Cash Flow

Cash Flow

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities    
Net loss $ (8,360,207) $ (2,390,301)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities    
Depreciation, depletion, amortization and accretion 570,896 224,311
Interest, amortization of debt discount and change in derivative value 78,710 672,423
Gain on extinguishment of debt (1,246,186) 63,685
Warrant and conversion feature exceeded notes 7,217,029
Common stock and warrants issued for inducement of the note extension 105,075
Common stock and stock payable issued for services and fair value of options 575,957 481,177
Rent related 3,160 (936)
Changes in operating assets and liabilities:    
Accounts receivable 10,090 22
Surety and performance bonds 150,000
Prepaid expenses (118,979) (22,551)
Other receivables (10,000)  
Accounts payable and accrued liabilities 9,153 4,327
Accounts payable and accrued liabilities - related party 606,326 825,634
Other liabilities 106,923 (13,324)
Net cash (used in) provided by operating activities (557,128) 99,542
Cash Flows from Investing Activities    
Payments for acquisition of oil and gas property (684,413)
Net cash used investing activities (684,413)
Cash Flows from Financing Activities    
Proceeds from notes payable 176,001
Proceeds from convertible note payable 1,350,500
Repayment to convertible note payable (265,000) (100,000)
Net cash provided by (used in) financing activities 1,261,501 (100,000)
Net increase in cash, cash equivalents and restricted cash 19,960 (458)
Cash, Cash Equivalents and Restricted Cash, beginning of period 121,139 240,555
Cash, Cash Equivalents and Restricted Cash, end of period 141,099 240,097
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents and restricted cash at beginning of period 121,139 240,555
Restricted cash at beginning of period 120,000 240,000
Cash and cash equivalents at beginning of period 1,139 555
Cash and cash equivalents and restricted cash at end of period 141,099 240,097
Restricted cash at end of period 120,000 240,000
Cash and cash equivalents at end of period 21,099 97
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes
Supplemental disclosures of cash flow information:    
Asset Retirement Obligation 222,194 23,709
Debt discount
Note payable exchanged for other note payable 110,000
Unpaid liabilities in acquisition of oil and gas property $ 1,767,096

Source