Truleum (TRLM) 10-Q 2 Jun 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 22, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-55586
Entity Registrant Name	Truleum, Inc.
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 (in shares)		21,724,178
Entity Central Index Key	0000855787
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 16,469	$ 95,362
Joint interest billing receivable	30,742	31,492
Prepaid assets and other current assets	94,221	81,690
Total current assets	141,432	208,544
Noncurrent assets:
Property and equipment, net	81,913	88,020
Oil and gas property, proved and unproved, full cost	1,542,814	1,460,674
Total noncurrent assets	1,624,727	1,548,694
Total assets	1,766,159	1,757,238
Current liabilities:
Accounts payable and accrued expenses		334,657
Interest payable - related parties	45,779	22,183
Convertible note payable	1,210,000	1,210,000
Total current liabilities	2,276,255	1,895,215
Asset retirement obligation	918	918
Total liabilities	3,502,605	3,095,862
Commitments and Contingencies
Stockholders' deficit:
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 21,653,326 shares issued and outstanding	21,653	21,653
Additional paid-in capital	5,793,830	5,731,830
Accumulated deficit	(7,551,929)	(7,092,107)
Total stockholders' deficit	(1,736,446)	(1,338,624)
Total liabilities and stockholders' deficit	1,766,159	1,757,238
Secured Senior Secured Convertible Note [Member]
Current liabilities:
Senior secured convertible notes payable, related party, net of discount of $120,231	1,225,432	1,199,729
Nonrelated Party [Member]
Current liabilities:
Accounts payable and accrued expenses	666,216	334,657
Related Party [Member]
Current liabilities:
Accounts payable and accrued expenses	$ 354,260	$ 328,375

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
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
Preferred Stock, Shares Authorized (in shares)	10,000,000	10,000,000
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)	21,653,326	21,653,326
Common Stock, Shares, Outstanding, Ending Balance (in shares)	21,653,326	21,653,326
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)	2,000,000	2,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized (in shares)	2,000,000	2,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0	0
Secured Senior Secured Convertible Note [Member]
Debt Instrument, Unamortized Discount, Noncurrent		$ 94,528
Senior Secured Note Purchase Agreement [Member]
Debt Instrument, Unamortized Discount, Noncurrent	$ 94,528

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Oil and gas sales	$ 71,716	$ 0
Lease operating expenses	179,441	1,876
Gross loss	(107,725)	(1,876)
Operating expenses:
Professional services	110,483	148,688
Board of director fees	36,000	48,000
General and administrative	151,530	149,330
Total operating expenses	298,013	346,018
Loss from operations	(405,738)	(347,894)
Other income (expense):
Other income	1,139	0
Interest expense	(55,223)	(25,486)
Gain (loss) on change in fair value of derivative liabilities	0	(2,758)
Total other income (expense)	(54,084)	(28,244)
Net loss	$ (459,822)	$ (376,138)
Loss per share:
Basic (in dollars per share)	$ (0.02)	$ (0.02)
Diluted (in dollars per share)	$ (0.02)	$ (0.02)
Weighted average shares outstanding:
Basic (in shares)	21,653,326	18,824,106
Diluted (in shares)	21,653,326	19,256,426

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance, December 31, 2020 (in shares) at Dec. 31, 2021	18,824,106
Balance, December 31, 2020 at Dec. 31, 2021	$ 18,824	$ 2,739,634	$ (5,371,918)	$ (2,613,460)
Stock-based compensation	0	63,000	0	63,000
Net loss	$ 0	0	(376,138)	(376,138)
Balance, December 31, 2021 (in shares) at Mar. 31, 2022	18,824,106
Balance, December 31, 2021 at Mar. 31, 2022	$ 18,824	2,802,634	(5,748,056)	(2,926,598)
Balance, December 31, 2020 (in shares) at Dec. 31, 2021	18,824,106
Balance, December 31, 2020 at Dec. 31, 2021	$ 18,824	2,739,634	(5,371,918)	(2,613,460)
Net loss				(1,720,189)
Balance, December 31, 2021 (in shares) at Dec. 31, 2022	21,653,326
Balance, December 31, 2021 at Dec. 31, 2022	$ 21,653	5,731,830	(7,092,107)	(1,338,624)
Stock-based compensation	0	62,000	0	62,000
Net loss	$ 0	0	(459,822)	(459,822)
Balance, December 31, 2021 (in shares) at Mar. 31, 2023	21,653,326
Balance, December 31, 2021 at Mar. 31, 2023	$ 21,653	$ 5,793,830	$ (7,551,929)	$ (1,736,446)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (459,822)	$ (376,138)	$ (1,720,189)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	62,000	63,000
Depreciation expense	6,107	0	8,929
Amortization of debt discount	25,703	10,826
(Gain) loss on change in fair value of derivative liabilities	0	2,758
Changes in operating assets and liabilities:
Joint interest billing receivable	(750)	0
Prepaid expenses and other current assets	(12,531)	(1,250)
Accounts payable	331,559	(18,788)	52,308
Accounts payable-related party	25,885	(1,336)	87,423
Interest payable	23,596	14,660
Net cash used in operating activities	3,247	(306,268)	(1,463,814)
Cash flows from investing activities:
Acquisition of oil and gas property	82,140	507,814
Net cash used in investing activities	(82,140)	(507,814)
Cash flows from financing activities:
Proceeds from advances, related parties	0	110,235
Proceeds from senior secured convertible notes payable, related party	0	499,996
Proceeds from unexecuted subscription agreements	0	1,281,600
Net cash provided by financing activities	0	1,891,831
Net change in cash and cash equivalents	(78,893)	1,077,749
Cash and cash equivalents, at beginning of period	95,362	217	217
Cash and cash equivalents, at end of period	16,469	1,077,966	95,362
Cash and cash equivalents, at end of period	16,469	1,077,966	$ 95,362
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Supplemental disclosure of non-cash investing and financing activities:
Debt discount on senior secured convertible notes payable – related party and convertible credit line payable – related party	0	208,476
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	$ 0	$ 819,963

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Basis of Presentation 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, 2022 and 2021 which are included on the Form 10-K filed on April 17, 2023. In the opinion of management, all adjustments which include normal recurring adjustments, necessary to present fairly the financial position, results of operations, and cash flows for the periods shown have been reflected herein. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year. Certain information and footnote disclosures which would substantially duplicate the disclosures contained in the audited consolidated financial statements for the years ended December 31, 2022, and 2021 have been omitted. On April 27, 2023, the Company amended its articles of incorporation to change their name from Alpha Energy, Inc. to Truleum, Inc. 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) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented. Basic and Diluted Loss per share Net loss per share is provided in accordance with FASB ASC 260-10, “Earnings (Loss) per Share”. Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months ended March 31, 2023 and 2022, there were 263,992 shares issuable from the senior secured convertible notes payable and 0 and 168,328 shares issuable from the convertible credit line payable which were considered for their dilutive effects but were determined to be anti-dilutive due to the Company’s net loss, respectively. 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 levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. 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. Reclassification Certain reclassifications may have been made to our prior year’s financial statements to conform to our current year presentation. These reclassifications had no effect on our previously reported results of operations or accumulated deficit. Recently Issued Accounting Standards Not Yet Adopted The Company has reviewed all recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that there are no recently issued accounting pronouncements that will have a significant effect on its financial statements.

Note 2 - Correction of Previous

Note 2 - Correction of Previously Issued Financial Statements	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Error Correction [Text Block]	Note 2 CORRECTION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In the course of preparing its financial statements for the three months ended March 31, 2023, the Company identified errors in the financial statements for the year ended December 31, 2022. The errors pertain to the overstatement of revenue and the understatements in property and equipment, net, accounts payable and accrued expenses – related parties, and general and administrative expenses for the year ended December 31, 2022. The Company assessed the materiality of these misstatements on prior periods’ financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99, Materiality, codified in ASC 250 (“ASC 250”), Presentation of Financial Statements, and concluded that these misstatements were not material to any prior annual or interim periods. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the Financial Statements as of December 31, 2022, and the year then ended, which are presented herein, have been revised. The following are selected line items from the Company's balance sheet, statement of operations and statements of cash flow for the affected period illustrating the effect of these corrections: Balance Sheet As of December 31, 2022 As Reported Adjustment As Revised Property and equipment, net $ 68,378 $ 19,642 $ 88,020 Total noncurrent assets 1,529,052 19,642 1,548,694 Total assets 1,737,596 19,642 1,757,238 Accounts payable and accrued expenses 302,266 32,391 334,657 Accounts payable and accrued expenses - related parties 203,484 124,891 328,375 Total current liabilities 1,737,933 157,282 1,895,215 Total liabilities 2,938,580 157,282 3,095,862 Accumulated deficit (6,954,467 ) (137,640 ) (7,092,107 ) Total stockholders' deficit $ (1,200,984 ) $ (137,640 ) $ (1,338,624 ) Statement of Operations For the year ended December 31, 2022 As Reported Adjustment As Revised Revenue $ 270,627 $ (72,183 ) $ 198,444 Gross loss (303,143 ) (72,183 ) (375,326 ) General and administrative 692,937 35,796 728,733 Loss from operations (1,559,845 ) (107,979 ) (1,667,824 ) Net loss (1,582,549 ) (137,640 ) (1,720,189 ) Loss per share - basic and diluted $ (0.08 ) (0.01 ) $ (0.09 ) Statement of Cash Flows For the year ended December 31, 2022 As Reported Adjustment As Revised Cash Flows from Operating Activities: Net loss $ (1,582,549 ) (137,640 ) $ (1,720,189 ) Depreciation 4,188 4,741 8,929 Accounts payable and accrued expenses 19,917 32,391 52,308 Accounts payable and accrued expenses - related parties (13,085 ) 100,508 87,423 Net cash used in operating activities (1,463,814 ) - (1,463,814 ) Supplemental disclosure of non-cash investing and financing activities: Expenses paid on behalf of the Company by related party $ - 24,383 $ 24,383

Note 3 - Going Concern

Note 3 - Going Concern	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	NOTE 3 – 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 have an established ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. 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 include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Note 4 - Oil and Gas Properties

Note 4 - Oil and Gas Properties	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Oil and Gas Properties [Text Block]	NOTE 4 – OIL AND GAS PROPERTIES Oil and gas properties at March 31, 2023 and December 31, 2022 consisted of the following: Balance Balance Account 12/31/2022 Additions 3/31/2023 Leasehold Improvements - Chico Rica, LLC $ 40,000 $ - $ 40,000 Leasehold Improvements - Undeveloped 62,596 - 62,596 Lease Acquisition and Development Costs - Logan County 1,358,078 82,140 1,440,218 Total oil and gas related assets $ 1,460,674 $ 82,140 $ 1,542,814

Note 5 - Related Party Transact

Note 5 - Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 5 – RELATED PARTY TRANSACTIONS Advances from Related Party The Company received advances from AEI Management, Inc., a Company owned by a significant shareholder, totaling $0 and $88,956 during the three months ended March 31, 2023 and 2022, respectively. The advances are unsecured, non-interest bearing and are payable on demand. During the three months ended March 31, 2022, the Company repaid $10,000 of the advances and converted $413,206 of advances to a senior secured convertible note due February 24, 2024. The Company received advances from Jay Leaver, President of the Company, totaling $0 and $31,280 during the three months ended March 31, 2023 and 2022, respectively. The advances are unsecured, non-interest bearing and is payable on demand. During the three months ended March 31, 2022, the Company converted $325,580 of advances to a senior secured convertible note due February 24, 2024. Accounts Payable and Accrued Expenses - Related Parties As of March 31, 2023 and December 31, 2022, there was $354,260 of accounts payable related parties which consisted of $328,375 due to Leaverite Exploration, Inc. d/b/a Leaverite Consulting (“Leaverite Exploration”), a corporation wholly-owned by our President, Jay Leaver pursuant to a consulting agreement. Senior Secured Convertible Notes Payable – Related Party On February 25, 2022, the Company entered into secured senior secured convertible note for the purchase and sale of convertible promissory notes (“Convertible Note”) in the principal amount of $5,000,000. The Senior Convertible Note is convertible at any time after the date of issuance into shares of the Company’s common stock at a fixed conversion price of $5.00 per share. Upon conversion of the convertible note into the Company’s common stock, the noteholder would be issued 1,000,000 shares of the Company’s common stock. Interest on the Convertible Note shall be paid to the investors at a rate of 7.25% per annum, paid on a quarterly basis, and the maturity date of the Convertible Note is two years after the issuance date. The Convertible Note purports to be secured by certain oil and gas leases, lands, minerals and other properties of the Company, subject to prior liens and security interests. See Note 5 – Related Party Transactions. $413,206 from a related party were exchanged for a Convertible Note. Due to the variable conversion price in the convertible credit line, this fixed senior secured convertible note is treated as derivatives due to the possibility of insufficient shares available at conversion to settle the notes. The day one derivative liability was $65,262, which was recorded as a discount on the senior secured convertible notes payable. During the three months ended March 31, 2023, the Company amortized $8,046 of the discount as interest expense. As of March 31, 2023, the unamortized discount was $29,592. The outstanding principal balance on the senior secured convertible notes payable as of March 31, 2023 and December 31, 2022 amounted to $413,206. On February 25, 2022, Mr. Leaver assigned a $406,750 promissory note and advances of $500,000 to 20 Shekels, an affiliated Company. On the same day, the assigned promissory note and advance totaling $906,750 were transferred into a secured senior secured convertible note. The convertible note bears interest at 7.25% and matures on February 25, 2024. The note is convertible into shares of the Company at $5.00 per share. Due to the variable convertible credit line, this fixed senior secured convertible note are treated as derivatives due to the possibility of insufficient shares available at conversion to settle the notes. The day one derivative liability was $143,214, which was recorded as a discount on the senior secured convertible notes payable. During the three months ended March 31, 2023, the Company amortized $17,757 of the discount as interest expense. As of December 31, 2022, the unamortized discount was $64,836. The outstanding principal balance on the senior secured convertible notes payable as of March 31, 2023 and December 31, 2022 amounted to $906,754. As of March 31, 2023 and December 31, 2022, the senior secured convertible notes payable balance, net of discount was $1,225,432 with accrued interest of $23,596 and $0, respectively.

Note 6 - Common Stock

Note 6 - Common Stock	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE 6 – 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 months ended March 31, 2023, the Company recorded stock compensation of $36,000 for the directors which was recorded in additional paid in capital. On September 2, 2022, the Company entered into a six-month agreement with a consultant that includes the issuance of 60,000 common shares. During the year ended December 31, 2022, the Company issued 60,000 common shares and recorded $40,000 of expense related to this agreement. During the three months ended March 31, 2023, the Company recorded $20,000 of expense related to this agreement. On October 15, 2022, the Company entered into a one year agreement with a consultant. Per the agreement, the Company will compensate the consultant $10,000 and issue 2,000 common shares per month. During the three months ended March 31, 2022, the Company recorded $6,000 of expense related to this agreement.

Note 7 - Convertible Note Payab

Note 7 - Convertible Note Payable	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Short-Term Debt [Text Block]	NOTE 7 –CONVERTIBLE NOTES PAYABLE On March 30, 2019, the Company executed a promissory note for $50,000 to ZQH (75%) (25%) th As of March 31, 2023 and December 31, 2022, the convertible note payable balance was $1,210,000 with accrued interest of $22,183. The Company is in legal discussions with ZQH to relieve the loan as the properties in the purchase agreement were not held by title.

Note 8 - Subsequent Events

Note 8 - Subsequent Events	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 8 SUBSEQUENT EVENTS On April 10, 2023, the Company issued 70,852 shares of common stock valued at $5.00 per share to settle outstanding consulting invoices owed to Jay Leaver, President. On April 25, 2023, the Company has adopted a revised Board of Directors compensation plan providing for awards to be made under the Plan and intended to replace the current director compensation plan which had provided for monthly grants to non-employee directors of 4,000 shares of restricted Common Stock per month. Under the new plan, each director shall receive compensation for their service on the Board and receive reimbursements for certain expenses in accordance with the Company’s reimbursement policy. Until the Company’s Common Stock is listed on a national securities exchange, each non-employee director shall receive options to purchase shares of Common Stock valued at $150,000 by the Black-Scholes pricing model on an annual basis, payable quarterly, with an exercise price equal to the closing price of the Company’s common stock on the last business day of the quarter.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.
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, “Earnings (Loss) per Share”. Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months ended March 31, 2023 and 2022, there were 263,992 shares issuable from the senior secured convertible notes payable and 0 and 168,328 shares issuable from the convertible credit line payable which were considered for their dilutive effects but were determined to be anti-dilutive due to the Company’s net loss, respectively.
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 levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. 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.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassification Certain reclassifications may have been made to our prior year’s financial statements to conform to our current year presentation. These reclassifications had no effect on our previously reported results of operations or accumulated deficit.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards Not Yet Adopted The Company has reviewed all recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that there are no recently issued accounting pronouncements that will have a significant effect on its financial statements.

Note 2 - Correction of Previo_2

Note 2 - Correction of Previously Issued Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	Balance Sheet As of December 31, 2022 As Reported Adjustment As Revised Property and equipment, net $ 68,378 $ 19,642 $ 88,020 Total noncurrent assets 1,529,052 19,642 1,548,694 Total assets 1,737,596 19,642 1,757,238 Accounts payable and accrued expenses 302,266 32,391 334,657 Accounts payable and accrued expenses - related parties 203,484 124,891 328,375 Total current liabilities 1,737,933 157,282 1,895,215 Total liabilities 2,938,580 157,282 3,095,862 Accumulated deficit (6,954,467 ) (137,640 ) (7,092,107 ) Total stockholders' deficit $ (1,200,984 ) $ (137,640 ) $ (1,338,624 ) Statement of Operations For the year ended December 31, 2022 As Reported Adjustment As Revised Revenue $ 270,627 $ (72,183 ) $ 198,444 Gross loss (303,143 ) (72,183 ) (375,326 ) General and administrative 692,937 35,796 728,733 Loss from operations (1,559,845 ) (107,979 ) (1,667,824 ) Net loss (1,582,549 ) (137,640 ) (1,720,189 ) Loss per share - basic and diluted $ (0.08 ) (0.01 ) $ (0.09 ) Statement of Cash Flows For the year ended December 31, 2022 As Reported Adjustment As Revised Cash Flows from Operating Activities: Net loss $ (1,582,549 ) (137,640 ) $ (1,720,189 ) Depreciation 4,188 4,741 8,929 Accounts payable and accrued expenses 19,917 32,391 52,308 Accounts payable and accrued expenses - related parties (13,085 ) 100,508 87,423 Net cash used in operating activities (1,463,814 ) - (1,463,814 ) Supplemental disclosure of non-cash investing and financing activities: Expenses paid on behalf of the Company by related party $ - 24,383 $ 24,383

Note 4 - Oil and Gas Properti_2

Note 4 - Oil and Gas Properties (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	Balance Balance Account 12/31/2022 Additions 3/31/2023 Leasehold Improvements - Chico Rica, LLC $ 40,000 $ - $ 40,000 Leasehold Improvements - Undeveloped 62,596 - 62,596 Lease Acquisition and Development Costs - Logan County 1,358,078 82,140 1,440,218 Total oil and gas related assets $ 1,460,674 $ 82,140 $ 1,542,814

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Convertible Debt Securities [Member] | Secured Senior Secured Convertible Note [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	263,992	263,992
Convertible Debt Securities [Member] | Convertible Credit Line [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	168,328
Alpha Energy Texas Operating, LLC [Member]
Subsidiary, Ownership Percentage, Parent	100%

Note 2 - Correction of Previo_3

Note 2 - Correction of Previously Issued Financial Statements - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property and equipment, net	$ 81,913		$ 88,020
Oil and gas sales	71,716	$ 0	198,444
Net loss	(459,822)	(376,138)	(1,720,189)
Total noncurrent assets	1,624,727		1,548,694
Gross loss	(107,725)	(1,876)	(375,326)
Depreciation expense	6,107	0	8,929
Total assets	1,766,159		1,757,238
General and administrative	151,530	149,330	728,733
Accounts payable	331,559	(18,788)	52,308
Accounts payable and accrued expenses			334,657
Loss from operations	(405,738)	(347,894)	(1,667,824)
Accounts payable-related party	25,885	(1,336)	87,423
Net cash used in operating activities	3,247	$ (306,268)	(1,463,814)
Total current liabilities	$ 2,276,255		$ 1,895,215
Basic (in dollars per share)	$ (0.02)	$ (0.02)	$ (0.09)
Expenses paid on behalf of the Company by related party			$ 24,383
Total liabilities	$ 3,502,605		3,095,862
Accumulated deficit	(7,551,929)		(7,092,107)
Total stockholders' deficit	(1,736,446)		(1,338,624)
Related Party [Member]
Accounts payable and accrued expenses	$ 354,260		328,375
Previously Reported [Member]
Property and equipment, net			68,378
Oil and gas sales			270,627
Net loss			(1,582,549)
Total noncurrent assets			1,529,052
Gross loss			(303,143)
Depreciation expense			4,188
Total assets			1,737,596
General and administrative			692,937
Accounts payable			19,917
Accounts payable and accrued expenses			302,266
Loss from operations			(1,559,845)
Accounts payable-related party			(13,085)
Net cash used in operating activities			(1,463,814)
Total current liabilities			$ 1,737,933
Basic (in dollars per share)			$ (0.08)
Expenses paid on behalf of the Company by related party			$ 0
Total liabilities			2,938,580
Accumulated deficit			(6,954,467)
Total stockholders' deficit			(1,200,984)
Previously Reported [Member] | Related Party [Member]
Accounts payable and accrued expenses			203,484
Revision of Prior Period, Error Correction, Adjustment [Member]
Property and equipment, net			19,642
Oil and gas sales			(72,183)
Net loss			(137,640)
Total noncurrent assets			19,642
Gross loss			(72,183)
Depreciation expense			4,741
Total assets			19,642
General and administrative			35,796
Accounts payable			32,391
Accounts payable and accrued expenses			32,391
Loss from operations			(107,979)
Accounts payable-related party			100,508
Net cash used in operating activities			0
Total current liabilities			$ 157,282
Basic (in dollars per share)			$ (0.01)
Expenses paid on behalf of the Company by related party			$ 24,383
Total liabilities			157,282
Accumulated deficit			(137,640)
Total stockholders' deficit			(137,640)
Revision of Prior Period, Error Correction, Adjustment [Member] | Related Party [Member]
Accounts payable and accrued expenses			$ 124,891

Note 4 - Oil and Gas Properti_3

Note 4 - Oil and Gas Properties - Schedule of Oil and Gas Properties (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Leasehold Improvements, Oil and Gas Properties [Member] | Chicorica, LLC [Member]
Balance	$ 40,000
Additions	0
Balance	40,000
Leasehold Improvements, Oil and Gas Properties [Member] | Undeveloped [Member]
Balance	62,596
Additions	0
Balance	62,596
Lease Acquisition Costs , Logan County Project I [Member]
Balance	1,358,078
Additions	82,140
Balance	1,440,218
Oil and Gas Properties [Member]
Balance	1,460,674
Additions	82,140
Balance	$ 1,542,814

Note 5 - Related Party Transa_2

Note 5 - Related Party Transactions (Details Textual)		3 Months Ended		12 Months Ended
	Feb. 25, 2022 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Amortization of Debt Discount (Premium)		$ 25,703	$ 10,826
Secured Senior Secured Convertible Note [Member]
Debt Instrument, Face Amount	$ 5,000,000
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 5
Debt Instrument, Convertible, Number of Equity Instruments	1,000,000
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Debt Instrument, Unamortized Discount	$ 65,262	29,592
Amortization of Debt Discount (Premium)		8,046
Long-Term Debt, Gross		413,206		$ 413,206
Notes Payable		1,225,432		1,225,432
Interest Payable		23,596		0
Related Party [Member]
Accounts Payable		354,260		354,260
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		0	819,963
AEI Management, Inc. [Member]
Cash and Noncash Proceeds from Related Party Debt		0	88,956
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		0	31,280
President [Member] | Secured Senior Secured Convertible Note [Member]
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 5
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Debt Instrument, Unamortized Discount	$ 143,214			64,836
Amortization of Debt Discount (Premium)				17,757
Long-Term Debt, Gross		906,754		906,754
President [Member] | Related Party [Member]
Accounts Payable		$ 328,375		$ 328,375
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

Note 6 - Common Stock (Details

Note 6 - Common Stock (Details Textual) - USD ($)			3 Months Ended		12 Months Ended
	Oct. 15, 2022	Sep. 02, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Capital Stock, Shares Authorized			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
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
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition			$ 62,000	$ 63,000
Consultant [Member]
Stock Issued During Period, Shares, Issued for Services		60,000			60,000
Share-Based Payment Arrangement, Expense					$ 40,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 20,000
Consultant Two [Member]
Share-Based Payment Arrangement, Expense				$ 6,000
Consulting Agreement, Compensation Per Month	$ 10,000
Consulting Agreement, Shares Issued Per Month	2,000
Director [Member]
Stock Issued During Period, Shares Per Month Per Director			4,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition			$ 36,000

Note 7 - Convertible Note Pay_2

Note 7 - Convertible Note Payable (Details Textual)				12 Months Ended
	Mar. 28, 2021 USD ($) $ / shares	Jun. 25, 2020 USD ($)	Mar. 30, 2019 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Gain (Loss) on Extinguishment of Debt				$ 10,750
Convertible Notes Payable, Current					$ 1,210,000	$ 1,210,000
Oklahoma Oil and Gas Assets [Member] | Pure and ZQH [Member]
Business Combination, Consideration Transferred		$ 1,000,000
Notes Issued for Acquisition [Member]
Debt Instrument, Convertible, Conversion Price | $ / shares				$ 1
Interest Payable		10,000			22,183	22,183
Notes Payable		1,060,000		$ 1,160,000
Note Payable, Monthly Increase		50,000
Note Payable, Monthly Increase, Maximum Amount		$ 200,000
Note Principal, Accrued Interest				200,000
Debt Instrument, Periodic Payment				$ 100,000
Debt Instrument, Monthly Interest Rate				1%
Convertible Notes Payable, Current					$ 1,210,000	$ 1,210,000
Notes Issued for Acquisition [Member] | Pure and ZQH [Member]
Debt Instrument, Periodic Payment, Interest	$ 10,083
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 1
Debt Instrument, Percentage of Annual Interest on Purchased Price, Compounded Monthly	1%
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 | $ / shares			50,000
Debt Instrument, Convertible, Conversion Price | $ / shares			$ 1
Notes Payable, Other Payables [Member] | Promissory Notes Payable [Member] | ZHQ Holdings [Member]
Debt Instrument, Percentage of Total Debt Loaned			75%
Notes Payable, Other Payables [Member] | Promissory Notes Payable [Member] | Pure Oil & Gas, Inc [Member]
Debt Instrument, Percentage of Total Debt Loaned			25%

Note 8 - Subsequent Events (Det

Note 8 - Subsequent Events (Details Textual) - USD ($)			3 Months Ended
	Apr. 25, 2023	Apr. 10, 2023	Mar. 31, 2023
Director [Member]
Stock Issued During Period, Shares Per Month Per Director			4,000
Subsequent Event [Member] | Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Granted Yearly, Intrinsic Value	$ 150,000
President [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, Issued for Services		70,852
Shares Issued, Price Per Share		$ 5