Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.3
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities    
Net loss $ (38,028,610) $ (3,261,284)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depletion, depreciation and amortization 486,671 74,469
Asset retirement obligation accretion 27,971 49,753
Bad debt expense 25,000
Loss on related party debt settlement of accrued salaries 203,349 94,177
Change in fair value of derivative liabilities 7,001
Loss on extinguishment of debt 260,162
Equity settled finance fees 112,773 60,101
Warrant expense related to business combination 103,632
Stock-based compensation expense 3,451,739 899,420
Foreign currency remeasurement loss 11,710
Loss on acquisition and disposition of Bow Energy Ltd. 29,319,554
Loss on disposal of equipment 13,783
Impairment of oil and gas properties 2,322,255
Impairment of intangible assets 49,886
Guarantor fees 524,502
Interest on ORRI conversion 128,229
Loss on disposal of assets 3,677
Debt issuance costs 47,319
Changes in operating assets and liabilities    
Accounts receivable (211,332) (1,010)
Other current assets (6,187) 22,199
Deposits 240,000
Accounts payable 248,013 61,195
Accounts payable - related parties (14,794)
Accrued liabilities 354,410 164,307
Accrued liabilities - related parties (104,560)
Deferred salaries 195,789
Net cash used in operating activities (1,127,377) (937,157)
Cash Flows from Investing Activities    
Purchase of working interest in Canadian Properties (932,441)
Sale of NOACK property 135,000
Net cash acquired in acquisition of Bow Energy Ltd. 3,784
Net cash disposed of in sale of Bow Energy Ltd. (4,003)
Purchase of fixed assets (9,256)
Cash used in investing activities (797,660) (9,256)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 397,500 435,065
Proceeds from exercise of warrants 179,675
Proceeds from issuance of preferred stock 20,000 241,000
Proceeds from notes payable 1,000,000
Repayments of notes payable (41,325) (5,076)
Proceeds from related party notes payable 494,477 361,600
Repayments of related party notes payable (194,104) (69,000)
Cash paid for PORRI conversion (3,230)
Cash provided by financing activities 1,856,223 960,359
Net change in cash (68,814) 13,945
Cash at beginning of period 82,593 68,648
Cash at end of period 13,779 82,593
SUPPLEMENTAL DISCLOSURES    
Interest paid 28,057 23,210
Income taxes paid  
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Common shares issued for acquisition of Bow Energy Ltd. (Note 4) 34,607,088
Shares cancelled as proceeds in sale of Bow Energy Ltd. (Note 5) 4,956,519
Settlement of accrued salaries for related parties with common shares 61,621
Settlement of account payable - related parties for common shares, related party 102,590
Series A preferred dividends accrued 179,279 94,479
Proceeds from notes payable paid directly by the related party creditor to seller for acquisition of working interests 313,775
Warrants exercised with proceeds satisfied through settlement of debt 60,000
Note receivable recognized on sale of oil and gas property 240,000
Sale of vehicle to related party 8,677
Note payable for purchase of vehicle 35,677
Initial recognition of asset retirement obligation 101,405
Preferred shares issued for purchase of related party's equipment 30,000
Settlement of accounts receivable and other assets for oil and gas properties 465,788
Settlement of debt with preferred shares 154,000
Settlement of debt and advances with preferred shares - related parties 925,900
Settlement of debt with common shares 32,532
Settlement of ORRI investments with preferred shares 231,000
Settlement of ORRI investments with preferred shares - related parties 174,000
Settlement of related party debt with shares of common stock, preferred stock and warrants $ 4,033,151