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EXCEL - IDEA: XBRL DOCUMENT - Daybreak Oil & Gas, Inc.Financial_Report.xls
10-Q - 8-K - Daybreak Oil & Gas, Inc.dbrm10q113012.htm
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EX-31 - EXHIBIT 31.1 - Daybreak Oil & Gas, Inc.exhibit311.htm
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EX-10 - EXHIBIT 10.5 - Daybreak Oil & Gas, Inc.exhibit105.htm
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v2.4.0.6
Short-Term and Long-Term Borrowings (Details Narrative) (USD $)
1 Months Ended 9 Months Ended
Oct. 31, 2012
May 31, 2012
Jan. 31, 2012
Jun. 30, 2011
Jan. 31, 2010
Nov. 30, 2012
Perunit
Aug. 21, 2012
May 18, 2012
Feb. 29, 2012
Jan. 13, 2010
Perunit
Debt Disclosure [Abstract]                    
Short-term notes payable           $ 0   $ 1,500,000 $ 150,000  
Company proceeds from Luberski note payable   719,062                
Short-term notes payable - Luberski Inc. interest rate               5.00%    
Short-term note payable - Luberski due date terms   Due in 120 days from May 18, 2012                
Secured convertible promissory settled - Well Works   595,744                
Short term loan settlement and release payment 1,500,000                  
Short term loan             15,000      
Related party short-term note payable     35,100 200,000            
Description of long-term notes payable revolving credit facility           On October 31, 2012, the Company entered into a loan agreement with Maximilian which provides for a revolving credit facility of up to $20 million, maturing on October 31, 2016, with a minimum commitment of $2.5 million. The loan bears annual interest of 18% and a monthly commitment fee of 0.5%. The loan is secured by a perfected first priority security interest in substantially all of the assets of the Company, including the Company's leases in Kern County, California. The Company also granted Maximilian a 10% working interest in its share of the oil and gas leases in Kern County, California. The relative fair value of this 10% working interest amounting to $515,638 was recognized as a debt discount and is being amortized over the term of the loan. Amortization expense for the three months ended November 30, 2012 amounted to $9,603. Unamortized debt discount amounted to $506,035 as of November 30, 2012. The Company borrowed an initial amount from the credit facility of $1,650,691 in which $1,500,000 was used to settle the loan with Luberski and the remaining amount was used to pay for the related loan fees and closing costs. Future advances under the facility will primarily be used for oil and gas exploration and development activities. The Company recognized $321,836 in deferred financing costs associated with this loan. The loan agreement contained customary covenants for loans of such type, including among other things, covenants that restrict the Company's ability to make capital expenditures, incur indebtedness, incur liens and dispose of property. In the event of a default, all of the Company's obligations under the loan agreement may be accelerated by the lender, causing all loans outstanding (including accrued interest and fees payable thereunder) to be declared immediately due and payable. The Company also issued 2,435,517 warrants to third parties who assisted in the closing of the loan. The warrants have an exercise price of $0.044; contain a cashless exercise provision; have piggyback registration rights; and are exercisable for a period of five years expiring on October 31, 2017. The fair value of the warrants, as determined by the Black-Scholes option pricing model, was $98,084 and included the following assumptions: a risk free interest rate of 0.72%; stock price of $0.044, volatility of 153.44%; and a dividend yield of 0.0%. The fair value of the warrants was recognized as a deferred financing cost and is being amortized over the term of the loan. Amortization expense of deferred financing costs for the three months ended November 30, 2012 was $6,705.        
Line of credit facility maximum borrowing           20,000,000        
Line of credit facility expiration date           Oct. 31, 2016        
Line of credit facility commitment fee           2,500,000        
Line of credit facility interest rate           18.00%        
Line of credit facility commitment fee percentage           5.00%        
Line of credit facility current borrowing           1,650,691        
Line of credit facility - deferred financing fees           243,486        
Proceeds from private placement - 12% subordinated notes         595,000          
Interest rate - 12% subordinated notes                   12.00%
Expiration of the 12% subordinated notes         Jan. 29, 2015          
Terms of 12% subordinated notes         Should the Board of Directors, on the maturity date, decide that the payment of the principal and any unpaid interest would impair the financial condition or operations of the Company, the Company may then elect a mandatory conversion of the unpaid principal and interest into the Company's Common Stock at a conversion rate equal to 75% of the average closing price of the Company's Common Stock over the 20 consecutive trading days preceding December 31, 2014.          
Related party long-term note payable                   250,000
Terms of private placement agreement         In conjunction with the Notes private placement, a total of 1,190,000 common stock purchase warrants were issued at the rate of two warrants for every dollar raised through the private placement.          
Warrants issued         1,190,000 2,435,517        
Warrant exercise price           0.044       0.14
Warrant expiration date         Jan. 29, 2015 Oct. 31, 2017        
Fair value of warrants         116,557 98,084        
Weighted average risk free interest rate         2.33% 72.00%        
Weighted average volatility rate         147.60% 153.44%        
Weighted average dividend yield         0.00% 0.00%        
Amortization expense           16,574        
Unamortized debt discount           $ 63,509