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Financials

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets    
Cash $ 79,277 $ 34,513
Accounts receivable 5,000 5,000
Other current assets 39,443  
Other current assets - related parties 474,581 135,195
Total current assets 598,301 174,708
Oil and gas, on the basis of full cost accounting    
Evaluated properties 14,491,934 12,913,972
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation and depletion (2,128,918) (1,663,994)
Net property and equipment 12,564,126 11,451,088
Other assets 560,441 944,055
Total Assets 13,722,868 12,569,851
Current liabilities    
Accounts payable 661,380 598,028
Accounts payable - related parties 25,587 25,587
Accrued liabilities 923,325 677,891
Accrued liabilities - related parties 1,161,249 1,053,564
Notes payable, current portion 74,182 653,540
Notes payable - related parties 1,123,531 983,291
Total current liabilities 3,969,254 3,991,901
Asset retirement obligations 2,679,745 1,723,364
Notes payable, net of current portion 3,128,375 1,443,538
Derivative liability 273,499 24,509
Total Liabilities 10,050,873 7,183,312
Stockholders' Equity    
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 58,561,134 57,985,359
Shares to be issued 69,375 55,375
Accumulated other comprehensive income (276,902) (218,565)
Accumulated deficit (54,847,107) (52,600,378)
Total Stockholders' Equity 3,671,995 5,386,539
Total Liabilities and Stockholders' Equity $ 13,722,868 $ 12,569,851
v3.21.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Total revenue $ 509,221 $ 800,006 $ 990,342 $ 1,619,344
Operating expenses        
Lease operating expense 732,992 949,410 1,336,421 1,645,143
Production tax 159 2,439 837 3,607
General and administrative expenses 315,195 357,457 560,458 686,491
Depreciation, depletion and amortization 220,929 246,055 523,307 447,828
Asset retirement obligation accretion 65,670 45,047 114,615 54,636
Total operating expenses 1,334,945 1,600,408 2,535,638 2,837,705
Loss from operations (825,724) (800,402) (1,545,296) (1,218,361)
Other income (expenses)        
Interest expense (182,051) (61,104) (367,864) (103,654)
Foreign currency remeasurement gain 51,528
Gain on sale of assets 255,000 255,000
Other income (expense) 4,364 34,181 4,771 44,181
Change in fair value of derivative liabilities (122,315) (1,311) (248,990) 17,764
Total other income (expenses) (300,002) 226,766 (612,083) 264,819
Net loss (1,125,726) (573,637) (2,157,379) (953,542)
Series A Preferred Dividends (44,675) (44,675) (89,350) (88,859)
Net Loss Attributable to Common Stockholders (1,170,401) (618,311) (2,246,729) (1,042,401)
Other comprehensive income, net of tax        
Foreign currency translation adjustments 70,966 (197,858) (58,337) (209,766)
Comprehensive loss attributable to Common Stockholders $ (1,099,435) $ (816,169) $ (2,305,066) $ (1,252,167)
Loss per share        
(Basic and fully diluted) $ 0.01 $ (0.00) $ (0.01) $ (0.01)
Weighted average number of shares of common stock outstanding 165,296,226 162,673,726 165,218,190 162,673,726
Oil and Gas Sales [Member]        
Total revenue $ 509,221 $ 800,006 $ 990,342 $ 1,619,344
v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash Flows from Operating Activities          
Net loss $ (1,125,726) $ (573,637) $ (2,157,379) $ (953,542)  
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:          
Depletion, depreciation and amortization     523,307 447,828  
Asset retirement obligation accretion 65,670 45,047 114,615 54,636 $ 149,624
Amortization of debt discount     101,256 3,586  
Change in fair value of derivative liabilities     248,990 (17,764)  
Gain on sale of assets (255,000) (255,000)  
Warrants issued as financing fees     20,555 32,758  
Stock-based compensation     155,211 238,814  
Changes in operating assets and liabilities          
Accounts receivable     (76,405)  
Deposits     114,921  
Other assets (current and non-current)     172,854 (120,000)  
Accounts payable     77,885 26,486  
Accounts payable - related parties     (11,210)  
Accrued liabilities     162,901 22,245  
Accrued liabilities - related parties     107,685 172,054  
Net cash flows from operating activities     (472,120) (320,593)  
Cash Flows from Investing Activities          
Proceeds on sale of NOACK property       120,000  
Escrow for property purchase     (628,035)  
Cash flows from investing activities     (508,035)  
Cash Flows from Financing Activities          
Proceeds from issuance of common stock       30,000  
Proceeds from notes payable     441,680 863,124  
Repayments on notes payable     (37,319) (3,501)  
Proceeds from related party notes payable     200,000 538,524  
Repayments on related party notes payable     (48,160) (398,411)  
Shares to be issued     69,375  
Cash flows from financing activities     625,576 1,029,736  
Changes in foreign exchange rate     (108,692) (209,766)  
Net change in cash     44,764 (8,658)  
Cash at beginning of period     34,513 13,779 13,779
Cash at end of period $ 79,277 $ 5,121 79,277 5,121 $ 34,513
SUPPLEMENTAL DISCLOSURES          
Interest paid     101,693 309  
Income taxes paid      
NON-CASH INVESTING AND FINANCIAL DISCLOSURES          
Series A preferred dividends accrued     89,350 44,184  
Debt discount on warrant issue     332,881  
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     $ 1,000,000