Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.19.3
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Total revenue $ 1,173,060 $ 148,835
Operating expenses    
Lease operating expense 1,537,405 407,035
Production tax 4,014 9,197
General and administrative expenses 4,827,429 2,550,481
Depreciation, depletion and amortization 486,671 74,469
Asset retirement obligation accretion 27,971 49,753
Impairment of oil and gas properties 2,322,255
Impairment of intangible assets 49,886
Total operating expenses 9,255,631 3,090,935
Loss from operations (8,082,571) (2,942,100)
Other income (expenses)    
Loss on disposal of equipment (13,783)
Interest expense (156,861) (265,813)
Foreign exchange gain 14,671
Loss on related party debt settlement of accrued salaries (203,349) (94,177)
Change in fair value of derivative liabilities (7,001)
Loss on debt extinguishment (260,162)
Loss on acquisition and disposition of Bow Energy Ltd. (29,319,554)
Other income 40,806
Total other income (expense) (29,946,039) (319,184)
Net loss before taxes (38,028,610) (3,261,284)
Income tax provision (benefit)
Net loss (38,028,610) (3,261,284)
Series A preferred dividends (179,279) (94,479)
Net loss attributable to common stockholders $ (38,207,889) $ (3,355,763)
Loss per share    
(Basic and fully diluted) $ (0.21) $ (0.04)
Weighted average number of common shares outstanding, basic and diluted 184,564,874 93,545,807
Other comprehensive income    
Foreign currency translation adjustments $ 8,273
Comprehensive loss (38,020,337) (3,261,284)
Oil and Gas Sales [Member]    
Total revenue $ 1,173,060 $ 148,835