10-Q Filing

PLEDGE PETROLEUM CORP CIK: 1434110 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001144204-19-040616`
Period End Date	20190630
Filing Date	20190819
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	prop-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 39 Cash Flow Statement 26 Stockholders Equity 9

Balance Sheet 51 line items

Line Item	Tag	Value	Unit	Period
Amortization of Debt Issuance Costs and Discounts	`AmortizationOfFinancingCostsAndDiscounts`	$108.09K	USD	2 Qtrs
Cash	`Cash`	$21.14K	USD	Point-in-time
Cash	`Cash`	$5.78K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$11.27K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$14.57K	USD	Point-in-time
Prepaid stock compensation - related party	`EmployeePrepaidStockCompensation`	$133.33K	USD	Point-in-time
Prepaid stock compensation - related party	`EmployeePrepaidStockCompensation`	$83.33K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$165.74K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$103.69K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.23K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$3.88K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	484.26M	shares	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	-	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$1.75K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	484.26M	shares	Point-in-time
Total assets	`Assets`	$171.38K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	484.26M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	484.26M	shares	Point-in-time
Total assets	`Assets`	$105.92K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$81.10K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$321.00K	USD	Point-in-time
Accrued expenses and other payables	`Accruedliabilitiesandotherpayables`	$1.36K	USD	Point-in-time
Accrued expenses and other payables	`Accruedliabilitiesandotherpayables`	$11.52K	USD	Point-in-time
Accrued interest	`InterestPayableCurrentAndNoncurrent`	$4.76K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$273.11K	USD	Point-in-time
Convertible note payable, net of discount of $108,091	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Convertible note payable, net of discount of $108,091	`ConvertibleNotesPayableCurrent`	$47.91K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$137.50K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$5.89K	USD	Point-in-time
Loan payable - related party	`LoanPayableToRelatedPartyCurrent`	$5.00K	USD	Point-in-time
Loan payable - related party	`LoanPayableToRelatedPartyCurrent`	$5.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$103.51K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$790.64K	USD	Point-in-time
Total liabilities	`Liabilities`	$790.64K	USD	Point-in-time
Total liabilities	`Liabilities`	$103.51K	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized, 484,256,464 shares issued and outstanding	`CommonStockValue`	$484.26K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized, 484,256,464 shares issued and outstanding	`CommonStockValue`	$484.26K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-416.43K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.17M	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-331.22K	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$67.87K	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-684.71K	USD	Point-in-time
Total Liabilities and Stockholders' (Deficit) Equity	`LiabilitiesAndStockholdersEquity`	$171.38K	USD	Point-in-time
Total Liabilities and Stockholders' (Deficit) Equity	`LiabilitiesAndStockholdersEquity`	$105.92K	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Professional fees	`ProfessionalFees`	$51.26K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$82.26K	USD	2 Qtrs
Directors fees	`DirectorFeesExpense`	$180.00K	USD	2 Qtrs
Directors fees	`DirectorFeesExpense`	$90.00K	USD	1 Quarter
Compensation - related party	`CompensationExpenseRelatedParty`	$15.00K	USD	1 Quarter
Compensation - related party	`CompensationExpenseRelatedParty`	$30.00K	USD	2 Qtrs
Non-cash stock compensation - related party	`ShareBasedCompensation`	$50.00K	USD	2 Qtrs
Non-cash stock compensation - related party	`ShareBasedCompensation`	$25.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$235.27K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$97.54K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$278.80K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$577.53K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-577.53K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-278.80K	USD	1 Quarter
Interest expense	`InterestExpense`	$10.04K	USD	2 Qtrs
Interest expense	`InterestExpense`	$8.12K	USD	1 Quarter
Debt discount amortization	`DebtDiscountAmortization`	$28.44K	USD	1 Quarter
Debt discount amortization	`DebtDiscountAmortization`	$47.91K	USD	2 Qtrs
Change in the fair value of convertible debt	`DerivativeGainLossOnDerivativeNet`	$4.00K	USD	1 Quarter
Change in the fair value of convertible debt	`DerivativeGainLossOnDerivativeNet`	$201.16K	USD	2 Qtrs
Loss on issuance of convertible debt	`LossOnIssuanceConvertibleDebt`	$318.26K	USD	2 Qtrs
Loss on issuance of convertible debt	`LossOnIssuanceConvertibleDebt`	$42.14K	USD	1 Quarter
Total other expense, net	`OtherExpenses`	$74.70K	USD	1 Quarter
Total other expense, net	`OtherExpenses`	$175.05K	USD	2 Qtrs
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-752.58K	USD	2 Qtrs
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-353.50K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-353.50K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-752.58K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-399.09K	USD	1 Quarter
Undeclared Series B and Series C Preferred stock dividends	`UndeclaredSeriesBAndSeriesCPreferredStockDividends`	$15.87K	USD	2 Qtrs
Undeclared Series B and Series C Preferred stock dividends	`UndeclaredSeriesBAndSeriesCPreferredStockDividends`	$7.98K	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-768.45K	USD	2 Qtrs
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-361.47K	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	484.26M	shares	2 Qtrs
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	484.26M	shares	1 Quarter

Cash Flow Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-353.50K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-752.58K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-399.09K	USD	1 Quarter
Depreciation	`Depreciation`	$1.65K	USD	2 Qtrs
Stock based compensation - related party	`StockBasedCompensationRelatedParty`	$50.00K	USD	2 Qtrs
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$47.91K	USD	2 Qtrs
Change in the fair value of convertible debt	`DerivativeGainLossOnDerivativeNet`	$4.00K	USD	1 Quarter
Change in the fair value of convertible debt	`DerivativeGainLossOnDerivativeNet`	$201.16K	USD	2 Qtrs
Loss on issuance of convertible debt	`LossOnIssuanceConvertibleDebt`	$318.26K	USD	2 Qtrs
Loss on issuance of convertible debt	`LossOnIssuanceConvertibleDebt`	$42.14K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-2.69K	USD	2 Qtrs
Deposits	`IncreaseDecreaseInDepositsOperatingActivities`	$1.75K	USD	2 Qtrs
Accounts payable and accruals	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$234.51K	USD	2 Qtrs
Due to related parties	`IncreaseDecreaseInDueToRelatedPartiesCurrent`	$131.61K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-165.36K	USD	2 Qtrs
Loan from a related party	`ProceedsFromRelatedPartyDebt`	$6.80K	USD	2 Qtrs
Repayment of related party loan	`RepaymentsOfRelatedPartyDebt`	$6.80K	USD	2 Qtrs
Proceeds from convertible debt	`ProceedsFromConvertibleDebt`	$150.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$150.00K	USD	2 Qtrs
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-15.36K	USD	2 Qtrs
Cash at beginning of period	`Cash`	$21.14K	USD	Point-in-time
Cash at beginning of period	`Cash`	$5.78K	USD	Point-in-time
Cash at end of period	`Cash`	$21.14K	USD	Point-in-time
Cash at end of period	`Cash`	$5.78K	USD	Point-in-time
Interest	`InterestPaid`	$5.28K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-331.22K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$67.87K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-684.71K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-353.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-752.58K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-399.09K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-331.22K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$67.87K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-684.71K	USD	Point-in-time

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