Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets    
Cash $ 98,268 $ 155,045
Accounts receivable 451,239 5,000
Other current assets 39,443 39,443
Total current assets 588,950 199,488
Oil and gas, on the basis of full cost accounting    
Evaluated properties 8,673,423 8,619,427
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation and depletion (3,085,709) (2,868,453)
Net property and equipment 5,788,824 5,952,084
Other assets    
Operating lease right-of-use asset 20,612 23,145
Other assets 997,516 985,187
Total Assets 7,395,902 7,159,904
Current liabilities    
Accounts payable 1,102,076 1,067,841
Accounts payable – related parties 587
Operating lease liability – current 11,028 13,107
Accrued liabilities 761,879 1,572,055
Accrued liabilities – related parties 738,757 751,949
Notes payable, current portion 3,239,546 3,037,737
Notes payable – related parties, current portion 950,516 1,035,329
Total current liabilities 6,803,802 7,478,605
Asset retirement obligations 3,746,828 3,624,133
Notes payable, net of current portion 573
Operating lease liability 13,718 13,909
Derivative liability 371,514 183,798
Total Liabilities 10,935,862 11,301,018
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; 176,988,322 and 168,696,226 shares issued and outstanding 176,988 168,696
Additional paid in capital 60,082,160 59,044,519
Shares to be issued
Accumulated other comprehensive income (264,105) (266,432)
Accumulated deficit (63,535,202) (63,088,096)
Total Stockholders’ Deficit (3,539,960) (4,141,114)
Total Liabilities and Stockholders’ Deficit $ 7,395,902 $ 7,159,904