XML 31 R6.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (6,654,602) $ (1,017,131)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants granted 1,491,630 251,255
Depreciation, depletion and amortization 3,351,644 15,527
Amortization of warrant value and conversion feature on convertible notes 5,796 69,580
Amortization of debt issue costs 43,758  
Accretion of asset retirement obligation 306,301 1,929
Change in operating assets and liabilities:    
Accounts receivable (858,236) (124,577)
Inventory (37,984)  
Prepaids (202,504) (45,214)
Accounts payable 704,835 255,785
Accrued expenses 920,319 141,033
Unrealized gain (loss) on derivatives 336,713 (113,081)
Net cash used in operating activities (592,330) (564,894)
Cash flows from investing activities:    
Acquisition of oil and gas properties (6,159,585) (916,575)
Purchase of property and equipment (14,460)
Net cash used in investing activities (6,174,045) (916,575)
Cash flows from financing activities:    
Proceeds from long term debt 8,379,744 1,200,820
Principal payments on long term debt (1,865,000) 0
Proceeds from stock and warrant issuance 167,000 287,500
Net cash provided by financing activities 6,681,744 1,488,320
Net increase in cash (84,631) 6,851
Cash - Beginning of year 84,631 77,780
Cash - End of year 84,631
Supplemental cash flow information    
Cash paid for interest 462,795 12,703
Noncash investing and financing activities    
Common stock issued for acquisition of property assets 500,000
Termination of Masterson West II transaction 300,000
Noncash additions to asset retirement obligations 5,251,329 228,721
Purchases of oil and natural gas properties in accrued expenses $ 42,566