Financials

v3.21.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 13,154,580 $ 131,327
Convertible note receivable 10,089,863
Accounts receivable 137,801 137,801
Accounts receivable, related party 99,820 92,320
Production revenue receivable 21,182
Prepayments - development costs 35,272
Prepaid expenses 54,283 103,672
Total current assets 23,536,347 521,574
Oil and gas properties, net 31,441,701 30,857,959
Convertible note receivable 1,032,548 1,012,822
Office equipment, net 4,128 4,549
TOTAL ASSETS 56,014,724 32,396,904
Current liabilities:    
Accounts payable 590,396 1,026,950
Accrued payroll 1,213,779
Related party payables 45,000 98,805
Due to working interest owners 54,320 54,320
Accrued interest payable 503,229
Total current liabilities 689,716 2,897,083
PPP note payable 77,477
Interest payable, net of current portion 283,080
Asset retirement obligations 21,937 21,844
Total liabilities 711,653 19,753,486
Stockholders’ equity:    
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding March 31, 2021 and December 31, 2020
Common stock, par value $0.001; 150,000,000 shares authorized; 145,313,667 issued and outstanding at March 31, 2021; 103,273,264 issued and outstanding at December 31, 2020 145,317 103,276
Additional paid-in capital 169,149,039 124,475,739
Accumulated deficit (113,991,285) (111,935,597)
Total stockholders’ equity 55,303,071 12,643,418
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 56,014,724 32,396,904
12% Unsecured Promissory Notes [Member]    
Current liabilities:    
Convertible Debt, Noncurrent 12,430,821
8% Convertible Promissory Notes Payable [Member]    
Current liabilities:    
Convertible Debt, Noncurrent 1,454,043
6% Secured Convertible Promissory Note [Member]    
Current liabilities:    
Convertible Debt, Noncurrent 1,600,000
14% Convertible Promissory Notes Payable [Member]    
Current liabilities:    
Convertible Debt, Noncurrent $ 989,138
v3.21.1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Oil and gas sales $ 2,471 $ 84,620
Cost of revenues (14,492) (67,858)
Gross profit (12,021) 16,762
Operating expenses:    
General and administrative 1,722,805 1,047,624
Depreciation, depletion and amortization 421 447,405
Loss on extinguishment of debt 1,829,651
Total operating expenses 1,723,226 3,324,680
Other income (expense)    
Interest expense and accretion of note discounts (507,965) (385,945)
Forgiveness of PPP loan 77,477
Interest income 110,047
Total expense, net (320,441) (385,945)
Loss before income taxes (2,055,688) (3,693,863)
Provision for income taxes
Net loss $ (2,055,688) $ (3,693,863)
Basic and Diluted $ (0.02) $ (0.05)
Basic and Diluted 129,609,037 79,595,394
v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities    
Net loss $ (2,055,688) $ (3,693,863)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 34,250 230,650
Accrued interest payable in stock 305,202
Amortization of debt issuance costs 71,647
Accretion of note discounts 57,291
Amortization of beneficial conversion on convertible notes 505,957 120,410
PPP loan forgiveness (77,477)
Depreciation, depletion and amortization 421 447,405
Loss on extinguishment of debt 1,829,651
Change in:    
Accounts receivable - related party (7,500) (23,047)
Production revenue receivable 21,182 29,440
Prepayment of development costs 35,272
Prepaid expenses 49,389 34,335
Accounts payable and accrued expenses (1,654,550) 247,269
Related party payables (53,805)
Accrued interest payable (334,164) 22,268
Net cash from operating activities (3,536,713) (321,342)
Cash Flows From Investing Activities    
Investment in oil and gas properties (579,433) (2,212,852)
Convertible note receivable (10,109,589)
Net cash from investing activities (10,689,022) (2,212,852)
Cash Flows From Financing Activities    
Issuance of common stock, net of offering costs 25,929,649 2,357,118
Proceeds from stock subscription receivable 250,000
Payment for extension of debt maturity (80,000)
Proceeds from exercise of warrants into common stock 1,319,339
Net cash from financing activities 27,248,988 2,527,118
Net increase (decrease) in cash 13,023,253 (7,076)
Cash - beginning of period 131,327 840,163
Cash - end of period 13,154,580 833,087
Supplemental disclosure of cash flow information:    
Cash paid for interest 475,305 399,677
Supplemental disclosure of non-cash investing and financing activities:    
Debt converted by transfer of working interest 7,330,849
Common stock issued for payment in kind on notes payable 248,479
Common stock issued for note principal and interest conversion 17,263,665
Increase in accounts payable for property development costs $ 4,217 $ 839,855