Balance Sheet

Balance Sheet

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 1,139 $ 555
Restricted cash 120,000 240,000
Accounts receivable - trade 10,090 747
Accounts receivable - oil and gas 31,924
Prepaid expenses 6,086 14,721
Total current assets 137,315 287,947
Oil and gas properties, full cost accounting    
Properties not subject to amortization 106,299 2,457,218
Properties subject to amortization, net 12,036,804 10,674,918
Support facilities and equipment, net 284,157 121,502
Net oil and gas properties 12,427,260 13,253,638
Property and equipment, net 6,337 13,821
Other assets:    
Surety and performance bonds 145,000 295,000
Total assets 12,715,912 13,850,406
Current liabilities:    
Accounts payable and accrued liabilities 4,320,261 3,053,050
Accounts payable - related party 794,529 362,714
Deferred rent 14,487
Accrued interest 375,232 64,380
Accrued interest - related party 760,188 166,438
Notes payable 1,595,697 1,418,365
Notes payable - related party 7,250,000 7,135,732
Convertible note payable, net 181,637 93,272
Derivative liabilities 661,320 458,387
Other liabilities 282,676 305,935
Total current liabilities 16,221,540 13,072,760
Long-term liabilities:    
Asset retirement obligation 340,117 303,327
Convertible note payable, net 32,898
Total liabilities 16,594,555 13,376,087
Commitment and Contingencies
Stockholders' (Deficit) Equity:    
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; no shares outstanding
Common stock, $0.0001 par value; 100,000,000 shares authorized; 22,075,738 and 14,900,627 shares issued and outstanding, respectively 2,208 1,490
Stock payable 93,900
Additional paid in capital 11,173,120 8,847,394
Accumulated deficit (15,053,971) (8,468,465)
Total stockholders' (deficit) equity (3,878,643) 474,319
Total Liabilities and Stockholders' (Deficit) Equity $ 12,715,912 $ 13,850,406

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