Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.22.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Dec. 31, 2021
ASSETS    
Cash $ 2,199,578 $ 5,854,382
Accounts receivable - oil and gas - net 6,384 24,389
Prepaid expenses 227,333 56,833
Total Current Assets 2,433,295 5,935,604
Oil and gas properties,full cost method    
Proved developed producing oil and gas properties, net 65,717 68,884
Total oil and gas properties, net 65,717 68,884
Due from Viking Energy Group,Inc. 8,022,300 4,100,000
Equity method investment 34,295,032 36,299,592
TOTAL ASSETS 44,816,344 46,404,080
Current Liabilities    
Accounts Payable 1,223,141 1,449,335
Accrued expenses and other current liabilities 2,604,147 2,103,674
Current Taxes Payable 3,000 3,000
Derivative Liability 37,069,290 93,108,568
Total Current Liabilities 40,899,578 96,664,577
Long-term debt - net 32,305,737 21,500,000
Asset Retirement Obligations 55,625 53,055
TOTAL LIABILITIES 73,260,940 118,217,632
Stockholders' Deficit    
Common stock, 1,000,000,000 shares authorized of $0.001 par value, 457,291,794 and 257,132,026 shares issued and outstanding as of June 30, 2022 and December 31, 2021 457,292 257,132
Additional Paid-in Capital 515,946,663 409,217,417
Accumulated Deficit (544,848,557) (481,288,115)
Total Stockholders' Deficit (28,444,596) (71,813,552)
Total liabilites and Stockholders Deficit 44,816,344 46,404,080
Series C Preferred Stock [Member]    
Stockholders' Deficit    
Preferred stock value 1 4
Series G Preferred Stock [Member]    
Stockholders' Deficit    
Preferred stock value $ 5 $ 10