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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2021
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | 15.SUBSEQUENT EVENTS In October 2021 the Company was informed that the SBA had forgiven the entire loan balance of its $106,850 SBA Paycheck Protection Program (“PPP”) loan (See Note 8). On October 29, 2021, the Company, through its newly formed wholly owned subsidiary Empire Northwest Shelf LLC entered into a Purchase and Sale Agreement dated October 22, 2021 with Rover Operating LLC and Rover Petroleum Properties, LLC (collectively, “Rover”) to purchase certain oil and gas leasehold and other property interests in the state of New Mexico for an initial purchase price of $1.1 million. The Company paid $110,000 in escrow fees on October 29, 2021. Closing is scheduled for December 8, 2021. Effective October 8, 2021, the Board of Directors of the Company appointed Angela Baker as Chief Accounting Officer of the Company. As a condition of employment, Ms. Baker was issued 60,000 shares of common stock of the Company under the Company’s 2021 Stock and Incentive Compensation Plan which will vest over a period of three years in one-third increments on each anniversary of October 18, 2021. On October 28, 2021, the Company filed a Form S-3 Registration Statement with the SEC utilizing a “shelf” registration process, which registration statement was declared effective by the SEC on November 5, 2021. This registration statement provides the Company the ability to offer and sell from time to time up to $350.0 million of various equity securities of the Company, subject to market conditions and the Company’s capital needs. This registration statement also registered the offer and resale from time to time by certain selling stockholders of the Company of up to 21,360,165 shares of common stock of the Company.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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