Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net loss $ (9,220,005) $ (8,452,863)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Change in fair value of derivative liability (267,688) 1,330,102
Stock based compensation 444,533 1,898,255
Depreciation, depletion and amortization 6,978,604 1,362,306
Amortization of operational right-of-use assets 2,997
Gain on disposal of assets (613,589)
Accretion - Asset retirement obligation 230,269 137,858
Amortization of debt discount 6,947,607 4,059,563
Changes in operating assets and liabilities    
Accounts receivable (2,307,266) (154,772)
Prepaid expenses and other assets 26,639 (368,542)
Other receivable 548,714
Accounts payable (806,594) (1,198,555)
Accrued expenses and other current liabilities 1,753,034 349,156
Deferred tax liability (910,827)
Undistributed revenues and royalties 538,650 77,167
Amounts due to directors 39,993
Net cash provided by (used) in operating activities 4,320,780 (1,896,034)
Cash flows from investing activities:    
Investment in and acquisition of oil and gas properties (4,641,453) (3,600,528)
Acquisition of fixed assets (130,000)
Proceeds from sale of fixed assets 45,000
Proceeds from sale of oil and gas interests 552,966 1,332,995
Net cash used in investing activities (4,088,487) (2,352,533)
Cash flows from financing activities:    
Proceeds from amount due to director 195,000 583,000
Repayment of amount due to director (1,312,908)
Proceeds from long term debt 6,372,383 16,047,458
Debt issuance costs (791,385)
Short term advance 693,706
Repayment of long-term debt (3,859,025) (8,199,989)
Net cash provided by financing activities 3,402,064 6,326,176
Net increase (decrease) in cash 3,634,357 2,077,609
Cash and Restricted Cash, beginning of period 4,009,892 5,735,259
Cash and Restricted Cash, end of period 7,644,249 7,812,868
Supplemental Cash Flow Information:    
Cash paid for: Interest 7,664,537 1,059,616
Cash paid for: Income taxes
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Recognition of asset retirement obligation 94,796 231,053
Recognition of right-of-use asset and lease liability 367,365
Amortization of right-of-use asset and lease liability 43,723
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 discount on debt 2,231,331
Issuance of shares as payment of interest on debt 620,508
Issuance of warrants for services 167,151
Issuance of warrants as discount on debt 3,129,012 1,716,039
Accrual of debt issuance costs 1,187,428
Debt refinanced through new credit facility 3,310,000 7,633,389
Private placement debt exchanged for new private placement 5,314,000
Purchase of working interest through new debt 165,000
Issuance of shares for contract services 55,000
Cashless exercise of warrants 447
Accrued expenses exchanged for long term debt $ 177,771