XML 15 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 2,510,388 $ 1,103,834
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 60,002 36,433
Depreciation, depletion and amortization 771,507 544,380
Accretion of asset retirement obligations 15,349 14,303
Amortization of debt issuance costs 6,263 6,263
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 124,486 (139,453)
Decrease (increase) in right-of-use asset 26,893 (135,457)
Decrease in prepaid expenses 9,540 4,659
(Decrease) increase in accounts payable and accrued expenses (63,588) 16,553
Settlement of asset retirement obligations (15,860) (1,052)
(Decrease) increase in operating lease liability (26,893) 134,353
Net cash provided by operating activities 3,418,087 1,584,816
Cash flows from investing activities:    
Additions to oil and gas properties (4,245,064) (657,308)
Drilling refunds 18,329 115,552
Investment – cost basis (25,000) (25,000)
Proceeds from sale of oil and gas properties and equipment 11,969
Additions to other property and equipment (1,718)
Net cash used in investing activities (4,253,453) (554,787)
Cash flows from financing activities:    
Proceeds from exercise of stock options 185,732
Profits from purchase of stock by insider 30,179
Proceeds from long-term debt 500,000 275,000
Reduction of long-term debt (500,000) (1,455,000)
Net cash provided by (used in) financing activities 30,179 (994,268)
Net (decrease) increase in cash and cash equivalents (805,187) 35,761
Cash and cash equivalents at beginning of period 1,370,766 57,813
Cash and cash equivalents at end of period 565,579 93,574
Supplemental disclosure of cash flow information:    
Cash paid for interest 429 14,834
Non-cash investing and financing activities:    
Asset retirement obligations 21,197 7,472
Operating lease – right of use asset and associated liabilities $ 165,007