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Financials

v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets    
Cash $ 155,045 $ 34,513
Accounts receivable 5,000 5,000
Other current assets 39,443 135,195
Total current assets 199,488 174,708
Oil and gas, on the basis of full cost accounting:    
Evaluated Properties 8,619,427 12,913,972
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation & depletion (2,868,453) (1,663,994)
Net property and equipment 5,952,084 11,451,088
Other assets    
Operating Lease Right-of-Use Asset 23,145  
Other assets 985,187 944,055
Total Assets 7,159,904 12,569,851
Current liabilities    
Accounts payable 1,067,841 598,029
Accounts payable - related parties 587 25,587
Operating Lease Liability 13,107
Accrued liabilities 1,572,055 677,890
Accrued liabilities - related parties 751,949 1,053,564
Notes payable - short term 3,037,737 653,540
Notes payable - related party 1,035,329 983,291
Total current liabilities 7,478,605 3,991,901
Asset retirement obligations 3,624,133 1,723,364
Operating Lease Liability 13,909
Notes payable 573 1,443,538
Derivative liability 183,798 24,509
Total Liabilities 11,301,018 7,183,312
Stockholders’ Equity (Deficit)    
Preferred stock, $0.001 par value; 1,000,000 shares authorized; 199,100 and 199,100 shares issued and outstanding 199 199
Common stock, $0.001 par value; 400,000,000 shares authorized; 168,696,226 and 164,548,726 shares issued and outstanding 168,696 164,549
Additional paid in capital 59,044,519 57,985,359
Shares to be issued 55,375
Accumulated other comprehensive income (loss) (266,432) (218,565)
Accumulated deficit (63,088,096) (52,600,378)
Total Stockholders’ Equity (Deficit) (4,141,114) 5,386,539
Total Liabilities and Stockholders’ Equity (Deficit) $ 7,159,904 $ 12,569,851
v3.22.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Total revenue $ 2,892,241 $ 2,916,734
Operating expenses    
Lease operating expense 3,627,541 3,382,133
Production tax 3,066 4,966
General and administrative expenses 864,583 1,412,249
Depreciation, depletion and amortization 1,147,281 1,037,019
Asset retirement obligation accretion 287,758 149,624
Loss on forfeiture 6,255,103
Impairment of oil and gas properties 396,922
Total operating expenses 12,582,254 5,985,991
Loss from operations (9,690,013) (3,069,256)
Other income (expenses)    
Interest expense (735,622) (279,141)
Foreign exchange gain (loss) 62,004
Change in fair value of derivative liabilities (159,289) 12,504
Other income (expense) 275,905 10,242
Gain on sale of assets 280,000
Gain/(loss) on related party debt settlement of accrued salaries 92,750
Total other income (expenses) (619,006) 178,359
Net loss before taxes (10,309,019) (2,890,898)
Income tax provision (benefit)
Net Loss (10,309,019) (2,890,898)
Series A preferred dividends (178,699) (178,208)
Net loss attributable to common stockholders (10,487,718) (3,069,106)
Other comprehensive income, net of tax    
Foreign currency translation adjustments (47,867) (226,838)
Comprehensive loss $ (10,535,585) $ (3,295,944)
Loss per share    
(Basic and diluted) $ (0.06) $ (0.02)
Weighted average number of common shares outstanding, basic and diluted 165,389,389 162,955,319
Oil and Gas Sales [Member]    
Total revenue $ 2,892,241 $ 2,916,734
v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (10,309,019) $ (2,890,898)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depletion, depreciation and amortization 1,147,281 1,037,019
Asset retirement obligation accretion 287,758 149,624
Operating Lease Accrual 1,054  
Amortization of debt discount 209,570 13,148
Change in fair value of derivative liabilities 159,289 (12,504)
Warrant expense related to business combination 34,867 72,037
Stock-based compensation expense 244,520 473,353
Gain on settlement of accrued salaries (92,750)
Gain on extinguishment of debt (32,600)
Gain on sale of assets (280,000)
Impairment of oil and gas properties 396,922
Loss on forfeiture 6,255,103
Accounts receivable (5,000)
Prepaids and other current assets 346,114 1,379
Accounts payable 462,979 333,375
Accounts payable – related parties (25,000) (16,907)
Accrued liabilities 792,578 (108,676)
Accrued liabilities – related parties (281,615) 513,681
Net cash used in operating activities (277,599) (845,719)
Cash Flows from Investing Activities    
Purchase of working interest in Canadian Properties (944,055)
Sale of NOACK property 120,000
Proceeds from 2nd NOACK sale 375,000
Cash used in investing activities (449,055)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 30,000
Proceeds from notes payable 10,000 1,225,000
Proceeds from Paycheck Protection Loan 56,680  
Repayments of notes payable (68,367) (7,096)
Proceeds from related party notes payable 657,470 797,793
Repayments of related party notes payable (334,268) (558,726)
Proceeds from exercise of warrants 119,375 55,375
Cash provided by financing activities 440,890 1,542,346
Foreign exchange (42,759) (226,838)
Net change in cash 120,532 20,734
Cash at beginning of period 34,513 13,779
Cash at end of period 155,045 34,513
SUPPLEMENTAL DISCLOSURES    
Interest paid 187,662 82,657
Income taxes paid
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Settlement of related party accrued liabilities for common shares 77,500 17,000
Settlement of notes payable related party for common shares 113,000
Assumption of note payable by related party 125,000
Debt discount on warrant issue 499,170 38,249
Shares to be issued 119,375
Shares issued for related party expense 20,000  
Issuing of previous shares to be issued 55,375
Accrued Series A preferred dividends 178,699 178,208
Utikuma acquisition – purchase price 678,675
Utikuma acquisition – initial ARO 906,146
Third party loan for Utikuma purchase 1,120,000
Related party loan payments on Company’s behalf $ 170,000