10-Q Filing

STRATEX OIL & GAS HOLDINGS, INC. CIK: 1482361 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001213900-14-003289`
Period End Date	20140331
Filing Date	20140515
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	fil-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 33 Cash Flow Statement 81

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Series A, convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Series A, convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Series A, convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	400.00	shares	Point-in-time
Series A, convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	400.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$609.06K	USD	Point-in-time
Series A, convertible preferred stock, shares issued	`PreferredStockSharesIssued`	100.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$7.05M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$460.62K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$75.10K	USD	Point-in-time
Series A, convertible preferred stock, shares issued	`PreferredStockSharesIssued`	100.00	shares	Point-in-time
Series A, convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	100.00	shares	Point-in-time
Series A, convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	60.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$29.24K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$18.22K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other receivables	`OtherReceivables`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other receivables	`OtherReceivables`	$405.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$57.39K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.80K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	46.69M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$630.08K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	47.54M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$7.54M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	46.69M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	47.54M	shares	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$10.03K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$35.02K	USD	Point-in-time
Debt issuance costs	`DebtIssuanceCostOne`	$1.05M	USD	Point-in-time
Debt issuance costs	`DebtIssuanceCostOne`	-	USD	Point-in-time
Treasury stock shares, Series A, convertible preferred stock	`TreasuryStockShares`	40.00	shares	Point-in-time
Treasury stock shares, Series A, convertible preferred stock	`TreasuryStockShares`	40.00	shares	Point-in-time
Proven property - net	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$3.22M	USD	Point-in-time
Proven property - net	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$893.76K	USD	Point-in-time
Unproven property	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$1.52M	USD	Point-in-time
Unproven property	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$1.52M	USD	Point-in-time
Vehicles, furniture and equipment - net	`PropertyPlantAndEquipmentNet`	$55.56K	USD	Point-in-time
Vehicles, furniture and equipment - net	`PropertyPlantAndEquipmentNet`	$2.38K	USD	Point-in-time
Total Assets	`Assets`	$13.42M	USD	Point-in-time
Total Assets	`Assets`	$3.06M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$2.20M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$904.62K	USD	Point-in-time
Liability to be issued in stock	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Liability to be issued in stock	`ConvertibleDebtCurrent`	$9.00K	USD	Point-in-time
Due to former officer - current	`DueToOfficersOrStockholdersCurrent`	$733.00K	USD	Point-in-time
Due to former officer - current	`DueToOfficersOrStockholdersCurrent`	$715.00K	USD	Point-in-time
Demand notes payable	`OtherNotesPayableCurrent`	$120.00K	USD	Point-in-time
Demand notes payable	`OtherNotesPayableCurrent`	$216.00K	USD	Point-in-time
Current maturities of notes payable - net of debt discount	`NotesPayableCurrent`	$4.71K	USD	Point-in-time
Current maturities of notes payable - net of debt discount	`NotesPayableCurrent`	-	USD	Point-in-time
Derivative liability - warrants	`DerivativeLiabilitiesCurrent`	$76.67K	USD	Point-in-time
Derivative liability - warrants	`DerivativeLiabilitiesCurrent`	$166.09K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.92M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.22M	USD	Point-in-time
Due to former officer	`DueToOfficersOrStockholdersNoncurrent`	$66.00K	USD	Point-in-time
Due to former officer	`DueToOfficersOrStockholdersNoncurrent`	$84.00K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligation`	$34.00K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligation`	$129.00K	USD	Point-in-time
Notes payable - net of debt discount	`LongTermNotesPayable`	$790.53K	USD	Point-in-time
Notes payable - net of debt discount	`LongTermNotesPayable`	$1.11M	USD	Point-in-time
Convertible notes payable, net of debt discount	`ConvertibleLongTermNotesPayable`	-	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$908.53K	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$7.61M	USD	Point-in-time
Total Liabilities	`Liabilities`	$10.83M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.83M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A, convertible preferred stock, $0.0001 par value; 400 shares authorized; and 100 shares issued; and 60 and 100 shares outstanding, respectively	`PreferredStockValue`	$1.00	USD	Point-in-time
Series A, convertible preferred stock, $0.0001 par value; 400 shares authorized; and 100 shares issued; and 60 and 100 shares outstanding, respectively	`PreferredStockValue`	$1.00	USD	Point-in-time
Common stock, $0.01 par value; 750,000,000 shares authorized; and 47,542,376 and 46,692,376 shares issued and outstanding	`CommonStockValue`	$475.42K	USD	Point-in-time
Common stock, $0.01 par value; 750,000,000 shares authorized; and 47,542,376 and 46,692,376 shares issued and outstanding	`CommonStockValue`	$466.92K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$16.72M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$13.68M	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$14.58M	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$13.90M	USD	Point-in-time
Less: Treasury stock, 40 shares Series A, convertible preferred stock, at cost	`TreasuryStockValue`	$20.00K	USD	Point-in-time
Less: Treasury stock, 40 shares Series A, convertible preferred stock, at cost	`TreasuryStockValue`	$20.00K	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$1.00	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$1.00	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$3.06M	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$13.42M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$98.36K	USD	1 Quarter
Revenue	`SalesRevenueNet`	$266.78K	USD	1 Quarter
Production expenses	`ExplorationExpense`	$40.94K	USD	1 Quarter
Production expenses	`ExplorationExpense`	$60.07K	USD	1 Quarter
Depletion, depreciation and amortization	`DepreciationAndAmortization`	$66.32K	USD	1 Quarter
Depletion, depreciation and amortization	`DepreciationAndAmortization`	$17.52K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$456.33K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$778.61K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$582.72K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$837.07K	USD	1 Quarter
Loss From Operations	`OperatingIncomeLoss`	$-738.71K	USD	1 Quarter
Loss From Operations	`OperatingIncomeLoss`	$-315.94K	USD	1 Quarter
Interest expense	`InterestExpense`	$325.03K	USD	1 Quarter
Interest expense	`InterestExpense`	$260.64K	USD	1 Quarter
Change in fair value - derivative liabilities	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$-89.42K	USD	1 Quarter
Change in fair value - derivative liabilities	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$2.22K	USD	1 Quarter
Warrant amendment expense	`WarrantAmendmentExpense`	-	USD	1 Quarter
Warrant amendment expense	`WarrantAmendmentExpense`	-	USD	1 Quarter
Gain on sale of oil and gas interests	`GainLossOnSaleOfOilAndGasProperty`	$450.00K	USD	1 Quarter
Gain on sale of oil and gas interests	`GainLossOnSaleOfOilAndGasProperty`	-	USD	1 Quarter
Loss on settlement of liabilities	`GainLossRelatedToLitigationSettlement`	$-1.00K	USD	1 Quarter
Loss on settlement of liabilities	`GainLossRelatedToLitigationSettlement`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$12.96K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$39.17K	USD	1 Quarter
Total Other Income and (Expense)	`NonoperatingIncomeExpense`	$58.98K	USD	1 Quarter
Total Other Income and (Expense)	`NonoperatingIncomeExpense`	$-245.46K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-561.41K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	-	USD	Annual
Net Loss	`NetIncomeLoss`	-	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
- Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	44.33M	shares	1 Quarter
- Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.29M	shares	1 Quarter

Cash Flow Statement 81 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-561.41K	USD	1 Quarter
Net loss	`NetIncomeLoss`	-	USD	Annual
Net loss	`NetIncomeLoss`	-	USD	1 Quarter
Depletion, depreciation and amortization	`DepreciationAndAmortization`	$66.32K	USD	1 Quarter
Depletion, depreciation and amortization	`DepreciationAndAmortization`	$17.52K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$114.08K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$57.04K	USD	1 Quarter
Warrant Amendment Expense	`WarrantAmendmentExpense`	-	USD	1 Quarter
Warrant Amendment Expense	`WarrantAmendmentExpense`	-	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$34.27K	USD	1 Quarter
Accretion of debt discount	`AccretionOfDebtDiscount`	$258.54K	USD	1 Quarter
Accretion of debt discount	`AccretionOfDebtDiscount`	$167.36K	USD	1 Quarter
Loss on settlement of liabilities	`GainLossRelatedToLitigationSettlement`	$-1.00K	USD	1 Quarter
Loss on settlement of liabilities	`GainLossRelatedToLitigationSettlement`	-	USD	1 Quarter
Gain (Loss) on Disposition of Oil and Gas Property	`GainLossOnSaleOfOilAndGasProperty`	$450.00K	USD	1 Quarter
Gain (Loss) on Disposition of Oil and Gas Property	`GainLossOnSaleOfOilAndGasProperty`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$-89.42K	USD	1 Quarter
Change in fair value of derivative liabilities	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$2.22K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.02K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$71.94K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-1.53K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$54.59K	USD	1 Quarter
Deposits	`IncreaseDecreaseInDeposits`	$-25.00K	USD	1 Quarter
Deposits	`IncreaseDecreaseInDeposits`	-	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$614.19K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$947.34K	USD	1 Quarter
Net Cash Provided By (Used In) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$419.08K	USD	1 Quarter
Net Cash Provided By (Used In) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$108.36K	USD	1 Quarter
Purchase of oil and gas properties	`PaymentsToAcquireProductiveAssets`	$2.25M	USD	1 Quarter
Purchase of oil and gas properties	`PaymentsToAcquireProductiveAssets`	$433.57K	USD	1 Quarter
Proceeds from sale of oil and gas interests	`ProceedsFromSaleOfOilAndGasPropertyAndEquipment`	-	USD	1 Quarter
Proceeds from sale of oil and gas interests	`ProceedsFromSaleOfOilAndGasPropertyAndEquipment`	$45.00K	USD	1 Quarter
Purchase of vehicle	`PurchaseOfVehicle`	-	USD	1 Quarter
Purchase of vehicle	`PurchaseOfVehicle`	$-21.00K	USD	1 Quarter
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.70K	USD	1 Quarter
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net Cash Provided By (Used In) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.23M	USD	1 Quarter
Net Cash Provided By (Used In) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-433.57K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$400.00K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$400.00K	USD	1 Quarter
Repayments on notes payable	`RepaymentsOfNotesPayable`	$96.37K	USD	1 Quarter
Repayments on notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Proceeds from convertible notes payable	`ProceedsFromConvertibleNotesPayable`	-	USD	1 Quarter
Proceeds from convertible notes payable	`ProceedsFromConvertibleNotesPayable`	$-8.62M	USD	1 Quarter
Debt issuance costs paid in cash	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Debt issuance costs paid in cash	`PaymentsOfDebtIssuanceCosts`	$366.92K	USD	1 Quarter
Net Cash Provided By (Used In) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$8.56M	USD	1 Quarter
Net Cash Provided By (Used In) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$400.00K	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.44M	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$385.51K	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$609.06K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.05M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$460.62K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$75.10K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$609.06K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.05M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$460.62K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$75.10K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$68.57K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	-	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Conversion of notes payable and accrued interest to common stock	`DebtConversionConvertedInstrumentAmount1`	-	USD	1 Quarter
Conversion of notes payable and accrued interest to common stock	`DebtConversionConvertedInstrumentAmount1`	$36.00K	USD	1 Quarter
Issuance of common stock to settle liabilities	`IssuanceOfCommonStockToSettleLiabilities`	-	USD	1 Quarter
Issuance of common stock to settle liabilities	`IssuanceOfCommonStockToSettleLiabilities`	-	USD	1 Quarter
Original issue discount on notes payable	`OriginalIssueDiscountOnNotesPayable`	$160.00K	USD	1 Quarter
Original issue discount on notes payable	`OriginalIssueDiscountOnNotesPayable`	$400.00K	USD	1 Quarter
Original issue discount on convertible notes payable	`OriginalIssueDiscountOnConvertibleNotesPayable`	$2.43M	USD	1 Quarter
Original issue discount on convertible notes payable	`OriginalIssueDiscountOnConvertibleNotesPayable`	-	USD	1 Quarter
Debt issuance costs paid in the form of warrants	`DebtIssuanceCostsPaidInTheFormOfWarrants`	-	USD	1 Quarter
Debt issuance costs paid in the form of warrants	`DebtIssuanceCostsPaidInTheFormOfWarrants`	$372.96K	USD	1 Quarter
Debt issuance costs accrued	`PaymentsOfStockIssuanceCosts`	$345.02K	USD	1 Quarter
Debt issuance costs accrued	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Increase in asset retirement obligation	`AssetRetirementObligationPeriodIncreaseDecrease`	-	USD	1 Quarter
Increase in asset retirement obligation	`AssetRetirementObligationPeriodIncreaseDecrease`	$95.00K	USD	1 Quarter
Vehicle purchased through issuance of note payable	`VehiclePurchasedThroughIssuanceOfNotePayable`	$28.51K	USD	1 Quarter
Vehicle purchased through issuance of note payable	`VehiclePurchasedThroughIssuanceOfNotePayable`	-	USD	1 Quarter
Reclass convertible note to demand note	`ReclassConvertibleNoteToDemandNote`	$36.00K	USD	1 Quarter
Reclass convertible note to demand note	`ReclassConvertibleNoteToDemandNote`	-	USD	1 Quarter

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