0001368637
false
Q2
--12-31
1
0001368637
2023-01-01
2023-06-30
0001368637
2023-07-27
0001368637
2023-06-30
0001368637
2022-12-31
0001368637
us-gaap:NonrelatedPartyMember
2023-06-30
0001368637
us-gaap:NonrelatedPartyMember
2022-12-31
0001368637
us-gaap:RelatedPartyMember
2023-06-30
0001368637
us-gaap:RelatedPartyMember
2022-12-31
0001368637
us-gaap:SeriesAPreferredStockMember
2023-06-30
0001368637
us-gaap:SeriesAPreferredStockMember
2022-12-31
0001368637
us-gaap:SeriesBPreferredStockMember
2023-06-30
0001368637
us-gaap:SeriesBPreferredStockMember
2022-12-31
0001368637
us-gaap:SeriesCPreferredStockMember
2023-06-30
0001368637
us-gaap:SeriesCPreferredStockMember
2022-12-31
0001368637
2023-04-01
2023-06-30
0001368637
2022-04-01
2022-06-30
0001368637
2022-01-01
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2022-03-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2022-03-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2022-03-31
0001368637
us-gaap:CommonStockMember
2022-03-31
0001368637
us-gaap:AdditionalPaidInCapitalMember
2022-03-31
0001368637
BBLS:SharesToBeIssuedMember
2022-03-31
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-03-31
0001368637
us-gaap:RetainedEarningsMember
2022-03-31
0001368637
2022-03-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2023-03-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2023-03-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2023-03-31
0001368637
us-gaap:CommonStockMember
2023-03-31
0001368637
us-gaap:AdditionalPaidInCapitalMember
2023-03-31
0001368637
BBLS:SharesToBeIssuedMember
2023-03-31
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-03-31
0001368637
us-gaap:RetainedEarningsMember
2023-03-31
0001368637
2023-03-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2021-12-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2021-12-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2021-12-31
0001368637
us-gaap:CommonStockMember
2021-12-31
0001368637
us-gaap:AdditionalPaidInCapitalMember
2021-12-31
0001368637
BBLS:SharesToBeIssuedMember
2021-12-31
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-12-31
0001368637
us-gaap:RetainedEarningsMember
2021-12-31
0001368637
2021-12-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2022-12-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2022-12-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2022-12-31
0001368637
us-gaap:CommonStockMember
2022-12-31
0001368637
us-gaap:AdditionalPaidInCapitalMember
2022-12-31
0001368637
BBLS:SharesToBeIssuedMember
2022-12-31
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-12-31
0001368637
us-gaap:RetainedEarningsMember
2022-12-31
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2022-04-01
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2022-04-01
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2022-04-01
2022-06-30
0001368637
us-gaap:CommonStockMember
2022-04-01
2022-06-30
0001368637
us-gaap:AdditionalPaidInCapitalMember
2022-04-01
2022-06-30
0001368637
BBLS:SharesToBeIssuedMember
2022-04-01
2022-06-30
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-04-01
2022-06-30
0001368637
us-gaap:RetainedEarningsMember
2022-04-01
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2023-04-01
2023-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2023-04-01
2023-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2023-04-01
2023-06-30
0001368637
us-gaap:CommonStockMember
2023-04-01
2023-06-30
0001368637
us-gaap:AdditionalPaidInCapitalMember
2023-04-01
2023-06-30
0001368637
BBLS:SharesToBeIssuedMember
2023-04-01
2023-06-30
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-04-01
2023-06-30
0001368637
us-gaap:RetainedEarningsMember
2023-04-01
2023-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2022-01-01
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2022-01-01
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2022-01-01
2022-06-30
0001368637
us-gaap:CommonStockMember
2022-01-01
2022-06-30
0001368637
us-gaap:AdditionalPaidInCapitalMember
2022-01-01
2022-06-30
0001368637
BBLS:SharesToBeIssuedMember
2022-01-01
2022-06-30
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-06-30
0001368637
us-gaap:RetainedEarningsMember
2022-01-01
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2023-01-01
2023-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2023-01-01
2023-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2023-01-01
2023-06-30
0001368637
us-gaap:CommonStockMember
2023-01-01
2023-06-30
0001368637
us-gaap:AdditionalPaidInCapitalMember
2023-01-01
2023-06-30
0001368637
BBLS:SharesToBeIssuedMember
2023-01-01
2023-06-30
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-01-01
2023-06-30
0001368637
us-gaap:RetainedEarningsMember
2023-01-01
2023-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2022-06-30
0001368637
us-gaap:CommonStockMember
2022-06-30
0001368637
us-gaap:AdditionalPaidInCapitalMember
2022-06-30
0001368637
BBLS:SharesToBeIssuedMember
2022-06-30
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-06-30
0001368637
us-gaap:RetainedEarningsMember
2022-06-30
0001368637
2022-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2023-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2023-06-30
0001368637
us-gaap:PreferredStockMember
us-gaap:SeriesCPreferredStockMember
2023-06-30
0001368637
us-gaap:CommonStockMember
2023-06-30
0001368637
us-gaap:AdditionalPaidInCapitalMember
2023-06-30
0001368637
BBLS:SharesToBeIssuedMember
2023-06-30
0001368637
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-06-30
0001368637
us-gaap:RetainedEarningsMember
2023-06-30
0001368637
us-gaap:FairValueInputsLevel1Member
2023-06-30
0001368637
us-gaap:FairValueInputsLevel2Member
2023-06-30
0001368637
us-gaap:FairValueInputsLevel3Member
2023-06-30
0001368637
us-gaap:FairValueInputsLevel1Member
2022-12-31
0001368637
us-gaap:FairValueInputsLevel2Member
2022-12-31
0001368637
us-gaap:FairValueInputsLevel3Member
2022-12-31
0001368637
BBLS:DebtSettlememntAgreementMember
2022-02-16
0001368637
BBLS:DebtSettlememntAgreementMember
2022-02-15
2022-02-16
0001368637
2022-02-16
0001368637
2023-01-31
2023-01-31
0001368637
2023-01-31
0001368637
2023-03-01
2023-03-31
0001368637
BBLS:CanadianPropertiesMember
2021-12-31
0001368637
BBLS:USPropertiesMember
2021-12-31
0001368637
BBLS:CanadianPropertiesMember
2022-01-01
2022-12-31
0001368637
BBLS:USPropertiesMember
2022-01-01
2022-12-31
0001368637
2022-01-01
2022-12-31
0001368637
BBLS:CanadianPropertiesMember
2022-12-31
0001368637
BBLS:USPropertiesMember
2022-12-31
0001368637
BBLS:CanadianPropertiesMember
2023-01-01
2023-06-30
0001368637
BBLS:USPropertiesMember
2023-01-01
2023-06-30
0001368637
BBLS:CanadianPropertiesMember
2023-06-30
0001368637
BBLS:USPropertiesMember
2023-06-30
0001368637
BBLS:SUDSPropertiesLLCMember
2023-06-30
0001368637
BBLS:TwinLakesSanAndresUnitMember
2023-06-30
0001368637
BBLS:BlueSkyMember
2023-01-01
2023-06-30
0001368637
BBLS:BlueSkyMember
2020-05-01
0001368637
2020-05-01
0001368637
BBLS:VermilionEnergyIncMember
2020-05-01
0001368637
BBLS:BlueSkyMember
2020-04-28
2020-05-01
0001368637
BBLS:CreditNoteOneMember
2023-06-30
0001368637
BBLS:CreditNoteOneMember
2023-01-01
2023-06-30
0001368637
BBLS:CreditNoteOneMember
2022-12-31
0001368637
BBLS:DiscountOnCreditNoteOneMember
2023-06-30
0001368637
BBLS:DiscountOnCreditNoteOneMember
2022-12-31
0001368637
BBLS:LeeLyttonMember
2023-01-01
2023-06-30
0001368637
BBLS:LeeLyttonMember
2023-06-30
0001368637
BBLS:LeeLyttonMember
2022-12-31
0001368637
BBLS:MHorowitzMember
2023-06-30
0001368637
BBLS:MHorowitzMember
2023-01-01
2023-06-30
0001368637
BBLS:MHorowitzMember
2022-12-31
0001368637
BBLS:LoanAgreementMember
2020-01-02
0001368637
BBLS:LoanAgreementMember
2019-12-29
2020-01-02
0001368637
BBLS:LoanAgreementMember
2020-10-30
0001368637
BBLS:LoanAgreementMember
2020-10-29
2020-10-30
0001368637
BBLS:LoanAgreementMember
2023-06-30
0001368637
BBLS:LoanAgreementMember
2023-01-01
2023-06-30
0001368637
BBLS:LoanAgreementMember
BBLS:MarkAllenMember
2023-06-30
0001368637
BBLS:LoanAgreementMember
BBLS:MarkAllenMember
2023-01-01
2023-06-30
0001368637
BBLS:NotesPayableMember
2023-06-30
0001368637
BBLS:QuintenBeasleyMember
2023-06-30
0001368637
BBLS:QuintenBeasleyMember
2023-01-01
2023-06-30
0001368637
BBLS:QuintenBeasleyMember
2022-12-31
0001368637
BBLS:BlueSkyResourcesMember
2023-06-30
0001368637
BBLS:BlueSkyResourcesMember
2023-01-01
2023-06-30
0001368637
BBLS:BlueSkyResourcesMember
2022-12-31
0001368637
BBLS:BlueSkyResourcesOneMember
2023-06-30
0001368637
BBLS:BlueSkyResourcesOneMember
2023-01-01
2023-06-30
0001368637
BBLS:BlueSkyResourcesOneMember
2022-12-31
0001368637
BBLS:BlueSkyResourcesTwoMember
2023-06-30
0001368637
BBLS:BlueSkyResourcesTwoMember
2023-01-01
2023-06-30
0001368637
BBLS:BlueSkyResourcesTwoMember
2022-12-31
0001368637
BBLS:IvarSiemMember
2023-06-30
0001368637
BBLS:IvarSiemMember
2023-01-01
2023-06-30
0001368637
BBLS:IvarSiemMember
2022-12-31
0001368637
BBLS:MarkAllenMember
2023-06-30
0001368637
BBLS:MarkAllenMember
2023-01-01
2023-06-30
0001368637
BBLS:MarkAllenMember
2022-12-31
0001368637
BBLS:MarkAllenOneMember
2023-06-30
0001368637
BBLS:MarkAllenOneMember
2023-01-01
2023-06-30
0001368637
BBLS:MarkAllenOneMember
2022-12-31
0001368637
BBLS:MarkAllenTwoMember
2023-06-30
0001368637
BBLS:MarkAllenTwoMember
2023-01-01
2023-06-30
0001368637
BBLS:MarkAllenTwoMember
2022-12-31
0001368637
BBLS:JoelOppenheimMember
2023-06-30
0001368637
BBLS:JoelOppenheimMember
2023-01-01
2023-06-30
0001368637
BBLS:JoelOppenheimMember
2022-12-31
0001368637
BBLS:RevolvingLineOfCreditAgreementMember
BBLS:JovianPetroleumCorporationMember
2018-02-09
0001368637
BBLS:RevolvingLineOfCreditAgreementMember
BBLS:JovianPetroleumCorporationMember
2018-04-12
0001368637
BBLS:RevolvingLineOfCreditAgreementMember
BBLS:JovianPetroleumCorporationMember
2018-04-12
0001368637
BBLS:RevolvingLineOfCreditAgreementMember
BBLS:JovianPetroleumCorporationMember
2018-02-19
0001368637
BBLS:JoelOppenheimMember
2022-02-03
0001368637
BBLS:AmendedLoanAgreementMember
2021-12-02
0001368637
BBLS:AmendedLoanAgreementMember
2021-11-29
2021-12-02
0001368637
BBLS:LoanAgreementMember
BBLS:IvarSiemMember
2019-08-15
0001368637
BBLS:LoanAgreementMember
BBLS:IvarSiemMember
2019-12-04
0001368637
BBLS:LoanAgreementMember
BBLS:IvarSiemMember
2019-12-03
2019-12-04
0001368637
BBLS:LoanAgreementMember
BBLS:IvarSiemMember
us-gaap:WarrantMember
2019-12-03
2019-12-04
0001368637
BBLS:LoanAgreementMember
BBLS:IvarSiemMember
us-gaap:WarrantMember
2019-12-04
0001368637
BBLS:LoanAgreementMember
2020-02-28
0001368637
BBLS:LoanAgreementMember
BBLS:IvarSiemMember
2021-01-02
0001368637
BBLS:LoanAgreementMember
BBLS:IvarSiemMember
2021-01-02
2021-01-02
0001368637
BBLS:MarkMAllenMember
2020-04-15
0001368637
BBLS:MarkMAllenMember
2020-04-15
2020-04-15
0001368637
BBLS:LoanAgreementMember
BBLS:MarkMAllenMember
2019-12-31
0001368637
BBLS:LoanAgreementMember
BBLS:MarkMAllenMember
2019-01-01
2019-12-31
0001368637
BBLS:LoanAgreementMember
BBLS:MarkMAllenMember
us-gaap:WarrantMember
2019-01-01
2019-12-31
0001368637
BBLS:LoanAgreementMember
BBLS:MarkMAllenMember
us-gaap:WarrantMember
2019-12-31
0001368637
BBLS:LoanAgreementMember
BBLS:MarkMAllenMember
2020-01-03
0001368637
BBLS:LoanAgreementMember
BBLS:MarkMAllenMember
2020-01-01
2020-01-03
0001368637
BBLS:LoanAgreementMember
BBLS:MarkMAllenMember
2020-02-14
0001368637
BBLS:LoanAgreementMember
BBLS:MarkMAllenMember
2020-02-13
2020-02-14
0001368637
BBLS:LoanAgreementMember
BBLS:MarkMAllenMember
2021-01-02
0001368637
BBLS:MarkMAllenMember
BBLS:LoanAgreementMember
2021-01-02
2021-01-02
0001368637
BBLS:LoanAgreementMember
BBLS:BlueSkyResourceMember
2021-02-12
0001368637
BBLS:LoanAgreementMember
BBLS:BlueSkyResourceMember
2022-02-03
0001368637
2021-04-07
2021-04-08
0001368637
2020-12-31
0001368637
srt:MinimumMember
2023-01-01
2023-06-30
0001368637
srt:MaximumMember
2023-01-01
2023-06-30
0001368637
us-gaap:SeriesAPreferredStockMember
2023-01-01
2023-06-30
0001368637
us-gaap:SeriesCPreferredStockMember
2023-01-01
2023-06-30
0001368637
us-gaap:SeriesCPreferredStockMember
2022-06-30
0001368637
us-gaap:WarrantMember
2017-11-06
2017-11-07
0001368637
us-gaap:WarrantMember
2023-01-01
2023-06-30
0001368637
us-gaap:WarrantMember
2022-01-01
2022-12-31
0001368637
us-gaap:WarrantMember
2023-06-30
0001368637
us-gaap:WarrantMember
2022-12-31
0001368637
us-gaap:WarrantMember
BBLS:FinanceArrangementMember
2023-01-01
2023-06-30
0001368637
us-gaap:WarrantMember
BBLS:FinanceArrangementMember
2022-01-01
2022-12-31
0001368637
us-gaap:MeasurementInputRiskFreeInterestRateMember
2023-06-30
0001368637
us-gaap:MeasurementInputRiskFreeInterestRateMember
srt:MinimumMember
2022-12-31
0001368637
us-gaap:MeasurementInputRiskFreeInterestRateMember
srt:MaximumMember
2022-12-31
0001368637
us-gaap:MeasurementInputExpectedTermMember
2023-06-30
0001368637
us-gaap:MeasurementInputExpectedTermMember
2022-12-31
0001368637
us-gaap:MeasurementInputExpectedDividendRateMember
2023-06-30
0001368637
us-gaap:MeasurementInputExpectedDividendRateMember
2022-12-31
0001368637
us-gaap:MeasurementInputPriceVolatilityMember
2023-06-30
0001368637
us-gaap:MeasurementInputPriceVolatilityMember
srt:MinimumMember
2022-12-31
0001368637
us-gaap:MeasurementInputPriceVolatilityMember
srt:MaximumMember
2022-12-31
0001368637
BBLS:LeoWomackMember
us-gaap:SeriesCPreferredStockMember
2022-01-31
2022-01-31
0001368637
us-gaap:OperatingSegmentsMember
country:CA
2022-04-01
2022-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:US
2022-04-01
2022-06-30
0001368637
us-gaap:OperatingSegmentsMember
2022-04-01
2022-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:CA
2022-01-01
2022-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:US
2022-01-01
2022-06-30
0001368637
us-gaap:OperatingSegmentsMember
2022-01-01
2022-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:CA
2022-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:US
2022-06-30
0001368637
us-gaap:OperatingSegmentsMember
2022-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:CA
2023-04-01
2023-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:US
2023-04-01
2023-06-30
0001368637
us-gaap:OperatingSegmentsMember
2023-04-01
2023-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:CA
2023-01-01
2023-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:US
2023-01-01
2023-06-30
0001368637
us-gaap:OperatingSegmentsMember
2023-01-01
2023-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:CA
2023-06-30
0001368637
us-gaap:OperatingSegmentsMember
country:US
2023-06-30
0001368637
us-gaap:OperatingSegmentsMember
2023-06-30
0001368637
us-gaap:SeriesAPreferredStockMember
2022-05-03
0001368637
2022-05-03
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
utr:acre
iso4217:CAD
BBLS:Integer
utr:bbl
iso4217:CAD
xbrli:shares
xbrli:pure
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
Mark One
☒
Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
For
the quarterly period ended June 30, 2023
☐
Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934
For
the transition period from __________ to __________
Commission
File Number: 000-52690
PETROLIA
ENERGY CORPORATION
(Exact
name of registrant as specified in its charter)
Texas |
|
86-1061005 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
710
N. Post Oak Road, Suite 400
Houston,
Texas |
|
77024 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(832)
723-1266
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act: None.
Indicate
by check mark whether the registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the past 12 months (or for such shorter period that the issuer was required to file such reports); and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting
company, or an emerging growth company. See definition of “large accelerated filer,” accelerated filer”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer ☐ |
Accelerated filer ☐ |
|
|
Non-accelerated filer ☒ |
Smaller Reporting Company ☒ |
|
|
Emerging growth company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
State
the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 176,988,322
shares of common stock as of July 27, 2023.
TABLE
OF CONTENTS
FORWARD-LOOKING
STATEMENTS
This
Report contains statements which, to the extent that they do not recite historical fact, constitute forward-looking statements. These
statements can be identified by the fact that they do not relate strictly to historical or current facts and may include the words “may,”
“will,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,”
“estimate,” “intend,” “plan” or other words or expressions of similar meaning. We have based these
forward-looking statements on our current expectations about future events. The forward-looking statements include statements that reflect
management’s beliefs, plans, objectives, goals, expectations, anticipations, and intentions with respect to our financial
condition, results of operations, future performance and business, including statements relating to our business strategy and our current
and future development plans.
The
potential risks and uncertainties that could cause our actual financial condition, results of operations and future performance to differ
materially from those expressed or implied in this report include:
|
● |
The price of crude oil; |
|
● |
The amount of production
from oil wells in which we have an interest; |
|
● |
Lease operating expenses; |
|
● |
General economic conditions;
and |
|
● |
Other factors disclosed
in this Report. |
Although
we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels
of activity, performance, or achievements. Many factors discussed in this report, some of which are beyond our control, will be important
in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from the
forward-looking statements. In light of these and other uncertainties, you should not regard the inclusion of a forward-looking statement
in this Report as a representation by us that our plans and objectives will be achieved, and you should not place undue reliance on such
forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
You
should read the matters described in “Risk Factors” and the other cautionary statements made in this Report as applicable
to all related forward-looking statements wherever they appear in this Report. We cannot assure you that the forward-looking statements
in this Report will prove to be accurate and therefore prospective investors are encouraged not to place undue reliance on forward-looking
statements. Other than as required by law, we undertake no obligation to update or revise these forward-looking statements, even though
our situation may change in the future.
PART
I: Financial Information
Item
1. Financial Statements
PETROLIA
ENERGY CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
(unaudited) | | |
(audited) | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 926,228 | | |
$ | 1,425,335 | |
Held-for-trading securities | |
| 336,103 | | |
| — | |
Accounts receivable | |
| 58 | | |
| 290 | |
Other current assets | |
| 641 | | |
| 5,641 | |
Total current assets | |
| 1,263,030 | | |
| 1,431,266 | |
| |
| | | |
| | |
Property and equipment | |
| | | |
| | |
Oil and gas, on the basis of full cost accounting | |
| | | |
| | |
Evaluated properties | |
| 6,691,605 | | |
| 6,638,037 | |
Furniture, equipment & software | |
| 155,293 | | |
| 155,293 | |
Less accumulated depreciation and depletion | |
| (884,796 | ) | |
| (807,047 | ) |
Net property and equipment | |
| 5,962,102 | | |
| 5,986,283 | |
| |
| | | |
| | |
Other assets | |
| | | |
| | |
Operating lease right-of-use asset | |
| 20,311 | | |
| 23,086 | |
Notes receivable | |
| — | | |
| 376,550 | |
Other assets | |
| 983,881 | | |
| 956,928 | |
| |
| | | |
| | |
Total Assets | |
$ | 8,229,324 | | |
$ | 8,774,113 | |
| |
| | | |
| | |
LIABILITIES & STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 188,412 | | |
$ | 223,453 | |
Accounts payable – related parties | |
| 3,404,178 | | |
| 2,466,155 | |
Accounts payable | |
| 3,404,178 | | |
| 2,466,155 | |
Operating lease liability – current | |
| 5,833 | | |
| 5,482 | |
Accrued liabilities | |
| 1,199,411 | | |
| 1,151,328 | |
Accrued liabilities – related parties | |
| 1,761,143 | | |
| 1,536,247 | |
Notes payable, current portion | |
| 142,082 | | |
| 398,837 | |
Notes payable – related parties, current portion | |
| 3,244,309 | | |
| 3,460,815 | |
Notes payable current portion | |
| 3,244,309 | | |
| 3,460,815 | |
| |
| | | |
| | |
Total current liabilities | |
| 9,945,368 | | |
| 9,242,317 | |
| |
| | | |
| | |
Asset retirement obligations | |
| 2,426,523 | | |
| 2,301,335 | |
Operating lease liability | |
| 14,918 | | |
| 17,714 | |
Total Liabilities | |
$ | 12,386,809 | | |
$ | 11,561,366 | |
| |
| | | |
| | |
Stockholders’ Deficit | |
| | | |
| | |
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 199,100 shares issued and outstanding | |
$ | 199 | | |
$ | 199 | |
Preferred Series B stock, $.01 par value; 3 shares authorized; 3 and 3 shares issued and outstanding | |
| 152,397 | | |
| 152,397 | |
Preferred Series C stock, $0.10 par value, 50,000 shares authorized, 11,000 and 11,000 shares issued and outstanding | |
| 1,100 | | |
| 1,100 | |
Preferred stock, value | |
| 1,100 | | |
| 1,100 | |
| |
| | | |
| | |
Common stock, $0.001 par value; 400,000,000 shares authorized; 176,988,322 and 176,988,322 shares issued and outstanding | |
| 176,988 | | |
| 176,988 | |
Additional paid in capital | |
| 60,245,657 | | |
| 60,244,255 | |
Accumulated other comprehensive income | |
| (378,822 | ) | |
| (349,065 | ) |
Accumulated deficit | |
| (64,355,004 | ) | |
| (63,013,127 | ) |
Total Stockholders’ Deficit | |
| (4,157,485 | ) | |
| (2,787,253 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 8,229,324 | | |
$ | 8,774,113 | |
The
accompanying notes are an integral part of these condensed consolidated interim financial statements.
PETROLIA
ENERGY CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| |
Three months ended June
30, 2023 | | |
Three months ended June
30, 2022 | | |
Six months ended June
30, 2023 | | |
Six months ended June
30, 2022 | |
Oil and gas sales | |
| | | |
| | | |
| | | |
| | |
Oil and gas sales | |
$ | 482,916 | | |
$ | 1,137,890 | | |
$ | 1,859,233 | | |
$ | 2,974,250 | |
Total Revenue | |
| 482,916 | | |
| 1,137,890 | | |
| 1,859,233 | | |
| 2,974,250 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Lease operating expense | |
| 884,453 | | |
| 1,622,399 | | |
| 2,543,933 | | |
| 2,898,236 | |
Production tax | |
| — | | |
| — | | |
| — | | |
| 438 | |
General and administrative expenses | |
| 312,547 | | |
| 149,757 | | |
| 573,384 | | |
| 297,603 | |
Depreciation, depletion and amortization | |
| 18,270 | | |
| 60,682 | | |
| 63,076 | | |
| 113,198 | |
Asset retirement obligation accretion | |
| 46,926 | | |
| 43,420 | | |
| 95,131 | | |
| 85,898 | |
Total operating expenses | |
| 1,262,196 | | |
| 1,876,258 | | |
| 3,275,524 | | |
| 3,395,373 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (779,280 | ) | |
| (738,368 | ) | |
| (1,416,291 | ) | |
| (421,123 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (96,778 | ) | |
| (123,080 | ) | |
| (206,663 | ) | |
| (248,017 | ) |
Unrealized gain (loss) | |
| (83,334 | ) | |
| — | | |
| 165,117 | | |
| — | |
Gain (loss) on disposition of asset | |
| 259,659 | | |
| — | | |
| 259,659 | | |
| — | |
Other income (expense) | |
| 818 | | |
| — | | |
| 14,837 | | |
| 5,521 | |
Change in fair value of derivative liabilities | |
| — | | |
| (146 | ) | |
| — | | |
| 17,339 | |
Total other income (expenses) | |
| 80,365 | | |
| (123,226 | ) | |
| 232,950 | | |
| (225,157 | ) |
| |
| | | |
| | | |
| | | |
| | |
Series A Preferred Dividends | |
| (109,374 | ) | |
| (44,798 | ) | |
| (154,172 | ) | |
| (89,595 | ) |
Series C Preferred Dividends | |
| (2,194 | ) | |
| (2,194 | ) | |
| (4,364 | ) | |
| (4,260 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss Attributable to Common Stockholders | |
| (810,483 | ) | |
| (908,586 | ) | |
| (1,341,877 | ) | |
| (740,135 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per share | |
| | | |
| | | |
| | | |
| | |
(Basic and fully diluted) | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding, basic & diluted | |
| 176,988,322 | | |
| 176,988,322 | | |
| 176,988,322 | | |
| 176,988,322 | |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income, net of tax | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustments | |
| (24,720 | ) | |
| (62,759 | ) | |
| (29,757 | ) | |
| (32,902 | ) |
Comprehensive income (loss) | |
$ | (835,203 | ) | |
$ | (971,345 | ) | |
$ | (1,371,634 | ) | |
$ | (773,037 | ) |
The
accompanying notes are an integral part of these condensed consolidated interim financial statements.
PETROLIA
ENERGY CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Three Months Ended June 30 | |
Preferred
stock Series A | | |
Preferred
stock Series B | | |
Preferred
stock Series C | | |
Common
stock | | |
Additional paid-in | | |
Shares to
be | | |
Accumulated
Other Comprehensive | | |
Accumulated | | |
Stockholders’ equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
Issued | | |
income | | |
deficit | | |
(deficit) | |
Balance March 31, 2022 | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 11,000 | | |
$ | 1,100 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,242,189 | | |
$ | — | | |
$ | (239,298 | ) | |
$ | (61,170,710 | ) | |
$ | (87,135 | ) |
Series A preferred dividends | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (44,798 | ) | |
| (44,798 | ) |
Series C preferred dividends | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,194 | ) | |
| (2,194 | ) |
Warrants issued as financing fee | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 699 | | |
| — | | |
| — | | |
| — | | |
| 699 | |
Other comprehensive income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| | | |
| (62,759 | ) | |
| — | | |
| (62,759 | ) |
Net income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (861,594 | ) | |
| (861,594 | ) |
Balance at June 30, 2022 | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 11,000 | | |
$ | 1,100 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,242,888 | | |
$ | — | | |
$ | (302,057 | ) | |
$ | (62,079,296 | ) | |
$ | (1,807,781 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2023 | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 11,000 | | |
$ | 1,100 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,244,913 | | |
$ | — | | |
$ | (354,102 | ) | |
$ | 63,544,521 | ) | |
$ | 3,323,026 | ) |
Series A preferred dividends | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (109,374 | ) | |
| (109,374 | ) |
Series C preferred dividends | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,194 | ) | |
| (2,194 | ) |
Warrants issued as financing fee | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 744 | | |
| — | | |
| — | | |
| — | | |
| 744 | |
Other comprehensive income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| | | |
| (24,720 | ) | |
| — | | |
| (24,720 | ) |
Net income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (698,915 | ) | |
| (698,915 | ) |
Balance at June 30, 2023 | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 11,000 | | |
$ | 1,100 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,245,657 | | |
$ | — | | |
$ | (378,822 | ) | |
$ | (64,355,004 | ) | |
$ | (4,157,485 | ) |
Six Months Ended June
30 | |
Preferred
stock Series A | | |
Preferred
stock Series B | | |
Preferred
stock Series C | | |
Common
stock | | |
Additional paid-in | | |
Shares to
be | | |
Accumulated
Other Comprehensive | | |
Accumulated | | |
Stockholders’ equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
Issued | | |
income | | |
deficit | | |
(deficit) | |
Balance at December 31, 2021 | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 8,500 | | |
$ | 850 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,216,722 | | |
$ | — | | |
$ | (269,155 | ) | |
$ | (61,339,161 | ) | |
$ | (1,061,160 | ) |
Series A preferred dividends | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (89,595 | ) | |
| (89,595 | ) |
Series C preferred dividends | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4,260 | ) | |
| (4,260 | ) |
Preferred Series C issued for cash | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,500 | | |
| 250 | | |
| — | | |
| — | | |
| 24,750 | | |
| — | | |
| — | | |
| — | | |
| 25,000 | |
Warrants issued as financing fee | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,416 | | |
| — | | |
| — | | |
| — | | |
| 1,416 | |
Other comprehensive income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| | | |
| (32,902 | ) | |
| — | | |
| (32,902 | ) |
Net income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (646,280 | ) | |
| (646,280 | ) |
Balance at June 30, 2022 | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 11,000 | | |
$ | 1,100 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,242,888 | | |
$ | — | | |
$ | (302,057 | ) | |
$ | (62,079,296 | ) | |
$ | (1,807,781 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2022 | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 11,000 | | |
$ | 1,100 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,244,255 | | |
$ | — | | |
$ | (349,065 | ) | |
$ | (63,013,127 | ) | |
$ | (2,787,253 | ) |
Balance, value | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 11,000 | | |
$ | 1,100 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,244,255 | | |
$ | — | | |
$ | (349,065 | ) | |
$ | (63,013,127 | ) | |
$ | (2,787,253 | ) |
Series A preferred dividends | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (154,172 | ) | |
| (154,172 | ) |
Series C preferred dividends | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4,364 | ) | |
| (4,364 | ) |
Warrants issued as financing fee | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,402 | | |
| — | | |
| — | | |
| — | | |
| 1,402 | |
Other comprehensive income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| | | |
| (29,757 | ) | |
| — | | |
| (29,757 | ) |
Net income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,183,341 | ) | |
| (1,183,341 | ) |
Balance at June 30, 2023 | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 11,000 | | |
$ | 1,100 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,245,657 | | |
$ | — | | |
$ | (378,822 | ) | |
$ | (64,355,004 | ) | |
$ | (4,157,485 | ) |
Balance, value | |
| 199,100 | | |
$ | 199 | | |
| 3 | | |
$ | 152,397 | | |
| 11,000 | | |
$ | 1,100 | | |
$ | 176,988,322 | | |
$ | 176,988 | | |
$ | 60,245,657 | | |
$ | — | | |
$ | (378,822 | ) | |
$ | (64,355,004 | ) | |
$ | (4,157,485 | ) |
The
accompanying notes are an integral part of these condensed consolidated interim financial statements.
PETROLIA
ENERGY CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
Six months ended June 30, 2023 | | |
Six months ended June 30, 2022 | |
Cash Flows from Operating Activities | |
| | | |
| | |
Net loss | |
$ | (1,183,341 | ) | |
$ | (646,280 | ) |
Adjustment to reconcile net loss to net cash provided by (used in) operating activities: | |
| | | |
| | |
Depletion, depreciation and amortization | |
| 63,076 | | |
| 113,198 | |
Asset retirement obligation accretion | |
| 95,131 | | |
| 85,898 | |
Operating lease | |
| 330 | | |
| (544 | ) |
Amortization of debt discount | |
| 27,715 | | |
| 27,715 | |
Unrealized (gain) loss | |
| (165,117 | ) | |
| — | |
Change in fair value of derivative liabilities | |
| — | | |
| (17,339 | ) |
Warrants issued as financing fees | |
| 1,402 | | |
| 1,416 | |
Gain on sale of asset | |
| (259,659 | ) | |
| | |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| 238 | | |
| 5,601 | |
Other current assets | |
| 374 | | |
| (756 | ) |
Other assets | |
| (7,084 | ) | |
| 40,442 | |
Accounts payable | |
| (36,264 | ) | |
| 1,363,562 | |
Accounts payable – related parties | |
| 853,061 | | |
| (3,110 | ) |
Accrued liabilities | |
| 138,215 | | |
| 108,010 | |
Accrued liabilities – related parties | |
| (31,491 | ) | |
| 75,584 | |
Net cash flows provided by (used in) operating activities | |
| (503,414 | ) | |
| 1,153,397 | |
| |
| | | |
| | |
Cash Flows from Investing Activities | |
| | | |
| | |
Sale of securities | |
| 475,440 | | |
| — | |
Cash flows provided by (used in) investing activities | |
| 475,440 | | |
| — | |
| |
| | | |
| | |
Cash Flows from Financing Activities | |
| | | |
| | |
Repayments on notes payable | |
| (284,470 | ) | |
| (133,491 | ) |
Repayments on related party notes payable | |
| (216,506 | ) | |
| (4,813 | ) |
Series C preferred stock | |
| — | | |
| 25,000 | |
Cash flows provided by (used in) financing activities | |
| (500,976 | ) | |
| (113,304 | ) |
| |
| | | |
| | |
Changes in foreign exchange rate | |
| 29,843 | | |
| (42 | ) |
| |
| | | |
| | |
Net change in cash | |
| (499,107 | ) | |
| 1,040,051 | |
Cash at beginning of period | |
| 1,425,335 | | |
| 14,058 | |
Cash at end of period | |
$ | 926,228 | | |
$ | 1,054,109 | |
SUPPLEMENTAL
DISCLOSURES
| |
Six months ended June 30, 2023 | | |
Six months ended June 30, 2022 | |
SUPPLEMENTAL DISCLOSURES | |
| | | |
| | |
Interest paid | |
$ | 32,868 | | |
$ | 99,195 | |
Income taxes paid | |
| — | | |
| — | |
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | |
| | | |
| | |
Series A preferred dividends accrued | |
| 154,172 | | |
| 89,595 | |
Series C preferred dividends accrued | |
| 4,364 | | |
| 4,260 | |
Accrued dividends moved from accrued liabilities related party to accrued liabilities | |
| 212,444 | | |
| — | |
Note receivable converted to marketable securities | |
| 380,563 | | |
| — | |
The
accompanying notes are an integral part of these condensed consolidated interim financial statements.
PETROLIA
ENERGY CORPORATION
NOTES
TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(Unaudited)
NOTE
1. ORGANIZATION AND BASIS OF PRESENTATION:
Petrolia
Energy Corporation (the “Company”, “Petrolia” or “PEC”) is in the business of oil and gas exploration, development,
and production.
Basis
of Presentation
The
accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting
principles generally accepted in the United States of America (“US GAAP”) and the rules of the Securities and Exchange Commission
(“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s
latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments,
necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results
of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial
statements which would substantially duplicate the disclosures contained in the audited financial statements for the year ended December
31, 2022, as reported in the Form 10-K, have been omitted.
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of consolidation
The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Askarii Resources and Petrolia
Canada Corporation. All significant intercompany balances and transactions have been eliminated upon consolidation.
The
Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate
share of earnings is included in earnings and added to or deducted from the cost of the investment.
Foreign
currency translation
The
functional and reporting currency of the Company is the United States dollar. The functional currencies of the Company’s wholly-owned
subsidiaries, Askarii Resources and Petrolia Canada Corporation are the United States dollar and the Canadian dollar, respectively. Transactions
involving foreign currencies are converted into the Company’s functional currency using the exchange rates in effect at the time
of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the Company’s
functional currency are translated using exchange rates at that date. Exchange gains and losses are included in net earnings. On consolidation,
Petrolia Canada Corporation’s income statement amounts are translated at average exchange rates for the year, while the assets
and liabilities are translated at year-end exchange rates. Translation adjustments are accumulated as a separate component of stockholders’
equity in other comprehensive income.
Management
estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates made in preparing these financial statements include depreciation of furniture, equipment
and software, asset retirement obligations (“AROs”) (Note 10), income taxes, and the estimate of proved oil and gas reserves
and related present value estimates of future net cash flows therefrom.
Cash
and cash equivalents
The
Company considers all highly liquid instruments purchased with an original maturity date of three months or less to be cash
equivalents. As of December 31, 2022 and June 30, 2023, the Company did not
hold any cash equivalents.
Oil
and gas properties
The
Company follows the full cost accounting method to account for oil and natural gas properties, whereby costs incurred in the acquisition,
exploration and development of oil and gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical
activities, rentals on nonproducing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly
attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of
capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital
costs and proved reserves of oil and gas, in which case the gain or loss is recognized to operations.
The
capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion
and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves.
The
costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold
acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with
capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling
the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated
with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination
is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately
upon determination that the well is unsuccessful.
All
items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are
assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of
various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations;
drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned.
During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and
all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization.
Under
full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs,
less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the
sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices
and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of
cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related
to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged
to operations. For purposes of the ceiling test calculation, current prices are defined as the un-weighted arithmetic average of the
first day of the month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted
for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each
well. Similarly, current costs are assumed to remain constant over the entire calculation period.
Given
the volatility of oil and gas prices, it is reasonably possible that the estimate of discounted future net cash flows from proved oil
and gas reserves could change in the near term. If oil and gas prices decline in the future, even if only for a short period of time,
it is possible that impairments of oil and gas properties could occur. In addition, it is reasonably possible that impairments could
occur if costs are incurred in excess of any increases in the present value of future net cash flows from proved oil and gas reserves,
or if properties are sold for proceeds less than the discounted present value of the related proved oil and gas reserves.
Furniture,
equipment, and software
Furniture,
equipment, and software are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over
the estimated useful lives of the related asset, generally three to five years. Fully depreciated assets are retained in property and
accumulated depreciation accounts until they are removed from service. Management performs ongoing evaluations of the estimated useful
lives of the property and equipment for depreciation purposes. Maintenance and repairs are expensed as incurred. Management periodically
reviews long-lived assets, other than oil and gas property, for impairment whenever events or changes in circumstances indicate that
the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s
estimated fair value and its book value.
Derivative
financial instruments
The
Company’s derivative financial instruments consist of warrants with an exercise price denominated in the Company’s functional
currency. These derivative financial instruments are measured at their fair value at the end of each reporting period. Changes in fair
value are recorded in net income.
Asset
retirement obligations
The
Company records a liability for Asset Retirement Obligations (“AROs”) associated with its oil and gas wells when those assets
are placed in service. The corresponding cost is capitalized as an asset and included in the carrying amount of oil and gas properties
and is depleted over the useful life of the properties. Subsequently, the ARO liability is accreted to its then-present value.
Inherent
in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors,
credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments.
To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is
made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss
upon settlement.
Debt
issuance costs
Costs
incurred in connection with the issuance of long-term debt are presented as a direct deduction from the carrying value of the related
debt and amortized over the term of the related debt.
Revenue
recognition
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09,
Revenue from Contracts with Customers. This update creates a five-step model that requires entities to exercise judgment when
considering the terms of the contract(s) which includes (i) identifying the contract(s) with the customer, (ii) identifying the separate
performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate
performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. The Company adopted this standard on
a modified retroactive basis on January 1, 2018. No financial statement impact occurred upon adoption.
Revenue
from contracts with customers
The
Company recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer. Revenue is
measured based on the consideration the Company expects to receive in exchange for those products.
Performance
obligations and significant judgments
The
Company sells oil and natural gas products in the United States through a single reportable segment. The Company enters into contracts
that generally include one type of distinct product in variable quantities and priced based on a specific index related to the type of
product.
The
oil and natural gas is typically sold in an unprocessed state to processors and other third parties for processing and sale to customers.
The Company recognizes revenue at a point in time when control of the oil or natural gas passes to the customer or processor, as applicable,
discussed below. For oil sales, control is typically transferred to the customer upon receipt at the wellhead or a contractually agreed
upon delivery point. Under our natural gas contracts with processors, control transfers upon delivery at the wellhead or the inlet of
the processing entity’s system. For our other natural gas contracts, control transfers upon delivery to the inlet or to a contractually
agreed upon delivery point. In the cases where the Company sells to a processor, management has determined that the Company is the principal
in the arrangement and the processors are customers. The Company recognizes the revenue in these contracts based on the net proceeds
received from the processor.
Transfer
of control drives the presentation of transportation and gathering costs within the accompanying consolidated statements of operations.
Transportation and gathering costs incurred prior to control transfer are recorded within the transportation and gathering expense line
item on the accompanying consolidated statements of operations, while transportation and gathering costs incurred subsequent to control
transfer are recorded as a reduction to the related revenue.
A
portion of our product sales are short-term in nature. For those contracts, the Company uses the practical expedient in Accounting Standards
Codification (“ASC”) 606-10-50-14 exempting us from disclosure of the transaction price allocated to remaining performance
obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.
For
our product sales that have a contract term greater than one year, the Company has utilized the practical expedient in ASC 606-10-50-14(a)
which states the Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable
consideration is allocated entirely to an unsatisfied performance obligation. Under these sales contracts, each unit of product represents
a separate performance obligation; therefore, future volumes are unsatisfied, and disclosure of the transaction price allocated to remaining
performance obligations is not required. The Company has no unsatisfied performance obligations at the end of each reporting period.
Management
does not believe that significant judgments are required with respect to the determination of the transaction price, including any variable
consideration identified. There is a low level of uncertainty due to the precision of measurement and use of index-based pricing with
predictable differentials. Additionally, any variable consideration identified is not constrained.
Stock-based
compensation
The
Company accounts for stock-based compensation to employees in accordance with FASB ASC 718, Stock-based compensation. Stock-based
compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the
requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB
ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the
services, based on the fair value of the equity instruments, and are recognized as expense over the service period. The Company estimates
the fair value of stock-based payments using the Black-Sholes Option Pricing Model for common stock options and warrants and the closing
price of the Company’s common stock for common share issuances. The Company may grant stock to employees and non-employees in exchange
for goods, services or for settlement of liabilities. Shares granted to employees in exchange for goods, services or settlement of liabilities
are measured based on the fair value of the shares issued. Shares granted to non-employees in exchange for goods or services are measured
based on the fair value of the consideration received or the fair value of the shares issued, whichever is more reliably measurable.
Income
taxes
Income
taxes are accounted for pursuant to ASC 740, Income Taxes, which requires recognition of deferred income tax liabilities and assets
for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns.
The Company provides for deferred taxes on temporary differences between the financial statements and tax basis of assets using the enacted
tax rates that are expected to apply to taxable income when the temporary differences are expected to reverse. Valuation allowances are
established when necessary to reduce deferred income tax assets to the amount expected to be realized.
Uncertain
tax positions are recognized in the financial statements only if that position is more likely than not to be sustained upon
examination by taxing authorities, based on the technical merits of the position. The Company recognizes interest and penalties
related to uncertain tax positions in the income tax provision. There are currently no unrecognized tax benefits that if recognized
would affect the tax rate. There was no
interest or penalties recognized for the three or six months ended June 30, 2023 and 2022.
The
Company is required to file federal income tax returns in the United States and Canada, and in various state and local jurisdictions.
The Company’s tax returns are subject to examination by taxing authorities in the jurisdictions in which it operates in accordance
with the normal statutes of limitations in the applicable jurisdiction.
Earnings
(loss) per share
Basic
earnings (loss) per share have been calculated based on the weighted-average number of common shares outstanding. The treasury stock
method is used to compute the dilutive effect of the Company’s share-based compensation awards. Under this method, the incremental
number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed
issued and purchased using assumed proceeds. Diluted EPS amounts would include the effect of outstanding stock options, warrants, and
other convertible securities if including such potential shares of common stock is dilutive. Basic and diluted earnings per share are
the same in all periods presented as all outstanding instruments are anti-dilutive.
Concentration
of credit risk
The
Company is subject to credit risk resulting from the concentration of its oil receivables with significant purchasers. Two purchasers
accounted for all of the Company’s oil sales revenues for 2023 and 2022. The Company does not require collateral. While the Company
believes its recorded receivables will be collected, in the event of default the Company would follow normal collection procedures. The
Company does not believe the loss of a purchaser would materially impact its operating results as oil is a fungible product with a well-established
market and numerous purchasers.
At
times, the Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management monitors
the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits.
Fair
Value of Financial Instruments
Fair
value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where
it is practicable to estimate that value. As of June 30, 2023, the amounts reported for cash, accrued interest and other expenses, notes
payable, convertible notes, and derivative liability approximate the fair value because of their short maturities.
We
adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established
a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures
about fair value measurements.
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”)
in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on
the observability of inputs as follows:
|
● |
Level 1 — Valuations
based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation
adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily
and regularly available in an active market, valuation of these products does not entail a significant degree of judgment; |
|
● |
Level 2 — Valuations
based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly
or indirectly; and |
|
● |
Level 3 — Valuations
based on inputs that are unobservable and significant to the overall fair value measurement. |
We
measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring
basis are as follows as of June 30, 2023, and December 31, 2022.
SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS
June 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
ARO liabilities | |
| — | | |
| — | | |
| 2,426,523 | | |
| 2,426,523 | |
| |
| | | |
| | | |
| | | |
| | |
December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
ARO liabilities | |
| — | | |
| — | | |
| 2,301,335 | | |
| 2,301,335 | |
The
carrying value of cash, accounts receivable, other current assets, accounts payable, accounts payable – related parties, accrued
liabilities and accrued liabilities – related parties, as reflected in the consolidated balance sheets, approximate fair value,
due to the short-term maturity of these instruments. The carrying value of notes payable approximates their fair value due to immaterial
changes in market interest rates and the Company’s credit risk since issuance of the instruments or due to their short-term nature.
Derivative liabilities are remeasured at fair value every reporting period. Our derivative liabilities are considered level 3 financial
instruments.
Related
parties
The
Audit Committee approves all material related party transactions. The Audit Committee is provided with the details of each new, existing
or proposed related party transaction, including the terms of the transaction, the business purpose of the transaction, and the benefits
to the Company and the relevant related party. In determining whether to approve a related party transaction, the following factors are
considered: (1) if the terms are fair to the Company, (2) if there are business reasons to enter into the transaction, (3) if the transaction
would impair independence of an outside Director, or (4) if the transaction would present an improper conflict of interest for any Director
or executive officer. Any member of the Audit Committee who has an interest in the transaction will abstain from voting on the approval
of the related party transaction.
Business
combinations
In
January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The
ASU provides an updated model for determining if acquired assets and liabilities constitute a business. In a business combination, the
acquired assets and liabilities are recognized at fair value and goodwill could be recognized. In an asset acquisition, the assets are
allocated value based on relative fair value and no goodwill is recognized. The ASU narrows the definition of a business. The Company
adopted this standard on January 1, 2018. ASU 2017-01 did not have a material impact on our financial statements on adoption.
Reclassifications
Certain
amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had
no effect on net loss, working capital or equity previously reported.
Recent
accounting pronouncements
The
Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material
effect on the Company.
NOTE
3. GOING CONCERN
The
Company has suffered recurring losses from operations and currently has a working capital deficit. These conditions raise substantial
doubt about the Company’s ability to continue as a going concern. The Company plans to generate profits by reducing overhead costs
and reworking its existing oil or gas wells, funding permitting. The Company may need to raise funds through either the sale
of its securities, issuance of corporate bonds, joint venture agreements and/or bank financing to accomplish its goals.
If
additional financing is not available when needed, we may need to cease operations. The Company may not be successful in raising the
capital needed to drill and/or rework existing oil wells. Any additional wells that the Company may drill may be non-productive. Since the Company has an oil producing asset, its goal is to increase the production
rate by optimizing its current infrastructure. The accompanying financial statements have been prepared assuming the Company will continue
as a going concern; no adjustments to the financial statements have been made to account for this uncertainty.
NOTE
4. NOTES RECEIVABLE
On
February 16, 2022, Petrolia Canada Corporation (PCC), a wholly-owned subsidiary of the Company entered into a Purchase and Sale
Agreement (PSA) and Debt Settlement Agreement (DSA) with Prospera Energy, Inc. (Prospera) whereby PCC sold its 28%
working interest in the Luseland, Hearts Hill and Cuthbert fields to Prospera. The PSA and DSA agreements were effective as of October 1, 2021.
The DSA included a convertible debenture for $510,000
(CAD) with an interest rate of 8%
per annum, compounded quarterly for a term of two
years.
The
debenture was convertible at PCC’s option into common shares of Prospera at a conversion price of $0.05
(CAD) per share in the first year, from March
1, 2022 to March 31, 2023 and $0.10
(CAD) in the second year from April 1, 2023 to
March 31, 2024. Applicable interest was payable in cash or shares of Prospera at the current market price. The convertible debenture
was converted into equity of Prospera in February and March of 2023, as discussed below in Note 5.
NOTE
5. HELD FOR TRADING SECURITIES
We
measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with
the change in fair value included in net income. When equity investments are sold, the change in fair value will become a gain or
loss realized on disposition of asset. We use quoted market prices to determine the fair value of equity securities with readily
determinable fair values.
As
discussed in Note 4, on February 16, 2022, PCC entered into a Purchase and Sale Agreement and Debt Settlement Agreement with
Prospera. In January of 2023, the Company converted $210,000 (CAD)
($157,315 USD
using prevailing rates at that date) of our debenture from Prospera into shares of Prospera Common stock at a conversion rate of
$0.05 (CAD)
per share. In late March of 2023, the Company converted $300,000 (CAD)
($223,248 USD
using prevailing rates at that date) of the debenture from Prospera into shares of Prospera common stock at a conversion rate of
$0.05 (CAD)
per share. The conversion was completed in early April of 2023.
NOTE
6. EVALUATED PROPERTIES
The
Company’s current properties can be summarized as follows.
SCHEDULE OF COMPANY’S CURRENT PROPERTIES
Cost | |
Canadian properties | | |
United States properties | | |
Total | |
As of December 31, 2021 | |
$ | 2,492,403 | | |
$ | 4,304,622 | | |
$ | 6,797,025 | |
Dispositions | |
| — | | |
| 375 | | |
| 375 | |
Foreign currency translation | |
| (159,363 | ) | |
| — | | |
| (159,363 | ) |
As of December 31, 2022 | |
$ | 2,333,040 | | |
$ | 4,304,997 | | |
$ | 6,638,037 | |
Foreign currency translations | |
| 53,568 | | |
| — | | |
| 53,568 | |
As of June 30, 2023 | |
$ | 2,386,608 | | |
$ | 4,304,997 | | |
$ | 6,691,605 | |
| |
| | | |
| | | |
| | |
Accumulated depletion | |
| | | |
| | | |
| | |
As of December 31, 2021 | |
$ | 387,409 | | |
$ | 61,551 | | |
$ | 448,960 | |
Depletion | |
| 237,067 | | |
| — | | |
| 237,067 | |
Foreign currency translation | |
| (34,273 | ) | |
| — | | |
| (34,273 | ) |
As of December 31, 2022 | |
$ | 590,203 | | |
$ | 61,551 | | |
$ | 651,754 | |
Depletion | |
| 63,076 | | |
| — | | |
| 63,076 | |
Foreign currency translation | |
| 14,673 | | |
| — | | |
| 14,673 | |
As of June 30, 2023 | |
$ | 667,952 | | |
$ | 61,551 | | |
$ | 729,503 | |
| |
| | | |
| | | |
| | |
Net book value as of December 31, 2022 | |
$ | 1,742,837 | | |
$ | 4,243,446 | | |
$ | 5,986,283 | |
Net book value as of June 30, 2023 | |
$ | 1,718,656 | | |
$ | 4,234,446 | | |
$ | 5,962,102 | |
U.S.
Properties – Slick Unit Dutcher Sand (“SUDS”) Field
The
Slick Unit Dutcher Sand (SUDS) field is located in Creek County, Oklahoma. Petrolia owns a 100% working interest (WI) with an approximately
76.5% net revenue interest (NRI) in the 2,530-acre field. The SUDS West unit is approximately 1,670 acres and the SUDS East unit is approximately
860 acres.
As
of December 31, 2022, SUDS total estimated net proved reserves were approximately 346 thousand barrels of oil equivalent (MBoe) and total
estimated net probable reserves were approximately 153 thousand barrels of oil equivalent (MBoe).
On
January 13, 2023, the Company received an Incident and Complaint Investigation Report issued by the Oklahoma Corporation Commission (OCC)
due to a mineral owner complaint. The OCC issued a plug or produce order for SUDS West unit and SUDS East unit. The Company has received
two extensions of time and is working with the OCC to implement a production plan to bring both units into compliance.
The
SUDS field is currently shut-in while the Company completes a review of the land and lease records and subsurface geology. PEC is finalizing a SUDS
capital budget with the intent to commence further field development in the third quarter of 2023.
U.S.
Properties – Twin Lakes San Andres Unit (“TLSAU”) Field
The
Twin Lakes San Andres Unit (TLSAU) field is located in Chaves County, New Mexico. As of December 31, 2022, it was determined that
PEC does not own any TLSAU leases, and therefore has no reserves. It is estimated that PEC has 29 wells that need to be plugged and
abandoned, plus surface remediated. The estimated cost of the TLSAU well plugging and abandonment, and surface remediation
obligations are approximately $1.2
million.
PEC has recently plugged TLSAU wells #018 and #029 and is currently completing the surface remediation for these two wells.
Utikuma
Field
On
May 1, 2020, Petrolia Energy Corporation acquired a 50%
working interest in approximately 28,000
acres located in the Utikuma Lake area in Alberta, Canada.
The property is an oil-weighted asset historically producing approximately 500 barrels of oil per day (bpd) of light oil. The working
interest was acquired from Blue Sky Resources Ltd (“Blue Sky”) an affiliated party transaction. Zel C. Khan, the Company’s
former Chief Executive Officer, is related to the ownership of Blue Sky. Zel Khan is currently the VP of Operations of Blue Sky, the
operator of Petrolia Canada Corporation’s Utikuma field.
Blue
Sky acquired a 100%
working interest in the Canadian Property from Vermilion Energy Inc. via Vermilion’s subsidiary Vermilion Resources. The
effective date of the acquisition was May 1, 2020. The
total purchase price of the property was $2,000,000 (CAD), with $1,000,000 of that total due initially. The additional $1,000,000
was contingent on the future price of West Texas Intermediate (WTI) crude. At the time the WTI price exceeded $50/bbl, the Company
would pay an additional $750,000 CAD. In addition, at the time the WTI price exceeded $57/bbl the Company would pay an additional
$250,000 CAD (for a cumulative contingent total of $1,000,000 CAD). The price of WTI crude exceeded $50 per barrel (bbl) on January
6, 2021 and exceeded $57/bbl on February 8, 2021. The additional payments due were netted with the accounts receivable balance from
previous Joint Interest Billing statements from Blue Sky Resources (BSR). The total USD value of the addition was $787,250, using
prevailing exchange rates on the respective dates. Included in the terms of the agreement, the Company also funded their portion of
the Alberta Energy Regulator (“AER”) bond fund requirement of $763,754 CAD ($576,852 USD), necessary for the wells to
continue in production after the acquisition. Additional funds in the amount of $490,624 CAD ($370,562 USD) remain in the other
current asset balance for future payments to BSR, related to the acquisition.
On May 5, 2023, the Company was notified by BSR, the operator of our Utikuma asset that the Province of Alberta has declared a state of
emergency due to wildfires in Alberta. We were informed that because of wildfires in the vicinity of our oilfield assets, the field was
shut in and all personnel were evacuated. The Utikuma field incurred some damage from the wildfires, though some of the wells have recently
been returned to production.
NOTE
7. LEASES
Our
adoption of ASU 2016-02, Leases (Topic 842), and subsequent ASUs related to Topic 842, requires us to recognize substantially all leases
on the balance sheet as a right-of-use (ROU) asset and a corresponding lease liability. The guidance also requires additional disclosures
as detailed below. We adopted this standard on the effective date of January 1, 2019 and used this effective date as the date of initial
application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures
for prior periods. We elected the ‘package of practical expedients,’ which permitted us to not reassess our prior conclusions
related to lease identification, lease classification, and initial direct costs, and we did not elect the use of hindsight.
Lease
ROU assets and liabilities are recognized at commencement date of the lease, based on the present value of lease payments over the lease
term. The lease ROU asset also includes any lease payments made and excludes any lease incentives. When readily determinable, we use
the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, we use our incremental
borrowing rate based on the information available at the lease commencement date, including the lease term.
Short-term
leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for short-term leases is recognized
on a straight-line basis over the lease term. As of June 30, 2023, we did not have any short-term leases.
The
tables below present financial information associated with our lease.
SCHEDULE OF FINANCIAL INFORMATION LEASE
| |
Balance Sheet Classification | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| | |
| |
Right-of-use assets | |
Other long-term assets | |
$ | 20,311 | | |
$ | 23,086 | |
Current lease liabilities | |
Other current liabilities | |
| 5,833 | | |
| 5,482 | |
Non-current lease liabilities | |
Other long-term liabilities | |
| 14,918 | | |
| 17,714 | |
As
of June 30, 2023, the maturities of our lease liability are as follows:
SCHEDULE OF MATURITIES LEASE LIABILITY
| |
| | |
2023 | |
$ | 2,164 | |
2024 | |
| 5,714 | |
2025 | |
| 6,472 | |
2026 | |
| 5,987 | |
Total | |
$ | 20,337 | |
Less imputed interest | |
| (26 | ) |
Present value of lease liabilities | |
$ | 20,311 | |
NOTE
8. NOTES PAYABLE
The
following table summarizes the Company’s notes payable:
SCHEDULE
OF NOTES PAYABLE
| |
Interest rate | | |
Date of maturity | |
June 30, 2023 | | |
December 31, 2022 | |
Credit note I(ii) | |
| 10 | % | |
January 1, 2020 | |
$ | 142,439 | | |
$ | 426,909 | |
Discount on credit note I | |
| | | |
| |
| (13,857 | ) | |
| (41,572 | ) |
Lee Lytton | |
| | | |
On Demand | |
| 3,500 | | |
| 3,500 | |
M. Hortwitz | |
| 10 | % | |
October 14, 2016 | |
| 10,000 | | |
| 10,000 | |
| |
| | | |
| |
$ | 142,082 | (i) | |
$ | 398,837 | |
The
following is a schedule of future minimum repayments of notes payable as of June 30, 2023:
SCHEDULE
OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE
| |
| | |
2023 | |
$ | 155,939 | |
Thereafter | |
| — | |
Total | |
$ | 155,939 | |
NOTE
9. RELATED PARTY NOTES PAYABLE
The
following table summarizes the Company’s related party notes payable:
SCHEDULE OF RELATED PARTY
NOTES PAYABLE
| |
Interest
rate | | |
Date
of maturity | | |
June
30, 2023 | | |
December
31, 2022 | |
Quinten Beasley | |
| 10 | % | |
| October
14, 2016 | | |
| 5,000 | | |
| 5,000 | |
Blue Sky Resources (ii) | |
| 3.5 | % | |
| December
31, 2021 | | |
| 178,923 | | |
| 178,923 | |
Blue Sky Resources (iii) | |
| 10 | % | |
| December
31, 2021 | | |
| 150,000 | | |
| 150,000 | |
Blue Sky Resources (iv) | |
| 10 | % | |
| December
31, 2022 | | |
| 2,085,432 | | |
| 2,085,432 | |
Ivar Siem (v) | |
| 9 | % | |
| December
31, 2021 | | |
| 278,435 | | |
| 278,435 | |
Mark Allen (vi) | |
| 9 | % | |
| September
2, 2021 | | |
| 55,000 | | |
| 55,000 | |
Mark Allen (vii) | |
| 12 | % | |
| June
30, 2020 | | |
| 200,000 | | |
| 200,000 | |
Mark Allen (viii) | |
| 9 | % | |
| June
30, 2021 | | |
| 24,619 | | |
| 241,125 | |
Joel
Oppenheim (ix) | |
| 10 | % | |
| December
31, 2021 | | |
| 266,900 | | |
| 266,900 | |
| |
| | | |
| | | |
$ | 3,244,309 | (i) | |
$ | 3,460,815 | |
The
following is a schedule of future minimum repayments of related party notes payable as of June 30, 2023:
SCHEDULE
OF FUTURE MINIMUM REPAYMENTS OF RELATED PARTY NOTES PAYABLE
| |
| | |
2023 | |
$ | 3,244,309 | |
Thereafter | |
| — | |
Total | |
$ | 3,244,309 | |
NOTE
10. ASSET RETIREMENT OBLIGATIONS
The
Company has a number of oil and gas wells in production and will have AROs once the wells are permanently removed from service. The primary
obligations involve the removal and disposal of surface equipment, plugging and abandoning the wells and site restoration.
The
Company is the operator of certain wells located in New Mexico, at the Twin Lakes San Andres Unit (“TLSAU”) Field. TLSAU
is located 45 miles from Roswell, Chaves County, New Mexico.
On
March 4, 2021, the Company received a letter from the Commissioner of Public Lands of the State of New Mexico, which was sent to us and
certain other parties notifying such parties of certain non-compliance with the laws and regulations that it administers. The deficiencies
are currently in the process of being settled by a third party agreeing to plug six wells, including at least two Company operated wells
(TLSAU wells #316 and #037). The scope of the matter above included only 240 acres of the 640 acres of The New Mexico State Land Office
(SLO) lease. The Commissioner of Public Lands of the State of New Mexico could still file suit and require the plugging and surface remediation
of all wells in section 36.
On
April 8, 2021, the State of New Mexico Energy, Minerals and Natural Resources Department Oil Conservation Division (“OCD”)
sent the Company a Notice of Violation alleging that the Company was not in compliance with certain New Mexico Oil and Gas Act regulations
(the “NMAC”), associated with required reporting, inactive wells and financial assurance requirements, plugging certain abandoned
wells, providing required financial assurance in connection with plugging expenses, and proposing to assess certain civil penalties in
the amount of an aggregate of approximately $35,100.
On
April 8, 2021, the State of New Mexico Energy, Minerals and Natural Resources Department, Oil Conservation Division (the “OCD”)
issued a Notice of Violation (the “NOV”) to Petrolia alleging that the Company violated four regulations under Title 19,
Chapter 15 of the New Mexico Administrative Code (the “NMAC”) by: (i) failing to file production reports for certain wells,
(ii) exceeding the number of inactive wells allowed, (iii) failing to provide financial assurance in the amount required, and (iv) failing
to provide additional financial assurance in the amount required.
The
Company acknowledged the violations alleged in the NOV and requested an informal resolution. On December 30, 2021, to resolve this
matter, Petrolia entered into a Stipulated Final Order ( the “SFO”) in Case No. 21982 with the OCD whereby Petrolia
among other things agreed to: (i) submit appropriate forms for wells identified on the SFO Inactive Well List, (ii) plug the
specific TLSAU wells listed in section 8 (c) and (d) of the SFO, as well as submit all required information and forms specified in
the SFO, (iii) open an escrow account meeting the terms listed in the SFO, (iv) deposit funds into an escrow account within the
timeframe described in the SFO, and (v) provide the OCD with a report proposing deadlines for bringing all remaining wells into
compliance. The Company recognized an additional liability of $792,000
to plug these wells in 2020. This amount was increased to
The
Company entered into a settlement agreement on July 27, 2020 with Moon Company, Trustee of the O’Brien Mineral Trust pursuant to
which nine leases totaling approximately 3,800 acres of the 4,880 acre Twin Lakes San Andres Unit were terminated as a part of the settlement
agreement. Pursuant to this settlement agreement, the Company no longer has the right to produce oil, gas, or other hydrocarbons and
any other minerals from the mineral estate encumbered by the leases and owned by the trustee of the O’Brien Mineral Trust.
AROs
associated with the retirement of tangible long-lived assets are recognized as liabilities with an increase to the carrying amounts of
the related long-lived assets in the period incurred. The fair value of AROs is recognized as of the acquisition date of the working
interest. The cost of the tangible asset, including the asset retirement cost, is depleted over the life of the asset. AROs are recorded
at estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligations discounted
at the Company’s credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liabilities
are accreted to their expected settlement value. If estimated future costs of AROs change, an adjustment is recorded to both the ARO
and the long-lived asset. Revisions to estimated AROs can result from changes in retirement cost estimates, revisions to estimated discount
rates and changes in the estimated timing of abandonment.
For
the purpose of determining the fair value of AROs incurred during the years presented, the Company used the following assumptions:
SCHEDULE
OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS
| |
June 30, 2023 | |
Inflation rate | |
| 1.92
- 2.15 | % |
Estimated asset life | |
| 12-21
years | |
The
following table shows the change in the Company’s ARO liability:
SCHEDULE
OF CHANGE IN ASSET RETIREMENT OBLIGATIONS
| |
Canadian properties | | |
United
States properties | | |
Total | |
Asset retirement obligations,
December 31, 2021 | |
$ | 1,186,297 | | |
$ | 1,070,730 | | |
$ | 2,257,027 | |
Accretion expense | |
| 145,191 | | |
| 28,412 | | |
| 173,603 | |
Disposition | |
| — | | |
| (47,624 | ) | |
| (47,624 | ) |
Foreign currency
translation | |
| (81,671 | ) | |
| — | | |
| (81,671 | ) |
Asset retirement
obligations, December 31, 2022 | |
$ | 1,249,816 | | |
$ | 1,051,518 | | |
$ | 2,301,335 | |
Accretion expense | |
| 76,501 | | |
| 18,630 | | |
| 95,131 | |
Foreign currency
translation | |
| 30,058 | | |
| — | | |
| 30,058 | |
Asset retirement
obligations, June 30, 2023 | |
$ | 1,356,374 | | |
$ | 1,070,148 | | |
$ | 2,426,523 | |
NOTE
11. EQUITY
Preferred
stock
The
holders of Series A Preferred Stock are entitled to receive cumulative dividends at a rate of 9%
per annum. The Preferred Stock will automatically convert into common stock when the Company’s common stock market price
equals or exceeds $0.28 per
share for 30 consecutive days. At conversion, the
value of each dollar of preferred stock (based on a $10 per share price) will convert into 7.1429 common shares (which results in a
$0.14 per common share conversion rate). The
Series A Preferred Stock also automatically converts into common stock on the five-year anniversary of the filing of the designation
of the Series A Preferred Stock with the Texas Secretary of State (which filing date was May 3, 2017). This automatic conversion
should have occurred on May 3, 2022. We are in the process of informing the Series A Preferred shareholders of the automatic
conversion of their Preferred shares to common shares. It is anticipated that the new common shares will be issued in early August
2023, after which shareholders will be notified of the conversion details. The previously accrued dividends through May 3, 2022 bear
a default interest rate of 12% when
they are not paid. In the first half of 2023, Series A Preferred Stock dividends in the amount of $154,172 have
been accrued to account for the default rate, as well as regular quarterly dividends accrued in error after May 3, 2022.
The
holders of Series B Preferred Stock do not accrue dividends and have no conversion rights. For so long as any shares of Series B Preferred
Stock remain issued and outstanding, the holders thereof, voting separately as a class, have the right to vote on all shareholder matters
(including, but not limited to at every meeting of the stockholders of the Company and upon any action taken by stockholders of the Company
with or without a meeting) equal to sixty percent (60%) of the total vote. No shares of Series B Preferred Stock held by any person who
is not then a member of the Board of Directors of the Company shall have any voting rights.
The
holders of Series C Preferred Stock are entitled to receive cumulative dividends at a rate of 8% per annum. If any shares of Series C
Preferred Stock remain outstanding as of December 31, 2023, the dividend rate will increase to 11% per annum. The Series C Preferred
Stock will automatically convert into common stock upon any registered public offering of the Company’s common stock. At conversion,
the value of each dollar of Series C Preferred Stock (based on a $10 per share price) will convert into 100 common shares (which results
in a $0.01 per common share conversion rate).
In
accordance with the terms of the Series C Preferred Stock, cumulative dividends of $4,364 and $4,260 were declared for the six months
ended June 30, 2023, and June 30, 2022, respectively.
Common
stock
The
common stock of Petrolia Energy Corporation is currently not publicly traded.
Warrants
On
September 24, 2015, the Board of Directors of the Company approved the adoption of the 2015 Stock Incentive Plan (the “Plan”).
The Plan provides an opportunity, subject to approval of our Board of Directors, of individual grants and awards, for any employee, officer,
director or consultant of the Company. The maximum aggregate number of shares of common stock which may be issued pursuant to awards
under the Plan, as amended on November 7, 2017, was 40,000,000 shares. The plan was ratified by the stockholders of the Company on April
14, 2016.
Continuity
of the Company’s common stock purchase warrants issued and outstanding is as follows:
SCHEDULE
OF COMMON STOCK PURCHASE WARRANTS ISSUED AND OUTSTANDING
| |
Warrants | | |
Weighted
Average Exercise
Price | |
Outstanding at year ended December
31, 2021 | |
| 29,700,000 | | |
| 0.13 | |
Granted | |
| 1,000,000 | | |
| 0.10 | |
Expired | |
| (6,730,000 | ) | |
| 0.11 | |
Outstanding at year ended December 31, 2022 | |
| 23,970,000 | | |
| 0.13 | |
Granted | |
| 500,000 | | |
| 0.10 | |
Expired | |
| (8,000,000 | ) | |
| 0.19 | |
Outstanding at June
30, 2023 | |
| 16,470,000 | | |
$ | 0.10 | |
As
of June 30, 2023, the weighted-average remaining contractual life of warrants outstanding was 0.70 years (December 31, 2022 – 0.81
years).
As
of June 30, 2023, the intrinsic value of warrants outstanding is $0.00 (December 31, 2022 - $0.00).
The
table below summarizes warrant issuances during the six months ended June 30, 2023, and year ended December 31, 2022:
SCHEDULE
OF WARRANTS ISSUANCE DURING PERIOD
| |
June
30, 2023 | | |
December
31, 2022 | |
Warrants granted: | |
| | | |
| | |
Pursuant
to financing arrangements | |
| 500,000 | | |
| 1,000,000 | |
Total | |
| 500,000 | | |
| 1,000,000 | |
The
warrants were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined
based on historical data of the Company.
SCHEDULE
OF FAIR VALUE OF ASSUMPTION OF WARRANTS
| |
June
30, 2023 | | |
December
31, 2022 | |
Risk-free interest rate | |
| 4.49 | % | |
| 2.49%
– 4.22 | % |
Expected life | |
| 3.0
years | | |
| 3.0
years | |
Expected dividend rate | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 360 | % | |
| 267%
to 299 | % |
NOTE
12. RELATED PARTY TRANSACTIONS
On
January 31, 2022, Board Member Leo Womack purchased 2,500 shares of Series C Preferred Stock for cash of $25,000.
NOTE
13. SEGMENT REPORTING
The
Company has a single reportable operating segment, Oil and Gas Exploration and Production, which includes exploration, development, and
production of current and potential oil and gas properties. Results of operations from producing activities were as follows:
SCHEDULE
OF LONG-LIVED ASSETS
| |
Canada | | |
United
States | | |
Total | |
Three months ended June 30, 2022 | |
| | | |
| | | |
| | |
Revenue | |
$ | 1,137,890 | | |
$ | — | | |
$ | 1,137,890 | |
Production costs | |
| (1,525,407 | ) | |
| (96,992 | ) | |
| (1,622,399 | ) |
Depreciation, depletion,
amortization, and accretion | |
| (96,934 | ) | |
| (7,168 | ) | |
| (104,102 | ) |
Results of operations
from producing activities | |
$ | (484,451 | ) | |
$ | (104,160 | ) | |
$ | (588,611 | ) |
| |
| | | |
| | | |
| | |
Six months ended June 30, 2022 | |
| | | |
| | | |
| | |
Revenue | |
$ | 2,968,171 | | |
$ | 6,079 | | |
$ | 2,974,250 | |
Production costs | |
| (2,789,296 | ) | |
| (109,378 | ) | |
| (2,898,674 | ) |
Depreciation, depletion,
amortization, and accretion | |
| (184,124 | ) | |
| (14,972 | ) | |
| (199,096 | ) |
Results of operations
from producing activities | |
$ | (5,249 | ) | |
$ | (118,271 | ) | |
$ | (123,520 | ) |
| |
| | | |
| | | |
| | |
Total long-lived assets,
June 30, 2022 | |
$ | 1,960,436 | | |
$ | 4,243,071 | | |
$ | 6,203,507 | |
| |
| | | |
| | | |
| | |
Three months ended June 30, 2023 | |
| | | |
| | | |
| | |
Revenue | |
$ | 482,916 | | |
$ | — | | |
$ | 482,916 | |
Production costs | |
| (880,758 | ) | |
| (3,695 | ) | |
| (884,453 | ) |
Depreciation, depletion,
amortization, and accretion | |
| (57,221 | ) | |
| (7,975 | ) | |
| (65,196 | ) |
Results of operations
from producing activities | |
$ | (455,063 | ) | |
$ | (11,670 | ) | |
$ | (466,733 | ) |
| |
| | | |
| | | |
| | |
Six months ended June 30, 2023 | |
| | | |
| | | |
| | |
Revenue | |
$ | 1,859,233 | | |
$ | — | | |
$ | 1,859,233 | |
Production costs | |
| (2,532,093 | ) | |
| (11,840 | ) | |
| (2,543,933 | ) |
Depreciation, depletion,
amortization, and accretion | |
| 139,577 | ) | |
| (18,630 | ) | |
| (158,207 | ) |
Results of operations
from producing activities | |
$ | (812,437 | ) | |
$ | (30,470 | ) | |
$ | (842,907 | ) |
| |
| | | |
| | | |
| | |
Total long-lived assets,
June 30, 2023 | |
$ | 1,718,656 | | |
$ | 4,243,446 | | |
$ | 5,962,102 | |
NOTE
14. SUBSEQUENT EVENTS
All shares of the Series A Preferred
Stock are being converted to common shares of stock. The Company determined that this conversion automatically occurred on May 3, 2022, per
the terms of the Certificate of Designations of Petrolia Energy Corporation Establishing the Designations, Preferences, Limitations and
Relative Rights of Its Series A Convertible Preferred Stock, filed with the Secretary of State of Texas on May 3, 2017. The accrued dividends
on the Series A Preferred Stock were adjusted. They stopped accruing on May 3, 2022, however the unpaid dividends accrued interest at
a rate of 12%. The accrued dividends were adjusted to reflect this, and instructions have been sent to the Company’s transfer agent
to complete the conversion. Series A Preferred shareholders are being informed of this conversion by letter, as required by the Certificate
filed with the State of Texas.
All outstanding shares of Petrolia’s Series
A Preferred Stock automatically converted into common stock of the Company pursuant to Section 3.2 of that certain Certificate of Designations
of Petrolia Energy Corporation Establishing the Designations, Preferences, Limitations and Relative Rights of Its Series A Convertible
Preferred Stock filed by the Company with the Secretary of State of Texas on May 3, 2017.
Specifically, (a) Section 3.2 of the Designation provides that “[e]ach
share of Series A Preferred Stock and all Accrued Dividends thereon, shall automatically and without any required action by any Holder,
be converted into that number of fully-paid, non-assessable shares of Common Stock as determined by dividing the Original Issue Price
of each share of Series A Preferred and all Accrued Dividends thereon by the Conversion Price, on the Automatic Conversion Date”;
and (b) Section 15.1 of the Designation provides that “Automatic Conversion Date” means “the first to occur of (i) the
Holders of a majority of the shares of Series A Preferred Stock then outstanding consenting to an Automatic Conversion; (ii) the closing
of Qualified Public Offering; (iii) the five year anniversary of the date that this Designation is filed with the Secretary of State of
Texas; and (iv) the date that the average closing price per share of the Corporation’s Common Stock as reported on a national securities
exchange, NASDAQ, the OTCQX, the OTCQB, or the OTC Pink market, equals or exceeds $0.28 per share (subject to adjustment in connection
with any Recapitalization) during any period of thirty (30) consecutive trading days.” The Automatic Conversion occurred on May
3, 2022. The Company has determined that because this is a recapitalization, prior periods will not be restated.
Item
2 Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
Please
see the “Glossary of Oil and Gas Terms” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with
the SEC on May 12, 2023 (the “2022 Annual Report”) for a list of abbreviations and definitions used throughout this Report.
This
information should be read in conjunction with the unaudited condensed consolidated interim financial statements and the notes thereto
included in this Quarterly Report on Form 10-Q and Part II, Item 7, Management’s Discussion and Analysis of Financial Condition
and Results of Operations contained in our 2022 Annual Report.
Certain
capitalized terms used below and otherwise defined below, have the meanings given to such terms in the footnotes to our consolidated
financial statements included above under “Part I – Financial Information” – “Item 1. Consolidated Financial
Statements”.
Unless
the context requires otherwise, references to the “Company,” “we,” “us,” “our,”
“Petrolia”, “PEC” and “Petrolia Energy Corp.” refer specifically to Petrolia
Energy Corp. and its wholly-owned subsidiaries.
In
addition, unless the context otherwise requires and for the purposes of this Report only:
|
● |
“Bbl”
refers to one stock tank barrel, or 42 U.S. gallons liquid volume, used in this Report in reference to crude oil or other liquid
hydrocarbons; |
|
|
|
|
● |
“Boe”
refers to barrels of oil equivalent, determined using the ratio of one Bbl of crude oil, condensate, or natural gas liquids, to six
Mcf of natural gas; |
|
|
|
|
● |
“Mcf”
refers to a thousand cubic feet of natural gas; |
|
|
|
|
● |
“SEC”
or the “Commission” refers to the United States Securities and Exchange Commission; and |
|
|
|
● |
“Securities
Act” refers to the Securities Act of 1933, as amended. |
Background
The
Company was incorporated in Colorado in 2002. In 2015, the Company became active in the exploration and production of oil and gas properties.
In 2016 the Company formally changed its name to Petrolia Energy Corporation and redomiciled from Colorado to Texas.
Petrolia
Energy Corporation explores for, develops, and produces crude oil, natural gas liquids (NGLs) and natural gas in producing basins in
the United States of America and Canada. PEC’s principal oil and gas assets are further described in the “Plan of Operation”
below. As of December 31, 2022, PEC’s total estimated net proved reserves were 1,065 thousand barrels of oil equivalent (MBoe),
of which approximately 1,060 thousand barrels (MBbl) were crude oil and condensate reserves and approximately 29 million cubic feet (MMcf),
or 5 Mboe, were natural gas reserves.
As
of December 31, 2022, approximately 32% of PEC’s net proved reserves, on a crude oil equivalent basis, were located in the United
States of America, and approximately 68% were located in Canada. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel
of crude oil and condensate to 6.0 thousand cubic feet (Mcf) of natural gas. PEC’s operations are crude oil and natural gas exploration
and production related. For information regarding the risks associated with PEC’s oil and gas operations, See ITEM 1A, Risk Factors.
Plan
of Operation
Since
2015, PEC has established a clearly defined strategy to acquire, enhance and redevelop high-quality oil and gas assets. The Company has
been focusing on assets in the United States and Canada while actively pursuing its strategy to offer low-cost operational solutions
in established oil and gas regions. We believe our mix of oil-in-place conventional plays, low-risk resource plays and the redevelopment
of our late-stage plays is a solid foundation for growth. Maintaining the lowest possible operating cost structure, coupled with efficient
and safe operations, is integral in the implementation of PEC’s strategy.
With
respect to information on PEC’s working interest in wells or acreage, “net” oil and gas wells or acreage are determined
by multiplying “gross” oil and gas wells or acreage by PEC’s working interest in the wells or acreage.
Slick
Unit Dutcher Sand (“SUDS”) Field
The
Slick Unit Dutcher Sand (SUDS) field is located in Creek County, Oklahoma. Petrolia owns a 100% working interest (WI) with an approximately
76.5% net revenue interest (NRI) in the 2,530 acre field. The SUDS West unit is approximately 1,670 acres and the SUDS East unit is approximately
860 acres.
As
of December 31, 2022, SUDS total estimated net proved reserves were approximately 346 thousand barrels of oil equivalent (Mboe) and total
estimated net probable reserves were approximately 153 thousand barrels of oil equivalent (Mboe).
On
January 13, 2023, the Company received an Incident and Complaint Investigation Report issued by the Oklahoma Corporation Commission (OCC)
due to a mineral owner complaint. The OCC issued a plug or produce order for SUDS West unit and SUDS East unit. The Company has received
two extensions of time and is working with the OCC to implement a production plan to bring both units into compliance.
The SUDS field is currently shut-in while the Company completes a review of the land and lease records and subsurface geology. PEC is
finalizing a SUDS capital budget with the intent to commence further field development in the third quarter of 2023.
Twin
Lakes San Andres Unit (“TLSAU”) Field
The
Twin Lakes San Andres Unit (TLSAU) field is located in Chaves County, New Mexico. As of December 31, 2022, it was determined that PEC
does not own any TLSAU leases, and therefore has no reserves.
It
is estimated that PEC has 29 wells that need to be plugged and abandoned, plus surface remediated. The estimated cost of the TLSAU well
plugging and abandonment, and surface remediation obligations are approximately $1.2 million.
The
majority of the TLSAU leases were terminated through the Stipulated Declaratory Judgment dated July 27, 2020 in the litigation between
Moon Company, Trustee of the O’Brien Mineral Trust (Plaintiff) vs. Petrolia Energy Corporation (Defendant). Additional lease acreage
was lost through the Stephanie Garcia Richard, Commissioner of Public Lands of the State of New Mexico (Plaintiff) vs. Oxy USA WTP, LP;
Petrolia Energy Corp.; and Blue Sky NM Inc. (Defendants) litigation (Case No. D-101-CV-2021-00462).
The
Twin Lakes San Andres Unit was terminated by the State of New Mexico Commissioner of Public Lands on August 28, 2019.
PEC has recently plugged TLSAU wells #018 and #029 and is currently completing the surface remediation for these two wells.
Askarii
Resources, LLC
Effective
February 1, 2016, the Company acquired 100% of the issued and outstanding interests of Askarii Resources LLC, a private Texas based oil
and gas service company for the aggregate value of $50,000. The Company does not intend to further invest in the Askarii Resources, LLC
acquisition.
Utikuma
Lake field
On
May 1, 2020, Petrolia Energy Corporation acquired a 50% working interest in approximately 28,000 acres located in the Utikuma Lake area
in Alberta, Canada. The property is an oil-weighted asset historically producing a total of approximately 500 bpd of light oil.
The
working interest was acquired from Blue Sky Resources Ltd. in an affiliated party transaction as Zel C. Khan, the Company’s former
Chief Executive Officer, is related to the ownership of Blue Sky. Blue Sky acquired a 100% working interest in the Canadian Property
from Vermilion Energy Inc. via Vermilion’s subsidiary Vermilion Resources. The effective date of the acquisition was May 1, 2020.
The total purchase price of the property was $2,000,000 (CAD), with $1,000,000 of that total due initially. The additional $1,000,000
was contingent on the future price of WTI crude. At the time WTI price exceeded $50/bbl, the Company would pay an additional $750,000
CAD. In addition, at the time WTI price exceeded $57/bbl the Company would pay an additional $250,000 CAD (for a cumulative contingent
total of $1,000,000 CAD). The price of WTI crude exceeded $50/bbl on January 6, 2021 and exceeded $57/bbl on February 8, 2021. The additional
payments due were netted with the accounts receivable balance from previous Joint Interest Billing statements from BSR. The total USD
value of the addition was $787,250, using prevailing exchange rates on the respective dates. Included in the terms of the agreement,
the Company also funded their portion of the Alberta Energy Regulator (“AER”) bond fund requirement $763,754 CAD ($576,852
USD), necessary for the wells to continue in production after the acquisition. Additional funds in the amount of $490,624 CAD ($370,562
USD) remain in the other current asset balance for future payments to BSR, related to the acquisition.
As
of December 31, 2022, Utikuma total estimated net proved reserves were approximately 719 thousand barrels of oil equivalent (Mboe) and
total estimated net probable reserves were approximately 177 thousand barrels of oil equivalent (Mboe).
On May 5, 2023, the Company was notified by BSR, the operator of our Utikuma asset that the Province of Alberta has declared a state of
emergency due to wildfires in Alberta. We were informed that because of wildfires in the vicinity of our oilfield assets, the field was
shut in and all personnel were evacuated. The Utikuma field incurred some damage from the wildfires, though some of the wells have recently
been returned to production.
Results
of Operations
Revenues
Oil
and gas revenue reported for the second quarter of 2023 was $482,916 compared to $1,137,890 in the second quarter of 2022. The
decrease was due to greatly reduced production because of wildfires in the vicinity of our Utikuma asset. Utikuma is our only
revenue producing asset at this time. Oil and gas revenue reported for the six months ended June 30, 2023 was $1,859,233, compared
to $2,974,250 for the first six months of 2022. This decrease is also attributable to the wildfires shutting in the
Utikuma field.
Operating
Expenses
Operating
expenses for the second quarter of 2023 were $1,262,196, a decrease of $614,062 from $1,876,258 in the second quarter of 2022. Lease
operating expense decreased from $1,622,399 in the second quarter of 2022 to $884,453 in the second quarter of 2023 because of the
wildfires shutting in our Utikuma asset in Canada. The decrease was partially offset by an increase of $162,790 in general and
administrative expense due to payments to our auditors as we caught up on our SEC filings, and payments to lawyers related to our
ongoing litigation in the U.S. and Canada, described in Item 1 of Part II of this report. For the first six months of 2023, operating expenses were
$3,275,524 compared to operating expenses of $3,395,373 in the first six months of 2022. In the first six months of 2023, lease
operating expense was $354,303 less than the same period for 2022, because of the wildfires affecting Utikuma. General and
administrative expenses for the first six months of 2023 were $275,781 greater than the same period for 2022 due to payments to our
auditors as we caught up on our SEC filings, and payments to lawyers related to our ongoing litigation, described in Item 1 of Part
II of this report.
Other
income (expense)
The
Company had net other income of $80,635 for the second quarter of 2023, compared to net other expense of $123,226 for the second
quarter of 2022. Interest expense for the second quarter of 2023 was $96,778, a decrease of $26,302 from the second quarter of 2022,
in which interest expense was $123,080. The decrease is due to the reduced principal owed on our debt, as we pay it down. There was
also $259,659 of realized gain and $83,334 of unrealized loss in the second quarter of 2023, from the Prospera shares received from
our convertible debenture. For more information, please see “Note 4. Notes Receivable” and “Note 5. Held for
Trading Securities” of the footnotes to the financial statements included above. Net other income for the first six months of
2023 was $232,950, compared to net other expense of $225,157 for the first six months of 2022. Interest expense for the first six
months of 2023 was $206,663, a decrease of $41,354 from the first six months of 2022, in which interest expense was 248,017. The
decrease is due to the reduced principal owed on our debt, as we pay it down. There was also $259,659 of realized gain and $165,117
of unrealized gain in the first six months of 2022 from the Prospera shares received from our convertible debenture. For more
information, please see “Note 4. Notes Receivable” and “Note 5. Held for Trading Securities” of the
footnotes to the financial statements included above. Net other income for the first six months of 2023 was $232,950, compared to
net other expense of $225,157 for the first six months of 2022.
Net
Loss
Net
loss for the second quarter of 2023 was $698,515, compared to a net loss of $861,594 for the second quarter of 2022. Comparing the
second quarter of 2023 to the second quarter of 2022, the decreased revenue from Utikuma was offset by decreased lease operating
expense, for a net gain of $82,972. General and administrative costs increased net loss between the two quarters by $162,170, due to
increased legal and audit costs. This was offset by the realized and unrealized gains from our Held for Trading securities, for a
total decrease in net loss of $176,325 for the quarter. Net loss for the six months ended June 30, 2023, was $1,183,341, compared
with a net loss of $646,280 for the six months ended June 30, 2022. Decreased production and increased operating costs at Utikuma
contributed $760,714 to the $532,627 increase in loss between the two periods. General and administrative expenses contributed
$275,781 to the increased loss between the periods. Reduced interest offset increased loss by $41,354, and the unrealized gain and
realized gain from Held for Trading securities offset the increase in loss by $424,776.
Foreign
Exchange Loss
Foreign
exchange loss was $24,720 for the second quarter of 2023, compared to a loss of $62,759 for the second quarter of 2022. The Canadian
dollar strengthened against the U.S. Dollar during the second quarter of 2023. This increased the value of our assets in Canada,
including our cash, trading securities and other assets. However, it also increases the U.S dollar value of our Canadian
liabilities, which include accounts payable and asset retirement obligations, which outweighed the gain in value for PCC’s
assets. Foreign exchange loss was $29,757 for the first six months of 2023, compared to a loss of $32,902 for the first six months
of 2022. The change comes from fluctuations in the value of the United States dollar against the Canadian dollar. The Canadian dollar strengthened against the U.S. Dollar during the first six months of 2023. This increased the value of our assets in
Canada, including our cash, trading securities and other assets. However, it also increases the U.S dollar value of our Canadian liabilities,
which include accounts payable and asset retirement obligations, which outweighed the gain in value for PCC’s assets.
Liquidity
and Capital Resources
As
of June 30, 2023, we had total current assets of $1,263,030 and total assets of $8,229,324. Our total current liabilities as of June
30, 2023 were $9,945,368 and total liabilities were $12,386,809. We had negative working capital of $8,682,338 as of June 30, 2023. All
of our notes payable are past their maturity dates, and we owe a balance to the operator of the Utikuma asset.
Our
material asset balances are made up of oil and gas properties and related equipment. We also held $926,228 of cash, and $336,103 of held-for-trading
securities. Our most significant liabilities are notes payable and notes payable related party of $3,386,391 along with accounts payable
and accrued liabilities totaling $6,553,144. Our largest accounts payable balance is with the operator of the Utikuma asset. The largest
accrued liabilities are $1,157,056 of accrued dividends on our preferred stock and $537,926 owed to related parties for board fees and
other compensation.
Net
cash generated (used) by operating activities was $(503,414) and $1,153,397 for the six months ended June 30, 2023, and 2022,
respectively. The primary cause for the change is that in 2022, we took our revenue in kind for our Utikuma asset, receiving the
payment directly from the purchases of our product from May through July. The operator of our Utikuma asset reverted back to netting
our revenue with expenses in August of 2022. We have also paid down debt and paid increased legal and auditing fees in 2023 compared
to 2022.
Net
cash provided by investing activities was $475,440 for the six months ended June 30, 2023, and $0 the six months ended June 30,
2022. The change is due to the sale of stock received from our convertible debenture with Prospera Energy.
Net
cash used by financing activities was $500,976 for the six months ended June 30, 2023; net cash used by financing activities was $113,304
for the six months ended June 30, 2022. We have continued to pay down debt since 2022, and net cash provided by financing activities for 2023 and 2022 was mainly associated with the repayment of notes payable and related
notes payable.
During
the six months ended June 30, 2023, the Company operated at a negative cash flow from operations of approximately $84,000 per month,
and our auditors have raised a going concern.
The
Company has suffered recurring losses from operations. These conditions raise substantial doubt about the Company’s ability to
continue as a going concern. We plan to increase revenues by working over existing wells, and are also seeking to reduce general
and administrative expenses and resolve ongoing litigation. However, we may need to raise additional funds to workover wells
through the sale of our securities, through loans from third parties or from third parties willing to pay our share of drilling and
completing the wells. We do not have any commitments or arrangements from any person to provide us with any additional
capital.
If
additional financing is not available when needed, we may need to cease operations. There can be no assurance that we will be successful
in raising the capital needed, including to recomplete oil or gas wells, nor that any such additional financing will be available to us on acceptable
terms or at all.
Management
believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going
concern. The accompanying financial statements have been prepared assuming the Company will continue as a going concern; no adjustments
to the financial statements have been made to account for this uncertainty.
Trends
Affecting Future Operations
The
factors that will most significantly affect our results of operations will be (i) the sale prices of crude oil and natural gas, (ii)
the amount of production sold from oil or gas wells in which we have an interest, and (iii) lease operating expenses. Our revenues will
also be significantly impacted by our ability to maintain or increase oil or gas production through exploration and development activities,
and the availability of funding to complete such activities.
It
is expected that our principal source of cash flow will be from the production and sale of crude oil and natural gas reserves which
are depleting assets. Cash flow from the sale of oil and gas production depends upon the quantity of production and the price
obtained for the production. An increase in prices will permit us to finance our operations to a greater extent with internally
generated funds. Increased prices may also allow us to obtain equity financing more easily or on better terms, and lessen the
difficulty of obtaining financing. However, price increases may heighten the competition for oil and gas prospects and may increase
the costs of exploration and development.
A
decline in oil and gas prices (i) will reduce the cash flow internally generated by the Company which in turn will reduce the funds available
for exploring for and replacing oil and gas reserves, (ii) will increase the difficulty of obtaining equity and debt financing and worsen
the terms on which such financing may be obtained, (iii) will reduce the number of oil and gas prospects which have reasonable economic
terms, (iv) may cause us to permit leases to expire based upon the value of potential oil and gas reserves in relation to the costs of
exploration, (v) may result in marginally productive oil and gas wells being abandoned as non-commercial, and (vi) may increase the difficulty
of obtaining financing. However, price declines reduce the competition for oil and gas properties and correspondingly reduce the prices
paid for leases and prospects.
Critical
Accounting Policies and New Accounting Pronouncements
In
December 2001, the SEC requested that all registrants list their most “critical accounting polices” in the Management Discussion
and Analysis. The SEC indicated that a “critical accounting policy” is one which is both important to the portrayal of a
company’s financial condition and results, and requires management’s most difficult, subjective, or complex judgments, often
as a result of the need to make estimates about the effect of matters that are inherently uncertain.
Going
concern – The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred cumulative net losses of $64,355,004
since its inception and requires capital for its contemplated operational and marketing activities to take place. The Company’s
ability to raise additional capital through the future sales of common stock is unknown. The obtainment of additional financing, the
successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable
operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raises substantial
doubt about the Company’s ability to continue as a going concern. The consolidated financial statements of the Company do not include
any adjustments that may result from the outcome of these aforementioned uncertainties.
Item
3 Quantitative and Qualitative Disclosures about Market Risk
Pursuant
to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as
it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).
Item
4 Controls and Procedures
(a)
Disclosure Controls and Procedures. The Company’s Chief Executive Officer (the principal executive officer) and Interim
Chief Financial Officer (principal financial/accounting officer) have evaluated the effectiveness of the Company’s disclosure controls
and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2023. Based upon such evaluation,
the Chief Executive Officer and the interim Chief Financial Officer have concluded that, as of the end of such period, the Company’s
disclosure controls and procedures were not effective to provide reasonable assurance that information required to be disclosed in our
reports filed with the Commission pursuant to the Exchange Act, is recorded properly, processed, summarized and reported within the time
periods specified in the rules and forms of the Commission and that such information is accumulated and communicated to our management,
including our CEO and CFO, to allow timely decisions regarding required disclosures.
In
designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how
well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design
of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply
its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
(b)
Changes in Internal Controls. There were no changes in our internal controls over financial reporting during the quarter ended
June 30, 2023 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II: OTHER INFORMATION
Item
1 Legal Proceedings
On
January 28, 2022, the Securities and Exchange Commission filed an Order Instituting Administrative Proceedings and Notice of Hearing
Pursuant to Section 12(j) of the Securities Exchange Act of 1934 to suspend for a period not exceeding twelve months or revoke the registration
of each class of securities registered pursuant to Section 12 of the Exchange Act of the Company. The Division of Enforcement at the
Securities and Exchange Commission (the “Division”) filed a Motion for Summary Disposition in this matter and the Company
filed a Response to the Motion for Summary Disposition in April 2022. On May 5, 2022, the Division filed its Response in Support of its
Motion for Summary Disposition. On April 18, 2023, the Company was ordered to submit a brief by May 16, 2023, regarding the Company’s
remedial efforts since these proceedings were instituted. The Company submitted the brief, the Division responded to the brief, and we are finalizing our response to the Division’s response. The ultimate outcome
of the proceeding is unknown and could result in the termination of the Exchange Act registration of the Company’s common stock
pursuant to Section 12(j) of the Exchange Act.
The
Company and Petrolia Canada Corporation (“Petrolia Canada”), an affiliate of Petrolia, filed a lawsuit in the 133rd
Judicial District Court, Harris County Texas (Cause No. 2022-15278), against Jovian Petroleum Corporation, Zel Khan (“Khan”)
and Quinten Beasley (“Beasley”) (collectively, the “Defendants”).
In
the petition against the Defendants, Petrolia and Petrolia Canada alleged causes of action for fraud and breach of contract against all
the named Defendants and breach of fiduciary duty claims against Defendants Zel Khan and Quinten Beasley. Defendant Zel Khan was a former
CEO and Director of Petrolia, and Defendant Quinten Beasley was a former Senior Vice President and Director of Petrolia Canada.
Petrolia
and Petrolia Canada demanded a jury trial and are seeking monetary relief of more than $1 million against the Defendants.
In
April and May 2022, each of the Defendants filed an Original Answer, generally denying all of the allegations of Petrolia and Petrolia
Canada.
Subsequently,
in September 2022, Defendants filed an amended answer and counterclaims. Pursuant to the amended answer, Defendants generally denied
the allegations of Petrolia and Petrolia Canada and are seeking indemnification under the Company’s governing documents and statutory
provisions.
Beasley
is seeking repayment of the outstanding balance of $5,000 plus accrued interest ($4,710) allegedly owed to him by the Company in connection
with a promissory note entered into with the Company on July 14, 2016.
In
September 2022, Joel Oppenheim (“Oppenheim”) and Critical Update, Inc., owned by Beasley (“Critical Update”
and collectively with Oppenheim, the “Intervenors”), filed a Petition in Intervention. Oppenheim alleges that he advanced
at least $797,000 to the Company from 2015 to 2019 (including $416,900 alleged owed under a loan agreement) and that he also provided
various certificates of deposit to the Company in the aggregate amount of $258,251. Oppenheim is seeking return of amounts advanced with
interest, a declaratory judgment establishing the amount of Company stock and warrants owed to him, and attorney’s fees. Separately,
Critical Update is seeking $120,000 CAD alleged owed to it in consideration for services rendered to Petrolia Canada, plus interest and
attorney’s fees.
On
October 11, 2022, Petrolia and Petrolia Canada filed a general denial of all the Defendants’ counterclaims.
Subsequently,
on December 6, 2022, Oppenheim filed a motion for severance asking the court to sever his breach of loan agreement claim from the other
claims in this lawsuit and adjudicate the claim as Cause No. 2022-15278-B. The same day, Oppenheim also filed a motion for partial summary
judgment on his breach of loan agreement claim. On December 22, 2022, Oppenheim filed a separate lawsuit and application for temporary
injunction (Cause No. 2022-83054) in the 157th Judicial District Court, Harris County Texas against the Company and Petrolia
Canada and their individual board members. That action is a shareholder derivative lawsuit filed against the Company alleging, among
other things, breach of duty of loyalty and breach of duty of obedience, as well as seeking to compel a shareholder meeting and seeking
expedited discovery. On December 30, 2022, Jovian Petroleum Corporation filed a petition in intervention to join this newly filed lawsuit.
In
January 2023, Petrolia and Petrolia Canada filed a motion to strike the intervention of Oppenheim and on February 3, 2023, Oppenheim
filed a response to that motion arguing that such intervention is proper.
On
February 9, 2023, Edna Meyer-Nelson, Suzanne Klein, and Laura S. Ward (the “First Additional Intervenors”), each a
shareholder of the Company, filed a separate Petition in Intervention to join in Oppenheim’s derivative suit against the Company.
On
March 2, 2023, Dr. Marvin Chasen and Billie Mae Chasen (the “Second Additional Intervenors”, and together with the First
Additional Intervenor), filed a separate Petition in Intervention to join in Oppenheim’s derivative suit against the Company.
The
Additional Intervenors are seeking an order compelling an annual shareholder meeting of the Company; a temporary injunction requiring
the Defendants to hold an annual and special meeting of the shareholders of the Company within 30 days to elect directors of the Company
and conduct such other proper business as may come before it; a temporary injunction enjoining the Defendant Directors from voting their
Series B Preferred Shares; an order combining the hearing on the temporary injunction with a trial on the merits; expedited discovery;
and upon final trial, the Additional Intervenors are requesting: (i) rescission of the Series B Preferred Stock; (ii) forfeiture of all
compensation paid to the Defendant Directors by the Company after the Series B Preferred Stock issuance; (iii) actual damages in an amount
to be proven at trial; (iv) exemplary damages sufficient to deter the directors of other Texas corporations from disenfranchising a corporation’s
shareholders, as alleged by the Additional Intervenors; (v) attorneys’ fees and expenses; and (vi) such other and further relief
to which Additional Intervenors are entitled.
The
outcome of the above litigation is currently unknown; however, the Company disputes the Defendants’ counterclaims and the allegations
of the Intervenors and intends to defend the matter vigorously, while also continuing to seek all damages which it is due.
On
March 16, 2022, Petrolia Canada Corporation received a Notice of Intention to Retain Collateral Pursuant to Section 62 of the
Personal Property Security Act (Alberta) from the counsel of Blue Sky Resources Ltd. related to a Loan Agreement and General
Security Agreement between Petrolia Canada Corporation and Emmett Lescroart. Petrolia Canada Corporation was notified that Blue Sky
Resources Ltd., as assignee of the Emmet Lescroart loan, intends to retain the Utikuma loan collateral pursuant to the General
Security Agreement with Petrolia Canada Corporation. On March 30, 2022, Petrolia Canada Corporation’s counsel responded to
Blue Sky Resources, Ltd. with a Notice of Objection.
On June 27, 2023, the Justice of the Court of King’s Bench of Alberta ordered that the Application Blue Sky
filed to appoint a receiver and manager over the assets, undertakings, and properties of Petrolia Canada Corporation be adjourned sine
die.
Item
1A Risk Factors
There
have been no material changes from the risk factors previously disclosed in Part I, Item 1A of the Company’s Annual Report on Form
10-K for the year ended December 31, 2022, filed with the Commission on May 12, 2023 under the heading “Risk Factors”, except
as set forth below and investors should review the risks provided in the Form 10-K and below, prior to making an investment in the Company.
The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known
or unknown, including but not limited to those described in the Form 10-K for the year ended December 31, 2022 under “Risk Factors”
and below, any one or more of which could, directly or indirectly, cause the Company’s actual financial condition and operating
results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in
whole or in part, could materially and adversely affect the Company’s business, financial condition, operating results and stock
price.
Unanticipated
problems at, or downtime affecting, our facilities and those operated by third parties on which we rely could have a material adverse
effect on our results of operations.
The
occurrence of significant unforeseen conditions or events in connection with the operation or maintenance of our facilities, such as
the need to refurbish such facilities, complete capital projects at such facilities, shortages of workers or materials, adverse weather,
including, but not limited to lightning strikes, floods, hurricanes, tornadoes and earthquakes, equipment failures, fires, explosions,
oil or other leaks, damage to or destruction of property and equipment associated therewith, environmental releases and/or damage, government
regulation changes affecting the use of such facilities, terrorist attacks, mechanical or physical failures of equipment, acts of God,
or other conditions or events, could prevent us from operating our facilities, or prevent such third parties from operating their facilities,
or could force us or such third parties to shut such facilities down for repairs, maintenance, refurbishment or upgrades for a significant
period of time.
For
example, on May 5, 2023, the Company was notified by BSR, the operator of our Utikuma asset that the Province of Alberta has declared
a state of emergency due to wildfires in Alberta. We were informed that because of wildfires in the vicinity of our oilfield assets,
the field was shut in and all personnel were evacuated. Though there was some damage to our Utikuma asset, we have been informed that some production has been brought back online.
Illiquid
and Volatile Equity Environment.
On
September 27, 2022, the Financial Industry Regulatory Authority (“FINRA”) pulled the Company’s stock symbol
due to inactivity in the Company’s security for a year. As such, there is no public market for our common stock. In the future,
the Company plans to engage a market maker to file a Form 15c2-11 with FINRA and obtain a stock symbol. There can be no assurance that
FINRA will approve the Form 15c2-11 or that the Company’s common stock will be publicly quoted again. In the event our common stock
is publicly traded in the future, variables that could affect our future stock price or result in fluctuations in the market price or
trading volume of our common stock include:
|
● |
our
actual or anticipated operating and financial performance and drilling locations, including reserves estimates; |
|
● |
quarterly
variations in the rate of growth of our financial indicators, such as net income per share, net income, and cash flows, or those
of companies that are perceived to be similar to us; |
|
● |
changes
in revenue, cash flows or earnings estimates or publication of reports by equity research analysts. |
|
● |
public
reaction to our press releases, announcements, and filings with the SEC; |
|
● |
sales
of our common stock by us or other shareholders, or the perception that such sales may occur; |
|
● |
the
limited amount of our freely tradable common stock available in the public marketplace; |
|
● |
general
financial market conditions and oil and natural gas industry market conditions, including fluctuations in commodity prices; |
|
● |
the
realization of any of the risk factors presented in this Report and our Annual Report; |
|
● |
the
recruitment or departure of key personnel; |
|
● |
commencement
of, or involvement in, litigation; |
|
● |
the
prices of oil and natural gas; |
|
● |
the
success of our exploration and development operations, and the marketing of any oil and natural gas we produce; |
|
● |
changes
in market valuations of companies similar to ours; and |
|
● |
domestic
and international economic, legal and regulatory factors unrelated to our performance. |
If
and when our stock trades again, of which there is no assurance, our future stock price may be impacted by factors that are unrelated
or disproportionate to our operating performance. The stock markets in general have experienced volatility that has often been unrelated
to the operating performance of particular companies. These broad market fluctuations may adversely affect the future trading price of
our common stock. Additionally, general economic, political and market conditions, such as recessions, interest rates or international
currency fluctuations may adversely affect the market price of our common stock. Due to the historical limited volume of our shares which
trade, we believe that our future stock prices (bid, ask and closing prices) may not be related to our actual value, and not reflect
the actual value of our common stock. Shareholders and potential investors in our common stock should exercise extreme caution before
making any future investment in our Company.
Additionally,
as a result of the historical illiquidity of our common stock, investors may not be interested in owning our common stock because of
the inability to acquire or sell a substantial block of our common stock at one time. Such illiquidity could have an adverse effect on
the market price of our common stock. In addition, a shareholder may not be able to borrow funds using our common stock as collateral
because lenders may be unwilling to accept the pledge of securities having such a limited market. We cannot assure you that a future
trading market for our common stock will develop or, if one develops, be sustained. Extreme caution should be taken when considering
the future purchase of Petrolia’s common stock.
Administrative
Proceedings; Lack of Public Market for Common Stock.
Administrative
Proceeding, File No. 3-20724 was filed by the SEC seeking to revoke the registration of each class of the Company’s securities
registered pursuant to Section 12 of the Exchange Act in January 2022. In April of 2022, the SEC Division of Enforcement (the “Division”)
filed a Motion for Summary Disposition seeking revocation of the registration of the Company’s securities. The Company plans to
file a response to the SEC’s motion shortly after the filing of this Form 10-Q and seeks to have the Motion for Summary Disposition
dismissed, but there is no assurance that the Company will be successful, and that the registration of the Company’s securities
will not be revoked. In the event the registration of the Company’s securities is revoked, the Company will need to file a new
Form 10 or Form S-1 registration statement with the SEC and engage a market maker to file a 15c2-11 to have our common stock publicly
traded again, which such market maker may decide not to pursue or may be unsuccessful in completing. As a result, our securities may
not be publicly traded in the future.
Item
2 Unregistered Sales of Equity Securities and Use of Proceeds
There
were no securities sold by the Company during and through the date of filing of this report.
Item
3 Defaults Upon Senior Securities
None.
Item
4 Mine Safety Disclosures
Not
Applicable.
Item
5 Other Information
Mr. Ivar Siem, our Director, passed away on July 18, 2023. Mr. Siem, age 77, had served as a director of the Company since April 2019.
Our Board and management team wish to express our gratitude and appreciation for Mr. Siem’s many years of service to the Company
and its stockholders, and we send our condolences to Mr. Siem’s family and friends.
Item
6 Exhibits
*
Filed herewith.
**
Furnished herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
PETROLIA
ENERGY CORPORATION |
|
|
|
July
28, 2023 |
By:
|
/s/
Mark M. Allen |
|
|
Mark
M. Allen |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive) |
July
28, 2023 |
By:
|
/s/
Heather M. Monk |
|
|
Heather
M. Monk |
|
|
Interim
Chief Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
EXHIBIT
31.1
CERTIFICATION
I,
Mark M. Allen, certify that;
1.
I have reviewed this Quarterly Report on Form 10-Q of Petrolia Energy Corporation;
2.
Based on my knowledge, this report, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
July
28, 2023
By: |
/s/
Mark M. Allen |
|
|
Mark
M. Allen |
|
|
Chief
Executive Officer
(Principal
Executive Officer) |
|
EXHIBIT
31.2
CERTIFICATION
I,
Heather M. Monk, certify that;
1.
I have reviewed this Quarterly Report on Form 10-Q of Petrolia Energy Corporation;
2.
Based on my knowledge, this report, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
July
28, 2023
By: |
/s/
Heather M. Monk |
|
|
Heather
M. Monk |
|
|
Interim
Chief Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
|
EXHIBIT
32.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO
18
U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Petrolia Energy Corporation (the “Company”) on Form 10-Q for the quarter ending June
30, 2023 as filed with the Securities and Exchange Commission (the “Report”), I, Mark M. Allen hereby certify, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects the financial condition and results of operations of
the Company at the dates and for the periods indicated. |
July
28, 2023
By: |
/s/
Mark M. Allen |
|
|
Mark
M. Allen |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
EXHIBIT
32.2
CERTIFICATION
OF PRINCIPAL ACCOUNTING AND FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Petrolia Energy Corporation (the “Company”) on Form 10-Q for the quarter ending June
30, 2023 as filed with the Securities and Exchange Commission (the “Report”), Heather M. Monk hereby certify, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects the financial condition and results of operations of
the Company at the dates and for the periods indicated. |
July
28, 2023
By: |
/s/
Heather M. Monk |
|
|
Heather
M. Monk |
|
|
Interim
Chief Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
|
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Jul. 27, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-52690
|
|
Entity Registrant Name |
PETROLIA
ENERGY CORPORATION
|
|
Entity Central Index Key |
0001368637
|
|
Entity Tax Identification Number |
86-1061005
|
|
Entity Incorporation, State or Country Code |
TX
|
|
Entity Address, Address Line One |
710
N. Post Oak Road
|
|
Entity Address, Address Line Two |
Suite 400
|
|
Entity Address, City or Town |
Houston
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
77024
|
|
City Area Code |
832
|
|
Local Phone Number |
723-1266
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
176,988,322
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as an quarterly report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form 10-Q -Number 240 -Section 308 -Subsection a
+ Details
Name: |
dei_DocumentQuarterlyReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as a transition report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Forms 10-K, 10-Q, 20-F -Number 240 -Section 13 -Subsection a-1
+ Details
Name: |
dei_DocumentTransitionReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-T -Number 232 -Section 405
+ Details
Name: |
dei_EntityInteractiveDataCurrent |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityShellCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicates that the company is a Smaller Reporting Company (SRC).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntitySmallBusiness |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
|
Cash |
|
$ 926,228
|
$ 1,425,335
|
Held-for-trading securities |
|
336,103
|
|
Accounts receivable |
|
58
|
290
|
Other current assets |
|
641
|
5,641
|
Total current assets |
|
1,263,030
|
1,431,266
|
Oil and gas, on the basis of full cost accounting |
|
|
|
Evaluated properties |
|
6,691,605
|
6,638,037
|
Furniture, equipment & software |
|
155,293
|
155,293
|
Less accumulated depreciation and depletion |
|
(884,796)
|
(807,047)
|
Net property and equipment |
|
5,962,102
|
5,986,283
|
Other assets |
|
|
|
Operating lease right-of-use asset |
|
20,311
|
23,086
|
Notes receivable |
|
|
376,550
|
Other assets |
|
983,881
|
956,928
|
Total Assets |
|
8,229,324
|
8,774,113
|
Current liabilities |
|
|
|
Operating lease liability – current |
|
5,833
|
5,482
|
Accrued liabilities |
|
1,199,411
|
1,151,328
|
Accrued liabilities – related parties |
|
1,761,143
|
1,536,247
|
Total current liabilities |
|
9,945,368
|
9,242,317
|
Asset retirement obligations |
|
2,426,523
|
2,301,335
|
Operating lease liability |
|
14,918
|
17,714
|
Total Liabilities |
|
12,386,809
|
11,561,366
|
Stockholders’ Deficit |
|
|
|
Common stock, $0.001 par value; 400,000,000 shares authorized; 176,988,322 and 176,988,322 shares issued and outstanding |
|
176,988
|
176,988
|
Additional paid in capital |
|
60,245,657
|
60,244,255
|
Accumulated other comprehensive income |
|
(378,822)
|
(349,065)
|
Accumulated deficit |
|
(64,355,004)
|
(63,013,127)
|
Total Stockholders’ Deficit |
|
(4,157,485)
|
(2,787,253)
|
Total Liabilities and Stockholders’ Deficit |
|
8,229,324
|
8,774,113
|
Series A Preferred Stock [Member] |
|
|
|
Stockholders’ Deficit |
|
|
|
Preferred stock, value |
|
199
|
199
|
Series B Preferred Stock [Member] |
|
|
|
Stockholders’ Deficit |
|
|
|
Preferred stock, value |
|
152,397
|
152,397
|
Series C Preferred Stock [Member] |
|
|
|
Stockholders’ Deficit |
|
|
|
Preferred stock, value |
|
1,100
|
1,100
|
Nonrelated Party [Member] |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
|
188,412
|
223,453
|
Notes payable current portion |
|
142,082
|
398,837
|
Related Party [Member] |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
|
3,404,178
|
2,466,155
|
Notes payable current portion |
[1] |
$ 3,244,309
|
$ 3,460,815
|
|
|
X |
- DefinitionHeld for trading securities.
+ References
+ Details
Name: |
BBLS_HeldfortradingSecurities |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AccountsPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-9
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AccruedLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(14)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AdditionalPaidInCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionNoncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_AssetRetirementObligationsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 45 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480555/946-210-45-21
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 210 -Topic 946 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480555/946-210-45-20
+ Details
Name: |
us-gaap_Cash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(14)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(32)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-5
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_NotesPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(5)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
+ Details
Name: |
us-gaap_NotesReceivableNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionOil and gas properties, gross, carried under the full cost method.
+ References
+ Details
Name: |
us-gaap_OilAndGasPropertyFullCostMethodGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_OilAndGasPropertyFullCostMethodNetAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's right to use underlying asset under operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseRightOfUseAsset |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_OtherAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of current assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherAssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_OtherAssetsNoncurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 360 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480842/942-360-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated undistributed earnings (deficit).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StockholdersEquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
400,000,000
|
400,000,000
|
Common stock, shares issued |
176,988,322
|
176,988,322
|
Common stock, shares outstanding |
176,988,322
|
176,988,322
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
199,100
|
199,100
|
Preferred stock, shares outstanding |
199,100
|
199,100
|
Series B Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized |
3
|
3
|
Preferred stock, shares issued |
3
|
3
|
Preferred stock, shares outstanding |
3
|
3
|
Series C Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.10
|
$ 0.10
|
Preferred stock, shares authorized |
50,000
|
50,000
|
Preferred stock, shares issued |
11,000
|
11,000
|
Preferred stock, shares outstanding |
11,000
|
11,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionFace amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Oil and gas sales |
|
|
|
|
Oil and gas sales |
$ 482,916
|
$ 1,137,890
|
$ 1,859,233
|
$ 2,974,250
|
Total Revenue |
482,916
|
1,137,890
|
1,859,233
|
2,974,250
|
Operating expenses |
|
|
|
|
Lease operating expense |
884,453
|
1,622,399
|
2,543,933
|
2,898,236
|
Production tax |
|
|
|
438
|
General and administrative expenses |
312,547
|
149,757
|
573,384
|
297,603
|
Depreciation, depletion and amortization |
18,270
|
60,682
|
63,076
|
113,198
|
Asset retirement obligation accretion |
46,926
|
43,420
|
95,131
|
85,898
|
Total operating expenses |
1,262,196
|
1,876,258
|
3,275,524
|
3,395,373
|
Loss from operations |
(779,280)
|
(738,368)
|
(1,416,291)
|
(421,123)
|
Other income (expenses) |
|
|
|
|
Interest expense |
(96,778)
|
(123,080)
|
(206,663)
|
(248,017)
|
Unrealized gain (loss) |
(83,334)
|
|
165,117
|
|
Gain (loss) on disposition of asset |
259,659
|
|
259,659
|
|
Other income (expense) |
818
|
|
14,837
|
5,521
|
Change in fair value of derivative liabilities |
|
(146)
|
|
17,339
|
Total other income (expenses) |
80,365
|
(123,226)
|
232,950
|
(225,157)
|
Net loss before taxes |
(698,915)
|
(861,594)
|
(1,183,341)
|
(646,280)
|
Series A Preferred Dividends |
(109,374)
|
(44,798)
|
(154,172)
|
(89,595)
|
Series C Preferred Dividends |
(2,194)
|
(2,194)
|
(4,364)
|
(4,260)
|
Net Loss Attributable to Common Stockholders |
$ (810,483)
|
$ (908,586)
|
$ (1,341,877)
|
$ (740,135)
|
Loss per share |
|
|
|
|
Loss per share basic |
$ (0.00)
|
$ (0.01)
|
$ (0.01)
|
$ (0.00)
|
Loss per share diluted |
$ (0.00)
|
$ (0.01)
|
$ (0.01)
|
$ (0.00)
|
Weighted average number of common shares outstanding, basic |
176,988,322
|
176,988,322
|
176,988,322
|
176,988,322
|
Weighted average number of common shares outstanding, diluted |
176,988,322
|
176,988,322
|
176,988,322
|
176,988,322
|
Other comprehensive income, net of tax |
|
|
|
|
Foreign currency translation adjustments |
$ (24,720)
|
$ (62,759)
|
$ (29,757)
|
$ (32,902)
|
Comprehensive income (loss) |
$ (835,203)
|
$ (971,345)
|
$ (1,371,634)
|
$ (773,037)
|
X |
- DefinitionAmount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481879/410-20-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_AssetRetirementObligationAccretionExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(26)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-5
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTaxAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
+ Details
Name: |
us-gaap_DepreciationDepletionAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in the fair value of derivatives recognized in the income statement.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A
+ Details
Name: |
us-gaap_DerivativeGainLossOnDerivativeNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of gain (loss) on sale or disposal of assets, including but not limited to property plant and equipment, intangible assets and equity in securities of subsidiaries or equity method investee.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_GainLossOnDispositionOfAssets1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_GeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (210.5-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483013/835-20-50-1
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 6.B) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-11
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
+ Details
Name: |
us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_NonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
+ Details
Name: |
us-gaap_OperatingExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OperatingExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of operating lease expense. Excludes sublease income.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-4
+ Details
Name: |
us-gaap_OperatingLeaseExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (expense) related to nonoperating activities, classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_OtherNonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of preferred stock dividends and adjustments classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 7 -Subparagraph (SAB Topic 5.Q) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-7
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-11
+ Details
Name: |
us-gaap_OtherPreferredStockDividendsAndAdjustments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders.
+ References
+ Details
Name: |
us-gaap_PreferredStockDividendsIncomeStatementImpact |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionA tax assessed on oil and gas production.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_ProductionTaxExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 924 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 11.L) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenuesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column F)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A
+ Details
Name: |
us-gaap_UnrealizedGainLossOnDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member]
Series B Preferred Stock [Member]
|
Preferred Stock [Member]
Series C Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Shares to be issued [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance, value at Dec. 31, 2021 |
$ 199
|
$ 152,397
|
$ 850
|
$ 176,988
|
$ 60,216,722
|
|
$ (269,155)
|
$ (61,339,161)
|
$ (1,061,160)
|
Balance, shares at Dec. 31, 2021 |
199,100
|
3
|
8,500
|
176,988,322
|
|
|
|
|
|
Series A preferred dividends |
|
|
|
|
|
|
|
(89,595)
|
(89,595)
|
Series C preferred dividends |
|
|
|
|
|
|
|
(4,260)
|
(4,260)
|
Warrants issued as financing fee |
|
|
|
|
1,416
|
|
|
|
1,416
|
Other comprehensive income (loss) |
|
|
|
|
|
|
(32,902)
|
|
(32,902)
|
Net income (loss) |
|
|
|
|
|
|
|
(646,280)
|
(646,280)
|
Preferred Series C issued for cash |
|
|
$ 250
|
|
24,750
|
|
|
|
25,000
|
Preferred Series C issued for cash, shares |
|
|
2,500
|
|
|
|
|
|
|
Balance, value at Jun. 30, 2022 |
$ 199
|
$ 152,397
|
$ 1,100
|
$ 176,988
|
60,242,888
|
|
(302,057)
|
(62,079,296)
|
(1,807,781)
|
Balance, shares at Jun. 30, 2022 |
199,100
|
3
|
11,000
|
176,988,322
|
|
|
|
|
|
Balance, value at Mar. 31, 2022 |
$ 199
|
$ 152,397
|
$ 1,100
|
$ 176,988
|
60,242,189
|
|
(239,298)
|
(61,170,710)
|
(87,135)
|
Balance, shares at Mar. 31, 2022 |
199,100
|
3
|
11,000
|
176,988,322
|
|
|
|
|
|
Series A preferred dividends |
|
|
|
|
|
|
|
(44,798)
|
(44,798)
|
Series C preferred dividends |
|
|
|
|
|
|
|
(2,194)
|
(2,194)
|
Warrants issued as financing fee |
|
|
|
|
699
|
|
|
|
699
|
Other comprehensive income (loss) |
|
|
|
|
|
|
(62,759)
|
|
(62,759)
|
Net income (loss) |
|
|
|
|
|
|
|
(861,594)
|
(861,594)
|
Balance, value at Jun. 30, 2022 |
$ 199
|
$ 152,397
|
$ 1,100
|
$ 176,988
|
60,242,888
|
|
(302,057)
|
(62,079,296)
|
(1,807,781)
|
Balance, shares at Jun. 30, 2022 |
199,100
|
3
|
11,000
|
176,988,322
|
|
|
|
|
|
Balance, value at Dec. 31, 2022 |
$ 199
|
$ 152,397
|
$ 1,100
|
$ 176,988
|
60,244,255
|
|
(349,065)
|
(63,013,127)
|
(2,787,253)
|
Balance, shares at Dec. 31, 2022 |
199,100
|
3
|
11,000
|
176,988,322
|
|
|
|
|
|
Series A preferred dividends |
|
|
|
|
|
|
|
(154,172)
|
(154,172)
|
Series C preferred dividends |
|
|
|
|
|
|
|
(4,364)
|
(4,364)
|
Warrants issued as financing fee |
|
|
|
|
1,402
|
|
|
|
1,402
|
Other comprehensive income (loss) |
|
|
|
|
|
|
(29,757)
|
|
(29,757)
|
Net income (loss) |
|
|
|
|
|
|
|
(1,183,341)
|
(1,183,341)
|
Balance, value at Jun. 30, 2023 |
$ 199
|
$ 152,397
|
$ 1,100
|
$ 176,988
|
60,245,657
|
|
(378,822)
|
(64,355,004)
|
(4,157,485)
|
Balance, shares at Jun. 30, 2023 |
199,100
|
3
|
11,000
|
176,988,322
|
|
|
|
|
|
Balance, value at Mar. 31, 2023 |
$ 199
|
$ 152,397
|
$ 1,100
|
$ 176,988
|
60,244,913
|
|
(354,102)
|
63,544,521
|
3,323,026
|
Balance, shares at Mar. 31, 2023 |
199,100
|
3
|
11,000
|
176,988,322
|
|
|
|
|
|
Series A preferred dividends |
|
|
|
|
|
|
|
(109,374)
|
(109,374)
|
Series C preferred dividends |
|
|
|
|
|
|
|
(2,194)
|
(2,194)
|
Warrants issued as financing fee |
|
|
|
|
744
|
|
|
|
744
|
Other comprehensive income (loss) |
|
|
|
|
|
|
(24,720)
|
|
(24,720)
|
Net income (loss) |
|
|
|
|
|
|
|
(698,915)
|
(698,915)
|
Balance, value at Jun. 30, 2023 |
$ 199
|
$ 152,397
|
$ 1,100
|
$ 176,988
|
$ 60,245,657
|
|
$ (378,822)
|
$ (64,355,004)
|
$ (4,157,485)
|
Balance, shares at Jun. 30, 2023 |
199,100
|
3
|
11,000
|
176,988,322
|
|
|
|
|
|
X |
- DefinitionAmount of increase in additional paid in capital (APIC) resulting from the issuance of warrants. Includes allocation of proceeds of debt securities issued with detachable stock purchase warrants.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 25 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481284/470-20-25-2
+ Details
Name: |
us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 2 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481071/942-405-45-2
+ Details
Name: |
us-gaap_DividendsPreferredStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of paid and unpaid preferred stock dividends declared with the form of settlement in cash.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 2 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481071/942-405-45-2
+ Details
Name: |
us-gaap_DividendsPreferredStockCash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of paid and unpaid preferred stock dividends declared with the form of settlement in stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 2 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481071/942-405-45-2
+ Details
Name: |
us-gaap_DividendsPreferredStockStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of other comprehensive income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-4
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482739/220-10-55-15
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares of preferred stock issued as dividends during the period. Excludes stock splits.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
+ Details
Name: |
us-gaap_PreferredStockDividendsShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares issued which are neither cancelled nor held in the treasury.
+ References
+ Details
Name: |
us-gaap_SharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Cash Flows from Operating Activities |
|
|
|
|
|
Net loss |
$ (698,915)
|
$ (861,594)
|
$ (1,183,341)
|
$ (646,280)
|
|
Adjustment to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
Depletion, depreciation and amortization |
18,270
|
60,682
|
63,076
|
113,198
|
|
Asset retirement obligation accretion |
46,926
|
43,420
|
95,131
|
85,898
|
$ 173,603
|
Operating lease |
|
|
330
|
(544)
|
|
Amortization of debt discount |
|
|
27,715
|
27,715
|
|
Unrealized (gain) loss |
83,334
|
|
(165,117)
|
|
|
Change in fair value of derivative liabilities |
|
146
|
|
(17,339)
|
|
Warrants issued as financing fees |
|
|
1,402
|
1,416
|
|
Gain on sale of asset |
(259,659)
|
|
(259,659)
|
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
Accounts receivable |
|
|
238
|
5,601
|
|
Other current assets |
|
|
374
|
(756)
|
|
Other assets |
|
|
(7,084)
|
40,442
|
|
Accounts payable |
|
|
(36,264)
|
1,363,562
|
|
Accounts payable – related parties |
|
|
853,061
|
(3,110)
|
|
Accrued liabilities |
|
|
138,215
|
108,010
|
|
Accrued liabilities – related parties |
|
|
(31,491)
|
75,584
|
|
Net cash flows provided by (used in) operating activities |
|
|
(503,414)
|
1,153,397
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
Sale of securities |
|
|
475,440
|
|
|
Cash flows provided by (used in) investing activities |
|
|
475,440
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
Repayments on notes payable |
|
|
(284,470)
|
(133,491)
|
|
Repayments on related party notes payable |
|
|
(216,506)
|
(4,813)
|
|
Series C preferred stock |
|
|
|
25,000
|
|
Cash flows provided by (used in) financing activities |
|
|
(500,976)
|
(113,304)
|
|
Changes in foreign exchange rate |
|
|
29,843
|
(42)
|
|
Net change in cash |
|
|
(499,107)
|
1,040,051
|
|
Cash at beginning of period |
|
|
1,425,335
|
14,058
|
14,058
|
Cash at end of period |
$ 926,228
|
$ 1,054,109
|
926,228
|
1,054,109
|
$ 1,425,335
|
SUPPLEMENTAL DISCLOSURES |
|
|
|
|
|
Interest paid |
|
|
32,868
|
99,195
|
|
Income taxes paid |
|
|
|
|
|
NON-CASH INVESTING AND FINANCIAL DISCLOSURES |
|
|
|
|
|
Series A preferred dividends accrued |
|
|
154,172
|
89,595
|
|
Series C preferred dividends accrued |
|
|
4,364
|
4,260
|
|
Accrued dividends moved from accrued liabilities related party to accrued liabilities |
|
|
212,444
|
|
|
Note receivable converted to marketable securities |
|
|
$ 380,563
|
|
|
X |
- DefinitionAccrued series A preferred dividends.
+ References
+ Details
Name: |
BBLS_AccruedSeriesAPreferredDividends |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAccrued series C preferred dividends.
+ References
+ Details
Name: |
BBLS_AccruedSeriesCPreferredDividends |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNote receivable converted to marketable securities.
+ References
+ Details
Name: |
BBLS_NoteReceivableConvertedToMarketableSecurities |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_AmortizationOfDebtDiscountPremium |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481879/410-20-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_AssetRetirementObligationAccretionExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 1 -SubTopic 230 -Topic 830 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
+ Details
Name: |
us-gaap_DepreciationDepletionAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in the fair value of derivatives recognized in the income statement.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A
+ Details
Name: |
us-gaap_DerivativeGainLossOnDerivativeNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 230 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
+ Details
Name: |
us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of expense (income) related to adjustment to fair value of warrant liability.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 25 -Paragraph 13 -SubTopic 10 -Topic 480 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481766/480-10-25-13
+ Details
Name: |
us-gaap_FairValueAdjustmentOfWarrants |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of gain (loss) on sale or disposal of assets, including but not limited to property plant and equipment, intangible assets and equity in securities of subsidiaries or equity method investee.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_GainLossOnDispositionOfAssets1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in obligation for operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (g)(1) -SubTopic 20 -Topic 842 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingLeaseLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in current assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherCurrentAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in noncurrent assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherNoncurrentAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-2
+ Details
Name: |
us-gaap_InterestPaidNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NoncashInvestingAndFinancingItemsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionProceeds from issuance of capital stock which provides for a specific dividend that is paid to the shareholders before any dividends to common stockholders and which takes precedence over common stockholders in the event of liquidation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 14 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow from sale, maturity, prepayment and call of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-11
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
+ Details
Name: |
us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for a borrowing supported by a written promise to pay an obligation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_RepaymentsOfNotesPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column F)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A
+ Details
Name: |
us-gaap_UnrealizedGainLossOnDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.23.2
ORGANIZATION AND BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND BASIS OF PRESENTATION |
NOTE
1. ORGANIZATION AND BASIS OF PRESENTATION:
Petrolia
Energy Corporation (the “Company”, “Petrolia” or “PEC”) is in the business of oil and gas exploration, development,
and production.
Basis
of Presentation
The
accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting
principles generally accepted in the United States of America (“US GAAP”) and the rules of the Securities and Exchange Commission
(“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s
latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments,
necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results
of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial
statements which would substantially duplicate the disclosures contained in the audited financial statements for the year ended December
31, 2022, as reported in the Form 10-K, have been omitted.
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480424/946-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480424/946-10-50-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205/tableOfContent
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of consolidation
The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Askarii Resources and Petrolia
Canada Corporation. All significant intercompany balances and transactions have been eliminated upon consolidation.
The
Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate
share of earnings is included in earnings and added to or deducted from the cost of the investment.
Foreign
currency translation
The
functional and reporting currency of the Company is the United States dollar. The functional currencies of the Company’s wholly-owned
subsidiaries, Askarii Resources and Petrolia Canada Corporation are the United States dollar and the Canadian dollar, respectively. Transactions
involving foreign currencies are converted into the Company’s functional currency using the exchange rates in effect at the time
of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the Company’s
functional currency are translated using exchange rates at that date. Exchange gains and losses are included in net earnings. On consolidation,
Petrolia Canada Corporation’s income statement amounts are translated at average exchange rates for the year, while the assets
and liabilities are translated at year-end exchange rates. Translation adjustments are accumulated as a separate component of stockholders’
equity in other comprehensive income.
Management
estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates made in preparing these financial statements include depreciation of furniture, equipment
and software, asset retirement obligations (“AROs”) (Note 10), income taxes, and the estimate of proved oil and gas reserves
and related present value estimates of future net cash flows therefrom.
Cash
and cash equivalents
The
Company considers all highly liquid instruments purchased with an original maturity date of three months or less to be cash
equivalents. As of December 31, 2022 and June 30, 2023, the Company did not
hold any cash equivalents.
Oil
and gas properties
The
Company follows the full cost accounting method to account for oil and natural gas properties, whereby costs incurred in the acquisition,
exploration and development of oil and gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical
activities, rentals on nonproducing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly
attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of
capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital
costs and proved reserves of oil and gas, in which case the gain or loss is recognized to operations.
The
capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion
and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves.
The
costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold
acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with
capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling
the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated
with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination
is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately
upon determination that the well is unsuccessful.
All
items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are
assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of
various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations;
drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned.
During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and
all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization.
Under
full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs,
less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the
sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices
and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of
cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related
to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged
to operations. For purposes of the ceiling test calculation, current prices are defined as the un-weighted arithmetic average of the
first day of the month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted
for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each
well. Similarly, current costs are assumed to remain constant over the entire calculation period.
Given
the volatility of oil and gas prices, it is reasonably possible that the estimate of discounted future net cash flows from proved oil
and gas reserves could change in the near term. If oil and gas prices decline in the future, even if only for a short period of time,
it is possible that impairments of oil and gas properties could occur. In addition, it is reasonably possible that impairments could
occur if costs are incurred in excess of any increases in the present value of future net cash flows from proved oil and gas reserves,
or if properties are sold for proceeds less than the discounted present value of the related proved oil and gas reserves.
Furniture,
equipment, and software
Furniture,
equipment, and software are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over
the estimated useful lives of the related asset, generally three to five years. Fully depreciated assets are retained in property and
accumulated depreciation accounts until they are removed from service. Management performs ongoing evaluations of the estimated useful
lives of the property and equipment for depreciation purposes. Maintenance and repairs are expensed as incurred. Management periodically
reviews long-lived assets, other than oil and gas property, for impairment whenever events or changes in circumstances indicate that
the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s
estimated fair value and its book value.
Derivative
financial instruments
The
Company’s derivative financial instruments consist of warrants with an exercise price denominated in the Company’s functional
currency. These derivative financial instruments are measured at their fair value at the end of each reporting period. Changes in fair
value are recorded in net income.
Asset
retirement obligations
The
Company records a liability for Asset Retirement Obligations (“AROs”) associated with its oil and gas wells when those assets
are placed in service. The corresponding cost is capitalized as an asset and included in the carrying amount of oil and gas properties
and is depleted over the useful life of the properties. Subsequently, the ARO liability is accreted to its then-present value.
Inherent
in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors,
credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments.
To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is
made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss
upon settlement.
Debt
issuance costs
Costs
incurred in connection with the issuance of long-term debt are presented as a direct deduction from the carrying value of the related
debt and amortized over the term of the related debt.
Revenue
recognition
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09,
Revenue from Contracts with Customers. This update creates a five-step model that requires entities to exercise judgment when
considering the terms of the contract(s) which includes (i) identifying the contract(s) with the customer, (ii) identifying the separate
performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate
performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. The Company adopted this standard on
a modified retroactive basis on January 1, 2018. No financial statement impact occurred upon adoption.
Revenue
from contracts with customers
The
Company recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer. Revenue is
measured based on the consideration the Company expects to receive in exchange for those products.
Performance
obligations and significant judgments
The
Company sells oil and natural gas products in the United States through a single reportable segment. The Company enters into contracts
that generally include one type of distinct product in variable quantities and priced based on a specific index related to the type of
product.
The
oil and natural gas is typically sold in an unprocessed state to processors and other third parties for processing and sale to customers.
The Company recognizes revenue at a point in time when control of the oil or natural gas passes to the customer or processor, as applicable,
discussed below. For oil sales, control is typically transferred to the customer upon receipt at the wellhead or a contractually agreed
upon delivery point. Under our natural gas contracts with processors, control transfers upon delivery at the wellhead or the inlet of
the processing entity’s system. For our other natural gas contracts, control transfers upon delivery to the inlet or to a contractually
agreed upon delivery point. In the cases where the Company sells to a processor, management has determined that the Company is the principal
in the arrangement and the processors are customers. The Company recognizes the revenue in these contracts based on the net proceeds
received from the processor.
Transfer
of control drives the presentation of transportation and gathering costs within the accompanying consolidated statements of operations.
Transportation and gathering costs incurred prior to control transfer are recorded within the transportation and gathering expense line
item on the accompanying consolidated statements of operations, while transportation and gathering costs incurred subsequent to control
transfer are recorded as a reduction to the related revenue.
A
portion of our product sales are short-term in nature. For those contracts, the Company uses the practical expedient in Accounting Standards
Codification (“ASC”) 606-10-50-14 exempting us from disclosure of the transaction price allocated to remaining performance
obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.
For
our product sales that have a contract term greater than one year, the Company has utilized the practical expedient in ASC 606-10-50-14(a)
which states the Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable
consideration is allocated entirely to an unsatisfied performance obligation. Under these sales contracts, each unit of product represents
a separate performance obligation; therefore, future volumes are unsatisfied, and disclosure of the transaction price allocated to remaining
performance obligations is not required. The Company has no unsatisfied performance obligations at the end of each reporting period.
Management
does not believe that significant judgments are required with respect to the determination of the transaction price, including any variable
consideration identified. There is a low level of uncertainty due to the precision of measurement and use of index-based pricing with
predictable differentials. Additionally, any variable consideration identified is not constrained.
Stock-based
compensation
The
Company accounts for stock-based compensation to employees in accordance with FASB ASC 718, Stock-based compensation. Stock-based
compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the
requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB
ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the
services, based on the fair value of the equity instruments, and are recognized as expense over the service period. The Company estimates
the fair value of stock-based payments using the Black-Sholes Option Pricing Model for common stock options and warrants and the closing
price of the Company’s common stock for common share issuances. The Company may grant stock to employees and non-employees in exchange
for goods, services or for settlement of liabilities. Shares granted to employees in exchange for goods, services or settlement of liabilities
are measured based on the fair value of the shares issued. Shares granted to non-employees in exchange for goods or services are measured
based on the fair value of the consideration received or the fair value of the shares issued, whichever is more reliably measurable.
Income
taxes
Income
taxes are accounted for pursuant to ASC 740, Income Taxes, which requires recognition of deferred income tax liabilities and assets
for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns.
The Company provides for deferred taxes on temporary differences between the financial statements and tax basis of assets using the enacted
tax rates that are expected to apply to taxable income when the temporary differences are expected to reverse. Valuation allowances are
established when necessary to reduce deferred income tax assets to the amount expected to be realized.
Uncertain
tax positions are recognized in the financial statements only if that position is more likely than not to be sustained upon
examination by taxing authorities, based on the technical merits of the position. The Company recognizes interest and penalties
related to uncertain tax positions in the income tax provision. There are currently no unrecognized tax benefits that if recognized
would affect the tax rate. There was no
interest or penalties recognized for the three or six months ended June 30, 2023 and 2022.
The
Company is required to file federal income tax returns in the United States and Canada, and in various state and local jurisdictions.
The Company’s tax returns are subject to examination by taxing authorities in the jurisdictions in which it operates in accordance
with the normal statutes of limitations in the applicable jurisdiction.
Earnings
(loss) per share
Basic
earnings (loss) per share have been calculated based on the weighted-average number of common shares outstanding. The treasury stock
method is used to compute the dilutive effect of the Company’s share-based compensation awards. Under this method, the incremental
number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed
issued and purchased using assumed proceeds. Diluted EPS amounts would include the effect of outstanding stock options, warrants, and
other convertible securities if including such potential shares of common stock is dilutive. Basic and diluted earnings per share are
the same in all periods presented as all outstanding instruments are anti-dilutive.
Concentration
of credit risk
The
Company is subject to credit risk resulting from the concentration of its oil receivables with significant purchasers. Two purchasers
accounted for all of the Company’s oil sales revenues for 2023 and 2022. The Company does not require collateral. While the Company
believes its recorded receivables will be collected, in the event of default the Company would follow normal collection procedures. The
Company does not believe the loss of a purchaser would materially impact its operating results as oil is a fungible product with a well-established
market and numerous purchasers.
At
times, the Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management monitors
the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits.
Fair
Value of Financial Instruments
Fair
value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where
it is practicable to estimate that value. As of June 30, 2023, the amounts reported for cash, accrued interest and other expenses, notes
payable, convertible notes, and derivative liability approximate the fair value because of their short maturities.
We
adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established
a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures
about fair value measurements.
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”)
in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on
the observability of inputs as follows:
|
● |
Level 1 — Valuations
based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation
adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily
and regularly available in an active market, valuation of these products does not entail a significant degree of judgment; |
|
● |
Level 2 — Valuations
based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly
or indirectly; and |
|
● |
Level 3 — Valuations
based on inputs that are unobservable and significant to the overall fair value measurement. |
We
measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring
basis are as follows as of June 30, 2023, and December 31, 2022.
SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS
June 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
ARO liabilities | |
| — | | |
| — | | |
| 2,426,523 | | |
| 2,426,523 | |
| |
| | | |
| | | |
| | | |
| | |
December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
ARO liabilities | |
| — | | |
| — | | |
| 2,301,335 | | |
| 2,301,335 | |
The
carrying value of cash, accounts receivable, other current assets, accounts payable, accounts payable – related parties, accrued
liabilities and accrued liabilities – related parties, as reflected in the consolidated balance sheets, approximate fair value,
due to the short-term maturity of these instruments. The carrying value of notes payable approximates their fair value due to immaterial
changes in market interest rates and the Company’s credit risk since issuance of the instruments or due to their short-term nature.
Derivative liabilities are remeasured at fair value every reporting period. Our derivative liabilities are considered level 3 financial
instruments.
Related
parties
The
Audit Committee approves all material related party transactions. The Audit Committee is provided with the details of each new, existing
or proposed related party transaction, including the terms of the transaction, the business purpose of the transaction, and the benefits
to the Company and the relevant related party. In determining whether to approve a related party transaction, the following factors are
considered: (1) if the terms are fair to the Company, (2) if there are business reasons to enter into the transaction, (3) if the transaction
would impair independence of an outside Director, or (4) if the transaction would present an improper conflict of interest for any Director
or executive officer. Any member of the Audit Committee who has an interest in the transaction will abstain from voting on the approval
of the related party transaction.
Business
combinations
In
January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The
ASU provides an updated model for determining if acquired assets and liabilities constitute a business. In a business combination, the
acquired assets and liabilities are recognized at fair value and goodwill could be recognized. In an asset acquisition, the assets are
allocated value based on relative fair value and no goodwill is recognized. The ASU narrows the definition of a business. The Company
adopted this standard on January 1, 2018. ASU 2017-01 did not have a material impact on our financial statements on adoption.
Reclassifications
Certain
amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had
no effect on net loss, working capital or equity previously reported.
Recent
accounting pronouncements
The
Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material
effect on the Company.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent
+ Details
Name: |
us-gaap_SignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
GOING CONCERN
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
3. GOING CONCERN
The
Company has suffered recurring losses from operations and currently has a working capital deficit. These conditions raise substantial
doubt about the Company’s ability to continue as a going concern. The Company plans to generate profits by reducing overhead costs
and reworking its existing oil or gas wells, funding permitting. The Company may need to raise funds through either the sale
of its securities, issuance of corporate bonds, joint venture agreements and/or bank financing to accomplish its goals.
If
additional financing is not available when needed, we may need to cease operations. The Company may not be successful in raising the
capital needed to drill and/or rework existing oil wells. Any additional wells that the Company may drill may be non-productive. Since the Company has an oil producing asset, its goal is to increase the production
rate by optimizing its current infrastructure. The accompanying financial statements have been prepared assuming the Company will continue
as a going concern; no adjustments to the financial statements have been made to account for this uncertainty.
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-40/tableOfContent
+ Details
Name: |
us-gaap_SubstantialDoubtAboutGoingConcernTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
NOTES RECEIVABLE
|
6 Months Ended |
Jun. 30, 2023 |
Notes Receivable |
|
NOTES RECEIVABLE |
NOTE
4. NOTES RECEIVABLE
On
February 16, 2022, Petrolia Canada Corporation (PCC), a wholly-owned subsidiary of the Company entered into a Purchase and Sale
Agreement (PSA) and Debt Settlement Agreement (DSA) with Prospera Energy, Inc. (Prospera) whereby PCC sold its 28%
working interest in the Luseland, Hearts Hill and Cuthbert fields to Prospera. The PSA and DSA agreements were effective as of October 1, 2021.
The DSA included a convertible debenture for $510,000
(CAD) with an interest rate of 8%
per annum, compounded quarterly for a term of two
years.
The
debenture was convertible at PCC’s option into common shares of Prospera at a conversion price of $0.05
(CAD) per share in the first year, from March
1, 2022 to March 31, 2023 and $0.10
(CAD) in the second year from April 1, 2023 to
March 31, 2024. Applicable interest was payable in cash or shares of Prospera at the current market price. The convertible debenture
was converted into equity of Prospera in February and March of 2023, as discussed below in Note 5.
|
X |
- References
+ Details
Name: |
BBLS_DisclosureNotesReceivableAbstract |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNote Receivable Disclosure [Text Block]
+ References
+ Details
Name: |
BBLS_NoteReceivableDisclosureTextBlock |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
HELD FOR TRADING SECURITIES
|
6 Months Ended |
Jun. 30, 2023 |
Held For Trading Securities |
|
HELD FOR TRADING SECURITIES |
NOTE
5. HELD FOR TRADING SECURITIES
We
measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with
the change in fair value included in net income. When equity investments are sold, the change in fair value will become a gain or
loss realized on disposition of asset. We use quoted market prices to determine the fair value of equity securities with readily
determinable fair values.
As
discussed in Note 4, on February 16, 2022, PCC entered into a Purchase and Sale Agreement and Debt Settlement Agreement with
Prospera. In January of 2023, the Company converted $210,000 (CAD)
($157,315 USD
using prevailing rates at that date) of our debenture from Prospera into shares of Prospera Common stock at a conversion rate of
$0.05 (CAD)
per share. In late March of 2023, the Company converted $300,000 (CAD)
($223,248 USD
using prevailing rates at that date) of the debenture from Prospera into shares of Prospera common stock at a conversion rate of
$0.05 (CAD)
per share. The conversion was completed in early April of 2023.
|
X |
- References
+ Details
Name: |
BBLS_DisclosureHeldForTradingSecuritiesAbstract |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionHeld For Trading Securities [Text Block]
+ References
+ Details
Name: |
BBLS_HeldForTradingSecuritiesTextBlock |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
EVALUATED PROPERTIES
|
6 Months Ended |
Jun. 30, 2023 |
Extractive Industries [Abstract] |
|
EVALUATED PROPERTIES |
NOTE
6. EVALUATED PROPERTIES
The
Company’s current properties can be summarized as follows.
SCHEDULE OF COMPANY’S CURRENT PROPERTIES
Cost | |
Canadian properties | | |
United States properties | | |
Total | |
As of December 31, 2021 | |
$ | 2,492,403 | | |
$ | 4,304,622 | | |
$ | 6,797,025 | |
Dispositions | |
| — | | |
| 375 | | |
| 375 | |
Foreign currency translation | |
| (159,363 | ) | |
| — | | |
| (159,363 | ) |
As of December 31, 2022 | |
$ | 2,333,040 | | |
$ | 4,304,997 | | |
$ | 6,638,037 | |
Foreign currency translations | |
| 53,568 | | |
| — | | |
| 53,568 | |
As of June 30, 2023 | |
$ | 2,386,608 | | |
$ | 4,304,997 | | |
$ | 6,691,605 | |
| |
| | | |
| | | |
| | |
Accumulated depletion | |
| | | |
| | | |
| | |
As of December 31, 2021 | |
$ | 387,409 | | |
$ | 61,551 | | |
$ | 448,960 | |
Depletion | |
| 237,067 | | |
| — | | |
| 237,067 | |
Foreign currency translation | |
| (34,273 | ) | |
| — | | |
| (34,273 | ) |
As of December 31, 2022 | |
$ | 590,203 | | |
$ | 61,551 | | |
$ | 651,754 | |
Depletion | |
| 63,076 | | |
| — | | |
| 63,076 | |
Foreign currency translation | |
| 14,673 | | |
| — | | |
| 14,673 | |
As of June 30, 2023 | |
$ | 667,952 | | |
$ | 61,551 | | |
$ | 729,503 | |
| |
| | | |
| | | |
| | |
Net book value as of December 31, 2022 | |
$ | 1,742,837 | | |
$ | 4,243,446 | | |
$ | 5,986,283 | |
Net book value as of June 30, 2023 | |
$ | 1,718,656 | | |
$ | 4,234,446 | | |
$ | 5,962,102 | |
U.S.
Properties – Slick Unit Dutcher Sand (“SUDS”) Field
The
Slick Unit Dutcher Sand (SUDS) field is located in Creek County, Oklahoma. Petrolia owns a 100% working interest (WI) with an approximately
76.5% net revenue interest (NRI) in the 2,530-acre field. The SUDS West unit is approximately 1,670 acres and the SUDS East unit is approximately
860 acres.
As
of December 31, 2022, SUDS total estimated net proved reserves were approximately 346 thousand barrels of oil equivalent (MBoe) and total
estimated net probable reserves were approximately 153 thousand barrels of oil equivalent (MBoe).
On
January 13, 2023, the Company received an Incident and Complaint Investigation Report issued by the Oklahoma Corporation Commission (OCC)
due to a mineral owner complaint. The OCC issued a plug or produce order for SUDS West unit and SUDS East unit. The Company has received
two extensions of time and is working with the OCC to implement a production plan to bring both units into compliance.
The
SUDS field is currently shut-in while the Company completes a review of the land and lease records and subsurface geology. PEC is finalizing a SUDS
capital budget with the intent to commence further field development in the third quarter of 2023.
U.S.
Properties – Twin Lakes San Andres Unit (“TLSAU”) Field
The
Twin Lakes San Andres Unit (TLSAU) field is located in Chaves County, New Mexico. As of December 31, 2022, it was determined that
PEC does not own any TLSAU leases, and therefore has no reserves. It is estimated that PEC has 29 wells that need to be plugged and
abandoned, plus surface remediated. The estimated cost of the TLSAU well plugging and abandonment, and surface remediation
obligations are approximately $1.2
million.
PEC has recently plugged TLSAU wells #018 and #029 and is currently completing the surface remediation for these two wells.
Utikuma
Field
On
May 1, 2020, Petrolia Energy Corporation acquired a 50%
working interest in approximately 28,000
acres located in the Utikuma Lake area in Alberta, Canada.
The property is an oil-weighted asset historically producing approximately 500 barrels of oil per day (bpd) of light oil. The working
interest was acquired from Blue Sky Resources Ltd (“Blue Sky”) an affiliated party transaction. Zel C. Khan, the Company’s
former Chief Executive Officer, is related to the ownership of Blue Sky. Zel Khan is currently the VP of Operations of Blue Sky, the
operator of Petrolia Canada Corporation’s Utikuma field.
Blue
Sky acquired a 100%
working interest in the Canadian Property from Vermilion Energy Inc. via Vermilion’s subsidiary Vermilion Resources. The
effective date of the acquisition was May 1, 2020. The
total purchase price of the property was $2,000,000 (CAD), with $1,000,000 of that total due initially. The additional $1,000,000
was contingent on the future price of West Texas Intermediate (WTI) crude. At the time the WTI price exceeded $50/bbl, the Company
would pay an additional $750,000 CAD. In addition, at the time the WTI price exceeded $57/bbl the Company would pay an additional
$250,000 CAD (for a cumulative contingent total of $1,000,000 CAD). The price of WTI crude exceeded $50 per barrel (bbl) on January
6, 2021 and exceeded $57/bbl on February 8, 2021. The additional payments due were netted with the accounts receivable balance from
previous Joint Interest Billing statements from Blue Sky Resources (BSR). The total USD value of the addition was $787,250, using
prevailing exchange rates on the respective dates. Included in the terms of the agreement, the Company also funded their portion of
the Alberta Energy Regulator (“AER”) bond fund requirement of $763,754 CAD ($576,852 USD), necessary for the wells to
continue in production after the acquisition. Additional funds in the amount of $490,624 CAD ($370,562 USD) remain in the other
current asset balance for future payments to BSR, related to the acquisition.
On May 5, 2023, the Company was notified by BSR, the operator of our Utikuma asset that the Province of Alberta has declared a state of
emergency due to wildfires in Alberta. We were informed that because of wildfires in the vicinity of our oilfield assets, the field was
shut in and all personnel were evacuated. The Utikuma field incurred some damage from the wildfires, though some of the wells have recently
been returned to production.
|
X |
- DefinitionThe entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 932 -SubTopic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//932-360/tableOfContent
+ Details
Name: |
us-gaap_OilAndGasPropertiesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
NOTE
7. LEASES
Our
adoption of ASU 2016-02, Leases (Topic 842), and subsequent ASUs related to Topic 842, requires us to recognize substantially all leases
on the balance sheet as a right-of-use (ROU) asset and a corresponding lease liability. The guidance also requires additional disclosures
as detailed below. We adopted this standard on the effective date of January 1, 2019 and used this effective date as the date of initial
application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures
for prior periods. We elected the ‘package of practical expedients,’ which permitted us to not reassess our prior conclusions
related to lease identification, lease classification, and initial direct costs, and we did not elect the use of hindsight.
Lease
ROU assets and liabilities are recognized at commencement date of the lease, based on the present value of lease payments over the lease
term. The lease ROU asset also includes any lease payments made and excludes any lease incentives. When readily determinable, we use
the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, we use our incremental
borrowing rate based on the information available at the lease commencement date, including the lease term.
Short-term
leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for short-term leases is recognized
on a straight-line basis over the lease term. As of June 30, 2023, we did not have any short-term leases.
The
tables below present financial information associated with our lease.
SCHEDULE OF FINANCIAL INFORMATION LEASE
| |
Balance Sheet Classification | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| | |
| |
Right-of-use assets | |
Other long-term assets | |
$ | 20,311 | | |
$ | 23,086 | |
Current lease liabilities | |
Other current liabilities | |
| 5,833 | | |
| 5,482 | |
Non-current lease liabilities | |
Other long-term liabilities | |
| 14,918 | | |
| 17,714 | |
As
of June 30, 2023, the maturities of our lease liability are as follows:
SCHEDULE OF MATURITIES LEASE LIABILITY
| |
| | |
2023 | |
$ | 2,164 | |
2024 | |
| 5,714 | |
2025 | |
| 6,472 | |
2026 | |
| 5,987 | |
Total | |
$ | 20,337 | |
Less imputed interest | |
| (26 | ) |
Present value of lease liabilities | |
$ | 20,311 | |
|
X |
- References
+ Details
Name: |
BBLS_DisclosureLeasesAbstract |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent
+ Details
Name: |
us-gaap_LesseeOperatingLeasesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
8. NOTES PAYABLE
The
following table summarizes the Company’s notes payable:
SCHEDULE
OF NOTES PAYABLE
| |
Interest rate | | |
Date of maturity | |
June 30, 2023 | | |
December 31, 2022 | |
Credit note I(ii) | |
| 10 | % | |
January 1, 2020 | |
$ | 142,439 | | |
$ | 426,909 | |
Discount on credit note I | |
| | | |
| |
| (13,857 | ) | |
| (41,572 | ) |
Lee Lytton | |
| | | |
On Demand | |
| 3,500 | | |
| 3,500 | |
M. Hortwitz | |
| 10 | % | |
October 14, 2016 | |
| 10,000 | | |
| 10,000 | |
| |
| | | |
| |
$ | 142,082 | (i) | |
$ | 398,837 | |
|
(i) |
All notes are current liabilities
(due within one year or less from June 30, 2023). |
|
|
|
|
(ii) |
On January 2, 2020, the
Company entered into a loan agreement in the amount of $1,000,000 with a third party (including a $120,000 origination fee). The
note bore interest at an interest rate of $10% per annum and matured on June 30, 2020, and included (as discussed below) warrants
to purchase 5,000,000 shares of common stock (the “Loan Warrants”), at an exercise price of $0.10 per share in Canadian
dollars which expired on January 2, 2023. The fair value of issued warrants were recorded as a debt discount of $266,674 and monthly
amortization of $11,111. These funds were initially placed in escrow, then on May 29, 2020, they were used for the purchase of the
Utikuma oil field. Pursuant to a loan extension agreement, on October 30, 2020, the Company issued warrants to purchase 5,000,000
shares of common stock, at an exercise price of $0.05 per share which expired on January 6, 2023. The fair value of the issued warrants
was recorded as a debt discount of $166,289 and monthly amortization of $4,614. Payments totaling $300,000 were made on this note
during the first two quarters of 2023. $284,471 was paid toward principal and $15,529 was paid toward interest. |
The
following is a schedule of future minimum repayments of notes payable as of June 30, 2023:
SCHEDULE
OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE
| |
| | |
2023 | |
$ | 155,939 | |
Thereafter | |
| — | |
Total | |
$ | 155,939 | |
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
+ Details
Name: |
us-gaap_DebtDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
RELATED PARTY NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Notes Payable |
|
RELATED PARTY NOTES PAYABLE |
NOTE
9. RELATED PARTY NOTES PAYABLE
The
following table summarizes the Company’s related party notes payable:
SCHEDULE OF RELATED PARTY
NOTES PAYABLE
| |
Interest
rate | | |
Date
of maturity | | |
June
30, 2023 | | |
December
31, 2022 | |
Quinten Beasley | |
| 10 | % | |
| October
14, 2016 | | |
| 5,000 | | |
| 5,000 | |
Blue Sky Resources (ii) | |
| 3.5 | % | |
| December
31, 2021 | | |
| 178,923 | | |
| 178,923 | |
Blue Sky Resources (iii) | |
| 10 | % | |
| December
31, 2021 | | |
| 150,000 | | |
| 150,000 | |
Blue Sky Resources (iv) | |
| 10 | % | |
| December
31, 2022 | | |
| 2,085,432 | | |
| 2,085,432 | |
Ivar Siem (v) | |
| 9 | % | |
| December
31, 2021 | | |
| 278,435 | | |
| 278,435 | |
Mark Allen (vi) | |
| 9 | % | |
| September
2, 2021 | | |
| 55,000 | | |
| 55,000 | |
Mark Allen (vii) | |
| 12 | % | |
| June
30, 2020 | | |
| 200,000 | | |
| 200,000 | |
Mark Allen (viii) | |
| 9 | % | |
| June
30, 2021 | | |
| 24,619 | | |
| 241,125 | |
Joel
Oppenheim (ix) | |
| 10 | % | |
| December
31, 2021 | | |
| 266,900 | | |
| 266,900 | |
| |
| | | |
| | | |
$ | 3,244,309 | (i) | |
$ | 3,460,815 | |
|
(i) |
All
notes are current liabilities (due within one year or less from June 30, 2023.) |
|
|
|
|
(ii) |
On
February 9, 2018, the Company entered into a Revolving Line of Credit Agreement (“LOC”) for $200,000 (subsequently increased
to $500,000 on April 12, 2018) with Jovian Petroleum Corporation (“Jovian”). The CEO of Jovian is Quinten Beasley, our
former director (resigned October 31, 2018), and 25% of Jovian is owned by Zel C. Khan, our former CEO and director. The initial
agreement was for a period of 6 months, and it previously could be extended for up to 5 additional terms of 6 months each. All amounts
advanced pursuant to the LOC will bear interest from the date of advance until paid in full at 3.5% simple interest per annum. Interest
will be calculated on a basis of a 360-day year and charged for the actual number of days elapsed. This LOC was subsequently extended
until December 31, 2021. On February 2, 2022, the LOC was assigned to Blue Sky Resources. |
|
|
|
|
(iii) |
On
February 3, 2022, Joel Oppenheim, a former Board member, assigned $150,000 of his note to Blue Sky Resources. |
|
|
|
|
(iv) |
On
December 1, 2021, the Company signed an amended loan agreement with a third party for $2,085,432,
which combined prior credit notes and accrued interest on those amounts. The loan bears interest at 10%
per annum and had a maturity date of December
31, 2022. The note was secured by a security interest of 25%
Working Interest in the Cona assets, a security guarantee of a working interest in the Utikuma oil field and a working interest in
the TLSAU field. The note was assigned to Blue Sky Resources on February 11, 2022, and moved to Related Party Notes
Payable. |
|
|
|
|
(v) |
On
August 15, 2019, the Company entered into a loan agreement in the amount of $75,000
with Ivar Siem, a then member of the Board of Directors. The note bears interest at an interest rate of 12%
per annum with a four (4) month maturity. On December 4, 2019, the Company entered into a loan agreement in the amount of $100,000
with Ivar Siem. The note bears interest at an interest rate of 12%
per annum with a six (6) month maturity. At the maturity date, the noteholder has the right to collect the principal plus interest
or convert into 1,250,000
shares of common stock at $0.08
per share. In addition, if converted, the noteholder will also receive 5,000,000
warrants at an exercise price of $0.10
per share, vesting immediately with a 36-month expiration period. On February 28, 2020, the Company entered into a $50,000
loan agreement with Ivar Siem. The note does not bear any interest (0%
interest rate) and is due on demand. The note includes warrants to purchase 200,000
shares of common stock (the “Loan Warrants”), at an exercise price of $0.10
per share in Canadian dollars and expired on March
1, 2022. The warrants were issued on January 1, 2021. On January 1, 2021, the Company entered into an amended loan agreement
in the amount of $278,435,
which combined the three previous loans, along with accrued interest. The note bears an interest rate of 9%
per annum and matured on December
21, 2021. |
|
(vi) |
On
April 15, 2020, the Company entered into an agreement with Mark Allen, the Company’s Chief Executive Officer, that included a funding clause where the Company borrowed
$55,000 from Mr. Allen. The note bears interest at an interest rate of 9% per annum
and matured on September 2, 2021. |
|
|
|
|
(vii) |
During
2019, the Company entered into a loan agreement in the amount of $200,000 with Mark Allen. The note bears interest at an interest
rate of 12% per annum and matured on June 30, 2020. At the maturity date, the note holder has the right to collect the principal
plus interest or convert into 2,500,000 shares of common stock at $0.08 per share. In addition, upon conversion, the note holder
will also receive 10,000,000 warrants at an exercise price of $0.10 per share, vesting immediately with a 36-month expiration period.
|
|
|
|
|
(viii) |
On
January 3, 2020, the Company entered into a loan agreement in the amount of $100,000 with Mark Allen. The note bears interest at
an interest rate of 10% per annum and matured on June 1, 2020, with warrants to purchase 400,000 shares of common stock (the “Loan
Warrants”), at an exercise price of $0.10 per share in Canadian dollars and expired on January 3, 2023. The fair value of issued
warrants was recorded as a debt discount of $31,946 and monthly amortization of $1,775. On February 14, 2020, the Company entered
into a loan agreement in the amount of $125,000 with Mark Allen. The note bears interest at an interest rate of 10% per annum and
matured on June 1, 2020, with warrants to purchase 750,000 shares of common stock (the “Loan Warrants”), at an exercise
price of $0.10 per share in Canadian dollars and expired on February 14, 2022. The fair value of issued warrants was recorded as
a debt discount of $38,249 and monthly amortization of $1,903. On January 1, 2021, the Company entered into an amended loan agreement
in the amount of $245,938, which combined the two previous loans, along with accrued interest. The note bears an interest rate of
9% and matured on June 30, 2021. Payments totaling $233,844 were made on this note in the first two quarters of 2023. $216,506 was applied to principal and $17,338 was applied toward
interest. |
|
|
|
|
(ix) |
Various
shareholder advances were provided by Joel Oppenheim during 2018 and 2019. There were no formal documents drawn. Interest rates were
applied based on other similar loan agreements entered into by the Company during that period. On February 12, 2021, the Company
entered into an amended loan agreement in the amount of $416,900 that consolidated these amounts. The loan bears interest at 10%
per annum and matured on December 31, 2021. On August 31, 2021, this loan was in default due to missed interest payments, and a default
interest rate was applied to the principal balance. On February 3, 2022, $150,000 of this note was assigned to Blue Sky Resources. |
The
following is a schedule of future minimum repayments of related party notes payable as of June 30, 2023:
SCHEDULE
OF FUTURE MINIMUM REPAYMENTS OF RELATED PARTY NOTES PAYABLE
| |
| | |
2023 | |
$ | 3,244,309 | |
Thereafter | |
| — | |
Total | |
$ | 3,244,309 | |
|
X |
- DefinitionRelated Party Notes Payable [Text Block]
+ References
+ Details
Name: |
BBLS_RelatedPartyNotesPayableTextBlock |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
ASSET RETIREMENT OBLIGATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Asset Retirement Obligation Disclosure [Abstract] |
|
ASSET RETIREMENT OBLIGATIONS |
NOTE
10. ASSET RETIREMENT OBLIGATIONS
The
Company has a number of oil and gas wells in production and will have AROs once the wells are permanently removed from service. The primary
obligations involve the removal and disposal of surface equipment, plugging and abandoning the wells and site restoration.
The
Company is the operator of certain wells located in New Mexico, at the Twin Lakes San Andres Unit (“TLSAU”) Field. TLSAU
is located 45 miles from Roswell, Chaves County, New Mexico.
On
March 4, 2021, the Company received a letter from the Commissioner of Public Lands of the State of New Mexico, which was sent to us and
certain other parties notifying such parties of certain non-compliance with the laws and regulations that it administers. The deficiencies
are currently in the process of being settled by a third party agreeing to plug six wells, including at least two Company operated wells
(TLSAU wells #316 and #037). The scope of the matter above included only 240 acres of the 640 acres of The New Mexico State Land Office
(SLO) lease. The Commissioner of Public Lands of the State of New Mexico could still file suit and require the plugging and surface remediation
of all wells in section 36.
On
April 8, 2021, the State of New Mexico Energy, Minerals and Natural Resources Department Oil Conservation Division (“OCD”)
sent the Company a Notice of Violation alleging that the Company was not in compliance with certain New Mexico Oil and Gas Act regulations
(the “NMAC”), associated with required reporting, inactive wells and financial assurance requirements, plugging certain abandoned
wells, providing required financial assurance in connection with plugging expenses, and proposing to assess certain civil penalties in
the amount of an aggregate of approximately $35,100.
On
April 8, 2021, the State of New Mexico Energy, Minerals and Natural Resources Department, Oil Conservation Division (the “OCD”)
issued a Notice of Violation (the “NOV”) to Petrolia alleging that the Company violated four regulations under Title 19,
Chapter 15 of the New Mexico Administrative Code (the “NMAC”) by: (i) failing to file production reports for certain wells,
(ii) exceeding the number of inactive wells allowed, (iii) failing to provide financial assurance in the amount required, and (iv) failing
to provide additional financial assurance in the amount required.
The
Company acknowledged the violations alleged in the NOV and requested an informal resolution. On December 30, 2021, to resolve this
matter, Petrolia entered into a Stipulated Final Order ( the “SFO”) in Case No. 21982 with the OCD whereby Petrolia
among other things agreed to: (i) submit appropriate forms for wells identified on the SFO Inactive Well List, (ii) plug the
specific TLSAU wells listed in section 8 (c) and (d) of the SFO, as well as submit all required information and forms specified in
the SFO, (iii) open an escrow account meeting the terms listed in the SFO, (iv) deposit funds into an escrow account within the
timeframe described in the SFO, and (v) provide the OCD with a report proposing deadlines for bringing all remaining wells into
compliance. The Company recognized an additional liability of $792,000
to plug these wells in 2020. This amount was increased to
The
Company entered into a settlement agreement on July 27, 2020 with Moon Company, Trustee of the O’Brien Mineral Trust pursuant to
which nine leases totaling approximately 3,800 acres of the 4,880 acre Twin Lakes San Andres Unit were terminated as a part of the settlement
agreement. Pursuant to this settlement agreement, the Company no longer has the right to produce oil, gas, or other hydrocarbons and
any other minerals from the mineral estate encumbered by the leases and owned by the trustee of the O’Brien Mineral Trust.
AROs
associated with the retirement of tangible long-lived assets are recognized as liabilities with an increase to the carrying amounts of
the related long-lived assets in the period incurred. The fair value of AROs is recognized as of the acquisition date of the working
interest. The cost of the tangible asset, including the asset retirement cost, is depleted over the life of the asset. AROs are recorded
at estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligations discounted
at the Company’s credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liabilities
are accreted to their expected settlement value. If estimated future costs of AROs change, an adjustment is recorded to both the ARO
and the long-lived asset. Revisions to estimated AROs can result from changes in retirement cost estimates, revisions to estimated discount
rates and changes in the estimated timing of abandonment.
For
the purpose of determining the fair value of AROs incurred during the years presented, the Company used the following assumptions:
SCHEDULE
OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS
| |
June 30, 2023 | |
Inflation rate | |
| 1.92
- 2.15 | % |
Estimated asset life | |
| 12-21
years | |
The
following table shows the change in the Company’s ARO liability:
SCHEDULE
OF CHANGE IN ASSET RETIREMENT OBLIGATIONS
| |
Canadian properties | | |
United
States properties | | |
Total | |
Asset retirement obligations,
December 31, 2021 | |
$ | 1,186,297 | | |
$ | 1,070,730 | | |
$ | 2,257,027 | |
Accretion expense | |
| 145,191 | | |
| 28,412 | | |
| 173,603 | |
Disposition | |
| — | | |
| (47,624 | ) | |
| (47,624 | ) |
Foreign currency
translation | |
| (81,671 | ) | |
| — | | |
| (81,671 | ) |
Asset retirement
obligations, December 31, 2022 | |
$ | 1,249,816 | | |
$ | 1,051,518 | | |
$ | 2,301,335 | |
Accretion expense | |
| 76,501 | | |
| 18,630 | | |
| 95,131 | |
Foreign currency
translation | |
| 30,058 | | |
| — | | |
| 30,058 | |
Asset retirement
obligations, June 30, 2023 | |
$ | 1,356,374 | | |
$ | 1,070,148 | | |
$ | 2,426,523 | |
|
X |
- References
+ Details
Name: |
us-gaap_AssetRetirementObligationDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//410-20/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-2
+ Details
Name: |
us-gaap_AssetRetirementObligationDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
EQUITY |
NOTE
11. EQUITY
Preferred
stock
The
holders of Series A Preferred Stock are entitled to receive cumulative dividends at a rate of 9%
per annum. The Preferred Stock will automatically convert into common stock when the Company’s common stock market price
equals or exceeds $0.28 per
share for 30 consecutive days. At conversion, the
value of each dollar of preferred stock (based on a $10 per share price) will convert into 7.1429 common shares (which results in a
$0.14 per common share conversion rate). The
Series A Preferred Stock also automatically converts into common stock on the five-year anniversary of the filing of the designation
of the Series A Preferred Stock with the Texas Secretary of State (which filing date was May 3, 2017). This automatic conversion
should have occurred on May 3, 2022. We are in the process of informing the Series A Preferred shareholders of the automatic
conversion of their Preferred shares to common shares. It is anticipated that the new common shares will be issued in early August
2023, after which shareholders will be notified of the conversion details. The previously accrued dividends through May 3, 2022 bear
a default interest rate of 12% when
they are not paid. In the first half of 2023, Series A Preferred Stock dividends in the amount of $154,172 have
been accrued to account for the default rate, as well as regular quarterly dividends accrued in error after May 3, 2022.
The
holders of Series B Preferred Stock do not accrue dividends and have no conversion rights. For so long as any shares of Series B Preferred
Stock remain issued and outstanding, the holders thereof, voting separately as a class, have the right to vote on all shareholder matters
(including, but not limited to at every meeting of the stockholders of the Company and upon any action taken by stockholders of the Company
with or without a meeting) equal to sixty percent (60%) of the total vote. No shares of Series B Preferred Stock held by any person who
is not then a member of the Board of Directors of the Company shall have any voting rights.
The
holders of Series C Preferred Stock are entitled to receive cumulative dividends at a rate of 8% per annum. If any shares of Series C
Preferred Stock remain outstanding as of December 31, 2023, the dividend rate will increase to 11% per annum. The Series C Preferred
Stock will automatically convert into common stock upon any registered public offering of the Company’s common stock. At conversion,
the value of each dollar of Series C Preferred Stock (based on a $10 per share price) will convert into 100 common shares (which results
in a $0.01 per common share conversion rate).
In
accordance with the terms of the Series C Preferred Stock, cumulative dividends of $4,364 and $4,260 were declared for the six months
ended June 30, 2023, and June 30, 2022, respectively.
Common
stock
The
common stock of Petrolia Energy Corporation is currently not publicly traded.
Warrants
On
September 24, 2015, the Board of Directors of the Company approved the adoption of the 2015 Stock Incentive Plan (the “Plan”).
The Plan provides an opportunity, subject to approval of our Board of Directors, of individual grants and awards, for any employee, officer,
director or consultant of the Company. The maximum aggregate number of shares of common stock which may be issued pursuant to awards
under the Plan, as amended on November 7, 2017, was 40,000,000 shares. The plan was ratified by the stockholders of the Company on April
14, 2016.
Continuity
of the Company’s common stock purchase warrants issued and outstanding is as follows:
SCHEDULE
OF COMMON STOCK PURCHASE WARRANTS ISSUED AND OUTSTANDING
| |
Warrants | | |
Weighted
Average Exercise
Price | |
Outstanding at year ended December
31, 2021 | |
| 29,700,000 | | |
| 0.13 | |
Granted | |
| 1,000,000 | | |
| 0.10 | |
Expired | |
| (6,730,000 | ) | |
| 0.11 | |
Outstanding at year ended December 31, 2022 | |
| 23,970,000 | | |
| 0.13 | |
Granted | |
| 500,000 | | |
| 0.10 | |
Expired | |
| (8,000,000 | ) | |
| 0.19 | |
Outstanding at June
30, 2023 | |
| 16,470,000 | | |
$ | 0.10 | |
As
of June 30, 2023, the weighted-average remaining contractual life of warrants outstanding was 0.70 years (December 31, 2022 – 0.81
years).
As
of June 30, 2023, the intrinsic value of warrants outstanding is $0.00 (December 31, 2022 - $0.00).
The
table below summarizes warrant issuances during the six months ended June 30, 2023, and year ended December 31, 2022:
SCHEDULE
OF WARRANTS ISSUANCE DURING PERIOD
| |
June
30, 2023 | | |
December
31, 2022 | |
Warrants granted: | |
| | | |
| | |
Pursuant
to financing arrangements | |
| 500,000 | | |
| 1,000,000 | |
Total | |
| 500,000 | | |
| 1,000,000 | |
The
warrants were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined
based on historical data of the Company.
SCHEDULE
OF FAIR VALUE OF ASSUMPTION OF WARRANTS
| |
June
30, 2023 | | |
December
31, 2022 | |
Risk-free interest rate | |
| 4.49 | % | |
| 2.49%
– 4.22 | % |
Expected life | |
| 3.0
years | | |
| 3.0
years | |
Expected dividend rate | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 360 | % | |
| 267%
to 299 | % |
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
+ Details
Name: |
us-gaap_StockholdersEquityNoteDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//850/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-6
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
+ Details
Name: |
us-gaap_RelatedPartyTransactionsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SEGMENT REPORTING
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT REPORTING |
NOTE
13. SEGMENT REPORTING
The
Company has a single reportable operating segment, Oil and Gas Exploration and Production, which includes exploration, development, and
production of current and potential oil and gas properties. Results of operations from producing activities were as follows:
SCHEDULE
OF LONG-LIVED ASSETS
| |
Canada | | |
United
States | | |
Total | |
Three months ended June 30, 2022 | |
| | | |
| | | |
| | |
Revenue | |
$ | 1,137,890 | | |
$ | — | | |
$ | 1,137,890 | |
Production costs | |
| (1,525,407 | ) | |
| (96,992 | ) | |
| (1,622,399 | ) |
Depreciation, depletion,
amortization, and accretion | |
| (96,934 | ) | |
| (7,168 | ) | |
| (104,102 | ) |
Results of operations
from producing activities | |
$ | (484,451 | ) | |
$ | (104,160 | ) | |
$ | (588,611 | ) |
| |
| | | |
| | | |
| | |
Six months ended June 30, 2022 | |
| | | |
| | | |
| | |
Revenue | |
$ | 2,968,171 | | |
$ | 6,079 | | |
$ | 2,974,250 | |
Production costs | |
| (2,789,296 | ) | |
| (109,378 | ) | |
| (2,898,674 | ) |
Depreciation, depletion,
amortization, and accretion | |
| (184,124 | ) | |
| (14,972 | ) | |
| (199,096 | ) |
Results of operations
from producing activities | |
$ | (5,249 | ) | |
$ | (118,271 | ) | |
$ | (123,520 | ) |
| |
| | | |
| | | |
| | |
Total long-lived assets,
June 30, 2022 | |
$ | 1,960,436 | | |
$ | 4,243,071 | | |
$ | 6,203,507 | |
| |
| | | |
| | | |
| | |
Three months ended June 30, 2023 | |
| | | |
| | | |
| | |
Revenue | |
$ | 482,916 | | |
$ | — | | |
$ | 482,916 | |
Production costs | |
| (880,758 | ) | |
| (3,695 | ) | |
| (884,453 | ) |
Depreciation, depletion,
amortization, and accretion | |
| (57,221 | ) | |
| (7,975 | ) | |
| (65,196 | ) |
Results of operations
from producing activities | |
$ | (455,063 | ) | |
$ | (11,670 | ) | |
$ | (466,733 | ) |
| |
| | | |
| | | |
| | |
Six months ended June 30, 2023 | |
| | | |
| | | |
| | |
Revenue | |
$ | 1,859,233 | | |
$ | — | | |
$ | 1,859,233 | |
Production costs | |
| (2,532,093 | ) | |
| (11,840 | ) | |
| (2,543,933 | ) |
Depreciation, depletion,
amortization, and accretion | |
| 139,577 | ) | |
| (18,630 | ) | |
| (158,207 | ) |
Results of operations
from producing activities | |
$ | (812,437 | ) | |
$ | (30,470 | ) | |
$ | (842,907 | ) |
| |
| | | |
| | | |
| | |
Total long-lived assets,
June 30, 2023 | |
$ | 1,718,656 | | |
$ | 4,243,446 | | |
$ | 5,962,102 | |
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
+ Details
Name: |
us-gaap_SegmentReportingDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
14. SUBSEQUENT EVENTS
All shares of the Series A Preferred
Stock are being converted to common shares of stock. The Company determined that this conversion automatically occurred on May 3, 2022, per
the terms of the Certificate of Designations of Petrolia Energy Corporation Establishing the Designations, Preferences, Limitations and
Relative Rights of Its Series A Convertible Preferred Stock, filed with the Secretary of State of Texas on May 3, 2017. The accrued dividends
on the Series A Preferred Stock were adjusted. They stopped accruing on May 3, 2022, however the unpaid dividends accrued interest at
a rate of 12%. The accrued dividends were adjusted to reflect this, and instructions have been sent to the Company’s transfer agent
to complete the conversion. Series A Preferred shareholders are being informed of this conversion by letter, as required by the Certificate
filed with the State of Texas.
All outstanding shares of Petrolia’s Series
A Preferred Stock automatically converted into common stock of the Company pursuant to Section 3.2 of that certain Certificate of Designations
of Petrolia Energy Corporation Establishing the Designations, Preferences, Limitations and Relative Rights of Its Series A Convertible
Preferred Stock filed by the Company with the Secretary of State of Texas on May 3, 2017.
Specifically, (a) Section 3.2 of the Designation provides that “[e]ach
share of Series A Preferred Stock and all Accrued Dividends thereon, shall automatically and without any required action by any Holder,
be converted into that number of fully-paid, non-assessable shares of Common Stock as determined by dividing the Original Issue Price
of each share of Series A Preferred and all Accrued Dividends thereon by the Conversion Price, on the Automatic Conversion Date”;
and (b) Section 15.1 of the Designation provides that “Automatic Conversion Date” means “the first to occur of (i) the
Holders of a majority of the shares of Series A Preferred Stock then outstanding consenting to an Automatic Conversion; (ii) the closing
of Qualified Public Offering; (iii) the five year anniversary of the date that this Designation is filed with the Secretary of State of
Texas; and (iv) the date that the average closing price per share of the Corporation’s Common Stock as reported on a national securities
exchange, NASDAQ, the OTCQX, the OTCQB, or the OTC Pink market, equals or exceeds $0.28 per share (subject to adjustment in connection
with any Recapitalization) during any period of thirty (30) consecutive trading days.” The Automatic Conversion occurred on May
3, 2022. The Company has determined that because this is a recapitalization, prior periods will not be restated.
|
X |
- References
+ Details
Name: |
us-gaap_SubsequentEventsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2
+ Details
Name: |
us-gaap_SubsequentEventsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Principles of consolidation |
Principles
of consolidation
The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Askarii Resources and Petrolia
Canada Corporation. All significant intercompany balances and transactions have been eliminated upon consolidation.
The
Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate
share of earnings is included in earnings and added to or deducted from the cost of the investment.
|
Foreign currency translation |
Foreign
currency translation
The
functional and reporting currency of the Company is the United States dollar. The functional currencies of the Company’s wholly-owned
subsidiaries, Askarii Resources and Petrolia Canada Corporation are the United States dollar and the Canadian dollar, respectively. Transactions
involving foreign currencies are converted into the Company’s functional currency using the exchange rates in effect at the time
of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the Company’s
functional currency are translated using exchange rates at that date. Exchange gains and losses are included in net earnings. On consolidation,
Petrolia Canada Corporation’s income statement amounts are translated at average exchange rates for the year, while the assets
and liabilities are translated at year-end exchange rates. Translation adjustments are accumulated as a separate component of stockholders’
equity in other comprehensive income.
|
Management estimates |
Management
estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates made in preparing these financial statements include depreciation of furniture, equipment
and software, asset retirement obligations (“AROs”) (Note 10), income taxes, and the estimate of proved oil and gas reserves
and related present value estimates of future net cash flows therefrom.
|
Cash and cash equivalents |
Cash
and cash equivalents
The
Company considers all highly liquid instruments purchased with an original maturity date of three months or less to be cash
equivalents. As of December 31, 2022 and June 30, 2023, the Company did not
hold any cash equivalents.
|
Oil and gas properties |
Oil
and gas properties
The
Company follows the full cost accounting method to account for oil and natural gas properties, whereby costs incurred in the acquisition,
exploration and development of oil and gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical
activities, rentals on nonproducing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly
attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of
capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital
costs and proved reserves of oil and gas, in which case the gain or loss is recognized to operations.
The
capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion
and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves.
The
costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold
acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with
capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling
the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated
with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination
is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately
upon determination that the well is unsuccessful.
All
items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are
assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of
various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations;
drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned.
During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and
all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization.
Under
full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs,
less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the
sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices
and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of
cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related
to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged
to operations. For purposes of the ceiling test calculation, current prices are defined as the un-weighted arithmetic average of the
first day of the month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted
for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each
well. Similarly, current costs are assumed to remain constant over the entire calculation period.
Given
the volatility of oil and gas prices, it is reasonably possible that the estimate of discounted future net cash flows from proved oil
and gas reserves could change in the near term. If oil and gas prices decline in the future, even if only for a short period of time,
it is possible that impairments of oil and gas properties could occur. In addition, it is reasonably possible that impairments could
occur if costs are incurred in excess of any increases in the present value of future net cash flows from proved oil and gas reserves,
or if properties are sold for proceeds less than the discounted present value of the related proved oil and gas reserves.
|
Furniture, equipment, and software |
Furniture,
equipment, and software
Furniture,
equipment, and software are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over
the estimated useful lives of the related asset, generally three to five years. Fully depreciated assets are retained in property and
accumulated depreciation accounts until they are removed from service. Management performs ongoing evaluations of the estimated useful
lives of the property and equipment for depreciation purposes. Maintenance and repairs are expensed as incurred. Management periodically
reviews long-lived assets, other than oil and gas property, for impairment whenever events or changes in circumstances indicate that
the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s
estimated fair value and its book value.
|
Derivative financial instruments |
Derivative
financial instruments
The
Company’s derivative financial instruments consist of warrants with an exercise price denominated in the Company’s functional
currency. These derivative financial instruments are measured at their fair value at the end of each reporting period. Changes in fair
value are recorded in net income.
|
Asset retirement obligations |
Asset
retirement obligations
The
Company records a liability for Asset Retirement Obligations (“AROs”) associated with its oil and gas wells when those assets
are placed in service. The corresponding cost is capitalized as an asset and included in the carrying amount of oil and gas properties
and is depleted over the useful life of the properties. Subsequently, the ARO liability is accreted to its then-present value.
Inherent
in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors,
credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments.
To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is
made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss
upon settlement.
|
Debt issuance costs |
Debt
issuance costs
Costs
incurred in connection with the issuance of long-term debt are presented as a direct deduction from the carrying value of the related
debt and amortized over the term of the related debt.
|
Revenue recognition |
Revenue
recognition
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09,
Revenue from Contracts with Customers. This update creates a five-step model that requires entities to exercise judgment when
considering the terms of the contract(s) which includes (i) identifying the contract(s) with the customer, (ii) identifying the separate
performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate
performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. The Company adopted this standard on
a modified retroactive basis on January 1, 2018. No financial statement impact occurred upon adoption.
Revenue
from contracts with customers
The
Company recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer. Revenue is
measured based on the consideration the Company expects to receive in exchange for those products.
Performance
obligations and significant judgments
The
Company sells oil and natural gas products in the United States through a single reportable segment. The Company enters into contracts
that generally include one type of distinct product in variable quantities and priced based on a specific index related to the type of
product.
The
oil and natural gas is typically sold in an unprocessed state to processors and other third parties for processing and sale to customers.
The Company recognizes revenue at a point in time when control of the oil or natural gas passes to the customer or processor, as applicable,
discussed below. For oil sales, control is typically transferred to the customer upon receipt at the wellhead or a contractually agreed
upon delivery point. Under our natural gas contracts with processors, control transfers upon delivery at the wellhead or the inlet of
the processing entity’s system. For our other natural gas contracts, control transfers upon delivery to the inlet or to a contractually
agreed upon delivery point. In the cases where the Company sells to a processor, management has determined that the Company is the principal
in the arrangement and the processors are customers. The Company recognizes the revenue in these contracts based on the net proceeds
received from the processor.
Transfer
of control drives the presentation of transportation and gathering costs within the accompanying consolidated statements of operations.
Transportation and gathering costs incurred prior to control transfer are recorded within the transportation and gathering expense line
item on the accompanying consolidated statements of operations, while transportation and gathering costs incurred subsequent to control
transfer are recorded as a reduction to the related revenue.
A
portion of our product sales are short-term in nature. For those contracts, the Company uses the practical expedient in Accounting Standards
Codification (“ASC”) 606-10-50-14 exempting us from disclosure of the transaction price allocated to remaining performance
obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.
For
our product sales that have a contract term greater than one year, the Company has utilized the practical expedient in ASC 606-10-50-14(a)
which states the Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable
consideration is allocated entirely to an unsatisfied performance obligation. Under these sales contracts, each unit of product represents
a separate performance obligation; therefore, future volumes are unsatisfied, and disclosure of the transaction price allocated to remaining
performance obligations is not required. The Company has no unsatisfied performance obligations at the end of each reporting period.
Management
does not believe that significant judgments are required with respect to the determination of the transaction price, including any variable
consideration identified. There is a low level of uncertainty due to the precision of measurement and use of index-based pricing with
predictable differentials. Additionally, any variable consideration identified is not constrained.
|
Stock-based compensation |
Stock-based
compensation
The
Company accounts for stock-based compensation to employees in accordance with FASB ASC 718, Stock-based compensation. Stock-based
compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the
requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB
ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the
services, based on the fair value of the equity instruments, and are recognized as expense over the service period. The Company estimates
the fair value of stock-based payments using the Black-Sholes Option Pricing Model for common stock options and warrants and the closing
price of the Company’s common stock for common share issuances. The Company may grant stock to employees and non-employees in exchange
for goods, services or for settlement of liabilities. Shares granted to employees in exchange for goods, services or settlement of liabilities
are measured based on the fair value of the shares issued. Shares granted to non-employees in exchange for goods or services are measured
based on the fair value of the consideration received or the fair value of the shares issued, whichever is more reliably measurable.
|
Income taxes |
Income
taxes
Income
taxes are accounted for pursuant to ASC 740, Income Taxes, which requires recognition of deferred income tax liabilities and assets
for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns.
The Company provides for deferred taxes on temporary differences between the financial statements and tax basis of assets using the enacted
tax rates that are expected to apply to taxable income when the temporary differences are expected to reverse. Valuation allowances are
established when necessary to reduce deferred income tax assets to the amount expected to be realized.
Uncertain
tax positions are recognized in the financial statements only if that position is more likely than not to be sustained upon
examination by taxing authorities, based on the technical merits of the position. The Company recognizes interest and penalties
related to uncertain tax positions in the income tax provision. There are currently no unrecognized tax benefits that if recognized
would affect the tax rate. There was no
interest or penalties recognized for the three or six months ended June 30, 2023 and 2022.
The
Company is required to file federal income tax returns in the United States and Canada, and in various state and local jurisdictions.
The Company’s tax returns are subject to examination by taxing authorities in the jurisdictions in which it operates in accordance
with the normal statutes of limitations in the applicable jurisdiction.
|
Earnings (loss) per share |
Earnings
(loss) per share
Basic
earnings (loss) per share have been calculated based on the weighted-average number of common shares outstanding. The treasury stock
method is used to compute the dilutive effect of the Company’s share-based compensation awards. Under this method, the incremental
number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed
issued and purchased using assumed proceeds. Diluted EPS amounts would include the effect of outstanding stock options, warrants, and
other convertible securities if including such potential shares of common stock is dilutive. Basic and diluted earnings per share are
the same in all periods presented as all outstanding instruments are anti-dilutive.
|
Concentration of credit risk |
Concentration
of credit risk
The
Company is subject to credit risk resulting from the concentration of its oil receivables with significant purchasers. Two purchasers
accounted for all of the Company’s oil sales revenues for 2023 and 2022. The Company does not require collateral. While the Company
believes its recorded receivables will be collected, in the event of default the Company would follow normal collection procedures. The
Company does not believe the loss of a purchaser would materially impact its operating results as oil is a fungible product with a well-established
market and numerous purchasers.
At
times, the Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management monitors
the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
Fair
value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where
it is practicable to estimate that value. As of June 30, 2023, the amounts reported for cash, accrued interest and other expenses, notes
payable, convertible notes, and derivative liability approximate the fair value because of their short maturities.
We
adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established
a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures
about fair value measurements.
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”)
in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on
the observability of inputs as follows:
|
● |
Level 1 — Valuations
based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation
adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily
and regularly available in an active market, valuation of these products does not entail a significant degree of judgment; |
|
● |
Level 2 — Valuations
based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly
or indirectly; and |
|
● |
Level 3 — Valuations
based on inputs that are unobservable and significant to the overall fair value measurement. |
We
measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring
basis are as follows as of June 30, 2023, and December 31, 2022.
SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS
June 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
ARO liabilities | |
| — | | |
| — | | |
| 2,426,523 | | |
| 2,426,523 | |
| |
| | | |
| | | |
| | | |
| | |
December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
ARO liabilities | |
| — | | |
| — | | |
| 2,301,335 | | |
| 2,301,335 | |
The
carrying value of cash, accounts receivable, other current assets, accounts payable, accounts payable – related parties, accrued
liabilities and accrued liabilities – related parties, as reflected in the consolidated balance sheets, approximate fair value,
due to the short-term maturity of these instruments. The carrying value of notes payable approximates their fair value due to immaterial
changes in market interest rates and the Company’s credit risk since issuance of the instruments or due to their short-term nature.
Derivative liabilities are remeasured at fair value every reporting period. Our derivative liabilities are considered level 3 financial
instruments.
|
Related parties |
Related
parties
The
Audit Committee approves all material related party transactions. The Audit Committee is provided with the details of each new, existing
or proposed related party transaction, including the terms of the transaction, the business purpose of the transaction, and the benefits
to the Company and the relevant related party. In determining whether to approve a related party transaction, the following factors are
considered: (1) if the terms are fair to the Company, (2) if there are business reasons to enter into the transaction, (3) if the transaction
would impair independence of an outside Director, or (4) if the transaction would present an improper conflict of interest for any Director
or executive officer. Any member of the Audit Committee who has an interest in the transaction will abstain from voting on the approval
of the related party transaction.
|
Business combinations |
Business
combinations
In
January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The
ASU provides an updated model for determining if acquired assets and liabilities constitute a business. In a business combination, the
acquired assets and liabilities are recognized at fair value and goodwill could be recognized. In an asset acquisition, the assets are
allocated value based on relative fair value and no goodwill is recognized. The ASU narrows the definition of a business. The Company
adopted this standard on January 1, 2018. ASU 2017-01 did not have a material impact on our financial statements on adoption.
|
Reclassifications |
Reclassifications
Certain
amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had
no effect on net loss, working capital or equity previously reported.
|
Recent accounting pronouncements |
Recent
accounting pronouncements
The
Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material
effect on the Company.
|
X |
- DefinitionRelated Parties [Policy Text Block]
+ References
+ Details
Name: |
BBLS_RelatedPartiesPolicyTextBlock |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for legal obligation associated with retirement of long-lived asset that results from acquisition, construction, or development or from normal operation of long-lived asset. Excludes environmental remediation liability from improper or other-than-normal operation of long-lived asset, obligation arising in connection with leased property that meets definition of lease payments or variable lease payments and from plan to sell or otherwise dispose of a long-lived asset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//410-20/tableOfContent
+ Details
Name: |
us-gaap_AssetRetirementObligationsPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 05 -Paragraph 4 -Subparagraph (a)-(d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479515/805-10-05-4
+ Details
Name: |
us-gaap_BusinessCombinationsPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-1
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for credit risk.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 825 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480981/942-825-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
+ Details
Name: |
us-gaap_ConcentrationRiskCreditRisk |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1
+ Details
Name: |
us-gaap_ConsolidationPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy related to debt. Includes, but is not limited to, debt issuance costs, the effects of refinancings, method of amortizing debt issuance costs and original issue discount, and classifications of debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_DebtPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for its derivative instruments and hedging activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(n)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-7
+ Details
Name: |
us-gaap_DerivativesPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2
+ Details
Name: |
us-gaap_EarningsPerSharePolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.
+ References
+ Details
Name: |
us-gaap_FairValueMeasurementPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//830/tableOfContent
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(h)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482525/740-10-45-25
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482525/740-10-45-28
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-20
+ Details
Name: |
us-gaap_IncomeTaxPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
+ Details
Name: |
us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for oil and gas property which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_OilAndGasPropertiesPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for reclassification affecting comparability of financial statement. Excludes amendment to accounting standards, other change in accounting principle, and correction of error.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483504/205-10-50-1
+ Details
Name: |
us-gaap_PriorPeriodReclassificationAdjustmentDescription |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for revenue. Includes revenue from contract with customer and from other sources.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (e) -SubTopic 10 -Topic 235 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
+ Details
Name: |
us-gaap_RevenueRecognitionPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(v) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.C.Q3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.D.1.Q5) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.D.3.Q2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.D.2.Q6) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-9
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 11 -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 12 -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-12
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-8
+ Details
Name: |
us-gaap_UseOfEstimates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS |
We
measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring
basis are as follows as of June 30, 2023, and December 31, 2022.
SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS
June 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
ARO liabilities | |
| — | | |
| — | | |
| 2,426,523 | | |
| 2,426,523 | |
| |
| | | |
| | | |
| | | |
| | |
December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
ARO liabilities | |
| — | | |
| — | | |
| 2,301,335 | | |
| 2,301,335 | |
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
EVALUATED PROPERTIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Extractive Industries [Abstract] |
|
SCHEDULE OF COMPANY’S CURRENT PROPERTIES |
The
Company’s current properties can be summarized as follows.
SCHEDULE OF COMPANY’S CURRENT PROPERTIES
Cost | |
Canadian properties | | |
United States properties | | |
Total | |
As of December 31, 2021 | |
$ | 2,492,403 | | |
$ | 4,304,622 | | |
$ | 6,797,025 | |
Dispositions | |
| — | | |
| 375 | | |
| 375 | |
Foreign currency translation | |
| (159,363 | ) | |
| — | | |
| (159,363 | ) |
As of December 31, 2022 | |
$ | 2,333,040 | | |
$ | 4,304,997 | | |
$ | 6,638,037 | |
Foreign currency translations | |
| 53,568 | | |
| — | | |
| 53,568 | |
As of June 30, 2023 | |
$ | 2,386,608 | | |
$ | 4,304,997 | | |
$ | 6,691,605 | |
| |
| | | |
| | | |
| | |
Accumulated depletion | |
| | | |
| | | |
| | |
As of December 31, 2021 | |
$ | 387,409 | | |
$ | 61,551 | | |
$ | 448,960 | |
Depletion | |
| 237,067 | | |
| — | | |
| 237,067 | |
Foreign currency translation | |
| (34,273 | ) | |
| — | | |
| (34,273 | ) |
As of December 31, 2022 | |
$ | 590,203 | | |
$ | 61,551 | | |
$ | 651,754 | |
Depletion | |
| 63,076 | | |
| — | | |
| 63,076 | |
Foreign currency translation | |
| 14,673 | | |
| — | | |
| 14,673 | |
As of June 30, 2023 | |
$ | 667,952 | | |
$ | 61,551 | | |
$ | 729,503 | |
| |
| | | |
| | | |
| | |
Net book value as of December 31, 2022 | |
$ | 1,742,837 | | |
$ | 4,243,446 | | |
$ | 5,986,283 | |
Net book value as of June 30, 2023 | |
$ | 1,718,656 | | |
$ | 4,234,446 | | |
$ | 5,962,102 | |
|
X |
- DefinitionSchedule of current properties [Table Text Block]
+ References
+ Details
Name: |
BBLS_ScheduleOfCurrentPropertiesTableTextBlock |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF FINANCIAL INFORMATION LEASE |
The
tables below present financial information associated with our lease.
SCHEDULE OF FINANCIAL INFORMATION LEASE
| |
Balance Sheet Classification | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| | |
| |
Right-of-use assets | |
Other long-term assets | |
$ | 20,311 | | |
$ | 23,086 | |
Current lease liabilities | |
Other current liabilities | |
| 5,833 | | |
| 5,482 | |
Non-current lease liabilities | |
Other long-term liabilities | |
| 14,918 | | |
| 17,714 | |
|
SCHEDULE OF MATURITIES LEASE LIABILITY |
As
of June 30, 2023, the maturities of our lease liability are as follows:
SCHEDULE OF MATURITIES LEASE LIABILITY
| |
| | |
2023 | |
$ | 2,164 | |
2024 | |
| 5,714 | |
2025 | |
| 6,472 | |
2026 | |
| 5,987 | |
Total | |
$ | 20,337 | |
Less imputed interest | |
| (26 | ) |
Present value of lease liabilities | |
$ | 20,311 | |
|
X |
- References
+ Details
Name: |
BBLS_DisclosureLeasesAbstract |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionSchedule of financial information lease [Table Text Block]
+ References
+ Details
Name: |
BBLS_ScheduleOfFinancialInformationLeaseTableTextBlock |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF NOTES PAYABLE |
The
following table summarizes the Company’s notes payable:
SCHEDULE
OF NOTES PAYABLE
| |
Interest rate | | |
Date of maturity | |
June 30, 2023 | | |
December 31, 2022 | |
Credit note I(ii) | |
| 10 | % | |
January 1, 2020 | |
$ | 142,439 | | |
$ | 426,909 | |
Discount on credit note I | |
| | | |
| |
| (13,857 | ) | |
| (41,572 | ) |
Lee Lytton | |
| | | |
On Demand | |
| 3,500 | | |
| 3,500 | |
M. Hortwitz | |
| 10 | % | |
October 14, 2016 | |
| 10,000 | | |
| 10,000 | |
| |
| | | |
| |
$ | 142,082 | (i) | |
$ | 398,837 | |
|
(i) |
All notes are current liabilities
(due within one year or less from June 30, 2023). |
|
|
|
|
(ii) |
On January 2, 2020, the
Company entered into a loan agreement in the amount of $1,000,000 with a third party (including a $120,000 origination fee). The
note bore interest at an interest rate of $10% per annum and matured on June 30, 2020, and included (as discussed below) warrants
to purchase 5,000,000 shares of common stock (the “Loan Warrants”), at an exercise price of $0.10 per share in Canadian
dollars which expired on January 2, 2023. The fair value of issued warrants were recorded as a debt discount of $266,674 and monthly
amortization of $11,111. These funds were initially placed in escrow, then on May 29, 2020, they were used for the purchase of the
Utikuma oil field. Pursuant to a loan extension agreement, on October 30, 2020, the Company issued warrants to purchase 5,000,000
shares of common stock, at an exercise price of $0.05 per share which expired on January 6, 2023. The fair value of the issued warrants
was recorded as a debt discount of $166,289 and monthly amortization of $4,614. Payments totaling $300,000 were made on this note
during the first two quarters of 2023. $284,471 was paid toward principal and $15,529 was paid toward interest. |
|
SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE |
The
following is a schedule of future minimum repayments of notes payable as of June 30, 2023:
SCHEDULE
OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE
| |
| | |
2023 | |
$ | 155,939 | |
Thereafter | |
| — | |
Total | |
$ | 155,939 | |
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.
+ References
+ Details
Name: |
us-gaap_ScheduleOfDebtTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of maturity and sinking fund requirement for long-term debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
RELATED PARTY NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Notes Payable |
|
SCHEDULE OF RELATED PARTY NOTES PAYABLE |
The
following table summarizes the Company’s related party notes payable:
SCHEDULE OF RELATED PARTY
NOTES PAYABLE
| |
Interest
rate | | |
Date
of maturity | | |
June
30, 2023 | | |
December
31, 2022 | |
Quinten Beasley | |
| 10 | % | |
| October
14, 2016 | | |
| 5,000 | | |
| 5,000 | |
Blue Sky Resources (ii) | |
| 3.5 | % | |
| December
31, 2021 | | |
| 178,923 | | |
| 178,923 | |
Blue Sky Resources (iii) | |
| 10 | % | |
| December
31, 2021 | | |
| 150,000 | | |
| 150,000 | |
Blue Sky Resources (iv) | |
| 10 | % | |
| December
31, 2022 | | |
| 2,085,432 | | |
| 2,085,432 | |
Ivar Siem (v) | |
| 9 | % | |
| December
31, 2021 | | |
| 278,435 | | |
| 278,435 | |
Mark Allen (vi) | |
| 9 | % | |
| September
2, 2021 | | |
| 55,000 | | |
| 55,000 | |
Mark Allen (vii) | |
| 12 | % | |
| June
30, 2020 | | |
| 200,000 | | |
| 200,000 | |
Mark Allen (viii) | |
| 9 | % | |
| June
30, 2021 | | |
| 24,619 | | |
| 241,125 | |
Joel
Oppenheim (ix) | |
| 10 | % | |
| December
31, 2021 | | |
| 266,900 | | |
| 266,900 | |
| |
| | | |
| | | |
$ | 3,244,309 | (i) | |
$ | 3,460,815 | |
|
(i) |
All
notes are current liabilities (due within one year or less from June 30, 2023.) |
|
|
|
|
(ii) |
On
February 9, 2018, the Company entered into a Revolving Line of Credit Agreement (“LOC”) for $200,000 (subsequently increased
to $500,000 on April 12, 2018) with Jovian Petroleum Corporation (“Jovian”). The CEO of Jovian is Quinten Beasley, our
former director (resigned October 31, 2018), and 25% of Jovian is owned by Zel C. Khan, our former CEO and director. The initial
agreement was for a period of 6 months, and it previously could be extended for up to 5 additional terms of 6 months each. All amounts
advanced pursuant to the LOC will bear interest from the date of advance until paid in full at 3.5% simple interest per annum. Interest
will be calculated on a basis of a 360-day year and charged for the actual number of days elapsed. This LOC was subsequently extended
until December 31, 2021. On February 2, 2022, the LOC was assigned to Blue Sky Resources. |
|
|
|
|
(iii) |
On
February 3, 2022, Joel Oppenheim, a former Board member, assigned $150,000 of his note to Blue Sky Resources. |
|
|
|
|
(iv) |
On
December 1, 2021, the Company signed an amended loan agreement with a third party for $2,085,432,
which combined prior credit notes and accrued interest on those amounts. The loan bears interest at 10%
per annum and had a maturity date of December
31, 2022. The note was secured by a security interest of 25%
Working Interest in the Cona assets, a security guarantee of a working interest in the Utikuma oil field and a working interest in
the TLSAU field. The note was assigned to Blue Sky Resources on February 11, 2022, and moved to Related Party Notes
Payable. |
|
|
|
|
(v) |
On
August 15, 2019, the Company entered into a loan agreement in the amount of $75,000
with Ivar Siem, a then member of the Board of Directors. The note bears interest at an interest rate of 12%
per annum with a four (4) month maturity. On December 4, 2019, the Company entered into a loan agreement in the amount of $100,000
with Ivar Siem. The note bears interest at an interest rate of 12%
per annum with a six (6) month maturity. At the maturity date, the noteholder has the right to collect the principal plus interest
or convert into 1,250,000
shares of common stock at $0.08
per share. In addition, if converted, the noteholder will also receive 5,000,000
warrants at an exercise price of $0.10
per share, vesting immediately with a 36-month expiration period. On February 28, 2020, the Company entered into a $50,000
loan agreement with Ivar Siem. The note does not bear any interest (0%
interest rate) and is due on demand. The note includes warrants to purchase 200,000
shares of common stock (the “Loan Warrants”), at an exercise price of $0.10
per share in Canadian dollars and expired on March
1, 2022. The warrants were issued on January 1, 2021. On January 1, 2021, the Company entered into an amended loan agreement
in the amount of $278,435,
which combined the three previous loans, along with accrued interest. The note bears an interest rate of 9%
per annum and matured on December
21, 2021. |
|
(vi) |
On
April 15, 2020, the Company entered into an agreement with Mark Allen, the Company’s Chief Executive Officer, that included a funding clause where the Company borrowed
$55,000 from Mr. Allen. The note bears interest at an interest rate of 9% per annum
and matured on September 2, 2021. |
|
|
|
|
(vii) |
During
2019, the Company entered into a loan agreement in the amount of $200,000 with Mark Allen. The note bears interest at an interest
rate of 12% per annum and matured on June 30, 2020. At the maturity date, the note holder has the right to collect the principal
plus interest or convert into 2,500,000 shares of common stock at $0.08 per share. In addition, upon conversion, the note holder
will also receive 10,000,000 warrants at an exercise price of $0.10 per share, vesting immediately with a 36-month expiration period.
|
|
|
|
|
(viii) |
On
January 3, 2020, the Company entered into a loan agreement in the amount of $100,000 with Mark Allen. The note bears interest at
an interest rate of 10% per annum and matured on June 1, 2020, with warrants to purchase 400,000 shares of common stock (the “Loan
Warrants”), at an exercise price of $0.10 per share in Canadian dollars and expired on January 3, 2023. The fair value of issued
warrants was recorded as a debt discount of $31,946 and monthly amortization of $1,775. On February 14, 2020, the Company entered
into a loan agreement in the amount of $125,000 with Mark Allen. The note bears interest at an interest rate of 10% per annum and
matured on June 1, 2020, with warrants to purchase 750,000 shares of common stock (the “Loan Warrants”), at an exercise
price of $0.10 per share in Canadian dollars and expired on February 14, 2022. The fair value of issued warrants was recorded as
a debt discount of $38,249 and monthly amortization of $1,903. On January 1, 2021, the Company entered into an amended loan agreement
in the amount of $245,938, which combined the two previous loans, along with accrued interest. The note bears an interest rate of
9% and matured on June 30, 2021. Payments totaling $233,844 were made on this note in the first two quarters of 2023. $216,506 was applied to principal and $17,338 was applied toward
interest. |
|
|
|
|
(ix) |
Various
shareholder advances were provided by Joel Oppenheim during 2018 and 2019. There were no formal documents drawn. Interest rates were
applied based on other similar loan agreements entered into by the Company during that period. On February 12, 2021, the Company
entered into an amended loan agreement in the amount of $416,900 that consolidated these amounts. The loan bears interest at 10%
per annum and matured on December 31, 2021. On August 31, 2021, this loan was in default due to missed interest payments, and a default
interest rate was applied to the principal balance. On February 3, 2022, $150,000 of this note was assigned to Blue Sky Resources. |
|
SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF RELATED PARTY NOTES PAYABLE |
The
following is a schedule of future minimum repayments of related party notes payable as of June 30, 2023:
SCHEDULE
OF FUTURE MINIMUM REPAYMENTS OF RELATED PARTY NOTES PAYABLE
| |
| | |
2023 | |
$ | 3,244,309 | |
Thereafter | |
| — | |
Total | |
$ | 3,244,309 | |
|
X |
- DefinitionSchedule Of Maturities Of Related Party Notes Payable [Table Text Block]
+ References
+ Details
Name: |
BBLS_ScheduleOfMaturitiesOfRelatedPartyNotesPayableTableTextBlock |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
+ References
+ Details
Name: |
us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
ASSET RETIREMENT OBLIGATIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Asset Retirement Obligation Disclosure [Abstract] |
|
SCHEDULE OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS |
For
the purpose of determining the fair value of AROs incurred during the years presented, the Company used the following assumptions:
SCHEDULE
OF FAIR VALUE OF ASSET RETIREMENT OBLIGATIONS
| |
June 30, 2023 | |
Inflation rate | |
| 1.92
- 2.15 | % |
Estimated asset life | |
| 12-21
years | |
|
SCHEDULE OF CHANGE IN ASSET RETIREMENT OBLIGATIONS |
The
following table shows the change in the Company’s ARO liability:
SCHEDULE
OF CHANGE IN ASSET RETIREMENT OBLIGATIONS
| |
Canadian properties | | |
United
States properties | | |
Total | |
Asset retirement obligations,
December 31, 2021 | |
$ | 1,186,297 | | |
$ | 1,070,730 | | |
$ | 2,257,027 | |
Accretion expense | |
| 145,191 | | |
| 28,412 | | |
| 173,603 | |
Disposition | |
| — | | |
| (47,624 | ) | |
| (47,624 | ) |
Foreign currency
translation | |
| (81,671 | ) | |
| — | | |
| (81,671 | ) |
Asset retirement
obligations, December 31, 2022 | |
$ | 1,249,816 | | |
$ | 1,051,518 | | |
$ | 2,301,335 | |
Accretion expense | |
| 76,501 | | |
| 18,630 | | |
| 95,131 | |
Foreign currency
translation | |
| 30,058 | | |
| — | | |
| 30,058 | |
Asset retirement
obligations, June 30, 2023 | |
$ | 1,356,374 | | |
$ | 1,070,148 | | |
$ | 2,426,523 | |
|
X |
- References
+ Details
Name: |
us-gaap_AssetRetirementObligationDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the carrying amount of a liability for asset retirement obligations.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_ScheduleOfAssetRetirementObligationsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF COMMON STOCK PURCHASE WARRANTS ISSUED AND OUTSTANDING |
Continuity
of the Company’s common stock purchase warrants issued and outstanding is as follows:
SCHEDULE
OF COMMON STOCK PURCHASE WARRANTS ISSUED AND OUTSTANDING
| |
Warrants | | |
Weighted
Average Exercise
Price | |
Outstanding at year ended December
31, 2021 | |
| 29,700,000 | | |
| 0.13 | |
Granted | |
| 1,000,000 | | |
| 0.10 | |
Expired | |
| (6,730,000 | ) | |
| 0.11 | |
Outstanding at year ended December 31, 2022 | |
| 23,970,000 | | |
| 0.13 | |
Granted | |
| 500,000 | | |
| 0.10 | |
Expired | |
| (8,000,000 | ) | |
| 0.19 | |
Outstanding at June
30, 2023 | |
| 16,470,000 | | |
$ | 0.10 | |
|
SCHEDULE OF WARRANTS ISSUANCE DURING PERIOD |
The
table below summarizes warrant issuances during the six months ended June 30, 2023, and year ended December 31, 2022:
SCHEDULE
OF WARRANTS ISSUANCE DURING PERIOD
| |
June
30, 2023 | | |
December
31, 2022 | |
Warrants granted: | |
| | | |
| | |
Pursuant
to financing arrangements | |
| 500,000 | | |
| 1,000,000 | |
Total | |
| 500,000 | | |
| 1,000,000 | |
|
SCHEDULE OF FAIR VALUE OF ASSUMPTION OF WARRANTS |
The
warrants were valued using the Black Scholes Option Pricing Model with the range of assumptions outlined below. Expected life was determined
based on historical data of the Company.
SCHEDULE
OF FAIR VALUE OF ASSUMPTION OF WARRANTS
| |
June
30, 2023 | | |
December
31, 2022 | |
Risk-free interest rate | |
| 4.49 | % | |
| 2.49%
– 4.22 | % |
Expected life | |
| 3.0
years | | |
| 3.0
years | |
Expected dividend rate | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 360 | % | |
| 267%
to 299 | % |
|
X |
- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value ofwarrants, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
+ References
+ Details
Name: |
BBLS_ScheduleOfShareBasedPaymentAwardWarrantsValuationAssumptionsTableTextBlock |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionSchedule of warrants granted [Table Text Block]
+ References
+ Details
Name: |
BBLS_ScheduleOfWarrantsGrantedTableTextBlock |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1
+ Details
Name: |
us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SEGMENT REPORTING (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF LONG-LIVED ASSETS |
SCHEDULE
OF LONG-LIVED ASSETS
| |
Canada | | |
United
States | | |
Total | |
Three months ended June 30, 2022 | |
| | | |
| | | |
| | |
Revenue | |
$ | 1,137,890 | | |
$ | — | | |
$ | 1,137,890 | |
Production costs | |
| (1,525,407 | ) | |
| (96,992 | ) | |
| (1,622,399 | ) |
Depreciation, depletion,
amortization, and accretion | |
| (96,934 | ) | |
| (7,168 | ) | |
| (104,102 | ) |
Results of operations
from producing activities | |
$ | (484,451 | ) | |
$ | (104,160 | ) | |
$ | (588,611 | ) |
| |
| | | |
| | | |
| | |
Six months ended June 30, 2022 | |
| | | |
| | | |
| | |
Revenue | |
$ | 2,968,171 | | |
$ | 6,079 | | |
$ | 2,974,250 | |
Production costs | |
| (2,789,296 | ) | |
| (109,378 | ) | |
| (2,898,674 | ) |
Depreciation, depletion,
amortization, and accretion | |
| (184,124 | ) | |
| (14,972 | ) | |
| (199,096 | ) |
Results of operations
from producing activities | |
$ | (5,249 | ) | |
$ | (118,271 | ) | |
$ | (123,520 | ) |
| |
| | | |
| | | |
| | |
Total long-lived assets,
June 30, 2022 | |
$ | 1,960,436 | | |
$ | 4,243,071 | | |
$ | 6,203,507 | |
| |
| | | |
| | | |
| | |
Three months ended June 30, 2023 | |
| | | |
| | | |
| | |
Revenue | |
$ | 482,916 | | |
$ | — | | |
$ | 482,916 | |
Production costs | |
| (880,758 | ) | |
| (3,695 | ) | |
| (884,453 | ) |
Depreciation, depletion,
amortization, and accretion | |
| (57,221 | ) | |
| (7,975 | ) | |
| (65,196 | ) |
Results of operations
from producing activities | |
$ | (455,063 | ) | |
$ | (11,670 | ) | |
$ | (466,733 | ) |
| |
| | | |
| | | |
| | |
Six months ended June 30, 2023 | |
| | | |
| | | |
| | |
Revenue | |
$ | 1,859,233 | | |
$ | — | | |
$ | 1,859,233 | |
Production costs | |
| (2,532,093 | ) | |
| (11,840 | ) | |
| (2,543,933 | ) |
Depreciation, depletion,
amortization, and accretion | |
| 139,577 | ) | |
| (18,630 | ) | |
| (158,207 | ) |
Results of operations
from producing activities | |
$ | (812,437 | ) | |
$ | (30,470 | ) | |
$ | (842,907 | ) |
| |
| | | |
| | | |
| | |
Total long-lived assets,
June 30, 2023 | |
$ | 1,718,656 | | |
$ | 4,243,446 | | |
$ | 5,962,102 | |
|
X |
- DefinitionTabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SCHEDULE OF DERIVATIVE LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
ARO liabilities |
$ 2,426,523
|
$ 2,301,335
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
ARO liabilities |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
ARO liabilities |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
ARO liabilities |
$ 2,426,523
|
$ 2,301,335
|
X |
- DefinitionThe carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 25 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481999/410-20-25-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_AssetRetirementObligation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.23.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
+ Details
Name: |
us-gaap_CollaborativeArrangementsAndNoncollaborativeArrangementTransactionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIncluding the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_ConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe price per share of the conversion feature embedded in the debt instrument.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-5
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleConversionPrice1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionPeriod of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentTerm |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=BBLS_DebtSettlememntAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
HELD FOR TRADING SECURITIES (Details Narrative)
|
|
1 Months Ended |
|
|
Jan. 31, 2023
USD ($)
|
Jan. 31, 2023
CAD ($)
$ / shares
|
Mar. 31, 2023
USD ($)
$ / shares
|
Mar. 31, 2023
CAD ($)
|
Mar. 31, 2023
$ / shares
|
Feb. 16, 2022
$ / shares
|
Held For Trading Securities |
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Amount |
|
$ 210,000
|
|
$ 300,000
|
|
|
[custom:DebtConvertedToMarketableSecurities] |
$ 157,315
|
|
$ 223,248
|
|
|
|
Debt Instrument, Convertible, Conversion Price | (per share) |
|
$ 0.05
|
$ 0.10
|
|
$ 0.05
|
$ 0.05
|
X |
- DefinitionDebt converted to marketable securities.
+ References
+ Details
Name: |
BBLS_DebtConvertedToMarketableSecurities |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
BBLS_DisclosureHeldForTradingSecuritiesAbstract |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_DebtConversionConvertedInstrumentAmount1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe price per share of the conversion feature embedded in the debt instrument.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-5
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleConversionPrice1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
v3.23.2
SCHEDULE OF COMPANY’S CURRENT PROPERTIES (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Evaluated properties, beginning balance |
$ 6,638,037
|
$ 6,797,025
|
Cost, Disposition |
|
375
|
Cost, Foreign currency translation |
53,568
|
(159,363)
|
Evaluated properties, ending balance |
6,691,605
|
6,638,037
|
Oil and Gas Property, Full Cost Method, Depletion, beginning balance |
651,754
|
448,960
|
Accumulated depletion, Depletion |
63,076
|
237,067
|
Accumulated depletion, Foreign currency translation |
14,673
|
(34,273)
|
Oil and Gas Property, Full Cost Method, Depletion, ending balance |
729,503
|
651,754
|
Net book value as at ending balance |
5,962,102
|
5,986,283
|
Canadian Properties [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Evaluated properties, beginning balance |
2,333,040
|
2,492,403
|
Cost, Disposition |
|
|
Cost, Foreign currency translation |
53,568
|
(159,363)
|
Evaluated properties, ending balance |
2,386,608
|
2,333,040
|
Oil and Gas Property, Full Cost Method, Depletion, beginning balance |
590,203
|
387,409
|
Accumulated depletion, Depletion |
63,076
|
237,067
|
Accumulated depletion, Foreign currency translation |
14,673
|
(34,273)
|
Oil and Gas Property, Full Cost Method, Depletion, ending balance |
667,952
|
590,203
|
Net book value as at ending balance |
1,718,656
|
1,742,837
|
US Properties [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Evaluated properties, beginning balance |
4,304,997
|
4,304,622
|
Cost, Disposition |
|
375
|
Cost, Foreign currency translation |
|
|
Evaluated properties, ending balance |
4,304,997
|
4,304,997
|
Oil and Gas Property, Full Cost Method, Depletion, beginning balance |
61,551
|
61,551
|
Accumulated depletion, Depletion |
|
|
Accumulated depletion, Foreign currency translation |
|
|
Oil and Gas Property, Full Cost Method, Depletion, ending balance |
61,551
|
61,551
|
Net book value as at ending balance |
$ 4,234,446
|
$ 4,243,446
|
X |
- DefinitionForeign currency translation of oil and gas properties.
+ References
+ Details
Name: |
BBLS_ForeignCurrencyTranslationOfOilAndGasProperties |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionOil and gas property foreign currency translation.
+ References
+ Details
Name: |
BBLS_OilAndGasPropertyForeignCurrencyTranslation |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionOil and gas property disposition.
+ References
+ Details
Name: |
BBLS_OilAndGasPropertyFullCostMethodDisposition |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe noncash expense charged against earnings to recognize the consumption of oil and gas reserves that are part of an entities' assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_DepletionOfOilAndGasProperties |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionDepletion of oil and gas property carried under the full cost method.
+ References
+ Details
Name: |
us-gaap_OilAndGasPropertyFullCostMethodDepletion |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionOil and gas properties, gross, carried under the full cost method.
+ References
+ Details
Name: |
us-gaap_OilAndGasPropertyFullCostMethodGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionOil and gas properties, net of depletion, carried under the full cost method.
+ References
+ Details
Name: |
us-gaap_OilAndGasPropertyFullCostMethodNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=BBLS_CanadianPropertiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=BBLS_USPropertiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
EVALUATED PROPERTIES (Details Narrative) $ in Millions |
|
6 Months Ended |
|
May 01, 2020
a
|
Jun. 30, 2023
a
|
Dec. 31, 2022
USD ($)
|
Net property balance | $ |
|
|
$ 1.2
|
Oil and Gas, Developed Acreage, Gross |
28,000
|
|
|
Blue Sky [Member] |
|
|
|
Business combination, description |
The
total purchase price of the property was $2,000,000 (CAD), with $1,000,000 of that total due initially. The additional $1,000,000
was contingent on the future price of West Texas Intermediate (WTI) crude. At the time the WTI price exceeded $50/bbl, the Company
would pay an additional $750,000 CAD. In addition, at the time the WTI price exceeded $57/bbl the Company would pay an additional
$250,000 CAD (for a cumulative contingent total of $1,000,000 CAD). The price of WTI crude exceeded $50 per barrel (bbl) on January
6, 2021 and exceeded $57/bbl on February 8, 2021. The additional payments due were netted with the accounts receivable balance from
previous Joint Interest Billing statements from Blue Sky Resources (BSR). The total USD value of the addition was $787,250, using
prevailing exchange rates on the respective dates. Included in the terms of the agreement, the Company also funded their portion of
the Alberta Energy Regulator (“AER”) bond fund requirement of $763,754 CAD ($576,852 USD), necessary for the wells to
continue in production after the acquisition. Additional funds in the amount of $490,624 CAD ($370,562 USD) remain in the other
current asset balance for future payments to BSR, related to the acquisition
|
East unit is approximately
860 acres.
|
|
Increased working interest |
50.00%
|
|
|
Vermilion Energy Inc [Member] |
|
|
|
Increased working interest |
100.00%
|
|
|
SUDS Properties LLC [Member] |
|
|
|
Assets working interest |
|
100.00%
|
|
Net revenue interest, percentage |
|
76.50%
|
|
Area of land |
|
2,530
|
|
Twin Lakes San Andres Unit [Member] |
|
|
|
Area of land |
|
1,670
|
|
X |
- DefinitionNet revenue interest percentage.
+ References
+ Details
Name: |
BBLS_NetRevenueInterestPercentage |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionArea assigned to productive oil and gas wells with working interest ownership.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-K (SK) -Number 229 -Section 1208 -Paragraph (a) -Publisher SEC
+ Details
Name: |
srt_GasAndOilAreaDevelopedGross |
Namespace Prefix: |
srt_ |
Data Type: |
dtr-types:areaItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWith respect to a business combination completed during the period, this element provides a description of the business, other than the name, which may include the industry, size, products and other important information.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2
+ Details
Name: |
us-gaap_BusinessAcquisitionDescriptionOfAcquiredEntity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage of voting equity interests acquired at the acquisition date in the business combination.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2
+ Details
Name: |
us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_BusinessAcquisitionAxis=BBLS_BlueSkyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_BusinessAcquisitionAxis=BBLS_VermilionEnergyIncMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_OwnershipAxis=BBLS_SUDSPropertiesLLCMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_OwnershipAxis=BBLS_TwinLakesSanAndresUnitMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- References
+ Details
Name: |
BBLS_DisclosureLeasesAbstract |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's right to use underlying asset under operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseRightOfUseAsset |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.23.2
X |
- References
+ Details
Name: |
BBLS_DisclosureLeasesAbstract |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease having initial or remaining lease term in excess of one year to be paid in remainder of current fiscal year.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
SCHEDULE OF NOTES PAYABLE (Details) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Nonrelated Party [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Notes payable |
|
$ 142,082
|
[1] |
$ 398,837
|
Credit Note One [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Interest rate |
[2] |
10.00%
|
|
|
Date of maturity |
[2] |
Jan. 01, 2020
|
|
|
Notes payable |
[2] |
$ 142,439
|
|
426,909
|
Discount On Credit Note One [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Discount |
|
(13,857)
|
|
(41,572)
|
Lee Lytton [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Notes payable |
|
$ 3,500
|
|
3,500
|
Date of maturity |
|
On Demand
|
|
|
M Horowitz [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Interest rate |
|
10.00%
|
|
|
Date of maturity |
|
Oct. 14, 2016
|
|
|
Notes payable |
|
$ 10,000
|
|
$ 10,000
|
|
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionDate when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDescription of the maturity date of the debt instrument including whether the debt matures serially and, if so, a brief description of the serial maturities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentMaturityDateDescription |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after accumulated amortization, of debt discount.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
+ Details
Name: |
us-gaap_DebtInstrumentUnamortizedDiscount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionIncluding the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_NotesPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_ShortTermDebtLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=BBLS_CreditNoteOneMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=BBLS_DiscountOnCreditNoteOneMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=BBLS_LeeLyttonMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=BBLS_MHorowitzMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF NOTES PAYABLE (Details) (Parenthetical)
|
|
|
6 Months Ended |
|
|
Oct. 30, 2020
USD ($)
$ / shares
shares
|
Jan. 02, 2020
USD ($)
shares
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Feb. 28, 2020
USD ($)
shares
|
Feb. 28, 2020
$ / shares
|
Jan. 02, 2020
$ / shares
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
$ 27,715
|
$ 27,715
|
|
|
|
Mark Allen [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Debt interest rate |
[1] |
|
|
9.00%
|
|
|
|
|
Debt instrument maturity date |
[1] |
|
|
Sep. 02, 2021
|
|
|
|
|
Loan Agreement [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Debt face amount |
|
|
$ 1,000,000
|
|
|
$ 50,000
|
|
|
Origination fee |
|
|
$ 120,000
|
|
|
|
|
|
Debt interest rate |
|
|
10.00%
|
|
|
0.00%
|
|
|
Debt instrument maturity date |
|
|
Jun. 30, 2020
|
|
|
|
|
|
Warrants to acquire of common stock | shares |
|
5,000,000
|
5,000,000
|
|
|
200,000
|
|
|
Warrant exercise price | (per share) |
|
$ 0.05
|
|
|
|
|
$ 0.10
|
$ 0.10
|
Warrant expiry date |
|
Jan. 06, 2023
|
Jan. 02, 2023
|
|
|
Mar. 01, 2022
|
|
|
Debt instrument, unamortized discount |
|
$ 166,289
|
$ 266,674
|
|
|
|
|
|
Amortization of debt discount |
|
$ 4,614
|
$ 11,111
|
|
|
|
|
|
Accured interest |
|
|
|
$ 300,000
|
|
|
|
|
Pricipal amount |
|
|
|
284,471
|
|
|
|
|
Interest |
|
|
|
15,529
|
|
|
|
|
Loan Agreement [Member] | Mark Allen [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Accured interest |
|
|
|
233,844
|
|
|
|
|
Pricipal amount |
|
|
|
216,506
|
|
|
|
|
Interest |
|
|
|
$ 17,338
|
|
|
|
|
|
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_AmortizationOfDebtDiscountPremium |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
+ Details
Name: |
us-gaap_CollaborativeArrangementsAndNoncollaborativeArrangementTransactionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
+ Details
Name: |
us-gaap_DebtInstrumentFaceAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionDate when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after accumulated amortization, of debt discount.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
+ Details
Name: |
us-gaap_DebtInstrumentUnamortizedDiscount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense for debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69F -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-6
+ Details
Name: |
us-gaap_InterestExpenseDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of interest payable on debt, including, but not limited to, trade payables.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(15)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.15(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_InterestPayableCurrentAndNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of cash outflow for short-term and long-term debt. Excludes payment of lease obligation.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 15 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_RepaymentsOfDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionExpiration date of outstanding warrant and right embodying unconditional obligation requiring redemption by transferring asset at specified or determinable date or upon event certain to occur, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_WarrantsAndRightsOutstandingMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=BBLS_LoanAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionLong term debt maturities repayment of principal thereafter.
+ References
+ Details
Name: |
BBLS_LongTermDebtMaturitiesRepaymentOfPrincipalThereafter |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-4
+ Details
Name: |
us-gaap_LongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in remainder of current fiscal year.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_ShortTermDebtLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ShortTermDebtTypeAxis=BBLS_NotesPayableMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF RELATED PARTY NOTES PAYABLE (Details) - USD ($)
|
6 Months Ended |
|
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Feb. 03, 2022 |
Quinten Beasley [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Interest rate |
|
10.00%
|
|
|
|
|
Date of maturity |
|
Oct. 14, 2016
|
|
|
|
|
Notes payable - related party |
|
$ 5,000
|
|
$ 5,000
|
|
|
Blue Sky Resources [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Interest rate |
[1] |
3.50%
|
|
|
|
|
Date of maturity |
[1] |
Dec. 31, 2021
|
|
|
|
|
Notes payable - related party |
[1] |
$ 178,923
|
|
178,923
|
|
|
Blue Sky Resources One [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Interest rate |
[2] |
10.00%
|
|
|
|
|
Date of maturity |
[2] |
Dec. 31, 2021
|
|
|
|
|
Notes payable - related party |
[2] |
$ 150,000
|
|
150,000
|
|
|
Blue Sky Resources Two [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Interest rate |
[3] |
10.00%
|
|
|
|
|
Date of maturity |
[3] |
Dec. 31, 2022
|
|
|
|
|
Notes payable - related party |
[3] |
$ 2,085,432
|
|
2,085,432
|
|
|
Ivar Siem [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Interest rate |
[4] |
9.00%
|
|
|
|
|
Date of maturity |
[4] |
Dec. 31, 2021
|
|
|
|
|
Notes payable - related party |
[4] |
$ 278,435
|
|
278,435
|
|
|
Mark Allen [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Interest rate |
[5] |
9.00%
|
|
|
|
|
Date of maturity |
[5] |
Sep. 02, 2021
|
|
|
|
|
Notes payable - related party |
[5] |
$ 55,000
|
|
55,000
|
|
|
Mark Allen One [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Interest rate |
[6] |
12.00%
|
|
|
|
|
Date of maturity |
[6] |
Jun. 30, 2020
|
|
|
|
|
Notes payable - related party |
[6] |
$ 200,000
|
|
200,000
|
|
|
Mark Allen Two [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Interest rate |
[7] |
9.00%
|
|
|
|
|
Date of maturity |
[7] |
Jun. 30, 2021
|
|
|
|
|
Notes payable - related party |
[7] |
$ 24,619
|
|
241,125
|
|
|
Joel Oppenheim [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Interest rate |
[8] |
10.00%
|
|
|
|
|
Date of maturity |
[8] |
Dec. 31, 2021
|
|
|
|
|
Notes payable - related party |
|
$ 266,900
|
[8] |
266,900
|
[8] |
$ 150,000
|
Related Party [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Notes payable - related party |
[9] |
$ 3,244,309
|
|
$ 3,460,815
|
|
|
|
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionDate when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_NotesPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
SCHEDULE OF RELATED PARTY NOTES PAYABLE (Details) (Parenthetical)
|
|
|
|
|
|
|
|
|
6 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 02, 2021
USD ($)
|
Jan. 02, 2021
USD ($)
|
Oct. 30, 2020
USD ($)
$ / shares
shares
|
Apr. 15, 2020
USD ($)
|
Feb. 14, 2020
USD ($)
$ / shares
shares
|
Jan. 03, 2020
USD ($)
shares
|
Jan. 02, 2020
USD ($)
shares
|
Dec. 04, 2019
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2019
USD ($)
$ / shares
shares
|
Mar. 31, 2023
$ / shares
|
Mar. 31, 2023
$ / shares
|
Jan. 31, 2023
$ / shares
|
Dec. 31, 2022
USD ($)
|
Feb. 16, 2022
$ / shares
|
Feb. 03, 2022
USD ($)
|
Feb. 12, 2021
USD ($)
|
Feb. 28, 2020
USD ($)
shares
|
Feb. 28, 2020
$ / shares
|
Jan. 03, 2020
$ / shares
|
Jan. 02, 2020
$ / shares
|
Aug. 15, 2019
USD ($)
|
Apr. 12, 2018
USD ($)
|
Feb. 19, 2018 |
Feb. 09, 2018
USD ($)
|
Conversion price | (per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
$ 0.05
|
$ 0.05
|
|
|
$ 0.05
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
$ 27,715
|
|
$ 27,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joel Oppenheim [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable - related party |
|
|
|
|
|
|
|
|
|
$ 266,900
|
[1] |
|
|
|
|
|
$ 266,900
|
[1] |
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
[1] |
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
[1] |
|
|
|
|
|
|
|
|
Dec. 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ivar Siem [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable - related party |
[2] |
|
|
|
|
|
|
|
|
$ 278,435
|
|
|
|
|
|
|
$ 278,435
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
[2] |
|
|
|
|
|
|
|
|
9.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
[2] |
|
|
|
|
|
|
|
|
Dec. 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark M Allen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
$ 55,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
9.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
Sep. 02, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving Line Of Credit Agreement [Member] | Jovian Petroleum Corporation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving line of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
3.50%
|
|
Revolving Line Of Credit Agreement [Member] | Jovian Petroleum Corporation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving line of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
$ 200,000
|
Amended Loan Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 2,085,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
Dec. 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets working interest |
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
Jun. 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price | (per share) |
|
|
|
$ 0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
$ 0.10
|
|
|
|
|
Warrant to purchase of common stock | shares |
|
|
|
5,000,000
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200,000
|
|
|
|
|
|
|
|
Warrant maturity date |
|
|
|
Jan. 06, 2023
|
|
|
|
Jan. 02, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 01, 2022
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
$ 4,614
|
|
|
|
$ 11,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Agreement [Member] | Ivar Siem [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
$ 278,435
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 75,000
|
|
|
|
Debt interest rate |
|
|
9.00%
|
|
|
|
|
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.00%
|
|
|
|
Debt maturity date |
|
|
Dec. 21, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on conversion of debt | shares |
|
|
|
|
|
|
|
|
1,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price | $ / shares |
|
|
|
|
|
|
|
|
$ 0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Agreement [Member] | Ivar Siem [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on conversion of debt | shares |
|
|
|
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price | $ / shares |
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Agreement [Member] | Mark M Allen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
$ 245,938
|
|
|
$ 125,000
|
$ 100,000
|
|
|
|
|
|
$ 200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
9.00%
|
|
|
10.00%
|
10.00%
|
|
|
|
|
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
Jun. 30, 2021
|
|
|
Jun. 01, 2020
|
Jun. 01, 2020
|
|
|
|
|
|
Jun. 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on conversion of debt | shares |
|
|
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price | (per share) |
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
Warrant to purchase of common stock | shares |
|
|
|
|
|
750,000
|
400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant maturity date |
|
|
|
|
|
Feb. 14, 2022
|
Jan. 03, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
$ 38,249
|
$ 31,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt |
|
|
|
|
|
$ 1,903
|
$ 1,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Agreement [Member] | Mark M Allen [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on conversion of debt | shares |
|
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Agreement [Member] | Blue Sky Resource [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 150,000
|
$ 416,900
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_AmortizationOfDebtDiscountPremium |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of amortization expense attributable to debt issuance costs.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_AmortizationOfFinancingCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_DebtConversionConvertedInstrumentSharesIssued1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe price per share of the conversion feature embedded in the debt instrument.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-5
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleConversionPrice1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
+ Details
Name: |
us-gaap_DebtInstrumentFaceAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionDate when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
+ Details
Name: |
us-gaap_EquityMethodInvestmentOwnershipPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_NotesPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionExpiration date of outstanding warrant and right embodying unconditional obligation requiring redemption by transferring asset at specified or determinable date or upon event certain to occur, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_WarrantsAndRightsOutstandingMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=BBLS_RevolvingLineOfCreditAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=BBLS_JovianPetroleumCorporationMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=BBLS_AmendedLoanAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=BBLS_LoanAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_WarrantMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ References
+ Details
Name: |
BBLS_LongTermDebtMaturitiesRepaymentsOfPrincipalThereafter |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLong term debt maturities repayments of related party principal in remainder of fiscal year.
+ References
+ Details
Name: |
BBLS_LongTermDebtMaturitiesRepaymentsOfRelatedPartyPrincipalInRemainderOfFiscalYear |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_NotesPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
X |
- DefinitionFair value of assumption estimated asset life.
+ References
+ Details
Name: |
BBLS_FairValueOfAssumptionEstimatedAssetLife |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFair value of assumption inflation rate.
+ References
+ Details
Name: |
BBLS_FairValueOfAssumptionInflationRate |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_RangeAxis=srt_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF CHANGE IN ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Asset retirement obligations at beginning of period |
|
|
$ 2,301,335
|
$ 2,257,027
|
$ 2,257,027
|
Accretion expense |
$ 46,926
|
$ 43,420
|
95,131
|
85,898
|
173,603
|
Disposition |
|
|
|
|
(47,624)
|
Foreign currency translation |
|
|
30,058
|
|
(81,671)
|
Asset retirement obligations at end of period |
2,426,523
|
|
2,426,523
|
|
2,301,335
|
Canadian Properties [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Asset retirement obligations at beginning of period |
|
|
1,249,816
|
1,186,297
|
1,186,297
|
Accretion expense |
|
|
76,501
|
|
145,191
|
Disposition |
|
|
|
|
|
Foreign currency translation |
|
|
30,058
|
|
(81,671)
|
Asset retirement obligations at end of period |
1,356,374
|
|
1,356,374
|
|
1,249,816
|
US Properties [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Asset retirement obligations at beginning of period |
|
|
1,051,518
|
$ 1,070,730
|
1,070,730
|
Accretion expense |
|
|
18,630
|
|
28,412
|
Disposition |
|
|
|
|
(47,624)
|
Foreign currency translation |
|
|
|
|
|
Asset retirement obligations at end of period |
$ 1,070,148
|
|
$ 1,070,148
|
|
$ 1,051,518
|
X |
- DefinitionAsset retirement obligation dispositions.
+ References
+ Details
Name: |
BBLS_AssetRetirementObligationDispositions |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481879/410-20-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_AssetRetirementObligationAccretionExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of foreign currency translation gain (loss) which decreases (increases) asset retirement obligations.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_AssetRetirementObligationForeignCurrencyTranslationGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNoncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_AssetRetirementObligationsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=BBLS_CanadianPropertiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=BBLS_USPropertiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)
|
Apr. 08, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Asset Retirement Obligation Disclosure [Abstract] |
|
|
|
|
|
Legal penalties |
$ 35,100
|
|
|
|
|
Asset retirement obligations additional liabilities |
|
$ 2,426,523
|
$ 2,301,335
|
$ 2,257,027
|
$ 792,000
|
X |
- References
+ Details
Name: |
us-gaap_AssetRetirementObligationDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNoncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1
+ Details
Name: |
us-gaap_AssetRetirementObligationsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
SCHEDULE OF COMMON STOCK PURCHASE WARRANTS ISSUED AND OUTSTANDING (Details) - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
Warrants Outstanding, Beginning balance |
23,970,000
|
29,700,000
|
Weighted Average Exercise Price, Beginning balance |
$ 0.13
|
$ 0.13
|
Warrants, Granted |
500,000
|
1,000,000
|
Weighted Average Exercise Price, Granted |
$ 0.10
|
$ 0.10
|
Warrants, Expired |
(8,000,000)
|
(6,730,000)
|
Weighted Average Exercise Price, Expired |
$ 0.19
|
$ 0.11
|
Warrants Outstanding, Ending balance |
16,470,000
|
23,970,000
|
Weighted Average Exercise Price, Ending balance |
$ 0.10
|
$ 0.13
|
X |
- DefinitionWeighted average exercise price, expired.
+ References
+ Details
Name: |
BBLS_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentWeightedAverageExercisePriceExpired |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWarrants weighted average exercise price.
+ References
+ Details
Name: |
BBLS_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average exercise price, granted.
+ References
+ Details
Name: |
BBLS_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePriceGranted |
Namespace Prefix: |
BBLS_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares under non-option equity instrument agreements for which rights to exercise lapsed.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(4) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNet number of non-option equity instruments granted to participants.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(1) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of equity instruments other than options outstanding, including both vested and non-vested instruments.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(ii) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
v3.23.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNet number of non-option equity instruments granted to participants.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(1) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_WarrantMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=BBLS_FinanceArrangementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF FAIR VALUE OF ASSUMPTION OF WARRANTS (Details)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Measurement Input, Risk Free Interest Rate [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Warrants measurement input |
4.49
|
|
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Warrants measurement input |
|
2.49
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Warrants measurement input |
|
4.22
|
Measurement Input, Expected Term [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Expected life |
3 years
|
3 years
|
Measurement Input, Expected Dividend Rate [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Warrants measurement input |
0
|
0
|
Measurement Input, Price Volatility [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Warrants measurement input |
360
|
|
Measurement Input, Price Volatility [Member] | Minimum [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Warrants measurement input |
|
267
|
Measurement Input, Price Volatility [Member] | Maximum [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Warrants measurement input |
|
299
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPeriod between issuance and expiration of outstanding warrant and right embodying unconditional obligation requiring redemption by transferring asset at specified or determinable date or upon event certain to occur, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_WarrantsAndRightsOutstandingTerm |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
srt_RangeAxis=srt_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
EQUITY (Details Narrative) - USD ($)
|
|
6 Months Ended |
12 Months Ended |
|
Nov. 07, 2017 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Warrant [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Issuance of common stock related shares |
40,000,000
|
|
|
|
Warrants outstanding, weighted-average remaining contractual life |
|
8 months 12 days
|
9 months 21 days
|
|
Warrants outstanding, intrinsic value |
|
$ 0.00
|
$ 0.00
|
|
Series A Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, dividend rate |
|
9.00%
|
|
|
Preferred Stock, Convertible, Conversion Price |
|
$ 0.28
|
|
|
Preferred stock conversion, description |
|
the
value of each dollar of preferred stock (based on a $10 per share price) will convert into 7.1429 common shares (which results in a
$0.14 per common share conversion rate)
|
|
|
Accrued dividends interest rate |
|
12.00%
|
|
|
Cumulative cash dividends |
|
$ 154,172
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, dividend rate |
|
8.00%
|
|
|
Preferred stock conversion, description |
|
the value of each dollar of Series C Preferred Stock (based on a $10 per share price) will convert into 100 common shares (which results
in a $0.01 per common share conversion rate)
|
|
|
Cumulative cash dividends |
|
$ 4,364
|
|
$ 4,260
|
X |
- DefinitionShare based compensation arrangement by share based payment award non option equity instruments outstanding intrinsic value.
+ References
+ Details
Name: |
BBLS_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingIntrinsicValue |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionShare-based compensation arrangement by share-based payment award non option equity instruments outstanding weighted average remaining contractual term.
+ References
+ Details
Name: |
BBLS_SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTerm |
Namespace Prefix: |
BBLS_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAverage rate paid on interest-bearing liabilities.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-K (SK) -Number 229 -Section 1402 -Paragraph (b) -Subparagraph (4) -Publisher SEC
+ Details
Name: |
srt_InterestBearingLiabilitiesAverageRatePaid |
Namespace Prefix: |
srt_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483014/272-10-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482987/272-10-50-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
+ Details
Name: |
us-gaap_ClassOfStockLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cumulative cash dividends distributed to shareholders.
+ References
+ Details
Name: |
us-gaap_CumulativeDividends |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionDescribe the conversion features of preferred stock if preferred stock is convertible. That is, shares of preferred stock into which another convertible security was converted, or shares of preferred stock into which another class of preferred stock was converted.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
+ Details
Name: |
us-gaap_PreferredStockConversionBasis |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPer share conversion price of preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
+ Details
Name: |
us-gaap_PreferredStockConvertibleConversionPrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe percentage rate used to calculate dividend payments on preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.12-12A(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
+ Details
Name: |
us-gaap_PreferredStockDividendRatePercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber, after forfeiture, of shares or units issued under share-based payment arrangement. Excludes shares or units issued under employee stock ownership plan (ESOP).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_WarrantMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of new stock issued during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesNewIssues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEquity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-4
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueNewIssues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_TitleOfIndividualAxis=BBLS_LeoWomackMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF LONG-LIVED ASSETS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total long-lived assets |
$ 5,962,102
|
|
$ 5,962,102
|
|
$ 5,986,283
|
Operating Segments [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenue |
482,916
|
$ 1,137,890
|
1,859,233
|
$ 2,974,250
|
|
Production costs |
(884,453)
|
(1,622,399)
|
(2,543,933)
|
(2,898,674)
|
|
Depreciation, depletion, amortization, and accretion |
(65,196)
|
(104,102)
|
(158,207)
|
(199,096)
|
|
Results of operations from producing activities |
(466,733)
|
(588,611)
|
(842,907)
|
(123,520)
|
|
Total long-lived assets |
5,962,102
|
6,203,507
|
5,962,102
|
6,203,507
|
|
Depreciation, depletion, amortization, and accretion |
65,196
|
104,102
|
158,207
|
199,096
|
|
Operating Segments [Member] | CANADA |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenue |
482,916
|
1,137,890
|
1,859,233
|
2,968,171
|
|
Production costs |
(880,758)
|
(1,525,407)
|
(2,532,093)
|
(2,789,296)
|
|
Depreciation, depletion, amortization, and accretion |
(57,221)
|
(96,934)
|
(139,577)
|
(184,124)
|
|
Results of operations from producing activities |
(455,063)
|
(484,451)
|
(812,437)
|
(5,249)
|
|
Total long-lived assets |
1,718,656
|
1,960,436
|
1,718,656
|
1,960,436
|
|
Depreciation, depletion, amortization, and accretion |
57,221
|
96,934
|
139,577
|
184,124
|
|
Operating Segments [Member] | UNITED STATES |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenue |
|
|
|
6,079
|
|
Production costs |
(3,695)
|
(96,992)
|
(11,840)
|
(109,378)
|
|
Depreciation, depletion, amortization, and accretion |
(7,975)
|
(7,168)
|
(18,630)
|
(14,972)
|
|
Results of operations from producing activities |
(11,670)
|
(104,160)
|
(30,470)
|
(118,271)
|
|
Total long-lived assets |
4,243,446
|
4,243,071
|
4,243,446
|
4,243,071
|
|
Depreciation, depletion, amortization, and accretion |
$ 7,975
|
$ 7,168
|
$ 18,630
|
$ 14,972
|
|
X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 360 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480842/942-360-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionDepreciation, depletion and amortization, and valuation provisions (impairments) related to oil and gas producing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 23 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-23
+ Details
Name: |
us-gaap_ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe results of operations for oil and gas producing activities, excluding corporate overhead and interest costs.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-26
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 23 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-23
+ Details
Name: |
us-gaap_ResultsOfOperationsOilAndGasProducingActivitiesNetIncomeExcludingCorporateOverheadAndInterestCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionProduction (lifting) costs from oil and gas producing activities, including but not limited to lease operating expense, production and ad valorem taxes, and transportation expense.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 23 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-23
+ Details
Name: |
us-gaap_ResultsOfOperationsProductionOrLiftingCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionTotal revenues from oil and gas producing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-24
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 23 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-23
+ Details
Name: |
us-gaap_ResultsOfOperationsRevenueFromOilAndGasProducingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_CA |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_US |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionNumber of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-18
+ Details
Name: |
us-gaap_NumberOfReportableSegments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionPer share or per unit amount of equity securities issued.
+ References
+ Details
Name: |
us-gaap_SharesIssuedPricePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Petrolia Energy (CE) (USOTC:BBLS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Petrolia Energy (CE) (USOTC:BBLS)
Historical Stock Chart
From Jul 2023 to Jul 2024