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 ($)
9 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net Loss $ (3,493,396) $ (12,162,013)
Adjustments to Reconcile Net Loss to Net Cash Used In Operating Activities:    
Impairment of Oil and Natural Gas Properties 2,124,885 4,252,539
Capitalization of Interest Expense (2,345,278) (554,086)
Depreciation 4,944 3,884
Stock Based Compensation 470,457 558,018
(Gain) Loss on Derivative Financial Instruments (1,503,392) 123,391
Debt Discount Amortization 1,690,260 249,670
Non-cash interest expense 32,539 1,726,149
Loss on Debt Extinguishment 1,617,036 5,099,340
Changes in Operating Assets and Liabilities:    
Accounts Receivable 4,261,064 (11,552,257)
Prepaid Expenses and Other Current Assets 255,054 120,858
Deposits from Joint Interest Owners   (4,078,786)
Accounts Payable (3,855,582) 7,532,813
Accrued Expenses   1,238,679
Related Party Payable 44,640 44,638
Accrued Interest 604,951 370,490
Other (27,834) 8,788
Net Cash Used In Operating Activities (119,652) (7,017,885)
INVESTING ACTIVITIES    
Insurance Proceeds Received 1,190,469 660,629
Investments in Oil and Gas Properties (1,546,210) (9,762,984)
Net Cash Provided By Investing Activities (355,741) (9,102,355)
FINANCING ACTIVITIES    
Notes Payable Proceeds 535,300 12,819,000
Proceeds from Exercise of Warrants   85,000
Payments on Note Payable (139,089) (105,644)
Net Cash Provided By Financing Activities 396,211 12,798,356
Net Increase Decrease in Cash (79,182) (3,321,884)
Beginning Cash Balance 1,138,919 5,621,814
Ending Cash Balance 1,059,737 2,299,930
Supplemental Schedule of Cash Flow Activities:    
Cash Paid for Interest, Net of Amounts Capitalized 5,272 3,903
Non-Cash Financing and Investing Activities:    
Prepaid Asset Financed by Note Payable 220,629 146,310
Debt Issuance Costs in Accounts Payable   555,923
Stock-Based Compensation Capitalized to Oil and Gas properties 497,800 659,646
Loans Extinguished through Exercise of Warrants   10,000,000
Oil and Gas Property Additions Included in Accounts Payable 480,998 3,696,671
Funds Received from Capital Raise Transferred to Equity   965,800
Common Stock Issued upon Conversion of Convertible Notes Payable and Accrued Interest 2,080,626  
Derivative Liability Related to Issued Convertible Note 433,425 3,521,907
Reduction of Oil and Natural Gas Properties due to Credits Received 2,053,195  
Accounts Receivable Recovery through Credits Received 3,906,972  
Settlement of Accrued Expenses by Issuance of Common Stock 1,613,775  
Accounts Receivable Exchanged for Working Interest in Oil and Natural Gas Properties 3,629,789  
Warrants issued to extend maturity of debt instrument $ 19,300 $ 152,078