Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net Income (Loss) $ (3,856,299) $ 16,643,153
Net Loss from Discontinued Operations  
Net Income (Loss) from Continuing Operations (3,856,299) 16,643,153
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:    
Depreciation, Depletion, Amortization and Accretion 20,420 478,770
Impairment of Oil and Gas Properties 0 1,304,785
Share-Based Compensation 200,690 343,730
Amortization of Discount on Notes   1,499,647
Bad Debt Expense 17,694 190,365
Gain on Sale of Property and Equipment   (25,808,246)
Litigation Settlement - PetroGlobe 204,842  
Change in Fair Value of Derivative Liability (5)  
Equity in Earnings of Unconsolidated Entity (957,169)  
Changes in Operating Assets and Liabilities:    
Accounts Receivable (144,020) 327,489
Other Current Assets 42,523 (34,472)
Accounts Payable and Accrued Expenses (329,531) (718,649)
Net Cash Used in Operating Activities from Continuing Operations (4,800,855) (5,773,428)
Net Cash Provided by Operating Activities from Discontinued Operations 1,212,391  
Net Cash Used in Operating Activities (3,588,464) (5,773,428)
Investing Cash Flows    
Cash paid for Oil and Gas Property Development Costs   (2,095,991)
Cash Acquired in Lineal Acquisition 449,763  
Cash Disposed of in Connection with Lineal Redemption (2,101,879)  
Cash Paid for Issuance of Notes Receivable (7,339,719)  
Cash Proceeds from (Paid for) Deposits 43,466 (141,009)
Net Cash Provided by (Used in) Investing Activities from Operating Activities (8,948,369) (2,237,000)
Cash Used in Investing Activities from Discontinued Operations (692,650)  
Cash Used in Investing Activities (9,641,019) (2,237,000)
Financing Cash Flows    
Proceeds from Issuance of Series C Preferred Stock 5,000,000 15,000,000
Cash Settlement of Preferred B Dividends (25,000)  
Net Cash Provided by Financing Activities from Continuing Operations 4,975,000 15,000,000
Cash Provided by Financing Activities from Discontinued Operations 1,132,375  
Cash Provided by Financing Activities 6,107,375 15,000,000
(Decrease) Increase in Cash (7,122,108) 6,989,572
Cash at Beginning of the Year 7,778,723 789,151
Cash at End of the Year $ 656,615 $ 7,778,723