Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ (27,983,342) $ (15,458,598)
Adjustments to reconcile net loss to cash provided by operating activities:    
Change in fair value of derivative liability 16,401,270 (8,569,093)
Stock based compensation 470,598 3,686,582
Depreciation, depletion and amortization 6,844,553 8,671,593
Amortization of operational right-of-use assets (113) 1,442
Accretion - asset retirement obligation 438,225 360,937
Impairment of oil and gas properties 0 2,500,000
Amortization of debt discount 3,406,654 6,005,728
Loss on debt settlement 2,774,341 931,894
Stock based interest expense 0 2,178,356
PPP loan forgiveness of debt (149,600) 0
Equity in earnings of unconsolidated entitys (47,772) 0
Changes in operating assets and liabilities    
Accounts receivable (3,657,592) (942,632)
Prepaid expenses and other assets 0 86,214
Accounts payable 3,015,379 (1,440,401)
Accrued expenses and other current liabilities (313,058) 2,058,495
Undistributed revenues and royalties 1,721,496 1,168,312
Net cash provided by operating activities 2,921,039 1,238,829
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (1,709,253) (1,527,473)
Acquisition of fixed assets 0 (34,075)
Payments for ESG Clean Energy license (1,500,000) 0
Investment in unconsolidated entity (7,958,159) 0
Proceeds from sale of oil and gas properties 906,613 84,816
Net cash used in investing activities (10,260,799) (1,476,732)
Cash flows from financing activities:    
Proceeds from long-term debt 510,000 11,467,688
Repayment of long-term debt (5,333,066) (10,946,169)
Proceeds from sale of stock to Camber Energy, Inc. 11,000,000 0
Proceeds from sale of stock 0 7,925
Proceeds from exercise of warrants 0 38,000
Repayment of amount due director (60,843) (16,993)
Net cash provided by financing activities 6,116,091 550,451
Net decrease in cash (1,223,669) 312,548
Cash and Restricted Cash, beginning of period 7,839,539 5,638,724
Cash and Restricted Cash, end of period 6,615,870 5,951,272
Cash paid for:    
Interest 9,755,850 12,683,119
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 0 1,514,328
Equity in earnings of unconsolidated entity 47,772 0
Amortization of right-of-use asset and lease liability 36,872 49,331
Issuance of shares as payment of interest on debt 0 115,958
Issuance of shares for services 388,662 2,986,763
Issuance of warrants for services 29,881 699,819
Issuance of warrants as discount on debt 0 183,214
Issuance of warrant shares as reduction of debt 0 15,000
Issuance of shares in debt conversion 3,800,164 4,350,146
Issuance of shares as discount on debt 141,321 2,375,501
Private placement debt exchanged for new private placement debt 0 6,839,345
Purchase of working interest through new debt 0 29,496,356
Recognition of beneficial conversion feature as discount on debt 0 1,929,978
Accrued interest rolled into new private placement 0 141,985
Issuance of shares as reduction of debt and accrued expenses 0 4,110,250
Issuance of shares to parent for reduction of debt and accrued expenses $ 18,900,000 0
Issuance of shares for prepaid services 1,187,500  
PPP loan forgiveness $ 149,600 $ 0