Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets    
Cash $ 1,619,253 $ 14,058
Accounts receivable 363 5,942
Other current assets 6,397 5,641
Total current assets 1,626,013 25,641
Oil and gas, on the basis of full cost accounting    
Evaluated properties 6,609,918 6,797,025
Furniture, equipment & software 155,293 155,293
Less accumulated depreciation and depletion (730,320) (603,135)
Net property and equipment 6,034,891 6,349,183
Other assets    
Operating lease right-of-use asset 4,715 12,821
Other assets 1,293,503 1,450,841
Total Assets 8,959,122 7,838,486
Current liabilities    
Accounts payable 2,776,678 320,088
Accounts payable – related parties 7,181 57,363
Operating lease liability – current 4,987 13,909
Accrued liabilities 1,575,117 1,149,012
Accrued liabilities – related parties 930,084 862,158
Notes payable, current portion 3,208,887 3,438,162
Notes payable – related parties, current portion 774,560 779,373
Total current liabilities 9,277,494 6,620,065
Asset retirement obligations 2,290,757 2,257,027
Derivative liability 741 22,554
Total Liabilities 11,568,992 8,899,646
Stockholders’ Deficit    
Common stock, $0.001 par value; 400,000,000 shares authorized; 176,988,322 and 176,988,322 shares issued and outstanding 176,988 176,988
Additional paid in capital 60,243,573 60,216,722
Accumulated other comprehensive income (342,396) (269,155)
Accumulated deficit (62,841,731) (61,339,161)
Total Stockholders’ Deficit (2,609,870) (1,061,160)
Total Liabilities and Stockholders’ Deficit 8,959,122 7,838,486
Series A Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred stock, value 199 199
Series B Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred stock, value 152,397 152,397
Series C Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred stock, value $ 1,100 $ 850