XML 24 R5.htm IDEA: XBRL DOCUMENT v3.24.3
Restated Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Operating activities:      
Net loss for the year $ (43,842) $ (6,121,754) $ (4,893,126)
Changes in non-cash working capital items:      
Stock-based compensation 2,397,261 2,118,917 336,366
Stock issued for services 89,711 169,396 765,576
Depletion 5,119,174 1,451,032 415,686
Depreciation 175,764 145,035 31,768
Accretion of asset retirement obligation 219,536 264,075 91,983
Accretion and accrued interest expense 1,393,604 26,365 192,258
Interest income (19,179) (54,623) (17,733)
Change in fair value of derivative liability (4,827) 686,504 1,590,762
Unrealized foreign exchange (gain) loss 4,313,483 (32,899) 50,916
Provision for settlement 285,120
(Gain) loss on debt settlement 8,500 (97,051) 159,383
Loss on issuance of shares 17,342
Loss on impairment of assets held for sale 1,556,787
Loss on impairment of exploration and evaluation assets 3,101,343
Loss on write-off of notes and other receivables 46,176
Gain on net monetary position (18,984,099) (1,826,495)
Gain on disposal of equipment (19,535) (40,074)
Gain on termination of lease (31,864)
Deferred tax expense 1,860,326
Restricted cash 5,438 6,325
Amounts receivable 1,448,844 (3,959,821) (469,752)
Prepaid expenses and deposits (677,165) (883,254) (71,201)
Accounts payable and accrued liabilities (346,398) 11,708,461 (18,680)
Net cash (used in) provided by operating activities (1,526,577) 7,031,965 (1,869,543)
Investing activities:      
Property and equipment expenditures (60,176) (696,929) (180,739)
Oil and gas properties expenditures (56,381,768) (44,369,191) (66,122)
Disposal of equipment 64,588 65,016
Advances from JV Partners 29,623,835 6,656,785
Prepaid expenses and deposits 178,536
Accounts payable and accrued liabilities 7,856,541 917,064
Net cash used in investing activities (18,783,032) (37,427,683) (181,845)
Financing activities:      
Proceeds from stock subscriptions received, net 7,417,630 28,701,299 544,880
Proceeds from exercise of options 542,864 571,066 191,032
Proceeds from exercise of warrants 2,215 1,208,249 1,772,884
Proceeds from loans payable 4,988,296 199,007 525,642
Repayments of loans payable (2,719,721) (696,853) (394,883)
Repayment of notes receivable 80,991 136,611 23,745
Proceeds from convertible debt 10,359,398
Lease payments (85,271) (4,121) (7,634)
Net cash provided by financing activities 20,586,402 30,115,258 2,655,666
Effect of exchange rate changes on cash and cash equivalents (14,409) 179,531 220,000
Net increase (decrease) in cash and cash equivalents 262,384 (100,929) 824,278
Cash and cash equivalents, beginning of year 926,061 1,026,990 202,712
Cash and cash equivalents, end of year 1,188,445 926,061 1,026,990
Supplemental information:      
Interest paid on credit facilities 795,451 105,805 29,980
Non-cash investing and financing activities:      
Stock issued for debt settlement 212,402 391,021 351,537
Stock issued for prepaid expenses 158,698
Stock issued for services 89,711 169,396 765,576
Stock issued for debt conversion 522,519
Right-of-use asset additions $ 236,201