Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 03, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000855787 | |
Entity Registrant Name | ALPHA ENERGY INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 333-197642 | |
Entity Incorporation, State or Country Code | CO | |
Entity Tax Identification Number | 90-1020566 | |
Entity Address, Address Line One | 4162 Meyerwood Drive | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77025 | |
City Area Code | 713 | |
Local Phone Number | 316-0061 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common | |
Trading Symbol | APHE | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,280,428 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 124 | $ 0 |
Prepaid assets and other current assets | 5,000 | 30,000 |
Total current assets | 5,124 | 30,000 |
Noncurrent assets: | ||
Oil and gas property, unproved, full cost | 90,000 | 70,000 |
Total assets | 95,124 | 100,000 |
Current liabilities: | ||
Accounts payable and accrued expenses | 425,930 | 585,732 |
Accounts payable and accrued expenses - related parties | 176,079 | 120,568 |
Interest payable | 60,294 | 31,295 |
Short term advances from related parties | 484,344 | 181,000 |
Short term note payable | 1,210,000 | 1,160,000 |
Derivative liability | 101,468 | 96,369 |
Total current liabilities | 2,458,115 | 2,174,964 |
Convertible credit line payable – related party, net of discount of $0 and $2,754, respectively | 148,328 | 145,574 |
Asset retirement obligation | 900 | 862 |
Total liabilities | 2,607,343 | 2,321,400 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock, 10,000,000 shares authorized:Series A convertible preferred stock, $0.001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 65,000,000 shares authorized and 18,351,428 and 18,145,428 shares issued and outstanding, respectively | 18,351 | 18,145 |
Additional paid-in capital | 2,267,429 | 2,061,635 |
Accumulated deficit | (4,797,999) | (4,301,180) |
Total stockholders' deficit | (2,512,219) | (2,221,400) |
Total liabilities and stockholders' deficit | $ 95,124 | $ 100,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Convertible debt, noncurrent unamortized discount | $ 0 | $ 2,754 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized (in shares) | 65,000,000 | 65,000,000 |
Common Stock, Shares, Issued (in shares) | 18,351,428 | 18,145,428 |
Common Stock, Shares, Outstanding (in shares) | 18,351,428 | 18,145,428 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized (in shares) | 2,000,000 | 2,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Oil and gas sales | $ 0 | $ 871 | $ 0 | $ 1,217 |
Lease operating expenses | 0 | 1,290 | 0 | 2,218 |
Gross loss | 0 | (419) | 0 | (1,001) |
Operating expenses: | ||||
Professional services | 35,643 | 15,633 | 47,562 | 15,633 |
Board of director fees | 48,000 | 48,000 | 96,000 | 96,000 |
General and administrative | 129,318 | 78,695 | 358,821 | 161,996 |
Gain on settlement of accounts payable | 0 | 0 | (120,250) | 0 |
Total operating expenses | 212,961 | 142,328 | 382,133 | 273,629 |
Loss from operations | (212,961) | (142,747) | (382,133) | (274,630) |
Other income (expense): | ||||
Interest expense | (35,675) | (10,898) | (109,587) | (23,379) |
Gain on extinguishment of debt | 0 | 10,750 | 0 | 10,750 |
Gain (loss) on change in fair value of derivative liabilities | (18,403) | 10,825 | (5,099) | 49,874 |
Total other income (expense) | (54,078) | 10,677 | (114,686) | 37,245 |
Net loss | $ (267,039) | $ (132,070) | $ (496,819) | $ (237,385) |
Loss per share: | ||||
Basic (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.01) |
Diluted (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.02) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 18,309,939 | 17,910,296 | 18,249,450 | 17,881,087 |
Diluted (in shares) | 18,309,939 | 18,039,624 | 18,249,450 | 18,010,415 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 17,822,428 | |||
Balance at Dec. 31, 2019 | $ 17,822 | $ 1,738,958 | $ (2,314,202) | $ (557,422) |
Stock issued for cash (in shares) | 18,000 | |||
Stock issued for cash | $ 18 | 17,982 | 0 | 18,000 |
Stock-based compensation (in shares) | 48,000 | |||
Stock-based compensation | $ 48 | 47,952 | 0 | 48,000 |
Net loss | $ 0 | 0 | (105,315) | (105,315) |
Balance (in shares) at Mar. 31, 2020 | 17,888,428 | |||
Balance at Mar. 31, 2020 | $ 17,888 | 1,804,892 | (2,419,517) | (596,737) |
Balance (in shares) at Dec. 31, 2019 | 17,822,428 | |||
Balance at Dec. 31, 2019 | $ 17,822 | 1,738,958 | (2,314,202) | $ (557,422) |
Stock issued for cash (in shares) | 70,000 | |||
Net loss | $ (237,385) | |||
Balance (in shares) at Jun. 30, 2020 | 17,988,428 | |||
Balance at Jun. 30, 2020 | $ 17,988 | 1,904,792 | (2,551,587) | (628,807) |
Balance (in shares) at Mar. 31, 2020 | 17,888,428 | |||
Balance at Mar. 31, 2020 | $ 17,888 | 1,804,892 | (2,419,517) | (596,737) |
Stock issued for cash (in shares) | 52,000 | |||
Stock issued for cash | $ 52 | 51,948 | 0 | 52,000 |
Stock-based compensation (in shares) | 48,000 | |||
Stock-based compensation | $ 48 | 47,952 | 0 | 48,000 |
Net loss | $ 0 | 0 | (132,070) | (132,070) |
Balance (in shares) at Jun. 30, 2020 | 17,988,428 | |||
Balance at Jun. 30, 2020 | $ 17,988 | 1,904,792 | (2,551,587) | (628,807) |
Balance (in shares) at Dec. 31, 2020 | 18,145,428 | |||
Balance at Dec. 31, 2020 | $ 18,145 | 2,061,635 | (4,301,180) | (2,221,400) |
Stock-based compensation (in shares) | 48,000 | |||
Stock-based compensation | $ 48 | 47,952 | 0 | 48,000 |
Net loss | $ 0 | 0 | (229,780) | (229,780) |
Stock issued for settlement of accounts payable (in shares) | 90,000 | |||
Stock issued for settlement of accounts payable | $ 90 | 89,910 | 0 | 90,000 |
Balance (in shares) at Mar. 31, 2021 | 18,283,428 | |||
Balance at Mar. 31, 2021 | $ 18,283 | 2,199,497 | (4,530,960) | (2,313,180) |
Balance (in shares) at Dec. 31, 2020 | 18,145,428 | |||
Balance at Dec. 31, 2020 | $ 18,145 | 2,061,635 | (4,301,180) | $ (2,221,400) |
Stock issued for cash (in shares) | 5,000 | |||
Net loss | $ (496,819) | |||
Stock issued for settlement of accounts payable (in shares) | 90,000 | |||
Stock issued for settlement of accounts payable | $ 90,000 | |||
Balance (in shares) at Jun. 30, 2021 | 18,351,428 | |||
Balance at Jun. 30, 2021 | $ 18,351 | 2,267,429 | (4,797,999) | (2,512,219) |
Balance (in shares) at Mar. 31, 2021 | 18,283,428 | |||
Balance at Mar. 31, 2021 | $ 18,283 | 2,199,497 | (4,530,960) | (2,313,180) |
Stock issued for cash (in shares) | 5,000 | |||
Stock issued for cash | $ 5 | 4,995 | 0 | 5,000 |
Stock-based compensation (in shares) | 63,000 | |||
Stock-based compensation | $ 63 | 62,937 | 0 | 63,000 |
Net loss | $ 0 | 0 | (267,039) | (267,039) |
Balance (in shares) at Jun. 30, 2021 | 18,351,428 | |||
Balance at Jun. 30, 2021 | $ 18,351 | $ 2,267,429 | $ (4,797,999) | $ (2,512,219) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||||||
Net loss | $ (267,039) | $ (229,780) | $ (132,070) | $ (105,315) | $ (496,819) | $ (237,385) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Stock-based compensation | 111,000 | 96,000 | |||||
Amortization of debt discount | 2,754 | 10,179 | |||||
(Gain) loss on change in fair value of derivative liabilities | 18,403 | (10,825) | 5,099 | (49,874) | |||
Gain on extinguishment of debt | 0 | (10,750) | 0 | (10,750) | $ (10,750) | ||
Gain on settlement of accounts payable | 0 | 0 | (120,250) | 0 | |||
Write off of option contract associated with oil and gas properties | 85,500 | 0 | |||||
Asset retirement obligation expense | 38 | 38 | |||||
Default interest added to note payable | 50,000 | 0 | |||||
Changes in operating assets and liabilities: | |||||||
Prepaid expenses and other current assets | 25,000 | 0 | |||||
Accounts payable | 63,692 | 106,477 | |||||
Accounts payable-related party | 55,511 | 9,508 | |||||
Interest payable | 28,999 | 13,200 | |||||
Net cash used in operating activities | (189,476) | (62,607) | |||||
Cash flows from investing activities: | |||||||
Deposits for purchase of oil and gas properties | (40,000) | 0 | |||||
Net cash used in investing activities | (40,000) | 0 | |||||
Cash flows from financing activities: | |||||||
Payment on convertible credit line payable - related party | 0 | (4,250) | |||||
Proceeds from convertible credit line payable - related party | 0 | 3,000 | |||||
Advances from related parties | 224,600 | 0 | |||||
Payments on short term advances - related parties | 0 | (856) | |||||
Proceeds from sale of common stock | 5,000 | 70,000 | |||||
Net cash provided by financing activities | 229,600 | 67,894 | |||||
Net change in cash and cash equivalents | 124 | 5,287 | |||||
Cash and cash equivalents, at beginning of period | $ 0 | $ 0 | 0 | 0 | 0 | ||
Cash and cash equivalents, at end of period | $ 124 | $ 5,287 | 124 | 5,287 | $ 0 | ||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | 27,834 | 0 | |||||
Cash paid for income taxes | 0 | 0 | |||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||
Expenses paid on behalf of the Company by related party | 13,244 | 459 | |||||
Oil and gas payments made by related party on behalf of the Company | 65,500 | 1,010,000 | |||||
Debt discount from derivative liability | 0 | 365 | |||||
Notes Issued for Acquisition [Member] | |||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||
Accrued interest added to note principal | 0 | 10,000 | |||||
Settlement of Accounts Payment [Member] | |||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||
Stock issued | $ 90,000 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 BASIS OF PRESENTATION The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and should be read in conjunction with the audited financial statements and notes thereto for the years ended December 31, 2020 2019 10 April 29, 2021. three six June 30, 2021 not December 31, 2020 2019 Principles of Consolidation Our consolidated financial statements include our accounts and the accounts of our 100% Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that ( 1 2 3 Basic and Diluted Loss per share Net loss per share is provided in accordance with FASB ASC 260 10, three six June 30, 2021, three six June 30, 2020, The reconciliation of basic and diluted loss per share is as follows: Three months ended Six months ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Basic net loss $ (267,039 ) $ (132,070 ) $ (496,819 ) $ (237,385 ) Add back: Gain on change in fair value of derivative liabilities - (10,825 ) - (49,874 ) Diluted net loss $ (267,039 ) $ (142,895 ) $ (496,819 ) $ (287,259 ) Basic and dilutive shares: Weighted average basic shares outstanding 18,309,939 17,910,296 18,249,450 17,881,087 Shares issuable from convertible credit line payable - 129,328 - 129,328 Dilutive shares 18,309,939 18,039,624 18,249,450 18,010,415 Loss per share: Basic $ (0.01 ) $ (0.01 ) $ (0.03 ) $ (0.01 ) Diluted $ (0.01 ) $ (0.01 ) $ (0.03 ) $ (0.02 ) Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three Level 1 Level 2 Level 3 The carrying amount of the Company’s financial instruments consisting of cash and cash equivalents, accounts payable, notes payable and convertible notes approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Recently Issued Accounting Standards Not The Company has reviewed all recently issued, but not no Reclassification Certain reclassifications may no |
Note 2 - Going Concern
Note 2 - Going Concern | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 GOING CONCERN The Company’s interim unaudited consolidated financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company does not In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not |
Note 3 - Oil and Gas Properties
Note 3 - Oil and Gas Properties | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Oil and Gas Properties [Text Block] | NOTE 3 OIL AND GAS PROPERTIES On September 8, 2020, 2 not June 30, 2021. June 30, 2021. During the six June 30, 2021, June 30, 2020 August 31, 2021. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 4 RELATED PARTY TRANSACTIONS The Company received advances from related parties totaling $224,600 and $0 during the six June 30, 2021 2020, not no six June 30, 2021, June 30, 2021, December 31, 2020, As of June 30, 2021 December 31, 2020, The Chief Financial Officer allows the use of his residence as an office for the Company at no |
Note 5 - Common Stock
Note 5 - Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5 COMMON STOCK The Company is authorized to issue up to 10,000,000 shares of $0.001 par value preferred stock and 65,000,000 shares of $0.001 par value common stock. The Company compensates each of its directors with 4,000 shares of common stock each month. During the six June 30, 2021 2020, During the six June 30, 2021, During the six June 30, 2021 2020, On April 1, 2021, may ten six June 30, 2021, |
Note 6 - Note Payable
Note 6 - Note Payable | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | NOTE 6 NOTE PAYABLE On March 30, 2019, April 30, 2019 January 29, 2019. June 25, 2020, $50,000 December 31, 2020, $1,060,000 July 31, 2020 December 1, 2020. December 31, 2020, not December 1, 2020, six June 30, 2021, June 30, 2021, one March 28th, 2021 June 1, 2021, June 1, 2021 No |
Note 7 - Convertible Credit Lin
Note 7 - Convertible Credit Line Payable - Related Party | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Convertible Debt Disclosure [Text Block] | NOTE 7 CONVERTIBLE CREDIT LINE PAYABLE RELATED PARTY On September 1, 2017, 470 50. 815, 2019, six June 30, 2021 2020, June 30, 2021 December 31, 2020, 8 On June 1, 2021, September 1, 2017. 815, During the six June 30, 2021 2020, |
Note 8 - Derivative Liability
Note 8 - Derivative Liability | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 8 DERIVATIVE LIABILITY As discussed in Note 1, June 30, 2021 December 31, 2020: Level 1 Level 2 Level 3 Fair Value at June 30, 2021 Liabilities: Derivative liability $ - $ - $ 101,468 $ 101,468 Level 1 Level 2 Level 3 Fair Value at December 31, 2020 Liabilities: Derivative liability $ - $ - $ 96,369 $ 96,369 Utilizing Level 3 six June 30, 2021 June 30, 2021 A summary of the activity of the derivative liability is shown below at June 30, 2021: Balance at December 31, 2020 $ 96,369 Loss on change in derivative fair value adjustment 5,099 Balance at June 30, 2021 $ 101,468 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation Our consolidated financial statements include our accounts and the accounts of our 100% |
Basis of Accounting, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that ( 1 2 3 |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Loss per share Net loss per share is provided in accordance with FASB ASC 260 10, three six June 30, 2021, three six June 30, 2020, The reconciliation of basic and diluted loss per share is as follows: Three months ended Six months ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Basic net loss $ (267,039 ) $ (132,070 ) $ (496,819 ) $ (237,385 ) Add back: Gain on change in fair value of derivative liabilities - (10,825 ) - (49,874 ) Diluted net loss $ (267,039 ) $ (142,895 ) $ (496,819 ) $ (287,259 ) Basic and dilutive shares: Weighted average basic shares outstanding 18,309,939 17,910,296 18,249,450 17,881,087 Shares issuable from convertible credit line payable - 129,328 - 129,328 Dilutive shares 18,309,939 18,039,624 18,249,450 18,010,415 Loss per share: Basic $ (0.01 ) $ (0.01 ) $ (0.03 ) $ (0.01 ) Diluted $ (0.01 ) $ (0.01 ) $ (0.03 ) $ (0.02 ) |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three Level 1 Level 2 Level 3 The carrying amount of the Company’s financial instruments consisting of cash and cash equivalents, accounts payable, notes payable and convertible notes approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Not The Company has reviewed all recently issued, but not no |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain reclassifications may no |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Six months ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Basic net loss $ (267,039 ) $ (132,070 ) $ (496,819 ) $ (237,385 ) Add back: Gain on change in fair value of derivative liabilities - (10,825 ) - (49,874 ) Diluted net loss $ (267,039 ) $ (142,895 ) $ (496,819 ) $ (287,259 ) Basic and dilutive shares: Weighted average basic shares outstanding 18,309,939 17,910,296 18,249,450 17,881,087 Shares issuable from convertible credit line payable - 129,328 - 129,328 Dilutive shares 18,309,939 18,039,624 18,249,450 18,010,415 Loss per share: Basic $ (0.01 ) $ (0.01 ) $ (0.03 ) $ (0.01 ) Diluted $ (0.01 ) $ (0.01 ) $ (0.03 ) $ (0.02 ) |
Note 8 - Derivative Liability (
Note 8 - Derivative Liability (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Fair Value at June 30, 2021 Liabilities: Derivative liability $ - $ - $ 101,468 $ 101,468 Level 1 Level 2 Level 3 Fair Value at December 31, 2020 Liabilities: Derivative liability $ - $ - $ 96,369 $ 96,369 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at December 31, 2020 $ 96,369 Loss on change in derivative fair value adjustment 5,099 Balance at June 30, 2021 $ 101,468 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Convertible Debt Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 148,328 | 129,328 | 148,328 | 129,328 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Basic and Diluted Loss Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic net loss | $ (267,039) | $ (132,070) | $ (496,819) | $ (237,385) |
Add back: Gain on change in fair value of derivative liabilities | 0 | (10,825) | 0 | (49,874) |
Diluted net loss | $ (267,039) | $ (142,895) | $ (496,819) | $ (287,259) |
Weighted average basic shares outstanding (in shares) | 18,309,939 | 17,910,296 | 18,249,450 | 17,881,087 |
Shares issuable from convertible credit line payable (in shares) | 0 | 129,328 | 0 | 129,328 |
Dilutive shares (in shares) | 18,309,939 | 18,039,624 | 18,249,450 | 18,010,415 |
Basic (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.01) |
Diluted (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.02) |
Note 3 - Oil and Gas Properti_2
Note 3 - Oil and Gas Properties (Details Textual) - USD ($) | 6 Months Ended | 10 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | |
Option Agreement, Options Payments Advanced | $ 70,000 | $ 85,500 | |
Write Off of Option Contract Associated with Oil and Gas Properties | $ 85,500 | $ 0 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Proceeds from Related Party Debt | $ 224,600 | $ 0 | |
Expenses Paid by Related Party | 13,244 | 459 | |
Unpaid Oil and Gas Assets Acquired Paid By Related Party | 65,500 | $ 1,010,000 | |
Due to Related Parties, Total | 484,344 | $ 181,000 | |
Accounts Payable, Related Parties | 176,079 | 120,568 | |
President [Member] | |||
Accounts Payable, Related Parties | 170,985 | 110,904 | |
Chief Financial Officer [Member] | |||
Accounts Payable, Related Parties | $ 5,094 | 3,884 | |
Staley Engineering LLC [Member] | |||
Accounts Payable, Related Parties | $ 5,780 |
Note 5 - Common Stock (Details
Note 5 - Common Stock (Details Textual) - USD ($) | Apr. 01, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares Authorized (in shares) | 65,000,000 | 65,000,000 | 65,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 63,000 | $ 48,000 | $ 48,000 | $ 48,000 | ||||
Stock Issued During Period, Shares, Settle Accounts Payable (in shares) | 90,000 | |||||||
Stock Issued During Period, Value, Settlement of Accounts Payable | $ 90,000 | $ 90,000 | ||||||
Accounts Payable Settled with Shares | 210,250 | |||||||
Gain (Loss) on Settlement of Accounts Payable | $ 0 | $ 0 | $ 120,250 | $ 0 | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,000 | 70,000 | ||||||
Proceeds from Issuance of Common Stock | $ 5,000 | $ 70,000 | ||||||
Kelloff Oil & Gas, LLC [Member] | ||||||||
Consulting Agreement, Month To Month Rate | $ 10,000 | |||||||
Consulting Agreement, Shares Issued Per Month (in shares) | 5,000 | |||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 15,000 | |||||||
Stock Issued During Period, Value, Issued for Services | $ 15,000 | |||||||
Director [Member] | ||||||||
Stock Issued During Period, Shares Per Month Per Director (in shares) | 4,000 | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 96,000 | 96,000 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 96,000 | $ 96,000 |
Note 6 - Note Payable (Details
Note 6 - Note Payable (Details Textual) | Mar. 28, 2021USD ($) | Jun. 25, 2020USD ($) | Mar. 30, 2019USD ($)$ / shares | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares |
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 10,750 | $ 0 | $ 10,750 | $ 10,750 | |||
Oklahoma Oil and Gas Assets [Member] | Pure and ZQH [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 1,000,000 | |||||||
Notes Issued for Acquisition [Member] | ||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 1 | |||||||
Interest Payable | 10,000 | 60,294 | 60,294 | |||||
Notes Payable, Total | 1,060,000 | 1,210,000 | 1,210,000 | $ 1,160,000 | ||||
Note Payable, Monthly Increase | 50,000 | |||||||
Note Payable, Monthly Increase, Maximum Amount | $ 200,000 | |||||||
Note Principal, Accrued Interest | $ 50,000 | $ 50,000 | 200,000 | |||||
Debt Instrument, Periodic Payment, Total | $ 100,000 | |||||||
Debt Instrument, Monthly Interest Rate | 1.00% | |||||||
Notes Issued for Acquisition [Member] | Pure and ZQH [Member] | ||||||||
Debt Instrument, Periodic Payment, Interest | $ 10,083 | |||||||
Debt Instrument, Percentage of Annual Interest on Purchased Price, Compounded Monthly | 1.00% | |||||||
Notes Payable, Other Payables [Member] | Promissory Notes Payable [Member] | ZHQ Holdings, LLP and Pure Oil & Gas, Inc [Member] | ||||||||
Debt Instrument, Face Amount | $ 50,000 | |||||||
Debt Instrument, Periodic Payment, Interest | $ 50 | |||||||
Debt Instrument, Convertible, Number of Equity Instruments | 50,000 | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 1 | |||||||
Notes Payable, Other Payables [Member] | Promissory Notes Payable [Member] | ZHQ Holdings [Member] | ||||||||
Debt Instrument, Percentage of Total Debt Loaned | 75.00% | |||||||
Notes Payable, Other Payables [Member] | Promissory Notes Payable [Member] | Pure Oil & Gas, Inc [Member] | ||||||||
Debt Instrument, Percentage of Total Debt Loaned | 25.00% |
Note 7 - Convertible Credit L_2
Note 7 - Convertible Credit Line Payable - Related Party (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 01, 2021 | Dec. 31, 2020 | Sep. 01, 2017 | |
Amortization of Debt Discount (Premium) | $ 2,754 | $ 10,179 | ||||
Repayments of Convertible Debt | 0 | 4,250 | ||||
Convertible Credit Line Payable, Related Party [Member] | ||||||
Debt Instrument, Face Amount | $ 1,500,000 | $ 500,000 | ||||
Long-term Line of Credit, Total | $ 87,366 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 4 | $ 1.50 | ||||
Debt Instrument, Unamortized Discount, Total | 0 | $ 2,754 | $ 87,366 | |||
Debt Instrument Discount, Additions | $ 7,568 | |||||
Amortization of Debt Discount (Premium) | $ 2,754 | $ 10,179 |
Note 8 - Derivative Liability_2
Note 8 - Derivative Liability (Details Textual) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Gain on Derivative Instruments, Pretax | $ 5,099 |
Convertible Credit Line Payable, Related Party [Member] | Measurement Input, Exercise Price [Member] | |
Embedded Derivative Liability, Measurement Input | 1 |
Convertible Credit Line Payable, Related Party [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member] | |
Embedded Derivative Liability, Measurement Input | 1.45 |
Convertible Credit Line Payable, Related Party [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member] | |
Embedded Derivative Liability, Measurement Input | 0.37 |
Convertible Credit Line Payable, Related Party [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |
Embedded Derivative Liability, Measurement Input | 0.0025 |
Convertible Credit Line Payable, Related Party [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |
Embedded Derivative Liability, Measurement Input | 0.0016 |
Note 8 - Derivative Liability -
Note 8 - Derivative Liability - Liabilities Measured at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative liability | $ 101,468 | $ 96,369 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative liability | $ 101,468 | $ 96,369 |
Note 8 - Derivative Liability_3
Note 8 - Derivative Liability - Schedule of Derivative Liability Activity (Details) - Derivative Financial Instruments, Liabilities [Member] | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Derivative balance | $ 96,369 |
Loss on change in derivative fair value adjustment | 5,099 |
Derivative balance | $ 101,468 |