Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets    
Cash $ 6,874 $ 34,513
Accounts receivable 5,000 5,000
Other current assets 39,443
Other current assets - related parties 484,864 135,195
Total current assets 536,181 174,708
Oil and gas, on the basis of full cost accounting    
Evaluated properties 11,355,742 12,913,972
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation and depletion (2,502,963) (1,663,994)
Net property and equipment 9,053,889 11,451,088
Other assets 572,585 944,055
Total Assets 10,162,655 12,569,851
Current liabilities    
Accounts payable 883,178 598,028
Accounts payable - related parties 587 25,587
Accrued liabilities 1,166,085 677,891
Accrued liabilities - related parties 1,250,502 1,053,564
Notes payable, current portion 782,511 653,540
Notes payable - related parties, current portion 1,263,495 983,291
Total current liabilities 5,346,358 3,991,901
Asset retirement obligations 2,811,869 1,723,364
Notes payable, net of current portion 2,325,010 1,443,538
Derivative liability 198,137 24,509
Total Liabilities 10,681,374 7,183,312
Stockholders' Deficit    
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 199,100 shares issued and outstanding 199 199
Common stock, $0.001 par value; 400,000,000 shares authorized; 165,296,226 and 164,548,726 shares issued and outstanding 165,296 164,549
Additional paid in capital 58,646,694 57,985,359
Shares to be issued 119,375 55,375
Accumulated other comprehensive income (220,376) (218,565)
Accumulated deficit (59,229,907) (52,600,378)
Total Stockholders' Deficit (518,719) 5,386,539
Total Liabilities and Stockholders' Deficit $ 10,162,655 $ 12,569,851