XML 21 R6.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (1,560,073) $ (1,204,191)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 260,000 237,720
Depreciation expense 20,000 922
Amortization of debt discount 77,964 67,368
Asset retirement obligation expense 2,754 0
(Gain) loss on change in fair value of derivative liabilities 0 (78,397)
Changes in operating assets and liabilities:    
Accounts receivable 0 (7,940)
Joint interest billing receivable 23,552 0
Prepaid expenses and other current assets (11,508) (51,250)
Accounts payable 678,767 (95,928)
Accounts payable-related party 85,885 (13,085)
Interest payable 64,682 22,427
Net cash used in operating activities (357,977) (1,122,354)
Cash flows from investing activities:    
Cash paid for purchase of property and equipment (10,074) (55,300)
Acquisition of oil and gas property (337,759) (1,165,212)
Net cash used in investing activities (347,833) (1,220,512)
Cash flows from financing activities:    
Proceeds from convertible credit line, related party 490,330 0
Proceeds from advances, related parties 130,381 120,236
Repayment of advances, related parties 0 (10,000)
Repayment of convertible credit line payable - related party 0 (30,000)
Proceeds from senior secured convertible notes payable, related party 0 500,000
Proceeds from unexecuted subscription agreements 0 2,504,500
Net cash provided by financing activities 620,711 3,084,736
Net change in cash and cash equivalents (85,099) 741,870
Cash and cash equivalents, at beginning of period 95,362 217
Cash and cash equivalents, at end of period 10,263 742,087
Supplemental disclosures of cash flow information:    
Cash paid for interest 16,210 23,596
Cash paid for income taxes 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Debt discount on senior secured convertible notes payable – related party and convertible credit line payable – related party 0 208,476
Shares issued for the settlement of accounts payable, related party 354,260 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 $ 0 $ 819,963