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Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash $ 2,847,296 $ 4,059,182
Accounts receivable – oil and gas sales 139,886 71,736
Prepaid expenses and other current assets 78,414 35,244
TOTAL CURRENT ASSETS 3,065,596 4,166,162
PROPERTY AND EQUIPMENT    
Costs subject to amortization 62,777,666 62,776,561
Office equipment 90,004 90,004
Total 62,867,670 62,866,565
Accumulated depletion, depreciation, amortization, and impairment (61,410,343) (61,307,264)
PROPERTY AND EQUIPMENT, NET 1,457,327 1,559,301
Equity investment – Hupecol Meta LLC 5,577,722 4,505,358
Right of use asset 89,531 145,021
Other assets 3,167 3,167
TOTAL ASSETS 10,193,343 10,379,009
CURRENT LIABILITIES    
Accounts payable 192,329 156,572
Accrued expenses 17,065 17,083
Current portion of lease liability 83,510 75,276
TOTAL CURRENT LIABILITIES 292,904 248,931
LONG-TERM LIABILITIES    
Lease liability, net of current portion 7,431 71,083
Reserve for plugging and abandonment costs 64,189 63,084
TOTAL LONG-TERM LIABILITIES 71,620 134,167
TOTAL LIABILITIES 364,524 383,098
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY    
Common stock, par value $0.001; 20,000,000 shares authorized 10,906,353 shares issued and outstanding 10,907 10,907
Additional paid-in capital 87,066,462 86,984,001
Accumulated deficit (77,248,550) (76,998,997)
TOTAL SHAREHOLDERS’ EQUITY 9,828,819 9,995,911
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 10,193,343 $ 10,379,009