Note 5 - Common Stock

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE

5

– COMMON STOCK

The Company is authorized to issue up to

10,000,000

shares of

$0.0001

par value preferred stock and

65,000,000

shares of

$0.0001par

value common stock.

The Board of Directors authorized the Company to sell

1,300,000

shares of common stock at

$1.00

per share to raise working capital.

During the

nine

months ended

September 30, 2020

and

2019

, the Company sold

70,000

and

213,000

shares of common stock for total proceeds of

$70,000

and

$213,000,

respectively.

During the

nine

months ended

September 30, 2020,

the Company issued

10,000

shares of common stock with a fair value of

$10,000

for lease acquisition cost for unproved properties.

During the

nine

months ended

September 30, 2020,

the Company issued

5,000

shares of common stock with a fair value of

$5,000

to settle outstanding accounts payable balance.

The Company compensates each of its directors with

4,000

shares of common stock each month. During each of the

nine

months ended

September 30, 2020

and

2019,

the Company issued

144,000

shares of common stock valued at

$144,000.

During the

nine

months ended

September

30,2019,

the Company issued

160,000

shares of common stock with a fair value of

$160,000

for consulting services.