Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash Flows from Operating Activities          
Net loss $ (4,338,125) $ (871,161) $ (6,495,504) $ (1,824,703)  
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:          
Depletion, depreciation and amortization     876,650 727,644  
Asset retirement obligation accretion 84,477 46,764 199,092 101,400 $ 149,624
Amortization of debt discount     146,562 8,366  
Change in fair value of derivative liabilities (75,362) 1,414 173,628 (16,350)  
Gain on sale of assets (280,000)  
Loss on TLSAU abandonment     3,225,928  
Warrants issued as financing fees     30,147 50,758  
Stock-based compensation     231,179 358,255  
Changes in operating assets and liabilities          
Accounts receivable     62,368  
Other assets (current and non-current)     44,949 (3,587)  
Accounts payable     268,099 93,021  
Accounts payable - related parties     (16,907)  
Accrued liabilities     357,899 (25,618)  
Accrued liabilities - related parties     196,938 291,967  
Net cash flows from operating activities     (744,433) (473,386)  
Cash Flows from Investing Activities          
Proceeds on sale of NOACK property     495,000  
Escrow for property purchase     (771,902)  
Cash flows from investing activities     (276,902)  
Cash Flows from Financing Activities          
Proceeds from issuance of common stock       30,000  
Proceeds from notes payable     95,385 1,025,000  
Repayments on notes payable     (4,619) (5,286)  
Proceeds from related party notes payable     615,000 356,998  
Repayments on related party notes payable     (55,003) (423,703)  
Shares to be issued     119,375 28,500  
Cash flows from financing activities     770,138 1,011,509  
Changes in foreign exchange rate     (53,344) (202,628)  
Net change in cash     (27,639) 58,593  
Cash at beginning of period     34,513 13,779 13,779
Cash at end of period $ 6,874 $ 72,372 6,874 72,372 $ 34,513
SUPPLEMENTAL DISCLOSURES          
Interest paid     113,756 60,074  
Income taxes paid      
NON-CASH INVESTING AND FINANCIAL DISCLOSURES          
Series A preferred dividends accrued     134,025 133,534  
Debt discount on warrant issue     332,881 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  
Shares for conversion of related party debt     12,500  
Issuing of previous shares to be issued     55,375  
Utikuma acquisition - purchase price     788,835  
Utikuma acquisition - initial ARO     906,146  
Third party loan for Utikuma purchase     1,120,000  
Related party loan payments on Company's behalf     $ 245,000