| Segment Reporting |
NOTE
15. SEGMENT REPORTING
The
Company has a single reportable operating segment, Oil and Gas Exploration and Production, which includes exploration, development,
and production of current and potential oil and gas properties. Results of operations from producing activities were as follows
for the years ended December 31, 2018 and 2017:
| |
|
Canada |
|
|
United
States |
|
|
Total |
|
| Year
ended December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
1,118,283 |
|
|
$ |
54,777 |
|
|
$ |
1,173,060 |
|
| Production
costs |
|
|
(1,239,317 |
) |
|
|
(302,102 |
) |
|
|
(1,541,419 |
) |
| Depreciation,
depletion, amortization and accretion |
|
|
(440,075 |
) |
|
|
(50,898 |
) |
|
|
(490,973 |
) |
| Results
of operations from producing activities |
|
$ |
(561,109 |
) |
|
$ |
(298,223 |
) |
|
$ |
(859,332 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
long-lived assets |
|
$ |
2,030,090 |
|
|
$ |
10,625,080 |
|
|
$ |
12,408,907 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Year
ended December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
— |
|
|
$ |
148,835 |
|
|
$ |
148,835 |
|
| Production
costs |
|
|
— |
|
|
|
(416,232 |
) |
|
|
(416,232 |
) |
| Depreciation,
depletion, amortization and accretion |
|
|
— |
|
|
|
(71,982 |
) |
|
|
(71,982 |
) |
| Results
of operations from producing activities |
|
$ |
— |
|
|
$ |
(339,379 |
) |
|
$ |
(339,379 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
long-lived assets |
|
$ |
— |
|
|
$ |
13,434,960 |
|
|
$ |
13,434,960 |
|
The
Company’s revenues are derived from the following major customers:
| |
|
December
31, 2018 |
|
|
December
31, 2017 |
|
| Customer
A |
|
$ |
1,118,283 |
|
|
$ |
— |
|
| Customer
B |
|
|
54,777 |
|
|
|
137,635 |
|
| Other
customers |
|
|
— |
|
|
|
11,200 |
|
| Total
revenues |
|
$ |
1,173,060 |
|
|
$ |
148,835 |
|
|