Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net loss $ (10,639,135) $ (5,508,099)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Change in fair value of derivative liability 5,271,567 987,784
Stock based compensation 42,082 1,218,099
Depreciation, depletion and amortization 4,598,879 949,637
Amortization of operational right-of-use assets 2,228
Gain on ARO settlement (58,041)
Accretion - Asset retirement obligation 158,227 97,777
Amortization of debt discount 4,583,250 2,639,104
Changes in operating assets and liabilities    
Accounts receivable (2,362,672) 13,614
Prepaid expenses and other assets 33,874 (88,448)
Other receivable 548,714
Accounts payable (1,607,849) (1,933,061)
Accrued expenses and other current liabilities 1,727,325 446,928
Deferred tax liability (877,279)
Undistributed revenues and royalties 100,416 78,734
Amounts due to directors 39,993
Net cash provided by (used) in operating activities 1,908,192 (1,444,544)
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (3,319,812) (2,088,262)
Acquisition of fixed assets (130,000)
Proceeds from sale of oil and gas interests 287,966 1,144,953
Net cash used in investing activities (3,031,846) (1,073,309)
Cash flows from financing activities:    
Proceeds from amount due to director 195,000 583,000
Repayment of amount due to director (1,306,956)
Proceeds from long term debt 2,734,143 10,078,018
Short term advance 693,706
Repayment of long-term debt (1,464,566) (6,764,989)
Net cash provided by financing activities 2,158,283 2,589,073
Net increase (decrease) in cash 1,034,629 71,720
Cash and Restricted Cash, beginning of period 4,009,892 5,735,259
Cash and Restricted Cash, end of period $ 5,044,521 $ 5,806,479
Supplemental Cash Flow Information:    
Cash paid for:
Interest $ 4,383,027 $ 866,380
Income taxes
Supplemental disclosure of Non-Cash Investing and Financing Activities    
Recognition of asset retirement obligation 94,796 231,053
Recognition of right-of-use asset and lease liability 367,365
Amortization of right-of-use asset and lease liability 28,738
Purchase of transportation equipment through direct financing 56,760
Proceeds from sale of oil and gas properties paid directly to reduce debt 3,800,000
Elimination of asset retirement obligation associated with sale of assets 797,796
Issuance of shares as discount on debt 1,237,416
Issuance of warrants as discount on debt 327,740
1st Global debt discount and loan fees 324,000
Payment in kind interest added to debt 140,757
Debt refinanced through new credit facility 7,633,389
Private placement debt exchanged for new private placement 2,085,000
Purchase of working interest through new debt 165,000
Issuance of shares for contract services 55,000
Cashless exercise of warrants 60
Accrued expenses exchanged for long term debt $ 24,712