As of March 31, 2016, we have no proved reserves. We expect that any drilling activities on our prospects will commence in late fiscal year 2016, or the first half of fiscal year 2017 at the earliest.
Through March 31, 2016, we have spent approximately $25.6 million on the acquisition, reprocessing, and interpretation of seismic data associated with our seismic license agreements and these costs were capitalized as oil and gas exploration costs which are subject to periodic ceiling limitation tests for impairment. Approximately $18.0 million of these seismic-related expenses were incurred prior to the leasing of our offshore blocks and as a result, these capitalized costs were impaired for accounting purposes. Approximately $7.7 million of our seismic-related expenditures were incurred subsequent to the leasing of our offshore blocks and these expenses have been capitalized. These capitalized exploration costs when added with our lease acquisition costs of $9.3 million and netted with the $10 million received from the sale of the working interest, results in the $6.95 million reflected as Unproved Oil and Natural Gas Properties on our Condensed Balance Sheet as of March 31, 2016.
We have historically operated our business with working capital deficits and these deficits have historically been funded by equity investments and loans from management. As of March 31, 2016, we had $60,094 of unrestricted cash on hand. The Company estimates that it will need to raise a minimum of $3 million to meet its obligations and planned expenditures through December 31, 2016. This does not include any capital expenditures related to exploration drilling costs. The Company plans to finance its operations through the issuance of equity, debt financings or joint ventures.
We have incurred losses from inception to March 31, 2016 of $29,567,608. Further losses are anticipated in developing our business. As of March 31, 2016, we had $60,094 of cash on hand. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
At March 31, 2016, we had approximately $8.2 million of debt outstanding. All debt outstanding is fixed-rate debt with a weighted average interest rate of 5%. Although near term changes in interest rates may affect the fair value of our fixed-rate debt, they do not expose us to the risk of earnings or cash flow loss.
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