v3.21.1
Condensed Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2021
Sep. 30, 2020
Current Assets    
Cash $ 2,165,178 $ 3,190,418
Accounts Receivable   366,173
Prepaid Expenses and Other Current Assets 195,946 84,129
Total Current Assets 2,361,124 3,640,720
Property and Equipment, net 4,845 6,347
Oil and Natural Gas Properties, Full Cost Method of Accounting, Unproved Properties 12,467,789 12,372,853
Operating Lease Right of Use Asset 28,346 54,768
Total Non-Current Assets 12,500,980 12,433,968
Total Assets 14,862,103 16,074,688
Current Liabilities    
Accounts Payable 73,596 228,892
Related Party Payable 417,983 417,984
Accrued Interest Payable 2,845,967 2,616,008
Accrued Expenses and Other Payables 268,863 268,863
Loans from Related Parties 8,725,500 8,725,500
Notes Payable   120,827
Convertible Notes Payable, net of Debt Discount 225,415 461,613
Derivative Financial Instruments 1,481,205 1,070,551
Current Portion of Operating Lease Liability 48,156 62,074
Total Current Liabilities 14,086,685 13,972,312
Total Liabilities 14,086,685 13,972,312
Commitments and Contingencies  
Stockholders' Equity    
Preferred Stock; par value ($0.001); Authorized 50,000,000 shares none issued or outstanding  
Common Stock; par value ($0.001); Authorized 1,500,000,000 shares; issued and outstanding 1,268,240,346 and 1,250,740,346 as of March 31, 2021 and September 30, 2020, respectively 1,268,240 1,250,740
Additional Paid-in-Capital 58,848,358 58,728,308
Additional Paid-in Capital - Shares to Be Issued   105,000
Accumulated Deficit (59,341,180) (57,981,672)
Total Stockholders' Equity 775,418 2,102,376
Total Liabilities and Stockholders' Equity $ 14,862,103 $ 16,074,688

Source

v3.21.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]        
Revenues      
General and Administrative Expenses 373,937 $ 436,317 $ 756,053 $ 913,241
Net Loss from Operations (373,937) (436,317) (756,053) (913,241)
Other Income/(Expenses):        
Interest (Expense) Income, net (118,429) 6,406 (283,180) (14,819)
Gain (Loss) on Debt Extinguishment   (719,245) 136,640 (1,598,767)
Gain (Loss) on Derivative Financial Instrument (508,653) 514,276 (456,915) 1,738,803
Net Loss Before Income Taxes (1,001,019) (634,880) (1,359,508) (788,024)
Provision for Income Taxes      
Net Loss $ (1,001,019) $ (634,880) $ (1,359,508) $ (788,024)
Loss Per Share - Basic and Diluted (in dollars per share) $ 0 $ 0 $ 0 $ 0
Weighted Average Shares Outstanding - Basic and Diluted (in shares) 1,268,240,346 1,167,666,326 1,267,374,961 1,136,495,196

Source

v3.21.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net Loss $ (1,359,508) $ (788,024)
Adjustments to Reconcile Net Loss to Net Cash Provided By (Used In) Operating Activities:    
Capitalization of Interest Expense   (1,125,637)
Depreciation 3,667 3,239
Stock Based Compensation 32,550 354,741
(Gain) Loss on Derivative Financial Instruments 456,915 (1,738,803)
Debt Discount Amortization 53,219 716,179
Loss Recorded to Interest Expense for Issuance of Convertible Notes   32,539
(Gain) Loss on Debt Extinguishment (136,640) 1,598,767
Changes in Operating Assets and Liabilities:    
Accounts Receivable 41,364 4,585,554
Prepaid Expenses and Other Current Assets (111,816) 192,268
Accounts Payable (189,205) (2,793,945)
Related Party Payable   29,760
Accrued Interest Payable 230,621 409,458
Operating Lease Liabilities 12,503 (18,349)
Net Cash Provided By (Used In) Operating Activities (966,330) 1,457,747
INVESTING ACTIVITIES    
Insurance Proceeds Received 223,650 1,094,812
Equipment Purchases (2,165)  
Proceeds from Sale of Pipe 133,108  
Investments in Oil and Gas Properties (92,976) (1,231,994)
Net Cash Provided By (Used In) Investing Activities 261,617 (137,182)
FINANCING ACTIVITIES    
Proceeds from Issuance of Convertible Notes Payable   435,000
Payments on Notes Payable (320,527) (78,926)
Net Cash Provided By (Used In) Financing Activities (320,527) 356,074
Net Increase (Decrease) in Cash (1,025,240) 1,676,639
Beginning Cash Balance 3,190,418 1,138,919
Ending Cash Balance 2,165,178 2,815,558
Supplemental Schedule of Cash Flow Activities:    
Cash Paid for Interest, Net of Amounts Capitalized 96 3,568
Non-Cash Financing and Investing Activities:    
Prepaid Asset Financed by Note Payable   220,629
Capital Expenditures in Accounts Payable 1,959 266,583
Stock-Based Compensation Capitalized to Oil and Gas properties   373,350
Accounts Receivable Exchanged for Working Interest in Oil and Natural Gas Properties   3,629,789
Accrued Expense Extinguished through Issuance of Common Stock   1,613,775
Common Stock Issued upon Conversion of Convertible Notes Payable and Accrued Interest $ 105,000 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

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