Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.21.1
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, All Other Investments [Abstract]  
Schedule of Fair Value of Derivative Liabilites

Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:

 

September 30, 2019   Level 1     Level 2     Level 3     Total  
Derivative liabilities     —       —       20,663       20,663  
ARO liabilities     —       —       1,649,451       1,649,451  
                                 
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     (16,350 )
As at September 30, 2019   $ 20,663  
Schedule of Fair Value Assumptions of Derivative Liability

Expected life was determined based on historical exercise data of the Company.

 

    September 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%