Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.21.1
Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2019
Investments, All Other Investments [Abstract]  
Schedule of Fair Value of Derivative Liabilites
June 30, 2019   Level 1     Level 2     Level 3     Total  
Derivative liabilities                 19,249       19,249  
ARO liabilities                 1,617,563       1,617,563  
                                 
December 31, 2018                                
Derivative liabilities                 37,013       37,013  
ARO liabilities                 1,509,622       1,509,622  
Schedule of Derivative Liabilities

A summary of the activity of the Company’s derivative liabilities is shown below:

 

       
Balance, January 1, 2018   $  
Additions     30,012  
Fair value adjustments     7,001  
As at December 31, 2018     37,013  
Fair value adjustment     (17,764 )
As at June 30, 2019   $ 19,249  
Schedule of Fair Value Assumptions of Derivative Liability

Derivative liability classified warrants were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined based on historical exercise data of the Company.

 

    June 30, 2019     December 31, 2018  
Risk-free interest rate     2.27 %     2.48% - 2.88 %
Expected life     2.1 years       2.4 - 3.0 years  
Expected dividend rate     0 %     0 %
Expected volatility     208 %     202% - 293 %