Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2020
Mar. 31, 2019
Current Assets    
Cash $ 656,615 $ 7,778,723
Accounts Receivable, Net of Allowance 255,363 129,037
Other Current Assets 220,682 263,205
Total Current Assets 1,132,660 8,170,965
Property and Equipment    
Oil and Gas Properties - Subject to Amortization 50,443,883 50,528,953
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 78,547,512
Accumulated Depletion, Depreciation, Amortization and Impairment (78,351,825) (78,334,324)
Total Property and Equipment, Net 110,617 213,188
Equity Method Investment - Elysium Energy, LLC 957,169  
Notes Receivable 7,339,719  
Other Assets 155,053 198,519
Total Assets 9,695,218 8,582,672
Current Liabilities    
Accounts Payable 1,474,221 1,521,329
Common Stock Payable 173,000 303,340
Accrued Expenses 348,460 276,133
Current Asset Retirement Obligations 30,227 0
Current Income Taxes Payable 3,000 3,000
Total Current Liabilities 2,028,908 2,103,802
Asset Retirement Obligations 41,523 303,809
Derivative Liability   5
Total Liabilities 2,070,431 2,407,616
Stockholders' Equity (Deficit)    
Common Stock, 25,000,000 Shares Authorized of $0.001 Par Value, 5,000,000 and 13,441 Shares Issued and Outstanding, respectively 5,000 13
Additional Paid-in Capital 144,815,627 152,251,623
Stock Dividends Distributable 15,878,926 8,141,843
Accumulated Deficit (158,074,768) (154,218,469)
Total Stockholders' Equity (Deficit) 2,624,787 6,175,056
Total Liabilities and Stockholders' Equity 9,695,218 8,582,672
Series B Preferred Stock [Member]    
Stockholders' Equity (Deficit)    
Preferred stock   44
Total Stockholders' Equity (Deficit)   44
Series C Preferred Stock [Member]    
Temporary Equity    
Preferred Stock Series C, 525 and 0 Shares Issued and Outstanding, Respectively, Liquidation Preference of $5,250,000 5,000,000  
Stockholders' Equity (Deficit)    
Preferred stock 2 2
Total Stockholders' Equity (Deficit) $ 2 $ 2