Annual report pursuant to Section 13 and 15(d)

Income Taxes (Details 1)

v3.21.1
Income Taxes (Details 1) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
NOL carry forwards $ 9,273,296 $ 8,077,099
Bad debt reserves 77,896 77,896
Impairment of oil and gas assets 8,278,289 403,289
Unrealized loss 695 695
Derivative losses 149,982 1,301,952
Book tax depletion difference 4,333,842 2,233,842
Share based compensation 3,637,737 2,456,423
Total deferred tax assets 25,751,736 12,317,354
Deferred tax liabilities:    
Derivative gains (121,947) (121,947)
Bargain purchase gain (5,674,498) (5,674,498)
Total deferred tax liabilities (5,796,445) (5,796,445)
Deferred tax asset (liability) - before valuation allowance 19,955,291 6,520,909
Less valuation allowance (19,955,291) (6,520,909)
Deferred tax asset (liability) - net $ 0 $ 0