Quarterly report pursuant to Section 13 or 15(d)

Derivative Liability (Table)

v3.23.1
Derivative Liability (Table)
3 Months Ended
Mar. 31, 2023
Long-Term Debt and Other Short-Term Borrowings  
Schedule of debt extinguishment

 

 

Mid-Con Petroleum, LLC

 

 

Mid-Con

 Drilling, LLC

 

 

Total

 

Face value of debt

 

 

1,713,066

 

 

 

792,644

 

 

 

2,505,710

 

less: unamortized debt discount

 

 

(11,323 )

 

 

(11,291 )

 

 

(22,614 )

Carrying value of debt

 

 

1,701,743

 

 

 

781,353

 

 

 

2,483,096

 

FV of new debt

 

 

1,803,411

 

 

 

834,448

 

 

 

2,637,859

 

Loss on extinguishment

 

 

(101,668 )

 

 

(53,095 )

 

 

(154,763 )
Schedule total number of shares, equal to the face value of the debt

 

 

Mid-Con Petroleum, LLC

 

 

Mid-Con

 Drilling, LLC

 

 

Total

 

Balance prior to debt modification:

 

 

 

 

 

 

 

 

 

Promissory Note Principal balance

 

 

1,713,066

 

 

 

792,644

 

 

 

2,505,710

 

Unamortized discount at date of modification

 

 

(11,323 )

 

 

(11,291 )

 

 

(22,614 )

 

 

 

1,701,743

 

 

 

781,353

 

 

 

2,483,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance after debt modification:

 

 

 

 

 

 

 

 

 

 

 

 

Promissory Note Principal balance

 

 

1,713,066

 

 

 

792,644

 

 

 

2,505,710

 

Unamortized debt discount

 

 

(1,465,824 )

 

 

(678,244 )

 

 

(2,144,068 )

 

 

 

247,242

 

 

 

114,400

 

 

 

361,642

 

Fair value of conversion feature

 

 

1,556,169

 

 

 

720,047

 

 

 

2,276,217

 

Loss on extinguishment of debt

 

 

(101,668 )

 

 

(53,095 )

 

 

(154,763 )

 

 

 

1,701,743

 

 

 

781,353

 

 

 

2,483,096