Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (unaudited)

v3.22.2.2
Consolidated Balance Sheets (unaudited) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets    
Cash $ 2,455,688 $ 5,854,382
Accounts receivable - oil and gas - net 0 24,389
Prepaid expenses 142,083 56,833
Total current assets 2,597,771 5,935,604
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 64,346 68,884
Total oil and gas properties, net 64,346 68,884
Due from Viking Energy Group, Inc. 6,822,300 4,100,000
Equity method investment 28,034,336 36,299,592
TOTAL ASSETS 37,518,753 46,404,080
Current liabilities    
Accounts payable 1,490,650 1,449,335
Accrued expenses and other current liabilities 3,263,705 2,103,674
Current taxes payable 3,000 3,000
Derivative liability 32,666,761 93,108,568
Total current liabilities 37,424,116 96,664,577
Long-term debt 33,116,749 21,500,000
Asset retirement obligation 56,978 53,055
TOTAL LIABILITIES 70,597,843 118,217,632
STOCKHOLDERS' DEFICIT    
Common stock, 1,000,000,000 shares authorized of $0.001 par value, 546,852,286 and 257,132,026 shares issued and outstanding as of September 30, 2022 and December 31, 2021 546,853 257,132
Additional paid-in-capital 534,503,335 409,217,417
Accumulated deficit (568,129,284) (481,288,115)
TOTAL STOCKHOLDERS' DEFICIT (33,079,090) (71,813,552)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 37,518,753 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