v3.21.2
Condensed Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2021
Sep. 30, 2020
Current Assets    
Cash $ 1,839,886 $ 3,190,418
Accounts Receivable 366,173
Prepaid Expenses and Other Current Assets 118,705 84,129
Total Current Assets 1,958,591 3,640,720
Property and Equipment, net 2,887 6,347
Oil and Natural Gas Properties, Full Cost Method of Accounting, Unproved Properties 12,510,329 12,372,853
Operating Lease Right of Use Asset 14,473 54,768
Total Non-Current Assets 12,527,689 12,433,968
Total Assets 14,486,280 16,074,688
Current Liabilities    
Accounts Payable 70,795 228,892
Related Party Payable 417,983 417,984
Accrued Interest Payable 2,961,156 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 154,819 461,613
Derivative Financial Instruments 1,332,229 1,070,551
Current Portion of Operating Lease Liability 24,378 62,074
Total Current Liabilities 13,955,723 13,972,312
Total Liabilities 13,955,723 13,972,312
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 June 30, 2021 and September 30, 2020, respectively 1,268,240 1,250,740
Additional Paid-in-Capital 58,967,810 58,728,308
Additional Paid-in Capital – Shares to Be Issued 105,000
Accumulated Deficit (59,705,493) (57,981,672)
Total Stockholders’ Equity 530,557 2,102,376
Total Liabilities and Stockholders’ Equity $ 14,486,280 $ 16,074,688

Source

v3.21.2
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Revenues
Impairment of Oil and Natural Gas Properties 2,124,885 2,124,885
General and Administrative Expenses 381,794 325,697 1,137,848 1,238,940
Net Loss from Operations (381,794) (2,450,582) (1,137,848) (3,363,825)
Other Income/(Expenses):        
Interest Expense, net (131,495) (1,108) (414,674) (15,927)
Gain (Loss) on Debt Extinguishment (18,269) 136,640 (1,617,036)
Gain (Loss) on Derivative Financial Instrument 148,976 (235,412) (307,939) 1,503,392
Net Loss Before Income Taxes (364,313) (2,705,371) (1,723,821) (3,493,396)
Provision for Income Taxes
Net Loss $ (364,313) $ (2,705,371) $ (1,723,821) $ (3,493,396)
Loss Per Share - Basic and Diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted Average Shares Outstanding – Basic and Diluted 1,268,240,346 1,233,094,593 1,267,663,423 1,162,730,812

Source

v3.21.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net Loss $ (1,723,821) $ (3,493,396)
Adjustments to Reconcile Net Loss to Net Cash Used In Operating Activities:    
Impairment of Oil and Natural Gas Properties 2,124,885
Capitalization of Interest Expense (2,345,278)
Depreciation 5,625 4,944
Stock Based Compensation 65,100 470,457
(Gain) Loss on Derivative Financial Instruments 307,939 (1,503,392)
Debt Discount Amortization 69,525 1,690,260
Loss Recorded to Interest Expense for Issuance of Convertible Notes 32,539
(Gain) Loss on Debt Extinguishment (136,640) 1,617,036
Changes in Operating Assets and Liabilities:    
Accounts Receivable 37,232 4,261,064
Prepaid Expenses and Other Current Assets (34,576) 255,054
Accounts Payable (187,239) (3,855,582)
Related Party Payable 44,640
Accrued Interest Payable 345,810 604,951
Operating Lease Liabilities 2,598 (27,834)
Net Cash Used In Operating Activities (1,248,447) (119,652)
INVESTING ACTIVITIES    
Insurance Proceeds Received 223,650 1,190,469
Purchases of Property and Equipment (2,165)
Proceeds from Disposal of Property and Equipment 133,108
Investments in Oil and Gas Properties (136,151) (1,546,210)
Net Cash Provided By (Used In) Investing Activities 218,442 (355,741)
FINANCING ACTIVITIES    
Proceeds from Issuance of Convertible Notes Payable 535,300
Payments on Notes Payable (320,527) (139,089)
Net Cash Provided By (Used In) Financing Activities (320,527) 396,211
Net Decrease in Cash (1,350,532) (79,182)
Beginning Cash Balance 3,190,418 1,138,919
Ending Cash Balance 1,839,886 1,059,737
Supplemental Schedule of Cash Flow Activities:    
Cash Paid for Interest, Net of Amounts Capitalized 424 5,272
Non-Cash Financing and Investing Activities:    
Prepaid Asset Financed by Note Payable 220,629
Capital Expenditures in Accounts Payable 1,324 480,998
Stock-Based Compensation Capitalized to Oil and Gas properties 497,800
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 2,080,626
Derivative Liability Related to Issued Convertible Note 433,425
Warrants issued to Extend Maturity of Debt Instrument 86,902 19,300
Reduction of Oil and Natural Gas Properties Due to Credits Received 2,053,195
Accounts Receivable Recovery Through Credits Received $ 3,906,972

Source