Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

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Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net Loss $ (788,024) $ (5,654,000)
Adjustments to Reconcile Net Loss to Net Cash Provided By (Used In) Operating Activities:    
Capitalization of Interest Expense (1,125,637) (183,299)
Depreciation 3,239 2,590
Stock Based Compensation 354,741 260,648
(Gain)Loss on Derivative Financial Instruments (1,738,803) 16,992
Debt Discount Amortization 716,179 11,449
Loss Recorded to Interest Expense for Issuance of Convertible Notes 32,539  
Loss on Debt Extinguishment 1,598,767 5,099,340
Changes in Operating Assets and Liabilities:    
Accounts Receivable 4,585,554 (4,108,013)
Prepaid Expenses and Other Current Assets 192,268 64,741
Deposits from Joint Interest Owners   (4,078,786)
Accounts Payable (2,793,945) 3,384,095
Related Party Payable 29,760 29,758
Accrued Interest 409,458 237,921
Other (18,349) 19,553
Net Cash Provided By (Used In) Operating Activities 1,457,747 (4,897,011)
INVESTING ACTIVITIES    
Insurance Proceeds Received 1,094,812  
Additions to Oil and Gas Properties (1,231,994) (5,658,105)
Net Cash Provided By (Used In) Investing Activities (137,182) (5,658,105)
FINANCING ACTIVITIES    
Notes Payable Proceeds 435,000 10,000,000
Payments on Note Payable (78,926) (65,555)
Net Cash Provided By Financing Activities 356,074 9,934,445
Net Increase/(Decrease) in Cash 1,676,639 (620,671)
Beginning Cash Balance 1,138,919 5,621,814
Ending Cash Balance 2,815,558 5,001,143
Supplemental Schedule of Cash Flow Activities:    
Cash Paid for Interest 3,568 2,870
Non-Cash Financing and Investing Activities:    
Prepaid Asset Financed by Note Payable 220,629 146,310
Debt Issuance Costs in Accounts Payable   467,704
Stock-Based Compensation Capitalized to Oil and Gas properties 373,350 541,905
Loans Extinguished through Exercise of Warrants   10,000,000
Oil and Gas Property Additions Included in Accounts Payable 266,583 2,579,486
Funds Received from Capital Raise Transferred to Equity   $ 965,250
Common Stock Issued upon Conversion of Convertible Notes Payable and Accrued Interest 1,698,062  
Derivative Liability Related to Issued Convertible Note 433,425  
Convertible Debenture Proceeds Retained by Lender to Settle Loan Issuance Costs 65,000  
Accounts Payable Vendor Adjustments 1,685,699  
Accrued Expenses Extinguished through Issuing Common Stock 1,613,775  
Accounts Receivable Exchanged for Working Interest in Oil and Gas Properties $ 3,629,789