Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Loss

v3.22.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Total revenue $ 2,892,241 $ 2,916,734
Operating expenses    
Lease operating expense 3,627,541 3,382,133
Production tax 3,066 4,966
General and administrative expenses 864,583 1,412,249
Depreciation, depletion and amortization 1,147,281 1,037,019
Asset retirement obligation accretion 287,758 149,624
Loss on forfeiture 6,255,103
Impairment of oil and gas properties 396,922
Total operating expenses 12,582,254 5,985,991
Loss from operations (9,690,013) (3,069,256)
Other income (expenses)    
Interest expense (735,622) (279,141)
Foreign exchange gain (loss) 62,004
Change in fair value of derivative liabilities (159,289) 12,504
Other income (expense) 275,905 10,242
Gain on sale of assets 280,000
Gain/(loss) on related party debt settlement of accrued salaries 92,750
Total other income (expenses) (619,006) 178,359
Net loss before taxes (10,309,019) (2,890,898)
Income tax provision (benefit)
Net Loss (10,309,019) (2,890,898)
Series A preferred dividends (178,699) (178,208)
Net loss attributable to common stockholders (10,487,718) (3,069,106)
Other comprehensive income, net of tax    
Foreign currency translation adjustments (47,867) (226,838)
Comprehensive loss $ (10,535,585) $ (3,295,944)
Loss per share    
(Basic and diluted) $ (0.06) $ (0.02)
Weighted average number of common shares outstanding, basic and diluted 165,389,389 162,955,319
Oil and Gas Sales [Member]    
Total revenue $ 2,892,241 $ 2,916,734