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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss $ (1,021,530) $ (4,037,074)
Adjustments to reconcile net loss to net cash used in operations    
Depreciation and depletion 245,606 364,810
Impairment of oil and gas properties 2,519,032
Accretion of plugging and abandonment costs 4,280 3,286
Stock-based compensation 323,611 434,581
Amortization of right of use asset 74,037 87,366
Amortization of debt discount 23,467
Change in operating assets and liabilities:    
Increase in accounts receivable (118,899) (15,568)
Decrease/(increase) in prepaid expense and other current assets (49,558) 3,660
Decrease in accounts payable and accrued expenses (89,699) (136,799)
Decrease in operating lease liability (48,539) (111,548)
Net cash used in operating activities (680,691) (864,787)
CASH FLOW FROM INVESTING ACTIVITIES    
Payments for the acquisition and development of oil and gas properties (42,806) (1,509,876)
Proceeds from sale of mineral interest 1,487
Payments for the acquisition of cost method investment (195,374) (63,396)
Net cash used in investing activities (238,180) (1,571,785)
CASH FLOW FROM FINANCING ACTIVITIES    
Repayments of notes payable (621,052)
Proceeds from issuance of common stock for cash, net of offering costs 6,575,889 4,434,169
Redemption of Series A and Series B Preferred Stock (1,967,800)
Payment of preferred stock dividends (37,201) (231,900)
Net cash provided by financing activities 4,570,888 3,581,217
INCREASE IN CASH 3,652,017 1,144,645
Cash, beginning of year 1,242,560 97,915
Cash, end of year 4,894,577 1,242,560
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 3,350
Taxes paid
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES    
Change in asset retirement obligations, net 17,082
Conversion of Series A Preferred Stock to common stock $ (24)