Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.19.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash $ 361,392 $ 4,009,892
Restricted cash 4,683,129
Accounts receivable - oil and gas - net 2,709,059 258,300
Prepaid expenses 90,569 124,443
Total current assets 7,844,149 4,392,635
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 76,502,105 81,331,986
Proved undeveloped and non-producing oil and gas properties, net 49,190,612 50,492,906
Total oil and gas properties, net 125,692,717 131,824,892
Fixed assets, net 562,923 200,243
Derivative asset 681,776
Other assets 110,194 110,194
TOTAL ASSETS 134,209,983 137,209,740
Current liabilities:    
Accounts payable 1,630,603 2,549,280
Accrued expenses and other current liabilities 2,741,986 1,014,661
Undistributed revenues and royalties 1,308,021 1,207,605
Derivative liability 7,121,509 2,531,718
Amount due to director 590,555 395,555
Current portion of long-term debt - net of debt discount 40,231,789 11,805,582
Total current liabilities 53,624,463 19,504,401
Long term debt - net of current portion and debt discount 65,760,237 92,076,857
Operating lease liability 338,627
Asset retirement obligation 3,868,692 4,413,465
TOTAL LIABILITIES 123,592,019 115,994,723
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of June 30, 2019 and December 31, 2018 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 91,199,954 and 90,989,025 shares issued and outstanding as of June 30, 2019 and December 31, 2018 respectively. 91,200 90,989
Additional paid-in capital 32,057,784 32,015,913
Accumulated deficit (21,531,048) (10,891,913)
TOTAL STOCKHOLDERS' EQUITY 10,617,964 21,215,017
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 134,209,983 $ 137,209,740