Meta Materials (MMATQ) 10-K 18 Mar 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 18, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	000-53473
Entity Registrant Name	TORCHLIGHT ENERGY RESOURCES INC
Entity Central Index Key	0001431959
Entity Tax Identification Number	74-3237581
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	5700 W. Plano Parkway
Entity Address, Address Line Two	Suite 3600
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75093
City Area Code	(214)
Local Phone Number	432-8002
Title of 12(b) Security	Common Stock ($0.001 Par Value)
Trading Symbol	TRCH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 28,337,186
Entity Common Stock, Shares Outstanding		145,313,667
ICFR Auditor Attestation Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 131,327	$ 89,730
Accounts receivable	137,801	137,769
Accounts receivable, related party	92,320	61,693
Production revenue receivable	21,182	100,546
Subscription receivable		250,000
Prepayments - development costs	35,272
Prepaid expenses	103,672	96,006
Total current assets	521,574	735,744
Oil and gas properties, net	30,857,959	40,182,043
Convertible note receivable	1,012,822
Office equipment, net	4,549	6,348
TOTAL ASSETS	32,396,904	40,924,135
Current liabilities:
Accounts payable	1,026,950	1,444,002
Accrued payroll	1,213,779	996,176
Related party payables	98,805	45,000
Due to working interest owners	54,320	54,320
Accrued interest payable	503,229	445,861
Total current liabilities	2,897,083	13,962,486
Convertible notes payable and accrued interest		7,157,260
PPP note payable	77,477
Interest payable, net of current portion	283,080
Asset retirement obligations	21,844	23,319
Total liabilities	19,753,486	25,857,739
Stockholders’ equity:
Preferred stock, par value $0.001, 10,000,000 shares authorized; -0- issued and outstanding December 31, 2020 and December 31, 2019
Common stock, par value $0.001; 150,000,000 shares authorized; 103,273,264 issued and outstanding at December 31, 2020; 76,222,042 issued and outstanding at December 31, 2019	103,276	76,225
Additional paid-in capital	124,475,739	114,143,872
Accumulated deficit	(111,935,597)	(99,153,701)
Total stockholders’ equity	12,643,418	15,066,396
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	32,396,904	40,924,135
12% Unsecured Promissory Notes [Member]
Current liabilities:
Convertible Notes Payable, Current		8,437,127
Convertible Debt, Noncurrent	12,430,821	3,940,703
10% Convertible Promissory Notes Payable [Member]
Current liabilities:
Convertible Notes Payable, Current		540,000
14% Convertible Promissory Notes Payable [Member]
Current liabilities:
Convertible Notes Payable, Current		2,000,000
Convertible Debt, Noncurrent	989,138
8% Convertible Promissory Notes Payable [Member]
Current liabilities:
Convertible Debt, Noncurrent	1,454,043	$ 773,971
Secured Notes Payable 2 [Member]
Current liabilities:
Convertible Debt, Noncurrent	$ 1,600,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Transfer of Financial Assets Accounted for as Sales [Line Items]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	103,273,264	76,222,042
Common Stock, Shares, Outstanding	103,273,264	76,222,042
12% Unsecured Promissory Notes [Member]
Transfer of Financial Assets Accounted for as Sales [Line Items]
Promissory Notes, Discount and Financing Cost Current	$ 0	$ 127,170
Promissory Notes, Discount and Financing Cost Non-Current	69,179	59,297
8% Convertible Promissory Notes Payable [Member]
Transfer of Financial Assets Accounted for as Sales [Line Items]
Promissory Notes, Discount and Financing Cost Non-Current	505,957	$ 1,186,029
14% Convertible Promissory Notes Payable [Member]
Transfer of Financial Assets Accounted for as Sales [Line Items]
Promissory Notes, Discount and Financing Cost Non-Current	$ 10,862

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Oil and gas sales	$ 193,379	$ 746,263
Cost of revenues	(188,481)	(451,325)
Gross profit	4,898	294,938
Operating expenses:
General and administrative	3,526,700	3,273,697
Depreciation, depletion and amortization	820,441	4,393,160
Loss on sale of oil and gas property	2,928,276
Impairment loss	2,108,301	1,494,769
Total operating expenses	9,383,718	9,161,626
Other income (expense)
Loss on extinguishment of debt	(1,999,866)
Debt conversion expense	(176,400)
Interest expense and accretion of note discounts	(1,239,532)	(968,292)
Franchise tax	(100)	(4,441)
Interest income	12,822	25
Total expense, net	(3,403,076)	(972,708)
Loss before income taxes	(12,781,896)	(9,839,396)
Provision for income taxes
Net loss	$ (12,781,896)	$ (9,839,396)
Loss per common share:
Basic and Diluted	$ (0.14)	$ (0.14)
Weighted average number of common shares outstanding:
Basic and Diluted	90,721,599	72,857,079

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning Balance, Shares at Dec. 31, 2018	70,112,376
Beginning Balance at Dec. 31, 2018	$ 70,116	$ 107,266,965	$ (89,314,305)	$ 18,022,776
Issuance of common stock for services	$ 312	365,088		365,400
Beginning Balance, Shares	312,593
Issuance of common stock for cash less Underwriting/Offering Costs	$ 4,696	3,442,184		3,446,880
Beginning Balance, Shares	4,696,100
Issuance of common stock for subscription	$ 417	249,583		250,000
Beginning Balance, Shares	416,667
Issuance of common stock for interest	$ 169	183,545		183,714
Beginning Balance, Shares	167,845
Issuance of common stock for payment in kind on note payable	$ 202	313,906		314,108
Beginning Balance, Shares	202,316
Issuance of common stock for oil and  gas lease extension	$ 100	124,900		125,000
Beginning Balance, Shares	100,000
Beneficial conversion feature on  convertible notes		1,145,546		1,145,546
Debt discount from fair value of warrants issued with convertible notes		240,455		240,455
Issuance of common stock for convertible note conversion	$ 45	49,955		50,000
Beginning Balance, Shares	45,455
Warrant/Option exercise into common stock	$ 168	184,675		184,843
Beginning Balance, Shares	168,690
Warrants expense		340,570		340,570
Option expense		236,500		236,500
Net loss			(9,839,396)	(9,839,396)
Issuance of common stock for prepayment of development costs
Issuance of common stock for promissory note extension
Debt conversion expense
Shares, Outstanding, Ending Balance at Dec. 31, 2019	76,222,042
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2019	$ 76,225	114,143,872	(99,153,701)	15,066,396
Issuance of common stock for services	$ 318	161,432		$ 161,750
Beginning Balance, Shares	317,857			317,857
Issuance of common stock for cash less Underwriting/Offering Costs	$ 16,788	5,324,027		$ 5,340,815
Beginning Balance, Shares	16,787,625
Issuance of common stock for subscription
Issuance of common stock for payment in kind on note payable	$ 680	313,427		314,107
Beginning Balance, Shares	680,376
Beneficial conversion feature on  convertible notes
Debt discount from fair value of warrants issued with convertible notes
Issuance of common stock for convertible note conversion	$ 3,727	1,662,869		$ 1,666,596
Beginning Balance, Shares	3,726,412
Beginning Balance, Shares				11,027,390
Warrants expense		148,900		$ 148,900
Option expense		68,250		68,250
Net loss			(12,781,896)	(12,781,896)
Issuance of common stock to a vendor for delay in payment	$ 40	25,960		$ 26,000
[custom:IssuanceOfCommonStockToVendorForDelayInPaymentShares]	40,000			40,000
Issuance of common stock for prepayment of development costs	$ 1,630	748,370		$ 750,000
[custom:CommonStockIssuedForPrepaymentOfDevelopmentCostsShares]	1,630,434
Issuance of common stock in connection with property sale	$ 313	99,687		100,000
Stock Issued During Period, Shares, Purchase of Assets	313,480
Issuance of common stock for promissory note extension	$ 40	15,960		16,000
[custom:CommonStockIssuedForNoteExtensionShares]	40,000
Issuance of common stock in payment of accounts payable and accrued liabilities	$ 357	134,643		135,000
[custom:IssuanceOfCommonStockInPaymentOfAccountsPayableShares]	357,143
Warrants issued in connection with public and private common stock		1,072,600		1,072,600
Warrant/Option exercise into common stock	$ 3,158	(3,158)
[custom:WarrantExerciseIntoCommonStockShares]	3,157,895
Warrants issued in conversion of notes payable		382,500		382,500
Debt conversion expense		176,400		176,400
Shares, Outstanding, Ending Balance at Dec. 31, 2020	103,273,264
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2020	$ 103,276	$ 124,475,739	$ (111,935,597)	$ 12,643,418

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities
Net loss	$ (12,781,896)	$ (9,839,396)
Adjustments to reconcile net loss to net cash from operations:
Stock based compensation	404,900	942,470
Stock issued for interest payments on notes payable		183,714
Accrued interest payable in stock	226,884	228,057
Bad debt expense	15,606	34,500
Amortization of debt issuance costs	309,821	286,584
Accretion of note discounts	82,605	229,166
Amortization of beneficial conversion on convertible notes	680,072	199,972
Debt conversion expense	176,400
Depreciation, depletion and amortization	820,441	4,393,160
Loss on extinguishment of debt	1,999,866
Loss on sale of oil and gas property	2,928,276
Impairment loss	2,108,301	1,494,769
Change in:
Accounts receivable	(15,638)	7,433
Accounts receivable, related party	(30,627)	(61,693)
Production revenue receivable	79,364	194,169
Prepayments - development costs		146,422
Other assets		6,362
Prepaid expenses	(7,666)	(35,026)
Accounts payable and accrued expenses	940,651	311,603
Related party payables	53,805
Accrued interest payable	663,562	1,135,801
Net cash from operating activities	(1,345,273)	(141,933)
Cash Flows From Investing Activities
Investment in oil and gas properties	(6,141,201)	(8,783,658)
Convertible note receivable	(12,822)
Proceeds from sale of oil and gas property	350,000
Purchase of property, plant, and equipment		(6,564)
Net cash from investing activities	(5,804,023)	(8,790,222)
Cash Flows From Financing Activities
Issuance of common stock, net of offering costs	6,513,416	3,446,880
Proceeds from stock subscription receivable	250,000
Proceeds from notes payable	77,477	4,010,000
Proceeds from convertible promissory notes	600,000	539,999
Payment for extension of debt maturity	(250,000)
Proceeds from exercise of warrants into common stock		184,843
Net cash from financing activities	7,190,893	8,181,722
Net increase (decrease) in cash	41,597	(750,433)
Cash - beginning of year	89,730	840,163
Cash - end of year	131,327	89,730
Supplemental disclosure of cash flow information:
Cash paid for interest	1,595,154	1,554,510
Cash paid for state franchise tax	100	4,441
Supplemental disclosure of non-cash investing and financing activities:
Debt converted by transfer of working interest	7,330,849
Common stock issued for prepayment of development costs	750,000
Common stock issued for oil and gas lease extension		125,000
Common stock issued for payment in kind on notes payable	314,107	314,108
Common stock issued for note principal and interest conversion	1,666,596	50,000
Common stock issued for note extension	16,000
Increase (decrease) in accounts payable for property development costs	1,025,100	(520,094)
Subscription receivable for sale of common stock		250,000
Beneficial conversion feature on convertible notes		1,145,546
Debt discount from fair value of warrants with convertible notes		240,455
Note receivable from third party	1,000,000
Account payable relieved in transfer of oil and gas properties	$ 7,000

NATURE OF BUSINESS

NATURE OF BUSINESS	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS	1. NATURE OF BUSINESS Torchlight Energy Resources, Inc. was incorporated in October 2007 under the laws of the State of Nevada as Pole Perfect Studios, Inc. (“PPS”). From its incorporation to November 2010, the company was primarily engaged in business start-up activities. We are engaged in the acquisition, exploitation and/or development of oil and natural gas properties in the United States. We operate our business through our subsidiaries Torchlight Energy Inc., Torchlight Energy Operating, LLC, Hudspeth Oil Corporation, Torchlight Hazel LLC, and Warwink Properties LLC.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	2. GOING CONCERN At December 31, 2020, the Company had not yet achieved profitable operations. We had a net loss of $ 12,781,896 111,935,597 2,375,509 The Company’s ability to continue as a going concern is dependent on its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management’s plan to address the Company’s ability to continue as a going concern includes: (1) obtaining debt or equity funding from private placement, institutional, or public sources; (2) obtain loans from financial institutions, where possible, or (3) participating in joint venture transactions with third parties. Although management believes that it will be able to obtain the necessary funding to allow the Company to remain a going concern through the methods discussed above, there can be no assurances that such methods will prove successful. These consolidated financial statements have been prepared assuming that the Company will continue as a going concern and therefore, the financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amount and classifications of liabilities that may result from the outcome of this uncertainty.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	3. SIGNIFICANT ACCOUNTING POLICIES The Company maintains its accounts on the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America. Accounting principles followed and the methods of applying those principles, which materially affect the determination of financial position, results of operations and cash flows are summarized below: Use of estimates Basis of presentation TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. SIGNIFICANT ACCOUNTING POLICIES - continued Risks and uncertainties The COVID-19 pandemic caused the global economy to enter a recessionary period, which may be prolonged and severe. During 2020, the exploration and production industry faced the dual impact of demand deterioration from COVID-19 and market oversupply from increased production, which caused oil and natural gas prices to decline significantly for most of the year. It is uncertain how the pandemic may impact our future operations. Concentration of risks Fair value of financial instruments For assets and liabilities that require re-measurement to fair value the Company categorizes them in a three-level fair value hierarchy as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. ● Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Cash and cash equivalents Accounts receivable 15,606 34,500 Oil and gas properties Oil and gas properties include costs that are excluded from costs being depleted or amortized. Oil and natural gas property costs excluded represent investments in unevaluated properties and include non-producing leasehold, geological, and geophysical costs associated with leasehold or drilling interests and exploration drilling costs. The Company allocates a portion of its acquisition costs to unevaluated properties based on relative value. Costs are transferred to the full cost pool as the properties are evaluated over the life of the reservoir. Unevaluated properties are reviewed for impairment at least quarterly and are determined through an evaluation considering, among other factors, seismic data, requirements to relinquish acreage, drilling results, remaining time in the commitment period, remaining capital plan, and political, economic, and market conditions. Gains and losses on the sale of oil and gas properties are not generally reflected in income unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves. Sales of less than 100% of the Company’s interest in the oil and gas property are treated as a reduction of the capital cost of the field, with no gain or loss recognized, as long as doing so does not significantly affect the unit-of-production depletion rate. Costs of retired equipment, net of salvage value, are usually charged to accumulated depreciation. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. SIGNIFICANT ACCOUNTING POLICIES - continued Capitalized interest 2,353,700 2,858,753 Depreciation, depletion, and amortization Ceiling test 2,108,301 1,494,769 The ceiling test calculation uses a commodity price assumption which is based on the unweighted arithmetic average of the price on the first day of each month for each month within the prior 12-month period and excludes future cash outflows related to estimated abandonment costs. The determination of oil and gas reserves is a subjective process, and the accuracy of any reserve estimate depends on the quality of available data and the application of engineering and geological interpretation and judgment. Estimates of economically recoverable reserves and future net cash flows depend on a number of variable factors and assumptions that are difficult to predict and may vary considerably from actual results. In particular, reserve estimates for wells with limited or no production history are less reliable than those based on actual production. Subsequent re-evaluation of reserves and cost estimates related to future development of proved oil and gas reserves could result in significant revisions to proved reserves. Other issues, such as changes in regulatory requirements, technological advances, and other factors which are difficult to predict could also affect estimates of proved reserves in the future. Asset retirement obligations 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. Income taxes Authoritative guidance for uncertainty in income taxes requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an examination. Management has reviewed the Company’s tax positions and determined there were no uncertain tax positions requiring recognition in the consolidated financial statements. Company tax returns remain subject to Federal and State tax examinations. Generally, the applicable statutes of limitation are three to four years from their respective filings. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. SIGNIFICANT ACCOUNTING POLICIES - continued Estimated interest and penalties related to potential underpayment on any unrecognized tax benefits are classified as a component of tax expense in the statements of operation. The Company has not recorded any interest or penalties associated with unrecognized tax benefits for any periods covered by these financial statements. Share-based compensation The Company accounts for stock option awards using the calculated value method. The expected term was derived using the simplified method provided in Securities and Exchange Commission release Staff Accounting Bulletin No. 110, which averages an awards weighted average vesting period and contractual term for “plain vanilla” share options. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation cost for an award is reversed in the period that the award is forfeited. The Company also issues equity awards to non-employees. The fair value of these option awards is estimated when the award recipient completes the contracted professional services. The Company recognizes expense for the estimated total value of the awards during the period from their issuance until performance completion. The Company values warrant and option awards using the Black-Scholes option pricing model. Revenue recognition Revenues from oil and gas sales Year Ended Year Ended December 31, 2020 December 31, 2019 Revenues Oil sales $ 187,755 $ 716,014 Gas sales 5,624 30,249 Total $ 193,379 $ 746,263 Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled to in exchange for transferring control of those goods to the customer. Amounts allocated in the Company’s price contracts are based on the standalone selling price of those products in the context of long-term contracts. Payment is generally received one or two months after the sale has occurred. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. SIGNIFICANT ACCOUNTING POLICIES - continued Gain or loss on derivative instruments is outside the scope of ASC 606 and is not considered revenue from contracts with customers subject to ASC 606. The Company may in the future use financial or physical contracts accounted for as derivatives as economic hedges to manage price risk associated with normal sales, or in limited cases may use them for contracts the Company intends to physically settle but do not meet all of the criteria to be treated as normal sales. Producer Gas Imbalances. Basic and diluted earnings (loss) per share – 11,027,390 Environmental laws and regulations Recent accounting pronouncements not yet adopted – In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Other recently issued or adopted accounting pronouncements are not expected to have, or did not have, a material impact on the Company’s financial position or results from operations. Subsequent events –

OIL & GAS PROPERTIES

OIL & GAS PROPERTIES	12 Months Ended
	Dec. 31, 2020
Extractive Industries [Abstract]
OIL & GAS PROPERTIES	4. OIL & GAS PROPERTIES The following table presents the capitalized costs for oil & gas properties December 31, 2020 December 31, 2019 Evaluated costs subject to amortization $ 15,656,182 $ 13,243,541 Unevaluated costs 30,857,959 39,667,740 Total capitalized costs 46,514,141 52,911,281 Less accumulated depreciation, depletion and amortization (15,656,182 ) (12,729,238 ) Total oil and gas properties $ 30,857,959 $ 40,182,043 Unevaluated costs as of December 31, 2020 include cumulative costs on developing projects including the Orogrande and Hazel projects in West Texas. The Company periodically adjusts for the separation of evaluated versus unevaluated costs within its full cost pool to recognize the value impairment related to the expiration of, or changes in market value, of unevaluated leases. The impact of reclassifications as they become necessary is to increase the basis for calculation of future period’s depletion, depreciation and amortization which effectively recognizes the impairment on the consolidated statement of operations over future periods. Reclassified costs also become evaluated costs for purposes of ceiling tests and which may cause recognition of increased impairment expense in future periods. The remaining cumulative unevaluated costs which have been reclassified within our full cost pool totals $ 5,881,635 TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. OIL & GAS PROPERTIES - continued Due to the volatility of commodity prices, should oil and natural gas prices decline in the future, it is possible that a further write-down could occur. Proved reserves are estimated quantities of crude oil, natural gas, and natural gas liquids, which geological and engineering data demonstrate with reasonable certainty to be recoverable from known reservoirs under existing economic and operating conditions. The independent engineering estimates include only those amounts considered to be proved reserves and do not include additional amounts which may result from new discoveries in the future, or from application of secondary and tertiary recovery processes where facilities are not in place or for which transportation and/or marketing contracts are not in place. Estimated reserves to be developed through secondary or tertiary recovery processes are classified as unevaluated properties. Current Projects We are an energy company engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States. We are primarily focused on the acquisition of early stage projects, the development and delineation of these projects, and then the monetization of those assets once these activities are completed. Since 2010, our primary focus has been the development of interests in oil and gas projects we hold in the Permian Basin in West Texas. We also hold minor interests in certain other oil and gas projects in Central Oklahoma that we are in the process of divesting. As of December 31, 2020, we had interests in three oil and gas projects: the Orogrande Project in Hudspeth County, Texas, the Hazel Project in Sterling, Tom Green, and Irion Counties, Texas, and two wells in Central Oklahoma. Orogrande Project, West Texas On August 7, 2014, we entered into a Purchase Agreement with Hudspeth Oil Corporation (“Hudspeth”), McCabe Petroleum Corporation (“MPC”), and Gregory McCabe, our Chairman. Mr. McCabe was the sole owner of both Hudspeth and MPC. Under the terms and conditions of the Purchase Agreement, we purchased 100% We believe all drilling obligations through December 31, 2020 have been met. Effective March 27, 2017, the property became subject to a DDU Agreement which allows for all 192 existing leases covering approximately 134,000 net acres leased from University Lands to be combined into one drilling and development unit for development purposes. The term of the DDU Agreement expires on December 31, 2023, and the time to drill on the drilling and development unit continues through December 2023. The DDU Agreement also grants the right to extend the DDU Agreement through December 2028 if compliance with the DDU Agreement is met and the extension fee associated with the additional time is paid. Our drilling obligations include four five TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. OIL & GAS PROPERTIES - continued On July 25, 2018, we and Hudspeth entered into a Settlement & Purchase Agreement (the “Settlement Agreement”) with Founders (and Founders Oil & Gas Operating, LLC, former Operator), Wolfbone and MPC (entities controlled by our Chairman), which agreement provided for Founders assigning all of its working interest in the oil and gas leases of the Orogrande Project to Hudspeth and Wolfbone equally. Future well capital spending obligations remained the same 50% contribution from Hudspeth and 50% from Wolfbone until such time as the $40.5 million to be spent on the project. The Company estimates that there is still approximately $8.7 million remaining to be spent on the project until such time as the capital expenditures revert back to the percentages of the working interest owners. The Company has drilled nine test wells in the Orogrande in order to stay in compliance with University Lands D&D Unit Agreement, as well as, to test for potential shallow pay zones and deeper pay zones that may be present on structural plays. Development of the wells continued through the year ended December 31, 2020 to further capture and document the scientific base in support of demonstrating the production potential of the property. The Company is currently marketing the project for an outright sale or farm in partner. This marketing process has been long and arduous as the overall market is quite soft. Due to the size and scope of the project, we are dealing with very large companies that have multitudes of people reviewing our material, which in itself is extensive. Should a farm out partner or sale not occur, the Company and Wolfbone will continue to drill additional wells in the play in order to fulfill the obligations under the DDU Agreement On March 9, 2020, holders of notes payable by the Company entered into a Conversion Agreement under which the noteholders elected to convert principal of $6,000,000 and approximately $1,331,000 of accrued interest on the notes, in accordance with their terms, into an aggregate 6% working interest (of all such holders) in the Orogrande Project. The Orogrande Project ownership Revenue Working Interest Interest University Lands - Mineral Owner 20.000 % n/a ORRI - Magdalena Royalties, LLC, an entity controlled by Gregory McCabe, Chairman 4.500 % n/a ORRI - Unrelated Party 0.500 % n/a Hudspeth Oil Corporation, a subsidiary of Torchlight Energy Resources Inc. 49.875 % 66.500 % Wolfbone Investments LLC, an entity controlled by Gregory McCabe, Chairman 18.750 % 25.000 % Conversion by Note Holders in March, 2020 4.500 % 6.000 % Unrelated Party 1.875 % 2.500 % 100.000 % 100.000 % TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. OIL & GAS PROPERTIES - continued Hazel Project in the Midland Basin in West Texas Effective April 4, 2016, TEI acquired from MPC a 66.66% working interest in approximately 12,000 acres in the Midland Basin. A back-in after payout of a 25% working interest was retained by MPC and another unrelated working interest owner. In October 2016, the holders of all of our then-outstanding shares of Series C Preferred Stock (which were issued in July 2016) elected to convert into a total 33.33% working interest in our Hazel Project, reducing our ownership from 66.66% to a 33.33% working interest. Acquisition of Additional Interests in Hazel Project On January 30, 2017, we entered into and closed an Agreement and Plan of Reorganization and a Plan of Merger with an entity which was wholly-owned by Mr. McCabe, which resulted in the acquisition of approximately 40.66% working interest in the 12,000 gross acres, 9,600 net acres, in the Hazel Project. Also, on January 30, 2017, the Company entered into and closed a Purchase and Sale Agreement with Wolfbone. Under the agreement, we acquired certain of Wolfbone’s Hazel Project assets, including its interest in the Flying B Ranch #1 well and the 40 acre unit surrounding the well. Upon the closing of the transactions, our working interest in the Hazel Project increased by 40.66% to a total ownership of 74%. Effective June 1, 2017, we acquired an additional 6% working interest from unrelated working interest owners increasing our working interest in the Hazel project to 80%, and an overall net revenue interest of 74-75%. The Company has drilled six test wells on the Hazel Project to capture and document the scientific base in support of demonstrating the production potential of the property. Lease Modifications In May 2019 we entered into agreements with two of the three mineral owners on the northern section of the leases to keep the entire acreage block as one lease with a one-year extension. We issued each of them 50,000 shares of our common stock as consideration for this extension. As of December 31, 2020, we have structured the extension agreement retroactively with the third mineral owner for cash consideration. Due to this extension, our obligation for 2019 reduced to one obligation well. We finished that obligation well targeting a shallow zone that showed oil potential. For the remainder of 2020 the Company must drill one well in June and two wells by the December 31, 2020. Development of the June well was initiated during June 2020. The December obligation was met under the terms of the Option Agreement. See below. Option Agreement with Masterson Hazel Partners, LP On August 13, 2020, our subsidiaries Torchlight Energy, Inc. and Torchlight Hazel, LLC (collectively, “Torchlight”) entered into an option agreement (the “Option Agreement”) with Masterson Hazel Partners, LP (“MHP”) and McCabe Petroleum Corporation. Under the agreement, MHP was obligated to drill and complete, or cause to be drilled and completed, at its sole cost and expense, a new lateral well (the “Well”) on our Hazel Project, sufficient to satisfy Torchlight’s continuous development obligations on the southern half of the prospect no later than September 30, 2020. MHP has satisfied this drilling obligation. MHP paid to Torchlight $1,000 as an option fee at the time of execution of the Option Agreement. MHP is entitled to receive, as its sole recourse for the recoupment of drilling costs, the revenue from production of the Well attributable to Torchlight’s interest until such time as it has recovered its reasonable costs and expenses for drilling, completing, and operating the well. In exchange for MHP satisfying the above drilling obligations, Torchlight granted to MHP the exclusive right and option to perform operations, at MHP’s sole cost and expense, on the Hazel Project sufficient to satisfy Torchlight’s continuous development obligations on the northern half of the prospect. Because MHP exercised this drilling option and satisfied the continuous development obligations on the northern half of the prospect, under the terms of the Option Agreement (as amended in September 2020) MHP now has the option to purchase the entire Hazel Project no later than May 31, 2021. Such purchase would be under the terms of a form of Purchase and Sale Agreement included as an exhibit to the Option Agreement, at an aggregate purchase price of $12,690,704 for approximately 9,762 net mineral acres, and not less than 74% net revenue interest (approximately $1,300 per net mineral acre). In the event MHP exercises its option to purchase the entire Hazel Project, McCabe Petroleum Corporation, which is owned by our chairman Gregory McCabe, has agreed to reduce its reversionary interest in the Hazel Project from 20% to not more than 12.5%. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. OIL & GAS PROPERTIES - continued Winkler Project, Winkler County, Texas On December 1, 2017, an Agreement and Plan of Reorganization was entered into with MPC and Warwink Properties, LLC (“Warwink Properties”) to acquire certain assets, including a 10.71875% working interest in approximately 640 acres in Winkler County, Texas. Also, on December 1, 2017, MPC closed its transaction with MECO IV, LLC (“MECO”), for the purchase and sale of certain assets. Also, on December 1, 2017, the transactions contemplated by the Purchase Agreement that TEI entered into with MPC closed. Under the Purchase Agreement TEI acquired beneficial ownership of certain of MPC’s assets, including acreage and wellbores located in Ward County, Texas (the “Ward County Assets”). Addition to the Winkler Project As of May 7, 2018 our Winkler project in the Delaware Basin had begun the drilling phase of the first Winkler Project well, the UL 21 War-Wink 47 #2H. Additional acreage was leased by our operating partner under the Area of Mutual Interest Agreement (AMI) and we exercised its right to participate for its 12.5% in the additional 1,080 gross acres. Our carried interest in the first well was applied to this new well and allowed MECO to drill and produce potential revenues sooner than originally planned. The primary leasehold is a 320-acre block and allows for 5,000-foot lateral wells to be drilled. In August 2020, the Company transferred a group of marginal unproductive wells (acquired as part of the original Winkler transaction) to the Operator of the properties in exchange for a $7,000 credit against the outstanding account payable due to the Operator. No gain or loss was recognized on the transaction. On November 11, 2020 (effective November 1, 2020), the Company and MPC sold their entire interest in the Winkler project for a total purchase price of $450,000, with $100,000 allocated to MPC and $350,000 allocated to the Company. In connection with this transaction, MPC agreed to have its $100,000 portion of the purchase price paid directly to the Company in exchange for the Company issuing MPC 313,480 shares of common stock. Hunton Play, Central Oklahoma Presently, we are producing from one well in the Viking Area of Mutual Interest and one well in Prairie Grove.

RELATED PARTY BALANCES

RELATED PARTY BALANCES	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY BALANCES	5. RELATED PARTY BALANCES As of December 31, 2020, and December 31, 2019, related party payables were $ 98,805 45,000 1,213,779 996,176 On September 18, 2020, McCabe Petroleum Corporation, an entity owned by Greg McCabe, Torchlight’s Chairman, provided a bridge loan to Torchlight for $ 1,500,000 100,000 As of December 31, 2020, and 2019, the Company had a $ 92,320 61,693 401(k) Plan The Company has established a 401(k) Plan which is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. The Company makes matching contributions the first 6% 26,017 19,200

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	6. COMMITMENTS AND CONTINGENCIES Leases The Company is subject to a sublease agreement through October 31, 2021 for occupancy of its office premises which requires monthly rent payments of $3,512. Legal Matters On January 31, 2020, Torchlight Energy Resources, Inc. and its wholly owned subsidiaries Torchlight Energy, Inc. and Torchlight Energy Operating, LLC were served with a lawsuit brought by Goldstone Holding Company, LLC ( Goldstone Holding Company, LLC v. Torchlight Energy, Inc., et al. On April 30, 2020, our wholly owned subsidiary, Hudspeth Oil Corporation, filed suit against Datalog LWT, Inc. d/b/a Cordax Evaluation Technologies. The suit seeks the recovery of approximately $1.4 million in costs incurred as a result of a tool failure during drilling activities on the University Founders A25 #2 well that is located in the Orogrande Field. Working interest owner Wolfbone Investments, LLC, a company owned by our Chairman Gregory Mccabe, is a co-plaintiff in that action. After the suit was filed, Cordax filed a mineral lien in the amount of $104,500.01 against the Orogrande Field and has sued the operator and counterclaimed against Hudpspeth for breach of contract, seeking the same amount as the lien. We are contesting the lien in good faith. We have added the manufacturer of one of the tool components that we contend was a cause of the tool failure. The suit, Hudspeth Oil Corporation and Wolfbone Investments, LLC v. Datalog LWT, Inc. d/b/a Cordax Evaluation Technologies th Environmental Matters The Company is subject to contingencies as a result of environmental laws and regulations. Present and future environmental laws and regulations applicable to the Company’s operations could require substantial capital expenditures or could adversely affect its operations in other ways that cannot be predicted at this time. As of December 31, 2020 and 2019, no amounts had been recorded because no specific liability has been identified that is reasonably probable of requiring the Company to fund any future material amounts.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
STOCKHOLDERS’ EQUITY	7. STOCKHOLDERS’ EQUITY Common Stock On January 10, 2020, the Company sold 600,000 0.60 On January 16, 2020, the Company announced the closing of its underwritten public offering of 3,285,715 0.70 1,997,118 In May 2020, the Company issued 680,376 314,107 In May 2020, we issued 1,630,434 750,000 On May 20, 2020, the Company announced the closing of its underwritten public offering of 3,450,000 0.34 886,622 TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. STOCKHOLDERS’ EQUITY - continued On June 16, 2020, the Company announced the closing of its registered direct offering of 7,894,737 0.38 2,783,691 During the year ended December 31, 2020, the Company issued 317,857 161,750 During the year ended December 31, 2020, the Company issued 40,000 26,000 During the year ended December 31, 2020, the Company issued 40,000 16,000 During the year ended December 31, 2020, the Company issued 257,143 90,000 During the year ended December 31, 2020, the Company issued 100,000 45,000 On July 20, 2020, the Company entered into a Sales Agreement to conduct an “at-the-market” equity offering program pursuant to which the Company may issue and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $7,000,000. The Sales Agent is entitled to an aggregate fixed commission of 3.0% of the gross proceeds from shares sold. Gross proceeds from sales of 1,557,173 shares under the Sales Agreement through December 31, 2020 totaled $511,966. Commissions and offering expenses on the sales totaled $ 125,981 385,985 During the year ended December 31, 2020, the Company issued 3,726,412 shares of common stock in conversion of principal and interest on notes payable with a fair value of $1,666,596. During the year ended December 31, 2020, the Company issued 313,480 shares of common stock to its Chairman, Gregory McCabe in connection with the sale of the Warwink property. During the year ended December 31, 2019, the Company issued 4,696,100 shares of common stock for cash of $3,446,880. During the year ended December 31, 2019 the Company issued 416,667 shares of common stock for a subscription of $183,963. During the year ended December 31, 2019 the Company issued 312,593 shares of common stock with total fair value of $365,400 as compensation for services. During the year ended December 31, 2019 the Company issued 167,845 shares of common stock for lease interests with total fair value of $250,000. TORCHLIGHT ENERGY RESOURCES, INC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. STOCKHOLDERS’ EQUITY - continued During the year ended December 31, 2019 the Company issued 100,000 shares of common stock for lease extensions with total fair values of $125,000. During the year ended December 31, 2019 the Company issued 45,455 shares of common stock in conversions of notes payable valued at $50,000. During the year ended December 31, 2019 the Company issued 202,316 shares of common stock in payment in kind on notes payable valued at $314,108. During the year ended December 31, 2019 the Company issued 168,690 shares of common stock resulting from warrant and option exercises for consideration totaling $184,843. Warrants and Options During the year ended December 31, 2020, the Company issued 715,000 warrants with total fair value of $ 148,900 68,250 During the year ended December 31, 2020, the Company issued 750,000 warrants valued at $ 382,500 During the year ended December 31, 2020, the Company issued 600,000 warrants valued at $366,000 in connection with the sale of 600,000 shares of common stock valued at $360,000 in a private placement. Of the total proceeds received from the offering $181,488 was allocated to the warrants using the pro rata percentage of the fair market value of the warrants. During the year ended December 31, 2020, the Company issued 172,500 warrants valued at $36,225 in connection with the offering of common stock on May 20, 2020 as referred to above. In connection with the registered direct offering closed June 16, 2020, as referenced above, the Company issued 3,157,895 warrants. The warrants were exercised on July 9, 2020 under the cashless provisions in the agreement resulting in the Company issuing 3,157,895 shares of common stock for which no cash was received. Of the total proceeds received from the offering $854,887 was allocated to the warrants using the pro rata percentage of the number of warrants to the total shares ultimately issued under the offering terms. During the year ended December 31, 2019 the Company issued and vested 100,000 warrants with total fair values of $99,000 as compensation for services and 2,032,122 warrants in connection with financings in 2019 and recorded expense of $241,570 related to warrants issued in prior periods. During the year ended December 31, 2019 the Company issued 700,000 stock options. The Company vested 700,000 stock options with total fair value of $236,500 as compensation for services. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. STOCKHOLDERS’ EQUITY - continued A summary of warrants outstanding Exercise Expiration Date in Price 2021 2022 2023 2024 2025 Total $ 0.425 - - - - 172,500 172,500 $ 0.500 - - 500,000 - - 500,000 $ 0.70 - - - - 965,000 965,000 $ 0.80 - - - - 2,266,667 2,266,667 $ 1.03 120,000 - - - - 120,000 $ 1.14 - - 600,000 - - 600,000 $ 1.21 - - 120,000 - - 120,000 $ 1.35 - 365,455 - - - 365,455 $ 1.63 - - - 100,000 - 100,000 $ 1.64 200,000 - - - - 200,000 $ 2.00 200,000 - - - - 200,000 520,000 365,455 1,220,000 100,000 3,404,167 5,609,622 Exercise Expiration Date in Price 2020 2021 2022 2023 2024 2025 Total $ 0.70 420,000 - - - - - 420,000 $ 0.80 - - - - - 1,666,667 1,666,667 $ 1.03 - 120,000 - - - - 120,000 $ 1.14 - - - 600,000 - - 600,000 $ 1.21 - - - 120,000 - - 120,000 $ 1.35 - - 365,455 - - - 365,455 $ 1.40 321,737 - - - - - 321,737 $ 1.63 - - - - 100,000 - 100,000 $ 1.64 - 200,000 - - - - 200,000 $ 1.80 1,250,000 - - - - - 1,250,000 $ 2.00 - 200,000 - - - - 200,000 $ 2.23 339,901 - - - - - 339,901 2,331,638 520,000 365,455 720,000 100,000 1,666,667 5,703,760 On June 11, 2020, 4,500,000 stock options previously granted to officers of the Company in 2015 expired. On July 15, 2020, we entered into new one-year employment agreements with John Brda, our President and Chief Executive Officer, and Roger Wurtele, our Chief Financial Officer. As part of their employment compensation, the Compensation Committee granted Mr. Brda an option to purchase a total of up to 2,250,000 375,000 1,875,000 750,000 375,000 375,000 TORCHLIGHT ENERGY RESOURCES, INC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. STOCKHOLDERS’ EQUITY - continued A summary of stock options outstanding Exercise Expiration Date in Price 2021 2022 2023 2024 2025 Total $ 0.50 - - - - 750,000 750,000 $ 1.00 - - - - 2,250,000 2,250,000 $ 0.85 - - - 600,000 - 600,000 $ 0.97 259,742 - - - - 259,742 $ 1.10 - 800,000 - - - 800,000 $ 1.19 - - 700,000 - - 700,000 $ 1.63 - 58,026 - - - 58,026 259,742 858,026 700,000 600,000 3,000,000 5,417,768 Exercise Expiration Date in Price 2020 2021 2022 2023 2024 Total $ 0.85 - - - - 600,000 600,000 $ 0.97 - 259,742 - - - 259,742 $ 1.10 - - 800,000 - - 800,000 $ 1.19 - - - 700,000 - 700,000 $ 1.57 4,500,000 - - - - 4,500,000 $ 1.63 - - 58,026 - - 58,026 4,500,000 259,742 858,026 700,000 600,000 6,917,768 At December 31, 2020, the Company had reserved 11,027,390 TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. STOCKHOLDERS’ EQUITY - continued Warrants and options granted were valued using the Black-Scholes Option Pricing Model. The assumptions used in calculating the fair value of the warrants and options issued Risk-free interest rate .13% 1.61% Expected volatility of common stock 90% 205% Dividend yield 0.00% Discount due to lack of marketability 20% Expected life of option/warrant Three Years Five Years 2019 Risk-free interest rate 1.65% 2.46% Expected volatility of common stock 77% 107% Dividend yield 0.00% Discount due to lack of marketability 20% Expected life of option/warrant Three Years Five Years

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES The Company recorded no income tax provision for 2020 and 2019 because of losses incurred. There are no uncertain tax positions accounted for in this tax provision. The following is a reconciliation between the federal income tax benefit computed at statutory federal income tax rates and actual income tax provision Year ended Year ended December 31, 2020 December 31, 2019 Federal income tax benefit at statutory rate $ (2,684,199 ) $ (2,066,273 ) Permanent Differences 308 1,336 Annual reconciling adjustment (45,514 ) 10,949 Change in valuation allowance 2,729,405 2,053,988 Provision for income taxes $ - $ - The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities December 31, 2020 December 31, 2019 Deferred tax assets: Net operating loss carryforward $ 16,245,560 $ 14,066,645 Stock based compensation 4,773,723 4,688,694 Disallowed interest expense 424,040 285,205 Other 302,332 288,030 Deferred tax liabilities: Investment in oil and gas properties (3,010,436 ) (3,322,760 ) Net deferred tax assets and liabilities 18,735,219 16,005,814 Less valuation allowance (18,735,219 ) (16,005,814 ) Total deferred tax assets and liabilities $ - $ - The Company had a net deferred tax asset related to federal net operating loss carryforwards of $ 77,359,811 66,984,025

PROMISSORY NOTES

PROMISSORY NOTES	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
PROMISSORY NOTES	9. PROMISSORY NOTES Promissory Notes Issued in 2017 On April 10, 2017, we sold two 12% unsecured promissory notes with a total of $ 8,000,000 12% April 10, 2020 7,540,000 The effective interest rate was 16.15% On February 20, 2020, the Company extended the maturity on $4 million of the 12% unsecured promissory notes previously due in April 2020. The maturity date of the subject promissory note had been extended for one year, from April 10, 2020 to April 10, 2021. As part of the terms of this extension agreement, the Company paid the noteholder a fee of $ 80,000 Promissory Notes Issued in 2018 On February 6, 2018, we sold to the Straz Trust in a private transaction a 12% unsecured promissory note with a principal amount of $ 4,500,000 April 10, 2020 4,332,150 The effective interest rate was 15.88% Extension of Promissory Notes On April 24, 2020, the Company entered into a Note Amendment Agreement with each of the Straz Foundation, as a lender, the Straz Trust, as a lender and collateral agent, and The Northern Trust Company and Christopher M. Straz, as co-trustees of the Straz Trust. Under the Note Amendment Agreement, the parties agreed to amend and restate the two promissory notes issued to the Straz Trust on April 10, 2017 and February 6, 2018 that have total principal outstanding of $8,500,000, along with the promissory note issued to the Straz Foundation on April 10, 2017 which had an outstanding principal amount of $ 4,000,000 April 10, 2021 Under the Note Amendment Agreements, we and our subsidiaries provided a first priority lien on certain collateral in favor of the collateral agent for the benefit of the lenders. The collateral includes all assets and property held by Hudspeth Oil Corporation and Torchlight Hazel, LLC, which includes without limitation our working interest in certain oil and gas leases in Hudspeth County, Texas, known as the “Orogrande Project” and our working interest in certain oil and gas leases in the Midland Basin in West Texas, known as the “Hazel Project.” Further, these subsidiaries, along with Torchlight Energy, Inc., provided guaranty with respect to payment of the three promissory notes. The Note Amendment Agreements also provided restrictions on the use of proceeds if the Orogrande Project or the Hazel Project were sold. Additionally, the promissory notes, as amended, provided conversion rights whereby the lenders have the right, at each such lender’s option, to convert any portion of principal and interest into shares of common stock of Torchlight Energy Resources, Inc. at a conversion price of $1.50 per share. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 9. PROMISSORY NOTES - continued The Note Amendment Agreements (as further amended) provided that no later than May 25, 2020, we were obligated to pay: (a) to the lenders all past due interest that has accrued on the existing promissory notes, and (b) to the Straz Trust a fee of $170,000, which payments were made. Further, the agreements had certain negative covenants regarding related party transactions, dividends, stock repurchases, grants of liens on other assets, and payment of accrued executive compensation. There are also typical affirmative covenants regarding legal compliance and payment of taxes. The $170,000 extension fee was paid on May 22 and the interest payments were made on June 17, 2020 within the terms of a forbearance agreement which provided an extension of the due date of the interest payments. All other terms and conditions of the three original promissory notes remained substantially unchanged, including without limitation, monthly payments of interest only at the rate of 12% per annum, with a balloon payment of the outstanding principal due and payable at maturity, and annual payments of common stock at the rate of 2.5% of the principal amount outstanding, based on a volume-weighted average price. In May 2020 and April 2019, respectively, the holders of the notes described above received 680,376 202,316 The 12% promissory note transactions 12% 2020 Unsecured promissory note balance - December 31, 2019 $ 12,377,830 Note principal converted to common stock on July 14, 2020 (64,297 ) Accretion of discount and amortization of debt issuance costs 367,288 Debt extension fee paid (250,000 ) 12% 2021 Secured promissory note balance - December 31, 2020 $ 12,430,821 These notes payable issued in 2017 and 2018 totaling $12,500,000 were retired by conversion into common stock in 2021 and are classified as a long-term liability in our consolidated balance sheet. Reference Subsequent Events in Note 11. Convertible Notes Issued in October 2018 On October 17, 2018, we sold to certain investors in a private transaction 16% Series C Unsecured Convertible Promissory Notes with a total principal amount of $ 6,000,000 April 17, 2020 On March 9, 2020, each of the noteholders entered into a Conversion Agreement with us and our subsidiary Hudspeth Oil Corporation (“Hudspeth”), under which the noteholders elected to convert the notes, in accordance with their terms, into an aggregate 6% working interest (of all such holders) in the “Orogrande Project.” Principal of $6,000,000 and approximately $1,331,000 of accrued interest were converted at March 9, 2020. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 9. PROMISSORY NOTES - continued The Conversion Agreements also provided additional consideration to the noteholders including a limited carry, a top-off obligation of us and Hudspeth, and warrants to purchase a total of 750,000 restricted shares of our common stock, which warrants will have a term of five years and an exercise price of $0.70 per share. The limited carry provides that for the remainder of the 2020 calendar year, Hudspeth will pay all costs and expenses attributable to the assigned working interests, except where prohibited by law or regulation. The top-off obligation provides that, subject to the terms and conditions of the Conversion Agreements, if (a) we sell our entire working interest in the Orogrande Project, (b) as part of such sale, the holder’s entire working interests are sold, and (c) the gross proceeds received by all the holders in such transaction are equal to less than $9,000,000; then we must pay the holders an amount equal to $9,000,000, (i) less gross proceeds the holders received in the transaction, (ii) less the amount of the carry the holders received under the Conversion Agreements, and (iii) less any gross proceeds the holders received in any farmouts occurring prior to the transaction. The transaction was treated as an extinguishment of debt. The fair value of the working interest transferred in the conversion of the debt was $ 8,778,000 382,500 1,829,651 Convertible Notes Issued in First Quarter 2019 On February 11, 2019 the Company raised a total of $ 2,000,000 May 11, 2020 14% 1.08 On April 21, 2020, Torchlight Energy Resources, Inc. entered into agreements to amend the two 14% Series D Unsecured Convertible Promissory Notes that were originally issued on February 11, 2019. Under the amendment agreements, (a) the maturity dates were extended from May 11, 2020 to November 11, 2021 0.43 Under the note amendments, the noteholders agreed to forebear demand or collection on all interest payments due and payable under the Note, including any past due interest payments, for 20 days after the execution of the Note Amendment Agreement. Further, we agreed to (a) issue each holder 20,000 restricted shares of common stock immediately and (b) pay each holder a fee of $10,000, at the same time as the payment of past due interest is paid. The past due interest and fee was paid. These two promissory notes will continue to provide for monthly payments of interest only at the rate of 14% per annum, with a balloon payment of the outstanding principal due and payable at maturity. These notes payable have been converted into common stock. $1,000,000 was converted in December 2020 and the remaining $1,000,000 was converted in 2021 and is classified as a long-term liability in our consolidated balance sheet. Reference Subsequent Events in Note 11. Convertible Notes Issued in Third Quarter 2019 In July 2019, the Company issued 8% Unsecured Convertible Promissory notes in the amount of $ 2,010,000 8% May 21, 2021 1.10 1.35 Warrants issued along with the notes meet the requirements of the scope exemptions in ASC 815-10-15-74 and are thus classified as equity upon issuance. The Company determined the fair value of the warrants using the Black Scholes pricing formula and is recognized as a discount on the carrying amount of the notes and is credited to additional paid in capital. The fair value of the warrants at the issuance date was determined to be $ 240,455 TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 9. PROMISSORY NOTES - continued A beneficial conversion feature (“BCF”) of a convertible note is normally characterized as the convertible portion feature that provides a rate of conversion that is below market value or “in the money” when issued. The BCF related to the issuance of the notes was recorded at the issuance date. The BCF was measured using the intrinsic value method and is shown as a discount to the carrying amount of the convertible note and is credited to additional paid in capital. The intrinsic value of the BCF at the issuance date of the notes was determined to be $ 1,145,546 The allocated fair values of the BCF and the warrants was recorded as a debt discount from the face amount of the notes and such discount is being accreted over the expected term of the notes and is charged to interest expense. The Company recognized interest expense of $ 680,072 These notes payable were retired by conversion into common stock in 2021 and are classified as a long-term liability in our consolidated balance sheet. Reference Subsequent Events in Note 11. Convertible Notes Issued in Fourth Quarter 2019 Effective October 31, 2019, the Company issued 10% unsecured convertible promissory notes in the amount of $ 540,000 December 3, 2020 0.75 These notes payable were retired by conversion into common stock in December 2020. As an inducement to convert the Company adjusted the conversion price from $0.75 per share to $0.50 per share. Debt conversion expense of $ 176,400 Paycheck Protection Program Loan In response to the COVID-19 pandemic, the U.S. Small Business Administration (the “SBA”) made available low-interest rate loans to qualified small businesses, including under its Paycheck Protection Program (the “PPP”). On April 10, 2020, in order to supplement its cash balance, the Company submitted an application for a loan (“SBA loan”) in the amount of $ 77,477 0.98% Section 1106 of the CARES Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the PPP. The PPP and loan forgiveness are intended to provide economic relief to small businesses, such as the Company, that are adversely impacted under the COVID-19 Emergency Declaration issued by President Trump on March 13, 2020. The Company has applied for loan forgiveness which is expected to be processed and approved by the lender in March 2021. During fourth quarter 2020, the Company applied to Chase Bank for forgiveness of the amount due on the PPP Loan. The amount of forgiveness shall be calculated (and may be reduced) in accordance with the requirements of the Paycheck Protection Program, including the provisions of Section 1106 of the CARES Act. The forgiveness amount will be subject to the Small Business Administration’s review. Any outstanding principal amount under the PPP Loan that is not forgiven shall convert to an amortizing term loan. Secured Convertible Promissory Notes Issued in Third and Fourth Quarter, 2020 On September 18, 2020, McCabe Petroleum Corporation, a company owned by our chairman Gregory McCabe (“MPC”), loaned us $1,500,000, evidenced by a 6% Secured Convertible Promissory Note (the “MPC Note”). The note bore interest at the rate of 6% per annum and provided for payment of the principal amount along with all accrued and unpaid interest in one lump sum payment on its maturity date of May 10, 2021. In connection with the proposed business combination transaction with Metamaterial Inc. (“Metamaterial”), the note provided the following requirements on the use of proceeds of the loan as follows: (i) we will lend $500,000 to Metamaterial pursuant to an 8% Unsecured Convertible Promissory Note (the “Metamaterial Note”); (ii) we will retain and use $500,000 for general corporate purposes, including without limitation, expenses incurred by us in connection with the proposed business combination transaction; and (iii) we will deposit $500,000 into an escrow account, to be held in escrow. If we and Metamaterial enter into a definitive agreement by the later of November 30, 2020 or such later date that is agreed to by us and Metamaterial in writing, the $500,000 from this escrow account will be released to us, and we will lend this amount to Metamaterial pursuant to another convertible promissory note (the “Second Metamaterial Note”). If we do not enter into a definitive agreement by the later of November 30, 2020 or such later date that is agreed to in writing, the $500,000 from this escrow account will be released back to MPC and deducted from the principal amount outstanding under the MPC Note. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 9. PROMISSORY NOTES - continued The MPC Note was secured by our pledge of the Metamaterial Note and the Second Metamaterial Note (if issued). If we and Metamaterial do not enter into a definitive agreement by the later of November 30, 2020 or such later date that is agreed to in writing, then promptly after that date, we will assign to MPC the Metamaterial Note in full repayment and discharge of $500,000 (plus accrued and unpaid interested on the Metamaterial Note) of the principal amount of the MPC Note, and the remaining $500,000 (less accrued and unpaid interested on the Metamaterial Note) of the principal amount, plus all unpaid interest accrued under the MPC Note, will remain subject to the MPC Note. If a definitive agreement is entered into by the later of November 30, 2020 or such later date that is agreed to in writing, but the proposed business combination transaction is terminated prior to closing or otherwise does not close by the maturity date of the MPC Note, then we will assign to MPC both the Metamaterial Note and Second Metamaterial Note in full repayment and discharge of $1,000,000 (plus accrued and unpaid interested on the Metamaterial Note and Second Metamaterial Note) of the principal amount of the MPC Note, and the remaining $500,000 (less accrued and unpaid interested on the Metamaterial Note and Second Metamaterial Note) of the principal amount, plus all unpaid interest accrued under the MPC Note, will remain subject to the MPC Note. The MPC Note also provided that if (i) we and Metamaterial do not enter into a definitive agreement by the later of November 30, 2020 or such later date that is agreed to in writing, or (ii) we and Metamaterial enter into a definitive agreement but the proposed transaction is terminated prior to closing or otherwise does not close by the maturity date of the MPC Note, then at such time and until the maturity date, MPC will have the right, at its option, to convert up to $500,000 of the remaining principal amount of the MPC Note, plus all unpaid interest accrued under the MPC Note, into shares of our common stock at a conversion price of $0.375 per share. Additionally, if the proposed transaction with Metamaterial closes, all principal and interest under the MPC Note will automatically convert into shares of our common stock at $0.375 per share. On January 29, 2021, we and MPC agreed to amend the MPC note to allow MPC to convert at any time, including prior to closing of the Metamaterial transaction. In addition, Greg McCabe loaned the Company $100,000 on December 30, 2020. The Company evaluated the notes for a beneficial conversion feature (“BCF”) and derivative accounting criteria and concluded that there was no BCF or derivative accounting treatment applicable. Both of these notes have been paid by conversion into common stock in 2021. Reference Subsequent Events in Note 11. Loan to Metamaterial Inc. On September 20, 2020, we loaned Metamaterial $500,000, evidenced by an 8% Unsecured Convertible Promissory Note (the “Metamaterial Note”). An additional $500,000 was loaned on December 16, 2020. The notes bear interest at the rate of 8% per annum and provides for payment of the principal amount along with all accrued and unpaid interest lump sum payments on its maturity date of September 20, 2022 and December 16, 2022 respectively. Metamaterial has the right to redeem after 120 days. The note is convertible at the price of $0.35 (CAD) per share at the option of the holder if the definitive agreement for the proposed transaction between us and Metamaterial is not entered into by November 2, 2020 (unless extended in writing by the parties) or the definitive agreement is entered but is terminated or expires without closing. The date was extended, and the Definitive Agreement was executed on December 4, 2020. The Company evaluated the notes for a beneficial conversion feature (“BCF”) and derivative accounting criteria and concluded that there was no BCF or derivative accounting treatment applicable. Accrued interest of $12,822 was recorded at December 31, 2020 on the two notes.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	12 Months Ended
	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	10. ASSET RETIREMENT OBLIGATIONS The following is a reconciliation of the asset retirement obligations liability Asset retirement obligations – December 31, 2019 $ 23,319 Accretion expense 520 Estimated liabilities recorded - Liability reduction at sale of property (1,995 ) Asset retirement obligations – December 31, 2020 $ 21,844 TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS On February 3, 2021 and on March 11, 2021, we and our Ontario subsidiaries entered into an Amendment to the Arrangement Agreement with Meta to, among other things, update the Plan of Arrangement attached to the Arrangement Agreement. In connection with the Option Agreement entered into for the Hazel Project with MHP, in January 2021, we were notified by MHP of its intention to exercise its option to perform operations sufficient to satisfy Torchlight’s continuous development obligation on the northern half of the Hazel prospect. On February 10, 2021, the Company closed an underwritten public offering of 23,000,000 shares of its common stock at a price of $1.20 per share, which included the full exercise of the underwriter’s over-allotment option, for gross proceeds to Torchlight of $27.6 million before deducting the underwriting discount and offering expenses payable by Torchlight. In a separate transaction an investor acquired 300,000 shares of common stock for $240,000 in cash. On February 18, 2021, Torchlight loaned to Meta $10,000,000, evidenced by an unsecured convertible promissory note issued by Meta (the “Promissory Note”), substantially in the same form as the previous bridge notes issued by Meta to us, to satisfy Torchlight’s requirement to provide additional bridge financing to Meta pursuant to the Arrangement Agreement. Subsequent to December 31, 2020 the Company has issued 16,725,797 shares of common stock valued at $17,263,575 in conversion of notes payable. In addition the Company issued 186,329 shares of common stock valued at $248,479 for Payment in Kind in connection with conversion of notes payable. As of the date of this annual report, all promissory note debt has been paid in full or converted to common stock. 1,295,326 shares of common stock were issued subsequent to December 31, 2020 in exercise of warrants and options for cash and 507,951 shares of common stock was issued in cashless exercise of warrants and options. 25,000 shares of common stock were issued for services. The Company has evaluated subsequent events through March 18, 2021, the date when the financial statements were available to be issued and no additional events were noted that require adjustments or disclosure.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Use of estimates	Use of estimates
Basis of presentation	Basis of presentation
Risks and uncertainties	Risks and uncertainties The COVID-19 pandemic caused the global economy to enter a recessionary period, which may be prolonged and severe. During 2020, the exploration and production industry faced the dual impact of demand deterioration from COVID-19 and market oversupply from increased production, which caused oil and natural gas prices to decline significantly for most of the year. It is uncertain how the pandemic may impact our future operations.
Concentration of risks	Concentration of risks
Fair value of financial instruments	Fair value of financial instruments For assets and liabilities that require re-measurement to fair value the Company categorizes them in a three-level fair value hierarchy as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. ● Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.
Cash and cash equivalents	Cash and cash equivalents
Accounts receivable	Accounts receivable 15,606 34,500
Oil and gas properties	Oil and gas properties Oil and gas properties include costs that are excluded from costs being depleted or amortized. Oil and natural gas property costs excluded represent investments in unevaluated properties and include non-producing leasehold, geological, and geophysical costs associated with leasehold or drilling interests and exploration drilling costs. The Company allocates a portion of its acquisition costs to unevaluated properties based on relative value. Costs are transferred to the full cost pool as the properties are evaluated over the life of the reservoir. Unevaluated properties are reviewed for impairment at least quarterly and are determined through an evaluation considering, among other factors, seismic data, requirements to relinquish acreage, drilling results, remaining time in the commitment period, remaining capital plan, and political, economic, and market conditions. Gains and losses on the sale of oil and gas properties are not generally reflected in income unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves. Sales of less than 100% of the Company’s interest in the oil and gas property are treated as a reduction of the capital cost of the field, with no gain or loss recognized, as long as doing so does not significantly affect the unit-of-production depletion rate. Costs of retired equipment, net of salvage value, are usually charged to accumulated depreciation.
Capitalized interest	Capitalized interest 2,353,700 2,858,753
Depreciation, depletion, and amortization	Depreciation, depletion, and amortization
Ceiling test	Ceiling test 2,108,301 1,494,769 The ceiling test calculation uses a commodity price assumption which is based on the unweighted arithmetic average of the price on the first day of each month for each month within the prior 12-month period and excludes future cash outflows related to estimated abandonment costs. The determination of oil and gas reserves is a subjective process, and the accuracy of any reserve estimate depends on the quality of available data and the application of engineering and geological interpretation and judgment. Estimates of economically recoverable reserves and future net cash flows depend on a number of variable factors and assumptions that are difficult to predict and may vary considerably from actual results. In particular, reserve estimates for wells with limited or no production history are less reliable than those based on actual production. Subsequent re-evaluation of reserves and cost estimates related to future development of proved oil and gas reserves could result in significant revisions to proved reserves. Other issues, such as changes in regulatory requirements, technological advances, and other factors which are difficult to predict could also affect estimates of proved reserves in the future.
Asset retirement obligations	Asset retirement obligations 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.
Income taxes	Income taxes Authoritative guidance for uncertainty in income taxes requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an examination. Management has reviewed the Company’s tax positions and determined there were no uncertain tax positions requiring recognition in the consolidated financial statements. Company tax returns remain subject to Federal and State tax examinations. Generally, the applicable statutes of limitation are three to four years from their respective filings. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. SIGNIFICANT ACCOUNTING POLICIES - continued Estimated interest and penalties related to potential underpayment on any unrecognized tax benefits are classified as a component of tax expense in the statements of operation. The Company has not recorded any interest or penalties associated with unrecognized tax benefits for any periods covered by these financial statements.
Share-based compensation	Share-based compensation The Company accounts for stock option awards using the calculated value method. The expected term was derived using the simplified method provided in Securities and Exchange Commission release Staff Accounting Bulletin No. 110, which averages an awards weighted average vesting period and contractual term for “plain vanilla” share options. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation cost for an award is reversed in the period that the award is forfeited. The Company also issues equity awards to non-employees. The fair value of these option awards is estimated when the award recipient completes the contracted professional services. The Company recognizes expense for the estimated total value of the awards during the period from their issuance until performance completion. The Company values warrant and option awards using the Black-Scholes option pricing model.
Revenue recognition	Revenue recognition Revenues from oil and gas sales Year Ended Year Ended December 31, 2020 December 31, 2019 Revenues Oil sales $ 187,755 $ 716,014 Gas sales 5,624 30,249 Total $ 193,379 $ 746,263 Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled to in exchange for transferring control of those goods to the customer. Amounts allocated in the Company’s price contracts are based on the standalone selling price of those products in the context of long-term contracts. Payment is generally received one or two months after the sale has occurred. TORCHLIGHT ENERGY RESOURCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. SIGNIFICANT ACCOUNTING POLICIES - continued Gain or loss on derivative instruments is outside the scope of ASC 606 and is not considered revenue from contracts with customers subject to ASC 606. The Company may in the future use financial or physical contracts accounted for as derivatives as economic hedges to manage price risk associated with normal sales, or in limited cases may use them for contracts the Company intends to physically settle but do not meet all of the criteria to be treated as normal sales. Producer Gas Imbalances.
Basic and diluted earnings (loss) per share	Basic and diluted earnings (loss) per share – 11,027,390
Environmental laws and regulations	Environmental laws and regulations
Recent accounting pronouncements not yet adopted –	Recent accounting pronouncements not yet adopted – In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Other recently issued or adopted accounting pronouncements are not expected to have, or did not have, a material impact on the Company’s financial position or results from operations.
Subsequent events – The Company evaluated subsequent events through March 18, 2021, the date of issuance of these financial statements. Subsequent events are disclosed in Note 11.	Subsequent events –

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Revenues from oil and gas sales	Revenues from oil and gas sales Year Ended Year Ended December 31, 2020 December 31, 2019 Revenues Oil sales $ 187,755 $ 716,014 Gas sales 5,624 30,249 Total $ 193,379 $ 746,263

OIL & GAS PROPERTIES (Tables)

OIL & GAS PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2020
Extractive Industries [Abstract]
capitalized costs for oil & gas properties	The following table presents the capitalized costs for oil & gas properties
OIL & GAS PROPERTIES	December 31, 2020 December 31, 2019 Evaluated costs subject to amortization $ 15,656,182 $ 13,243,541 Unevaluated costs 30,857,959 39,667,740 Total capitalized costs 46,514,141 52,911,281 Less accumulated depreciation, depletion and amortization (15,656,182 ) (12,729,238 ) Total oil and gas properties $ 30,857,959 $ 40,182,043
Orogrande Project ownership	The Orogrande Project ownership
OIL & GAS PROPERTIES (Details 2)	Revenue Working Interest Interest University Lands - Mineral Owner 20.000 % n/a ORRI - Magdalena Royalties, LLC, an entity controlled by Gregory McCabe, Chairman 4.500 % n/a ORRI - Unrelated Party 0.500 % n/a Hudspeth Oil Corporation, a subsidiary of Torchlight Energy Resources Inc. 49.875 % 66.500 % Wolfbone Investments LLC, an entity controlled by Gregory McCabe, Chairman 18.750 % 25.000 % Conversion by Note Holders in March, 2020 4.500 % 6.000 % Unrelated Party 1.875 % 2.500 % 100.000 % 100.000 %

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
summary of warrants outstanding	A summary of warrants outstanding Exercise Expiration Date in Price 2021 2022 2023 2024 2025 Total $ 0.425 - - - - 172,500 172,500 $ 0.500 - - 500,000 - - 500,000 $ 0.70 - - - - 965,000 965,000 $ 0.80 - - - - 2,266,667 2,266,667 $ 1.03 120,000 - - - - 120,000 $ 1.14 - - 600,000 - - 600,000 $ 1.21 - - 120,000 - - 120,000 $ 1.35 - 365,455 - - - 365,455 $ 1.63 - - - 100,000 - 100,000 $ 1.64 200,000 - - - - 200,000 $ 2.00 200,000 - - - - 200,000 520,000 365,455 1,220,000 100,000 3,404,167 5,609,622
summary of stock options outstanding	A summary of stock options outstanding Exercise Expiration Date in Price 2021 2022 2023 2024 2025 Total $ 0.50 - - - - 750,000 750,000 $ 1.00 - - - - 2,250,000 2,250,000 $ 0.85 - - - 600,000 - 600,000 $ 0.97 259,742 - - - - 259,742 $ 1.10 - 800,000 - - - 800,000 $ 1.19 - - 700,000 - - 700,000 $ 1.63 - 58,026 - - - 58,026 259,742 858,026 700,000 600,000 3,000,000 5,417,768 Exercise Expiration Date in Price 2020 2021 2022 2023 2024 Total $ 0.85 - - - - 600,000 600,000 $ 0.97 - 259,742 - - - 259,742 $ 1.10 - - 800,000 - - 800,000 $ 1.19 - - - 700,000 - 700,000 $ 1.57 4,500,000 - - - - 4,500,000 $ 1.63 - - 58,026 - - 58,026 4,500,000 259,742 858,026 700,000 600,000 6,917,768
The assumptions used in calculating the fair value of the warrants and options issued	Warrants and options granted were valued using the Black-Scholes Option Pricing Model. The assumptions used in calculating the fair value of the warrants and options issued
STOCKHOLDERS' EQUITY (Details 3)	Risk-free interest rate .13% 1.61% Expected volatility of common stock 90% 205% Dividend yield 0.00% Discount due to lack of marketability 20% Expected life of option/warrant Three Years Five Years 2019 Risk-free interest rate 1.65% 2.46% Expected volatility of common stock 77% 107% Dividend yield 0.00% Discount due to lack of marketability 20% Expected life of option/warrant Three Years Five Years

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
reconciliation between the federal income tax benefit computed at statutory federal income tax rates and actual income tax provision	The following is a reconciliation between the federal income tax benefit computed at statutory federal income tax rates and actual income tax provision
INCOME TAXES	Year ended Year ended December 31, 2020 December 31, 2019 Federal income tax benefit at statutory rate $ (2,684,199 ) $ (2,066,273 ) Permanent Differences 308 1,336 Annual reconciling adjustment (45,514 ) 10,949 Change in valuation allowance 2,729,405 2,053,988 Provision for income taxes $ - $ -
deferred tax assets and liabilities	The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities
INCOME TAXES (Details 2)	December 31, 2020 December 31, 2019 Deferred tax assets: Net operating loss carryforward $ 16,245,560 $ 14,066,645 Stock based compensation 4,773,723 4,688,694 Disallowed interest expense 424,040 285,205 Other 302,332 288,030 Deferred tax liabilities: Investment in oil and gas properties (3,010,436 ) (3,322,760 ) Net deferred tax assets and liabilities 18,735,219 16,005,814 Less valuation allowance (18,735,219 ) (16,005,814 ) Total deferred tax assets and liabilities $ - $ -

PROMISSORY NOTES (Tables)

PROMISSORY NOTES (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
The 12% promissory note transactions	The 12% promissory note transactions
PROMISSORY NOTES	12% 2020 Unsecured promissory note balance - December 31, 2019 $ 12,377,830 Note principal converted to common stock on July 14, 2020 (64,297 ) Accretion of discount and amortization of debt issuance costs 367,288 Debt extension fee paid (250,000 ) 12% 2021 Secured promissory note balance - December 31, 2020 $ 12,430,821

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
reconciliation of the asset retirement obligations liability	The following is a reconciliation of the asset retirement obligations liability
ASSET RETIREMENT OBLIGATIONS	Asset retirement obligations – December 31, 2019 $ 23,319 Accretion expense 520 Estimated liabilities recorded - Liability reduction at sale of property (1,995 ) Asset retirement obligations – December 31, 2020 $ 21,844

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income (Loss) Attributable to Parent	$ 12,781,896	$ 9,839,396
Retained Earnings (Accumulated Deficit)	111,935,597	$ 99,153,701
Working Capital Deficit	$ 2,375,509

Revenues from oil and gas sales

Revenues from oil and gas sales (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reserve Quantities [Line Items]
Revenues	$ 193,379	$ 746,263
Oil [Member]
Reserve Quantities [Line Items]
Revenues	187,755	716,014
Natural Gas [Member]
Reserve Quantities [Line Items]
Revenues	$ 5,624	$ 30,249

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Accounts Receivable, Credit Loss Expense (Reversal)	$ 15,606	$ 34,500
Capitalized Interest on Unevaluated Properties	2,353,700	2,858,753
Impairment Expense	$ 2,108,301	$ 1,494,769
Shares issuable exercise of outstanding warrants and options	11,027,390

OIL & GAS PROPERTIES (Details)

OIL & GAS PROPERTIES (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Extractive Industries [Abstract]
Evaluated costs subject to amortization	$ 15,656,182	$ 13,243,541
Unevaluated costs	30,857,959	39,667,740
Total capitalized costs	46,514,141	52,911,281
Less accumulated depreciation, depletion  and amortization	(15,656,182)	(12,729,238)
Total oil and gas properties	$ 30,857,959	$ 40,182,043

OIL & GAS PROPERTIES (Details 2

OIL & GAS PROPERTIES (Details 2)	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	100.00%
[custom:WorkingCapitalMethodInvestmentPercentage-0]	100.00%
University Lands - Mineral Owner
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	20.00%
ORRI - Magdalena Royalties, LLC, an entity controlled by Gregory McCabe, Chairman
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	4.50%
ORRI - Unrelated Party
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	0.50%
Hudspeth Oil Corporation, a subsidiary of Torchlight Energy Resources Inc.
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.875%
[custom:WorkingCapitalMethodInvestmentPercentage-0]	66.50%
Wolfbone Investments LLC, an entity controlled controlled by Gregory McCabe, Chairman
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	18.75%
[custom:WorkingCapitalMethodInvestmentPercentage-0]	25.00%
Conversion by Note Holders in March, 2020
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	4.50%
[custom:WorkingCapitalMethodInvestmentPercentage-0]	6.00%
Unrelated Party
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	1.875%
[custom:WorkingCapitalMethodInvestmentPercentage-0]	2.50%

OIL & GAS PROPERTIES (Details N

OIL & GAS PROPERTIES (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)Number	Aug. 07, 2014
Reserve Quantities [Line Items]
Impairment Charge on Reclassified Assets | $	$ 5,881,635
Equity Method Investment, Ownership Percentage	100.00%
Drilling Obligation	4
Drilling Obligation Year 2021	5
Drilling Obligation Year 2022	5
Drilling Obligation Year 2023	5
Board of Directors Chairman [Member]
Reserve Quantities [Line Items]
Equity Method Investment, Ownership Percentage		100.00%

RELATED PARTY BALANCES (Details

RELATED PARTY BALANCES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 30, 2020	Sep. 18, 2020
Related Party Transaction [Line Items]
Due to Related Parties, Noncurrent	$ 98,805	$ 45,000
Accrued Payroll Taxes	1,213,779	996,176
Accounts Receivable, Related Parties	$ 92,320	61,693
Percentage of Matching Contrbution by Company	6.00%
Companys' Matching Contribution	$ 26,017	19,200
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Convertible Notes Payable, Current			$ 100,000	$ 1,500,000
Accounts Receivable, Related Parties	$ 92,320	$ 61,693

summary of warrants outstanding

summary of warrants outstanding (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	11,027,390
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	5,609,622	5,703,760
Equity Option [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	520,000	520,000
Equity Option [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	365,455	365,455
Equity Option [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	1,220,000	720,000
Equity Option [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	100,000	100,000
Equity Option [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	3,404,167	1,666,667
Equity Option [Member] | Exercise Price Four Hundred Twenty Cents [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.425
Class of Warrant or Right, Outstanding	172,500
Equity Option [Member] | Exercise Price Four Hundred Twenty Cents [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price Four Hundred Twenty Cents [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price Four Hundred Twenty Cents [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price Four Hundred Twenty Cents [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price Four Hundred Twenty Cents [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	172,500
Equity Option [Member] | Exercise Price 0.50 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.500
Class of Warrant or Right, Outstanding	500,000
Equity Option [Member] | Exercise Price 0.50 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.50 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.50 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	500,000
Equity Option [Member] | Exercise Price 0.50 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.50 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.70 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.70	$ 0.70
Class of Warrant or Right, Outstanding	965,000	420,000
Equity Option [Member] | Exercise Price 0.70 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.70 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.70 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.70 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.70 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	965,000
Equity Option [Member] | Exercise Price 0.80 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.80	$ 0.80
Class of Warrant or Right, Outstanding	2,266,667	1,666,667
Equity Option [Member] | Exercise Price 0.80 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.80 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.80 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.80 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.80 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	2,266,667	1,666,667
Equity Option [Member] | Exercise Price 1.03 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.03	$ 1.03
Class of Warrant or Right, Outstanding	120,000	120,000
Equity Option [Member] | Exercise Price 1.03 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	120,000	120,000
Equity Option [Member] | Exercise Price 1.03 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.03 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.03 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.03 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.14 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.14	$ 1.14
Class of Warrant or Right, Outstanding	600,000	600,000
Equity Option [Member] | Exercise Price 1.14 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.14 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.14 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	600,000	600,000
Equity Option [Member] | Exercise Price 1.14 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.14 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.21 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.21	$ 1.21
Class of Warrant or Right, Outstanding	120,000	120,000
Equity Option [Member] | Exercise Price 1.21 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.21 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.21 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	120,000	120,000
Equity Option [Member] | Exercise Price 1.21 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.21 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.35 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.35	$ 1.35
Class of Warrant or Right, Outstanding	365,455	365,455
Equity Option [Member] | Exercise Price 1.35 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.35 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	365,455	365,455
Equity Option [Member] | Exercise Price 1.35 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.35 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.35 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.63 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.63	$ 1.63
Class of Warrant or Right, Outstanding	100,000	100,000
Equity Option [Member] | Exercise Price 1.63 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.63 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.63 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.63 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	100,000	100,000
Equity Option [Member] | Exercise Price 1.63 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.64 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.64	$ 1.64
Class of Warrant or Right, Outstanding	200,000	200,000
Equity Option [Member] | Exercise Price 1.64 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	200,000	200,000
Equity Option [Member] | Exercise Price 1.64 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.64 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.64 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.64 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 2.00 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2	$ 2
Class of Warrant or Right, Outstanding	200,000	200,000
Equity Option [Member] | Exercise Price 2.00 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	200,000	200,000
Equity Option [Member] | Exercise Price 2.00 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 2.00 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 2.00 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 2.00 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding

summary of stock options outsta

summary of stock options outstanding (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	11,027,390
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	5,417,768	6,917,768
Warrant [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	259,742	259,742
Warrant [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	858,026	858,026
Warrant [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	700,000	700,000
Warrant [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	600,000	600,000
Warrant [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	3,000,000
Warrant [Member] | Twenty Twenty [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding		4,500,000
Warrant [Member] | Exercise Price 0.50 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.50
Class of Warrant or Right, Outstanding	750,000
Warrant [Member] | Exercise Price 0.50 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.50 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.50 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.50 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.50 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	750,000
Warrant [Member] | Exercise Price 1.00 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1
Class of Warrant or Right, Outstanding	2,250,000
Warrant [Member] | Exercise Price 1.00 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.00 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.00 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.00 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.00 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	2,250,000
Warrant [Member] | Exercise Price 0.85 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.85	$ 0.85
Class of Warrant or Right, Outstanding	600,000	600,000
Warrant [Member] | Exercise Price 0.85 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.85 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.85 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.85 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	600,000	600,000
Warrant [Member] | Exercise Price 0.85 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.85 [Member] | Twenty Twenty [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.97 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.97	$ 0.97
Class of Warrant or Right, Outstanding	259,742	259,742
Warrant [Member] | Exercise Price 0.97 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	259,742	259,742
Warrant [Member] | Exercise Price 0.97 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.97 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.97 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.97 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 0.97 [Member] | Twenty Twenty [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.10 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.10	$ 1.10
Class of Warrant or Right, Outstanding	800,000	800,000
Warrant [Member] | Exercise Price 1.10 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.10 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	800,000	800,000
Warrant [Member] | Exercise Price 1.10 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.10 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.10 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.10 [Member] | Twenty Twenty [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.19 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.19	$ 1.19
Class of Warrant or Right, Outstanding	700,000	700,000
Warrant [Member] | Exercise Price 1.19 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.19 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.19 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	700,000	700,000
Warrant [Member] | Exercise Price 1.19 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.19 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.19 [Member] | Twenty Twenty [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.63 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.63	$ 1.63
Class of Warrant or Right, Outstanding	58,026	58,026
Warrant [Member] | Exercise Price 1.63 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.63 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	58,026	58,026
Warrant [Member] | Exercise Price 1.63 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.63 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.63 [Member] | 2025 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.63 [Member] | Twenty Twenty [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.57 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.57
Class of Warrant or Right, Outstanding		4,500,000
Warrant [Member] | Exercise Price 1.57 [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.57 [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.57 [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.57 [Member] | 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding
Warrant [Member] | Exercise Price 1.57 [Member] | Twenty Twenty [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding		4,500,000

STOCKHOLDERS' EQUITY (Details 3

STOCKHOLDERS' EQUITY (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	0.13%	1.65%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	1.61%	2.46%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	90.00%	77.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	205.00%	107.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Expected Dividend	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	20.00%	20.00%
Minimum [Member]
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 years	3 years
Maximum [Member]
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years	5 years

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2020	Apr. 30, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jul. 15, 2020	Jun. 16, 2020	May 20, 2020	Jan. 16, 2020	Jan. 10, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares			103,273,264	103,273,264	76,222,042		7,894,737	3,450,000	3,285,715	600,000
Common Stock, per Share			$ 0.001	$ 0.001	$ 0.001		$ 0.38	$ 0.34	$ 0.70	$ 0.60
Common Stock, Value, Issued			$ 103,276	$ 103,276	$ 76,225		$ 2,783,691	$ 886,622	$ 1,997,118
[custom:IssuanceOfCommonStockForPaymentInKindOnNotesPayableShares]	680,376	202,316
[custom:IssuanceOfCommonStockForPaymentInKindOnNotesPayable]	$ 314,107
Stock Issued During Period, Shares, Issued for Services				317,857
Stock Issued During Period, Value, Issued for Services				$ 161,750	365,400
[custom:IssuanceOfCommonStockToVendorForDelayInPaymentShares]				40,000
[custom:IssuanceOfCommonStockToVendorForDelayInPayment]				$ 26,000
[custom:IssuanceOfCommonStockForPromissoryNoteExtensionShares]				40,000
[custom:CommonStockIssuedForNoteExtension]				$ 16,000
Noninterest Expense Commission Expense			125,981
Stock Issued During Period, Value, New Issues			$ 385,985	5,340,815	3,446,880
[custom:IssuanceOfWarrantsForServicesOrClaims]				148,900	$ 340,570
Issuance of Stock and Warrants for Services or Claims				68,250
Stock Issued During Period, Value, Conversion of Convertible Securities				$ 382,500
Class of Warrant or Right, Outstanding			11,027,390	11,027,390
Common Stock, Shares Authorized			150,000,000	150,000,000	150,000,000
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
[custom:IssuanceOfCommonStockForPaymentInKindOnNotesPayableShares]				680,376	202,316
Stock Issued During Period, Shares, Issued for Services				317,857	312,593
Stock Issued During Period, Value, Issued for Services				$ 318	$ 312
[custom:IssuanceOfCommonStockToVendorForDelayInPaymentShares]				40,000
[custom:IssuanceOfCommonStockToVendorForDelayInPayment]				$ 40
[custom:CommonStockIssuedForNoteExtension]				40
Stock Issued During Period, Value, New Issues				16,788	4,696
[custom:IssuanceOfWarrantsForServicesOrClaims]
Stock Issued During Period, Value, Conversion of Convertible Securities
President and Chief Executive Officer [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares Authorized						2,250,000
Chief Financial Officer [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares Authorized						750,000
Exercise Price 0.50 [Member] | President and Chief Executive Officer [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares Authorized						375,000
Exercise Price 0.50 [Member] | Chief Financial Officer [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares Authorized						375,000
Exercise Price 1.00 [Member] | President and Chief Executive Officer [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares Authorized						1,875,000
Exercise Price 1.00 [Member] | Chief Financial Officer [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares Authorized						375,000
Vendor [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
[custom:CommonStockIssuedInPaymentOfAccountsPayableShares]				257,143
[custom:CommonStockIssuedInPaymentOfAccountsPayable]				$ 90,000
Former CEO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
[custom:CommonStockIssuedInPaymentOfAccountsPayableShares]				100,000
[custom:CommonStockIssuedInPaymentOfAccountsPayable]				$ 45,000
Restricted Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares	1,630,434
Common Stock, Value, Issued	$ 750,000
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			5,609,622	5,609,622	5,703,760
Equity Option [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding					2,331,638
Equity Option [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			520,000	520,000	520,000
Equity Option [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			365,455	365,455	365,455
Equity Option [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			1,220,000	1,220,000	720,000
Equity Option [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			100,000	100,000	100,000
Equity Option [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			3,404,167	3,404,167	1,666,667
Equity Option [Member] | Exercise Price 0.70 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 0.70	$ 0.70	$ 0.70
Class of Warrant or Right, Outstanding			965,000	965,000	420,000
Equity Option [Member] | Exercise Price 0.70 [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding					420,000
Equity Option [Member] | Exercise Price 0.70 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.70 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.70 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.70 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.70 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			965,000	965,000
Equity Option [Member] | Exercise Price 0.80 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 0.80	$ 0.80	$ 0.80
Class of Warrant or Right, Outstanding			2,266,667	2,266,667	1,666,667
Equity Option [Member] | Exercise Price 0.80 [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.80 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.80 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.80 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.80 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.80 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			2,266,667	2,266,667	1,666,667
Equity Option [Member] | Exercise Price 1.03 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.03	$ 1.03	$ 1.03
Class of Warrant or Right, Outstanding			120,000	120,000	120,000
Equity Option [Member] | Exercise Price 1.03 [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.03 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			120,000	120,000	120,000
Equity Option [Member] | Exercise Price 1.03 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.03 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.03 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.03 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.14 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.14	$ 1.14	$ 1.14
Class of Warrant or Right, Outstanding			600,000	600,000	600,000
Equity Option [Member] | Exercise Price 1.14 [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.14 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.14 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.14 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			600,000	600,000	600,000
Equity Option [Member] | Exercise Price 1.14 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.14 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.21 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.21	$ 1.21	$ 1.21
Class of Warrant or Right, Outstanding			120,000	120,000	120,000
Equity Option [Member] | Exercise Price 1.21 [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.21 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.21 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.21 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			120,000	120,000	120,000
Equity Option [Member] | Exercise Price 1.21 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.21 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.35 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.35	$ 1.35	$ 1.35
Class of Warrant or Right, Outstanding			365,455	365,455	365,455
Equity Option [Member] | Exercise Price 1.35 [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.35 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.35 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			365,455	365,455	365,455
Equity Option [Member] | Exercise Price 1.35 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.35 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.35 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Forty Cents [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 1.40
Equity Option [Member] | Exercise Price One Dollar Forty Cents [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding					321,737
Equity Option [Member] | Exercise Price One Dollar Forty Cents [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Forty Cents [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Forty Cents [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Forty Cents [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Forty Cents [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.63 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.63	$ 1.63	$ 1.63
Class of Warrant or Right, Outstanding			100,000	100,000	100,000
Equity Option [Member] | Exercise Price 1.63 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.63 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.63 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.63 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			100,000	100,000	100,000
Equity Option [Member] | Exercise Price 1.63 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.64 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.64	$ 1.64	$ 1.64
Class of Warrant or Right, Outstanding			200,000	200,000	200,000
Equity Option [Member] | Exercise Price 1.64 [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.64 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			200,000	200,000	200,000
Equity Option [Member] | Exercise Price 1.64 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.64 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.64 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 1.64 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Eighty Cents [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 1.80
Equity Option [Member] | Exercise Price One Dollar Eighty Cents [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding					1,250,000
Equity Option [Member] | Exercise Price One Dollar Eighty Cents [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Eighty Cents [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Eighty Cents [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Eighty Cents [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price One Dollar Eighty Cents [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 2.00 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 2	$ 2	$ 2
Class of Warrant or Right, Outstanding			200,000	200,000	200,000
Equity Option [Member] | Exercise Price 2.00 [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 2.00 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			200,000	200,000	200,000
Equity Option [Member] | Exercise Price 2.00 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 2.00 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 2.00 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 2.00 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price Two Dollar Twenty Three [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 2.23
Equity Option [Member] | Exercise Price Two Dollar Twenty Three [Member] | Twenty Twenty [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding					339,901
Equity Option [Member] | Exercise Price Two Dollar Twenty Three [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price Two Dollar Twenty Three [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price Two Dollar Twenty Three [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price Two Dollar Twenty Three [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price Two Dollar Twenty Three [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.50 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 0.500	$ 0.500
Class of Warrant or Right, Outstanding			500,000	500,000
Equity Option [Member] | Exercise Price 0.50 [Member] | 2021 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.50 [Member] | 2022 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.50 [Member] | 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding			500,000	500,000
Equity Option [Member] | Exercise Price 0.50 [Member] | 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding
Equity Option [Member] | Exercise Price 0.50 [Member] | 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Outstanding

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax benefit at statutory rate	$ (2,684,199)	$ (2,066,273)
Permanent Differences	308	1,336
Annual reconciling adjustment	(45,514)	10,949
Change in valuation allowance	2,729,405	2,053,988
Provision for income taxes

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforward	$ 16,245,560	$ 14,066,645
Stock based compensation	4,773,723	4,688,694
Disallowed interest expense	424,040	285,205
Other	302,332	288,030
Deferred tax liabilities:
Investment in oil and gas properties	(3,010,436)	(3,322,760)
Net deferred tax assets and liabilities	18,735,219	16,005,814
Less valuation allowance	(18,735,219)	(16,005,814)
Total deferred tax assets and liabilities

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal Net Operating Loss Carryforwards	$ 77,359,811	$ 66,984,025

PROMISSORY NOTES (Details)

PROMISSORY NOTES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
12% 2020 Unsecured promissory note balance - December 31, 2019	$ 12,377,830
Note principal converted to common stock on July 14, 2020	(64,297)
Accretion of discount and amortization of debt issuance costs	367,288
Debt extension fee paid	(250,000)
12% 2021 Secured promissory note balance - December 31, 2020	$ 12,430,821

PROMISSORY NOTES (Details Narra

PROMISSORY NOTES (Details Narrative) - USD ($)

Apr. 21, 2020

Feb. 20, 2020

Oct. 31, 2019

Feb. 11, 2019

Oct. 17, 2018

Feb. 06, 2018

Apr. 10, 2017

Dec. 31, 2020

May 31, 2020

Jul. 31, 2019

Apr. 30, 2019

Dec. 31, 2020

Dec. 31, 2019

May 01, 2020

Short-term Debt [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

0.98%

[custom:PaymentForExtensionOfDebtMaturity]

$ (250,000)

[custom:IssuanceOfCommonStockForPaymentInKindOnNotesPayableShares]

680,376

202,316

Debt Conversion, Converted Instrument, Amount

7,330,849

Stock Issued During Period, Value, Conversion of Convertible Securities

382,500

Gain (Loss) on Extinguishment of Debt

1,999,866

[custom:AmortizationOfBeneficialConversionOnConvertibleNotes]

$ 176,400

680,072

199,972

Notes Payable, Current

77,477

77,477

$ 77,477

12% Unsecured Promissory Notes [Member]

Short-term Debt [Line Items]

Convertible Notes Payable, Current

$ 4,500,000

$ 8,000,000

8,437,127

Debt Instrument, Interest Rate, Stated Percentage

12.00%

Debt Instrument, Maturity Date

Apr. 10, 2021

Apr. 10, 2020

Apr. 10, 2020

Proceeds from Unsecured Notes Payable

$ 4,332,150

$ 7,540,000

Debt Instrument, Interest Rate, Effective Percentage

15.88%

16.15%

[custom:PaymentForExtensionOfDebtMaturity]

$ 80,000

8% Convertible Promissory Notes Payable [Member]

Short-term Debt [Line Items]

Convertible Notes Payable, Current

$ 4,000,000

$ 2,010,000

Debt Instrument, Interest Rate, Stated Percentage

8.00%

Debt Instrument, Maturity Date

May 21, 2021

Debt Instrument, Convertible, Conversion Price

$ 1.10

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price

$ 1.35

Fair Value Adjustment of Warrants

$ 240,455

Debt Instrument, Convertible, Beneficial Conversion Feature

$ 1,145,546

Interest Expense

680,072

16% Series C Unsecured Convertible Promissory Notes [Member]

Short-term Debt [Line Items]

Convertible Notes Payable, Current

$ 6,000,000

Debt Instrument, Maturity Date

Apr. 17, 2020

Debt Conversion, Converted Instrument, Amount

8,778,000

Stock Issued During Period, Value, Conversion of Convertible Securities

382,500

Gain (Loss) on Extinguishment of Debt

1,829,651

14% Convertible Promissory Notes Payable [Member]

Short-term Debt [Line Items]

Convertible Notes Payable, Current

$ 2,000,000

2,000,000

Debt Instrument, Interest Rate, Stated Percentage

14.00%

Debt Instrument, Maturity Date

Nov. 11, 2021

May 11, 2020

Debt Instrument, Convertible, Conversion Price

$ 0.43

$ 1.08

10% Convertible Promissory Notes Payable [Member]

Short-term Debt [Line Items]

Convertible Notes Payable, Current

$ 540,000

$ 540,000

Debt Instrument, Maturity Date

Dec. 3, 2020

Debt Instrument, Convertible, Conversion Price

$ 0.75

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Beginning Balance	$ 23,319
Accretion expense	520
Liability reduction at sale of property	(1,995)
Ending Balance	$ 21,844