Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

v3.19.3
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Oil and gas sales $ 71,142 $ 128,675 $ 619,054 $ 893,101
Cost of revenues (117,104) (182,294) (358,424) (595,622)
Gross profit (45,962) (53,619) 260,630 297,479
Operating expenses:        
General and administrative expenses (849,425) (747,357) (2,552,901) (3,330,790)
Depreciation, depletion and amortization (27,355) (106,136) (355,050) (368,074)
Loss on settlement 0 0 0 (369,439)
Impairment loss 0 0 (474,357) (139,891)
Total operating expenses (876,780) (853,493) (3,382,308) (4,208,194)
Other income (expense)        
Interest expense and accretion of note discounts (328,895) (128,226) (694,077) (391,428)
Franchise tax 0 0 (4,442) 0
Interest income 0 261 52 745
Total (expense), net (328,895) (127,965) (698,467) (390,683)
Loss before income taxes (1,251,637) (1,035,077) (3,820,145) (4,301,398)
Provision for income taxes 0 0 0 0
Net loss $ (1,251,637) $ (1,035,077) $ (3,820,145) $ (4,301,398)
Loss per share: basic and diluted $ (0.02) $ (0.01) $ (0.05) $ (0.06)
Weighted average shares outstanding: basic and diluted 73,930,596 70,080,854 72,350,083 67,468,291