American Noble Gas (AMNI) 10-Q 12 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 10, 2020
Cover [Abstract]
Entity Registrant Name	INFINITY ENERGY RESOURCES, INC
Entity Central Index Key	0000822746
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,310,733
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,263	$ 1,785
Total current assets	1,263	1,785
Total assets	1,263	1,785
Current liabilities:
Accounts payable	6,107,607	6,091,453
Accrued liabilities (including $788,520 due to related party at June 30, 2020 and December 31, 2019)	3,777,355	3,777,580
Accrued interest (including $324 and $0 due to related party at June 30, 2020 and December 31, 2019, respectively)	572,810	528,684
Asset retirement obligations	1,716,003	1,716,003
Notes payable (including $41,000 and $0 due to related party at June 30, 2020 and December 31, 2019, respectively)	1,145,125	1,104,125
Total current liabilities	13,318,900	13,217,845
Derivative liabilities	1,692	1,116
Total liabilities	13,320,592	13,218,961
Commitments and contingencies (Note 8)
Stockholders' deficit:
Preferred stock; par value $.0001 per share, 10,000,000 shares authorized; no shares issued or outstanding as of June 30, 2020 and December 31, 2019
Common stock, par value $.0001 per share, 75,000,000 shares authorized, 12,310,733 shares issued and outstanding at June 30, 2020 and December 31, 2019	1,231	1,231
Additional paid-in capital	109,632,561	109,583,945
Accumulated deficit	(122,953,121)	(122,802,352)
Total stockholders' deficit	(13,319,329)	(13,217,176)
Total liabilities and stockholders' deficit	$ 1,263	$ 1,785

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accrued liabilities due to related party	$ 788,520	$ 788,520
Accrued interest due to related party	324	0
Notes payable due to related party	$ 41,000	$ 0
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	12,310,733	12,310,733
Common stock, shares outstanding	12,310,733	12,310,733

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
General and administrative expenses	$ 42,614	$ 54,614	$ 106,067	$ 129,148
Total operating expenses	42,614	54,614	106,067	129,148
Operating loss	(42,614)	(54,614)	(106,067)	(129,148)
Other income (expense):
Interest expense	(22,104)	(21,661)	(44,126)	(50,299)
Gain on exchange and extinguishment of debt and warrant obligations		2,413,280		2,413,280
Change in derivative fair value	(1,286)	5,639	(576)	(62,808)
Total other income (expense)	(23,390)	2,397,258	(44,702)	2,300,173
Income (loss) before income taxes	(66,004)	2,342,644	(150,769)	2,171,025
Income tax (expense) benefit
Net income (loss)	$ (66,004)	$ 2,342,644	$ (150,769)	$ 2,171,025
Basic and diluted net income (loss) per share:
Basic	$ (0.01)	$ 0.29	$ (0.01)	$ 0.28
Diluted	$ (0.01)	$ 0.29	$ (0.01)	$ 0.28
Weighted average shares outstanding - basic and diluted	12,310,733	7,968,358	12,310,733	7,840,463

Condensed Statements of Stockho

Condensed Statements of Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 771	$ 109,080,273	$ (124,647,127)	$ (15,566,083)
Balance, shares at Dec. 31, 2018	7,712,569
Net loss			(171,619)	(171,619)
Balance at Mar. 31, 2019	$ 771	109,080,273	(124,818,746)	(15,737,702)
Balance, shares at Mar. 31, 2019	7,712,569
Balance at Dec. 31, 2018	$ 771	109,080,273	(124,647,127)	(15,566,083)
Balance, shares at Dec. 31, 2018	7,712,569
Net loss				2,171,025
Balance at Jun. 30, 2019	$ 832	109,180,130	(122,476,102)	(13,295,140)
Balance, shares at Jun. 30, 2019	8,318,385
Balance at Mar. 31, 2019	$ 771	109,080,273	(124,818,746)	(15,737,702)
Balance, shares at Mar. 31, 2019	7,712,569
Issuance of common shares pursuant to exchange agreements	$ 61	29,308		29,369
Issuance of common shares pursuant to exchange agreements, shares	605,816
Issuance of common stock purchase warrants pursuant to exchange agreements		70,549		70,549
Net loss			2,342,644	2,342,644
Balance at Jun. 30, 2019	$ 832	109,180,130	(122,476,102)	(13,295,140)
Balance, shares at Jun. 30, 2019	8,318,385
Balance at Dec. 31, 2019	$ 1,231	109,583,945	(122,802,352)	(13,217,176)
Balance, shares at Dec. 31, 2019	12,310,733
Stock-based compensation		24,308		24,308
Net loss			(84,765)	(84,765)
Balance at Mar. 31, 2020	$ 1,231	109,608,253	(122,887,117)	(13,277,633)
Balance, shares at Mar. 31, 2020	12,310,733
Balance at Dec. 31, 2019	$ 1,231	109,583,945	(122,802,352)	(13,217,176)
Balance, shares at Dec. 31, 2019	12,310,733
Net loss				(150,769)
Balance at Jun. 30, 2020	$ 1,231	109,632,561	(122,953,121)	(13,319,329)
Balance, shares at Jun. 30, 2020	12,310,733
Balance at Mar. 31, 2020	$ 1,231	109,608,253	(122,887,117)	(13,277,633)
Balance, shares at Mar. 31, 2020	12,310,733
Stock-based compensation		24,308		24,308
Net loss			(66,004)	(66,004)
Balance at Jun. 30, 2020	$ 1,231	$ 109,632,561	$ (122,953,121)	$ (13,319,329)
Balance, shares at Jun. 30, 2020	12,310,733

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (150,769)	$ 2,171,025
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative liability	576	62,808
Stock-based compensation	48,616
Gain on exchange of debt and warrant obligations		(2,413,280)
Change in operations assets and liabilities:
Increase (decrease) in accounts payable	16,154	(125)
Increase (decrease) in accrued liabilities	(225)	77,608
Increase in accrued interest	44,126	50,300
Net cash used in operating activities	(41,522)	(51,663)
Cash flows from investing activities
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Proceeds from issuance of note payable-related party	41,000	50,500
Net cash provided by financing activities	41,000	50,500
Net decrease in cash and cash equivalents	(522)	(1,163)
Cash and cash equivalents:
Beginning	1,785	1,367
Ending	1,263	204
Supplemental cash flow information:
Cash paid for interest
Cash paid for taxes
Supplemental disclosure of non-cash investing and financing activities:
Exchange of secured convertible note payable		2,197,231
Exchange of convertible notes payable - short term		240,000
Issuance of common shares pursuant to exchange agreements		29,369
Issuance of common stock purchase warrants pursuant to exchange agreements		$ 70,549

Nature of Operations, Basis of

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies	Note 1 – Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Financial Information Infinity Energy Resources, Inc. (collectively, “we,” “ours,” “us,” “Infinity” or the “Company”) has prepared the accompanying condensed financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These financial statements are unaudited and, in our opinion, include all adjustments consisting of normal recurring adjustments and accruals necessary for a fair presentation of our condensed balance sheets, statements of operations, statements of stockholders’ deficit and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for 2020 due to various factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes in Item 8, “Financial Statements and Supplementary Data,” of our Annual Report on Form 10-K, filed with the SEC. Nature of Operations Since 2009, we had planned to pursue the exploration of potential oil and gas resources in the United States and in the Perlas and Tyra concession blocks offshore Nicaragua in the Caribbean Sea (the “Nicaraguan Concessions” or “Concessions”), which contain a total of approximately 1.4 million acres. We sold our wholly-owned subsidiary, Infinity Oil and Gas of Texas, Inc. in 2012 and its wholly-owned subsidiary, Infinity Oil and Gas of Wyoming, Inc., was administratively dissolved in 2009. We also began assessing various opportunities and strategic alternatives involving the acquisition, exploration and development of natural gas and oil properties in the United States, including the possibility of acquiring businesses or assets that provide support services for the production of oil and gas in the United States. As a result, on July 31, 2019, we acquired an option (the “Option”) from Core Energy, LLC, a closely held company (“Core”), to purchase the production and mineral rights/leasehold for oil & gas properties, subject to overriding royalties to third parties, in the Central Kansas Uplift geological formation covering over 11,000 contiguous acres (the “Properties”). We paid a nonrefundable deposit of $50,000 to bind the Option, which provided us the right to acquire the Properties for $2.5 million prior to December 31, 2019. The Company was not able to exercise the Option prior to December 31, 2019 and the parties are negotiating for an extension of such Option and a reduction of the purchase price of the Properties. There can be no assurance that the parties will negotiate an extension and acceptable reduced price, particularly in light of recent events including the coronavirus pandemic and its impact on the oil and gas industry. If the parties agree to extend, reprice or otherwise complete the acquisition, the purchase will include the existing production equipment, infrastructure and ownership of 11 square miles of existing 3-D seismic data on the acreage. The Properties include a horizontal producing well, horizontal saltwater injection well, conventional saltwater disposal well and two conventional vertical producing wells, which currently produce from the Reagan Sand zone with an approximate depth of 3,600 feet. We intend to complete the acquisition of the Properties prior to the end of 2020, subject to successful renegotiations and obtaining adequate financing. The Option includes a provision permitting Core to exercise a buy-out clause and sell the Properties to a third-party purchaser prior to our exercise of the Option. If such a sale occurs, we would be entitled to 10% of the proceeds of the sale on the closing date. In such event, Core will for a period of nine months following the buy-out find a project of like kind and provide us a first right of refusal to acquire such asset. We must obtain new sources of debt and/or equity capital to fund the substantial needs enumerated above, as well as satisfying our existing debt obligations. We are attempting to obtain extensions of the maturity date for our outstanding debt; however, there can be no assurance that we will be able to do so or what the final terms will be if the lenders agree to such extensions. Further, we can provide no assurance that we will be able to obtain sufficient new debt/equity capital to exercise the Option. COVID–19 PANDEMIC The condensed financial statements contained in this quarterly report on Form 10-Q as well as the description of our business contained herein, unless otherwise indicated, principally reflect the status of our business and the results of our operations as of June 30, 2020. Economies throughout the world have been and continue to be severely disrupted by the effects of the quarantines, business closures and the reluctance of individuals to leave their homes as a result of the outbreak of the coronavirus (Covid-19). In particular, the oil and gas market has been severely impacted by the negative effects of the coronavirus because of the substantial and abrupt decrease in the demand for oil and gas globally. In addition, the capital markets have been disrupted and our efforts to raise necessary capital will likely be adversely impacted by the outbreak of the virus and we cannot forecast with any certainty when the disruptions caused by it will cease to impact our business and the results of our operations. In reading this quarterly report on Form 10-Q, including our discussion of our ability to continue as a going concern set forth herein, in each case, consider the additional uncertainties caused by the outbreak of Covid-19. Nicaragua We began pursuing an oil and gas exploration opportunity offshore Nicaragua in the Caribbean Sea in 1999. Since such time, we built relationships with the Instituto Nicaraguense de Energia (“INE”) and undertook the geological and geophysical research that helped us to become one of only six companies qualified to bid on offshore blocks in the first international bidding round held by INE in January 2003. On March 5, 2009, we signed the contracts granting us the Perlas and Tyra concession blocks offshore Nicaragua (the “Nicaraguan Concessions” or “Concessions”). Since our acquisition of the Nicaraguan Concessions, we have conducted an environmental study and developed geological information from the reprocessing and additional evaluation of existing 2-D seismic data acquired over our Perlas and Tyra concession blocks. In April 2013, the Nicaraguan government formally approved our Environmental Impact Assessment, at which time we commenced significant activity under the initial work plan involving the acquisition of new seismic data on the two Nicaraguan Concessions. We undertook seismic shoots during late 2013 that resulted in the acquisition of new 2-D and 3-D seismic data and have reviewed it to select initial drilling sites for exploratory wells. We relied on raising debt and equity capital to fund our ongoing maintenance/expenditure obligations under the Nicaraguan Concession, our day-to-day operations and corporate overhead because we have generated no operating revenues or cash flows in recent years. The $1.0 million December 2013 Note (See Note 3) matured in April 2016 and is currently in default and three other notes payable with principal balances of $145,125 as of June 30, 2020 are now either due on demand or currently in default. In January 2020, we abandoned the Concessions. Going Concern The Company must raise substantial amounts of debt and equity capital from other sources in the immediate future in order to fund the (i) acquisition of the Properties under the Option; (ii) normal day-to-day operations and corporate overhead; and (iii) outstanding debt and other financial obligations as they become due, as described below. These are substantial operational and financial issues that must be successfully addressed during 2020. The Company is seeking new sources of debt and equity capital to fund the needs enumerated above. The Company is attempting to obtain extensions of the maturity dates for its debt or compromises of the debt. In addition, the Company will seek offers from industry operators and other third parties for interests in the Properties in exchange for cash and a carried interest in exploration and development operations or other joint venture arrangement. The Company has restructured certain obligations that were in default during 2019; however, there can be no assurance that it will be able to obtain such funding, extensions or additional restructurings or on what terms. Due to the uncertainties related to the foregoing matters, there exists substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financials are issued. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern. Management Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States 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. Significant estimates with regard to the financial statements include the estimated carrying value of unproved properties, the estimated fair value of derivative liabilities, stock-based awards and overriding royalty interests, and the realization of deferred tax assets. Derivative Instruments The Company accounts for derivative instruments or hedging activities under the provisions of ASC 815 Derivatives and Hedging The purpose of hedging is to provide a measure of stability to the Company’s cash flows in an environment of volatile oil and gas prices and to manage the exposure to commodity price risk. As of June 30, 2020 and December 31, 2019 and during the periods then ended, the Company had no oil and natural gas derivative arrangements outstanding. As a result of certain terms, conditions and features included in certain common stock purchase warrants issued by the Company (Notes 2, 3, 5 and 6), those warrants are required to be accounted for as derivatives at estimated fair value, with changes in fair value recognized in operations. Fair Value of Financial Instruments The carrying values of the Company’s accounts payable, accrued liabilities and short-term notes represent the estimated fair value due to the short-term nature of the accounts. In accordance with ASC Topic 820 — Fair Value Measurements and Disclosures ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: ● Level 1 — Quoted prices in active markets for identical assets and liabilities. ● Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities). ● Level 3 — Significant unobservable inputs (including the Company’s own assumptions in determining the fair value. The estimated fair value of the derivative liabilities, which are related to detachable warrants issued in connection with various notes payable, (See Note 5 - Derivative Instruments) were estimated using a closed-ended option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Company’s common stock, par value $0.001 per share (the “Common Stock”), interest rates, the probability of both of the downward adjustment of the exercise price and the upward adjustment to the number of warrants as provided by the warrant agreement terms (See Note 5 - Derivative Instruments) and non-performance risk factors, among other items. The fair values for the warrant derivatives as of June 30, 2020 and December 31, 2019 were classified under the fair value hierarchy as Level 3. The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019: June 30, 2020 Level 1 Level 2 Level 3 Total Liabilities: Derivative liabilities $ — $ — $ 1,692 $ 1,692 $ — $ — $ 1,692 $ 1,692 December 31, 2019 Level 1 Level 2 Level 3 Total Liabilities: Derivative liabilities $ — $ — $ 1,116 $ 1,116 $ — $ — $ 1,116 $ 1,116 There were no changes in valuation techniques or reclassifications of fair value measurements between Levels 1, 2 or 3 during the periods ended June 30, 2020 and December 31, 2019.

Secured Convertible Note Payabl

Secured Convertible Note Payable	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Secured Convertible Note Payable	Note 2 – Secured Convertible Note Payable The Company’s Senior Secured Convertible Note Payable in the principal amount of $12.0 million, issued in May 2015 (the “Note”), was paid off and all related liabilities extinguished in 2019, therefore there was no balance outstanding as of June 30, 2020 and December 31, 2019. Following is an analysis of the activity in the Note during the six months ended June 30, 2019: Amount Balance at December 31, 2018 $ 2,197,231 Funding under the Investor Note (as defined below) during the period — Principal repaid during the period by issuance of Common Stock — Change in fair value of Note during the period — Exchange of Note payable for Common Stock 2,197,231 Balance at June 30, 2019 $ — On May 7, 2015, the Company completed a private placement in May 2015 (the “May 2015 Private Placement”) of the Note and a warrant to purchase 1,800,000 shares of Common Stock (the “Warrant”). The placement agent for the Company in the transaction received a fee of 6% of the cash proceeds, or $600,000, if and when the Company receives the full cash proceeds. It received $27,000 of such amount at the closing. In addition, the placement agent (the “Placement Agent”) was granted a warrant to purchase 240,000 shares of Common Stock at $5.00 per share, which warrant is immediately exercisable (the “Placement Agent Warrant”). The Note and Warrant were issued pursuant to a Securities Purchase Agreement, dated May 7, 2015, by and between the Company and an institutional investor (the “Investor”). The May 2015 Private Placement was made pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “33 Act”). At the closing, the Investor acquired the Note by paying $450,000 in cash and issuing a secured promissory note, secured by cash, with an aggregate initial principal amount of $9,550,000 (the “Investor Note”). On May 4, 2017, the Investor notified the Company that it elected to effect an Investor Optional Offset under Section 7(a) of the Investor Note of the full $9,490,000 principal amount outstanding under the Investor Note against $9,490,000 in aggregate principal outstanding under the Note. It did so by surrendering and concurrently cancelling $9,490,000 in aggregate principal of the Note in exchange for the satisfaction in full and cancellation of the Investor Note. The Note had an aggregate outstanding principal balance of $11,687,231 as of the date of the exchange. The Investor requested that the Company to deliver a new convertible note (the “Replacement Note”) with respect to the remaining principal balance of $2,197,231 to replace the Note. The aggregate outstanding principal balance of $11,687,231 of the Note included an approximate $2.0 million original issue discount; however, the Investor funded only $510,000 under the Investor Note. The Company had recorded the fair value of the Replacement Note assuming that the remaining par value was $2,197,231, as asserted by the Investor. The Replacement Note provided for a maturity date of May 7, 2018, a conversion price of $0.50 per share and was due in monthly installment payments through May 2018 either in cash or Common Stock, among other terms. The Company did not repay the Replacement Note at its maturity and it was therefore in technical default. The Replacement Note was to be secured to the same extent as the Note. The Company and the Investor have negotiated a resolution of these outstanding matters regarding the default status and the issuance of the Replacement Note under the terms of the financing. On May 23, 2019, the Company and the Investor agreed to an omnibus resolution to these outstanding matters and entered into an exchange agreement (the “Exchange Agreement”) and a side-letter agreement (the “Side-Letter Agreement”), as described below: Exchange Agreement As a result of the exchange transactions described above, the Investor no longer owns any of the Original Securities, including any rights thereunder, and the Company cancelled the certificate(s) and other physical documentation evidencing the Investor’s ownership of the Original Securities. Side-Letter Agreement ● A-B= aggregate number of Right Shares ● A = 9.99% of shares of Common Stock outstanding on November 23, 2019 (calculated based on the Number of Fully-Diluted Shares Outstanding (as defined below)) ● B = The shares of Common Stock Issued to the Investor contemporaneously with the Exchange Agreement For the purposes of the Side-Letter Agreement, “Number of Fully-Diluted Shares Outstanding” means, as of any time of determination, the sum of (i) the aggregate number of issued and outstanding shares of Common Stock as of such time of determination; (ii) the aggregate maximum number of shares of Common Stock issuable on an as-converted and as-exchanged basis, as applicable (excluding any exercise of warrants to purchase Common Stock), pursuant to all capital stock and all other securities of the Company or any of its subsidiaries (excluding any warrants to purchase Common Stock and all Rights issued pursuant to the Exchange Agreement) outstanding as of such time of determination (or issuable pursuant to agreements in effect as of such time) that are at any time and under any circumstances (after issuance thereof, if applicable), directly or indirectly, convertible into or exchangeable for, or which otherwise entitles the holder thereof to acquire, Common Stock (assuming, for such purpose, that each such security is convertible or exchangeable, as applicable, at the lowest price per share for which one share of Common Stock is at any time, directly or indirectly, issuable upon the conversion or exchange, as applicable, of any such security and without regards to any limitations on conversion or exchange applicable thereto); and (iii) without duplication with clause (ii) above, the aggregate maximum number of shares of Common Stock issuable pursuant to any agreement (excluding any warrants to purchase Common Stock and all Rights issued pursuant to the Exchange Agreement) of any person with the Company or any of its subsidiaries in effect as of such time of determination (assuming, for such purpose, that the shares of Common Stock, directly or indirectly, issued pursuant to such agreement is issued at the lowest price per share for which one share of Common Stock is at any time, directly or indirectly, issuable pursuant to such agreement). Notwithstanding the foregoing, if any warrants to purchase Common Stock are outstanding (or issuable upon conversion or exchange of securities outstanding) as of such six-month anniversary (each, an “Outstanding Warrant”), on such six-month anniversary, the Company shall issue the Investor an additional Right to acquire a warrant (the “New Warrant”) exercisable for up to 9.99% of the shares of Common Stock issuable upon exercise of all Outstanding Warrants as of such six-month anniversary (the “New Warrant Shares”). The New Warrant Shares shall be of like tenor to the Outstanding Warrants. Pursuant to the Side-Letter Agreement, the Company also agreed that from the execution date of the Exchange Agreement until twelve (12) months from such date, the Company will not raise capital at a price that is below $0.10 per share of Common Stock (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events) without the Investor’s consent. On May 30, 2019, the Company and the Investor entered into Amendment No. 1 to Exchange Agreement (the “Amendment”). Following execution of the Exchange Agreement on May 23, 2019, the Company and the Investor became aware of an inadvertent error regarding the number of shares of Common Stock to be issued to the Investor pursuant to the Exchange Agreement. The Company and the Investor agreed to amend the Exchange Agreement so it reflects the correct number of shares of Common Stock to be issued and to ensure that the Investor does not beneficially own in excess of 9.99% of the shares of Common Stock outstanding immediately following the effective date of the Exchange Agreement. Pursuant to the Amendment, the Company and the Investor agreed that the number of shares of Common Stock to be issued to the Investor would be an aggregate of 605,816 shares, instead of the 770,485 shares stated in the Exchange Agreement. Consistent with the developments above, effective November 23, 2019, the parties finalized the reconciliation pursuant to the Side-Letter Agreement described above and the related issuance of the True-Up Shares. Pursuant to the provisions of the Side-Letter Agreement, the parties agreed to the issuance of an additional 567,348 shares of Common Stock and the issuance of a warrant to purchase 61,380 shares of Common Stock at an exercise price of $0.50 per share, with an expiration date of June 19, 2026. Following is an analysis of gain on exchange of the debt and warrant obligations pursuant to the Exchange Agreement, which was finalized on November 23, 2019: Amount Obligations extinguished on the date of exchange, May 23, 2019: Note balance at the date of exchange, May 23, 2019 $ 2,197,231 Accrued interest on the Note at the date of exchange, May 23, 2019 28,643 Fair value of Warrant Derivative at the date of exchange, May 23, 2019 116,731 Securities issued in exchange for the obligations extinguished on the date of exchange, May 23, 2019 and the finalization of the Side-Letter Agreement at November 23, 2019: 605,816 shares of Common Stock issued on the date of exchange May 23, 2019 valued at $0.121 per share, the closing market price on May 23, 2019 (73,304 ) 567,348 shares of Common Stock issued pursuant to the finalization of the Side-Letter agreement on November 23, 2019 (68,082 ) Issuance of warrants to purchase 61,380 shares of Common Stock issued pursuant to the finalization of the Side-Letter agreement on November 23, 2019 (7,358 ) Gain on exchange of debt and warrant obligations $ 2,193,861 Prior to the finalization of the Side-Letter Agreement, the estimate of the gain on exchange of debt and warrant obligations related to the Note as of June 30, 2019 was $2,161,441. In addition, the Company issued the Placement Agent Warrant in May 2015 to purchase 240,000 shares of Common Stock issued as part of the placement fee in connection with the Note. The Placement Agent Warrant contained an expiration date of May 7, 2022 and an exercise price of $5.00 per share and is subject to certain price protection and dilution provisions. Such warrant was treated as a derivative liability for accounting purposes due to its ratchet and anti-dilution provisions. On June 4, 2019, the Company entered into an exchange agreement with the Placement Agent to extinguish the Placement Agent Warrant, including its certain price protection and dilution provisions, for a new warrant to purchase up to 50,000 shares of Common Stock with a termination date of June 4, 2026 at an exercise price of $0.50 per share without any price protection or dilution provisions. The estimated fair value of the Placement Agent Warrant derivative as of May 23, 2019, the date of the exchange agreement with the Placement Agent, was $37,368, representing a change of $29,795 from January 1, 2019. As a result of the exchange agreement with the Placement Agent, the Company extinguished the derivative liability of $37,368 attributable to the Placement Agent Warrant and recognized the estimated value of the new warrant of $7,985 as of June 4, 2019, the date of such exchange agreement. The resulting $29,383 difference between the estimated fair value of the Placement Agent Warrant extinguished and the new warrant issued to the Placement Agent was recorded as a gain on exchange of debt and warrant obligations, effective June 4, 2019. A summary of the estimated gain on exchange and extinguishment of debt and warrant obligations as of and for the six months ended June 30, 2019 follows: Amount Exchange of secured convertible note – estimated at June 30, 2019 (See Note 2 above) $ 2,161,441 Warrant issued to Placement Agent and exchanged on June 4, 2019 (See Note 2 above) 29,383 Convertible note exchanged on June 19, 2019 (See Note 3) 222,456 Gain on exchange of debt and warrant obligations $ 2,413,280

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Note 3 – Debt Debt consists of the following at June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Convertible notes payable, short term: Note payable, (in default) $ 1,000,000 $ 1,000,000 Note payable, (in default) 50,000 50,000 Note payable (in default) 35,000 35,000 Note payable (due on demand) 19,125 19,125 Note payable-related party (due on demand) 41,000 — Total notes payable, short-term $ 1,145,125 $ 1,104,125 Note Payable – Short-term On December 27, 2013, the Company borrowed $1,050,000 under an unsecured credit facility with a private, third-party lender. The facility is represented by a promissory note (the “December 2013 Note”) with an original maturity date of March 12, 2014. In connection with the December 2013 Note, the Company granted the lender a warrant (the “December 2013 Warrant”) exercisable to purchase 100,000 shares of its Common Stock at an exercise price of $15.00 per share. In connection with an extension to April 2015, the Company and such lender amended the date for exercise of the December 2013 Warrant to be a period commencing April 7, 2015 and expiring on the third anniversary of such date. The Company issued no additional warrants to the lender in connection with the extension of the December 2013 Note to the new April 2015 maturity date (the “New Maturity Date”). If the Company failed to pay the December 2013 Note on or before the New Maturity Date, the number of shares issuable under the December 2013 Warrant increases to 1,333,333 and the exercise price drops to $0.75 per share. All other terms of the December 2013 Warrant remained the same. The December 2013 Warrant has been treated as a derivative liability whereby the value of December 2013 Warrant is estimated at the date of grant and recorded as a derivative liability and as a discount on the note payable. The warrant liability is revalued to fair value at each reporting date with the corresponding income (loss) reflected in the statement of operations as change in derivative liability. The discount is amortized ratably through the original maturity date and each of the extended maturity dates. The December 2013 Warrant expired as of June 30, 2020 and is no longer exercisable. In connection with an additional extension of the December 2013 Note to April 7, 2016, the Company agreed to enter into a definitive revenue sharing agreement with the lender (the “Revenue Sharing Agreement”) to grant the lender under the Revenue Sharing Agreement an irrevocable right to receive a monthly payment equal to one half of one percent (1/2%) of the gross revenue derived from the share of all hydrocarbons produced at the wellhead from the Nicaraguan Concessions and any other oil and gas concessions that the Company and its affiliates may acquire in the future. This percentage increased to one percent (1%) when the Company did not pay the December 2013 Note in full by August 7, 2014. Therefore, the Revenue Sharing Agreement is fixed at one percent (1%). The value of the one percent (1.0%) definitive Revenue Sharing Agreement granted to the lender as consideration for the extension of the maturity date to December 7, 2014 was estimated to be $964,738. Such amount was recorded as a reduction of oil and gas properties and as a discount on the December 2013 Note and amortized ratably over the extended term of such note. Such prospective Revenue Sharing Agreement is void with the abandonment of the Nicaraguan Concessions. In connection with the extension of the maturity date of the December 2013 Note to April 7, 2016, the Company also (i) issued the lender 20,000 shares of restricted Common Stock; (ii) decreased the exercise price of the December 2013 Warrant to $5.00 per share and extended the term of the December 2013 Warrant to a period commencing on the New Maturity Date and expiring on the third anniversary of such date; and (iii) paid $50,000 toward amounts due under the December 2013 Note. The Company issued no additional warrants to the lender in connection with the extension of the December 2013 Note to the New Maturity Date. If the Company failed to pay the December 2013 Note on or before the New Maturity Date, the number of shares issuable under the December 2013 Warrant increases to 1,333,333 and the exercise price drops to $0.75 per share. All other terms of the warrant remained the same. The Company failed to make the required payment previously described and the reset of the terms of the December 2013 Warrant occurred, however such warrant expired in [month] 2019 unexercised. The December 2013 Note may be prepaid without penalty at any time. The December 2013 Note is subordinated to all existing and future senior indebtedness, as such terms are defined in the December 2013 Note. The December 2013 Note is in default and the Company is pursuing a resolution to this default, including completing the extinguishment of the note balance, accrued interest and revenue sharing agreement through an exchange agreement which is further described below; however, there can be no assurances such efforts will be successful. The December 2013 Warrant was treated as a derivative liability whereby the value of the December 2013 Warrant is estimated at the date of grant and recorded as a derivative liability and as a discount on the note payable. The warrant liability was revalued to fair value at each reporting date with the corresponding income (loss) reflected in the statement of operations as change in derivative liability. The December 2013 Warrant expired in 2019 and is not deemed outstanding as of June 30, 2020 and December 31, 2019. The discount was amortized ratably through the original maturity date and each of the extended maturity dates. The Company recognized the value of the 20,000 shares of Common Stock issued ($104,000) and the increased value of the outstanding warrants due to the decrease in their exercise price ($68,716) as an additional discount on the December 2013 Note to be amortized ratably over the extended term of such note. On July 29, 2019, the Company entered into a non-binding term sheet with the holder of the December 2013 Note, which has an unpaid principal balance of $1.0 million as of June 30, 2020 and December 31, 2019. The term sheet, if consummated, will resolve the default contingencies regarding the December 2013 Note through an exchange agreement. Under the proposed terms, the Company will make a cash payment of $100,000 within 60 days of the execution of an exchange agreement and will issue 740,500 shares of Common Stock to the holder in exchange for and cancellation of the following obligations: ● December 2013 Note with an original principal balance of $1,050,000 and current principal balance of $1,000,000; ● Accrued and unpaid interest of approximately $524,132 as of June 30, 2020 related to the December 2013 Note; ● December 2013 Warrant to acquire 100,000 shares of Common Stock with an exercise price of $5.00 per share; ● Preemptive Rights Agreement dated December 27, 2013; and ● Revenue Sharing Agreement, representing one half of one percent (.5%) of the gross revenue derived from the share of all hydrocarbons produced at the wellhead from the Nicaraguan Concessions. Such Revenue Sharing Agreement is void with the abandonment of the Nicaraguan Concessions. The term sheet is non-binding until such time as the cash payment is made and the shares of Common Stock are issued to the holder and there can be no assurance that the Company will successfully complete such exchange agreement. The Company did not make the required $100,000 cash payment within the contractual 60-day time period and therefore the term sheet continues not to be binding on the parties. The parties have continued efforts to resolve the payment default and otherwise enter into an exchange agreement as described above. Other notes payable The following notes were extinguished on June 19, 2019: ● On November 8, 2016, the Company borrowed a total of $200,000 from an individual under a convertible note payable with a conversion rate of $5.00 per share. The note required no principal or interest payments until its maturity date of November 7, 2017 and bore interest at 8% per annum. The note was not paid on its original maturity date. ● On April 20, 2017, the Company borrowed $40,000 under an unsecured credit facility with a private, third-party lender which was convertible at a rate of $5.00 per share. The note required no principal or interest payments until its maturity date of April 19, 2018 and bore interest at 8% per annum. The note was not paid on its maturity date. On June 19, 2019, the Company and the holder of these two convertible notes entered into an exchange agreement whereby such notes with an unpaid principal balance of $240,000 and related accrued interest totaling $45,020 were extinguished. Under such exchange agreement, the Company issued the individual a new warrant exercisable to purchase up to 570,000 shares of Common Stock at an exercise price of $0.50 per share, with a termination date of June 19, 2026 and without any price protection or dilution provisions in exchange for the extinguishment of such notes and related accrued interest. The Black-Scholes valuation of the warrant issued to the holder on June 19, 2019 totaled $62,564. Following is an analysis of gain on extinguishment of the obligations pursuant to such exchange agreement on June 19, 2019: Amount Obligations extinguished on the date of exchange, June 19, 2019: Convertible notes balance at the date of exchange, June 19, 2019 $ 240,000 Accrued interest on the convertible notes at the date of exchange, June 19, 2019 45,020 Securities issued in exchange for the obligations extinguished on the date of the exchange, June 19, 2019: Value of the stock purchase warrant issued on the date of exchange, June 19, 2019 (62,564 ) Gain on exchange of debt and warrant obligations $ 222,456 Other than the December 2013 Note, at June 30, 2020, the Company had short-term notes outstanding with entities or individuals as follows: ● On July 7, 2015, the Company borrowed a total of $50,000 from an individual under a convertible note payable with the conversion rate of $5.60 per share. The term of such note was for a period of 90 days and bears interest at 8% per annum. In connection with the loan, the Company issued the individual a warrant for the purchase of 5,000 shares of Common Stock at $5.60 per share for a period of five years from the date of such note. The terms of such note and warrant provide that should such note and related interest not be paid in full by its maturity date, the number of warrants automatically increases to 10,000 shares and the exercise price remains at $5.60 per share. The ratchet provision in such warrant requires that such warrant be accounted for as derivative liability. The Company recorded the estimated fair value of such warrant totaling $22,314 as a discount on such note payable and as a derivative liability in the same amount, as of the origination date. On October 7, 2015, such note was extended for an additional 90 days, or until January 7, 2016, and later to May 7, 2016 and then to October 7, 2016. The Company did not repay such note by October 7, 2016. The Company and such lender are pursuing a resolution of this default. There can be no assurance that the Company will be successful in this regard. In consideration, the Company granted the holder of such note common stock purchase warrants exercisable to purchase 5,000 shares of Common Stock on each extension date at an exercise price of $5.60 per share, which warrants are immediately exercisable and expire in five years. The value of the 5,000 warrants issued on January 7, 2016 totaled $379 and $131 on May 7, 2016, both of which were amortized over the extension period (through October 7, 2016). The related warrant derivative liability balance was $995 and $662 as of June 30, 2020 and December 31, 2019, respectively. See Note 5. ● On July 15, 2015, the Company borrowed a total of $35,000 from an individual under a convertible note payable with the conversion rate of $5.60 per share. The term of such note was for a period of 90 days and bears interest at 8% per annum. In connection with the loan, the Company issued the entity a warrant for the purchase of 3,500 shares of Common Stock at $5.60 per share for a period of five years from the date of such note. The terms of such note and warrant provide that should such note and related interest not be paid in full by its maturity date, the number of warrants automatically increases to 7,000 shares and the exercise price remains at $5.60 per share. The ratchet provision in the such warrant requires that such warrant be accounted for as a derivative liability. The Company recorded the estimated fair value of such warrant totaling $11,827 as a discount on such note payable and as a derivative liability in the same amount, as of the origination date. On October 15, 2015, such note was extended for an additional 90 days, or until January 15, 2016, and later to October 15, 2016. The Company did not repay such note by October 15, 2016. The Company is pursuing a resolution of this default, including an additional extension from the holder. There can be no assurance that the Company will be successful in this regard. In consideration, the Company granted the lender common stock purchase warrants exercisable to purchase an aggregate of 3,500 shares of Common Stock on each extension date at an exercise price of $5.60 per share, which warrants are immediately exercisable and expire in five years. The value of the 3,500 warrants on January 15, 2016 totaled $267 and $74 on October, 2016, both of which were amortized over the extension period (through October 15, 2016). The related warrant derivative liability balance was $697 and $454 as of June 30, 2020 and December 31, 2019, respectively. See Note 5. ● On May 21, 2018, the Company borrowed $13,125 under an unsecured promissory note with a private third-party lender, which is convertible into Common Stock at a rate of $0.50 per share. During June 2019 and August 2019, the Company borrowed an additional $50,500 and $5,500, respectively, from this same third-party lender under the same terms. Such note is due on demand and bears interest at 8% per annum. In October 2019 the Company repaid $50,000 in principal on this demand note. The outstanding principal on the notes totaled $19,125 as of June 30, 2020 and December 31, 2019. ● On May 13, 2020, the Company borrowed $41,000 from its Chairman, Chief Executive Officer and President in the form of an unsecured promissory note bearing 6% interest and due on demand. The proceeds were used for general working capital purposes. The outstanding principal on such note was $41,000 as of June 30, 2020 and $-0- as of December 31, 2019.

Stock Options

Stock Options	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Options	Note 4 – Stock Options The Company applies ASC 718, Stock Compensation In June 2005, the Company’s stockholders approved the 2005 Equity Incentive Plan (the “2005 Plan”), under which both incentive and non-statutory stock options were available for grant to employees, officers, non-employee directors and consultants. An aggregate of 47,500 shares of Common Stock were reserved for issuance under the 2005 Plan and 2006 Plan; however, the 2005 Plan and the 2006 Plan have now expired and no further issuances can be made. In May 2006, the Company’s stockholders approved the 2006 Equity Incentive Plan (the “2006 Plan”), under which both incentive and non-statutory stock options could have been granted to employees, officers, non-employee directors and consultants. Options granted under the 2005 Plan and 2006 Plan allow for the purchase of Common Stock at prices not less than the fair market value of such stock at the date of grant, become exercisable immediately or as directed by the Company’s Board of Directors and generally expire ten years after the date of grant. The Company also has issued other stock options not pursuant to a formal plan with terms similar to the 2005 Plan and 2006 Plan. At the Annual Meeting of Stockholders held on September 25, 2015, the stockholders approved the Infinity Energy Resources, Inc. 2015 Stock Option and Restricted Stock Plan (the “2015 Plan”) and reserved 500,000 shares of Common Stock for issuance under the 2015 Plan. As of June 30, 2020, 500,000 shares were available for future grants under the 2015 Plan. All other Company plans have now expired. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the expected term of the option award, expected stock price volatility and expected dividends. These estimates involve inherent uncertainties and the application of management judgment. For purposes of estimating the expected term of options granted, the Company aggregates option recipients into groups that have similar option exercise behavioral traits. Expected volatilities used in the valuation model are based on the expected volatility that would be used by an independent market participant in the valuation of certain of the Company’s warrants. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company’s forfeiture rate assumption used in determining its stock-based compensation expense is estimated based on historical data. The actual forfeiture rate could differ from these estimates. There were no stock options granted during the six months ended June 30, 2020 and 2019. The following table summarizes stock option activity for the six months ended June 30, 2020: Number of Options Weighted Average Exercise Weighted Aggregate Outstanding at December 31, 2019 332,000 $ 41.86 2.29 years $ — Granted — — Exercised — — Forfeited — — Outstanding at June 30, 2020 332,000 $ 41.86 1.79 years $ — Outstanding and exercisable at June 30, 2020 332,000 $ 41.86 1.79 years $ — The Company recorded stock-based compensation expense in connection with the vesting of options granted aggregating $-0- and $-0- during the six months ended June 30, 2020 and 2019, respectively. The intrinsic value as of June 30, 2020 related to the vested and unvested stock options as of that date was $-0-. The unrecognized compensation cost as of June 30, 2020 related to the unvested stock options as of that date was $-0- Restricted stock grants. A summary of all restricted stock activity under the equity compensation plans for the six months ended June 30, 2020 is as follows: Number of Weighted Nonvested balance, December 31, 2019 750,000 $ 0.13 Granted — — Vested — — Forfeited — — Nonvested balance, June 30, 2020 750,000 $ 0.13 The Company recorded stock-based compensation expense in connection with the issuance/vesting of restricted granted aggregating $48,616 and $-0- during the six months ended June 30, 2020 and 2019, respectively. The Company estimated the fair market value of these restricted stock grants based on the closing market price on the date of grant. As of June 30, 2020, there were $25,110 of total unrecognized compensation costs related to all remaining non-vested restricted stock grants, which will be amortized over the next seven months in accordance with the respective vesting scale. The nonvested balance of restricted stock vests as follows: Years ended Number of 2020 (July 1, 2020 through December 31, 2020) 750,000

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 5 – Derivative Instruments The estimated fair value of the Company’s derivative liabilities, all of which are related to the detachable warrants issued in connection with various notes payable, were estimated using a closed-ended option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Company’s common stock, interest rates, the probability of both the downward adjustment of the exercise price and the upward adjustment to the number of warrants as provided by the warrant agreement terms (Note 3) and non-performance risk factors, among other items (ASC 820, Fair Value Measurements The Company issued warrants to purchase an aggregate of 34,000 shares of Common Stock, in connection with various outstanding debt instruments which require derivative accounting treatment as of June 30, 2020 and December 31, 2019. A comparison of the assumptions used in calculating estimated fair value of such derivative liabilities as of June 30, 2020 and December 31, 2019 is as follows: As of As of Volatility – range 373.4 % 316.2 % Risk-free rate 0.297 % 1.69 % Contractual term 0.1 – 1.0 years 0.5 – 1.3 years Exercise price $ 5.60 $ 5.60 Number of warrants in aggregate 34,000 34,000 The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs for both open and closed derivatives: Amount Balance at December 31, 2019 $ 1,116 Unrealized derivative gains included in other income/expense for the period 576 Balance at June 30, 2020 $ 1,692

Warrants

Warrants	6 Months Ended
	Jun. 30, 2020
Warrants and Rights Note Disclosure [Abstract]
Warrants	Note 6 – Warrants The following table summarizes warrant activity for the six months ended June 30, 2020: Number of Weighted Outstanding and exercisable at December 31, 2019 946,943 $ 1.78 Issued — — Exercised/forfeited (181,563 ) (5.00 ) Outstanding and exercisable at June 30, 2020 765,380 $ 1.02 The weighted average term of all outstanding common stock purchase warrants was 5.4 years as of June 30, 2020. The intrinsic value of all outstanding common stock purchase warrants and the intrinsic value of all vested common stock purchase warrants was zero as of June 30, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 – Income Taxes The effective income tax rate on income (loss) before income tax benefit varies from the statutory federal income tax rate primarily due to the net operating loss history of the Company maintaining a full reserve on all net deferred tax assets during the six months ended June 30, 2020 and 2019. In addition, the Tax Cuts and Jobs Act (the “Act”) enacted on December 22, 2017 which significantly changed U.S. corporate income tax laws by, among other things, reducing the U.S. corporate income tax rate to 21% starting in 2018. Under the Act, corporations are no longer subject to the AMT, effective for taxable years beginning after December 31, 2017. The Company has incurred operating losses in recent years and it continues to be in a three-year cumulative loss position at June 30, 2020. Accordingly, the Company determined there was not sufficient positive evidence regarding its potential for future profits to outweigh the negative evidence of our three-year cumulative loss position under the guidance provided in ASC 740. Therefore, it determined to continue to provide a 100% valuation allowance on its net deferred tax assets. The Company expects to continue to maintain a full valuation allowance until it determines that it can sustain a level of profitability that demonstrates its ability to realize these assets. To the extent the Company determines that the realization of some or all of these benefits is more likely than not based upon expected future taxable income, a portion or all of the valuation allowance will be reversed. For income tax purposes, the Company has net operating loss carry-forwards of approximately $66,950,000 in accordance with its 2019 Federal Income tax return as filed, which expire from 2025 through 2038. The Company has recently completed the filing of its tax returns for the tax years 2012 through 2019. Therefore, all such tax returns are open to examination by the Internal Revenue Service. The Internal Revenue Code contains provisions under Section 382 which limit a company’s ability to utilize net operating loss carry-forwards in the event that it has experienced a more than 50% change in ownership over a three-year period. Management has not completed its review of whether such ownership changes have occurred as of June 30, 2020, and whether the Company currently is subject to an annual limitation or the possibility of the complete elimination of the net operating loss carry- forwards might have occurred. In addition, the Company may be further limited by additional ownership changes which may occur in the future.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies The Company has not maintained insurance coverage on its U.S domestic oil and gas properties for a number of years. Therefore, the Company was not in compliance with Federal and State laws regarding the U.S. domestic oil and gas properties it previously owned. The Company’s known compliance issues relate to the Texas Railroad Commission regarding administrative filings and renewal permits relative to its Texas oil and gas properties that were sold in 2012. The ultimate resolution of these compliance issues could have a material adverse impact on the Company’s financial statements. Nicaraguan Concessions The Company was in default of various provisions of the 30-year Concession for both Perlas and Tyra blocks as of June 30, 2020, including (1) the drilling of at least one exploratory well on the Perlas Block; (2) the shooting of additional seismic on the Tyra Block; (3) the provision of the Ministry of Energy with the required letters of credit in the amounts totaling $1,356,227 for the Perlas block and $278,450 for the Tyra block for exploration requirements on the leases; (4) payment of the 2016, 2017, 2018 and 2019 area fees required for both the Perlas and Tyra, which total approximately $194,485; and (5) payment of the 2016, 2017, 2018 and 2019 training fees required for both the Perlas and Tyra, totaling approximately $350,000. The Company had been seeking a resolution of these defaults including the ability to extend, renew and/or renegotiate the terms of the Nicaraguan Concessions with the Nicaraguan government to cure the defaults; however, the political climate, domestic issues and other factors caused the Company to halt such efforts and abandon the Concessions in January 2020. In connection with the extension of the December 2013 Note, the Company entered into the Revenue Sharing Agreement in May 2014. Infinity assigned to the note holder a monthly payment equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions and any other oil and gas concessions that the Company and its affiliates may acquire in the future. The Revenue Sharing Agreement will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The Revenue Sharing Agreement shall be paid by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Sharing Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions. Lack of Compliance with Law Regarding Domestic Properties Infinity has not been in compliance with existing federal, state and local laws, rules and regulations for its previously owned domestic oil and gas properties and this could have a material or significantly adverse effect upon the liquidity, capital expenditures, earnings or competitive position of Infinity. All domestic oil and gas properties held by the Company’s former subsidiaries, Infinity Wyoming and Infinity Texas, Binding Term Sheet to Acquire Domestic Oil and Gas Properties On July 31, 2019 the Company acquired the Option from Core to purchase the production and mineral rights/leasehold for the Properties. The Company paid a nonrefundable deposit of $50,000 to bind the Option, which gave it the right to acquire the Properties for $2.5 million prior to December 31, 2019. The Company was not able to exercise the option prior to December 31, 2019 and the parties are negotiating for an extension of such option and a reduction of the purchase price, although there can be no assurance that the parties will reach an agreement to do so. The Company has expensed all costs related to the Option to acquire the Properties as of June 30, 2020 and December 31, 2019 as the Option expired on December 31, 2019. The purchase was to include the existing production equipment, infrastructure and ownership of 11 square miles of existing 3-D seismic data on the acreage. The Properties include a horizontal producing well, horizontal saltwater injection well, conventional saltwater disposal well and two conventional vertical producing wells, which currently produce from the Reagan Sand zone with an approximate depth of 3,600 feet. The Option includes a provision permitting Core to exercise a buy-out clause and sell the Properties to a third-party purchaser prior to our exercise of the Option. If such a sale occurs, the Company would be entitled to 10% of the proceeds of the sale on the closing date. In such event, Core will for a period of nine months following the buy-out find a project of like kind and provide the Company a first right of refusal to acquire such asset. Litigation The Company is subject to numerous claims and legal actions in which vendors are claiming breach of contract due to the Company’s failure to pay amounts due. The Company believes that it has made adequate provision for these claims in the accompanying financial statements. As part of the claims and legal actions referred to above, the Company is currently involved in court litigation as follows: ● In October 2012 the State of Texas filed a lawsuit naming Infinity Texas, such subsidiary’s corporate officers and Pending satisfactory performance of the performance obligations and their acceptance by the State of Texas, the officers have potential liability regarding the above matter, and the officers are held personally harmless by indemnification provisions of the Company. Therefore, to the extent they might actually occur, these liabilities are the obligations of the Company. Management estimates that the liabilities associated with this matter will not exceed $780,000, calculated as $30,000 for each of the 26 Infinity Texas ● Cambrian Consultants America, Inc. (“Cambrian”) filed an action in the District Court of Harris County, Texas, number CV2014-55719, on September 26, 2014 against the Company resulting from certain professional consulting services provided for quality control and management of seismic operations during November and December 2013 on the Nicaraguan Concessions. Cambrian provided these services pursuant to a Master Consulting Agreement with Infinity, dated November 20, 2013, and has claimed breach of contract for failure to pay amounts due. On December 8, 2014, a default judgment was entered against the Company in the amount of $96,877 plus interest and attorney fees. The Company has included the impact of this litigation as a liability in its accounts payable. The Company will seek to settle the default judgment when it has the financial resources to do so. ● Torrey Hills Capital, Inc. (“Torrey”) notified the Company by letter, dated August 15, 2014, of its demand for the payment of $56,000, which it alleged was unpaid and owed under a consulting agreement dated October 18, 2013. The parties entered into a consulting agreement under which Torrey agreed to provide investor relations services in exchange for payment of $7,000 per month and the issuance of 15,000 shares of Common Stock. The agreement was for an initial three month-term with automatic renewals unless terminated upon 30 days’ written notice by either party. The Company made payments totaling $14,000 and issued 15,000 shares of Common Stock during 2013. The Company contends that Torrey breached the agreement by not performing the required services and that it had provided proper notice of termination to Torrey. Furthermore, the Company contends that the parties agreed to settle the dispute on or about June 19, 2014, under which it would issue 2,800 shares of Common Stock in full settlement of any balance then owed and final termination of the agreement. Torrey disputed the Company’s contentions and submitted the dispute to binding arbitration. The Company was unable to defend itself and the arbitration panel awarded Torrey a total of $79,594 in damages. The Company has accrued this amount in accounts payable as of June 30, 2020 and December 31, 2019, which management believes is sufficient to provide for the ultimate resolution of this dispute.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 9 – Related Party Transactions The Company does not have any employees other than its Chief Executive Officer, Chief Operating Officer and Chief Financial Officer. In previous years, certain general and administrative services (for which payment is deferred) had been provided by the Company’s Chief Financial Officer’s accounting firm at its standard billing rates plus out-of-pocket expenses consisting primarily of accounting, tax and other administrative fees. The Company no longer utilizes its Chief Financial Officer’s accounting firm for such support services and was not billed for any such services during the six months ended June 30, 2020 and 2019. The amount due to such firm for services previously provided was $762,407 at June 30, 2020 and December 31, 2019 and is included in accrued liabilities at both dates. On July 31, 2019, the Company acquired the Option from Core to purchase the production and mineral rights/leasehold for the Properties. The Company paid a nonrefundable deposit of $50,000 to bind the Option, which gave it the right to acquire the Properties for $2.5 million prior to December 31, 2019. The Company was not able to exercise the Option prior to December 31, 2019 and the parties are negotiating an extension of the Option and a reduction of the purchase price, although there can be no assurance that the parties will reach an agreement to do so. As of June 30, 2020 and December 31, 2019, the Company had accrued compensation to its officers and directors of $1,829,208. The Board of Directors authorized the Company to cease compensation for its officers and directors, effective January 1, 2018. On May 13, 2020, the Company borrowed $41,000 from its Chairman, CEO & President in the form of an unsecured promissory note bearing 6% interest and due on demand. The proceeds were used for general working capital purposes. The outstanding principal on the note was $41,000 as of June 30, 2020 and $-0- as of December 31, 2019.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 10 Subsequent Events COVID–19 PANDEMIC The condensed financial statements contained in this quarterly report on Form 10-Q as well as the description of our business contained herein, unless otherwise indicated, principally reflect the status of our business and the results of our operations as of June 30, 2020. Continuing after such date, we believe that our efforts to raise necessary capital will likely be adversely impacted by the outbreak of the coronavirus (Covid-19) and we cannot forecast with any certainty when the disruptions caused by it will cease to impact our business and the results of our operations in subsequent quarterly periods. In reading this quarterly report on Form 10-Q, including our discussion of our ability to continue as a going concern set forth herein, in each case, consider the additional uncertainties to the results of our operations in such subsequent periods caused by the outbreak of Covid-19.

Nature of Operations, Basis o_2

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information Infinity Energy Resources, Inc. (collectively, “we,” “ours,” “us,” “Infinity” or the “Company”) has prepared the accompanying condensed financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These financial statements are unaudited and, in our opinion, include all adjustments consisting of normal recurring adjustments and accruals necessary for a fair presentation of our condensed balance sheets, statements of operations, statements of stockholders’ deficit and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for 2020 due to various factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes in Item 8, “Financial Statements and Supplementary Data,” of our Annual Report on Form 10-K, filed with the SEC.
Nature of Operations	Nature of Operations Since 2009, we had planned to pursue the exploration of potential oil and gas resources in the United States and in the Perlas and Tyra concession blocks offshore Nicaragua in the Caribbean Sea (the “Nicaraguan Concessions” or “Concessions”), which contain a total of approximately 1.4 million acres. We sold our wholly-owned subsidiary, Infinity Oil and Gas of Texas, Inc. in 2012 and its wholly-owned subsidiary, Infinity Oil and Gas of Wyoming, Inc., was administratively dissolved in 2009. We also began assessing various opportunities and strategic alternatives involving the acquisition, exploration and development of natural gas and oil properties in the United States, including the possibility of acquiring businesses or assets that provide support services for the production of oil and gas in the United States. As a result, on July 31, 2019, we acquired an option (the “Option”) from Core Energy, LLC, a closely held company (“Core”), to purchase the production and mineral rights/leasehold for oil & gas properties, subject to overriding royalties to third parties, in the Central Kansas Uplift geological formation covering over 11,000 contiguous acres (the “Properties”). We paid a nonrefundable deposit of $50,000 to bind the Option, which provided us the right to acquire the Properties for $2.5 million prior to December 31, 2019. The Company was not able to exercise the Option prior to December 31, 2019 and the parties are negotiating for an extension of such Option and a reduction of the purchase price of the Properties. There can be no assurance that the parties will negotiate an extension and acceptable reduced price, particularly in light of recent events including the coronavirus pandemic and its impact on the oil and gas industry. If the parties agree to extend, reprice or otherwise complete the acquisition, the purchase will include the existing production equipment, infrastructure and ownership of 11 square miles of existing 3-D seismic data on the acreage. The Properties include a horizontal producing well, horizontal saltwater injection well, conventional saltwater disposal well and two conventional vertical producing wells, which currently produce from the Reagan Sand zone with an approximate depth of 3,600 feet. We intend to complete the acquisition of the Properties prior to the end of 2020, subject to successful renegotiations and obtaining adequate financing. The Option includes a provision permitting Core to exercise a buy-out clause and sell the Properties to a third-party purchaser prior to our exercise of the Option. If such a sale occurs, we would be entitled to 10% of the proceeds of the sale on the closing date. In such event, Core will for a period of nine months following the buy-out find a project of like kind and provide us a first right of refusal to acquire such asset. We must obtain new sources of debt and/or equity capital to fund the substantial needs enumerated above, as well as satisfying our existing debt obligations. We are attempting to obtain extensions of the maturity date for our outstanding debt; however, there can be no assurance that we will be able to do so or what the final terms will be if the lenders agree to such extensions. Further, we can provide no assurance that we will be able to obtain sufficient new debt/equity capital to exercise the Option. COVID–19 PANDEMIC The condensed financial statements contained in this quarterly report on Form 10-Q as well as the description of our business contained herein, unless otherwise indicated, principally reflect the status of our business and the results of our operations as of June 30, 2020. Economies throughout the world have been and continue to be severely disrupted by the effects of the quarantines, business closures and the reluctance of individuals to leave their homes as a result of the outbreak of the coronavirus (Covid-19). In particular, the oil and gas market has been severely impacted by the negative effects of the coronavirus because of the substantial and abrupt decrease in the demand for oil and gas globally. In addition, the capital markets have been disrupted and our efforts to raise necessary capital will likely be adversely impacted by the outbreak of the virus and we cannot forecast with any certainty when the disruptions caused by it will cease to impact our business and the results of our operations. In reading this quarterly report on Form 10-Q, including our discussion of our ability to continue as a going concern set forth herein, in each case, consider the additional uncertainties caused by the outbreak of Covid-19. Nicaragua We began pursuing an oil and gas exploration opportunity offshore Nicaragua in the Caribbean Sea in 1999. Since such time, we built relationships with the Instituto Nicaraguense de Energia (“INE”) and undertook the geological and geophysical research that helped us to become one of only six companies qualified to bid on offshore blocks in the first international bidding round held by INE in January 2003. On March 5, 2009, we signed the contracts granting us the Perlas and Tyra concession blocks offshore Nicaragua (the “Nicaraguan Concessions” or “Concessions”). Since our acquisition of the Nicaraguan Concessions, we have conducted an environmental study and developed geological information from the reprocessing and additional evaluation of existing 2-D seismic data acquired over our Perlas and Tyra concession blocks. In April 2013, the Nicaraguan government formally approved our Environmental Impact Assessment, at which time we commenced significant activity under the initial work plan involving the acquisition of new seismic data on the two Nicaraguan Concessions. We undertook seismic shoots during late 2013 that resulted in the acquisition of new 2-D and 3-D seismic data and have reviewed it to select initial drilling sites for exploratory wells. We relied on raising debt and equity capital to fund our ongoing maintenance/expenditure obligations under the Nicaraguan Concession, our day-to-day operations and corporate overhead because we have generated no operating revenues or cash flows in recent years. The $1.0 million December 2013 Note (See Note 3) matured in April 2016 and is currently in default and three other notes payable with principal balances of $145,125 as of June 30, 2020 are now either due on demand or currently in default. In January 2020, we abandoned the Concessions.
Going Concern	Going Concern The Company must raise substantial amounts of debt and equity capital from other sources in the immediate future in order to fund the (i) acquisition of the Properties under the Option; (ii) normal day-to-day operations and corporate overhead; and (iii) outstanding debt and other financial obligations as they become due, as described below. These are substantial operational and financial issues that must be successfully addressed during 2020. The Company is seeking new sources of debt and equity capital to fund the needs enumerated above. The Company is attempting to obtain extensions of the maturity dates for its debt or compromises of the debt. In addition, the Company will seek offers from industry operators and other third parties for interests in the Properties in exchange for cash and a carried interest in exploration and development operations or other joint venture arrangement. The Company has restructured certain obligations that were in default during 2019; however, there can be no assurance that it will be able to obtain such funding, extensions or additional restructurings or on what terms. Due to the uncertainties related to the foregoing matters, there exists substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financials are issued. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.
Management Estimates	Management Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States 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. Significant estimates with regard to the financial statements include the estimated carrying value of unproved properties, the estimated fair value of derivative liabilities, stock-based awards and overriding royalty interests, and the realization of deferred tax assets.
Derivative Instruments	Derivative Instruments The Company accounts for derivative instruments or hedging activities under the provisions of ASC 815 Derivatives and Hedging The purpose of hedging is to provide a measure of stability to the Company’s cash flows in an environment of volatile oil and gas prices and to manage the exposure to commodity price risk. As of June 30, 2020 and December 31, 2019 and during the periods then ended, the Company had no oil and natural gas derivative arrangements outstanding. As a result of certain terms, conditions and features included in certain common stock purchase warrants issued by the Company (Notes 2, 3, 5 and 6), those warrants are required to be accounted for as derivatives at estimated fair value, with changes in fair value recognized in operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of the Company’s accounts payable, accrued liabilities and short-term notes represent the estimated fair value due to the short-term nature of the accounts. In accordance with ASC Topic 820 — Fair Value Measurements and Disclosures ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: ● Level 1 — Quoted prices in active markets for identical assets and liabilities. ● Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities). ● Level 3 — Significant unobservable inputs (including the Company’s own assumptions in determining the fair value. The estimated fair value of the derivative liabilities, which are related to detachable warrants issued in connection with various notes payable, (See Note 5 - Derivative Instruments) were estimated using a closed-ended option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Company’s common stock, par value $0.001 per share (the “Common Stock”), interest rates, the probability of both of the downward adjustment of the exercise price and the upward adjustment to the number of warrants as provided by the warrant agreement terms (See Note 5 - Derivative Instruments) and non-performance risk factors, among other items. The fair values for the warrant derivatives as of June 30, 2020 and December 31, 2019 were classified under the fair value hierarchy as Level 3. The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019: June 30, 2020 Level 1 Level 2 Level 3 Total Liabilities: Derivative liabilities $ — $ — $ 1,692 $ 1,692 $ — $ — $ 1,692 $ 1,692 December 31, 2019 Level 1 Level 2 Level 3 Total Liabilities: Derivative liabilities $ — $ — $ 1,116 $ 1,116 $ — $ — $ 1,116 $ 1,116 There were no changes in valuation techniques or reclassifications of fair value measurements between Levels 1, 2 or 3 during the periods ended June 30, 2020 and December 31, 2019.

Nature of Operations, Basis o_3

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019: June 30, 2020 Level 1 Level 2 Level 3 Total Liabilities: Derivative liabilities $ — $ — $ 1,692 $ 1,692 $ — $ — $ 1,692 $ 1,692 December 31, 2019 Level 1 Level 2 Level 3 Total Liabilities: Derivative liabilities $ — $ — $ 1,116 $ 1,116 $ — $ — $ 1,116 $ 1,116

Secured Convertible Note Paya_2

Secured Convertible Note Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Activity in Secured Convertible Note	Following is an analysis of the activity in the Note during the six months ended June 30, 2019: Amount Balance at December 31, 2018 $ 2,197,231 Funding under the Investor Note (as defined below) during the period — Principal repaid during the period by issuance of Common Stock — Change in fair value of Note during the period — Exchange of Note payable for Common Stock 2,197,231 Balance at June 30, 2019 $ —
Schedule of Gain on Exchange of Debt and Warrant Obligations	Following is an analysis of gain on exchange of the debt and warrant obligations pursuant to the Exchange Agreement, which was finalized on November 23, 2019: Amount Obligations extinguished on the date of exchange, May 23, 2019: Note balance at the date of exchange, May 23, 2019 $ 2,197,231 Accrued interest on the Note at the date of exchange, May 23, 2019 28,643 Fair value of Warrant Derivative at the date of exchange, May 23, 2019 116,731 Securities issued in exchange for the obligations extinguished on the date of exchange, May 23, 2019 and the finalization of the Side-Letter Agreement at November 23, 2019: 605,816 shares of Common Stock issued on the date of exchange May 23, 2019 valued at $0.121 per share, the closing market price on May 23, 2019 (73,304 ) 567,348 shares of Common Stock issued pursuant to the finalization of the Side-Letter agreement on November 23, 2019 (68,082 ) Issuance of warrants to purchase 61,380 shares of Common Stock issued pursuant to the finalization of the Side-Letter agreement on November 23, 2019 (7,358 ) Gain on exchange of debt and warrant obligations $ 2,193,861
Schedule of Gain on Exchange Extinguishment of Debt and Warrant Obligations	A summary of the estimated gain on exchange and extinguishment of debt and warrant obligations as of and for the six months ended June 30, 2019 follows: Amount Exchange of secured convertible note – estimated at June 30, 2019 (See Note 2 above) $ 2,161,441 Warrant issued to Placement Agent and exchanged on June 4, 2019 (See Note 2 above) 29,383 Convertible note exchanged on June 19, 2019 (See Note 3) 222,456 Gain on exchange of debt and warrant obligations $ 2,413,280

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	Debt consists of the following at June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Convertible notes payable, short term: Note payable, (in default) $ 1,000,000 $ 1,000,000 Note payable, (in default) 50,000 50,000 Note payable (in default) 35,000 35,000 Note payable (due on demand) 19,125 19,125 Note payable-related party (due on demand) 41,000 — Total notes payable, short-term $ 1,145,125 $ 1,104,125
Schedule of Gain on Extinguishment of Debt	A summary of the estimated gain on exchange and extinguishment of debt and warrant obligations as of and for the six months ended June 30, 2019 follows: Amount Exchange of secured convertible note – estimated at June 30, 2019 (See Note 2 above) $ 2,161,441 Warrant issued to Placement Agent and exchanged on June 4, 2019 (See Note 2 above) 29,383 Convertible note exchanged on June 19, 2019 (See Note 3) 222,456 Gain on exchange of debt and warrant obligations $ 2,413,280

Stock Options (Tables)

Stock Options (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the six months ended June 30, 2020: Number of Options Weighted Average Exercise Weighted Aggregate Outstanding at December 31, 2019 332,000 $ 41.86 2.29 years $ — Granted — — Exercised — — Forfeited — — Outstanding at June 30, 2020 332,000 $ 41.86 1.79 years $ — Outstanding and exercisable at June 30, 2020 332,000 $ 41.86 1.79 years $ —
Schedule of Restricted Stock Unit Activity	A summary of all restricted stock activity under the equity compensation plans for the six months ended June 30, 2020 is as follows: Number of Weighted Nonvested balance, December 31, 2019 750,000 $ 0.13 Granted — — Vested — — Forfeited — — Nonvested balance, June 30, 2020 750,000 $ 0.13
Schedule of Nonvested Restricted Stock Unit Activity	The nonvested balance of restricted stock vests as follows: Years ended Number of 2020 (July 1, 2020 through December 31, 2020) 750,000

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Estimated Fair Value of Derivative Liabilities	A comparison of the assumptions used in calculating estimated fair value of such derivative liabilities as of June 30, 2020 and December 31, 2019 is as follows: As of As of Volatility – range 373.4 % 316.2 % Risk-free rate 0.297 % 1.69 % Contractual term 0.1 – 1.0 years 0.5 – 1.3 years Exercise price $ 5.60 $ 5.60 Number of warrants in aggregate 34,000 34,000
Summary of Changes in Fair Value Derivative Financial Instruments	The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs for both open and closed derivatives: Amount Balance at December 31, 2019 $ 1,116 Unrealized derivative gains included in other income/expense for the period 576 Balance at June 30, 2020 $ 1,692

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jun. 30, 2020
Warrants and Rights Note Disclosure [Abstract]
Summary of Warrant Activity	The following table summarizes warrant activity for the six months ended June 30, 2020: Number of Weighted Outstanding and exercisable at December 31, 2019 946,943 $ 1.78 Issued — — Exercised/forfeited (181,563 ) (5.00 ) Outstanding and exercisable at June 30, 2020 765,380 $ 1.02

Nature of Operations, Basis o_4

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative)	Jul. 31, 2019USD ($)a	Apr. 20, 2017	Nov. 08, 2016	Dec. 27, 2013	Jun. 30, 2020USD ($)a$ / shares	Dec. 31, 2019USD ($)$ / shares	Jul. 29, 2019USD ($)
Percentage of proceeds from sale					10.00%
Debt maturity date		Apr. 19, 2018	Nov. 7, 2017
Notes payable current					$ 1,145,125	$ 1,104,125
Common stock, par value | $ / shares					$ 0.0001	$ 0.0001
December 2013 Note [Member]
Principal amount of senior secured convertible notes					$ 1,000,000
Notes payable current							$ 1,000,000
December 2013 Note [Member]
Debt maturity date				Mar. 12, 2014	Apr. 30, 2016
Three Other Notes Payable [Member]
Notes payable current					$ 145,125
Core Energy, LLC [Member]
Contiguous acres | a	11,000
Core Energy, LLC [Member] | Purchase Option, Prior to December 31, 2019 [Member]
Non refundable deposits	$ 50,000
Acquisition of oil and gas properties	$ 2,500,000
Acquisition of oil and gas properties, description	If the parties agree to extend, reprice or otherwise complete the acquisition, the purchase will include the existing production equipment, infrastructure and ownership of 11 square miles of existing 3-D seismic data on the acreage. The Properties include a horizontal producing well, horizontal saltwater injection well, conventional saltwater disposal well and two conventional vertical producing wells, which currently produce from the Reagan Sand zone with an approximate depth of 3,600 feet.
Nicaraguan Concessions [Member]
Nature of operations oil and gas resources acres | a					1,400,000

Nature of Operations, Basis o_5

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Derivative liabilities	$ 1,692	$ 1,116
Fair Value, Measurements, Recurring [Member]
Derivative liabilities	1,692	1,116
Fair value on liabilities	1,692	1,116
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Derivative liabilities
Fair value on liabilities
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Derivative liabilities
Fair value on liabilities
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Derivative liabilities	1,692	1,116
Fair value on liabilities	$ 1,692	$ 1,116

Secured Convertible Note Paya_3

Secured Convertible Note Payable (Details Narrative) - USD ($)	Nov. 23, 2019	Jun. 04, 2019	May 30, 2019	May 23, 2019	May 04, 2017	Oct. 31, 2016	May 07, 2016	Jan. 15, 2016	Jan. 07, 2016	Jul. 15, 2015	Jul. 07, 2015	May 07, 2015	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Apr. 20, 2017	Nov. 08, 2016	Oct. 15, 2015	Oct. 07, 2015	May 31, 2015
Warrant to purchase shares of common stock													34,000		34,000		34,000
Common stock, par value													$ 0.0001		$ 0.0001		$ 0.0001
Warrants price per share										$ 5.60	$ 5.60									$ 5.60	$ 5.60
Additional amount funded from related parties															$ 41,000	$ 50,500
Conversion price per share										$ 5.60	$ 5.60							$ 5	$ 5
Accrued interest													$ 572,810		572,810		$ 528,684
Change in fair value derivatives													(1,286)	$ 5,639	(576)	(62,808)
Estimated fair value of conversion feature and warrants						$ 74	$ 131	$ 267	$ 379	$ 11,827	$ 22,314
Warrant [Member]
Warrant to purchase shares of common stock		50,000																				240,000
Warrants price per share		$ 0.50																				$ 5
Warrant expiration date		Jun. 4, 2026																				May 7, 2022
Investor Note [Member]
Notes payable principal balance					$ 9,490,000
Additional amount funded from related parties					510,000
Convertible Note [Member]
Notes payable principal balance													$ 11,687,231		$ 11,687,231
Convertible debt outstanding					9,490,000
Cancellation of convertible note principal amount					9,490,000
Debt original issue of discount					2,000,000
Replacement Note [Member]
Notes payable principal balance					$ 2,197,231
Conversion price per share					$ 0.50
Exchange Agreement [Member] | Warrant [Member]
Fair value of the original warrant derivative				$ 37,368
Change in fair value derivatives				$ 29,795
Exchange Agreement [Member] | Derivative [Member]
Gain on exchange of debt and warrant obligations		$ 29,383
Extinguishment of debt		37,368
Estimated fair value of conversion feature and warrants		$ 7,985
Side-letter Agreement [Member]
Warrant to purchase shares of common stock	61,380
Warrants price per share	$ 0.50
Percentage of fully diluted shares outstanding	9.99%
Number of shares issued values	$ 567,348
Warrant expiration date	Jun. 19, 2026
Gain on exchange of debt and warrant obligations																$ 2,161,441
Side-letter Agreement [Member] | Minimum [Member]
Sale of stock, price per share				$ 0.10
Side-letter Agreement [Member] | New Warrant [Member]
Percentage of fully diluted shares outstanding				9.99%
Exchange Agreement Amendment 1 [Member]
Percentage of fully diluted shares outstanding			9.99%
Number of shares issued values			$ 605,816
May 2015 Private Placement [Member]
Notes payable principal balance												$ 12,000,000
Warrant to purchase shares of common stock												1,800,000
Common stock, par value												$ 0.0001
Percentage of fee received of cash proceeds												6.00%
Proceeds from issuance of common stock												$ 600,000
Received amount at closing												$ 27,000
May 2015 Private Placement [Member] | Exchange Agreement [Member] | Convertible Note Payable [Member]
Convertible debt outstanding				$ 2,197,231
Accrued interest				$ 28,643
May 2015 Private Placement [Member] | Registration Rights Agreement [Member] | Convertible Note Payable [Member]
Common stock, capital shares reserved for future issuance				770,485
Placement Agent [Member]
Warrant to purchase shares of common stock												240,000
Warrants price per share												$ 5
Private Placement Memorandum [Member] | Securities Purchase Agreement [Member]
Notes payable principal balance												$ 9,550,000
Note payments for cash and issuing promissory note												$ 450,000

Secured Convertible Note Paya_4

Secured Convertible Note Payable - Schedule of Activity in Secured Convertible Note (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
Balance, beginning	$ 2,197,231
Funding under the Investor Note (as defined below) during the period
Principal repaid during the period by issuance of Common Stock
Change in fair value of Note during the period
Exchange of Note payable for Common Stock	2,197,231
Balance, ending

Secured Convertible Note Paya_5

Secured Convertible Note Payable - Schedule of Gain on Exchange of Debt and Warrant Obligations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gain on exchange of debt and warrant obligations		$ 2,413,280		$ 2,413,280
Exchange Agreement on May 23, 2019 [Member]
Gain on exchange of debt and warrant obligations			2,193,861
Exchange Agreement on May 23, 2019 [Member] | Convertible Note [Member]
Gain on exchange of debt and warrant obligations			2,197,231
Exchange Agreement on May 23, 2019 [Member] | Accrued Interest [Member]
Gain on exchange of debt and warrant obligations			28,643
Exchange Agreement on May 23, 2019 [Member] | Warrant Derivative [Member]
Gain on exchange of debt and warrant obligations			116,731
Exchange Agreement on May 23, 2019 [Member] | Exchange of Securities [Member]
Gain on exchange of debt and warrant obligations			(73,304)
Side-Letter Agreement on November 23, 2019 [Member] | Common Shares Issued [Member]
Gain on exchange of debt and warrant obligations			(68,082)
Side-Letter Agreement on November 23, 2019 [Member] | Warrants Shares Issued [Member]
Gain on exchange of debt and warrant obligations			$ (7,358)

Secured Convertible Note Paya_6

Secured Convertible Note Payable - Schedule of Gain on Exchange of Debt and Warrant Obligations (Details) (Parenthetical) - $ / shares	Nov. 23, 2019	May 23, 2019	Oct. 18, 2013	Dec. 31, 2013
Number of shares issued			15,000	15,000
Exchange Agreement on May 23, 2019 [Member] | Exchange of Securities [Member]
Number of shares issued		605,816
Shares issued price per share		$ 0.121
Side-Letter Agreement on November 23, 2019 [Member] | Common Shares Issued [Member]
Number of shares issued	567,348
Side-Letter Agreement on November 23, 2019 [Member] | Warrants Shares Issued [Member]
Number of shares issued	61,380

Secured Convertible Note Paya_7

Secured Convertible Note Payable - Schedule of Gain on Exchange Extinguishment of Debt and Warrant Obligations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gain on exchange of debt and warrant obligations		$ 2,413,280		$ 2,413,280
Exchange Agreement on June 30, 2019 [Member] | Exchange of Secured Convertible Note [Member]
Gain on exchange of debt and warrant obligations				2,161,441
Exchange Agreement on June 4, 2019 [Member] | Warrant Issued Placement Agent [Member]
Gain on exchange of debt and warrant obligations				29,383
Exchange Agreement on June 19, 2019 [Member]
Gain on exchange of debt and warrant obligations			$ 222,456	2,413,280
Exchange Agreement on June 19, 2019 [Member] | Convertible Note Exchanged [Member]
Gain on exchange of debt and warrant obligations				$ 222,456

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	May 13, 2020	Jul. 29, 2019	Jun. 19, 2019	May 21, 2018	Apr. 20, 2017	Nov. 08, 2016	Oct. 31, 2016	May 07, 2016	Jan. 15, 2016	Jan. 07, 2016	Oct. 15, 2015	Oct. 07, 2015	Jul. 15, 2015	Jul. 07, 2015	Dec. 27, 2013	Oct. 18, 2013	Oct. 31, 2019	Aug. 31, 2019	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2013	Dec. 31, 2019
Proceeds from unsecured credit facility					$ 40,000
Debt maturity date					Apr. 19, 2018	Nov. 7, 2017
Issuance of warrants exercisable to purchase of common stock											3,500	5,000	3,500	5,000
Warrants exercise price per share											$ 5.60	$ 5.60	$ 5.60	$ 5.60
Increase of warrants issuance													7,000	10,000
Warrants exercise price drops price per share													$ 5.60	$ 5.60
Number of shares issued																15,000					15,000
Notes payable current																				$ 1,145,125		$ 1,104,125
Warrant to purchase shares of common stock																				34,000		34,000
Proceeds from convertible debt						$ 200,000							$ 35,000	$ 50,000
Conversion price per share					$ 5	$ 5							$ 5.60	$ 5.60
Debt instruments interest rate					8.00%	8.00%							8.00%	8.00%
Estimated fair value of conversion feature and warrants							$ 74	$ 131	$ 267	$ 379			$ 11,827	$ 22,314
Warrants expiration period											5 years	5 years	5 years	5 years
Debt maturity extended date											Jan. 15, 2016	Jan. 7, 2016
Debt maturity extended later date											Oct. 15, 2016	May 7, 2016
Two Convertible Notes [Member]
Debt maturity date			Jun. 19, 2026
Issuance of warrants exercisable to purchase of common stock			570,000
Warrants exercise price per share			$ 0.50
Unpaid principal balance			$ 240,000
Accrued and unpaid interest			45,020
Estimated fair value of conversion feature and warrants			$ 62,564
Revenue Sharing Agreement [Member]
Gross revenue percentage, description		One half of one percent (.5%) of the gross revenue derived from the share of all hydrocarbons produced at the wellhead from the Nicaraguan Concessions
Debt instrument description		The Company did not make the required $100,000 cash payment within the contractual 60-day time period and therefore the term sheet is not binding on the parties. The parties have continued efforts to resolve the payment default and otherwise complete the Exchange Agreement as described above.
Common Stock Purchase Warrant [Member] | December 2013 Warrant [Member]
Warrants exercise price per share		$ 5
Warrant to purchase shares of common stock		100,000
December 2013 Note [Member]
Proceeds from unsecured credit facility															$ 1,050,000
Debt maturity date															Mar. 12, 2014					Apr. 30, 2016
Issuance of warrants exercisable to purchase of common stock															100,000
Warrants exercise price per share															$ 15
Warrant expiration date description															The Company issued no additional warrants to the lender in connection with the extension of the December 2013 Note to the new April 2015 maturity date.
Increase of warrants issuance															1,333,333
Warrants exercise price drops price per share															$ 0.75
December 2013 Note to April 7, 2016 One [Member]
Warrant expiration date description																				The Company issued no additional warrants to the lender in connection with the extension of the Note to the New Maturity Date. If the Company failed to pay the December 2013 Note on or before its new April 2015 maturity date.
Percentage of revenue sharing agreement description																				In connection with an extension of the December 2013 Note to April 7, 2016, the Company agreed to enter into a definitive revenue sharing agreement with the lender to grant the lender under the revenue sharing agreement an irrevocable right to receive a monthly payment equal to one half of one percent (1/2%) of the gross revenue derived from the share of all hydrocarbons produced at the wellhead from the Nicaraguan Concessions and any other oil and gas concessions that the Company and its affiliates may acquire in the future. This percent increased to one percent (1%) when the Company did not pay the December 2013 Note in full by August 7, 2014. Therefore, the revenue sharing agreement is fixed at one percent (1%). The value of the one percent (1.0%) definitive revenue sharing agreement granted to the lender as consideration for the extension of the maturity date to December 7, 2014 was estimated to be $964,738.
Estimated revenue																				$ 964,738
December 2013 Note to April 7, 2016 Two [Member]
Warrants exercise price per share																				$ 5
Increase of warrants issuance																				1,333,333
Warrants exercise price drops price per share																				$ 0.75
Restricted common stock issued																				20,000
Repayment of debt																				$ 50,000
Number of shares issued																				20,000
Number of shares issued, value																				$ (104,000)
Increased value of the outstanding warrants																				(68,716)
December 2013 Note [Member]
Number of shares issued		740,500
Unpaid principal balance																				1,000,000		$ 1,000,000
Repayments of notes payable		$ 100,000
Notes payable principal balance		1,050,000
Notes payable current		1,000,000
Accrued and unpaid interest		$ 524,132
Convertible Note Payable [Member]
Derivative liability																				995		662
Convertible Notes Payable One [Member]
Derivative liability																				697		454
Unsecured Promissory Note [Member]
Repayments on unsecured promissory note																	$ 50,000
Outstanding principal on unsecured promissory note																				19,125		19,125
Unsecured Promissory Note [Member] | Chairman Chief Executive Officer and President [Member]
Proceeds from convertible debt	$ 41,000
Debt instruments interest rate	6.00%
Outstanding principal on unsecured promissory note																				$ 41,000		$ 0
Unsecured Promissory Note [Member] | Private Third Lender [Member]
Proceeds from convertible debt				$ 13,125														$ 5,500	$ 50,500
Conversion price per share				$ 0.50
Debt instruments interest rate				8.00%

Debt - Schedule of Debt Outstan

Debt - Schedule of Debt Outstanding (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Total notes payable, short-term	$ 1,145,125	$ 1,104,125
Note Payable (In Default) One [Member]
Total notes payable, short-term	1,000,000	1,000,000
Notes Payable (In Default) Two [Member]
Total notes payable, short-term	50,000	50,000
Notes Payable (In Default) Three [Member]
Total notes payable, short-term	35,000	35,000
Note Payable (Due on Demand) Four [Member]
Total notes payable, short-term	19,125	19,125
Note Payable Related Party (Due on Demand) Five [Member]
Total notes payable, short-term	$ 41,000

Debt - Schedule of Gain on Exti

Debt - Schedule of Gain on Extinguishment of Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gain on exchange of debt and warrant obligations		$ 2,413,280		$ 2,413,280
Exchange Agreement on June 19, 2019 [Member]
Gain on exchange of debt and warrant obligations			222,456	$ 2,413,280
Exchange Agreement on June 19, 2019 [Member] | Convertible Note [Member]
Gain on exchange of debt and warrant obligations			240,000
Exchange Agreement on June 19, 2019 [Member] | Accrued Interest on Convertible Notes [Member]
Gain on exchange of debt and warrant obligations			45,020
Exchange Agreement on June 19, 2019 [Member] | Stock Purchase Warrant [Member]
Gain on exchange of debt and warrant obligations			$ (62,564)

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Number of options granted
Stock-based compensation expense in connection with vesting of options granted	$ 0	$ 0
Share based vested and unvested stock options, intrinsic value	0
Unrecognized compensation cost related to unvested stock options	0
Stock-based compensation expense	48,616
Unrecognized compensation costs to non-vested restricted stock grants	$ 25,110
2005 Equity Incentive Plan [Member]
Issuance of reserved common stock, shares	47,500
2005 Plan and 2006 Plan [Member]
Stock date of granted expiration period	10 years
2015 Stock Option and Restricted Stock Plan [Member]
Issuance of reserved common stock, shares	500,000
Shares available for future grants under all plans	500,000

Stock Options - Summary of Stoc

Stock Options - Summary of Stock Option Activity (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning	332,000
Number of Options, Granted
Number of Options, Exercised
Number of Options, Forfeited
Number of Options, Outstanding, Ending	332,000
Number of Options, Outstanding and Exercisable	332,000
Weighted Average Exercise Price Per Share, Outstanding, Beginning	$ 41.86
Weighted Average Exercise Price Per Share, Granted
Weighted Average Exercise Price Per Share, Exercised
Weighted Average Exercise Price Per Share, Forfeited
Weighted Average Exercise Price Per Share, Outstanding, Ending	41.86
Weighted Average Exercise Price Per Share, Outstanding and Exercisable	$ 41.86
Weighted Average Remaining Contractual Term, Outstanding, Beginning	2 years 3 months 15 days
Weighted Average Remaining Contractual Term, Outstanding, Ending	1 year 9 months 14 days
Weighted Average Remaining Contractual Term, Outstanding and Exercisable	1 year 9 months 14 days
Aggregate Intrinsic Value, Outstanding, Beginning
Aggregate Intrinsic Value, Outstanding, Ending
Aggregate Intrinsic Value, Outstanding and Exercisable

Stock Options - Schedule of Res

Stock Options - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Number of Restricted shares, Nonvested balance, beginning | shares	750,000
Number of Restricted shares, Granted | shares
Number of Restricted shares, Vested | shares
Number of Restricted shares, Forfeited | shares
Number of Restricted shares, Nonvested balance, end | shares	750,000
Weighted average grant date fair value, Nonvested balance, beginning | $ / shares	$ 0.13
Weighted average grant date fair value, Granted | $ / shares
Weighted average grant date fair value, Vested | $ / shares
Weighted average grant date fair value, Forfeited | $ / shares
Weighted average grant date fair value, Nonvested balance, end | $ / shares	$ 0.13

Stock Options - Schedule of Non

Stock Options - Schedule of Nonvested Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
2020 (July 1, 2020 through December 31, 2020) [Member]
Number of shares nonvested balance of restricted stock	$ 750,000

Derivative Instruments (Details

Derivative Instruments (Details Narrative) - shares	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Warrant to purchase shares of common stock	34,000	34,000

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Estimated Fair Value of Derivative Liabilities (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
Number of warrants in aggregate | shares	34,000	34,000
Derivative [Member] | Volatility - Range [Member]
Fair value assumptions, measurement input	373.4	316.2
Derivative [Member] | Risk Free Rate [Member]
Fair value assumptions, measurement input	0.297	1.69
Derivative [Member] | Contractual Term [Member] | Minimum [Member]
Fair value assumptions, measurement input, term	1 month 6 days	6 months
Derivative [Member] | Contractual Term [Member] | Maximum [Member]
Fair value assumptions, measurement input, term	1 year	1 year 3 months 19 days
Derivative [Member] | Exercise Price [Member]
Fair value assumptions, measurement input, exercise price | $ / shares	$ 5.60	$ 5.60

Derivative Instruments - Summar

Derivative Instruments - Summary of Changes in Fair Value Derivative Financial Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Beginning balance			$ 1,116
Unrealized derivative gains included in other income/expense for the period	$ 1,286	$ (5,639)	576	$ 62,808
Ending balance	$ 1,692		$ 1,692

Warrants (Details Narrative)

Warrants (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2020	Oct. 15, 2015	Oct. 07, 2015	Jul. 15, 2015	Jul. 07, 2015
Weighted average of purchase warrants term		5 years	5 years	5 years	5 years
Warrant [Member]
Weighted average of purchase warrants term	5 years 4 months 24 days
Common stock purchase warrants and intrinsic value	$ 0

Warrants - Summary of Warrant A

Warrants - Summary of Warrant Activity (Details) - Warrant [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Number of warrants, Outstanding and exercisable, beginning balance | shares	946,943
Number of warrants, Issued pursuant to exchange agreements | shares
Number of warrants, Exercised/forfeited | shares	(181,563)
Number of warrants, Outstanding and exercisable, ending balance | shares	765,380
Weighted Average Exercise Price Per Share, Outstanding and exercisable, beginning balance | $ / shares	$ 1.78
Weighted Average Exercise Price Per Share, Issued pursuant to exchange agreements | $ / shares
Weighted Average Exercise Price Per Share, Exercised/forfeited | $ / shares	(5)
Weighted Average Exercise Price Per Share, Outstanding and exercisable, ending balance | $ / shares	$ 1.02

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	6 Months Ended
	Jun. 30, 2020USD ($)
Income Tax Disclosure [Abstract]
Corporate tax rate	21.00%
Percentage on valuation allowance	100.00%
Net operating loss carry-forward	$ 66,950,000
Net operating loss carry-forward balance expires	Expire from 2025 through 2038.
Change in ownership percentage	50.00%

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	Jul. 31, 2019	Dec. 08, 2014	Aug. 15, 2014	Oct. 18, 2013	Oct. 31, 2012	Jun. 30, 2020	Dec. 31, 2013	Dec. 31, 2019
Asset retirement obligations					$ 45,103	$ 1,716,003		$ 1,716,003
Seeking of reclamation costs					30,000
Estimated liability relating each operating well					45,103
Total estimated liability relating to all operating wells					$ 780,000
Liability relating to all operating wells, description					Management estimates that the liabilities associated with this matter will not exceed $780,000, calculated as $30,000 for each of the 26 Infinity-Texas operated wells.
Payment for demand			$ 56,000
Payment for investor relations services				$ 7,000			$ 14,000
Number of shares issued				15,000			15,000
Number of shares issued during period settlement of final termination agreement			2,800
Damages amount			$ 79,594
Cambrian Consultants America, Inc [Member]
Default judgment granted against the company		$ 96,877
Core Energy, LLC [Member]
Proceeds from sale of property, percentage	10.00%
Purchase Option, Prior to December 31, 2019 [Member] | Core Energy, LLC [Member]
Non refundable deposits	$ 50,000
Acquisition of oil and gas properties	$ 2,500,000
December 2013 Note [Member] | Revenue Sharing Agreement [Member]
Percentage of payment of revenue to related party						1.00%
Block Perlas [Member]
Letters of credit						$ 1,356,227
Block Tyra [Member]
Letters of credit						278,450
Perlas Block and Tyra Block [Member] | 2016 [Member]
Payments of area fees						194,485
Payments of training fees						350,000
Perlas Block and Tyra Block [Member] | 2017 [Member]
Payments of area fees						194,485
Payments of training fees						350,000
Perlas Block and Tyra Block [Member] | 2018 [Member]
Payments of area fees						194,485
Payments of training fees						350,000
Perlas Block and Tyra Block [Member] | 2019 [Member]
Payments of area fees						194,485
Payments of training fees						$ 350,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	May 13, 2020	Jul. 31, 2019	Nov. 08, 2016	Jul. 15, 2015	Jul. 07, 2015	Jun. 30, 2020	Dec. 31, 2019	Apr. 20, 2017
Proceeds from convertible debt			$ 200,000	$ 35,000	$ 50,000
Debt instruments interest rate			8.00%	8.00%	8.00%			8.00%
Unsecured Promissory Note [Member]
Outstanding principal on unsecured promissory note						$ 19,125	$ 19,125
Unsecured Promissory Note [Member] | Chairman Chief Executive Officer and President [Member]
Proceeds from convertible debt	$ 41,000
Debt instruments interest rate	6.00%
Outstanding principal on unsecured promissory note						41,000	0
Officers and Directors [Member]
Accrued compensation						1,829,208	1,829,208
Core Energy, LLC [Member] | Purchase Option, Prior to December 31, 2019 [Member]
Non refundable deposits		$ 50,000
Acquisition of oil and gas properties		$ 2,500,000
CFO's Firm [Member]
Due to related party for consideration of services						$ 762,407	$ 762,407

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Jul. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Core Energy, LLC [Member] | Purchase Option, Prior to December 31, 2019 [Member]
Non refundable deposits	$ 50,000
Acquisition of oil and gas properties	$ 2,500,000
December 2013 Note [Member]
Unpaid principal balance		$ 1,000,000	$ 1,000,000