Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash $ 1,425,335 $ 14,058
Accounts receivable 290 5,942
Other current assets 5,641 5,641
Total current assets 1,431,266 25,641
Oil and gas, on the basis of full cost accounting:    
Evaluated Properties 6,638,037 6,797,025
Furniture, equipment & software 155,293 155,293
Less accumulated depreciation & depletion (807,047) (603,135)
Net property and equipment 5,986,283 6,349,183
Other assets    
Operating Lease Right-of-Use Asset 23,086 12,821
Other assets 1,333,478 1,450,841
Total Assets 8,774,113 7,838,486
Current liabilities    
Accounts payable 223,453 320,088
Accounts payable - related parties 2,466,155 57,363
Operating Lease Liability 5,482 13,909
Accrued liabilities 1,151,328 1,149,012
Accrued liabilities - related parties 1,536,247 862,158
Notes payable - short term 398,837 [1] 3,438,162
Notes payable - related party 3,460,815 779,373
Total current liabilities 9,242,317 6,620,065
Asset retirement obligations 2,301,335 2,257,027
Operating Lease Liability 17,714
Derivative liability 22,554
Total Liabilities 11,561,366 8,899,646
Stockholders’ Equity (Deficit)    
Common stock, $0.001 par value; 400,000,000 shares authorized; 176,988,322 and 176,988,322 shares issued and outstanding 176,988 176,988
Additional paid in capital 60,244,255 60,216,722
Accumulated other comprehensive income (loss) (349,065) (269,155)
Accumulated deficit (63,013,127) (61,339,161)
Total Stockholders’ Equity (Deficit) (2,787,253) (1,061,160)
Total Liabilities and Stockholders’ Equity (Deficit) 8,774,113 7,838,486
Series A Preferred Stock [Member]    
Stockholders’ Equity (Deficit)    
Preferred stock, value 199 199
Series B Preferred Stock [Member]    
Stockholders’ Equity (Deficit)    
Preferred stock, value 152,397 152,397
Series C Preferred Stock [Member]    
Stockholders’ Equity (Deficit)    
Preferred stock, value $ 1,100 $ 850
[1] All notes are current (due within one year or less from December 31, 2022.)