Annual report pursuant to Section 13 and 15(d)

Consolidated Statement Of Cash Flows

v3.19.1
Consolidated Statement Of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net income (loss) $ (15,117,547) $ 17,827,500
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Change in fair value of derivative liability 1,604,916 (48,875)
Realized loss on long term investment 7,185
Stock based compensation 2,303,212 5,405,106
Gain on disposal of assets (613,589)
Bargain purchase gain (27,021,418)
Depreciation, depletion and amortization 1,644,693 507,145
Accretion - Asset retirement obligation 86,023 58,075
Allowance for bad debt 217,057 129,385
Amortization of debt discount 5,969,886 1,105,745
Changes in operating assets and liabilities    
Accounts receivable 131,343 (559,566)
Other receivables 548,714 (548,714)
Prepaid expenses and other assets (159,791) 226,717
Accounts payable (336,903) 434,504
Accrued expenses and other current liabilities 614,773 226,554
Undistributed revenues and royalties 32,405 (78,569)
Deferred tax Liability (910,827) 910,827
Amounts due to directors 59,200 140,194
Net cash used in operating activities (3,926,435) (1,278,205)
Cash flows from investing activities:    
Purchase of oil and gas properties (4,423,778) (2,196,872)
Cash Paid for Acquisition (3,701,698) (1,000,000)
Cash acquired with acquisition 1,252,769
Proceeds from sale of investments 1,610,540 101,191
Net cash used in investing activities (6,514,936) (1,842,912)
Cash flows from financing activities:    
Proceeds from amount due to directors 583,000 171,301
Repayments of amount due to directors (1,439,615) (396,005)
Proceeds from sale of common stock 331,667
Debt issuance costs (1,042,492) (349,120)
Proceeds from long term debt 19,182,768 11,098,261
Repayment of long term debt (8,567,657) (2,018,333)
Net cash provided by financing activities 8,716,004 8,837,771
Net increase (decrease) in cash (1,725,367) 5,716,654
Cash, beginning of year 5,735,259 18,605
Cash, end of year 4,009,892 5,735,259
Supplemental Cash Flow Information:    
Cash paid for: Interest 644,000 305,648
Cash paid for: Income taxes
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 1,901,019 2,205,171
Financed portion of oil and gas property acquisition 1,995,319
Issuance of shares for oil and gas property acquisitions 460,600
Amount due seller for oil and gas property acquisition 2,000,000
Financing associated with oil and gas property acquisition 81,957,150
Issuance of shares and warrants as discount on debt 8,263,789 1,185,686
Prepayment of contract through amounts due directors 100,000
Debt refinanced through new credit facility 7,633,389
Private placement debt exchanged for new private placement debt 5,583,311
Purchase of working interest through new debt 165,000
Issuance of shares and warrants for services 2,303,212
Long term debt paid through amounts due directors 97,500
Accrued expenses exchanged for long term debt (866,743) 9,500
Sale of shares through satisfaction of unrelated notes payable 127,215
Conversion of debt $ (15,000)