Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED CONDENSED BALANCE SHEETS

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CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash $ 760,455 $ 840,163
Accounts receivable 236,158 179,702
Production revenue receivable 47,592 294,715
Prepayments - development costs 1,781 146,422
Prepaid expenses 167,245 60,980
Total current assets 1,213,231 1,521,982
Oil and gas properties, net 42,316,936 36,565,461
Office equipment, net 6,829 4,076
Other assets 0 6,362
TOTAL ASSETS 43,536,996 38,097,881
Current liabilities:    
Accounts payable 514,527 729,806
Unsecured promissory notes, net of discount and financing costs of $315,404 at September 30, 2019 12,248,893 0
Notes payable 8,000,000 0
Accrued payroll 951,176 816,176
Related party payables 45,000 45,000
Due to working interest owners 54,320 54,320
Accrued interest payable 1,205,665 553,370
Total current liabilities 23,019,581 2,198,672
Unsecured promissory notes, net of discount 0 11,862,080
Convertible promissory notes payable, net of discount of $1,283,658 676,342 0
Notes payable 0 6,000,000
Asset retirement obligations 23,176 14,353
Total liabilities 23,719,099 20,075,105
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding at September 30, 2019 and December 31, 2018 0 0
Common stock, par value $0.001 per share; 150,000,000 shares authorized; 74,255,375 issued and outstanding at September 30, 2019, 70,112,376 issued and outstanding at December 31, 2018 74,258 70,116
Additional paid-in capital 112,878,089 107,266,965
Accumulated deficit (93,134,450) (89,314,305)
Total stockholders' equity 19,817,897 18,022,776
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 43,536,996 $ 38,097,881