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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash and Cash Equivalents $ 1,877,163 $ 2,202,521
Restricted Cash 6,025,000 3,325,000
Other Receivables, net 868,429 1,036,401
Revenue Receivables 764,653 878,378
Prepaid Expenses and Other Current Assets 619,913 558,169
Deferred Drilling Costs 0 1,669,149
Total Current Assets 10,155,158 9,669,618
Other Assets 589,865 589,865
Right of Use Asset - Operating Leases 238,509 254,008
Oil and Gas Properties (Successful Efforts Basis), Real Property and Equipment and Fixtures, net 4,656,659 2,401,902
Total Assets 15,640,191 12,915,393
Current Liabilities:    
Accounts Payable and Accrued Expenses 6,966,605 5,482,074
Royalties Payable 611,833 612,925
RMX Resources, LLC 23,087 23,087
Accrued Liabilities 0 215,693
Operating Leases - Current 94,070 83,230
Asset Retirement Obligation - Current 1,012,500 675,000
Deferred Drilling Obligations 11,457,996 9,761,927
Total Current Liabilities 20,166,091 16,853,936
Noncurrent Liabilities:    
Asset Retirement Obligation 4,066,095 4,151,847
Notes Payable 3,489,290 0
Operating Leases - Non-current 145,644 171,439
Accrued Unpaid Guaranteed Payments 90,000 1,616,205
Accrued Liabilities - Non-current 12,386 1,306,605
Total Liabilities 27,969,506 24,100,032
Mezzanine Equity:    
Convertible Preferred Stock, Series B, $10 par value, 3,000,000 Shares Authorized, 0 and 2,444,885 shares issued and outstanding at December 31, 2024 and 2023, respectively 0 24,448,850
Stockholders’ Deficit:    
Common Stock, .001 Par Value, 280,000,000 Shares Authorized 96,600,302 and 70,564,188 shares issued and outstanding at December 31, 2024 and 2023, respectively 96,600 70,564
Additional Paid in Capital 81,078,554 54,619,236
Accumulated Deficit (93,504,469) (90,323,289)
Total Stockholder’s Deficit (12,329,315) (35,633,489)
Total Liabilities, Mezzanine Equity and Stockholders’ Deficit $ 15,640,191 $ 12,915,393