v3.20.2
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2020
Mar. 31, 2020
Current Assets    
Cash $ 1,705,374 $ 656,615
Accounts Receivable, Net of Allowance 279,904 255,363
Other Current Assets 247,973 220,682
Total Current Assets 2,233,251 1,132,660
Property and Equipment    
Oil and Gas Properties - Subject to Amortization 50,443,883 50,443,883
Oil and Gas Properties - Not Subject to Amortization 28,016,989 28,016,989
Other Property and Equipment 1,570 1,570
Total Property and Equipment 78,462,442 78,462,442
Accumulated Depletion, Depreciation, Amortization and Impairment (78,354,120) (78,351,825)
Total Property and Equipment, Net 108,322 110,617
Equity Method Investment - Elysium Energy, LLC   957,169
Notes Receivable 11,413,533 7,339,719
Other Assets 155,053 155,053
Total Assets 13,910,159 9,695,218
Current Liabilities    
Accounts Payable 1,439,641 1,474,221
Common Stock Payable   173,000
Accrued Expenses 192,613 348,460
Current Asset Retirement Obligation 52,402 30,227
Current Income Taxes Payable 3,000 3,000
Total Current Liabilities 1,687,656 2,028,908
Asset Retirement Obligation 19,348 41,523
Total Liabilities 1,707,004 2,070,431
Commitments and Contingencies (see Note 9)  
Temporary Equity    
Preferred Stock Series C, 630 and 525 Issued and Outstanding Respectively, Liquidation Preference of $6,300,000 and $5,250,000, respectively 6,000,000 5,000,000
Stockholders' Equity    
Common Stock, 25,000,000 shares Authorized of $0.001 Par Value, 13,160,530 and 5,000,000 Shares Issued and Outstanding, respectively 13,161 5,000
Additional Paid-in Capital 148,299,710 144,815,627
Stock Dividends Distributable 17,559,682 15,878,926
Accumulated Deficit (159,669,400) (158,074,768)
Total Stockholders' Equity 6,203,155 2,624,787
Total Liabilities and Stockholders' Equity 13,910,159 9,695,218
Series A Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock  
Series B Preferred Stock [Member]    
Stockholders' Equity    
Total Stockholders' Equity
Series C Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock 2 2
Total Stockholders' Equity $ 2 $ 2

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