Annual report pursuant to Section 13 and 15(d)

LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Tables)

v3.20.2
LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Tables)
12 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of net assets sold and gain recognized in connection with the Assumption Agreement and Sale Agreement

The following table summarizes the net assets sold and gain recognized in connection with the Assumption Agreement and Sale Agreement: 

 

    Transaction
Summary
 
Assumption of IBC Bank Loan   $ 36,943,617  
Assumption of ARO Liability     699,536  
Assumption of Capital Lease Obligations and Other     287,074  
Cash Received at Closing     100  
Oil and Gas Properties Transferred     (12,122,081 )
Total Gain on Sale   $ 25,808,246