Balance Sheet

Balance Sheet

v3.19.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 21,099 $ 1,139
Restricted cash 120,000 120,000
Accounts receivable - trade 10,090
Accounts receivable - oil and gas 89,902
Prepaid expenses 125,065 6,086
Other receivable 10,000
Total current assets 366,066 137,315
Oil and gas properties, full cost accounting    
Properties not subject to amortization 106,299 106,299
Properties subject to amortization, net 12,569,237 12,036,804
Support facilities and equipment, net 294,556 284,157
Net oil and gas properties 12,970,092 12,427,260
Property and equipment, net 2,625 6,337
Other assets:    
Right of use assets 147,200
Surety and performance bonds 145,000 145,000
Total assets 13,630,983 12,715,912
Current liabilities:    
Accounts payable and accrued liabilities 4,318,194 4,320,261
Accounts payable - related party 1,017,057 794,529
Accrued interest 653,307 375,232
Accrued interest - related party 1,143,986 760,188
Notes payable 1,792,951 1,595,697
Notes payable - related party 7,250,000 7,250,000
Convertible note payable, net 981,413 181,637
Derivative liabilities 6,506,062 661,320
Leasing liabilities 102,868
Other liabilities 389,599 282,676
Total Current Liabilities 24,155,437 16,221,540
Long-Term Liabilities:    
Asset retirement obligation 582,937 340,117
Leasing liabilities 47,492
Convertible note payable, net 32,898
Total Liabilities 24,785,866 16,594,555
Commitment and Contingencies
Stockholders' Deficit:    
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; no shares outstanding
Common stock, $0.0001 par value; 475,000,000 shares authorized; 24,585,738 and 22,075,738 shares issued and outstanding, respectively 2,459 2,208
Stock payable 18,733
Additional paid in capital 17,234,078 11,173,120
Accumulated deficit (28,410,153) (15,053,971)
Total stockholders' deficit (11,154,883) (3,878,643)
Total Liabilities and Stockholders' Deficit $ 13,630,983 $ 12,715,912

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