XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows From Operating Activities:    
Net Income (Loss) $ 9,373,648 $ (9,995,367)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By Operating Activities:    
Stock Compensation and Issuances 1,672,823 406,250
Amortization of Right of Use Assets 135,234 54,363
Depreciation, Depletion and Amortization 1,429,788 2,025,407
Accretion of Asset Retirement Obligation 1,009,107 881,638
Settlement of Asset Retirement Obligation (342,344)
Loss on Settlement of Asset Retirement Obligation 181,386
Loss on XTO Final Settlement (See Note 4) 1,448,363
PIE-Related Expense (See Note 5) 1,399,030
Amortization of Loan Issue Costs 14,587
Right to Buy Issuance Costs 989,115
Unrealized Gain on Embedded Conversion Option (92,931)
Amortization of Discount on Convertible Notes 6,670,129
Convertible Debt Modification Inducement Expense 2,276,813
Stock Issued for Interest Expense Payment 241,054
Forgiveness of Payroll Protection Plan Loan (160,700)
Change in Operating Assets and Liabilities:    
Accounts Receivable 304,009 (5,566,084)
Unrealized Gain on Derivatives (151,065) (113,943)
Inventory, Oil in Tanks (567,477) (681,208)
Prepaids, Current (45,362) 115,670
Other Assets 43,773 (6,807)
Accounts Payable (2,464,573) 2,326,752
Accrued Expenses 1,480,826 1,245,653
Net Cash Provided By Operating Activities 14,907,166 630,391
Cash Flows from Investing Activities:    
Acquisition of Oil and Natural Gas Properties (2,205,000) (17,869,779)
Additions to Oil and Natural Gas Properties (1,502,900)
Purchase of Other Fixed Assets (307,787) (508,571)
Cash Paid for Right of Use Assets (135,244)
Sinking Fund Deposit (640,000) (4,330,000)
Net Cash Used In Investing Activities (4,790,931) (22,708,350)
Cash Flows from Financing Activities:    
Proceeds from Debt Issued 19,599,850
Principal Payments of Debt (1,384,167) (5,546,738)
Proceeds from Stock and Warrant Issuance 11,054,661
Proceeds from Option and Warrant Exercise 3,389,903
Net Cash Provided By Financing Activities 2,005,736 25,107,773
Net Change in Cash 12,121,971 3,029,814
Cash - Beginning of Period 3,611,871 157,695
Cash - End of Period 15,733,842 3,187,509
Supplemental Cash Flow Information:    
Cash Paid for Interest 292,022 975,944
Non-Cash Investing and Financing Activities:    
Non-Cash Additions to Asset Retirement Obligations 233,659 6,117,709
Note Payable Activity - PIE Agreement (see Note 5) 602,020 148,296
Right-of-use assets purchased with lease liability 173,144
Purchases of Oil and Natural Gas Properties and Deposits in Accounts Payable,   Notes Payable, Royalty Suspense, and Contingent Payable to Seller 2,361,837 290,325
Equipment Purchased Utilizing Note Payable 259,945
Unsecured Convertible Note Conversion 2,918,000
Shares and Warrants Issued for Secured Convertible Note $ 16,131,650