Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Summary of Significant Accounting Policies |
|
| Schedule of Inventory |
|
|
September 30,
2022
|
|
|
December 31,
2021
|
|
Units and work in process |
|
$ |
6,889,350 |
|
|
$ |
4,125,451 |
|
Parts |
|
|
2,980,009 |
|
|
|
2,920,045 |
|
|
|
|
9,869,359 |
|
|
|
7,045,496 |
|
Reserve for obsolescence |
|
|
(1,431,195 |
) |
|
|
(1,555,061 |
) |
|
|
$ |
8,438,164 |
|
|
$ |
5,490,435 |
|
|
| Schedule of Company's oil and gas revenue by source |
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil |
|
$ |
337,665 |
|
|
$ |
9,518,232 |
|
|
$ |
1,956,461 |
|
|
$ |
24,460,736 |
|
Natural gas and natural gas liquids |
|
|
(235,479 |
) |
|
|
4,206,625 |
|
|
|
978,971 |
|
|
|
12,929,513 |
|
Settlement on hedge contracts |
|
|
- |
|
|
|
(3,819,148 |
) |
|
|
- |
|
|
|
(6,896,901 |
) |
Well operations |
|
|
15,668 |
|
|
|
(225,048 |
) |
|
|
731,294 |
|
|
|
378,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
117,854 |
|
|
$ |
9,680,661 |
|
|
$ |
3,666,726 |
|
|
$ |
30,871,373 |
|
|
| Schedule of disaggregates Simson-Maxwell's revenue |
|
|
Three months
ended
|
|
|
Nine months
ended
|
|
|
|
September 30, 2022 |
|
|
September 30, 2022 |
|
Power generation units |
|
$ |
2,082,218 |
|
|
$ |
3,591,365 |
|
Parts |
|
|
1,196,748 |
|
|
|
3,321,728 |
|
Total units and parts |
|
|
3,278,966 |
|
|
|
6,913,093 |
|
Service and repairs |
|
|
2,763,886 |
|
|
|
8,086,449 |
|
|
|
$ |
6,042,852 |
|
|
$ |
14,999,542 |
|
|
| Schedule of stock warrant activity |
|
|
Number
of Shares
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual Life
|
|
|
Aggregate
Intrinsic
Value
|
|
Warrants Outstanding – December 31, 2021 |
|
|
7,306,854 |
|
|
|
0.81 |
|
|
4.90 years |
|
|
|
- |
|
Granted |
|
|
2,320,000 |
|
|
|
0.02 |
|
|
4.74 years |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited/expired/cancelled |
|
|
367,593 |
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Outstanding – September 30, 2022 |
|
|
9,259,261 |
|
|
$ |
0.62 |
|
|
4.28 years |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Exercisable – September 30, 2022 |
|
|
9,259,261 |
|
|
$ |
0.62 |
|
|
4.28 years |
|
|
$ |
- |
|
|
| Schedule of changes in the company's asset retirement obligations |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
Asset retirement obligation – beginning |
|
$ |
2,111,650 |
|
|
$ |
6,164,231 |
|
Oil and gas purchases |
|
|
- |
|
|
|
- |
|
Revisions |
|
|
- |
|
|
|
1,800 |
|
ARO settlements |
|
|
- |
|
|
|
(130,228 |
) |
ARO recovered on sale of assets |
|
|
(239,975 |
) |
|
|
|
|
Accretion expense |
|
|
107,869 |
|
|
|
438,225 |
|
Asset retirement obligation – ending |
|
$ |
1,979,544 |
|
|
$ |
6,474,028 |
|
|