Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ 2,576,209 $ (10,639,135)
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Change in fair value of derivative liability (13,587,431) 5,271,567
Stock based compensation 451,382 42,082
Depreciation, depletion and amortization 6,098,410 4,598,879
Amortization of operational right-of-use assets 1,192 2,228
Accretion - Asset retirement obligation 241,278 158,227
Amortization of debt discount 2,777,604 4,583,250
Loss on financing settlement 931,894  
Stock based interest expense 2,178,356  
Changes in operating assets and liabilities    
Accounts receivable (1,803,293) (2,362,672)
Prepaid expenses and other assets 66,014 33,874
Accounts payable (2,196,294) (1,607,849)
Accrued expenses and other current liabilities 1,688,127 1,727,325
Undistributed revenues and royalties 744,351 100,416
Net cash provided by operating activities 167,799 1,908,192
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (1,184,830) (3,319,812)
Proceeds from sale of oil and gas interests 0 287,966
Net cash used in investing activities (1,184,830) (3,031,846)
Cash flows from financing activities:    
Proceeds from long term debt 8,641,421 2,734,143
Proceeds from amount due to director 0 195,000
Proceeds from exercise of warrants 38,000 0
Short term advance 0 693,706
Repayment of long-term debt (8,810,703) (1,464,566)
Net cash provided by (used in) financing activities (131,282) 2,158,283
Net increase (decrease) in cash (1,148,313) 1,034,629
Cash and Restricted Cash, beginning of period 5,638,724 4,009,892
Cash and Restricted Cash, ending of period 4,490,411 5,044,521
Cash paid for:    
Interest 7,613,188 4,383,027
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 1,514,328 94,796
Recognition of right-of-use asset and lease liability 0 367,365
Amortization of right-of-use asset and lease liability 15,751 28,738
Purchase of transportation equipment through direct financing 0 56,760
Proceeds from sale of oil and gas properties paid directly to reduce debt 0 3,800,000
Elimination of asset retirement obligation associated with sale of assets 0 797,796
Issuance of warrant shares as reduction of debt 15,000 0
Issuance of shares as discount on debt 718,860 0
Private placement debt exchanged for new private placement debt 654,000 0
Purchase of working interest through new debt 29,496,356 0
Accrued interest rolled into new private placement 103,583 0
Issuance of shares as reduction of debt and accrued expenses $ 4,110,250 $ 0