Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.21.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Total Revenue $ 800,006 $ 23,761 $ 1,619,344 $ 53,741
Operating expenses        
Lease operating expense 949,410 69,318 1,645,143 142,880
Production tax 2,439 1,314 3,607 3,113
General and administrative expenses 357,457 1,216,630 686,491 3,113,753
Depreciation, depletion and amortization 246,055 12,757 447,828 31,914
Asset retirement obligation accretion 45,047 5,846 54,636 11,485
Total operating expenses 1,600,408 1,305,865 2,837,705 3,303,145
Loss from operations (800,402) (1,282,104) (1,218,361) (3,249,404)
Other income (expenses)        
Interest expense (61,104) (48,219) (103,654) (77,983)
Loss on related party debt settlement of accrued salaries (203,349)
Loss on debt extinguishment (260,162) (260,162)
Foreign currency remeasurement gain 16,387 51,528 69,725
Gain on sale of assets 255,000 255,000
Other income (expense) 34,181 44,181
Gain/(loss) on acquisition and disposition of Bow Energy Ltd. (27,129,963)
Change in fair value of derivative liabilities (1,311) 3,167 17,764 3,167
Total other income (expenses) 226,766 (288,827) 264,819 (27,598,565)
Net loss (573,637) (1,570,931) (953,542) (30,847,969)
Series A Preferred Dividends (44,675) (44,941) (88,859) (88,947)
Net Loss Attributable to Common Stockholders (618,311) (1,615,872) (1,042,401) (30,936,916)
Other comprehensive income, net of tax        
Foreign currency translation adjustments (197,858) 83,804 (209,766) 37,157
Comprehensive loss attributable to Common Stockholders $ (816,169) $ (1,532,068) $ (1,252,167) $ (30,899,759)
Loss per share        
(Basic and fully diluted) $ (0.00) $ (0.01) $ (0.01) $ (0.18)
Weighted average number of shares of common stock outstanding 162,673,726 22,680,255 162,673,726 173,128,467
Oil and Gas Sales [Member]        
Total Revenue $ 800,006 $ 23,761 $ 1,619,344 $ 53,741