Cash Flow

Cash Flow

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities    
Net loss $ (6,585,506) $ (6,493,871)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation, depletion, amortization and accretion 434,073 34,232
Impairment of assets 2,474,714 1,507,768
Amortization of debt discount 572,386 377,080
Interest 459,923
Financing expenses on notes 71,345
Note payable issued for services 120,629
Fair value of down-round feature on warrants   59,801
Change in derivative value (50,619) 169,423
Common stock and warrants issued for inducement of note extensions 153,775 141,900
Common stock and stock payable issued for services and fair value of options 1,032,129 1,353,581
Deferred rent (14,487) 14,487
Gain on settlement of debt and contingent liabilities (274,846) (48,407)
Changes in operating assets and liabilities:    
Accounts receivable (9,343) (32,671)
Surety and performance bonds 150,000
Prepaid expenses 8,635 34,419
Accounts payable and accrued liabilities (325,649) (1,246,683)
Accounts payable and accrued liabilities - related party 1,591,865 518,552
Other liabilities 9,534 110,970
Net cash used in operating activities (373,416) (3,307,445)
Cash Flows from Investing Activities    
Payments for acquisition of oil and gas property (613,377)
Net cash used investing activities (613,377)
Cash Flows from Financing Activities    
Proceeds from notes payable - related party 1,250,000
Repayment to notes payable (1,000,000)
Proceeds from notes payable 102,000 2,300,000
Proceeds from convertible note payable 472,000 300,000
Repayment to convertible note payable (320,000)
Proceeds from sales of common stock 270,000
Net cash provided by financing activities 254,000 3,120,000
Net increase in cash, cash equivalents and restricted cash (119,416) (800,822)
Cash, Cash Equivalents and Restricted Cash, beginning of period 240,555 1,041,377
Cash, Cash Equivalents and Restricted Cash, end of period 121,139 240,555
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 240,555 1,041,377
Restricted cash at beginning of period 240,000 240,000
Cash and cash equivalents and restricted cash at beginning of period 555 801,377
Cash and cash equivalents at end of period 121,139 240,555
Restricted cash at end of period 120,000 240,000
Cash and cash equivalents and restricted cash at end of period 1,139 555
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest (20,000)
Cash paid for income taxes
Supplemental disclosures of cash flow information:    
Accrued salary paid in shares 774,737
Asset retirement obligation 23,709 291,659
Debt discount 595,580 793,144
Note paid by issuance of note (50,000)
Unpaid liabilities in acquisition of oil and gas property 2,038,135 2,683,785
Fixed assets transferred to oil and gas properties (335,024)
Note payable issued for services 120,629
Fair value of warrants issued with note payable 106,823 119,131
Notes payable issued in settlement of contingent liability 32,793
Fair value of shares issued for inducement of note payable $ 160,150

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