Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities    
Net loss $ (2,890,898) $ (38,028,610)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depletion, depreciation and amortization 1,037,019 486,671
Asset retirement obligation accretion 149,624 27,971
Bad debt expense 25,000
Amortization of debt discount 13,148
Loss on related party debt settlement of accrued salaries 203,349
Change in fair value of derivative liabilities (12,504) 7,001
Loss on extinguishment of debt 260,162
Equity settled finance fees 112,773
Warrant expense related to business combination 72,037 103,632
Stock-based compensation expense 473,353 3,451,739
Gain on settlement of accrued salaries (92,750)
Gain on extinguishment of debt (32,600)
Gain on sale of assets (280,000)
Loss on acquisition and disposition of Bow Energy Ltd. 29,319,554
Loss on disposal of equipment 13,783
Impairment of oil and gas properties 2,322,255
Impairment of intangible assets 49,886
Changes in operating assets and liabilities    
Accounts receivable (5,000) (211,332)
Prepaids 1,379
Other current assets (6,187)
Deposits 240,000
Accounts payable 333,375 248,013
Accounts payable - related parties (16,907) (14,794)
Accrued liabilities (108,676) 354,410
Accrued liabilities - related parties 513,681 (104,560)
Net cash used in operating activities (845,719) (1,139,087)
Cash Flows from Investing Activities    
Purchase of working interest in Canadian Properties (944,055) (932,441)
Sale of NOACK property 120,000 135,000
Proceeds from 2nd NOACK sale 375,000
Net cash acquired in acquisition of Bow Energy Ltd. 3,784
Net cash disposed of in sale of Bow Energy Ltd. (4,003)
Cash used in investing activities (449,055) (797,660)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 30,000 397,500
Proceeds from exercise of warrants 179,675
Proceeds from issuance of preferred stock 20,000
Proceeds from notes payable 1,225,000 1,000,000
Repayments of notes payable (7,096) (41,325)
Proceeds from related party notes payable 797,793 494,477
Repayments of related party notes payable (558,726) (194,104)
Shares to be issued 55,375
Cash provided by financing activities 1,542,346 1,856,223
Foreign exchange (226,838) 11,710
Net change in cash 20,734 (68,814)
Cash at beginning of period 13,779 82,593
Cash at end of period 34,513 13,779
SUPPLEMENTAL DISCLOSURES    
Interest paid 82,657 28,057
Income taxes paid
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Settlement of related party accrued liabilities for common shares 17,000
Settlement of notes payable related party for common shares 113,000
Assumption of note payable by related party 125,000
Common shares issued for acquisition of Bow Energy Ltd. (Note 4) 34,607,088
Shares cancelled as proceeds in sale of Bow Energy Ltd. (Note 5) 4,956,519
Debt discount from warrant issuance 38,249
Settlement of accrued salaries for related parties with common shares 61,621
Settlement of account payable - related parties for common shares, related party 102,590
Accrued Series A preferred dividends 178,208 179,279
Proceeds from notes payable paid directly by the related party creditor to seller for acquisition of working interests 313,775
Warrants exercised with proceeds satisfied through settlement of debt 60,000
Note receivable recognized on sale of oil and gas property $ 240,000