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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 4,067,987 $ 6,903,499
Restricted cash –current 2,500,000 2,500,000
Accounts receivable 659,057 1,131,954
Short-term investment 307,500
Other assets –current 1,398,200 705,936
Total current assets 8,932,744 11,241,389
Non-current assets    
Property and equipment, net 114,851 131,329
Oil and gas property – subject to amortization, net 2,214,057 1,338,987
Oil and gas property – not subject to amortization, net 1,129,500 1,113,494
Deferred charges 1,127,901 1,167,995
Other assets –non-current 666,982 582,614
Total non-current assets 5,253,291 4,334,419
Total assets 14,186,035 15,575,808
Current liabilities    
Accounts payable 503,532 297,081
Bank loan 980,452 980,452
Other current liabilities 21,184 19,121
Accrued expenses 892,883 429,371
Taxes payable 45,932 101,770
Total current liabilities 2,443,983 1,827,795
Non-current liabilities    
Asset retirement obligations 321,253 321,253
Long term liabilities 1,000,000 1,000,000
Provision for post-employment benefit 68,701 68,701
Total non-current liabilities 1,389,954 1,389,954
Total liabilities 3,833,937 3,217,749
Equity    
Preferred shares (par value $0.00267; 3,750,000 shares authorized, nil shares issued and outstanding as of June 30, 2021 and December 31, 2020)
Ordinary shares (par value $0.00267; 37,500,000 shares authorized, 7,442,955 and 7,407,955 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively) 19,847 19,754
Additional paid-in capital 40,999,246 40,073,087
Accumulated deficit (30,666,995) (27,734,782)
Total equity 10,352,098 12,358,059
Total liabilities and equity $ 14,186,035 $ 15,575,808