Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.22.4
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Oil and gas sales    
Total Revenue $ 1,836,360 $ 1,082,248
Operating expenses    
Lease operating expense 1,275,837 535,393
Production tax 438 1,163
General and administrative expenses 147,846 331,014
Depreciation, depletion and amortization 52,516 183,139
Asset retirement obligation accretion 42,478 88,206
Total operating expenses 1,519,115 1,138,915
Gain (loss) from operations 317,245 (56,667)
Other income (expenses)    
Interest expense (124,937) (158,048)
Other income 5,521
Change in fair value of derivative liabilities 17,485 (187,716)
Total other income (expenses) (101,931) (345,764)
Net income (loss) before taxes 215,314 (402,431)
Series A Preferred Dividends (44,797) (44,675)
Series C Preferred Dividends (2,066)
Net income (loss) attributable to common stockholders 168,451 (447,106)
Other comprehensive income, net of tax    
Foreign currency translation adjustments 29,857 2,327
Comprehensive income (loss) $ 198,308 $ (444,779)
Gain (loss) per share    
(Basic & diluted) $ 0.00 $ (0.00)
Weighted average number of common shares outstanding, basic & diluted 176,988,322 170,685,245
Oil and Gas Sales [Member]    
Oil and gas sales    
Total Revenue $ 1,836,360 $ 1,082,248