Financials

v3.20.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 1,761,495 $ 4,009,892
Restricted cash 3,877,229
Accounts receivable - oil and gas 2,864,114 258,300
Prepaid expenses 168,994 124,443
Total current assets 8,671,832 4,392,635
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 68,924,441 81,331,986
Proved undeveloped and non-producing oil and gas properties, net 50,817,675 50,492,906
Total Oil and gas properties, net 119,742,116 131,824,892
Fixed assets, net 509,934 200,243
Derivative asset 681,776
Deposits 2,821,594 110,194
TOTAL ASSETS 131,745,476 137,209,740
Current liabilities:    
Accounts payable 3,791,894 2,549,280
Accrued expenses and other current liabilities 3,229,594 1,014,661
Undistributed revenues and royalties 2,247,678 1,207,605
Derivative liability 5,158,822 2,531,718
Amount due to director 590,555 395,555
Current portion of long-term debt - net of debt discount 19,225,045 11,805,582
Total current liabilities 34,243,588 19,504,401
Long term debt - net of current portion and debt discount 84,988,117 92,076,857
Operating lease liability 308,279
Asset retirement obligation 3,538,637 4,413,465
TOTAL LIABILITIES 123,078,621 115,994,723
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 Shares issued and outstanding as of December 31, 2019 and 2018 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 124,198,309 and 90,989,025 shares issued and outstanding as of December 31, 2019 and 2018, respectively 124,198 90,989
Additional Paid-In Capital 38,825,392 32,015,913
Retained Earnings (Accumulated deficit) (30,282,763) (10,891,913)
TOTAL STOCKHOLDERS' EQUITY 8,666,855 21,215,017
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 131,745,476 $ 137,209,740

Source

v3.20.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenue    
Oil and gas sales $ 34,592,850 $ 7,967,972
Operating expenses    
Lease operating costs 12,203,777 3,835,549
General and administrative 5,233,027 7,265,639
Stock based compensation 951,533 2,303,213
Accretion - asset retirement obligations 391,482 86,023
Depreciation, depletion & amortization 10,936,446 1,644,693
Total operating expenses 29,716,265 15,135,117
Income (Loss) from operations 4,876,585 (7,167,145)
Other income (expenses)    
Interest expense (12,988,695) (1,910,387)
Amortization of debt discount (7,975,244) (5,969,886)
Change in fair value of derivatives (3,308,880) (1,604,916)
Gain on disposal of assets 623,960
Interest and other income 5,384
Total other income (expenses) (24,267,435) (8,861,229)
Net loss before income taxes (19,390,850) (16,028,374)
Income tax benefit (expense) 910,827
Net loss $ (19,390,850) $ (15,117,547)
Loss per weighted average number of common shares outstanding - basic and diluted $ (0.20) $ (0.18)
Weighted average number of common shares outstanding - basic and diluted 96,379,785 81,950,037

Source

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net income (loss) $ (19,390,850) $ (15,117,547)
Adjustments to reconcile net loss to cash used in operating activities:    
Change in fair value of derivative liability 3,308,880 1,604,916
Stock based compensation 951,533 2,303,212
Gain on disposal of assets (613,589)
Depreciation, depletion and amortization 10,936,446 1,644,693
Accretion - Asset retirement obligation 391,482 86,023
Amortization of right-of-use assets 3,766
Allowance for bad debt 217,057
Amortization of debt discount 7,975,244 5,969,886
Changes in operating assets and liabilities    
Accounts receivable (2,517,727) 131,343
Other receivables 548,714
Prepaid expenses and other assets (2,755,951) (159,791)
Accounts payable 1,247,148 (336,903)
Accrued expenses and other current liabilities 2,837,595 614,773
Undistributed revenues and royalties 1,040,073 32,405
Deferred tax liability (910,827)
Amounts due to director 59,200
Net cash provided by (used) in operating activities 4,027,639 (3,926,435)
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (5,196,576) (7,995,476)
Acquisition of fixed assets (11,115) (130,000)
Proceeds from sale of fixed assets 45,000
Proceeds from sale of oil and gas interests 552,966 1,565,540
Net cash used in investing activities (4,654,725) (6,514,936)
Cash flows from financing activities:    
Proceeds from long-term debt 10,258,123 19,182,768
Repayment of long-term debt (9,131,911) (8,567,657)
Debt issuance costs (1,042,492)
Short term advance 693,706
Proceeds from amount due to director 195,000 583,000
Repayment of amount due to director (1,439,615)
Proceeds from exercise of warrants 241,000
Net cash provided by financing activities 2,255,918 8,716,004
Net increase (decrease) in cash 1,628,832 (1,725,367)
Cash, beginning of year 4,009,892 5,735,259
Cash, end of year 5,638,724 4,009,892
Supplemental Cash Flow Information:    
Cash paid for: Interest 10,034,325 644,000
Cash paid for: Income taxes
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 94,796 1,901,019
Recognition of right-of-use asset and lease liability 367,365
Amortization of right-of-use asset and lease liability 59,086
Purchase of transportation equipment through direct financing 56,760
Proceeds from sale of oil and gas properties paid directly to reduce debt 3,800,000
Elimination of asset retirement obligation associated with sale of assets 1,361,106
Issuance of shares as payment of interest on debt 620,508
Issuance of warrants for services $ 167,151
Warrants exercised to reduce debt 1,900,635
Financing associated with oil and gas property acquisition $ 81,957,150
Issuance of shares and warrants as discount on debt 3,129,012 8,263,789
Debt refinanced through new credit facility 3,310,000 7,633,389
Purchase price adjustment of short-term advance 693,706
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
Accrued expenses exchanged for long term debt (866,743)
Conversion of debt $ (15,000)

Source