v3.25.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss $ (8,216,112) $ (3,211,277)
Adjustments to reconcile net loss to net cash used in operations    
Depreciation and depletion 160,001 167,527
Impairment of oil and gas properties 275,760 537,686
Impairment of equity investment - Hupecol Meta LLC 6,392,874
Loss on disposal of oil and gas properties - Colombia 2,343,126
Accretion of plugging and abandonment costs 2,707
Stock-based compensation 101,508 238,314
Amortization of right of use asset 75,120 67,181
Change in operating assets and liabilities:    
(Increase)/Decrease in accounts receivable (3,338) 92,839
Decrease in accrued earning distributions from Hupecol Meta, LLC 17,358
(Increase)/Decrease in prepaid expense and other current assets (140,622) 31,942
(Decrease)/Increase in accounts payable and accrued expenses (106,429) 41,174
Decrease in operating lease liability (75,277) (65,385)
Net cash (used in) provided by operating activities (1,536,515) 263,191
CASH FLOW FROM INVESTING ACTIVITIES    
Payments for capital contribution for equity investment (1,887,516) (2,403,219)
Net cash used in investing activities (1,887,516) (2,403,219)
CASH FLOW FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock for cash, net of offering costs 2,325,000 1,652,000
Net cash provided by financing activities 2,325,000 1,652,000
(DECREASE)/INCREASE IN CASH (1,099,031) (488,028)
Cash, beginning of year 4,059,182 4,547,210
Cash, end of year 2,960,151 4,059,182
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid
Taxes paid
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES    
Change in estimate of asset retirement obligations, net $ 5,904 $ 9,706