Annual report pursuant to Section 13 and 15(d)

SCHEDULE OF NOTES PAYABLE (Details)

v3.23.1
SCHEDULE OF NOTES PAYABLE (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Jan. 06, 2017
Short-Term Debt [Line Items]      
Notes payable $ 398,837 [1] $ 3,438,162  
Truck Loan [Member]      
Short-Term Debt [Line Items]      
Interest rate 5.49% [2]   5.49%
Date of maturity [2] Jan. 20, 2022    
Notes payable [2] 4,021  
Notes payable     $ 683
Credit Note I [Member]      
Short-Term Debt [Line Items]      
Interest rate [3] 10.00%    
Date of maturity [3] Jan. 01, 2020    
Notes payable [3] $ 426,909 831,387  
Discount On Credit Note One [Member]      
Short-Term Debt [Line Items]      
Discount $ (41,572) (97,001)  
Credit Note VI [Member]      
Short-Term Debt [Line Items]      
Interest rate [4] 10.00%    
Date of maturity [4] Dec. 31, 2022    
Notes payable [4] 2,085,432  
Lee Lytton [Member]      
Short-Term Debt [Line Items]      
Notes payable $ 3,500 3,500  
Date of maturity On demand    
One Credit Note Six [Member]      
Short-Term Debt [Line Items]      
Interest rate 10.00%    
Date of maturity Dec. 31, 2021    
Notes payable 416,900  
Quinten Beasley [Member]      
Short-Term Debt [Line Items]      
Interest rate 10.00%    
Date of maturity Oct. 14, 2016    
Notes payable 5,000  
Jovian Petroleum Corporation [Member]      
Short-Term Debt [Line Items]      
Interest rate 3.50%    
Date of maturity Dec. 31, 2021    
Notes payable 178,923  
M Horowitz [Member]      
Short-Term Debt [Line Items]      
Interest rate 10.00%    
Date of maturity Oct. 14, 2016    
Notes payable $ 10,000 $ 10,000  
[1] All notes are current (due within one year or less from December 31, 2022.)
[2] On January 6, 2017, the Company purchased a truck and entered into an installment note in the amount of $35,677 for a term of five years and interest at 5.49% per annum. Payments of principal and interest in the amount of $683 were due monthly. This note was satisfied in 2022.
[3] On December 1, 2021, the Company signed an amended loan agreement with a third party for $2,085,432, which combined prior credit notes and accrued interest on those amounts. The loan bears interest at 10% per annum and had a maturity date of December 31, 2022. The note held a security interest against the 25% Working Interest in the Cona assets and a security guarantee of a working interest in the Utikuma oil field and a working interest in the TLSAU field. The note was assigned to Blue Sky Resources on February 11, 2022, and moved to Related Party Notes Payable. See Note 7. Related Party Notes Payable.
[4] On February 9, 2018, the Company entered into a Revolving Line of Credit Agreement (“LOC”) for $200,000 (subsequently increased to $500,000 on April 12, 2018) with Jovian Petroleum Corporation (“Jovian”). The CEO of Jovian is Quinten Beasley, our former director (resigned October 31, 2018), and 25% of Jovian is owned by Zel C. Khan, our former CEO and director. The initial agreement was for a period of 6 months, and it can be extended for up to 5 additional terms of 6 months each. All amounts advanced pursuant to the LOC will bear interest from the date of advance until paid in full at 3.5% simple interest per annum. Interest will be calculated on a basis of a 360-day year and charged for the actual number of days elapsed. Subsequent to period-end this LOC has been extended until December 31, 2021. As of September 1, 2021, Zel Khan and Quinten Beasley resigned from their positions at Petrolia Energy, so this note has been removed from the related party section. On February 2, 2022, the LOC was assigned to Blue Sky Resources, and moved to Related Party Notes Payable. See note 7. Related Party Notes Payable. Also, see Note 16. Subsequent Events regarding the dispute of this value.