Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Loss

v3.21.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Total revenue $ 2,916,734 $ 1,173,060
Operating expenses    
Lease operating expense 3,382,133 1,537,405
Production tax 4,966 4,014
General and administrative expenses 1,412,249 4,827,429
Depreciation, depletion and amortization 1,037,019 486,671
Asset retirement obligation accretion 149,624 27,971
Impairment of oil and gas properties 2,322,255
Impairment of intangible assets 49,886
Total operating expenses 5,985,991 9,255,631
Loss from operations (3,069,256) (8,082,571)
Other income (expenses)    
Loss on disposal of equipment (13,783)
Interest expense (279,141) (156,861)
Foreign exchange gain 62,004 14,671
Loss on related party debt settlement of accrued salaries (203,349)
Change in fair value of derivative liabilities 12,504 (7,001)
Gain on settlement of accrued compensation 92,750
Gain on sale of assets 280,000
Loss on debt extinguishment (260,162)
Loss on acquisition and disposition of Bow Energy Ltd. (29,319,554)
Other income 10,242
Total other income (expense) 178,359 (29,946,039)
Net loss before taxes (2,890,898) (38,028,610)
Income tax provision (benefit)
Net loss (2,890,898) (38,028,610)
Series A preferred dividends (178,208) (179,279)
Net loss attributable to common stockholders $ (3,069,106) $ (38,207,889)
Loss per share    
(Basic and fully diluted) $ (0.02) $ (0.21)
Weighted average number of common shares outstanding, basic and diluted 162,673,726 184,564,874
Other comprehensive income (loss)    
Foreign currency translation adjustments $ (226,838) $ 8,273
Comprehensive loss (3,295,944) (38,020,337)
Oil and Gas Sales [Member]    
Total revenue $ 2,916,734 $ 1,173,060