XML 19 R6.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2021
Cash flows from operating activities:      
Net loss $ (376,138) $ (229,780) $ (229,780)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 63,000   48,000
Amortization of debt discount 10,826   2,754
(Gain) loss on change in fair value of derivative liabilities 2,758   (13,304)
Gain on settlement of accounts payable 0   (120,250)
Write off of option contract associated with oil and gas properties 0   85,500
Asset retirement obligation expense 0   19
Default interest added to note payable 0   50,000
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (1,250)   25,000
Accounts payable (18,788)   (2,289)
Accounts payable-related party (1,336)   32,250
Interest payable 14,660   3,408
Net cash used in operating activities (306,268)   (118,692)
Cash flows from investing activities:      
Acquisition of oil and gas property (507,814)   0
Deposits for purchase of oil and gas properties 0   (10,000)
Net cash used in investing activities (507,814)   (10,000)
Cash flows from financing activities:      
Advances from related parties, related party 110,235   129,000
Proceeds from senior secured convertible notes payable, related party 499,996   0
Proceeds from unexecuted subscription agreements 1,281,600   0
Net cash provided by financing activities 1,891,831   129,000
Net change in cash and cash equivalents 1,077,749   308
Cash and cash equivalents, at beginning of period 217   0
Cash and cash equivalents, at end of period 1,077,966 $ 308 308
Supplemental disclosures of cash flow information:      
Cash paid for interest 0   17,750
Cash paid for income taxes 0   0
Supplemental disclosure of non-cash investing and financing activities:      
Expenses paid on behalf of the Company by related party 0   13,244
Oil and gas payments made by related party on behalf of the Company 0   65,500
Stock issued for settlement of accounts payable 0   90,000
Debt discount on senior secured convertible notes payable - related party 208,476   0
Related Party Advances and Promissory Note Converted into 7.25% Note [Member]      
Supplemental disclosure of non-cash investing and financing activities:      
Advances and other liabilities converted to senior secured convertible notes payable, related party $ 819,963   $ 0