Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Revenues    
Total $ 397,118 $ 2,742,102
Operating Expenses    
Lease Operating Expenses 479,656 2,870,908
Severance and Property Taxes 14,440 132,993
Depreciation, Depletion, Amortization and Accretion 20,420 478,770
Impairment of Oil and Gas Properties 0 1,304,785
Gain on Sale of Property and Equipment   (25,808,246)
General and Administrative 4,909,871 5,152,766
Total 5,424,387 (15,868,024)
Operating Income (Loss) (5,027,269) 18,610,126
Other Expense (Income)    
Interest Expense 14,771 2,438,097
Equity in Earnings of Unconsolidated Entity (957,169)  
Other (Income) Expense, Net (228,572) (474,124)
Total Other Expense (Income) (1,170,970) 1,963,973
Income (Loss) Before Income Taxes (3,856,299) 16,646,153
Income Tax Benefit (Expense)   3,000
Net Income (Loss) $ (3,856,299) $ 16,643,153
Income (Loss) Per Common Share    
Basic (in dollars per share) $ (5.50) $ 2,775.61
Diluted (in dollars per share) $ (5.50) $ 262.32
Weighted Average Number of Common Shares Outstanding    
Basic (in shares) 2,109,622 3,951
Diluted (in shares) 2,109,622 41,805
Crude Oil Sales [Member]    
Operating Revenues    
Total $ 296,036 $ 526,365
Natural Gas Sales [Member]    
Operating Revenues    
Total 37,049 772,105
Natural Gas Liquid Sales [Member]    
Operating Revenues    
Total $ 64,033 $ 1,443,632