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EXCEL - IDEA: XBRL DOCUMENT - CROSS BORDER RESOURCES, INC.Financial_Report.xls
10-Q - QUARTERLY REPORT - CROSS BORDER RESOURCES, INC.xbor-10q_033112.htm
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v2.4.0.6
Balance Sheets (Unaudited) (USD $)
Mar. 31, 2012
Dec. 31, 2011
Current Assets    
Cash and cash equivalents $ 70,412 $ 472,967
Accounts receivable - production 2,905,931 1,184,544
Prepaid expenses and other current assets 1,061,393 1,808,944
Current tax asset 21,737 21,737
Total Current Assets 4,059,473 3,488,192
Oil and gas properties (successful efforts method) 36,288,899 30,540,978
Less accumulated depletion and depreciation (10,415,884) (9,870,830)
Net Property and Equipment 25,873,015 20,670,148
Other Assets    
Other property and equipment, net of accumulated depreciation of $134,408 and $ 126,473 in 2012 and 2011, respectively 88,053 95,988
Deferred bond costs, net of accumulated amortization of $503,854 and $344,300 in 2012 and 2011, respectively    159,554
Deferred bond discount, net of accumulated amortization of $186,560 and $127,483 in 2012 and 2011, respectively    59,077
Deferred financing costs, net of accumulated amortization of $39,739 and $26,355 in 2012 and 2011, respectively 174,887 64,746
Intangible assets, net of accumulated amortization of $247,020 and $197,616 in 2012 and 2011, respectively 1,729,137 1,778,541
Goodwill 1,395,807 1,395,807
Other Assets 54,324 54,324
Total Other Assets 3,442,208 3,608,037
TOTAL ASSETS 33,374,696 27,766,377
Current Liabilities    
Accounts payable - trade 1,081,770 103,759
Accounts payable - revenue distribution 236,915 143,215
Interest payable 63,173 112,659
Accrued expenses 614,094 418,290
Deferred revenues    32,479
Notes payable - current 764,278 764,278
Bonds Payable - current portion    570,000
Creditors Payable - current portion 300,000 186,761
Derivative liability - current portion 248,816 56,908
Total Current Liabilities 3,309,046 2,388,349
Non-Current Liabilities:    
Asset retirement obligations 1,191,149 1,186,260
Deferred income tax liability 21,737 21,737
Line of credit 9,300,000 2,381,000
Derivative liability, net of current portion 258,675 28,086
Bonds payable, net of current portion    2,825,000
Creditors payable, net of current portion 1,052,783 1,352,783
Total Non-Current Liabilities 11,824,344 7,794,866
TOTAL LIABILITIES 15,133,390 10,183,215
STOCKHOLDERS' EQUITY    
Common stock , $0.001 par value, 36,363,637 shares authorized, 16,151,946 shares issued and outstanding at March 31, 2012 and December 31, 2011 16,152 16,152
Additional paid-in capital 32,617,689 32,617,690
Retained earnings (accumulated deficit) (14,392,535) (15,050,680)
TOTAL STOCKHOLDERS' EQUITY 18,241,306 17,583,162
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 33,374,696 $ 27,766,377