v3.3.1.900

Consolidated Balance Sheets (unaudited) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
ASSETS
Cash and cash equivalents	$ 1,406,018	$ 2,365,612
Restricted cash	61,309	61,263
Oil and gas receivables	36,311	40,240
Prepaid expenses and other	636,341	443,827
Total current assets	2,139,979	2,910,942
Property and equipment, net of accumulated depreciation and impairment of $477,008 and $453,796	237,844	261,056
Oil and gas properties, full cost method
Evaluated, net of accumulated depletion and impairment of $19,545,480 and $19,540,800	422,361	315,859
Other Assets	97,000	97,000
Restricted cash	68,205	68,102
Total assets	2,965,389	3,652,959
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable	153,696	306,458
Accrued liabilities	1,052,880	821,577
Due to related party	8,779	14,779
Current portion of loans payable	20,609	$ 20,407
Current portion of notes payable – related party	14,963,861
Project advances	2,134,458	$ 2,243,773
Other liabilites	37,500	37,500
Total current liabilities	18,371,783	3,444,494
Loans payable	$ 10,614	15,843
Notes payable – related party		14,963,861
Asset retirement obligations	$ 167,527	163,648
Other liabilities		9,375
Total liabilities	$ 18,549,924	18,597,221
Contingencies and commitments
Stockholders' Deficit
Common Stock, $0.001 par value, 1,000,000,000 shares authorized, 54,182,267 (September 30, 2015 - 54,182,267) shares issued and outstanding	$ 54,182	54,182
Additional paid-in capital	19,398,714	19,398,714
Accumulated deficit	(35,037,431)	(34,397,158)
Total stockholders' deficit	(15,584,535)	(14,944,262)
Total liabilities and stockholders' deficit	$ 2,965,389	$ 3,652,959

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

ARKANOVA ENERGY CORP. 10-Q