Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.20.4
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES    
Net Loss $ (358,489) $ (153,143)
Adjustments to Reconcile Net Loss to Net Cash Provided By (Used In) Operating Activities:    
Capitalization of Interest Expense   (442,338)
Depreciation 1,723 1,535
Stock Based Compensation   181,166
Gain on Derivative Financial Instruments (51,738) (1,224,527)
Debt Discount Amortization 48,460 238,039
Loss Recorded to Interest Expense for Issuance of Convertible Notes   32,539
(Gain) Loss on Debt Extinguishment (136,640) 879,522
Changes in Operating Assets and Liabilities:    
Accounts Receivable 189,729 5,769,927
Prepaid Expenses and Other Current Assets (185,225) 142,902
Accounts Payable (103,046) (3,086,387)
Related Party Payable   14,880
Accrued Interest Payable 116,637 204,298
Operating Lease Liabilities 18,523 (8,864)
Net Cash Provided By (Used In) Operating Activities (460,066) 2,549,549
INVESTING ACTIVITIES    
Insurance Proceeds Received 223,650 637,875
Investments in Oil and Gas Properties (74,829) (970,353)
Net Cash Provided By (Used In) Investing Activities 148,821 (332,478)
FINANCING ACTIVITIES    
Proceeds from Issuance of Convertible Notes Payable   435,000
Payments on Notes Payable (320,527) (19,594)
Net Cash Provided By (Used In) Financing Activities (320,527) 415,406
Net Increase (Decrease) in Cash (631,772) 2,632,477
Beginning Cash Balance 3,190,418 1,138,919
Ending Cash Balance 2,558,646 3,771,395
Supplemental Schedule of Cash Flow Activities:    
Cash Paid for Interest, Net of Amounts Capitalized 96 1,030
Non-Cash Financing and Investing Activities:    
Prepaid Asset Financed by Note Payable   220,629
Capital Expenditures in Accounts Payable 5,341 480,900
Stock-Based Compensation Capitalized to Oil and Gas properties   186,675
Accounts Receivable Exchanged for Working Interest in Oil and Natural Gas Properties   3,629,789
Accrued Expense Extinguished through Issuance of Common Stock   1,536,929
Common Stock Issued upon Conversion of Convertible Notes Payable and Accrued Interest $ 17,500 548,391
Derivative Liability Related to Issued Convertible Note   433,425
Convertible Debenture Proceeds Retained by Lender to Settle Loan Issuance Costs   $ 65,000