Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Loss

v3.22.2.2
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Total revenue $ 5,895,228 $ 2,892,241
Operating expenses    
Lease operating expense 5,346,287 3,627,541
Production tax 1,203 3,066
General and administrative expenses 1,107,517 864,583
Depreciation, depletion and amortization 403,145 1,147,281
Asset retirement obligation accretion 316,873 287,758
Loss on forfeiture 132,000 6,255,103
Impairment of oil and gas properties 396,922
Total operating expenses 7,307,025 12,582,254
Loss from operations (1,411,797) (9,690,013)
Other income (expenses)    
Interest expense (638,569) (735,622)
Change in fair value of derivative liabilities 161,244 (159,289)
Other income (expense) (101,297) 275,905
Gain on sale of assets 3,919,323
Total other income (expenses) 3,340,701 (619,006)
Net income (loss) before taxes 1,928,904 (10,309,019)
Income tax provision (benefit)
Net income (loss) 1,928,904 (10,309,019)
Series A preferred dividends (179,190) (178,699)
Series C preferred dividends (779)
Net income (loss) attributable to common stockholders 1,748,935 (10,487,718)
Other comprehensive income, net of tax    
Foreign currency translation adjustments (2,723) (47,867)
Comprehensive income (loss) $ 1,746,212 $ (10,535,585)
Gain (loss) per share    
(Basic and diluted) $ 0.01 $ (0.06)
Weighted average number of common shares outstanding, basic and diluted 175,434,139 165,389,389
Oil and Gas Sales [Member]    
Total revenue $ 5,895,228 $ 2,892,241