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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash $ 1,133,622 $ 1,668,847
Accounts receivable 176,679 207,470
Production receivable 1,412
Prepayments - development costs 212,619 131,340
Prepaid expenses 101,409 76,741
Total current assets 1,624,329 2,085,810
Oil and natural gas properties, net of impairment 217,791
Other assets 105,179 105,179
TOTAL ASSETS 1,947,299 2,190,990
Current liabilities:    
Accounts payable 298,377 3,777,693
Account payable - related party 97,027
Prepayments, working interest owners 311,281
Note payable - related party 42,499,082 41,221,028
Note payable 2,000,000
Accrued interest payable - related party 5,228,244 3,870,175
Accrued interest payable 80,502
Total current liabilities 50,203,232 49,180,177
Asset retirement obligations 233,169 248,651
Total liabilities 50,436,401 49,428,828
Stockholders’ deficit:    
Preferred stock, par value $0.0001, 50,000,000 shares authorized; -0- issued and outstanding June 30, 2024 and December 31, 2023
Common stock, par value $0.0001; 500,000,000 shares authorized; 251,930,516 issued and outstanding at June 30, 2024, and 248,830,516 issued and outstanding at December 31, 2023; 25,193 24,883
Additional paid-in capital 72,526,846 71,956,656
Accumulated deficit (121,041,141) (119,219,378)
Total stockholders’ deficit (48,489,102) (47,237,839)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 1,947,299 $ 2,190,989