Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities    
Net loss $ (30,847,969) $ (1,725,416)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:    
Depletion, depreciation and amortization 31,914 37,404
Asset retirement obligation accretion 11,485 24,205
Interest on ORRI conversion   128,229
Impairment of goodwill related to Bow Energy Ltd. a related party 27,129,963  
Loss on related party debt settlement of accrued salaries 203,349 88,755
Loss on sale of vehicle   3,677
Change in fair value of derivative liabilities (3,167)  
Loss on extinguishment of debt 260,162  
Equity settled finance fee 45,476 107,420
Warrant expense related to business combination 103,632  
Stock-based compensation 2,462,079 560,630
Foreign currency re-measurement gain (69,725)  
Changes in operating assets and liabilities    
Accounts receivable (151,623) 33,949
Deposits 240,000  
Other current assets 732 26,722
Accounts payable and accrued liabilities 353,181 184,959
Net cash flows from operating activities (230,511) (529,466)
Cash Flows from Investing Activities    
Purchase of fixed asset   (9,256)
Net cash acquired from purchase of Bow Energy Ltd., a related party 3,784  
Cash flows from investing activities 3,784 (9,256)
Cash Flows from Financing Activities    
Proceed from issuance of common stock 262,500 48,000
Proceeds from issuance of common stock for exercise of warrant 148,675  
Proceed from issuance of preferred stock 20,000 241,000
Cash paid for PORRI conversion   (3,230)
Payments on notes payable (31,695) (2,484)
Repayments to related party (47,600) (14,000)
Proceeds from related party 42,000 206,500
Proceeds from notes payable 4,832  
Cash flows from financing activities 398,712 475,786
Effect of exchange rate changes on cash 55,237  
Net change in cash 227,222 (62,936)
Cash at beginning of period 82,593 68,648
Cash at end of period $ 309,815 $ 5,712