Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2022 shares | |
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 | Q1 |
Document Fiscal Year Focus | 2022 |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2022 |
Document Transition Report | false |
Entity File Number | 000-55586 |
Entity Incorporation, State or Country Code | CO |
Entity Tax Identification Number | 90-1020566 |
Entity Address, Address Line One | 14143 Denver West Parkway, Suite 100 |
Entity Address, City or Town | Golden |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80401 |
City Area Code | 800 |
Local Phone Number | 819-0604 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 18,824,106 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,077,966 | $ 217 |
Prepaid assets and other current assets | 25,000 | 23,750 |
Total current assets | 1,102,966 | 23,967 |
Noncurrent assets: | ||
Oil and gas property, unproved, full cost | 653,605 | 145,791 |
Total assets | 1,756,571 | 169,758 |
Current liabilities: | ||
Accounts payable and accrued expenses | 251,462 | 270,250 |
Accounts payable and accrued expenses - related parties | 227,332 | 228,668 |
Interest payable | 76,045 | 77,563 |
Advances from related parties | 0 | 628,550 |
Note payable - related party | 0 | 65,000 |
Subscription liability | 1,281,600 | 0 |
Derivative liability | 356,275 | 145,041 |
Convertible note payable | 1,210,000 | 1,210,000 |
Total current liabilities | 3,402,714 | 2,625,072 |
Convertible credit line payable – related party, net of discount of $9,984 and $11,100, respectively | 158,344 | 157,228 |
Senior secured convertible notes payable, related party, net of discount of $198,766 | 1,121,193 | 0 |
Asset retirement obligation | 918 | 918 |
Total liabilities | 4,683,169 | 2,783,218 |
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 18,824,106 shares issued and outstanding | 18,824 | 18,824 |
Additional paid-in capital | 2,802,634 | 2,739,634 |
Accumulated deficit | (5,748,056) | (5,371,918) |
Total stockholders' deficit | (2,926,598) | (2,613,460) |
Total liabilities and stockholders' deficit | $ 1,756,571 | $ 169,758 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 18,824,106 | 18,824,106 |
Common Stock, Shares, Outstanding (in shares) | 18,824,106 | 18,824,106 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized (in shares) | 2,000,000 | 2,000,000 |
Convertible Credit Line Payable, Related Party [Member] | ||
Convertible debt, noncurrent unamortized discount | $ 9,984 | $ 11,100 |
Secured Senior Secured Convertible Note [Member] | ||
Convertible debt, noncurrent unamortized discount | $ 198,766 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Oil and gas sales | $ 0 | $ 0 |
Lease operating expenses | 1,876 | 0 |
Gross loss | (1,876) | 0 |
Operating expenses: | ||
Professional services | 148,688 | 11,919 |
Board of director fees | 48,000 | 48,000 |
General and administrative | 149,330 | 229,503 |
Gain on settlement of accounts payable | 0 | (120,250) |
Total operating expenses | 346,018 | 169,172 |
Loss from operations | (347,894) | (169,172) |
Other income (expense): | ||
Interest expense | (25,486) | (73,912) |
Gain (loss) on change in fair value of derivative liabilities | (2,758) | 13,304 |
Total other income (expense) | (28,244) | (60,608) |
Net loss | $ (376,138) | $ (229,780) |
Loss per share: | ||
Basic (in dollars per share) | $ (0.02) | $ (0.01) |
Diluted (in dollars per share) | $ (0.02) | $ (0.01) |
Weighted average shares outstanding: | ||
Basic (in shares) | 18,824,106 | 18,187,900 |
Diluted (in shares) | 19,256,426 | 18,336,228 |
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 Jan. 01, 2021 | 18,145,428 | |||
Balance at Jan. 01, 2021 | $ 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 liabilities (in shares) | 90,000 | |||
Stock issued for settlement of liabilities | $ 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, 2021 | 18,824,106 | |||
Balance at Dec. 31, 2021 | $ 18,824 | 2,739,634 | (5,371,918) | (2,613,460) |
Stock-based compensation (in shares) | 0 | |||
Stock-based compensation | $ 0 | 63,000 | 0 | 63,000 |
Net loss | $ 0 | 0 | (376,138) | (376,138) |
Balance (in shares) at Mar. 31, 2022 | 18,824,106 | |||
Balance at Mar. 31, 2022 | $ 18,824 | $ 2,802,634 | $ (5,748,056) | $ (2,926,598) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (376,138) | $ (229,780) | $ (229,780) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation | 63,000 | 48,000 | |
Amortization of debt discount | 10,826 | 2,754 | |
(Gain) loss on change in fair value of derivative liabilities | 2,758 | (13,304) | |
Gain on settlement of accounts payable | 0 | (120,250) | |
Write off of option contract associated with oil and gas properties | 0 | 85,500 | |
Asset retirement obligation expense | 0 | 19 | |
Default interest added to note payable | 0 | 50,000 | |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (1,250) | 25,000 | |
Accounts payable | (18,788) | (2,289) | |
Accounts payable-related party | (1,336) | 32,250 | |
Interest payable | 14,660 | 3,408 | |
Net cash used in operating activities | (306,268) | (118,692) | |
Cash flows from investing activities: | |||
Acquisition of oil and gas property | (507,814) | 0 | |
Deposits for purchase of oil and gas properties | 0 | (10,000) | |
Net cash used in investing activities | (507,814) | (10,000) | |
Cash flows from financing activities: | |||
Advances from related parties, related party | 110,235 | 129,000 | |
Proceeds from senior secured convertible notes payable, related party | 499,996 | 0 | |
Proceeds from unexecuted subscription agreements | 1,281,600 | 0 | |
Net cash provided by financing activities | 1,891,831 | 129,000 | |
Net change in cash and cash equivalents | 1,077,749 | 308 | |
Cash and cash equivalents, at beginning of period | 217 | 0 | |
Cash and cash equivalents, at end of period | 1,077,966 | $ 308 | 308 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 0 | 17,750 | |
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 | 0 | 13,244 | |
Oil and gas payments made by related party on behalf of the Company | 0 | 65,500 | |
Stock issued for settlement of accounts payable | 0 | 90,000 | |
Debt discount on senior secured convertible notes payable - related party | 208,476 | 0 | |
Related Party Advances and Promissory Note Converted into 7.25% Note [Member] | |||
Supplemental disclosure of non-cash investing and financing activities: | |||
Advances and other liabilities converted to senior secured convertible notes payable, related party | $ 819,963 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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 consolidated financial statements and notes thereto for the years ended December 31, 2021 2020 10 April 4, 2022. three March 31, 2022 not December 31, 2021, 2020 Principles of Consolidation Our consolidated financial statements include our accounts and the accounts of our 100% owned subsidiary, Alpha Energy Texas Operating, LLC. All intercompany transactions and balances have been eliminated. 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 March 31, 2022 2021, The reconciliation of basic and diluted loss per share is as follows: Three months ended March 31, 2022 March 31, 2021 Basic net loss $ (376,138 ) $ (229,780 ) Add back: (Gain) loss on change in fair value of derivative liabilities 2,758 (13,304 ) Diluted net loss $ (373,380 ) $ (243,084 ) Basic and dilutive shares: Weighted average basic shares outstanding 18,824,106 18,187,900 Shares issuable from convertible credit line payable 168,328 148,328 Shares issuable from senior secured convertible notes payable 263,992 - Dilutive shares 19,256,426 18,336,228 Loss per share: Basic $ (0.02 ) $ (0.01 ) Diluted $ (0.02 ) $ (0.01 ) 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 |
Note 2 - Going Concern
Note 2 - Going Concern | 3 Months Ended |
Mar. 31, 2022 | |
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 has minimal cash or other current assets and 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 | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Oil and Gas Properties [Text Block] | NOTE 3 OIL AND GAS PROPERTIES On June 30, 2020, March 9, 2022, January 1, 2022 one three |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 4 RELATED PARTY TRANSACTIONS Advances from Related Party The Company received advances from AEI Management, Inc., a Company owned by a significant shareholder, totaling $88,956 and $58,244 during the three March 31, 2022 2021, three March 31, 2022, February 24, 2024. The Company received advances from Jay Leaver, President of the Company, totaling $31,280 and $149,500 during the three March 31, 2022 2021, three March 31, 2022, February 24, 2024. As of March 31, 2022 December 31, 2021, Accounts Payable and Accrued Expenses - Related Parties As of March 31, 2022, As of December 31, 2021, Notes Payable - Related Party On December 3, 2020, three December 31, 2021, February 23, 2022, three March 31, 2022 February 23, 2025. February 2022, February 25, 2022, 20 February 25, 2022 February 24, 2024, “7.25% 7.25% 6 |
Note 5 - Common Stock
Note 5 - Common Stock | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5 COMMON STOCK The Company is authorized to issue 75,000,000 shares of its capital stock, consisting of 10,000,000 shares of preferred stock, par value $0.001 per share, and 65,000,000 shares of common stock, par value $0.001 per share. The Company compensates each of its directors with 4,000 shares of common stock each month. During the three March 31, 2022, not During the three March 31, 2022, During the three March 31, 2022, |
Note 6 - Convertible Credit Lin
Note 6 - Convertible Credit Line Payable and Senior Secured Convertible Notes Payable - Related Party | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Convertible Debt Disclosure [Text Block] | NOTE 6 CONVERTIBLE CREDIT LINE PAYABLE AND SENIOR SECURED CONVERTIBLE NOTES PAYABLE RELATED PARTY Convertible Credit Line Payable On June 1, 2021, June 1, 2023. 815, 470 50 no no no August 8, 2021, three March 31, 2022, March 31, 2022, December 31, 2021, March 31, 2022 December 31, 2021 7 Senior Secured Convertible Notes Payable On February 25, 2022, two 4 one three March 31, 2022, March 31, 2022, March 31, 2022 7 On February 25, 2022, 20 February 25, 2024. one three March 31, 2022, March 31, 2022, March 31, 2022 7 As of March 31, 2022, |
Note 7 - Derivative Liability
Note 7 - Derivative Liability | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 7 DERIVATIVE LIABILITY As discussed in Note 1, March 31, 2022 December 31, 2021: Level 1 Level 2 Level 3 Fair Value at March 31, 2022 Liabilities: Derivative liability $ - $ - $ 140,732 $ 356,275 Level 1 Level 2 Level 3 Fair Value at December 31, 2021 Liabilities: Derivative liability $ - $ - $ 145,041 $ 145,041 Utilizing Level 3 three March 31, 2022 March 31, 2022 A summary of the activity of the derivative liability is shown below at March 31, 2022: Balance at December 31, 2021 $ 145,041 Debt discount on senior secured notes payable 208,476 Loss on change in derivative fair value adjustment 2,758 Balance at March 31, 2022 $ 356,275 |
Note 8 - Subsequent Event
Note 8 - Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 8 SUBSEQUENT EVENT On April 8, 2022, Subsequent to March 31, 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation Our consolidated financial statements include our accounts and the accounts of our 100% owned subsidiary, Alpha Energy Texas Operating, LLC. All intercompany transactions and balances have been eliminated. |
Use of Estimates, 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 March 31, 2022 2021, The reconciliation of basic and diluted loss per share is as follows: Three months ended March 31, 2022 March 31, 2021 Basic net loss $ (376,138 ) $ (229,780 ) Add back: (Gain) loss on change in fair value of derivative liabilities 2,758 (13,304 ) Diluted net loss $ (373,380 ) $ (243,084 ) Basic and dilutive shares: Weighted average basic shares outstanding 18,824,106 18,187,900 Shares issuable from convertible credit line payable 168,328 148,328 Shares issuable from senior secured convertible notes payable 263,992 - Dilutive shares 19,256,426 18,336,228 Loss per share: Basic $ (0.02 ) $ (0.01 ) Diluted $ (0.02 ) $ (0.01 ) |
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 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2022 March 31, 2021 Basic net loss $ (376,138 ) $ (229,780 ) Add back: (Gain) loss on change in fair value of derivative liabilities 2,758 (13,304 ) Diluted net loss $ (373,380 ) $ (243,084 ) Basic and dilutive shares: Weighted average basic shares outstanding 18,824,106 18,187,900 Shares issuable from convertible credit line payable 168,328 148,328 Shares issuable from senior secured convertible notes payable 263,992 - Dilutive shares 19,256,426 18,336,228 Loss per share: Basic $ (0.02 ) $ (0.01 ) Diluted $ (0.02 ) $ (0.01 ) |
Note 7 - Derivative Liability (
Note 7 - Derivative Liability (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Fair Value at March 31, 2022 Liabilities: Derivative liability $ - $ - $ 140,732 $ 356,275 Level 1 Level 2 Level 3 Fair Value at December 31, 2021 Liabilities: Derivative liability $ - $ - $ 145,041 $ 145,041 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at December 31, 2021 $ 145,041 Debt discount on senior secured notes payable 208,476 Loss on change in derivative fair value adjustment 2,758 Balance at March 31, 2022 $ 356,275 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Secured Senior Secured Convertible Note [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 263,992 | 0 |
Convertible Debt Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 168,328 | 148,328 |
Alpha Energy Texas Operating, LLC [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Basic and Diluted Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic net loss | $ (376,138) | $ (229,780) |
Add back: (Gain) loss on change in fair value of derivative liabilities | 2,758 | (13,304) |
Diluted net loss | $ (373,380) | $ (243,084) |
Weighted average basic shares outstanding (in shares) | 18,824,106 | 18,187,900 |
Shares issuable from convertible credit line payable (in shares) | 168,328 | 148,328 |
Shares issuable from senior secured convertible notes payable (in shares) | 263,992 | 0 |
Dilutive shares (in shares) | 19,256,426 | 18,336,228 |
Basic (in dollars per share) | $ (0.02) | $ (0.01) |
Diluted (in dollars per share) | $ (0.02) | $ (0.01) |
Note 3 - Oil and Gas Properti_2
Note 3 - Oil and Gas Properties (Details Textual) | 3 Months Ended | ||
Mar. 09, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Payments to Acquire Oil and Gas Property | $ 507,814 | $ 0 | |
Purchase and Sale Agreement [Member] | Progressive [Member] | |||
Acquisition, Number of Well Bores | 34 | ||
Payments to Acquire Oil and Gas Property | $ 507,814 | ||
Option Agreement, Acquire Oil and Gas Assets, Payment, Percentage of Net Revenue | 3% | ||
Logan 1 Project [Member] | Progressive [Member] | |||
Additional Progressive Receivable | $ 350,000 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Feb. 25, 2022 | Dec. 03, 2020 | Feb. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Feb. 23, 2022 | Dec. 31, 2021 | |
Due to Related Parties, Total | $ 0 | $ 628,550 | |||||
Accounts Payable, Related Parties | 227,332 | 228,668 | |||||
Proceeds from Related Party Debt | 110,235 | $ 129,000 | |||||
Secured Senior Secured Convertible Note [Member] | |||||||
Debt Instrument, Face Amount | $ 5,000,000 | ||||||
Debt Instrument, Term (Year) | 2 years | ||||||
Interest Payable | 8,616 | ||||||
Notes Payable, Total | 1,121,193 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 5 | ||||||
Related Party Advances Converted into 7.25% Note [Member] | |||||||
Debt Conversion, Original Debt, Amount | $ 413,206 | ||||||
Related Party Advances and Promissory Note Converted into 7.25% Note [Member] | |||||||
Debt Conversion, Original Debt, Amount | 819,963 | 0 | |||||
AEI Management, Inc. [Member] | |||||||
Cash and Noncash Proceeds from Related Party Debt | 88,956 | 58,244 | |||||
Repayments of Related Party Debt | 10,000 | ||||||
AEI Management, Inc. [Member] | Related Party Advances Converted into 7.25% Note [Member] | |||||||
Debt Conversion, Original Debt, Amount | 413,206 | ||||||
President [Member] | |||||||
Cash and Noncash Proceeds from Related Party Debt | $ 500,000 | 31,280 | $ 149,500 | ||||
Accounts Payable, Related Parties | 203,484 | 203,484 | |||||
President [Member] | Promissory Note [Member] | |||||||
Debt Instrument, Face Amount | $ 65,000 | $ 325,580 | |||||
Debt Instrument, Term (Year) | 3 years | ||||||
Debt Instrument, Interest Rate During Period | 5% | ||||||
Interest Payable | 16,170 | 13,003 | |||||
Notes Payable, Total | $ 406,750 | ||||||
Proceeds from Related Party Debt | 110,235 | ||||||
President [Member] | Secured Senior Secured Convertible Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 5 | ||||||
President [Member] | Related Party Advances Converted into 7.25% Note [Member] | |||||||
Debt Conversion, Original Debt, Amount | $ 500,000 | 325,580 | |||||
President [Member] | Related Party Promissory Note Converted into 7.25% Note [Member] | |||||||
Debt Conversion, Original Debt, Amount | 406,750 | ||||||
President [Member] | Related Party Advances and Promissory Note Converted into 7.25% Note [Member] | |||||||
Debt Conversion, Converted Instrument, Amount | $ 906,750 | ||||||
Chief Financial Officer [Member] | |||||||
Accounts Payable, Related Parties | 5,558 | 4,394 | |||||
Fidare Consulting Group [Member] | |||||||
Accounts Payable, Related Parties | 12,500 | ||||||
Staley Engineering LLC [Member] | |||||||
Accounts Payable, Related Parties | $ 5,790 | 5,790 | |||||
Vice President [Member] | |||||||
Accounts Payable, Related Parties | $ 10,000 |
Note 5 - Common Stock (Details
Note 5 - Common Stock (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Capital Stock, Shares Authorized (in shares) | 75,000,000 | ||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | |
Preferred 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, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | |
Proceeds from Issuance of Common Stock | $ 1,281,600 | $ 0 | |
Unexecuted Subscription Agreement [Member] | |||
Proceeds from Issuance of Common Stock | $ 1,281,600 | ||
Shares Purchased but Unissued, Price Per Share (in dollars per share) | $ 1 | ||
Kelloff Oil & Gas, LLC [Member] | |||
Share-Based Payment Arrangement, Expense | $ 15,000 | ||
Director [Member] | |||
Stock Issued During Period, Shares Per Month Per Director (in shares) | 4,000 | ||
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition, Total | $ 48,000 |
Note 6 - Convertible Credit L_2
Note 6 - Convertible Credit Line Payable and Senior Secured Convertible Notes Payable - Related Party (Details Textual) | 3 Months Ended | |||||
Feb. 25, 2022 USD ($) $ / shares | Aug. 08, 2021 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jun. 01, 2021 USD ($) $ / shares | |
Amortization of Debt Discount (Premium) | $ 10,826 | $ 2,754 | ||||
Related Party Advances Converted into 7.25% Note [Member] | ||||||
Debt Conversion, Original Debt, Amount | $ 413,206 | |||||
Related Party Advances Converted into 7.25% Note [Member] | President [Member] | ||||||
Debt Conversion, Original Debt, Amount | 500,000 | 325,580 | ||||
Related Party Promissory Note Converted into 7.25% Note [Member] | President [Member] | ||||||
Debt Conversion, Original Debt, Amount | 406,750 | |||||
Related Party Advances and Promissory Note Converted into 7.25% Note [Member] | ||||||
Debt Conversion, Original Debt, Amount | 819,963 | $ 0 | ||||
Related Party Advances and Promissory Note Converted into 7.25% Note [Member] | President [Member] | ||||||
Debt Conversion, Converted Instrument, Amount | 906,750 | |||||
Convertible Credit Line Payable, Related Party [Member] | ||||||
Debt Instrument, Face Amount | $ 1,500,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | |||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 4 | |||||
Proceeds from Convertible Debt | $ 20,000 | |||||
Amortization of Debt Discount (Premium) | 1,116 | |||||
Debt Instrument, Unamortized Discount, Total | 9,984 | $ 11,100 | ||||
Long-Term Line of Credit, Total | 168,328 | $ 168,328 | ||||
Secured Senior Secured Convertible Note [Member] | ||||||
Debt Instrument, Face Amount | $ 5,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 5 | |||||
Amortization of Debt Discount (Premium) | 3,040 | |||||
Debt Instrument, Unamortized Discount, Total | $ 65,262 | 62,222 | ||||
Debt Instrument, Convertible, Number of Equity Instruments | 1,000,000 | |||||
Debt Instrument, Term (Year) | 2 years | |||||
Long-Term Debt, Gross | 413,206 | |||||
Notes Payable, Total | 1,121,193 | |||||
Interest Payable | 8,616 | |||||
Secured Senior Secured Convertible Note [Member] | President [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 5 | |||||
Amortization of Debt Discount (Premium) | 6,670 | |||||
Debt Instrument, Unamortized Discount, Total | $ 143,214 | 136,544 | ||||
Long-Term Debt, Gross | $ 906,753 |
Note 7 - Derivative Liability_2
Note 7 - Derivative Liability (Details Textual) | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Unrealized Gain (Loss) on Derivatives | $ (2,758) |
Measurement Input, Exercise Price [Member] | Minimum [Member] | |
Embedded Derivative Liability, Measurement Input | 0.0100 |
Measurement Input, Exercise Price [Member] | Maximum [Member] | |
Embedded Derivative Liability, Measurement Input | 0.0500 |
Measurement Input, Price Volatility [Member] | Minimum [Member] | |
Embedded Derivative Liability, Measurement Input | 3 |
Measurement Input, Price Volatility [Member] | Maximum [Member] | |
Embedded Derivative Liability, Measurement Input | 3.29 |
Measurement Input, Discount Rate [Member] | Minimum [Member] | |
Embedded Derivative Liability, Measurement Input | 0.0163 |
Measurement Input, Discount Rate [Member] | Maximum [Member] | |
Embedded Derivative Liability, Measurement Input | 0.0172 |
Note 7 - Derivative Liability -
Note 7 - Derivative Liability - Liabilities Measured at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative liability | $ 356,275 | $ 145,041 |
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 | $ 140,732 | $ 145,041 |
Note 7 - Derivative Liability_3
Note 7 - Derivative Liability - Schedule of Derivative Liability Activity (Details) - Derivative Financial Instruments, Liabilities [Member] | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Derivative balance | $ 145,041 |
Debt discount on senior secured notes payable | 208,476 |
Loss on change in derivative fair value adjustment | 2,758 |
Derivative balance | $ 356,275 |
Note 8 - Subsequent Event (Deta
Note 8 - Subsequent Event (Details Textual) - USD ($) | 3 Months Ended | 4 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Jul. 29, 2022 | |
Proceeds from Issuance of Common Stock | $ 1,281,600 | $ 0 | |
Unexecuted Subscription Agreement [Member] | |||
Proceeds from Issuance of Common Stock | $ 1,281,600 | ||
Shares Purchased but Unissued, Price Per Share (in dollars per share) | $ 1 | ||
Forecast [Member] | Unexecuted Subscription Agreement [Member] | |||
Proceeds from Issuance of Common Stock | $ 479,970 | ||
Shares Purchased but Unissued, Price Per Share (in dollars per share) | $ 1 |