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LONG TERM LOAN | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
LONG TERM LOAN | NOTE 13 – LONG TERM LOAN SCHEDULE OF LONG TERM LIABILITIES
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
Loan from a third party |  | $ | 1,000,000 |  |  | $ | 2,000,000 |
Total |  | $ | 1,000,000 |  |  | $ | 2,000,000 |
On July 19, 2016, GWN entered into a loan agreement with Thalesco Eurotronics Pte Ltd. and obtained a loan facility in the amount of $2,000,000 with original maturity date on July 30, 2017, and renewed until July 30, 2020, to finance the drilling of one well in Kruh Block. On June 3, 2019, the loan was further extended until May 22, 2023.The loan bears an interest rate of 1.5% per annum. On August 25, 2020, the Company repaid $1,000,000 in the principal to Thalesco Eurotronics Pte Ltd. The Company has booked interest expense on the loan of $24,380, $30,009 and $32,468 for the years ended December 31, 2020, 2019 and 2018, respectively. The interest expense is recorded in the other income (expenses), net in the consolidated statement of operations and comprehensive (loss) income, and unpaid interest is recorded in the consolidated balance sheets under accrued expenses.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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