Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities    
Net income (loss) $ (1,393,684) $ (2,157,379)
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:    
Depletion, depreciation and amortization 436,424 523,307
Asset retirement obligation accretion 181,724 114,615
Operating lease (2,800)
Amortization of debt discount 122,429 101,256
Change in fair value of derivative liabilities 104,605 248,990
Stock-based compensation expense 54,923 155,211
Warrants issued as financing fees 16,614 20,555
Changes in operating assets and liabilities    
Accounts receivable (43)
Other current assets 172,854
Accounts payable 163,234 77,885
Accounts payable – related parties 15,452
Accrued liabilities (127,235) 162,901
Accrued liabilities – related parties 340,868 107,685
Net cash flows from operating activities (87,489) (472,120)
Cash Flows from Investing Activities    
Escrow for property purchase
Cash flows from investing activities
Cash Flows from Financing Activities    
Proceeds from notes payable 441,680
Repayments on notes payable (20,969) (37,319)
Proceeds from related party notes payable 200,000
Repayments on related party notes payable (17,613) (48,160)
Shares to be issued 69,375
Cash flows from financing activities (38,582) 625,576
Changes in foreign exchange rate 3,105 (108,692)
Net change in cash (122,966) 44,764
Cash at beginning of period 155,045 34,513
Cash at end of period 32,079 79,277
SUPPLEMENTAL DISCLOSURES    
Interest paid 165,354 101,693
Income taxes paid
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Series A preferred dividends accrued 89,568 89,350
Debt discount on warrant issue 332,881
Conversion of related party debt and payables 557,520
Modification of related party debt 181,250  
Settlement of notes payable related party for common shares 135,000 12,500
Issuing of previous shares to be issued 55,375
Utikuma acquisition – purchase price 788,835
Utikuma acquisition – initial ARO 906,146
Utikuma acquisition – extra cost triggered by WTI 787,250
Third party loan for Utikuma purchase $ 1,000,000