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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Aug. 31, 2022
May 31, 2022
Current Assets    
Cash and cash equivalents $ 116,698 $ 109,183
Receivables – related party 1,779 1,779
Prepaid expenses and other current assets 25,171 22,235
Total Current Assets 143,648 133,197
Property and Equipment    
Oil and gas acquisition and drilling costs 4,169,319 2,764,477
Property and equipment, net 284,067 410,136
Total Property and Equipment, net 4,453,386 3,174,613
Other assets 30,000 30,000
TOTAL ASSETS 4,998,706 3,701,949
Current Liabilities    
Accounts payable 1,683,790 1,242,905
Accrued payroll liabilities 1,883,345 1,739,819
Accrued interest 54,039 33,329
Deferred well development costs 1,799,260 1,083,822
Convertible debt, net of debt discount and debt issuance costs 306,766 335,038
Revolving note 110,858 62,858
Promissory note 750,000
Note payable – related party 136,479
Note payable – Alleghany, net of debt discount 617,934
Note payable, current portion 343,785 328,613
Total Current Liabilities 6,931,843 5,580,797
Asset retirement obligation 63,306 61,762
Long-term note payable – Alleghany 617,934
Long-term note, net of current portion 777,548 857,339
Total Noncurrent Liabilities 1,458,788 919,101
TOTAL LIABILITIES 8,390,631 6,499,898
Commitments and Contingencies (Note 13)
Stockholders’ Deficit    
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding
Common stock: $0.0001 par value; 90,000,000 shares authorized; 55,787,339 and 54,514,765 issued and outstanding as of August 31, 2022 and May 31, 2022, respectively 5,578 5,451
Additional paid in capital 9,443,410 9,179,088
Accumulated deficit (12,840,913) (11,982,488)
Total Stockholders’ Deficit (3,391,925) (2,797,949)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 4,998,706 3,701,949
Olfert [Member]    
Property and Equipment    
Equity method investment – Cat Creek 37,873 19,435
Cat Creek [Member]    
Property and Equipment    
Equity method investment – Cat Creek $ 333,799 $ 344,704