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ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES (Tables)

6 Months Ended

Jun. 30, 2020

PROPERTY AND EQUIPMENT

Schedule of fair value of assets

Fair Value of Assets Acquired
Accounts receivable		$	1,308,748
Inventory of oil in tanks			438,321
Oil properties			10,878,429
Total Assets Acquired		$	12,625,498
Fair Value of Liabilities Assumed
Accounts payable – trade		$	1,861,433
Asset retirement obligations			5,117,939
Total liabilities assumed		$	6,979,372
Total consideration paid		$	5,646,126

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- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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