XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Note 1 - Basis of Presentation (Tables)
9 Months Ended
Sep. 30, 2020
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
   
Three months ended
   
Nine months ended
 
   
September 30, 2020
   
September 30, 2019
   
September 30, 2020
   
September 30, 2019
 
                                 
Basic net loss
  $
(337,632
)   $
(216,063
)   $
(575,017
)   $
(261,594
)
Add back: Gain on change in fair value of derivative liabilities
   
-
     
-
     
(22,252
)    
(465,575
)
Diluted net loss
  $
(337,632
)   $
(216,063
)   $
(597,269
)   $
(727,169
)
                                 
Basic and dilutive shares:
                               
Weighted average basic shares outstanding
   
18,014,580
     
17,689,993
     
17,925,910
     
17,536,065
 
Shares issuable from convertible credit line payable
   
-
     
-
     
148,328
     
142,446
 
Dilutive shares
   
18,014,580
     
17,689,993
     
18,074,238
     
17,678,511
 
                                 
Loss per share:
                               
Basic
  $
(0.02
)   $
(0.01
)   $
(0.03
)   $
(0.01
)
Diluted
  $
(0.02
)   $
(0.01
)   $
(0.03
)   $
(0.04
)
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]
   
September 30, 2019
 
   
As Reported
   
Adjustment
   
As Revised
 
Current assets
                       
Cash
  $
5,350
    $
-
    $
5,350
 
Total current assets
   
5,350
     
-
     
5,350
 
                         
Oil and gas property, unproved, full cost
   
37,591
     
(27,591
)    
10,000
 
Total assets
  $
42,941
    $
(27,591
)   $
15,350
 
                         
Liabilities and Stockholders' Deficit
 
 
 
 
 
 
 
 
 
 
 
 
                         
Current liabilities
                       
Accounts payable
  $
327,907
    $
(123,591
)   $
204,316
 
Interest payable
   
26,865
     
-
     
26,865
 
Short term advance from related party
   
397
     
-
     
397
 
Short term note payable
   
50,000
     
-
     
50,000
 
Derivative liability
   
142,446
     
(50,534
)    
91,912
 
Total current liabilities
   
547,615
     
(174,125
)    
373,490
 
                         
Convertible credit line payable - related party, net of discount of $27,275
   
133,314
     
(18,143
)    
115,171
 
Asset retirement obligation
   
767
     
-
     
767
 
Total liabilities
   
681,696
     
(192,268
)    
489,428
 
                         
Stockholders' deficit
                       
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding
   
-
     
-
     
-
 
Common stock, $0.0001 par value; 65,000,000 shares authorized; 17,734,428 issued and outstanding at September 30, 2019
   
1,764
     
11
     
1,775
 
Additional paid in capital
   
1,517,457
     
149,549
     
1,667,006
 
Accumulated deficit
   
(2,157,976
)    
15,117
     
(2,142,859
)
Total stockholder deficit
   
(638,755
)    
164,677
     
(474,078
)
                         
Total liabilities and stockholders' deficit
  $
42,941
    $
(27,591
)   $
15,350
 
   
For the nine months ended September 30, 2019
 
   
As Reported
   
Adjustment
   
As Revised
 
                         
Oil & gas sales
  $
3,857
    $
-
    $
3,857
 
Lease operating expenses
   
5,069
     
-
     
5,069
 
Gross loss
   
(1,212
)    
-
     
(1,212
)
                         
Operating expenses:
                       
Professional services
   
29,874
     
-
     
29,874
 
Board of directors fees
   
144,000
     
-
     
144,000
 
General and administrative
   
437,061
     
20,000
     
457,061
 
Impairment loss
   
70,000
     
(20,000
)    
50,000
 
Total operating expenses
   
680,935
     
-
     
680,935
 
                         
Loss from operations
   
(682,147
)    
-
     
(682,147
)
                         
Other income (expense):
                       
Interest expense
   
(45,498
)    
476
     
(45,022
)
Gain (loss) on change in fair value of derivative liabilities
   
475,902
     
(10,327
)    
465,575
 
Total other income (expense)
   
430,404
     
(9,851
)    
420,553
 
                         
Net loss
  $
(251,743
)   $
(9,851
)   $
(261,594
)
                         
Loss per share:
                       
Basic
  $
(0.01
)   $
-
    $
(0.01
)
Diluted
  $
(0.01
)   $
(0.03
)   $
(0.04
)
                         
Weight average shares common share outstanding: basic and diluted
                       
Basic
   
17,500,432
     
35,633
     
17,536,065
 
Diluted
   
17,500,432
     
178,079
     
17,678,511
 
   
For the three months ended September 30, 2019
 
   
As Reported
   
Adjustment
   
As Revised
 
                         
Oil & gas sales
  $
873
    $
-
    $
873
 
Lease operating expenses
   
254
     
-
     
254
 
Gross loss
   
619
     
-
     
619
 
                         
Operating expenses:
                       
Professional services
   
5,004
     
-
     
5,004
 
Board of directors fees
   
144,732
     
(96,732
)    
48,000
 
General and administrative
   
48,000
     
94,232
     
142,232
 
Total operating expenses
   
197,736
     
(2,500
)    
195,236
 
                         
Loss from operations
   
(197,117
)    
2,500
     
(194,617
)
                         
Other expense:
                       
Interest expense
   
(7,571
)    
(9,261
)    
(16,832
)
Loss on change in fair value of derivative liabilities
   
-
     
(4,614
)    
(4,614
)
Total other expense
   
(7,571
)    
(13,875
)    
(21,446
)
                         
Net loss
  $
(204,688
)   $
(11,375
)   $
(216,063
)
                         
Loss per share:
                       
Basic
  $
(0.01
)   $
-
    $
(0.01
)
Diluted
  $
(0.01
)   $
-
    $
(0.01
)
                         
Weight average shares common share outstanding: basic and diluted
                       
Basic
   
17,390,224
     
299,769
     
17,689,993
 
Diluted
   
17,390,224
     
299,769
     
17,689,993
 
   
For the nine months ended September 30, 2019
 
   
As Reported
   
Adjustments
   
As Revised
 
Cash flows from operation activities
                       
Net loss
  $
(251,743
)   $
(9,851
)   $
(261,594
)
Adjustments to reconcile net loss to net cash used in operating activities
                       
Stock-based compensation
   
160,000
     
144,000
     
304,000
 
Amortization of debt discount
   
30,112
     
(476
)    
29,636
 
(Gain) loss on change in fair value of derivative liabilities
   
(475,902
)    
10,327
     
(465,575
)
Impairment loss
   
70,000
     
(20,000
)    
50,000
 
Asset retirement obligation expense
   
57
     
-
     
57
 
Change in operating assets and liabilities:
                       
Accounts payable
   
319,325
     
(128,171
)    
191,154
 
Accounts payable related party
   
-
     
(6,579
)    
(6,579
)
Interest payable
   
15,386
     
-
     
15,386
 
Net cash used in operating activities
   
(132,765
)    
(10,750
)    
(143,515
)
                         
Cash flows from investing activities
                       
Deposit for purchase of oil and gas properties
   
(47,591
)    
47,591
     
-
 
Net cash used in investing activities
   
(47,591
)    
47,591
     
-
 
                         
Cash flows from financing activities
                       
Advances from related party
   
19,841
     
(19,841
)    
-
 
Payment on convertible credit line payable - related party
   
(7,000
)    
(4,000
)    
(11,000
)
Proceeds from convertible credit line payable - related party
   
13,000
     
(13,000
)    
-
 
Proceeds from sale of stock
   
213,000
     
-
     
213,000
 
Repayments of related party advances
   
(53,375
)    
-
     
(53,375
)
Net cash provided by financing activities
   
185,466
     
(36,841
)    
148,625
 
                         
Net change in cash and cash equivalents
   
5,110
     
-
     
5,110
 
Cash and cash equivalent, beginning of period
   
240
     
-
     
240
 
Cash and cash equivalent, end of period
  $
5,350
    $
-
    $
5,350
 
                         
Supplemental disclosure of non-cash financing activities
                       
Stock issued for accrued compensation
  $
536,701
    $
(536,701
)   $
-
 
Non cash short term loan payable
  $
-
    $
50,000
    $
50,000
 
Expenses paid on behalf of the Company by related party
  $
-
    $
42,406
    $
42,406
 
Debt discount on convertible credit line payable - related party
  $
-
    $
7,568
    $
7,568