Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Cash Flows from Operating Activities          
Net loss $ (573,637) $ (1,570,931) $ (953,542) $ (30,847,969)  
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:          
Depletion, depreciation and amortization     447,828 31,914  
Asset retirement obligation accretion 45,047 5,846 54,636 11,485 $ 27,971
Amortization of debt discount     3,586    
Change in fair value of derivative liabilities     (17,764) (3,167)  
Gain on sale of assets (255,000) (255,000)  
Warrants issued as financing fees     32,758  
Stock-based compensation     238,814 2,462,079  
Impairment of goodwill related to Bow Energy Ltd., a related party   27,129,963  
Loss on related party debt settlement 203,349  
Loss on extinguishment of debt     260,162  
Equity settlement finance fee     45,476  
Warrant expense related to business combination     103,632  
Changes in operating assets and liabilities          
Accounts receivable     (76,405) (151,623)  
Deposits     114,921 240,000  
Other current assets     (120,000) 732  
Accounts payable     26,486 353,181  
Accounts payable - related parties     (11,210)  
Accrued liabilities     22,245  
Accrued liabilities - related parties     172,054  
Net cash flows from operating activities     (320,593) (160,786)  
Cash Flows from Investing Activities          
Escrow for property purchase     (628,035)  
Proceeds on sale of NOACK property     120,000  
Net cash acquired in acquisition of Bow Energy Ltd.     3,784  
Cash flows from investing activities     (508,035) 3,784  
Cash Flows from Financing Activities          
Proceeds from issuance of common stock     30,000  
Proceeds from notes payable     863,124 4,832  
Repayments on notes payable     (3,501) (31,695)  
Proceeds from related party notes payable     538,524 42,000  
Repayments on related party notes payable     (398,411) (47,600)  
Cash flows from financing activities     1,029,736 398,712  
Foreign currency remeasurement gain     (209,766) (69,725)  
Effect of exchange rate changes on cash     55,237  
Net change in cash     (8,658) (227,222)  
Cash at beginning of period     13,779 82,593 82,593
Cash at end of period $ 5,121 $ 309,815 5,121 309,815 $ 13,779
SUPPLEMENTAL DISCLOSURES          
Interest paid     289 25,452  
Income taxes paid      
NON-CASH INVESTING AND FINANCIAL DISCLOSURES          
Common shares issued for acquisition of Bow Energy Ltd.     34,607,088  
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     88,859 88,947  
Proceeds from notes payable paid directly by the third party creditor to seller for acquisition of working interests     800,000  
Proceeds from notes payable paid directly by the related party creditor to seller for acquisition of working interests     314,412  
Settlement of accrued liabilities - related parties for common shares     17,000  
Settlement of notes payable - related parties for common shares     103,000  
Debt discount for warrant issuance     38,249  
Note receivable recognized on sale of oil and gas property