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Financials

v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets    
Cash $ 584,615 $ 1,425,335
Held-for-trading securities 341,716
Accounts receivable 260 290
Other current assets 641 5,641
Total current assets 927,232 1,431,266
Oil and gas, on the basis of full cost accounting    
Evaluated properties 6,671,088 6,638,037
Furniture, equipment & software 155,293 155,293
Less accumulated depreciation and depletion (898,254) (807,047)
Net property and equipment 5,928,127 5,986,283
Other assets    
Operating lease right-of-use asset 18,900 23,086
Notes receivable 376,550
Other assets 961,161 956,928
Total Assets 7,835,420 8,774,113
Current liabilities    
Operating lease liability – current 6,011 5,482
Total current liabilities 8,855,003 9,242,317
Asset retirement obligations 2,446,456 2,301,335
Operating lease liability 13,494 17,714
Total Liabilities 11,314,953 11,561,366
Stockholders’ Deficit    
Common stock, $0.001 par value; 400,000,000 shares authorized; 199,375,604 and 176,988,322 shares issued and outstanding 199,376 176,988
Additional paid in capital 61,367,435 60,244,255
Accumulated other comprehensive income (354,750) (349,065)
Accumulated deficit (64,845,091) (63,013,127)
Total Stockholders’ Deficit (3,479,533) (2,787,253)
Total Liabilities and Stockholders’ Deficit 7,835,420 8,774,113
Series A Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred stock, value 199
Series B Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred stock, value 152,397 152,397
Series C Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred stock, value 1,100 1,100
Nonrelated Party [Member]    
Current liabilities    
Accounts payable 212,532 223,453
Accrued liabilities 182,294 1,151,328
Notes payable, current portion 13,500 398,837
Related Party [Member]    
Current liabilities    
Accounts payable 3,492,445 2,466,155
Accrued liabilities 1,698,018 1,536,247
Notes payable, current portion [1] $ 3,250,203 $ 3,460,815
[1] All notes are current liabilities (due within one year or less from September 30, 2023.)
v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Oil and gas sales        
Oil and gas sales $ 903,525 $ 2,158,110 $ 2,762,758 $ 5,132,360
Total Revenue 903,525 2,158,110 2,762,758 5,132,360
Operating expenses        
Lease operating expense 963,374 2,455,765 3,507,307 5,354,001
Production tax 438
General and administrative expenses 241,297 192,886 814,681 490,489
Depreciation, depletion and amortization 27,523 53,755 90,599 166,953
Asset retirement obligation accretion 48,338 43,895 143,469 129,793
Total operating expenses 1,280,532 2,746,301 4,556,056 6,141,674
Loss from operations (377,007) (588,191) (1,793,298) (1,009,314)
Other income (expenses)        
Interest expense (148,424) (131,703) (355,087) (379,720)
Unrealized gain 22,183 187,300
Gain on disposition of asset 9,563 269,222
Other income 5,816 20,653 5,521
Change in fair value of derivative liabilities 4,474 21,813
Total other income (expenses) (110,862) (127,229) 122,088 (352,386)
Net loss before taxes (487,869) (715,420) (1,671,210) (1,361,700)
Series A Preferred Dividends (44,797) (154,172) (134,392)
Series C Preferred Dividends (2,218) (2,218) (6,582) (6,478)
Net Loss Attributable to Common Stockholders $ (490,087) $ (762,435) $ (1,831,964) $ (1,502,570)
Loss per share        
Loss per share basic $ (0.00) $ (0.00) $ (0.01) $ (0.01)
Loss per share diluted $ (0.00) $ (0.00) $ (0.01) $ (0.01)
Weighted average number of common shares outstanding, basic 191,345,383 176,988,322 181,826,599 176,988,322
Weighted average number of common shares outstanding, diluted 191,345,383 176,988,322 181,826,599 176,988,322
Other comprehensive income, net of tax        
Foreign currency translation adjustments $ 24,072 $ (40,339) $ (5,685) $ (73,241)
Comprehensive income (loss) $ (466,015) $ (802,774) $ (1,837,649) $ (1,575,811)
v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash Flows from Operating Activities          
Net loss $ (487,869) $ (715,420) $ (1,671,210) $ (1,361,700)  
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:          
Depletion, depreciation and amortization 27,523 53,755 90,599 166,953  
Asset retirement obligation accretion 48,338 43,895 143,469 129,793 $ 173,603
Operating lease     495 (816)  
Amortization of debt discount     41,572 41,572  
Unrealized gain (22,183) (187,300)  
Change in fair value of derivative liabilities (4,474) (21,813)  
Warrants issued as financing fees     2,150 2,101  
Gain on sale of asset (9,563) (269,222)  
Changes in operating assets and liabilities          
Accounts receivable     31 5,565  
Other current assets     (929) (756)  
Other assets     4,062 48,422  
Accounts payable     (17,446) 2,482,829  
Accounts payable – related parties     993,669 (1,407)  
Accrued liabilities     151,809 230,870  
Accrued liabilities – related parties     22,794 130,417  
Net cash flows provided by (used in) operating activities     (695,457) 1,852,030  
Cash Flows from Investing Activities          
Sale of securities     489,951  
Cash flows provided by investing activities     489,951  
Cash Flows from Financing Activities          
Repayments on notes payable     (426,909) (266,826)  
Repayments on related party notes payable     (210,612) (4,813)  
Series C preferred stock     25,000  
Cash flows used in financing activities     (637,521) (246,639)  
Changes in foreign exchange rate     2,307 (196)  
Net change in cash     (840,720) 1,605,195  
Cash at beginning of period     1,425,335 14,058 14,058
Cash at end of period $ 584,615 $ 1,619,253 584,615 1,619,253 $ 1,425,335
SUPPLEMENTAL DISCLOSURES          
Interest paid     37,701 99,195  
Income taxes paid      
NON-CASH INVESTING AND FINANCIAL DISCLOSURES          
Series A preferred dividends accrued     154,172 89,595  
Series C preferred dividends accrued     6,582 4,260  
Accrued dividends moved from accrued liabilities related party to accrued liabilities     212,444  
Series A preferred stock converted to common stock     1,143,217    
Note receivable converted to marketable securities     $ 380,563