Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.21.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash $ 2,893,877 $ 3,976,783
Restricted cash 3,721,993 3,862,756
Accounts receivable - oil and gas - net 7,708,223 4,050,631
Prepaid expenses 1,135,445 0
Total current assets 15,459,538 11,890,170
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 60,749,028 64,703,753
Proved undeveloped and non-producing oil and gas properties, net 35,331,225 37,452,683
Total oil and gas properties, net 96,080,253 102,156,436
Fixed assets, net 319,368 433,168
Derivative asset 0 1,220,209
Investment in unconsolidated entity 8,005,931 0
ESG Clean Energy license, net 4,963,633 0
Deposits 57,896 57,896
TOTAL ASSETS 124,886,619 115,757,879
Current liabilities:    
Accounts payable 7,490,898 4,475,519
Accrued expenses and other current liabilities 3,933,036 3,857,655
Undistributed revenues and royalties 5,836,958 4,115,462
Derivative liability 16,074,519 893,458
Due to director 0 559,122
Current portion of long-term debt and other short-term borrowings - net of debt discount 41,945,548 32,977,368
Total current liabilities 75,280,959 46,878,584
Long term debt - net of current portion and debt discount 51,062,299 78,775,796
Operating lease liability 185,308 241,431
Asset retirement obligation 6,474,028 6,164,231
TOTAL LIABILITIES 133,002,594 132,060,042
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 September 30, 2021 and December 31, 2020 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 99,363,736 and 51,494,956 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. 99,363 51,495
Additional paid-in capital 112,042,473 75,920,811
Accumulated deficit (120,257,839) (92,274,497)
TOTAL STOCKHOLDERS' DEFICIT (8,115,975) (16,302,163)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 124,886,619 $ 115,757,879