Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.21.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 2,501,859 $ 3,976,783
Restricted cash 3,437,170 3,862,756
Accounts receivable - oil and gas - net 5,826,114 4,050,631
Total current assets 11,765,143 11,890,170
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 63,618,180 64,703,753
Proved undeveloped and non-producing oil and gas properties, net 36,876,079 37,452,683
Total oil and gas properties, net 100,494,259 102,156,436
Fixed assets, net 395,696 433,168
Derivative asset 0 1,220,209
Deposits 57,896 57,896
TOTAL ASSETS 112,712,994 115,757,879
Current liabilities:    
Accounts payable 4,831,614 4,475,519
Accrued expenses and other current liabilities 443,401 3,857,655
Undistributed revenues and royalties 4,827,528 4,115,462
Derivative liability 5,341,855 893,458
Amount due to director 40,843 559,122
Current portion of long-term debt and other short-term borrowings - net of debt discount 44,601,248 32,977,368
Total current liabilities 60,086,489 46,878,584
Long term debt - net of current portion and debt discount 51,419,373 78,775,796
Operating lease liability 223,472 241,431
Asset retirement obligation 6,308,397 6,164,231
TOTAL LIABILITIES 118,037,731 132,060,042
Commitments and contingencies 0 0
STOCKHOLDERS' DEFICIT    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of March 31, 2021 and December 31, 2020 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized,68,080,555 and 51,494,956 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively. 68,081 51,495
Additional paid-in capital 95,933,924 75,920,811
Accumulated deficit (101,326,770) (92,274,497)
TOTAL STOCKHOLDERS' DEFICIT (5,324,737) (16,302,163)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 112,712,994 $ 115,757,879