Balance Sheet

Balance Sheet

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 3,616 $ 1,139
Restricted cash 120,000 120,000
Accounts receivable - trade 10,090
Accounts receivable - oil and gas 155,723
Prepaid expenses 82,745 6,086
Other receivable 171,254
Total current assets 533,338 137,315
Oil and gas properties, full cost accounting    
Properties not subject to amortization 106,299 106,299
Properties subject to amortization, net 12,900,661 12,036,804
Support facilities and equipment, net 295,973 284,157
Net oil and gas properties 13,302,933 12,427,260
Property and equipment, net 4,491 6,337
Other assets:    
Right of use assets 170,663
Surety and performance bonds 145,000 145,000
Total assets 14,156,425 12,715,912
Current liabilities:    
Accounts payable and accrued liabilities 4,214,718 4,320,261
Accounts payable - related party 987,050 794,529
Accrued interest 552,212 375,232
Accrued interest - related party 951,798 760,188
Notes payable 1,780,603 1,595,697
Notes payable - related party 7,250,000 7,250,000
Convertible note payable, net 487,100 181,637
Derivative liabilities 7,173,844 661,320
Leasing liabilities 98,217
Other liabilities 303,794 282,676
Total Current Liabilities 23,799,336 16,221,540
Long-Term Liabilities:    
Asset retirement obligation 568,977 340,117
Leasing liabilities 75,660
Convertible note payable, net 32,898
Total Liabilities 24,443,973 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; 100,000,000 shares authorized; 23,610,739 and 22,075,738 shares issued and outstanding, respectively 2,362 2,208
Additional paid in capital 16,860,431 11,173,120
Accumulated deficit (27,150,341) (15,053,971)
Total stockholders' deficit (10,287,548) (3,878,643)
Total Liabilities and Stockholders' Deficit $ 14,156,425 $ 12,715,912

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