Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets    
Cash $ 155,045 $ 34,513
Accounts receivable 5,000 5,000
Other current assets 39,443 135,195
Total current assets 199,488 174,708
Oil and gas, on the basis of full cost accounting:    
Evaluated Properties 8,619,427 12,913,972
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation & depletion (2,868,453) (1,663,994)
Net property and equipment 5,952,084 11,451,088
Other assets    
Operating Lease Right-of-Use Asset 23,145  
Other assets 985,187 944,055
Total Assets 7,159,904 12,569,851
Current liabilities    
Accounts payable 1,067,841 598,029
Accounts payable - related parties 587 25,587
Operating Lease Liability 13,107
Accrued liabilities 1,572,055 677,890
Accrued liabilities - related parties 751,949 1,053,564
Notes payable - short term 3,037,737 653,540
Notes payable - related party 1,035,329 983,291
Total current liabilities 7,478,605 3,991,901
Asset retirement obligations 3,624,133 1,723,364
Operating Lease Liability 13,909
Notes payable 573 1,443,538
Derivative liability 183,798 24,509
Total Liabilities 11,301,018 7,183,312
Stockholders’ Equity (Deficit)    
Preferred stock, $0.001 par value; 1,000,000 shares authorized; 199,100 and 199,100 shares issued and outstanding 199 199
Common stock, $0.001 par value; 400,000,000 shares authorized; 168,696,226 and 164,548,726 shares issued and outstanding 168,696 164,549
Additional paid in capital 59,044,519 57,985,359
Shares to be issued 55,375
Accumulated other comprehensive income (loss) (266,432) (218,565)
Accumulated deficit (63,088,096) (52,600,378)
Total Stockholders’ Equity (Deficit) (4,141,114) 5,386,539
Total Liabilities and Stockholders’ Equity (Deficit) $ 7,159,904 $ 12,569,851