Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities    
Net income (loss) $ 1,928,904 $ (10,309,019)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depletion, depreciation and amortization 403,145 1,147,281
Asset retirement obligation accretion 316,873 287,758
Operating Lease Accrual (2,783) 1,054
Amortization of debt discount 217,699 209,570
Change in fair value of derivative liabilities (161,244) 159,289
Warrants as finance fees 18,061 34,867
Stock-based compensation expense 211,481 244,520
PPP loan forgiven (56,680)
Gain on sale of assets (3,919,323)
Impairment of oil and gas properties 396,922
Loss on forfeiture 132,000 6,255,103
Accounts receivable (1,097)
Prepaids and other current assets 33,802 346,114
Accounts payable 88,190 462,979
Accounts payable – related parties 56,776 (25,000)
Accrued liabilities 178,194 792,578
Accrued liabilities – related parties 450,424 (281,615)
Net cash used in operating activities (105,578) (277,599)
Cash Flows from Investing Activities    
Cash used in investing activities
Cash Flows from Financing Activities    
Proceeds from issuance of Series C preferred stock 85,000
Proceeds from notes payable 10,000
Proceeds from Paycheck Protection Loan 56,680
Repayments of notes payable (120,890) (68,367)
Proceeds from related party notes payable 657,470
Repayments of related party notes payable (334,268)
Proceeds from exercise of warrants 119,375
Cash provided by financing activities (35,890) 440,890
Foreign currency remeasurement 481 (42,759)
Net change in cash (140,987) 120,532
Cash at beginning of period 155,045 34,513
Cash at end of period 14,058 155,045
SUPPLEMENTAL DISCLOSURES    
Interest paid 239,384 187,662
Income taxes paid
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Settlement of related party accrued liabilities for common shares 527,520 77,500
Settlement of notes payable related party for common shares 144,888
Modification of related party debt 181,791
Debt discount on warrant issue 499,170
Shares to be issued 119,375
Shares issued for related party expense 20,000
Issuing of previous shares to be issued 55,375
Accrued Series A preferred dividends 179,190 178,699
Accrued Series C preferred dividends 779
Series B Preferred Stock issued to directors 152,397
Utikuma acquisition – purchase price 678,675
Utikuma acquisition – initial ARO 906,146
Utikuma acquisition – extra cost triggered by WTI 787,250
Third party loan for Utikuma purchase 1,120,000
Related party loan payments on Company’s behalf 170,000
Capitalized accrued interest $ 238,768