Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (10,309,019) $ (2,890,898)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depletion, depreciation and amortization 1,147,281 1,037,019
Asset retirement obligation accretion 287,758 149,624
Operating Lease Accrual 1,054  
Amortization of debt discount 209,570 13,148
Change in fair value of derivative liabilities 159,289 (12,504)
Warrant expense related to business combination 34,867 72,037
Stock-based compensation expense 244,520 473,353
Gain on settlement of accrued salaries (92,750)
Gain on extinguishment of debt (32,600)
Gain on sale of assets (280,000)
Impairment of oil and gas properties 396,922
Loss on forfeiture 6,255,103
Accounts receivable (5,000)
Prepaids and other current assets 346,114 1,379
Accounts payable 462,979 333,375
Accounts payable – related parties (25,000) (16,907)
Accrued liabilities 792,578 (108,676)
Accrued liabilities – related parties (281,615) 513,681
Net cash used in operating activities (277,599) (845,719)
Cash Flows from Investing Activities    
Purchase of working interest in Canadian Properties (944,055)
Sale of NOACK property 120,000
Proceeds from 2nd NOACK sale 375,000
Cash used in investing activities (449,055)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 30,000
Proceeds from notes payable 10,000 1,225,000
Proceeds from Paycheck Protection Loan 56,680  
Repayments of notes payable (68,367) (7,096)
Proceeds from related party notes payable 657,470 797,793
Repayments of related party notes payable (334,268) (558,726)
Proceeds from exercise of warrants 119,375 55,375
Cash provided by financing activities 440,890 1,542,346
Foreign exchange (42,759) (226,838)
Net change in cash 120,532 20,734
Cash at beginning of period 34,513 13,779
Cash at end of period 155,045 34,513
SUPPLEMENTAL DISCLOSURES    
Interest paid 187,662 82,657
Income taxes paid
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Settlement of related party accrued liabilities for common shares 77,500 17,000
Settlement of notes payable related party for common shares 113,000
Assumption of note payable by related party 125,000
Debt discount on warrant issue 499,170 38,249
Shares to be issued 119,375
Shares issued for related party expense 20,000  
Issuing of previous shares to be issued 55,375
Accrued Series A preferred dividends 178,699 178,208
Utikuma acquisition – purchase price 678,675
Utikuma acquisition – initial ARO 906,146
Third party loan for Utikuma purchase 1,120,000
Related party loan payments on Company’s behalf $ 170,000