Financials

v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 131,327 $ 89,730
Accounts receivable 137,801 137,769
Accounts receivable, related party 92,320 61,693
Production revenue receivable 21,182 100,546
Subscription receivable 250,000
Prepayments - development costs 35,272
Prepaid expenses 103,672 96,006
Total current assets 521,574 735,744
Oil and gas properties, net 30,857,959 40,182,043
Convertible note receivable 1,012,822
Office equipment, net 4,549 6,348
TOTAL ASSETS 32,396,904 40,924,135
Current liabilities:    
Accounts payable 1,026,950 1,444,002
Accrued payroll 1,213,779 996,176
Related party payables 98,805 45,000
Due to working interest owners 54,320 54,320
Accrued interest payable 503,229 445,861
Total current liabilities 2,897,083 13,962,486
Convertible notes payable and accrued interest 7,157,260
PPP note payable 77,477
Interest payable, net of current portion 283,080  
Asset retirement obligations 21,844 23,319
Total liabilities 19,753,486 25,857,739
Stockholders’ equity:    
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding December 31, 2020 and December 31, 2019
Common stock, par value $0.001; 150,000,000 shares authorized; 103,273,264 issued and outstanding at December 31, 2020; 76,222,042 issued and outstanding at December 31, 2019 103,276 76,225
Additional paid-in capital 124,475,739 114,143,872
Accumulated deficit (111,935,597) (99,153,701)
Total stockholders’ equity 12,643,418 15,066,396
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 32,396,904 40,924,135
12% Unsecured Promissory Notes [Member]    
Current liabilities:    
Convertible Notes Payable, Current 8,437,127
Convertible Debt, Noncurrent 12,430,821 3,940,703
10% Convertible Promissory Notes Payable [Member]    
Current liabilities:    
Convertible Notes Payable, Current 540,000
14% Convertible Promissory Notes Payable [Member]    
Current liabilities:    
Convertible Notes Payable, Current 2,000,000
Convertible Debt, Noncurrent 989,138
8% Convertible Promissory Notes Payable [Member]    
Current liabilities:    
Convertible Debt, Noncurrent 1,454,043 $ 773,971
Secured Notes Payable 2 [Member]    
Current liabilities:    
Convertible Debt, Noncurrent $ 1,600,000  
v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]    
Oil and gas sales $ 193,379 $ 746,263
Cost of revenues (188,481) (451,325)
Gross profit 4,898 294,938
Operating expenses:    
General and administrative 3,526,700 3,273,697
Depreciation, depletion and amortization 820,441 4,393,160
Loss on sale of oil and gas property 2,928,276
Impairment loss 2,108,301 1,494,769
Total operating expenses 9,383,718 9,161,626
Other income (expense)    
Loss on extinguishment of debt (1,999,866)
Debt conversion expense (176,400)
Interest expense and accretion of note discounts (1,239,532) (968,292)
Franchise tax (100) (4,441)
Interest income 12,822 25
Total expense, net (3,403,076) (972,708)
Loss before income taxes (12,781,896) (9,839,396)
Provision for income taxes
Net loss $ (12,781,896) $ (9,839,396)
Loss per common share:    
Basic and Diluted $ (0.14) $ (0.14)
Weighted average number of common shares outstanding:    
Basic and Diluted 90,721,599 72,857,079
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows From Operating Activities    
Net loss $ (12,781,896) $ (9,839,396)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 404,900 942,470
Stock issued for interest payments on notes payable 183,714
Accrued interest payable in stock 226,884 228,057
Bad debt expense 15,606 34,500
Amortization of debt issuance costs 309,821 286,584
Accretion of note discounts 82,605 229,166
Amortization of beneficial conversion on convertible notes 680,072 199,972
Debt conversion expense 176,400
Depreciation, depletion and amortization 820,441 4,393,160
Loss on extinguishment of debt 1,999,866
Loss on sale of oil and gas property 2,928,276
Impairment loss 2,108,301 1,494,769
Change in:    
Accounts receivable (15,638) 7,433
Accounts receivable, related party (30,627) (61,693)
Production revenue receivable 79,364 194,169
Prepayments - development costs 146,422
Other assets 6,362
Prepaid expenses (7,666) (35,026)
Accounts payable and accrued expenses 940,651 311,603
Related party payables 53,805
Accrued interest payable 663,562 1,135,801
Net cash from operating activities (1,345,273) (141,933)
Cash Flows From Investing Activities    
Investment in oil and gas properties (6,141,201) (8,783,658)
Convertible note receivable (12,822)
Proceeds from sale of oil and gas property 350,000
Purchase of property, plant, and equipment (6,564)
Net cash from investing activities (5,804,023) (8,790,222)
Cash Flows From Financing Activities    
Issuance of common stock, net of offering costs 6,513,416 3,446,880
Proceeds from stock subscription receivable 250,000
Proceeds from notes payable 77,477 4,010,000
Proceeds from convertible promissory notes 600,000 539,999
Payment for extension of debt maturity (250,000)
Proceeds from exercise of warrants into common stock 184,843
Net cash from financing activities 7,190,893 8,181,722
Net increase (decrease) in cash 41,597 (750,433)
Cash - beginning of year 89,730 840,163
Cash - end of year 131,327 89,730
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,595,154 1,554,510
Cash paid for state franchise tax 100 4,441
Supplemental disclosure of non-cash investing and financing activities:    
Debt converted by transfer of working interest 7,330,849
Common stock issued for prepayment of development costs 750,000
Common stock issued for oil and gas lease extension 125,000
Common stock issued for payment in kind on notes payable 314,107 314,108
Common stock issued for note principal and interest conversion 1,666,596 50,000
Common stock issued for note extension 16,000
Increase (decrease) in accounts payable for property development costs 1,025,100 (520,094)
Subscription receivable for sale of common stock 250,000
Beneficial conversion feature on convertible notes 1,145,546
Debt discount from fair value of warrants with convertible notes 240,455
Note receivable from third party 1,000,000
Account payable relieved in transfer of oil and gas properties $ 7,000