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Financials

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets    
Cash $ 6,874 $ 34,513
Accounts receivable 5,000 5,000
Other current assets 39,443
Other current assets - related parties 484,864 135,195
Total current assets 536,181 174,708
Oil and gas, on the basis of full cost accounting    
Evaluated properties 11,355,742 12,913,972
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation and depletion (2,502,963) (1,663,994)
Net property and equipment 9,053,889 11,451,088
Other assets 572,585 944,055
Total Assets 10,162,655 12,569,851
Current liabilities    
Accounts payable 883,178 598,028
Accounts payable - related parties 587 25,587
Accrued liabilities 1,166,085 677,891
Accrued liabilities - related parties 1,250,502 1,053,564
Notes payable, current portion 782,511 653,540
Notes payable - related parties, current portion 1,263,495 983,291
Total current liabilities 5,346,358 3,991,901
Asset retirement obligations 2,811,869 1,723,364
Notes payable, net of current portion 2,325,010 1,443,538
Derivative liability 198,137 24,509
Total Liabilities 10,681,374 7,183,312
Stockholders' Deficit    
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 199,100 shares issued and outstanding 199 199
Common stock, $0.001 par value; 400,000,000 shares authorized; 165,296,226 and 164,548,726 shares issued and outstanding 165,296 164,549
Additional paid in capital 58,646,694 57,985,359
Shares to be issued 119,375 55,375
Accumulated other comprehensive income (220,376) (218,565)
Accumulated deficit (59,229,907) (52,600,378)
Total Stockholders' Deficit (518,719) 5,386,539
Total Liabilities and Stockholders' Deficit $ 10,162,655 $ 12,569,851
v3.21.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Oil and gas sales        
Total Revenue $ 953,524 $ 834,321 $ 1,943,866 $ 2,453,665
Operating expenses        
Lease operating expense 1,125,921 949,314 2,462,342 2,594,457
Production tax   1,765 837 5,372
General and administrative expenses 213,167 360,064 773,625 1,046,555
Depreciation, depletion and amortization 353,343 279,816 876,650 727,644
Asset retirement obligation accretion 84,477 46,764 199,092 101,400
Loss on TLSAU abandonment 3,225,928 3,225,928
Total operating expenses 5,002,836 1,637,723 7,538,474 4,475,428
Loss from operations (4,049,312) (803,402) (5,594,608) (2,021,763)
Other income (expenses)        
Interest expense (175,380) (74,192) (543,244) (177,846)
Foreign currency remeasurement gain (17,153) 34,375
Gain on sale of assets 280,000
Other income (expense) (188,795) 25,000 (184,024) 44,181
Change in fair value of derivative liabilities 75,362 (1,414) (173,628) 16,350
Total other income (expenses) (288,813) (67,759) (900,896) 197,060
Net loss (4,338,125) (871,161) (6,495,504) (1,824,703)
Series A Preferred Dividends (44,674) (44,675) (134,025) (133,534)
Net Loss Attributable to Common Stockholders (4,382,799) (915,836) (6,629,529) (1,958,237)
Other comprehensive income, net of tax        
Foreign currency translation adjustments 175 7,138 (1,811) (202,628)
Comprehensive loss attributable to Common Stockholders $ (4,382,624) $ (908,698) $ (6,631,340) $ (2,160,865)
Loss per share        
(Basic and fully diluted) $ (0.03) $ (0.00) $ (0.04) $ (0.01)
Weighted average number of shares of common stock outstanding 165,296,226 163,509,324 165,244,392 162,955,319
Oil and Gas Sales [Member]        
Oil and gas sales        
Total Revenue $ 953,524 $ 834,321 $ 1,943,866 $ 2,453,665
v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash Flows from Operating Activities          
Net loss $ (4,338,125) $ (871,161) $ (6,495,504) $ (1,824,703)  
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:          
Depletion, depreciation and amortization     876,650 727,644  
Asset retirement obligation accretion 84,477 46,764 199,092 101,400 $ 149,624
Amortization of debt discount     146,562 8,366  
Change in fair value of derivative liabilities (75,362) 1,414 173,628 (16,350)  
Gain on sale of assets (280,000)  
Loss on TLSAU abandonment     3,225,928  
Warrants issued as financing fees     30,147 50,758  
Stock-based compensation     231,179 358,255  
Changes in operating assets and liabilities          
Accounts receivable     62,368  
Other assets (current and non-current)     44,949 (3,587)  
Accounts payable     268,099 93,021  
Accounts payable - related parties     (16,907)  
Accrued liabilities     357,899 (25,618)  
Accrued liabilities - related parties     196,938 291,967  
Net cash flows from operating activities     (744,433) (473,386)  
Cash Flows from Investing Activities          
Proceeds on sale of NOACK property     495,000  
Escrow for property purchase     (771,902)  
Cash flows from investing activities     (276,902)  
Cash Flows from Financing Activities          
Proceeds from issuance of common stock       30,000  
Proceeds from notes payable     95,385 1,025,000  
Repayments on notes payable     (4,619) (5,286)  
Proceeds from related party notes payable     615,000 356,998  
Repayments on related party notes payable     (55,003) (423,703)  
Shares to be issued     119,375 28,500  
Cash flows from financing activities     770,138 1,011,509  
Changes in foreign exchange rate     (53,344) (202,628)  
Net change in cash     (27,639) 58,593  
Cash at beginning of period     34,513 13,779 13,779
Cash at end of period $ 6,874 $ 72,372 6,874 72,372 $ 34,513
SUPPLEMENTAL DISCLOSURES          
Interest paid     113,756 60,074  
Income taxes paid      
NON-CASH INVESTING AND FINANCIAL DISCLOSURES          
Series A preferred dividends accrued     134,025 133,534  
Debt discount on warrant issue     332,881 38,249  
Settlement of accrued liabilities related party for common shares     17,000  
Settlement of notes payable related party for common shares     113,000  
Debt cancelled in sale of Bow Energy Ltd (Note 5)     33,144  
Assumption of note payable by related party     125,000  
Shares for conversion of related party debt     12,500  
Issuing of previous shares to be issued     55,375  
Utikuma acquisition - purchase price     788,835  
Utikuma acquisition - initial ARO     906,146  
Third party loan for Utikuma purchase     1,120,000  
Related party loan payments on Company's behalf     $ 245,000