Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (1,632,327) $ (3,643,064)
Adjustments to reconcile net loss to cash used in operating activities:    
Change in fair value of derivative liability 534,607 0
Stock based compensation 0 292,808
Depreciation, depletion and amortization 231,148 499,769
Amortization of operational right-of-use assets 4,884 6,228
Accretion - asset retirement obligation 31,382 35,066
Amortization of debt discount 53,732 92,522
Loss on extinguishment of debt 154,763 0
Bad debt expense 0 1,800,000
Changes in operating assets and liabilities    
Accounts receivable (1,209,543) 979,049
Prepaids and other current assets (107,621) (202,668)
Inventory (137,004) (460,423)
Accounts payable 1,205,728 (3,559,925)
Accrued expenses and other current liabilities (430,460) (363,765)
Due to related parties 89,042 321,844
Customer deposits 249,794 412,570
Undistributed revenues and royalties (48,800) 1,780,726
Net cash used in operating activities (1,010,675) (2,009,263)
Cash flows from investing activities:    
Proceeds from sale of oil and gas properties 0 22,676
Investment in and acquisition of oil and gas properties 0 (2,666)
Acquisition of fixed assets (25,726) (16,083)
Purchase of notes receivable   (960,000)
Net cash used in investing activities (25,726) (956,073)
Repayment of long-term debt (157,399) (3,618,780)
Proceeds from non-interest-bearing advances from Camber (495,000) 4,297,300
Advances from bank credit facility 318,135 1,232,448
Repayment of promissory notes, related parties (13,375)  
Net cash provided by (used in) financing activities (347,639) 1,910,968
Effect of exchange rates on cash 62,546 200,177
Net decrease in cash (1,321,494) (854,191)
Cash, beginning of period 3,239,349 3,467,938
Cash, end of period 1,917,855 2,613,747
Cash paid for:    
Interest 146,671 133,792
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Debt discount on modification of debt for conversion feature 2,144,068 0
Amortization of right-of-use asset and lease liability 325,394 332,810
Issuance of shares for purchase of VIE interests 0 2,250,000
Issuance of preferred shares for purchase of VIE interest 0 4,750,000
Contingent obligation associated with acquisition of VIE interests $ 0 $ 1,435,757