Yeah, I'm liking it a whole lot more now, LoL. just from a quick analysis.
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplates the Company continuing as a going concern. As
of , September 30, 2019, the Company had a cash of $1,805 and a working capital deficit of $772,424. For the period ending September 30, 2019, the Company had a net loss of $45,168.These factors raise substantial doubt
as to the ability of the Company to continue as a going concern. However, the Company plans to improve its financial condition by issuing debt instruments and raising additional capital by selling shares of its common stock.
Also, the Company plans to acquire additional oil leasehold interests in order to attain profitable operations. However, there is no assurance that the Company will be successful in accomplishing these objectives. The financial
statements do not include any adjustments for the recoverability and classification of assets and the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Principles of Consolidation – The consolidated financial statements include the accounts of XR Energy (from June 30, 2019 through September 30, 2019) and its wholly owned subsidiaries XR Texas, Capco Resources,
ChanWest Oil, and Sterling Royalties. All significant intercompany balances and transactions are eliminated in consolidation.
only notes shown in the last Annual report on 11-15-2019, no indication that the equipment has been sold off.
(4) Property and Equipment, Net
At September 30, 2019 , Property and Equipment, Net totaled $120,241.
(5) Related Party Transactions None
(6) Notes Payable
On July 03, 2014, August 8, 2014, August 31, 2014 and September 30, 2014, XR received $10,000. $50,000, $10,000 and $10,000, respectively from and issued four Promissory Notes to Blue Oak, LLC (“Blue Oak”) totaling
$80,000, and received $25,000 during February of 2015, and $30,000 during November of 2015. The Promissory Notes provide for interest at a rate of 10% per annum that is payable on the maturity dates, which are July 29,
2015, August 8, 2015, August 31, 2015, September 30, 2015, February 28, 2015 and November 6, 2016. During June and July of 2014, XR received $55,000 from and issued a Promissory Note to J Gamemm, LLC (“JG”) totaling
$55,000, and received $14,000 on October 5, 2015. These Promissory Notes provide for interest at a rate of 10% per annum that is payable on the maturity date of July 15, 2015, and October 6, 2016. During July of 2014, XR
received $55,000 from and issued a Promissory Note to Common Sense Holdings, LLC (“CSH”). The Promissory Note provides for interest at a rate of 10% per annum that is payable on the maturity date of July 15, 2015. All of
these notes contain a conversion feature whereby the note is convertible in whole or in part, at the sole discretion of the holder, beginning after the Maturity Date into shares of common stock at a conversion price of $.0025 per
share. During February of 2015 XR received $150,000 from and issued a Promissory Note to Union Capital, LLC (“UC”) totaling $165,000, and During July of 2015, XR received $110,000 from and issued a Promissory Note to
EMA Financial, LLC (“EMA”) totaling $110,000. These Promissory Notes provide for interest at a rate of 8% and 12% per annum respectively that is payable on the maturity dates of February 19, 2016 and July 28, 2016. During
July of 2018, $50,000 of the note due to Blue Oak, LLC was purchased by GPL Ventures, LLC and the company issued a Promissory Note to GPL Ventures, LLC (“GPL”). This Promissory Note is convertible at $.0002, provides
for interest at a rate of 10% per annum that is payable on the maturity date of July 17, 2019. During August of 2018, XR received $125,000 from and issued a Promissory Note to GPL Ventures, LLC (“GPL”) totaling $125,000.
This Promissory Note provides for interest at a rate of 10% per annum that is payable on the maturity date of August 31, 2019. Interest expense related to these notes for the period ended December 31, 2018 was $51,034. Effective
11/05/18 the remaining portion of the note to Union Capital LLC was purchase in three equal parts by James Hannah, Tom Griffis, and Gary O’Neill. New notes were recorded with the company. These notes are convertible at
$.0002 per share, bear interest at the rate of 12% per year and are due on 11/05/19. Effective 12/05/18 the remaining portion of the note to EMA Financial LLC was purchase in two equal parts by Common Sense Holdings, LLC,
and Dolomite International, LLC. New notes were recorded with the company. These notes are convertible at $.0002 per share, bear interest at the rate of 12% per year and are due on 12/05/19.
AI
