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Financials

v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current assets    
Cash $ 34,454 $ 155,045
Accounts receivable 5,801 5,000
Other current assets 14,664 39,443
Total current assets 54,919 199,488
Oil and gas, on the basis of full cost accounting    
Evaluated properties 9,401,370 8,619,427
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation and depletion (3,435,527) (2,868,453)
Net property and equipment 6,166,953 5,952,084
Other assets    
Operating lease right-of-use asset 15,450 23,145
Other assets 984,520 985,187
Total Assets 7,221,842 7,159,904
Current liabilities    
Accounts payable 2,093,980 1,067,841
Accounts payable – related parties 587
Operating lease liability – current 14,607 13,107
Accrued liabilities 963,064 1,572,055
Accrued liabilities – related parties 735,107 751,949
Notes payable, current portion 3,363,524 3,037,737
Notes payable – related parties, current portion 779,373 1,035,329
Total current liabilities 7,949,655 7,478,605
Asset retirement obligations 3,893,224 3,624,133
Notes payable, net of current portion 573
Operating lease liability 1,923 13,909
Derivative liability 23,609 183,798
Total Liabilities 11,868,411 11,301,018
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; 176,988,322 and 168,696,226 shares issued and outstanding 176,988 168,696
Additional paid in capital 60,119,924 59,044,519
Accumulated other comprehensive income (255,023) (266,432)
Accumulated deficit (64,688,657) (63,088,096)
Total Stockholders’ Deficit (4,646,569) (4,141,114)
Total Liabilities and Stockholders’ Deficit $ 7,221,842 $ 7,159,904
v3.22.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Oil and gas sales        
Total Revenue $ 1,723,706 $ 953,524 $ 4,054,313 $ 1,943,866
Operating expenses        
Lease operating expense 1,578,290 1,125,921 3,726,759 2,462,342
Production tax 1 1,164 837
General and administrative expenses 154,554 213,167 676,510 773,625
Depreciation, depletion, and amortization 142,456 353,343 578,880 876,650
Asset retirement obligation accretion 93,787 84,477 275,511 199,092
Loss on TLSAU abandonment 3,225,928 3,225,928
Total operating expenses 1,969,088 5,002,836 5,258,824 7,538,474
Loss from operations (245,382) (4,049,312) (1,204,511) (5,594,608)
Other income (expenses)        
Interest expense (148,576) (175,380) (478,526) (543,244)
Other income (expense) 56,680 (188,795) 56,680 (184,024)
Change in fair value of derivative liabilities 264,794 75,362 160,189 (173,628)
Total other income (expenses) 172,898 (288,813) (261,657) (900,896)
Net loss before taxes (72,484) (4,338,125) (1,466,168) (6,495,504)
Series A Preferred Dividends (44,825) (44,674) (134,393) (134,025)
Net Loss Attributable to Common Stockholders $ (117,309) $ (4,382,799) $ (1,600,561) $ (6,629,529)
Loss per share        
(Basic and fully diluted) $ (0.00) $ (0.03) $ (0.01) $ (0.04)
Weighted average number of common shares outstanding, basic & diluted 176,988,322 165,296,226 174,910,384 165,244,392
Other comprehensive income, net of tax        
Foreign currency translation adjustments $ 48,814 $ 175 $ 11,409 $ (1,811)
Comprehensive loss (68,495) (4,382,624) (1,589,152) (6,631,340)
Oil and Gas Sales [Member]        
Oil and gas sales        
Total Revenue $ 1,723,706 $ 953,524 $ 4,054,313 $ 1,943,866
v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash Flows from Operating Activities          
Net loss $ (72,484) $ (4,338,125) $ (1,466,168) $ (6,495,504)  
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:          
Depletion, depreciation and amortization 142,456 353,343 578,880 876,650  
Asset retirement obligation accretion 93,787 84,477 275,511 199,092 $ 287,758
Operating lease     (2,791)  
Amortization of debt discount     170,507 146,562  
Change in fair value of derivative liabilities (264,794) (75,362) (160,189) 173,628  
Stock-based compensation expense     57,047 231,179  
Warrants issued as financing fees     17,338 30,147  
Forgiveness of PPP loan     (56,680)  
Loss on TLSAU abandonment     3,225,928  
Changes in operating assets and liabilities          
Accounts receivable     (801)  
Other current assets     24,779 44,949  
Accounts payable     1,029,530 268,099  
Accounts payable – related parties     (787,837)  
Accrued liabilities     (3,048) 357,899  
Accrued liabilities – related parties     320,342 196,938  
Net cash flows from operating activities     (3,580) (744,433)  
Cash Flows from Investing Activities          
Escrow for property purchase      
Cash flows from investing activities      
Cash Flows from Financing Activities          
Proceeds from notes payable     95,385  
Repayments on notes payable     (116,935) (4,619)  
Proceeds from related party notes payable     615,000  
Repayments on related party notes payable     (55,003)  
Shares to be issued     119,375  
Cash flows from financing activities     (116,935) 770,138  
Changes in foreign exchange rate     (76) (53,344)  
Net change in cash     (120,591) (27,639)  
Cash at beginning of period     155,045 34,513 34,513
Cash at end of period $ 34,454 $ 6,874 34,454 6,874 $ 155,045
SUPPLEMENTAL DISCLOSURES          
Interest paid     239,389 113,756  
Income taxes paid      
NON-CASH INVESTING AND FINANCIAL DISCLOSURES          
Series A preferred dividends accrued     134,393 134,025  
Debt discount on warrant issue     332,881  
Conversion of related party debt and payables     557,520  
Modification of related party debt     181,791  
Capitalized interest payable     204,488  
Settlement of notes payable related party for common shares     135,000 12,500  
Issuing of previous shares to be issued     55,375  
Utikuma acquisition – purchase price     788,835  
Utikuma acquisition – initial ARO     906,146  
Utikuma acquisition – extra cost triggered by WTI     787,250  
Third party loan for Utikuma purchase     1,120,000  
Related party loan payments on Company’s behalf     $ 245,000