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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:    
Net Loss $ (18,614,962) $ (16,835,433)
Adjustments to Reconcile Net Loss to Net Cash    
Gain on Sale of Assets (1,268,760)
Value of Warrants and Options Granted 1,502,220 2,705,550
Stock Issued in Lieu of Cash Interest Payment - Senior Secured Convertible Note 296,127
Loss on Embedded Conversion Option - Senior Secured Convertible Note 4,504,104
Convertible Debt Modification Inducement Expense 2,276,813
Amortization of Discount on Convertible Notes 7,727,213
Amortization of Loan Issue Costs 14,587 58,344
Loss on Extinguishment of Debt 3,169,201
Change in Right of Use Assets, net 137,046 9,877
Depreciation, Depletion and Amortization 2,502,275 3,143,130
Impairment of Oil and Natural Gas Properties 8,671,303
Accretion of Asset Retirement Obligation 1,214,479 929,858
Paycheck Protection Program Loan Forgiveness (267,550)
Deposit paid to Ovintiv (800,000)
Loss Relating to Ovintiv Purchase Deposit 800,000
Change in Operating Assets and Liabilities:    
Accounts Receivable (6,482,271) (168,612)
Unrealized Loss on Derivatives (255,009) (217,883)
Inventory (506,571) 92,293
Prepaids, Current 95,371 (152,354)
Other Assets (488,544) 9,400
Accounts Payable 2,210,285 891,702
Accrued Expenses 3,146,353 408,328
Net Cash Provided By (Used In) Operating Activities 3,170,282 (1,723,257)
Cash Flows from Investing Activities:    
Acquisition of Oil and Natural Gas Properties (19,545,505) (507,411)
Purchase of Other Fixed Assets (220,769) (6,099)
Cash Paid for Right of Use Assets (140,604)
Sinking Fund Deposit (4,810,000)
Proceeds from Sale of Oil and Natural Gas Properties 1,369,800
Net Cash Provided By (Used In) Investing Activities (24,716,878) 856,290
Cash Flows from Financing Activities:    
Proceeds from Debt Issued 19,493,000 765,000
Paycheck Protection Program Loan Proceeds 106,850 160,700
Principal Payments of Debt (5,893,984) (426,038)
Proceeds from Stock and Warrant Issuance 11,294,906 525,000
Net Cash Provided by Financing Activities 25,000,772 1,024,662
Net Change in Cash 3,454,176 157,695
Cash - Beginning of Period 157,695
Cash - End of Period 3,611,871 157,695
Supplemental Cash Flow Information:    
Cash Paid for Interest 436,053 599,350
Non-cash Investing and Financing Activities:    
Non-cash Additions and Revisions to Asset Retirement Obligations 4,021,953 8,646,079
Common Stock Issued in Exchange for Outstanding Notes Payable 32,611,376 102,500
Equipment purchased utilizing note payable 1,255,503 60,719
Property additions in notes payable 181,507
Purchases of oil and natural gas properties and deposits in accounts and notes payable, accrued expenses, royalty suspense, and contingent payable to seller 1,523,834
Note Payable issued - PIE Agreement (see Note 5) $ 315,273