Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.22.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Oil and gas sales    
Total Revenue $ 1,082,248 $ 481,121
Operating expenses    
Lease operating expense 535,393 603,249
Production tax 1,163 678
General and administrative expenses 331,014 245,263
Depreciation, depletion and amortization 183,139 302,378
Asset retirement obligation accretion 88,206 48,945
Total operating expenses 1,138,915 1,200,693
Loss from operations (56,667) (719,572)
Other income (expenses)    
Interest expense (158,048) (185,813)
Other income 407
Change in fair value of derivative liabilities (187,716) (126,675)
Total other income (expenses) (345,764) (312,081)
Net loss before taxes (402,431) (1,031,653)
Series A Preferred Dividends (44,675) (44,675)
Net loss attributable to common stockholders $ (447,106) $ (1,076,328)
Income (loss) per share    
(Basic & diluted) $ 0.00 $ (0.01)
Weighted average number of common shares outstanding, basic & diluted 170,685,245 165,140,155
Other comprehensive income, net of tax    
Foreign currency translation adjustments $ 2,327 $ (127,548)
Comprehensive income (loss) (444,779) (1,203,876)
Oil and Gas Sales [Member]    
Oil and gas sales    
Total Revenue $ 1,082,248 $ 481,121