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 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash Flows from Operating Activities          
Net loss $ (871,161) $ 581,844 $ (1,824,703) $ (36,135,492)  
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:          
Depletion, depreciation and amortization     727,644 80,307  
Asset retirement obligation accretion 46,764 7,002 101,400 18,487 $ 27,971
Amortization of debt discount     8,366  
Change in fair value of derivative liabilities     (16,350) 4,357  
Gain on sale of assets (280,000)  
Bad debt expense     25,000  
Warrants issued as financing fees     50,758  
Stock-based compensation     358,255 2,689,949  
Impairment of furniture, equipment and software     13,783  
Impairment of oil and gas properties 2,322,255 2,322,255 2,322,255
Loss on acquisition and disposition of Bow Energy Ltd.   (32,999,330) 29,319,554  
Loss on related party debt settlement 203,349  
Loss on extinguishment of debt     260,162  
Equity settlement finance fee     76,537  
Warrant expense related to business combination     103,632  
Changes in operating assets and liabilities          
Accounts receivable     62,368 (241,701)  
Deposits     240,000  
Prepaid expenses     91,413 (6,823)  
Other current assets     (95,000)  
Bank indebtedness     17,322  
Accounts payable     93,021 273,541  
Accounts payable - related parties     (16,907) (6,140)  
Accrued liabilities     (25,618) 295,414  
Accrued liabilities - related parties     291,967 (171,792)  
Net cash flows from operating activities     (473,386) (618,299)  
Cash Flows from Investing Activities          
Purchase of working interest in Canadian Properties     (932,441)  
Escrow for property purchase     (771,902)  
Net cash disposed of in sale of Bow Energy Ltd.     (4,003)  
Proceeds on sale of NOACK property     495,000    
Net cash acquired in acquisition of Bow Energy Ltd.     3,784  
Cash flows from investing activities     (276,902) (932,660)  
Cash Flows from Financing Activities          
Proceeds from notes payable     1,025,000 1,000,000  
Repayments on notes payable     (5,286) (33,835)  
Proceeds from related party notes payable     356,998 278,410  
Repayments on related party notes payable     (423,703) (171,100)  
Process from issuance of common stock for exercise of warrant     179,675  
Shares to be issued     28,500  
Proceed from issuance of common stock     30,000 262,500  
Proceed from issuance of preferred stock     20,000  
Cash flows from financing activities     1,011,509 1,535,650  
Changes in foreign exchange rate     (202,628) (61,906)  
Net change in cash     58,593 (77,215)  
Cash at beginning of period     13,779 82,593 82,593
Cash at end of period $ 72,372 $ 5,378 72,372 5,378 $ 13,779
SUPPLEMENTAL DISCLOSURES          
Interest paid     60,074 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  
Shares cancelled as proceeds in sale of Bow Energy Ltd     4,956,519  
Settlement of account payable - related parties for common shares, related party     102,590  
Series A preferred dividends accrued     133,534 134,113  
Proceeds from notes payable paid directly by the related party creditor to seller for acquisition of working interests       313,775  
Debt discount on warrant issue     38,249  
Settlement of accrued liabilities related party for common shares     17,000  
Settlement of notes payable related party for common shares     113,000  
Debt cancelled in sale of Bow Energy Ltd (Note 5)     33,144  
Assumption of note payable by related party     125,000  
Note receivable recognized on sale of oil and gas properties     $ 120,000