Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Statutory Federal Income Tax

The following table sets forth a reconciliation of the statutory federal income tax for the years ended December 31, 2018 and 2017.

	2018			2017
Income (loss) before income taxes	$	(251,336	)	$	(2,037,615	)
Income tax expense (benefit) computed at statutory rates	$	(52,781	)	$	(713,165	)
Permanent differences, nondeductible expenses		405			5,371
Increase (decrease) in valuation allowance		(1,386,204	)		(7,283,514	)
State and Local Taxes		6,548			—
Other adjustment		1,090,595			44,279
Deferred True-Up		341,437			—
Federal tax rate change		—			7,947,029
Tax provision	$	—		$	—
Total provision
Foreign	$	—		$	—
Total provision (benefit)	$	—		$	—

Significant Components of Deferred Tax Asset and Liability

Significant components of the deferred tax asset and liability as of December 31, 2018 and 2017 are set out below.

	2018			2017
Non-Current Deferred tax assets:
Net operating loss carry forward	$	11,128,619		$	11,130,350
Foreign tax credit carry forward		505,745			505,745
Deferred state tax		13,966			13,966
Stock compensation		471,534			1,891,857
Book in excess of tax depreciation, depletion and capitalization methods on oil and gas properties		(883,220	)		(919,070	)
Other		(196,560	)		(196,560	)
Colombia future tax obligations		—			—
Total Non-Current Deferred tax assets		11,040,084			12,426,288
Valuation Allowance		(11,040,084	)		(12,426,288	)
Net deferred tax asset	$	—		$	—