Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current assets    
Cash $ 926,228 $ 1,425,335
Held-for-trading securities 336,103
Accounts receivable 58 290
Other current assets 641 5,641
Total current assets 1,263,030 1,431,266
Oil and gas, on the basis of full cost accounting    
Evaluated properties 6,691,605 6,638,037
Furniture, equipment & software 155,293 155,293
Less accumulated depreciation and depletion (884,796) (807,047)
Net property and equipment 5,962,102 5,986,283
Other assets    
Operating lease right-of-use asset 20,311 23,086
Notes receivable 376,550
Other assets 983,881 956,928
Total Assets 8,229,324 8,774,113
Current liabilities    
Operating lease liability – current 5,833 5,482
Accrued liabilities 1,199,411 1,151,328
Accrued liabilities – related parties 1,761,143 1,536,247
Total current liabilities 9,945,368 9,242,317
Asset retirement obligations 2,426,523 2,301,335
Operating lease liability 14,918 17,714
Total Liabilities 12,386,809 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 60,245,657 60,244,255
Accumulated other comprehensive income (378,822) (349,065)
Accumulated deficit (64,355,004) (63,013,127)
Total Stockholders’ Deficit (4,157,485) (2,787,253)
Total Liabilities and Stockholders’ Deficit 8,229,324 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 188,412 223,453
Notes payable current portion 142,082 398,837
Related Party [Member]    
Current liabilities    
Accounts payable 3,404,178 2,466,155
Notes payable current portion [1] $ 3,244,309 $ 3,460,815
[1] All notes are current liabilities (due within one year or less from June 30, 2023.)