Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (63,988,245) $ (19,390,850)
Adjustments to reconcile net loss to cash provided by operating activities:    
Change in fair value of derivative liability (5,485,573) 3,308,880
Stock-based compensation 5,625,302 951,533
Depreciation, depletion and amortization 13,513,735 10,936,446
Accretion - asset retirement obligation 1,111,266 391,482
Impairment of oil and gas properties 37,500,000 0
Amortization of right-of-use assets 1,442 3,766
Loss on financing settlement 931,894 0
Amortization of debt discount 7,321,178 7,975,244
Stock-based interest expense 2,178,356 0
Changes in operating assets and liabilities    
Accounts receivable (1,186,517) (2,517,727)
Prepaid expenses and other assets 182,692 (2,755,951)
Accounts payable 683,625 1,247,148
Accrued expenses and other current liabilities 1,617,298 2,837,595
Undistributed revenues and royalties 1,069,645 1,040,073
Net cash provided by operating activities 1,076,098 4,027,639
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (1,935,328) (5,196,576)
Acquisition of fixed assets (59,900) (11,115)
Proceeds from sale of oil and gas interests 134,222 552,966
Net cash used in investing activities (1,861,006) (4,654,725)
Cash flows from financing activities:    
Proceeds from long-term debt 6,217,688 10,258,123
Proceeds from long-term debt - parent 5,600,000 0
Repayment of long-term debt (19,746,457) (9,131,911)
Proceeds from sale of stock - parent 10,900,000 0
Proceeds from sale of stock 7,925 0
Short term advance 0 693,706
Proceeds from amount due to director 0 195,000
Repayment of amount due to director (31,433) 0
Proceeds from exercise of warrants 38,000 241,000
Net cash provided by financing activities 2,985,723 2,255,918
Net increase (decrease) in cash 2,200,815 1,628,832
Cash, beginning of year 5,638,724 4,009,892
Cash, end of year 7,839,539 5,638,724
Cash paid for:    
Interest 15,995,430 10,034,325
Income taxes 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 1,514,328 94,796
Recognition of right-of-use asset and lease liability 0 367,365
Amortization of right-of-use asset and lease liability 66,848 59,086
Purchase of transportation equipment through direct financing 0 56,760
Proceeds from sale of oil and gas properties paid directly to reduce debt 250,000 3,800,000
Elimination of asset retirement obligation associated with sale of assets 0 1,361,106
Issuance of shares as payment of interest on debt 115,958 620,508
Issuance of warrants for services 2,466,531 167,151
Warrants exercised to reduce debt 0 1,900,635
Issuance of warrants as discount on debt 183,214 3,129,012
Debt refinanced through new credit facility 0 3,310,000
Purchase price adjustment of short-term advance 0 693,706
Issuance of warrants shares as reduction of debt 15,000 0
Issuance of shares in debt conversion 4,350,146 0
Issuance of shares as discount on debt 2,444,244 0
Private placement debt exchanged for new private placement debt 654,000 0
Purchase of working interest through new debt 29,496,356 0
Purchase of working interest through assumption of undistributed revenue 798,139 0
Recognition of beneficial conversion feature as discount on debt 2,029,188 0
Accrued interest rolled into new private placement 103,583 0
Issuance of shares as reduction of debt and accrued expenses 4,110,250 0
Note payable - parent converted to sale of stock $ 9,200,000 $ 0