Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current assets    
Cash $ 1,012,859 $ 1,425,335
Held-for-trading securities 403,458
Accounts receivable 263 290
Other current assets 641 5,641
Total current assets 1,417,221 1,431,266
Oil and gas, on the basis of full cost accounting    
Evaluated properties 6,639,933 6,638,037
Furniture, equipment & software 155,293 155,293
Less accumulated depreciation and depletion (852,303) (807,047)
Net property and equipment 5,942,923 5,986,283
Other assets    
Operating lease right-of-use asset 21,706 23,086
Notes receivable 221,680 376,550
Other assets 966,010 956,928
Total Assets 8,569,540 8,774,113
Current liabilities    
Operating lease liability – current 5,656 5,482
Accrued liabilities 950,797 1,151,328
Accrued liabilities – related parties 1,892,584 1,536,247
Total current liabilities 9,525,711 9,242,317
Asset retirement obligations 2,350,530 2,301,335
Operating lease liability 16,325 17,714
Total Liabilities 11,892,566 11,561,366
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 60,244,913 60,244,255
Accumulated other comprehensive income (354,102) (349,065)
Accumulated deficit (63,544,521) (63,013,127)
Total Stockholders’ Deficit (3,323,026) (2,787,253)
Total Liabilities and Stockholders’ Deficit 8,569,540 8,774,113
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 1,100
Nonrelated Party [Member]    
Current liabilities    
Accounts payable 283,791 223,453
Notes payable, current portion 272,231 398,837
Related Party [Member]    
Current liabilities    
Accounts payable 2,839,950 2,466,155
Notes payable, current portion $ 3,280,702 $ 3,460,815