Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ (3,643,064) $ (9,052,273)
Adjustments to reconcile net loss to cash provided by operating activities:    
Change in fair value of derivative liability 0 5,668,606
Stock based compensation 292,808 273,750
Depreciation, depletion and amortization 499,769 2,357,002
Amortization of operational right-of-use assets 6,228 248
Accretion - asset retirement obligation 35,066 142,366
Bad debt expense 1,800,000  
Amortization of debt discount 92,522 1,058,356
Loss on debt settlement 0 926,531
Changes in operating assets and liabilities    
Accounts receivable 979,049 (1,775,483)
Prepaid expenses and other assets (202,668) 0
Inventory (460,423) 0
Accounts payable (3,559,925) 356,095
Accrued expenses and other current liabilities (363,765) (302,692)
Related party payables 321,844 0
Customer deposits 412,570 0
Undistributed revenues and royalties 1,780,726 712,066
Net cash provided (used) by operating activities (2,009,263) 364,572
Cash flows from investing activities:    
Proceeds from sale of oil and gas properties 22,676 0
Investment in and acquisition of oil and gas properties (2,666) (673,761)
Acquisition of fixed assets (16,083) 0
Purchase of notes receivable (960,000) 0
Net cash used in investing activities (956,073) (673,761)
Cash flows from financing activities:    
Proceeds from long-term debt 0 425,000
Repayment of long-term debt (3,618,780) (1,996,321)
Proceeds from non-interest-bearing advances from Camber 4,297,300 0
Advances from bank credit facility 1,232,448 0
Repayment of amount due director 0 (20,000)
Net cash provided (used) by financing activities 1,910,968 (1,591,321)
Effect of exchange rates on cash 200,177 0
Net decrease in cash (854,191) (1,900,510)
Cash, beginning of period 3,467,938 7,839,539
Cash, end of period 2,613,747 5,939,029
Supplemental Cash Flow Information: Cash paid for:    
Interest 133,792 3,360,602
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Amortization of right-of-use asset and lease liability 332,810 17,959
Issuance of shares for purchase of VIE interests 2,250,000 0
Issuance of preferred shares for purchase of VIE interest 4,750,000 0
Contingent obligation associated with acquisition of VIE interests 1,435,757  
Issuance of shares as discount on debt 0 133,947
Issuance of shares to parent for reduction of debt and accrued expenses $ 0 $ 18,900,000