred Stock	`SubscriptionForSeriesCConvertiblePreferredStock`	$14.75M	USD	Annual
Issuance of shares in terms of a private placement	`ShareIssuedDuringPeriodValueOfSharesInTermsOfPrivatePlacement`	$1.10M	USD	Annual
Conversion of Series A-1 preferred stock to common	`StockIssuedDuringPeriodValueConversionOfUnits`	-	USD	Annual
Conversion of Series A-1 preferred stock to common	`StockIssuedDuringPeriodValueConversionOfUnits`	-	USD	Annual
Conversion of Series B preferred stock to common	`Stockissuedduringperiodvalueconversionofconvertiblesecurities2`	-	USD	Annual
Stock option based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$1.77M	USD	Annual
Restricted stock awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.54M	USD	Annual
Restricted stock awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$620.43K	USD	Annual
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$70.00K	USD	Annual
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$348.97K	USD	Annual
Shares issue expense	`ShareIssueExpenses`	$-156.89K	USD	Annual
Contribution by joint venture partner	`ContributionsByJointVenturePartner`	$600.00K	USD	Annual
Shares issued in lieu of director fees	`SharesIssuedInLieuOfDirectorsFeesValue`	$27.00K	USD	Annual
Net loss	`ProfitLoss`	$-4.33M	USD	Annual
Net loss	`ProfitLoss`	$-5.02M	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$12.40M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-234.09K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.27M	USD	Point-in-time

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