Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 15, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-267560 | |
Entity Registrant Name | Cyber Enviro-Tech, Inc. | |
Entity Central Index Key | 0001935092 | |
Entity Tax Identification Number | 86-3601702 | |
Entity Incorporation, State or Country Code | WY | |
Entity Address, Address Line One | 6991 E. Camelback Road | |
Entity Address, Address Line Two | Suite D-300 | |
Entity Address, City or Town | Scottsdale | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85251 | |
City Area Code | (307) | |
Local Phone Number | 200-2803 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 118,239,283 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 148,058 | $ 297,349 |
Prepaid expenses and other current assets | 179,999 | 9,537 |
Total current assets | 328,057 | 392,820 |
Property and equipment, net | 3,167,312 | 2,429,035 |
Texas Railroad Commission bond | 50,000 | 50,000 |
Acquired intangible assets | 745,859 | |
Total Assets | 4,291,228 | 2,871,855 |
Current Liabilities: | ||
Accounts payable | 86,202 | 149,835 |
Accrued interest | 19,389 | 7,489 |
Contingent liability | 4,650 | 5,700 |
Note payable – related party | 15,000 | |
Note payable, current maturities, net of discount of $10,441 and $19,887 at June 30, 2023 and December 31, 2022, respectively | 433,059 | 237,613 |
Convertible notes payable, net of discount of $37,576 at June 30, 2023 | 31,674 | |
Convertible notes payable – related parties | 25,000 | 25,000 |
Total current liabilities | 599,974 | 440,637 |
Note payable, less current maturities, net of discount of $37,727 at June 30,2023 and $1,645 at December 31, 2022 | 99,162 | 184,355 |
Derivative liability | 102,466 | |
Convertible notes payable, less current maturities | 1,470,000 | 386,000 |
Total Liabilities | 2,271,602 | 1,010,992 |
Commitments and contingencies (Note 4) | ||
Stockholders’ Equity: | ||
Common Stock, par value $0.001, 350,000,000 shares authorized; 118,239,283 and 115,914,283 shares issued and outstanding, respectively | 118,240 | 115,915 |
Additional paid-in capital | 5,254,706 | 4,368,442 |
Common stock to be issued | 1,283,636 | |
Unearned stock compensation | (685,711) | (124,274) |
Treasury stock, at cost | (66,400) | (66,400) |
Accumulated deficit | (3,884,845) | (2,432,820) |
Total Stockholders’ Equity | 2,019,626 | 1,860,863 |
Total Liabilities and Stockholders’ Equity | 4,291,228 | 2,871,855 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock, value | ||
Series B Convertible Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock, value | ||
Series C Non Convertible Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock, value | ||
Special 2020 Series A Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock, value |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Note payable current, net of discount | $ 10,441 | $ 19,887 |
Convertible notes payable, net of discount | 37,576 | |
Note payable non current, net of discount | $ 37,727 | $ 1,645 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 118,239,283 | 115,914,283 |
Common stock, shares outstanding | 118,239,283 | 115,914,283 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 85,000 | 85,000 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Series C Non Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred stock, shares issued | 0.5 | 0.5 |
Preferred stock, shares outstanding | 0.5 | 0.5 |
Special 2020 Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1 | 1 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Expenses: | ||||
Professional fees | $ 20,253 | $ 10,000 | $ 65,288 | $ 29,175 |
General and administrative | 89,408 | 25,152 | 131,111 | 54,983 |
Consulting | 768,701 | 109,211 | 1,136,514 | 156,312 |
Total operating expenses | 878,365 | 144,363 | 1,332,913 | 240,470 |
Loss from operations | (878,365) | (144,363) | (1,332,913) | (240,470) |
Other Income (Expense): | ||||
Change in fair value of derivatives | (22,977) | 49,392 | 2,638,153 | |
Loss on issuance of derivatives | (86,858) | (149,010) | ||
Loss on sale of asset | (3,600) | |||
Gain on extinguishment of debt | 627,591 | |||
Change in fair value of contingent liability | 1,350 | 2,535 | 1,050 | (3,031) |
Interest expense | (47,950) | (12,182) | (79,096) | (1,224,495) |
Total other income (expense) | (69,577) | (9,647) | (119,112) | 1,889,208 |
Net Income (Loss) | $ (947,942) | $ (154,040) | $ (1,452,025) | $ 1,648,738 |
STATEMENTS OF OPERATIONS (Una_2
STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Loss per share - basic | $ (0.01) | $ 0 | $ (0.01) | $ 0.02 |
Loss per share - diluted | $ (0.01) | $ 0 | $ (0.01) | $ 0.02 |
Weighted average shares outstanding - basic | 116,526,714 | 107,444,943 | 115,943,449 | 106,954,123 |
Weighted average shares outstanding - diluted | 116,526,714 | 107,444,943 | 115,943,449 | 106,954,123 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Special 2020 Series A Preferred [Member] | Series A Preferred [Member] | Series B Preferred [Member] | Series C Preferred [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Common Stock To Be Issued [Member] | Unearned Stock Comp [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 104,205 | $ 1,141,328 | $ (66,400) | $ 154,164 | $ (3,912,182) | $ (2,578,885) | |||||
Balance at beginning, Shares at Dec. 31, 2021 | 1 | 1 | 1 | 1 | 104,204,722 | 839,233 | |||||
Common stock issued from prior periods | $ 284 | 28,921 | $ (29,205) | 0 | |||||||
Common stock issued from prior periods, Shares | 283,517 | (283,517) | |||||||||
Shares issued for cash | $ 750 | 99,250 | 100,000 | ||||||||
Shares issued for cash, Shares | 750,000 | ||||||||||
Shares issued for conversion of Advance on joint venture | $ 3,000 | 230,983 | 233,983 | ||||||||
Shares issued for conversion of Advance on joint venture, Shares | 3,000,000 | ||||||||||
Shares issued for services | $ 50 | 9,949 | 9,999 | ||||||||
Shares issued for services, Shares | 50,000 | ||||||||||
Shares issued in connection with convertible notes payable | $ 75,800 | 75,800 | |||||||||
Shares issued in connection with convertible notes payable, Shares | 150,000 | ||||||||||
Shares issued for conversion of notes payable | $ 1,853,196 | 1,853,196 | |||||||||
Shares issued for conversion of notes payable, Shares | 4,024,201 | ||||||||||
Net loss | 1,779,378 | 1,779,378 | |||||||||
Ending balance, value at Mar. 31, 2022 | $ 108,289 | 1,510,431 | 66,400 | $ 2,053,954 | 2,132,804 | 1,473,470 | |||||
Balance at ending, Shares at Mar. 31, 2022 | 1 | 1 | 1 | 1 | 108,288,239 | 4,729,917 | |||||
Book adjustments - rounding and fractional shs | $ (128) | ||||||||||
Common stock issued from prior periods | |||||||||||
Shares issued for cash | |||||||||||
Shares issued for conversion of Advance on joint venture | |||||||||||
Options granted for services | 4,843 | 4,843 | |||||||||
Shares issued for services | $ 11,550 | 11,550 | |||||||||
Shares issued for services, Shares | 21,000 | ||||||||||
Shares issued in connection with convertible notes payable | $ 95,699 | 95,699 | |||||||||
Shares issued for conversion of notes payable | |||||||||||
Net loss | (154,040) | (154,040) | |||||||||
Ending balance, value at Jun. 30, 2022 | $ 108,161 | 1,515,274 | (66,400) | $ 2,161,203 | (2,286,844) | 1,431,522 | |||||
Balance at ending, Shares at Jun. 30, 2022 | 1 | 1 | 1 | 1 | 108,288,239 | 4,750,917 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 115,915 | 4,368,442 | (66,400) | (124,274) | (2,432,820) | 1,860,863 | |||||
Balance at beginning, Shares at Dec. 31, 2022 | 1 | 1 | 1 | 1 | 115,914,283 | ||||||
Common stock issued from prior periods | |||||||||||
Shares issued for cash | |||||||||||
Shares issued for conversion of Advance on joint venture | |||||||||||
Options granted for services | 5,514 | 5,514 | |||||||||
Shares issued for services | $ 375 | 143,625 | $ 140,000 | (27,616) | 256,384 | ||||||
Shares issued for services, Shares | 375,000 | 333,333 | |||||||||
Shares issued in connection with convertible notes payable | |||||||||||
Shares issued for conversion of notes payable | $ 60,000 | 60,000 | |||||||||
Shares issued for conversion of notes payable, Shares | 300,000 | ||||||||||
Net loss | (504,083) | (504,083) | |||||||||
Ending balance, value at Mar. 31, 2023 | $ 116,290 | 4,517,581 | (66,400) | $ 200,000 | (151,890) | (2,936,903) | 1,678,678 | ||||
Balance at ending, Shares at Mar. 31, 2023 | 1 | 1 | 1 | 1 | 116,289,283 | 633,333 | |||||
Common stock issued from prior periods | |||||||||||
Shares issued for cash | |||||||||||
Shares issued for conversion of Advance on joint venture | |||||||||||
Options granted for services | 5,575 | 5,575 | |||||||||
Shares issued for services | $ 1,950 | 731,550 | $ 420,000 | (533,821) | 619,679 | ||||||
Shares issued for services, Shares | 1,950,000 | 1,000,000 | |||||||||
Shares issued in connection with convertible notes payable | $ 663,636 | 663,636 | |||||||||
Shares issued in connection with convertible notes payable, Shares | 3,318,180 | ||||||||||
Shares issued for conversion of notes payable | |||||||||||
Net loss | (947,942) | (947,942) | |||||||||
Ending balance, value at Jun. 30, 2023 | $ 118,240 | $ 5,254,706 | $ (66,400) | $ 1,283,636 | $ (685,711) | $ (3,884,845) | $ 2,019,626 | ||||
Balance at ending, Shares at Jun. 30, 2023 | 1 | 1 | 1 | 1 | 118,239,283 | 4,951,513 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flow from operating activities: | ||
Net Income (loss) | $ (1,452,025) | $ 1,648,738 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Change in fair value of derivatives | 102,466 | (2,638,153) |
Loss on sale of property and equipment | 3,100 | |
Loss on issuance of derivatives | 149,010 | |
Options issued for services | 11,089 | |
Gain on extinguishment of debt | (627,591) | |
Change in fair value of contingent liability | (1,050) | 3,031 |
Stock compensation | 876,063 | 6,794 |
Amortization of debt discount | 38,515 | 1,198,099 |
Depreciation and amortization expense | 38,394 | 18,228 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (84,528) | (32,796) |
Accounts payable | (63,633) | 95,719 |
Accrued interest | 28,536 | 26,394 |
Net cash from operating activities | (503,073) | (152,527) |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 13,600 | |
Purchase of property and equipment | (780,729) | (905,276) |
Acquisition of licenses from KAM Biotechnology, Ltd. | (659,339) | |
Net cash from investing activities | (1,426,468) | (905,276) |
Cash flows from financing activities: | ||
Repayment of convertible notes payable | (311,000) | |
Proceeds from convertible notes payable | 2,056,250 | 775,000 |
Proceeds from notes payable | 100,000 | |
Repayment of notes payable – related party | (65,000) | |
Proceeds from the sale of common stock | 100,000 | |
Net cash from financing activities | 1,780,250 | 875,000 |
Net change in cash and cash equivalents | (149,291) | (182,803) |
Cash and cash equivalents at beginning of year | 297,349 | 318,779 |
Cash and cash equivalents at end of period | 148,058 | 135,976 |
Cash paid during the period for: | ||
Interest | ||
Income taxes | ||
Non-cash investing and financing activities: | ||
Stock issued for conversion of advance on joint venture | 233,983 | |
Note payable conversion | 20,000 | |
Convertible note payable converted | 6,636 | |
Stock issued for conversion of convertible notes payable and accrued interest | $ 2,011,065 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Cyber Enviro-Tech, Inc. (the “Company”) is a publicly held water science technology company that designs water purification solutions for commercial applications and industries. Its pilot project is on a 479-acre oil field in West Texas called the Alvey Oil Field. The corporate headquarters are located in Scottsdale, Arizona. On September 3, 2020, Synergy Management Group, LLC (“Synergy”) and Global Environmental Technologies, Inc (“Global”), which was formed on April 20, 2020, entered into a securities purchase agreement, whereby Synergy sold its share of Special 2020 Series A preferred stock and its one-half share of Series C preferred stock to Global for $ 66,400 4,650 5,700 Effective April 30, 2021, the Company effectuated a twenty to one reverse stock split. All shares throughout these financial statements have been adjusted to reflect the reverse split. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue recognition The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of Topic 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company expects to recognize revenues as the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. The Company recognizes sales when oil is picked up by the delivery company and control passes to the customer. Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no Property and Equipment Property and equipment is recorded at cost. Cost of improvements that substantially extend the useful lives of the assets are capitalized. Maintenance and repair costs are expensed when incurred. When other property and equipment is sold or retired, the capitalized costs and related accumulated depreciation are removed from their respective accounts. Asset Retirement Obligations To cover the estimated future asset retirement obligations ("ARO") related to its oil and gas properties, the Company maintains a $ 50,000 The Company believes the bond should cover the estimated liability for abandoning wells. Revisions to the liability could occur due to changes in estimated abandonment costs, changes in well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells. Impairment of Long-Lived Assets In accordance with authoritative guidance on accounting for the impairment or disposal of long-lived assets, as set forth in Topic 360 of the Accounting Standards Codification (“ASC”), the Company assesses the recoverability of the carrying value of its non-oil and gas long-lived assets when events occur that indicate an impairment in value may exist. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. If this occurs, an impairment loss is recognized for the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Intangible Assets The Company recognizes intangible assets in accordance with ASC 350. Intangible assets are defined as identifiable non-monetary assets without physical substance, acquired through purchase, internally generated, or acquired as part of a business combination, which provide future economic benefits and are under the control of the Company. Intangible assets with finite useful lives are amortized over their estimated useful lives on a straight-line basis, unless another systematic and rational method better represents the consumption of the economic benefits. Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually or more frequently if there are indications of impairment. The intangible assets consists of exclusive licenses obtained by the Company from KAM Biotechnology Ltd (“KAM”) in May 2023 and the agreement has a term of ten years. Payments from the Company to KAM occur over a 22-month period of time with no interest. As such, the asset is started at the net discounted amount of $758,501 less amortization in May and June of a total of $ 12,642 745,859 663,111 The Company reviews intangible assets for indicators of impairment at least annually, or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. Any impairment loss is recognized in the income statement. Upon impairment, the carrying amount of the intangible asset is reduced to its recoverable amount. The impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the asset and then to the remaining balance of the asset. The impairment loss is recognized as an expense in the income statement, unless the asset had previously been revalued, in which case the loss is recognized against any revaluation surplus. Oil and Gas Producing Activities The Company uses the successful efforts method of accounting for oil and gas activities. Under this method, the costs of productive exploratory wells, all development wells, related asset retirement obligation assets, and productive leases are capitalized and amortized, principally by field, on a units-of-production basis over the life of the remaining proved reserves. Exploration costs, including personnel costs, geological and geophysical expenses, and delay rentals for oil and gas leases are charged to expense as incurred. Exploratory drilling costs are initially capitalized, but charged to expense if and when the well is determined not to have found reserves in commercial quantities. The sale of a partial interest in a proved property is accounted for as a cost recovery, and no gain or loss is recognized as long as this treatment does not significantly affect the units-of-production amortization rate. A gain or loss is recognized for all other sales of producing properties. There were capitalized costs of $ 2,187,926 1,604,983 Unproved oil and gas properties are assessed annually to determine whether they have been impaired by the drilling of dry holes on or near the related acreage or other circumstances, which may indicate a decline in value. When impairment occurs, a loss is recognized. When leases for unproved properties expire, the costs thereof, net of any related allowance for impairment, is removed from the accounts and charged to expense. During the six months ended June 30, 2023 and 2022, there was no no Costs associated with development wells that are unevaluated or are waiting on access to transportation or processing facilities are reclassified into developmental wells-in-progress ("WIP"). These costs are not put into a depletable field basis until the wells are fully evaluated or access is gained to transportation and processing facilities. Costs associated with WIP are included in the cash flows from investing as part of investment in oil and gas properties. At June 30, 2023 and December 31, 2022, no Depreciation, depletion and amortization of proved oil and gas properties is calculated using the units-of- production method based on proved reserves and estimated salvage values. During the six months ended June 30, 2023 and no The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that a decline in the recoverability of its carrying value may have occurred. It estimates the undiscounted future net cash flows of its oil and natural gas properties and compares such undiscounted future cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value. During the six months ended June 30, 2023 and 2022, there was no Stock-based Compensation The Company applies the fair value method of Financial Accounting Standards Board (“FASB”) ASC 718, “Share Based Payment”, in accounting for its stock-based compensation. This standard states that compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. The Company values stock-based compensation at the market price for the Company’s common stock and other pertinent factors at the grant date. During the six months ended June 30, 2023 and 2022, the Company recorded $876,063 and $,794 in stock-based compensation expense, respectively. In addition, the Company recorded unearned stock compensation of $ 685,711 124,274 Fair Value of Financial Instruments The Company adopted ASC 820, “ Fair Value Measurements Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximates the fair value of such instruments as the notes bear interest rates that are consistent with current market rates. The Company evaluates convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC 815, “Derivatives and Hedging”. The following table classifies the Company’s liability measured at fair value on a recurring basis into the fair value hierarchy as of June 30, 2023. . There were no fair value instruments as of December 31, 2022: Schedule of derivative liability Description Level 1 Level 2 Level 3 Total Derivative $ — $ — $ 102,466 $ 102,466 Total $ — $ — $ 102,466 $ 102,466 Income taxes Income states are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measures using enacted tax rates expected to apply to the taxable income in the years in which those temporary differences are expect to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of general and administrative expenses. The Company’s federal tax return and any state tax returns are not currently under examination. The Company has adopted ASC 740, “ Accounting for Income Taxes Net income (loss) per common share The Company computes loss per common share in accordance with ASC 260, “Earnings Per Share” Concentration of credit risks The Company maintains accounts with financial institutions. All cash in checking accounts is non-interest bearing and is fully secured by the Federal Deposit Insurance Corporation (FDIC). At times, cash balances may exceed the maximum coverage provided by the FDIC on insured depositor accounts. The Company believes it mitigates its risk by depositing its cash and cash equivalents with major financial institutions. Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The Company’s financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities and commitments in the normal course of business for the foreseeable future. The Company has just begun generating revenue and does not yet have sufficient revenue to cover its operating expenses. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon generating profitable operations in the future and/or to obtain the necessary financing to meet the Company’s obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with increased revenue and private placement loans or institutional investors. While the Company believes that it will be successful in obtaining the necessary financing and generating revenue to fund the Company’s operations, meet regulatory requirements and achieve commercial goals, there are no assurances that such additional funding will be achieved and that the Company will succeed in its future operations. The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with ASC 450, Contingencies In February 2021, the Company entered into an agreement to operate the wells on the Alvey Oil Field. Under this agreement, the Company owes a contingent amount based upon a 18.75 450,000 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 5 – PROPERTY AND EQUIPMENT As of June 30, 2023 and December 31, 2022, property and equipment consisted of the following: Schedule of property and equipment June 30, 2023 December 31, 2022 Useful Lives Equipment $ 966,687 $ 782,576 5 20 Vehicles 87,000 99,700 5 15 Well development costs 2,187,926 1,604,983 * Less accumulated depreciation (74,301 ) (58,224 ) — Property and equipment, net $ 3,167,312 $ 2,429,035 — * Once full production begins, “Well development costs” will be depreciated using the units-of-production method based on barrels of oil produced. As of June 30, 2023, a minimal amount of oil has been produced and work is ongoing to determine how to determine how to get regular production from the field. Depreciation expense for the three months ended June 30, 2023 and 2022 was $ 12,646 10,912 25,752 10,912 |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 6 – DEBT Schedule of long term debt June 30, 2023 December 31, 2022 Note payable $ 480,389 $ 443,500 Note payable – related party 100,000 15,000 Convertible notes payable 1,539,250 386,000 Convertible notes payable – related party 25,000 25,000 2,144,639 869,500 Debt discount (85,743 ) (21,532 ) 2,058,895 847,968 Less current portion 489,734 277,613 Long term portion $ 1,569,161 $ 570,355 The following is a schedule of debt maturity and the years in which the debt is scheduled to mature: Schedule of long term debt mature Year Amount 2023 282,500 2024 255,250 2025 1,606,889 $ 2,144,639 Notes payable In February 2021, the Company purchased certain oil and gas production equipment in the Alvey Oil Field. The total purchase price was $ 450,000 389,046 106,500 343,500 10,500 7 At December 31, 2022, the Company had a note payable to a shareholder for $ 100,000 10,000 50,000 60,000 At December 31, 2022, the Company had a note payable to a related party for $ 15,000 7 At June 30, 2022, the Company had a note payable for $ 100,000 In May 2023, the Company acquired certain intellectual property rights from KAM Biotechnology. The total acquisition price was $ 800,000 762,273 663,112 136,889 25,000 Convertible notes payable In 2020, the Company executed a convertible note payable with a related party for $ 25,000 0.001 During the year ended December 31, 2021, the Company received $ 1,175,000 7 10,000 25,000 94,959 During the year ended December 31, 2022, the Company received $ 1,461,000 1,075,000 386,000 8 0.10 During the year ended December 31, 2022, the Company converted $ 2,250,000 6,214,355 627,592 3,512,747 386,000 During the first six months of 2023, the Company raised a net of another $ 2,046,250 69,250 8 January 27, 2024 35 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | NOTE 7 – DERIVATIVE FINANCIAL INSTRUMENTS Embedded derivatives The Company’s convertible promissory notes gave rise to derivative financial instruments. The notes embodied certain terms and conditions that were not clearly and closely related to the host debt agreement in terms of economic risks and characteristics. These terms and features consist of the embedded conversion option. The following tables summarize the components of the Company’s derivative liabilities and linked common shares as of June 30, 2023 and the amounts that were reflected in income related to derivatives for the period ended: Schedule of derivative liabilities June 30, 2023 The financings giving rise to derivative financial instruments Indexed Fair Embedded derivatives 355,834 $ 102,466 Total 355,834 $ 102,466 There were no fair value instruments as of December 31, 2022. The following table summarizes the effects on the Company’s gain (loss) associated with changes in the fair values of the derivative financial instruments by type of financing for the three and six months ended June 30, 2023 and 2022: Schedule of Changes in fair value derivative instruments For the Three months Ended June 30, 2023 June 30, 2022 Embedded derivatives $ (22,977 ) $ — Loss on issuance of derivative — — Total gain (loss) $ (22,977 ) $ — For the Six months Ended June 30, 2023 June 30, 2022 Embedded derivatives $ 49,392 $ — Loss on issuance of derivative (86,858 ) — Total gain (loss) $ (37,466 ) $ — Current accounting principles that are provided in ASC 815 - Derivatives and Hedging Significant inputs and results arising from the Monte Carlo Simulation process are as follows for the embedded derivatives that have been bifurcated from the convertible notes and classified in liabilities: Schedule of embedded derivatives Inception Date June 30, 2023 Quoted market price on valuation date $ 0.0072 $ 0.3100 Effective contractual conversion rates $ 0.0024 $ 0.2015 Contractual term to maturity 1 0.58 Market volatility: Volatility 151.08 171.20 % 68.78 197.81 % Risk-adjusted interest rate 4.79 % 13.90 % The following table reflects the issuances of embedded derivatives and changes in fair value inputs and assumptions related to the embedded derivatives as of June 30, 2023 and December 31, 2022. Schedule of Fair value assumptions Six months Ended June 30, 2023 Year Ended December 31, 2022 Balances at beginning of period $ — $ 3,116,734 Issuances: Embedded derivatives 151,858 396,013 Conversions — (3,512,747 ) Changes in fair value inputs and assumptions reflected in income (49,392 ) — Balances at end of period $ 102,466 $ — |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8 – RELATED PARTY TRANSACTIONS At June 30, 2023 and December 31, 2022, the Company had a convertible note payable for $ 25,000 0.001 At December 31, 2022, the Company had a note payable of $ 15,000 During the periods ended June 30, 2023 and December 31, 2022, the Company paid various related parties for consulting services in the amounts of $ 284,500 431,399 60,188 194,712 |
PREFERRED STOCK
PREFERRED STOCK | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 9 – PREFERRED STOCK Series A Convertible Preferred Stock The Company previously designated 300,000 200,000 Voting Rights had been established whereby one (1) share of Series A Convertible Preferred Stock has ten (10) equivalent votes of stockholders of the Company's common stock for an aggregate of 10 votes. December 31, 1 Series B Convertible Preferred Stock The Company previously designated 85,000 67,448 Holders of Series B Convertible Preferred Stock had no voting Rights. December 31, 1 Series C Non-Convertible Preferred Stock The Company previously designated 50,000 50,000 Holders of Series C Non-Convertible Preferred Stock have 1,600 shares of voting Rights per share. Series C Non-Convertible Preferred Stock is not convertible into any of the Company's Common Stock or other Series of Preferred Stock. December 31, 0.5 Special 2020 Series A Preferred The Company has one share of preferred stock designated as Special 2020 Series A Preferred 0.0001 150,000,000 66,400 December 31, 1 |
STOCK OPTIONS
STOCK OPTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCK OPTIONS | NOTE 10 – STOCK OPTIONS In connection with a consulting agreement dated March 7, 2022, the Company issued 200,000 options at an exercise price of $ 0.58 per share. These options vest one-fourth each six months over a period of two years and have a term of three years. The grant date fair value was $ 55,966 . The Company recorded compensation expense in the amount of $11,089 and $ 18,318 for the periods ended June 30, 2023 and December 31, 26,559 and $ 37,648 , respectively, of total unrecognized compensation cost related to non-vested portion of options granted. As of June 30, 2023 and December 31, 2022, there are 200,000 100,000 50,000 0.81 1.31 Significant inputs and results arising from the Black-Scholes process are as follows for the options: Schedule of assumption Quoted market price on valuation date $ 0.782 Exercise price $ 0.5765 Range of expected term 1.75 2.50 Range of equivalent volatility 29.47 37.40 Range of interest rates 1.55 1.68 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 11 – INCOME TAXES Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss, and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The U.S. federal income tax rate of 21 Income taxes consist of the following components as of: Schedule of federal income tax June 30, 2023 June 30, 2022 Federal income tax benefit attributable to: Current Operations $ 297,278 $ 307,643 Less: Valuation Allowance (297,278 ) (307,643 ) Net provision for Federal income taxes $ — $ — The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the periods ended June 30, 2023 and December 31, 2022, due to the following: Schedule of deferred tax asset June 30, 2023 December 31, 2022 Deferred tax asset attributable to: Net operating loss carryover $ 807,711 $ 510,433 Less: Valuation allowance (807,711 ) (510,433 ) Net deferred tax asset $ — $ — At June 30, 2023, the Company had net operating loss carry forwards of $ 807,711 No Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal Income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS The following are subsequent events that the Company considers may be material: · New convertible debentures were issued to investors between June 30, 2023 to August 14, 2023 totaling $ 200,000 · Series “A” Convertible Preferred Stock terms were modified and the following was approved by the Board of Directors in March 2023. The terms of the stock were modified as follows: • The holders of the Series “A” Convertible Preferred Stock shall vote together with the holders of preferred stock (including on an as converted basis) and common stock as a single class. The Series “A” Convertible Preferred Stock stockholder is entitled to 3,000 votes for every one (1) share of Series “A” Convertible Preferred Stock held. • The three major shareholders elected to convert 50,000,000 common shares of stock into 16,665 shares of Series “A” Convertible Stock. • As of August 14, 2023, this conversion of common into Series “A” Convertible Preferred Stock has not formerly been filed with the Secretary of State for Wyoming. Once that is completed, the financial statements will reflect this change. · The convertible note for $ 69,250 rd |
SUPPLEMENTAL OIL AND GAS DISCLO
SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Oil And Gas Disclosures | |
SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) | NOTE 13 – SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) In accordance with ASC 932, Extractive Activities- Oil and Gas, 2022. Oil and Gas Reserves There are several factors that need to be considered in estimating quantities of proved crude oil and natural gas reserves. Crude oil and natural gas reserve engineering is a subjective process of estimating underground accumulations of crude oil and natural gas that cannot be precisely measured. The accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revision of such estimate. Accordingly, reserves estimates are often different from the quantities of crude oil and natural gas that are ultimately recovered. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. Existing economic conditions include prices and costs at which economic productivity from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. For the periods ending June 30, 2023 and December 31, 2022, that price would be $ 70.64 94.13 Proved reserves are estimated quantities of oil, gas and natural gas liquids that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. The reserve volumes presented are estimates only and should not be construed as being exact quantities. The Company’s 479-acre oil field is located in West Texas. P er the Preliminary Reserve Estimate done by an independent geologist, it is estimated to contain 150 million barrels of oil. The geologist estimates the recovery factor at 30% to 40% of the total reserves. Based on the lower estimated quantity and lower the recovery factor, the total barrels of recoverable oil for would be around 45 million barrels. The average price of West Texas Intermediate oil for the six months ending June 30, 2023 was $ 70.64 3.2 1.0 2.2 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue recognition | Revenue recognition The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of Topic 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company expects to recognize revenues as the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. The Company recognizes sales when oil is picked up by the delivery company and control passes to the customer. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost. Cost of improvements that substantially extend the useful lives of the assets are capitalized. Maintenance and repair costs are expensed when incurred. When other property and equipment is sold or retired, the capitalized costs and related accumulated depreciation are removed from their respective accounts. |
Asset Retirement Obligations | Asset Retirement Obligations To cover the estimated future asset retirement obligations ("ARO") related to its oil and gas properties, the Company maintains a $ 50,000 The Company believes the bond should cover the estimated liability for abandoning wells. Revisions to the liability could occur due to changes in estimated abandonment costs, changes in well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with authoritative guidance on accounting for the impairment or disposal of long-lived assets, as set forth in Topic 360 of the Accounting Standards Codification (“ASC”), the Company assesses the recoverability of the carrying value of its non-oil and gas long-lived assets when events occur that indicate an impairment in value may exist. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. If this occurs, an impairment loss is recognized for the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. |
Intangible Assets | Intangible Assets The Company recognizes intangible assets in accordance with ASC 350. Intangible assets are defined as identifiable non-monetary assets without physical substance, acquired through purchase, internally generated, or acquired as part of a business combination, which provide future economic benefits and are under the control of the Company. Intangible assets with finite useful lives are amortized over their estimated useful lives on a straight-line basis, unless another systematic and rational method better represents the consumption of the economic benefits. Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually or more frequently if there are indications of impairment. The intangible assets consists of exclusive licenses obtained by the Company from KAM Biotechnology Ltd (“KAM”) in May 2023 and the agreement has a term of ten years. Payments from the Company to KAM occur over a 22-month period of time with no interest. As such, the asset is started at the net discounted amount of $758,501 less amortization in May and June of a total of $ 12,642 745,859 663,111 The Company reviews intangible assets for indicators of impairment at least annually, or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. Any impairment loss is recognized in the income statement. Upon impairment, the carrying amount of the intangible asset is reduced to its recoverable amount. The impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the asset and then to the remaining balance of the asset. The impairment loss is recognized as an expense in the income statement, unless the asset had previously been revalued, in which case the loss is recognized against any revaluation surplus. |
Oil and Gas Producing Activities | Oil and Gas Producing Activities The Company uses the successful efforts method of accounting for oil and gas activities. Under this method, the costs of productive exploratory wells, all development wells, related asset retirement obligation assets, and productive leases are capitalized and amortized, principally by field, on a units-of-production basis over the life of the remaining proved reserves. Exploration costs, including personnel costs, geological and geophysical expenses, and delay rentals for oil and gas leases are charged to expense as incurred. Exploratory drilling costs are initially capitalized, but charged to expense if and when the well is determined not to have found reserves in commercial quantities. The sale of a partial interest in a proved property is accounted for as a cost recovery, and no gain or loss is recognized as long as this treatment does not significantly affect the units-of-production amortization rate. A gain or loss is recognized for all other sales of producing properties. There were capitalized costs of $ 2,187,926 1,604,983 Unproved oil and gas properties are assessed annually to determine whether they have been impaired by the drilling of dry holes on or near the related acreage or other circumstances, which may indicate a decline in value. When impairment occurs, a loss is recognized. When leases for unproved properties expire, the costs thereof, net of any related allowance for impairment, is removed from the accounts and charged to expense. During the six months ended June 30, 2023 and 2022, there was no no Costs associated with development wells that are unevaluated or are waiting on access to transportation or processing facilities are reclassified into developmental wells-in-progress ("WIP"). These costs are not put into a depletable field basis until the wells are fully evaluated or access is gained to transportation and processing facilities. Costs associated with WIP are included in the cash flows from investing as part of investment in oil and gas properties. At June 30, 2023 and December 31, 2022, no Depreciation, depletion and amortization of proved oil and gas properties is calculated using the units-of- production method based on proved reserves and estimated salvage values. During the six months ended June 30, 2023 and no The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that a decline in the recoverability of its carrying value may have occurred. It estimates the undiscounted future net cash flows of its oil and natural gas properties and compares such undiscounted future cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value. During the six months ended June 30, 2023 and 2022, there was no |
Stock-based Compensation | Stock-based Compensation The Company applies the fair value method of Financial Accounting Standards Board (“FASB”) ASC 718, “Share Based Payment”, in accounting for its stock-based compensation. This standard states that compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. The Company values stock-based compensation at the market price for the Company’s common stock and other pertinent factors at the grant date. During the six months ended June 30, 2023 and 2022, the Company recorded $876,063 and $,794 in stock-based compensation expense, respectively. In addition, the Company recorded unearned stock compensation of $ 685,711 124,274 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company adopted ASC 820, “ Fair Value Measurements Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximates the fair value of such instruments as the notes bear interest rates that are consistent with current market rates. The Company evaluates convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC 815, “Derivatives and Hedging”. The following table classifies the Company’s liability measured at fair value on a recurring basis into the fair value hierarchy as of June 30, 2023. . There were no fair value instruments as of December 31, 2022: Schedule of derivative liability Description Level 1 Level 2 Level 3 Total Derivative $ — $ — $ 102,466 $ 102,466 Total $ — $ — $ 102,466 $ 102,466 |
Income taxes | Income taxes Income states are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measures using enacted tax rates expected to apply to the taxable income in the years in which those temporary differences are expect to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of general and administrative expenses. The Company’s federal tax return and any state tax returns are not currently under examination. The Company has adopted ASC 740, “ Accounting for Income Taxes |
Net income (loss) per common share | Net income (loss) per common share The Company computes loss per common share in accordance with ASC 260, “Earnings Per Share” |
Concentration of credit risks | Concentration of credit risks The Company maintains accounts with financial institutions. All cash in checking accounts is non-interest bearing and is fully secured by the Federal Deposit Insurance Corporation (FDIC). At times, cash balances may exceed the maximum coverage provided by the FDIC on insured depositor accounts. The Company believes it mitigates its risk by depositing its cash and cash equivalents with major financial institutions. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of derivative liability | Schedule of derivative liability Description Level 1 Level 2 Level 3 Total Derivative $ — $ — $ 102,466 $ 102,466 Total $ — $ — $ 102,466 $ 102,466 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment June 30, 2023 December 31, 2022 Useful Lives Equipment $ 966,687 $ 782,576 5 20 Vehicles 87,000 99,700 5 15 Well development costs 2,187,926 1,604,983 * Less accumulated depreciation (74,301 ) (58,224 ) — Property and equipment, net $ 3,167,312 $ 2,429,035 — |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of long term debt | Schedule of long term debt June 30, 2023 December 31, 2022 Note payable $ 480,389 $ 443,500 Note payable – related party 100,000 15,000 Convertible notes payable 1,539,250 386,000 Convertible notes payable – related party 25,000 25,000 2,144,639 869,500 Debt discount (85,743 ) (21,532 ) 2,058,895 847,968 Less current portion 489,734 277,613 Long term portion $ 1,569,161 $ 570,355 |
Schedule of long term debt mature | Schedule of long term debt mature Year Amount 2023 282,500 2024 255,250 2025 1,606,889 $ 2,144,639 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Offsetting Assets [Line Items] | |
Schedule of Changes in fair value derivative instruments | Schedule of Changes in fair value derivative instruments For the Three months Ended June 30, 2023 June 30, 2022 Embedded derivatives $ (22,977 ) $ — Loss on issuance of derivative — — Total gain (loss) $ (22,977 ) $ — For the Six months Ended June 30, 2023 June 30, 2022 Embedded derivatives $ 49,392 $ — Loss on issuance of derivative (86,858 ) — Total gain (loss) $ (37,466 ) $ — |
Schedule of embedded derivatives | Schedule of embedded derivatives Inception Date June 30, 2023 Quoted market price on valuation date $ 0.0072 $ 0.3100 Effective contractual conversion rates $ 0.0024 $ 0.2015 Contractual term to maturity 1 0.58 Market volatility: Volatility 151.08 171.20 % 68.78 197.81 % Risk-adjusted interest rate 4.79 % 13.90 % |
Schedule of Fair value assumptions | Schedule of Fair value assumptions Six months Ended June 30, 2023 Year Ended December 31, 2022 Balances at beginning of period $ — $ 3,116,734 Issuances: Embedded derivatives 151,858 396,013 Conversions — (3,512,747 ) Changes in fair value inputs and assumptions reflected in income (49,392 ) — Balances at end of period $ 102,466 $ — |
Embedded Derivative Financial Instruments [Member] | |
Offsetting Assets [Line Items] | |
Schedule of Changes in fair value derivative instruments | Schedule of derivative liabilities June 30, 2023 The financings giving rise to derivative financial instruments Indexed Fair Embedded derivatives 355,834 $ 102,466 Total 355,834 $ 102,466 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of assumption | Schedule of assumption Quoted market price on valuation date $ 0.782 Exercise price $ 0.5765 Range of expected term 1.75 2.50 Range of equivalent volatility 29.47 37.40 Range of interest rates 1.55 1.68 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of federal income tax | Schedule of federal income tax June 30, 2023 June 30, 2022 Federal income tax benefit attributable to: Current Operations $ 297,278 $ 307,643 Less: Valuation Allowance (297,278 ) (307,643 ) Net provision for Federal income taxes $ — $ — |
Schedule of deferred tax asset | Schedule of deferred tax asset June 30, 2023 December 31, 2022 Deferred tax asset attributable to: Net operating loss carryover $ 807,711 $ 510,433 Less: Valuation allowance (807,711 ) (510,433 ) Net deferred tax asset $ — $ — |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) | Sep. 03, 2020 | Jun. 30, 2023 | Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Contingent liability | $ 4,650 | $ 5,700 | |
Global Environmental Technologies [Member] | Securities Purchase Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares sold, value | $ 66,400 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Jun. 30, 2023 USD ($) |
Platform Operator, Crypto-Asset [Line Items] | |
Derivative | $ 102,466 |
Total | 102,466 |
Fair Value, Inputs, Level 1 [Member] | |
Platform Operator, Crypto-Asset [Line Items] | |
Derivative | |
Total | |
Fair Value, Inputs, Level 2 [Member] | |
Platform Operator, Crypto-Asset [Line Items] | |
Derivative | |
Total | |
Fair Value, Inputs, Level 3 [Member] | |
Platform Operator, Crypto-Asset [Line Items] | |
Derivative | 102,466 |
Total | $ 102,466 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | May 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||||
Cash equivalents | $ 0 | $ 0 | ||
Texas railroad commission bond | 50,000 | 50,000 | ||
Intangible asset, net | 745,859 | $ 12,642 | ||
Notes payable | 663,111 | |||
Production capitalized costs | 2,187,926 | 1,604,983 | ||
Impairment unproved properties | 0 | $ 0 | ||
Gain loss on sales of unproved properties | 0 | 0 | ||
Capitalized developmental costs | 0 | 0 | ||
Depreciation and amortization expense on oil and gas properties | 0 | 0 | ||
Impairment proved properties | 0 | $ 0 | ||
Unearned stock compensation | $ 685,711 | $ 124,274 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended |
Feb. 28, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Working Interest | 18.75% |
Danny Hyde [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Equipment purchased | $ 450,000 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation | $ (74,301) | $ (58,224) |
Property and equipment, net | 3,167,312 | 2,429,035 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 966,687 | 782,576 |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 20 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 87,000 | 99,700 |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 15 years | |
Well Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,187,926 | $ 1,604,983 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 12,646 | $ 10,912 | $ 25,752 | $ 10,912 |
DEBT (Details)
DEBT (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt | $ 2,144,639 | $ 869,500 |
Debt discount | (85,743) | (21,532) |
Short term debt | 2,058,895 | 847,968 |
Less current portion | 489,734 | 277,613 |
Long term portion | 1,569,161 | 570,355 |
Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 480,389 | 443,500 |
Note Payable Related Party [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 100,000 | 15,000 |
Convertible Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 1,539,250 | 386,000 |
Convertible Notes Payable Related Party [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 25,000 | $ 25,000 |
DEBT (Details 1)
DEBT (Details 1) | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 282,500 |
2024 | 255,250 |
2025 | 1,606,889 |
Total | $ 2,144,639 |
DEBT (Details Narrative)
DEBT (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
May 31, 2023 | Feb. 28, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||||||
Note payable | $ 663,111 | $ 663,111 | |||||||
Debt balance | 99,162 | 99,162 | $ 184,355 | ||||||
Conversion of value issued | 3,512,747 | ||||||||
Gain on extinguishment of the debt | $ 627,591 | ||||||||
Convertible Notes Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Note payable | $ 69,250 | ||||||||
Interest rate | 8% | 8% | 8% | 7% | |||||
Convertible note payable related party | $ 25,000 | ||||||||
Convertible into common stock | $ 0.001 | ||||||||
Convertible note payable | $ 2,046,250 | $ 2,046,250 | $ 1,461,000 | $ 1,175,000 | |||||
Conversion of shares issued | 10,000 | ||||||||
Conversion of value issued | $ 25,000 | ||||||||
Converted amount | 94,959 | ||||||||
Notes payable issued | $ 1,075,000 | $ 386,000 | |||||||
Common stock at a minimum price | $ 0.10 | ||||||||
Notes payable plus accrued interest | $ 2,250,000 | ||||||||
Converted shares | 6,214,355 | ||||||||
Gain on extinguishment of the debt | $ 627,592 | ||||||||
Derivative liability | 3,512,747 | ||||||||
Convertible term notes payable | 386,000 | ||||||||
Maturity date | Jan. 27, 2024 | ||||||||
Discount rate | 35% | 35% | |||||||
Notes Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Purchase price | $ 450,000 | ||||||||
Debt discount | $ 389,046 | ||||||||
Repayment debt | $ 106,500 | 106,500 | |||||||
Debt balance | $ 343,500 | 343,500 | 343,500 | ||||||
Installments paid | 10,500 | $ 10,500 | |||||||
Imputed interest rate | 7% | ||||||||
Note payable | 100,000 | ||||||||
Interest expense | 10,000 | ||||||||
Repayment of notes payable | 50,000 | ||||||||
Cash converted | 60,000 | ||||||||
Note payable related party | $ 15,000 | ||||||||
Interest rate | 7% | ||||||||
Note payable | $ 100,000 | $ 100,000 | |||||||
Notes Payable [Member] | K A M Biotechnology [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt discount | $ 762,273 | ||||||||
Repayment debt | $ 663,112 | ||||||||
Installments paid | 25,000 | 25,000 | |||||||
Acquisition price | $ 800,000 | ||||||||
Debt balance | $ 136,889 | $ 136,889 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Details) | Jun. 30, 2023 USD ($) |
Indexed Shares [Member] | |
Offsetting Assets [Line Items] | |
Embedded derivatives | $ 355,834 |
Total | 355,834 |
Fair Values [Member] | |
Offsetting Assets [Line Items] | |
Embedded derivatives | 102,466 |
Total | $ 102,466 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments, All Other Investments [Abstract] | ||||
Embedded derivatives | $ (22,977) | $ 49,392 | ||
Loss on issuance of derivative | (86,858) | |||
Total gain (loss) | $ (22,977) | $ (37,466) |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | ||
Quoted market price on valuation date | $ 0.3100 | $ 0.0072 |
Effective contractual conversion rates | $ 0.0024 | |
Effective contractual conversion rates | $ 0.2015 | |
Contractual term to maturity | 6 months 29 days | 1 year |
Volatility minimum | 68.78% | 151.08% |
Volatility maximum | 197.81% | 171.20% |
Risk-adjusted interest rate | 13.90% | 4.79% |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS (Details 3) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | ||
Derivative fair value at beginning | $ 3,116,734 | |
Issuances embedded derivatives | 151,858 | 396,013 |
Conversions | (3,512,747) | |
Changes in fair value inputs and assumptions reflected in income | (49,392) | |
Derivative fair value at ending | $ 102,466 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Consulting service | $ 284,500 | $ 431,399 |
Consulting fees | 60,188 | 194,712 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Convertible note payable | $ 25,000 | 25,000 |
Note payable | $ 15,000 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Series A Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock designated | 300,000 | 300,000 |
Share issued | 200,000 | |
Preferred stock voting rights | Voting Rights had been established whereby one (1) share of Series A Convertible Preferred Stock has ten (10) equivalent votes of stockholders of the Company's common stock for an aggregate of 10 votes. | |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Series B Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock designated | 85,000 | 85,000 |
Share issued | 67,448 | |
Preferred stock voting rights | Holders of Series B Convertible Preferred Stock had no voting Rights. | |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Series C Non Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock designated | 50,000 | 50,000 |
Share issued | 50,000 | |
Preferred stock voting rights | Holders of Series C Non-Convertible Preferred Stock have 1,600 shares of voting Rights per share. Series C Non-Convertible Preferred Stock is not convertible into any of the Company's Common Stock or other Series of Preferred Stock. | |
Preferred stock, shares issued | 0.5 | 0.5 |
Preferred stock, shares outstanding | 0.5 | 0.5 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Special 2020 Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock designated | 1 | 1 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Number of shares converted | 150,000,000 | |
Number of shares purchase, value | $ 66,400 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Quoted market price on valuation date | $ 0.782 | |
Exercise price | $ 0.5765 | |
Range of interest rates | 13.90% | 4.79% |
Minimum [Member] | ||
Range of expected term | 1 year 9 months | |
Range of equivalent volatility | 29.47% | |
Range of interest rates | 1.55% | |
Maximum [Member] | ||
Range of expected term | 2 years 6 months | |
Range of equivalent volatility | 37.40% | |
Range of interest rates | 1.68% |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - Equity Option [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 07, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Unrecognized compensation cost | $ 26,559 | $ 37,648 | |
Stock options outstanding | 200,000 | 200,000 | |
Stock option exercisable | 100,000 | 50,000 | |
Weighted average remaining term | 9 months 21 days | 1 year 3 months 21 days | |
Consulting Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Stock option issued | 200,000 | ||
Stock option exercise price | $ 0.58 | ||
Stock option grant date fair value | $ 55,966 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Federal income tax benefit attributable to: | ||
Current Operations | $ 297,278 | $ 307,643 |
Less: Valuation Allowance | (297,278) | (307,643) |
Net provision for Federal income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 807,711 | $ 510,433 |
Less: Valuation allowance | (807,711) | (510,433) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax rate | 21% | |
Operating loss carry forwards | $ 807,711 | |
Income tax benefit | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |
Aug. 15, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | |
Forecast [Member] | |||
Subsequent Event [Line Items] | |||
Convertible note payable | $ 69,250 | ||
Series A Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Preferred stock voting rights | The holders of the Series “A” Convertible Preferred Stock shall vote together with the holders of preferred stock (including on an as converted basis) and common stock as a single class. The Series “A” Convertible Preferred Stock stockholder is entitled to 3,000 votes for every one (1) share of Series “A” Convertible Preferred Stock held. | ||
Convertible common stock description | The three major shareholders elected to convert 50,000,000 common shares of stock into 16,665 shares of Series “A” Convertible Stock. | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Amount from investors | $ 200,000 |
SUPPLEMENTAL OIL AND GAS DISC_2
SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) (Details Narrative) - USD ($) $ / shares in Units, $ in Billions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Supplemental Oil And Gas Disclosures | ||
Average price of West Texas Intermediate oil | $ 70.64 | $ 94.13 |
Recoverable oil price | $ 3.2 | |
Production cost | 1 | |
Recoverable oil price net | $ 2.2 |