Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.22.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Cash $ 4,207,018 $ 5,854,382
Accounts receivable - oil and gas - net 6,384 24,389
Prepaid expenses 312,583 56,833
Total Current Assets 4,525,985 5,935,604
Oil and gas properties,full cost method    
Proved developed producing oil and gas properties, net 67,281 68,884
Total oil and gas properties, net 67,281 68,884
Due from Viking Energy Group,Inc. 8,397,300 4,100,000
Equity method investment 35,333,682 36,299,592
TOTAL ASSETS 48,324,248 46,404,080
Current Liabilities    
Accounts Payable 1,576,661 1,449,335
Accrued expenses and other current liabilities 2,374,318 2,103,674
Current Taxes Payable 3,000 3,000
Derivative Liability 80,998,239 93,108,568
Total Current Liabilities 84,952,218 96,664,577
Long-term debt - net 31,503,541 21,500,000
Asset Retirement Obligations 54,319 53,055
TOTAL LIABILITIES 116,510,078 118,217,632
Stockholders' Deficit    
Common stock, 1,000,000,000 shares authorized of $0.001 par value, 360,111,110 and 257,132,026 shares issued and outstanding as of March 31, 2022 and December 31, 2021 360,111 257,132
Additional Paid-in Capital 480,897,641 409,217,417
Accumulated Deficit (549,443,592) (481,288,115)
Total Stockholders' Deficit (68,185,830) (71,813,552)
Total liabilites and Stockholders Deficit 48,324,248 46,404,080
Series C Preferred Stock [Member]    
Stockholders' Deficit    
Preferred stock value 2 4
Series G Preferred Stock [Member]    
Stockholders' Deficit    
Preferred stock value $ 8 $ 10