Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.21.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 3,976,783 $ 1,761,495
Restricted cash 3,862,756 3,877,229
Accounts receivable - oil and gas 4,050,631 2,864,114
Prepaid expenses 0 168,994
Total current assets 11,890,170 8,671,832
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 64,703,753 68,924,441
Proved undeveloped and non-producing oil and gas properties, net 37,452,683 50,817,675
Total Oil and gas properties, net 102,156,436 119,742,116
Fixed assets, net 433,168 509,934
Derivative asset 1,220,209 0
Deposits 57,896 2,821,594
TOTAL ASSETS 115,757,879 131,745,476
Current liabilities:    
Accounts payable 4,475,519 3,791,894
Accrued expenses and other current liabilities 3,857,655 3,229,594
Undistributed revenues and royalties 4,115,462 2,247,678
Derivative liability 893,458 5,158,822
Amount due to director 559,122 590,555
Current portion of long-term debt - net of debt discount 32,977,368 19,225,045
Total current liabilities 46,878,584 34,243,588
Long term debt - net of current portion and debt discount 78,775,796 84,988,117
Operating lease liability 241,431 308,279
Asset retirement obligation 6,164,231 3,538,637
TOTAL LIABILITIES 132,060,042 123,078,621
Commitments and contingencies (Note 8) 0 0
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of December 31, 2020 and 2019 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 51,494,956 and 13,799,812 shares issued and outstanding as of December 31, 2020 and 2019, respectively 51,495 13,800
Additional Paid-In Capital 75,920,811 38,935,790
Retained deficit (92,274,497) (30,282,763)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (16,302,163) 8,666,855
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 115,757,879 $ 131,745,476