Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Loss

v3.23.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]    
Total revenue $ 6,847,800 $ 5,895,228
Revenue, Product and Service [Extensible Enumeration] BBLS:OilandGasSalesMember BBLS:OilandGasSalesMember
Operating expenses    
Lease operating expense $ 6,790,040 $ 5,346,287
Production tax 438 1,203
General and administrative expenses 697,010 1,107,517
Depreciation, depletion and amortization 238,184 403,145
Asset retirement obligation accretion 173,603 316,873
Loss on forfeiture 132,000
Total operating expenses 7,899,275 7,307,025
Loss from operations (1,051,475) (1,411,797)
Other income (expenses)    
Interest expense (489,487) (638,569)
Change in fair value of derivative liabilities 22,554 161,244
Other income (expense) 30,828 (101,297)
Gain on sale of assets 1,500 3,919,323
Total other income (expenses) (434,605) 3,340,701
Net income (loss) before taxes (1,486,080) 1,928,904
Income tax provision (benefit)
Net income (loss) (1,486,080) 1,928,904
Series A preferred dividends (179,190) (179,190)
Series C preferred dividends (8,696) (779)
Net income (loss) attributable to common stockholders (1,673,966) 1,748,935
Other comprehensive income, net of tax    
Foreign currency translation adjustments (79,910) (2,723)
Comprehensive income (loss) $ (1,753,876) $ 1,746,212
Gain (loss) per share    
(Basic and diluted) $ (0.01) $ 0.01
Weighted average number of common shares outstanding, basic and diluted 176,988,322 175,434,139