v3.25.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash $ 2,960,151 $ 4,059,182
Accounts receivable - oil and gas sales 75,074 71,736
Prepaid expenses and other current assets 175,866 35,244
TOTAL CURRENT ASSETS 3,211,091 4,166,162
PROPERTY AND EQUIPMENT    
Costs subject to amortization 62,770,657 62,776,561
Costs not being amortized
Office equipment 90,004 90,004
Total 62,860,661 62,866,565
Accumulated depletion, depreciation, amortization, and impairment (61,743,025) (61,307,264)
PROPERTY AND EQUIPMENT, NET 1,117,636 1,559,301
Equity investment - Hupecol Meta LLC 4,505,358
Right of use asset 69,901 145,021
Other assets 3,167 3,167
TOTAL ASSETS 4,401,795 10,379,009
CURRENT LIABILITIES    
Accounts payable 49,542 156,572
Accrued expenses 17,684 17,083
Short-term lease liability 71,082 75,276
TOTAL CURRENT LIABILITIES 138,308 248,931
LONG-TERM LIABILITIES    
Lease liability, net of current portion 71,083
Reserve for plugging and abandonment costs 57,180 63,084
TOTAL LONG-TERM LIABILITIES 57,180 134,167
TOTAL LIABILITIES 195,488 383,098
COMMITMENTS AND CONTINGENCIES  
SHAREHOLDERS’ EQUITY    
Common stock, par value $0.001; 20,000,000 shares authorized 13,086,533 and 10,906,353 shares issued and outstanding 13,087 10,907
Additional paid-in capital 89,408,329 86,984,001
Accumulated deficit (85,215,109) (76,998,997)
TOTAL SHAREHOLDERS’ EQUITY 4,206,307 9,995,911
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 4,401,795 $ 10,379,009