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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash $ 2,174,661 $ 1,668,847
Accounts receivable 243,113 207,470
Production receivable 1,382 1,412
Prepayments - development costs 228,367 131,340
Prepaid expenses 56,304 76,741
Total current assets 2,703,827 2,085,810
Oil and natural gas properties 54,766,237 53,672,579
Other assets 105,179 105,179
TOTAL ASSETS 57,575,243 55,863,568
Current liabilities:    
Accounts payable 1,341,084 3,777,685
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 4,552,205 3,870,175
Accrued interest payable 20,667
Total current liabilities 50,413,038 49,180,169
Asset retirement obligations 254,554 248,651
Total liabilities 50,667,592 49,428,820
Stockholders’ deficit:    
Preferred stock, par value $0.0001, 50,000,000 shares authorized; -0- issued and outstanding March 31, 2024 and December 31, 2023
Common stock, par value $0.0001; 500,000,000 shares authorized; 251,830,516 issued and outstanding at March 31, 2024 248,830,516 issued and outstanding at December 31, 2023; 25,183 24,883
Additional paid-in capital 107,590,866 106,343,260
Accumulated deficit (100,708,398) (99,933,395)
Total stockholders’ deficit 6,907,651 6,434,748
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 57,575,243 $ 55,863,568