XML 47 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operation activities    
Net loss $ (432,937) $ (1,500,410)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock based compensation 377,000 1,042,701
Amortization of debt discount 39,514 68,242
(Gain) loss on change in fair value of derivative liabilities (492,198) 261,665
Impairment loss 50,000 0
Asset retirement obligation expense 76 75
Change in operating assets and liabilities:    
Accounts receivable 1,285
Accounts payable 287,266 40,809
Accounts payable-related party (2,892) 12,579
Interest payable 22,174 8,287
Net cash used in operating activities (151,997) (64,767)
Cash flows from investing activities    
Deposit for purchase of oil and gas properties (10,000)
Net cash used in investing activities (10,000)
Cash flows from financing activities    
Proceeds from convertible credit line payable – related party 49,580
Payment on convertible credit line payable - related party (22,868)
Advances from related party 0 24,366
Payments on short term advances - related party (53,375) 0
Proceeds from sale of common stock 228,000
Net cash provided by financing activities 151,757 73,946
Net change in cash and cash equivalents (240) (821)
Cash and cash equivalents, beginning of period 240 1,061
Cash and cash equivalents, end of period 240
Supplemental disclosures of cash flow information:    
Cash paid for interest
Cash paid for income taxes
Supplemental disclosure of non-cash financing activities    
Common stock issued for settlement of accrued Board of Director fees 6,000
Debt discount on convertible credit line payable related party 7,568 49,580
Non cash short term loan payable 50,000
Expenses paid on behalf of the Company by related party $ 42,206