| SEGMENT REPORTING |
NOTE
14. SEGMENT REPORTING
The
Company has a single reportable operating segment, Oil and Gas Exploration and Production, which includes exploration, development, and
production of current and potential oil and gas properties. Results of operations from producing activities were as follows for the years
ended December 31, 2021 and 2020:
SCHEDULE OF
LONG-LIVED ASSETS
| |
|
Canada |
|
|
United States |
|
|
Total |
|
| Year ended December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
2,860,324 |
|
|
$ |
31,917 |
|
|
$ |
2,892,241 |
|
| Production costs |
|
|
(3,377,055 |
) |
|
|
(253,552 |
) |
|
|
(3,630,607 |
) |
| Depreciation, depletion, amortization and accretion |
|
|
(1,374,611 |
) |
|
|
(60,429 |
) |
|
|
(1,435,040 |
) |
| Results of operations from producing activities |
|
$ |
(1,891,342 |
) |
|
$ |
(282,064 |
) |
|
$ |
(2,173,406 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets |
|
$ |
1,683,055 |
|
|
$ |
4,767,628 |
|
|
$ |
5,952,083 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
5,882,499 |
|
|
$ |
12,729 |
|
|
$ |
5,895,228 |
|
| Production costs |
|
|
(5,281,740 |
) |
|
|
(65,750 |
) |
|
|
(5,347,490 |
) |
| Depreciation, depletion, amortization and accretion |
|
|
(668,672 |
) |
|
|
(51,346 |
) |
|
|
(720,018 |
) |
| Results of operations from producing activities |
|
$ |
(67,913 |
) |
|
$ |
(104,367 |
) |
|
$ |
(172,280 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total long-lived assets |
|
$ |
2,104,993 |
|
|
$ |
4,244,189 |
|
|
$ |
6,349,182 |
|
The
Company’s revenues are derived from the following major customers:
SCHEDULE OF REVENUES
| |
|
December 31, 2021
|
|
|
December 31, 2020
|
|
| Customer A |
|
$ |
796,176 |
|
|
$ |
2,860,324 |
|
| Customer B |
|
|
12,729 |
|
|
|
31,917 |
|
| Customer C |
|
|
5,086,323 |
|
|
|
— |
|
| Total revenues |
|
$ |
5,895,228 |
|
|
$ |
2,892,241 |
|
|