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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net loss $ (2,932,213) $ (3,563,138)
Adjustments to reconcile net loss to net cash used in operating activities    
Income from accounts payable written-off (146,662)
Realized actuarial gain of post-employment benefits (46,805)
Depreciation, depletion and amortization 282,948 287,760
Amortization of deferred charges 40,094 29,939
Share-based compensation 651,852 1,549,707
Issuance of ordinary shares for service fee settlement 274,400 155,555
Changes in operating assets and liabilities    
Accounts receivable, net 472,897 (87,570)
Other assets – current (692,264) (300,449)
Other assets - non current (84,368) 7,307
Accounts payable (58,912) (578,987)
Other current liabilities 2,063 (12,452)
Accrued expenses 463,512 (326,350)
Taxes payable (55,838) (11,984)
Net cash used in operating activities (1,635,829) (3,044,129)
Cash flows from investing activities    
Cash paid for short-term investment (307,500)
Cash paid for oil and gas property (892,183) (165,994)
Net cash used in investing activities (1,199,683) (165,994)
Cash flows from financing activities    
Proceeds from (Repayment of) bank loan (125,289)
Net cash used in financing activities (125,289)
Effect of exchange rate changes on cash
Net change in cash and cash equivalents, and restricted cash (2,835,512) (3,335,412)
Cash and cash equivalents, and restricted cash at beginning of period 9,403,499 16,072,169
Cash and cash equivalents, and restricted cash at end of period 6,567,987 12,736,757
Cash paid for:    
Interest 9,437 5,787
Non-cash investing and financing activities    
Acquisition of asset retirement obligation 43,019
Settlement of asset retirement obligation by accounts receivable $ 265,363