BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 24,383	$ 56,456
Accounts Receivable	0	44,379
Prepaid expenses	113,967	9,951
Total current assets	138,350	110,786
Fixed Assets
Furniture and equipment	43,622	46,883
Accumulated depreciation	(43,133)	(30,893)
Total furniture and equipment, net	489	15,990
Oil & gas properties, net of impairment	0	2,787,986
Accumulated depletion and accretion	0	(2,166,643)
Total oil & gas properties, net	0	621,343
Intangible assets	17,630,000	0
Management fee receivable - affiliate	0	137,556
Total Assets	17,768,839	885,675
Current Liabilities
Accounts payable	590,870	420,559
Accrued liabilities	374,281	746,491
Accrued liabilities - related parties	0	1,489,973
Liability for unauthorized preferred stock issued	9,283	9,283
Note payable (net of unamortized deferred financing costs)	0	564,263
Note payable (net of debt discount) - affiliate	896,500	0
Asset retirement obligation	0	76,850
Total current liabilities	1,870,934	3,307,419
Other Liabilities
Asset retirement obligation	0	7,141
Total long term liabilities	0	7,141
Total Liabilities	1,870,934	3,314,560
Stockholders Equity (Deficit)
Common stock, $0.001 par value, 300,000,000 shares authorized, 5,206,174 shares and 823,278 shares issued and outstanding at December 31, 2017 and 2016, respectively	5,206	823
Receivable for stock subscription	(4,800,000)	0
Additional paid-in capital	87,552,737	35,825,876
Accumulated deficit	(66,861,036)	(46,140,750)
Total Victory Energy Corporation stockholders equity (deficit)	15,897,905	(10,314,051)
Noncontrolling interest	0	7,885,166
Total stockholders equity (deficit)	15,897,905	(2,428,885)
Total Liabilities and Stockholders Equity (Deficit)	17,768,839	885,675
Preferred Series B stock, $0.001 par value, 800,000 shares authorized, 800,000 shares and 0 shares issued and outstanding for December 31, 2017 and 2016, respectively
Stockholders Equity (Deficit)
Preferred stock	800	0
Preferred Series C stock, $0.001 par value, 810,000 shares authorized, 180,000 and 0 shares issued and outstanding for December 31, 2017 and 2016, respectively
Stockholders Equity (Deficit)
Preferred stock	180	0
Preferred Series D stock, $0.001 par value, 20,000 shares authorized, 20,000 shares and 0 shares issued and 18,333 and 0 shares outstanding for December 31, 2017 and 2016, respectively
Stockholders Equity (Deficit)
Preferred stock	$ 18	$ 0

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).

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- Definition

Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.