Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Nov. 11, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | ALPHA ENERGY INC | |
Entity Central Index Key | 0000855787 | |
Trading Symbol | aphe | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 18,056,428 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash | $ 5,287 | |
Total current assets | 5,287 | |
Oil and gas property, unproved, full cost | 1,020,000 | 10,000 |
Total assets | 1,025,287 | 10,000 |
Current liabilities | ||
Accounts payable | 416,446 | 300,428 |
Accounts payable and accrued expenses - related party | 13,195 | 3,687 |
Interest payable | 26,103 | 33,653 |
Short term advance from related party | 397 | |
Short-term Non-bank Loans and Notes Payable | 1,060,000 | 50,000 |
Derivative liability | 15,780 | 65,289 |
Current portion of convertible credit line payable – related party, net of discount of $7,582 and $0, respectively | 121,746 | |
Total current liabilities | 1,653,270 | 453,454 |
Convertible credit line payable - related party, net of discount of $29,586 | 113,182 | |
Asset retirement obligation | 824 | 786 |
Total liabilities | 1,654,094 | 567,422 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding | ||
Common stock, $0.0001 par value, 65,000,000 shares authorized and 17,988,428 and 17,822,428 shares issued and outstanding, respectively | 1,800 | 1,783 |
Additional paid in capital | 1,920,980 | 1,754,997 |
Accumulated deficit | (2,551,587) | (2,314,202) |
Total stockholder deficit | (628,807) | (557,422) |
Total liabilities and stockholders' deficit | $ 1,025,287 | $ 10,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Convertible debt, current unamortized discount | $ 7,582 | $ 0 |
Convertible debt, noncurrent unamortized discount | $ 0 | $ 17,396 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
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) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized (in shares) | 65,000,000 | 65,000,000 |
Common Stock, Shares, Issued (in shares) | 17,988,428 | 17,822,428 |
Common Stock, Shares, Outstanding (in shares) | 17,988,428 | 17,822,428 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Oil and gas sales | $ 871 | $ 714 | $ 1,217 | $ 2,984 | ||
Lease operating expenses | 1,290 | 1,913 | 2,218 | 4,815 | ||
Gross loss | (419) | (1,199) | (1,001) | (1,831) | ||
Operating expenses: | ||||||
Professional services | 15,633 | 10,962 | 15,633 | 24,870 | ||
Board of directors fees | 48,000 | 48,000 | 96,000 | 96,000 | ||
General and administrative | 78,695 | 147,980 | 161,996 | 314,829 | ||
Impairment loss | 50,000 | 50,000 | ||||
Total operating expenses | 142,328 | 256,942 | 273,629 | 485,699 | ||
Loss from operations | (142,747) | (258,141) | (274,630) | (487,530) | ||
Other income (expense): | ||||||
Interest expense | (10,898) | (15,582) | (23,379) | (28,190) | ||
Gain on extinguishment of debt | 10,750 | 10,750 | ||||
Gain on change in fair value of derivative liabilities | 10,825 | 21,056 | 49,874 | 470,189 | ||
Total other income | 10,677 | 5,474 | 37,245 | 441,999 | ||
Net loss | $ (132,070) | $ (105,315) | $ (252,667) | $ 207,136 | $ (237,385) | $ (45,531) |
Loss per share: | ||||||
Basic (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.01) | $ 0 | ||
Diluted (in dollars per share) | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.03) | ||
Weighted average shares outstanding: | ||||||
Basic (in shares) | 17,910,296 | 17,616,516 | 17,881,087 | 17,457,826 | ||
Diluted (in shares) | 18,039,624 | 17,749,212 | 18,010,415 | 17,590,522 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 17,217,428 | |||
Balance at Dec. 31, 2018 | $ 1,722 | $ 1,150,059 | $ (1,881,265) | $ (729,484) |
Stock issued for cash (in shares) | 131,000 | |||
Stock issued for cash | $ 13 | 130,987 | 131,000 | |
Stock-based compensation (in shares) | 108,000 | |||
Stock-based compensation | $ 11 | 107,989 | 108,000 | |
Net loss | 207,136 | 207,136 | ||
Balance (in shares) at Mar. 31, 2019 | 17,456,428 | |||
Balance at Mar. 31, 2019 | $ 1,746 | 1,389,035 | (1,674,129) | (283,348) |
Balance (in shares) at Dec. 31, 2018 | 17,217,428 | |||
Balance at Dec. 31, 2018 | $ 1,722 | 1,150,059 | (1,881,265) | $ (729,484) |
Stock issued for cash (in shares) | 194,000 | |||
Net loss | $ (45,531) | |||
Balance (in shares) at Jun. 30, 2019 | 17,667,428 | |||
Balance at Jun. 30, 2019 | $ 1,767 | 1,600,014 | (1,926,796) | (325,015) |
Balance (in shares) at Mar. 31, 2019 | 17,456,428 | |||
Balance at Mar. 31, 2019 | $ 1,746 | 1,389,035 | (1,674,129) | (283,348) |
Stock issued for cash (in shares) | 63,000 | |||
Stock issued for cash | $ 6 | 62,994 | 63,000 | |
Stock-based compensation (in shares) | 148,000 | |||
Stock-based compensation | $ 15 | 147,985 | 148,000 | |
Net loss | (252,667) | (252,667) | ||
Balance (in shares) at Jun. 30, 2019 | 17,667,428 | |||
Balance at Jun. 30, 2019 | $ 1,767 | 1,600,014 | (1,926,796) | (325,015) |
Balance (in shares) at Dec. 31, 2019 | 17,822,428 | |||
Balance at Dec. 31, 2019 | $ 1,783 | 1,754,997 | (2,314,202) | (557,422) |
Stock issued for cash (in shares) | 18,000 | |||
Stock issued for cash | $ 2 | 17,998 | 18,000 | |
Stock-based compensation (in shares) | 48,000 | |||
Stock-based compensation | $ 5 | 47,995 | 48,000 | |
Net loss | (105,315) | (105,315) | ||
Balance (in shares) at Mar. 31, 2020 | 17,888,428 | |||
Balance at Mar. 31, 2020 | $ 1,790 | 1,820,990 | (2,419,517) | (596,737) |
Balance (in shares) at Dec. 31, 2019 | 17,822,428 | |||
Balance at Dec. 31, 2019 | $ 1,783 | 1,754,997 | (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 | $ 1,800 | 1,920,980 | (2,551,587) | (628,807) |
Balance (in shares) at Mar. 31, 2020 | 17,888,428 | |||
Balance at Mar. 31, 2020 | $ 1,790 | 1,820,990 | (2,419,517) | (596,737) |
Stock issued for cash (in shares) | 52,000 | |||
Stock issued for cash | $ 5 | 51,995 | 52,000 | |
Stock-based compensation (in shares) | 48,000 | |||
Stock-based compensation | $ 5 | 47,995 | 48,000 | |
Net loss | (132,070) | (132,070) | ||
Balance (in shares) at Jun. 30, 2020 | 17,988,428 | |||
Balance at Jun. 30, 2020 | $ 1,800 | $ 1,920,980 | $ (2,551,587) | $ (628,807) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (237,385) | $ (45,531) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 96,000 | 256,000 |
Amortization of debt discount | 10,179 | 19,757 |
Gain on change in fair value of derivative liabilities | (49,874) | (470,189) |
Gain on extinguishment of debt | (10,750) | |
Impairment loss | 50,000 | |
Asset retirement obligation expense | 38 | 38 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (50,000) | |
Accounts payable | 106,477 | 76,594 |
Accounts payable-related party | 9,508 | 22,827 |
Interest payable | 13,200 | 8,433 |
Net cash used in operating activities | (62,607) | (132,071) |
Cash flows from financing activities: | ||
Payment on convertible credit line payable - related party | (4,250) | (7,750) |
Proceeds from convertible credit line payable - related party | 3,000 | |
Payments on short term advances - related party | (856) | (53,375) |
Proceeds from sale of stock | 70,000 | 194,000 |
Net cash provided by financing activities | 67,894 | 132,875 |
Net change in cash and cash equivalents | 5,287 | 804 |
Cash and cash equivalent, beginning of period | 240 | |
Cash and cash equivalent, end of period | 5,287 | 1,044 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Expenses paid on behalf of the Company by related party | 459 | 29,406 |
Non cash short term loan payable | 50,000 | |
Unpaid oil and gas assets acquired | 1,010,000 | |
Debt discount on convertible credit line payable | 365 | |
Notes Issued for Acquisition [Member] | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Accrued interest added to note principal | $ 10,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 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, 2019 2018 10 September 24, 2020. three six June 30, 2020 not December 31, 2019 2018 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, 2020 2019, 129,328 132,696 The reconciliation of basic and diluted loss per share is as follows: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Basic net loss $ (132,070 ) $ (252,667 ) $ (237,385 ) $ (45,531 ) Add back: Gain on change in fair value of derivative liabilities (10,825 ) (21,056 ) (49,874 ) (470,189 ) Diluted net loss $ (142,895 ) $ (273,723 ) $ (287,259 ) $ (515,720 ) Basic and dilutive shares: Weighted average basic shares outstanding 17,910,296 17,616,516 17,881,087 17,457,826 Shares issuable from convertible credit line payable 129,328 132,696 129,328 132,696 Dilutive shares 18,039,624 17,749,212 18,010,415 17,590,522 Loss per share: Basic $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.00 ) Diluted $ (0.01 ) $ (0.02 ) $ (0.02 ) $ (0.03 ) 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 on a recurring basis. 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 Revision of Prior Period Financial Statement s In 2020, 10Q six June 30, 2019. Based on an analysis of Accounting Standards Codification (“ASC”) 250 250” 108 108” no not may June 30, 2019 three six June 30, 2019 six June 30, 2019. The tables below summarize previously reported amounts and the adjusted presentation of the consolidated balance sheet and consolidated statements of operations and cash flows for the affected periods: ALPHA ENERGY, INC. CONSOLIDATED BALANCE SHEET (Unaudited) June 30, 2019 As Reported Adjustment As Revised Current assets Cash $ 1,044 $ - $ 1,044 Prepaid expenses 50,000 - 50,000 Total current assets 51,044 - 51,044 Oil and gas property, unproved, full cost 12,500 (2,500 ) 10,000 Total assets $ 63,544 $ (2,500 ) $ 61,044 Liabilities and Stockholders' Deficit Current liabilities Accounts payable $ 180,162 (48,000 ) $ 132,162 Interest payable 19,912 - 19,912 Short term advance from related party 397 - 397 Short term note payable 50,000 - 50,000 Derivative liability 132,696 (52,966 ) 79,730 Total current liabilities 383,167 (100,966 ) 282,201 Convertible credit line payable - related party, net of discount of $29,586 132,696 (29,586 ) 103,110 Asset retirement obligation 748 - 748 Total liabilities 516,611 (130,552 ) 386,059 Stockholders' deficit Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding - - - Common stock, $0.0001 par value; 65,000,000 shares authorized; 17,667,428 issued and outstanding at June 30, 2019 1,762 5 1,767 Additional paid in capital 1,498,459 101,555 1,600,014 Accumulated deficit (1,953,288 ) 26,492 (1,926,796 ) Total stockholder deficit (453,067 ) 128,052 (325,015 ) Total liabilities and stockholders' deficit $ 63,544 $ (2,500 ) $ 61,044 ALPHA ENERGY, INC. CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) For the six months ended June 30, 2019 As Reported Adjustment As Revised Oil & Gas Sales $ 2,984 $ - $ 2,984 Lease operating expenses 4,815 - 4,815 Gross loss (1,831 ) - (1,831 ) Operating expenses: Professional services 24,870 - 24,870 Board of directors fees 96,000 - 96,000 General and administrative 292,329 22,500 314,829 Impairment loss 70,000 (20,000 ) 50,000 Total operating expenses 483,199 2,500 485,699 Loss from operations (485,030 ) (2,500 ) (487,530 ) Other income (expense): Interest expense (37,927 ) 9,737 (28,190 ) Gain (loss) on change in fair value of derivative liabilities 475,902 (5,713 ) 470,189 Total other income 437,975 4,024 441,999 Net loss $ (47,055 ) $ 1,524 $ (45,531 ) Loss per share: Basic $ (0.00 ) $ - $ (0.00 ) Diluted $ (0.00 ) $ (0.03 ) $ (0.03 ) Weight average shares common share outstanding: basic and diluted Basic 17,023,058 434,768 17,457,826 Diluted 17,023,058 567,464 17,590,522 ALPHA ENERGY, INC. CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) For the three months ended June 30, 2019 As Reported Adjustment As Revised Oil & Gas Sales $ 714 $ - $ 714 Lease operating expenses 1,913 - 1,913 Gross loss (1,199 ) - (1,199 ) Operating expenses: Professional services 10,962 - 10,962 Board of directors fees 145,299 (97,299 ) 48,000 General and administrative 48,000 99,980 147,980 Impairment loss 70,000 (20,000 ) 50,000 Total operating expenses 274,261 (17,319 ) 256,942 Loss from operations (275,460 ) 17,319 (258,141 ) Other income (expense): Interest expense (14,595 ) (987 ) (15,582 ) Gain on change in fair value of derivative liabilities 3,750 17,306 21,056 Total other income (expense) (10,845 ) 16,319 5,474 Net loss $ (286,305 ) $ 33,638 $ (252,667 ) Loss per share: Basic $ (0.02 ) $ 0.01 $ (0.01 ) Diluted $ (0.02 ) $ - $ (0.02 ) Weight average shares common share outstanding: basic and diluted Basic 17,489,125 127,391 17,616,516 Diluted 17,489,125 260,087 17,749,212 ALPHA ENERGY, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2019 As Reported Adjustments As Revised Cash flows from operation activities Net loss $ (47,055 ) $ 1,524 $ (45,531 ) Adjustments to reconcile net loss to net cash used in operating activities Stock-based compensation 110,000 146,000 256,000 Amortization of debt discount 29,494 (9,737 ) 19,757 (Gain) loss on change in fair value of derivative liabilities (475,902 ) 5,713 (470,189 ) Impairment loss 70,000 (20,000 ) 50,000 Asset retirement obligation expense 38 - 38 Change in operating assets and liabilities: Prepaid expenses and other current assets - (50,000 ) (50,000 ) Accounts payable 171,580 (94,986 ) 76,594 Accounts payable related party - 22,827 22,827 Interest payable 8,433 - 8,433 Net cash used in operating activities (133,412 ) 1,341 (132,071 ) Cash flows from investing activities Deposit for purchase of oil and gas properties (22,500 ) 22,500 - Net cash used in investing activities (22,500 ) 22,500 - Cash flows from financing activities Advances from related party 19,841 (19,841 ) - Payment on convertible credit line payable - related party (3,750 ) (4,000 ) (7,750 ) Proceeds from sale of stock 194,000 - 194,000 Repayments of related party advances (53,375 ) - (53,375 ) Net cash provided by financing activities 156,716 (23,841 ) 132,875 Net change in cash and cash equivalents 804 - 804 Cash and cash equivalent, beginning of period 240 - 240 Cash and cash equivalent, end of period $ 1,044 $ - $ 1,044 Supplemental disclosure of non-cash financing activities Debt discount on convertible credit line payable – related party $ 536,701 $ (536,701 ) $ - Non cash short term loan payable $ 50,000 $ - $ 50,000 Expenses paid on behalf of the Company by related party $ - $ 29,406 $ 29,406 |
Note 2 - Going Concern
Note 2 - Going Concern | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 The Company's interim unaudited 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 Property
Note 3 - Oil and Gas Property | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Oil and Gas Properties [Text Block] | NOTE 3 On June 25, 2020, $1,000,000. June 30, 2020 $1,060,000 $1,000,000 $60,000. 6 87.5%. On July 6, 2020, 75% 87.5%. No The Company notes that the Project is included in the lands in eastern Oklahoma affected by a decision of the U.S. Supreme Court issued on July 9, 2020. 19th On June 30, 2020, 1 December 31, 2020 may not third 10,000 $10,000, may $50,000. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 4 The Company repaid advances of $856 $53,375 six June 30, 2020 2019, not no six June 30, 2020 2019, $459 $29,406 $0 $397 June 30, 2020 December 31, 2019, no |
Note 5 - Common Stock
Note 5 - Common Stock | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5 The Company is authorized to issue up to 10,000,000 $0.0001 65,000,000 $0.0001 The Board of Directors authorized the Company to sell 750,000 $1.00 During the six June 30, 2020 2019, 70,000 194,000 $70,000 $194,000, The Company compensates each of its directors with 4,000 six June 30, 2020 2019, 96,000 $ 96,000 six June 30, 2019, 160,000 $160,000 |
Note 6 - Notes Payable
Note 6 - Notes Payable | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | NOTE 6 On March 30, 2019, $50,000 75% 25% April 30, 2019 $50 January 29, 2019. 50,000 $1 June 25, 2020, $1,000,000. 3 $50,000 $10,000 $1,060,000 June 30, 2020. six June 30, 2020, $10,750 $1,060,000 July 31, 2020 $50,000 $200,000 December 1, 2020 $1,260,000. not December 1, 2020, $1.00 1%. |
Note 7 - Convertible Credit Lin
Note 7 - Convertible Credit Line Payable - Related Party | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Convertible Debt Disclosure [Text Block] | NOTE 7 On September 1, 2017, $500,000. $87,366 470 50. 7% $1.50. 815, $87,366 December 31, 2019, $7,568 $39,514 $17,396 December 31, 2019. six June 30, 2020, $365 $10,179 $7,582 June 30, 2020. 8 During the six June 30, 2020 2019, $4,250 $7,750 June 30, 2020 $129,328. |
Note 8 - Derivative Liability
Note 8 - Derivative Liability | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Disclosure of Credit Derivatives [Table Text Block] | NOTE 8 As discussed in Note 1, June 30, 2020 December 31, 2019: Level 1 Level 2 Level 3 Fair Value at June 30, 2020 Liabilities: Derivative liability $ - $ - $ 15,780 $ 15,780 Level 1 Level 2 Level 3 Fair Value at December 31, 2019 Liabilities: Derivative liability $ - $ - $ 65,289 $ 65,289 Utilizing Level 3 six June 30, 2020 2019 $49,874 $470,189, June 30, 2020 2019 $ 1.00 37% 129% 0.16% 1.75, A summary of the activity of the derivative liability is shown below at June 30, 2020: Balance at December 31, 2019 $ 65,289 Debt discount on convertible credit line payable 365 Gain on change in derivative fair value adjustment (49,874 ) Balance at June 30, 2020 $ 15,780 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 9 On July 6, 2020, 75% 87.5%. No On September 8, 2020, 2 December 31, 2020 may not 2 third $10,000 September 18, 2020. Subsequent to June 30, 2020, 5,000 $5,000, 48,000 10,000 5,000 $5,000 August 6, 2020, 550,000 $1.00 1,300,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation Our consolidated financial statements include our accounts and the accounts of our 100% |
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 six June 30, 2020 2019, 129,328 132,696 The reconciliation of basic and diluted loss per share is as follows: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Basic net loss $ (132,070 ) $ (252,667 ) $ (237,385 ) $ (45,531 ) Add back: Gain on change in fair value of derivative liabilities (10,825 ) (21,056 ) (49,874 ) (470,189 ) Diluted net loss $ (142,895 ) $ (273,723 ) $ (287,259 ) $ (515,720 ) Basic and dilutive shares: Weighted average basic shares outstanding 17,910,296 17,616,516 17,881,087 17,457,826 Shares issuable from convertible credit line payable 129,328 132,696 129,328 132,696 Dilutive shares 18,039,624 17,749,212 18,010,415 17,590,522 Loss per share: Basic $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.00 ) Diluted $ (0.01 ) $ (0.02 ) $ (0.02 ) $ (0.03 ) |
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 on a recurring basis. 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 |
Error Corrections and Prior Period Adjustment Restatement [Policy Text Block] | Revision of Prior Period Financial Statement s In 2020, 10Q six June 30, 2019. Based on an analysis of Accounting Standards Codification (“ASC”) 250 250” 108 108” no not may June 30, 2019 three six June 30, 2019 six June 30, 2019. The tables below summarize previously reported amounts and the adjusted presentation of the consolidated balance sheet and consolidated statements of operations and cash flows for the affected periods: ALPHA ENERGY, INC. CONSOLIDATED BALANCE SHEET (Unaudited) June 30, 2019 As Reported Adjustment As Revised Current assets Cash $ 1,044 $ - $ 1,044 Prepaid expenses 50,000 - 50,000 Total current assets 51,044 - 51,044 Oil and gas property, unproved, full cost 12,500 (2,500 ) 10,000 Total assets $ 63,544 $ (2,500 ) $ 61,044 Liabilities and Stockholders' Deficit Current liabilities Accounts payable $ 180,162 (48,000 ) $ 132,162 Interest payable 19,912 - 19,912 Short term advance from related party 397 - 397 Short term note payable 50,000 - 50,000 Derivative liability 132,696 (52,966 ) 79,730 Total current liabilities 383,167 (100,966 ) 282,201 Convertible credit line payable - related party, net of discount of $29,586 132,696 (29,586 ) 103,110 Asset retirement obligation 748 - 748 Total liabilities 516,611 (130,552 ) 386,059 Stockholders' deficit Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding - - - Common stock, $0.0001 par value; 65,000,000 shares authorized; 17,667,428 issued and outstanding at June 30, 2019 1,762 5 1,767 Additional paid in capital 1,498,459 101,555 1,600,014 Accumulated deficit (1,953,288 ) 26,492 (1,926,796 ) Total stockholder deficit (453,067 ) 128,052 (325,015 ) Total liabilities and stockholders' deficit $ 63,544 $ (2,500 ) $ 61,044 ALPHA ENERGY, INC. CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) For the six months ended June 30, 2019 As Reported Adjustment As Revised Oil & Gas Sales $ 2,984 $ - $ 2,984 Lease operating expenses 4,815 - 4,815 Gross loss (1,831 ) - (1,831 ) Operating expenses: Professional services 24,870 - 24,870 Board of directors fees 96,000 - 96,000 General and administrative 292,329 22,500 314,829 Impairment loss 70,000 (20,000 ) 50,000 Total operating expenses 483,199 2,500 485,699 Loss from operations (485,030 ) (2,500 ) (487,530 ) Other income (expense): Interest expense (37,927 ) 9,737 (28,190 ) Gain (loss) on change in fair value of derivative liabilities 475,902 (5,713 ) 470,189 Total other income 437,975 4,024 441,999 Net loss $ (47,055 ) $ 1,524 $ (45,531 ) Loss per share: Basic $ (0.00 ) $ - $ (0.00 ) Diluted $ (0.00 ) $ (0.03 ) $ (0.03 ) Weight average shares common share outstanding: basic and diluted Basic 17,023,058 434,768 17,457,826 Diluted 17,023,058 567,464 17,590,522 ALPHA ENERGY, INC. CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) For the three months ended June 30, 2019 As Reported Adjustment As Revised Oil & Gas Sales $ 714 $ - $ 714 Lease operating expenses 1,913 - 1,913 Gross loss (1,199 ) - (1,199 ) Operating expenses: Professional services 10,962 - 10,962 Board of directors fees 145,299 (97,299 ) 48,000 General and administrative 48,000 99,980 147,980 Impairment loss 70,000 (20,000 ) 50,000 Total operating expenses 274,261 (17,319 ) 256,942 Loss from operations (275,460 ) 17,319 (258,141 ) Other income (expense): Interest expense (14,595 ) (987 ) (15,582 ) Gain on change in fair value of derivative liabilities 3,750 17,306 21,056 Total other income (expense) (10,845 ) 16,319 5,474 Net loss $ (286,305 ) $ 33,638 $ (252,667 ) Loss per share: Basic $ (0.02 ) $ 0.01 $ (0.01 ) Diluted $ (0.02 ) $ - $ (0.02 ) Weight average shares common share outstanding: basic and diluted Basic 17,489,125 127,391 17,616,516 Diluted 17,489,125 260,087 17,749,212 ALPHA ENERGY, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2019 As Reported Adjustments As Revised Cash flows from operation activities Net loss $ (47,055 ) $ 1,524 $ (45,531 ) Adjustments to reconcile net loss to net cash used in operating activities Stock-based compensation 110,000 146,000 256,000 Amortization of debt discount 29,494 (9,737 ) 19,757 (Gain) loss on change in fair value of derivative liabilities (475,902 ) 5,713 (470,189 ) Impairment loss 70,000 (20,000 ) 50,000 Asset retirement obligation expense 38 - 38 Change in operating assets and liabilities: Prepaid expenses and other current assets - (50,000 ) (50,000 ) Accounts payable 171,580 (94,986 ) 76,594 Accounts payable related party - 22,827 22,827 Interest payable 8,433 - 8,433 Net cash used in operating activities (133,412 ) 1,341 (132,071 ) Cash flows from investing activities Deposit for purchase of oil and gas properties (22,500 ) 22,500 - Net cash used in investing activities (22,500 ) 22,500 - Cash flows from financing activities Advances from related party 19,841 (19,841 ) - Payment on convertible credit line payable - related party (3,750 ) (4,000 ) (7,750 ) Proceeds from sale of stock 194,000 - 194,000 Repayments of related party advances (53,375 ) - (53,375 ) Net cash provided by financing activities 156,716 (23,841 ) 132,875 Net change in cash and cash equivalents 804 - 804 Cash and cash equivalent, beginning of period 240 - 240 Cash and cash equivalent, end of period $ 1,044 $ - $ 1,044 Supplemental disclosure of non-cash financing activities Debt discount on convertible credit line payable – related party $ 536,701 $ (536,701 ) $ - Non cash short term loan payable $ 50,000 $ - $ 50,000 Expenses paid on behalf of the Company by related party $ - $ 29,406 $ 29,406 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Basic net loss $ (132,070 ) $ (252,667 ) $ (237,385 ) $ (45,531 ) Add back: Gain on change in fair value of derivative liabilities (10,825 ) (21,056 ) (49,874 ) (470,189 ) Diluted net loss $ (142,895 ) $ (273,723 ) $ (287,259 ) $ (515,720 ) Basic and dilutive shares: Weighted average basic shares outstanding 17,910,296 17,616,516 17,881,087 17,457,826 Shares issuable from convertible credit line payable 129,328 132,696 129,328 132,696 Dilutive shares 18,039,624 17,749,212 18,010,415 17,590,522 Loss per share: Basic $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.00 ) Diluted $ (0.01 ) $ (0.02 ) $ (0.02 ) $ (0.03 ) |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | June 30, 2019 As Reported Adjustment As Revised Current assets Cash $ 1,044 $ - $ 1,044 Prepaid expenses 50,000 - 50,000 Total current assets 51,044 - 51,044 Oil and gas property, unproved, full cost 12,500 (2,500 ) 10,000 Total assets $ 63,544 $ (2,500 ) $ 61,044 Liabilities and Stockholders' Deficit Current liabilities Accounts payable $ 180,162 (48,000 ) $ 132,162 Interest payable 19,912 - 19,912 Short term advance from related party 397 - 397 Short term note payable 50,000 - 50,000 Derivative liability 132,696 (52,966 ) 79,730 Total current liabilities 383,167 (100,966 ) 282,201 Convertible credit line payable - related party, net of discount of $29,586 132,696 (29,586 ) 103,110 Asset retirement obligation 748 - 748 Total liabilities 516,611 (130,552 ) 386,059 Stockholders' deficit Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding - - - Common stock, $0.0001 par value; 65,000,000 shares authorized; 17,667,428 issued and outstanding at June 30, 2019 1,762 5 1,767 Additional paid in capital 1,498,459 101,555 1,600,014 Accumulated deficit (1,953,288 ) 26,492 (1,926,796 ) Total stockholder deficit (453,067 ) 128,052 (325,015 ) Total liabilities and stockholders' deficit $ 63,544 $ (2,500 ) $ 61,044 For the six months ended June 30, 2019 As Reported Adjustment As Revised Oil & Gas Sales $ 2,984 $ - $ 2,984 Lease operating expenses 4,815 - 4,815 Gross loss (1,831 ) - (1,831 ) Operating expenses: Professional services 24,870 - 24,870 Board of directors fees 96,000 - 96,000 General and administrative 292,329 22,500 314,829 Impairment loss 70,000 (20,000 ) 50,000 Total operating expenses 483,199 2,500 485,699 Loss from operations (485,030 ) (2,500 ) (487,530 ) Other income (expense): Interest expense (37,927 ) 9,737 (28,190 ) Gain (loss) on change in fair value of derivative liabilities 475,902 (5,713 ) 470,189 Total other income 437,975 4,024 441,999 Net loss $ (47,055 ) $ 1,524 $ (45,531 ) Loss per share: Basic $ (0.00 ) $ - $ (0.00 ) Diluted $ (0.00 ) $ (0.03 ) $ (0.03 ) Weight average shares common share outstanding: basic and diluted Basic 17,023,058 434,768 17,457,826 Diluted 17,023,058 567,464 17,590,522 For the three months ended June 30, 2019 As Reported Adjustment As Revised Oil & Gas Sales $ 714 $ - $ 714 Lease operating expenses 1,913 - 1,913 Gross loss (1,199 ) - (1,199 ) Operating expenses: Professional services 10,962 - 10,962 Board of directors fees 145,299 (97,299 ) 48,000 General and administrative 48,000 99,980 147,980 Impairment loss 70,000 (20,000 ) 50,000 Total operating expenses 274,261 (17,319 ) 256,942 Loss from operations (275,460 ) 17,319 (258,141 ) Other income (expense): Interest expense (14,595 ) (987 ) (15,582 ) Gain on change in fair value of derivative liabilities 3,750 17,306 21,056 Total other income (expense) (10,845 ) 16,319 5,474 Net loss $ (286,305 ) $ 33,638 $ (252,667 ) Loss per share: Basic $ (0.02 ) $ 0.01 $ (0.01 ) Diluted $ (0.02 ) $ - $ (0.02 ) Weight average shares common share outstanding: basic and diluted Basic 17,489,125 127,391 17,616,516 Diluted 17,489,125 260,087 17,749,212 For the six months ended June 30, 2019 As Reported Adjustments As Revised Cash flows from operation activities Net loss $ (47,055 ) $ 1,524 $ (45,531 ) Adjustments to reconcile net loss to net cash used in operating activities Stock-based compensation 110,000 146,000 256,000 Amortization of debt discount 29,494 (9,737 ) 19,757 (Gain) loss on change in fair value of derivative liabilities (475,902 ) 5,713 (470,189 ) Impairment loss 70,000 (20,000 ) 50,000 Asset retirement obligation expense 38 - 38 Change in operating assets and liabilities: Prepaid expenses and other current assets - (50,000 ) (50,000 ) Accounts payable 171,580 (94,986 ) 76,594 Accounts payable related party - 22,827 22,827 Interest payable 8,433 - 8,433 Net cash used in operating activities (133,412 ) 1,341 (132,071 ) Cash flows from investing activities Deposit for purchase of oil and gas properties (22,500 ) 22,500 - Net cash used in investing activities (22,500 ) 22,500 - Cash flows from financing activities Advances from related party 19,841 (19,841 ) - Payment on convertible credit line payable - related party (3,750 ) (4,000 ) (7,750 ) Proceeds from sale of stock 194,000 - 194,000 Repayments of related party advances (53,375 ) - (53,375 ) Net cash provided by financing activities 156,716 (23,841 ) 132,875 Net change in cash and cash equivalents 804 - 804 Cash and cash equivalent, beginning of period 240 - 240 Cash and cash equivalent, end of period $ 1,044 $ - $ 1,044 Supplemental disclosure of non-cash financing activities Debt discount on convertible credit line payable – related party $ 536,701 $ (536,701 ) $ - Non cash short term loan payable $ 50,000 $ - $ 50,000 Expenses paid on behalf of the Company by related party $ - $ 29,406 $ 29,406 |
Note 8 - Derivative Liability (
Note 8 - Derivative Liability (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Fair Value at June 30, 2020 Liabilities: Derivative liability $ - $ - $ 15,780 $ 15,780 Level 1 Level 2 Level 3 Fair Value at December 31, 2019 Liabilities: Derivative liability $ - $ - $ 65,289 $ 65,289 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at December 31, 2019 $ 65,289 Debt discount on convertible credit line payable 365 Gain on change in derivative fair value adjustment (49,874 ) Balance at June 30, 2020 $ 15,780 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Incremental Common Shares Attributable to Conversion of Debt Securities, Total (in shares) | 129,328 | 132,696 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic net loss | $ (132,070) | $ (252,667) | $ (237,385) | $ (45,531) |
Add back: Gain on change in fair value of derivative liabilities | (10,825) | (21,056) | (49,874) | (470,189) |
Diluted net loss | $ (142,895) | $ (273,723) | $ (287,259) | $ (515,720) |
Weighted average basic shares outstanding (in shares) | 17,910,296 | 17,616,516 | 17,881,087 | 17,457,826 |
Shares issuable from convertible credit line payable (in shares) | 129,328 | 132,696 | 129,328 | 132,696 |
Dilutive shares (in shares) | 18,039,624 | 17,749,212 | 18,010,415 | 17,590,522 |
Basic (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.01) | $ 0 |
Diluted (in dollars per share) | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.03) |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Restatement of Consolidated Financial Statements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Current assets | |||||||
Cash | $ 5,287 | $ 1,044 | $ 5,287 | $ 1,044 | |||
Prepaid expenses | 50,000 | 50,000 | |||||
Total current assets | 5,287 | 51,044 | 5,287 | 51,044 | |||
Oil and gas property, unproved, full cost | 1,020,000 | 10,000 | 1,020,000 | 10,000 | 10,000 | ||
Total assets | 1,025,287 | 61,044 | 1,025,287 | 61,044 | 10,000 | ||
Current liabilities | |||||||
Accounts payable | 416,446 | 132,162 | 416,446 | 132,162 | 300,428 | ||
Interest payable | 26,103 | 19,912 | 26,103 | 19,912 | 33,653 | ||
Short term advance from related party | 397 | 397 | 397 | ||||
Short term note payable | 1,060,000 | 50,000 | 1,060,000 | 50,000 | 50,000 | ||
Derivative liability | 15,780 | 79,730 | 15,780 | 79,730 | 65,289 | ||
Total current liabilities | 1,653,270 | 282,201 | 1,653,270 | 282,201 | 453,454 | ||
Convertible credit line payable - related party, net of discount of $29,586 | 103,110 | 103,110 | 113,182 | ||||
Asset retirement obligation | 824 | 748 | 824 | 748 | 786 | ||
Total liabilities | 1,654,094 | 386,059 | 1,654,094 | 386,059 | 567,422 | ||
Stockholders' deficit | |||||||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding | |||||||
Common stock, $0.0001 par value; 65,000,000 shares authorized; 17,667,428 issued and outstanding at June 30, 2019 | 1,800 | 1,767 | 1,800 | 1,767 | 1,783 | ||
Additional paid in capital | 1,920,980 | 1,600,014 | 1,920,980 | 1,600,014 | 1,754,997 | ||
Accumulated deficit | (2,551,587) | (1,926,796) | (2,551,587) | (1,926,796) | (2,314,202) | ||
Total stockholder deficit | (628,807) | (325,015) | (628,807) | (325,015) | (557,422) | ||
Total liabilities and stockholders' deficit | 1,025,287 | 61,044 | 1,025,287 | 61,044 | 10,000 | ||
Oil & Gas Sales | 871 | 714 | 1,217 | 2,984 | |||
Lease operating expenses | 1,290 | 1,913 | 2,218 | 4,815 | |||
Gross loss | (419) | (1,199) | (1,001) | (1,831) | |||
Professional services | 15,633 | 10,962 | 15,633 | 24,870 | |||
Board of directors fees | 48,000 | 48,000 | 96,000 | 96,000 | |||
General and administrative | 78,695 | 147,980 | 161,996 | 314,829 | |||
Impairment loss | 50,000 | 50,000 | |||||
Total operating expenses | 142,328 | 256,942 | 273,629 | 485,699 | |||
Loss from operations | (142,747) | (258,141) | (274,630) | (487,530) | |||
Interest expense | (10,898) | (15,582) | (23,379) | (28,190) | |||
Gain (loss) on change in fair value of derivative liabilities | 10,825 | 21,056 | 49,874 | 470,189 | |||
Total other income | 10,677 | 5,474 | 37,245 | 441,999 | |||
Net loss | $ (132,070) | $ (105,315) | $ (252,667) | $ 207,136 | $ (237,385) | $ (45,531) | |
Basic (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.01) | $ 0 | |||
Diluted (in dollars per share) | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.03) | |||
Basic (in shares) | 17,910,296 | 17,616,516 | 17,881,087 | 17,457,826 | |||
Diluted (in shares) | 18,039,624 | 17,749,212 | 18,010,415 | 17,590,522 | |||
Net loss | $ (132,070) | (105,315) | $ (252,667) | 207,136 | $ (237,385) | $ (45,531) | |
Stock-based compensation | 96,000 | 256,000 | |||||
Amortization of debt discount | 10,179 | 19,757 | |||||
(Gain) loss on change in fair value of derivative liabilities | (10,825) | (21,056) | (49,874) | (470,189) | |||
Asset retirement obligation expense | 38 | 38 | |||||
Prepaid expenses and other current assets | (50,000) | ||||||
Accounts payable | 106,477 | 76,594 | |||||
Accounts payable related party | 9,508 | 22,827 | |||||
Interest payable | 13,200 | 8,433 | |||||
Net cash used in operating activities | (62,607) | (132,071) | |||||
Deposit for purchase of oil and gas properties | |||||||
Net cash used in investing activities | |||||||
Advances from related party | |||||||
Payment on convertible credit line payable - related party | (4,250) | (7,750) | |||||
Proceeds from sale of stock | 70,000 | 194,000 | |||||
Repayments of related party advances | (856) | (53,375) | |||||
Net cash provided by financing activities | 67,894 | 132,875 | |||||
Net change in cash and cash equivalents | 5,287 | 804 | |||||
Cash and cash equivalent, beginning of period | 240 | 240 | 240 | ||||
Cash and cash equivalent, end of period | $ 5,287 | 1,044 | 5,287 | 1,044 | |||
Debt discount on convertible credit line payable – related party | |||||||
Non cash short term loan payable | 50,000 | ||||||
Expenses paid on behalf of the Company by related party | $ 459 | 29,406 | |||||
Previously Reported [Member] | |||||||
Current assets | |||||||
Cash | 1,044 | 1,044 | |||||
Prepaid expenses | 50,000 | 50,000 | |||||
Total current assets | 51,044 | 51,044 | |||||
Oil and gas property, unproved, full cost | 12,500 | 12,500 | |||||
Total assets | 63,544 | 63,544 | |||||
Current liabilities | |||||||
Accounts payable | 180,162 | 180,162 | |||||
Interest payable | 19,912 | 19,912 | |||||
Short term advance from related party | 397 | 397 | |||||
Short term note payable | 50,000 | 50,000 | |||||
Derivative liability | 132,696 | 132,696 | |||||
Total current liabilities | 383,167 | 383,167 | |||||
Convertible credit line payable - related party, net of discount of $29,586 | 132,696 | 132,696 | |||||
Asset retirement obligation | 748 | 748 | |||||
Total liabilities | 516,611 | 516,611 | |||||
Stockholders' deficit | |||||||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding | |||||||
Common stock, $0.0001 par value; 65,000,000 shares authorized; 17,667,428 issued and outstanding at June 30, 2019 | 1,762 | 1,762 | |||||
Additional paid in capital | 1,498,459 | 1,498,459 | |||||
Accumulated deficit | (1,953,288) | (1,953,288) | |||||
Total stockholder deficit | (453,067) | (453,067) | |||||
Total liabilities and stockholders' deficit | 63,544 | 63,544 | |||||
Oil & Gas Sales | 714 | 2,984 | |||||
Lease operating expenses | 1,913 | 4,815 | |||||
Gross loss | (1,199) | (1,831) | |||||
Professional services | 10,962 | 24,870 | |||||
Board of directors fees | 145,299 | 96,000 | |||||
General and administrative | 48,000 | 292,329 | |||||
Impairment loss | 70,000 | 70,000 | |||||
Total operating expenses | 274,261 | 483,199 | |||||
Loss from operations | (275,460) | (485,030) | |||||
Interest expense | (14,595) | (37,927) | |||||
Gain (loss) on change in fair value of derivative liabilities | 3,750 | 475,902 | |||||
Total other income | (10,845) | 437,975 | |||||
Net loss | $ (286,305) | $ (47,055) | |||||
Basic (in dollars per share) | $ (0.02) | $ 0 | |||||
Diluted (in dollars per share) | $ (0.02) | $ 0 | |||||
Basic (in shares) | 17,489,125 | 17,023,058 | |||||
Diluted (in shares) | 17,489,125 | 17,023,058 | |||||
Net loss | $ (286,305) | $ (47,055) | |||||
Stock-based compensation | 110,000 | ||||||
Amortization of debt discount | 29,494 | ||||||
(Gain) loss on change in fair value of derivative liabilities | (3,750) | (475,902) | |||||
Asset retirement obligation expense | 38 | ||||||
Prepaid expenses and other current assets | |||||||
Accounts payable | 171,580 | ||||||
Accounts payable related party | |||||||
Interest payable | 8,433 | ||||||
Net cash used in operating activities | (133,412) | ||||||
Deposit for purchase of oil and gas properties | (22,500) | ||||||
Net cash used in investing activities | (22,500) | ||||||
Advances from related party | 19,841 | ||||||
Payment on convertible credit line payable - related party | (3,750) | ||||||
Proceeds from sale of stock | 194,000 | ||||||
Repayments of related party advances | (53,375) | ||||||
Net cash provided by financing activities | 156,716 | ||||||
Net change in cash and cash equivalents | 804 | ||||||
Cash and cash equivalent, beginning of period | 240 | 240 | 240 | ||||
Cash and cash equivalent, end of period | 1,044 | 1,044 | |||||
Debt discount on convertible credit line payable – related party | 536,701 | ||||||
Non cash short term loan payable | 50,000 | ||||||
Expenses paid on behalf of the Company by related party | |||||||
Revision of Prior Period, Adjustment [Member] | |||||||
Current assets | |||||||
Cash | |||||||
Prepaid expenses | |||||||
Total current assets | |||||||
Oil and gas property, unproved, full cost | (2,500) | (2,500) | |||||
Total assets | (2,500) | (2,500) | |||||
Current liabilities | |||||||
Accounts payable | (48,000) | (48,000) | |||||
Interest payable | |||||||
Short term advance from related party | |||||||
Short term note payable | |||||||
Derivative liability | (52,966) | (52,966) | |||||
Total current liabilities | (100,966) | (100,966) | |||||
Convertible credit line payable - related party, net of discount of $29,586 | (29,586) | (29,586) | |||||
Asset retirement obligation | |||||||
Total liabilities | (130,552) | (130,552) | |||||
Stockholders' deficit | |||||||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding | |||||||
Common stock, $0.0001 par value; 65,000,000 shares authorized; 17,667,428 issued and outstanding at June 30, 2019 | 5 | 5 | |||||
Additional paid in capital | 101,555 | 101,555 | |||||
Accumulated deficit | 26,492 | 26,492 | |||||
Total stockholder deficit | 128,052 | 128,052 | |||||
Total liabilities and stockholders' deficit | (2,500) | (2,500) | |||||
Oil & Gas Sales | |||||||
Lease operating expenses | |||||||
Gross loss | |||||||
Professional services | |||||||
Board of directors fees | (97,299) | ||||||
General and administrative | 99,980 | 22,500 | |||||
Impairment loss | (20,000) | (20,000) | |||||
Total operating expenses | (17,319) | 2,500 | |||||
Loss from operations | 17,319 | (2,500) | |||||
Interest expense | (987) | 9,737 | |||||
Gain (loss) on change in fair value of derivative liabilities | 17,306 | (5,713) | |||||
Total other income | 16,319 | 4,024 | |||||
Net loss | $ 33,638 | $ 1,524 | |||||
Basic (in dollars per share) | $ 0.01 | ||||||
Diluted (in dollars per share) | $ (0.03) | ||||||
Basic (in shares) | 127,391 | 434,768 | |||||
Diluted (in shares) | 260,087 | 567,464 | |||||
Net loss | $ 33,638 | $ 1,524 | |||||
Stock-based compensation | 146,000 | ||||||
Amortization of debt discount | (9,737) | ||||||
(Gain) loss on change in fair value of derivative liabilities | (17,306) | 5,713 | |||||
Asset retirement obligation expense | |||||||
Prepaid expenses and other current assets | (50,000) | ||||||
Accounts payable | (94,986) | ||||||
Accounts payable related party | 22,827 | ||||||
Interest payable | |||||||
Net cash used in operating activities | 1,341 | ||||||
Deposit for purchase of oil and gas properties | 22,500 | ||||||
Net cash used in investing activities | 22,500 | ||||||
Advances from related party | (19,841) | ||||||
Payment on convertible credit line payable - related party | (4,000) | ||||||
Proceeds from sale of stock | |||||||
Repayments of related party advances | |||||||
Net cash provided by financing activities | (23,841) | ||||||
Net change in cash and cash equivalents | |||||||
Cash and cash equivalent, beginning of period | |||||||
Cash and cash equivalent, end of period | |||||||
Debt discount on convertible credit line payable – related party | (536,701) | ||||||
Non cash short term loan payable | |||||||
Expenses paid on behalf of the Company by related party | $ 29,406 |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Restatement of Consolidated Financial Statements (Details) (Parentheticals) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Convertible debt, noncurrent unamortized discount | $ 0 | $ 17,396 | $ 29,586 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized (in shares) | 65,000,000 | 65,000,000 | 65,000,000 |
Common Stock, Shares, Issued (in shares) | 17,988,428 | 17,822,428 | 17,667,428 |
Common Stock, Shares, Outstanding (in shares) | 17,988,428 | 17,822,428 | 17,667,428 |
Note 3 - Oil and Gas Property (
Note 3 - Oil and Gas Property (Details Textual) - USD ($) | Jun. 30, 2020 | Jun. 25, 2020 | Jul. 06, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Short-term Non-bank Loans and Notes Payable | $ 1,060,000 | $ 50,000 | $ 50,000 | ||
ZHQ Holdings, LLP and Pure Oil & Gas, Inc [Member] | |||||
Short-term Non-bank Loans and Notes Payable | $ 1,000,000 | ||||
Notes Issued for Acquisition [Member] | |||||
Short-term Non-bank Loans and Notes Payable | $ 1,060,000 | ||||
Oklahoma Oil and Gas Assets [Member] | Pure and ZQH [Member] | |||||
Business Combination, Consideration Transferred, Total | 1,000,000 | ||||
Business Combination, Accrued interest | $ 60,000 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 87.50% | ||||
Business Acquisition, Alleged Percentage of Voting Interests Owned | 75.00% | ||||
Progressive [Member] | Logan 1 Project [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 10,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 10,000 | ||||
Payments to Acquire Businesses, Gross | $ 50,000 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Repayments of Related Party Debt | $ 856 | $ 53,375 | |
Expenses Paid by Related Party | 459 | $ 29,406 | |
Due to Related Parties, Total | $ 0 | $ 397 |
Note 5 - Common Stock (Details
Note 5 - Common Stock (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares Authorized (in shares) | 65,000,000 | 65,000,000 | 65,000,000 | 65,000,000 | 65,000,000 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares Authorized to Sell (in shares) | 750,000 | 750,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 1 | $ 1 | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 70,000 | 194,000 | |||||
Proceeds from Issuance of Common Stock | $ 70,000 | $ 194,000 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 48,000 | $ 48,000 | $ 148,000 | $ 108,000 | |||
Consultant to Facilitate Growth Strategies [Member] | |||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 160,000 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 160,000 | ||||||
Director [Member] | |||||||
Stock Issued During Period, Shares Per Month Per Director (in shares) | 4,000 | 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 - Notes Payable (Details
Note 6 - Notes Payable (Details Textual) | Dec. 01, 2020USD ($)$ / shares | Jun. 25, 2020USD ($) | Mar. 30, 2019USD ($)$ / shares | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) |
Gain (Loss) on Extinguishment of Debt, Total | $ 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] | |||||||
Interest Payable | 10,000 | ||||||
Notes Payable, Total | $ 1,060,000 | $ 1,060,000 | |||||
Note Payable, Monthly Increase | 50,000 | ||||||
Note Payable, Monthly Increase, Maximum Amount | $ 200,000 | ||||||
Notes Issued for Acquisition [Member] | Forecast [Member] | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 1 | ||||||
Notes Payable, Total | $ 1,260,000 | ||||||
Debt Instrument, Monthly Interest Rate | 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, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Sep. 01, 2017 | |
Amortization of Debt Discount (Premium) | $ 10,179 | $ 19,757 | ||
Repayments of Convertible Debt | 4,250 | 7,750 | ||
Convertible Credit Line Payable, Related Party [Member] | ||||
Debt Instrument, Face Amount | $ 500,000 | |||
Long-term Line of Credit, Total | $ 87,366 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.50 | |||
Debt Instrument, Unamortized Discount, Total | 7,582 | $ 17,396 | $ 87,366 | |
Debt Instrument Discount, Additions | 365 | 7,568 | ||
Amortization of Debt Discount (Premium) | 10,179 | $ 39,514 | ||
Repayments of Convertible Debt | 4,250 | $ 7,750 | ||
Convertible Debt, Total | $ 129,328 |
Note 8 - Derivative Liability_2
Note 8 - Derivative Liability (Details Textual) | 6 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | |
Gain on Derivative Instruments, Pretax | $ 49,874 | $ 470,189 |
Convertible Credit Line Payable, Related Party [Member] | Measurement Input, Share Price [Member] | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Convertible Credit Line Payable, Related Party [Member] | Measurement Input, Price Volatility [Member] | ||
Embedded Derivative Liability, Measurement Input | 0.37 | 1.29 |
Convertible Credit Line Payable, Related Party [Member] | Measurement Input, Discount Rate [Member] | ||
Embedded Derivative Liability, Measurement Input | 0.0016 | 1.75 |
Note 8 - Derivative Liability -
Note 8 - Derivative Liability - Liabilities Measured at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative liability | $ 15,780 | $ 65,289 | |
Fair Value, Inputs, Level 1 [Member] | |||
Derivative liability | |||
Fair Value, Inputs, Level 2 [Member] | |||
Derivative liability | |||
Fair Value, Inputs, Level 3 [Member] | |||
Derivative liability | $ 15,780 | $ 65,289 |
Note 8 - Derivative Liability_3
Note 8 - Derivative Liability - Schedule of Derivative Liability Activity (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Debt discount on convertible credit line payable | $ 365 | |
Derivative Financial Instruments, Liabilities [Member] | ||
Derivative balance | 65,289 | |
Debt discount on convertible credit line payable | 365 | |
Gain (loss) on change in derivative fair value adjustment | (49,874) | |
Derivative balance | $ 15,780 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - USD ($) | Sep. 08, 2020 | Aug. 06, 2020 | Jun. 25, 2020 | Nov. 16, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 06, 2020 | Dec. 31, 2019 |
Stock Issued During Period, Shares, New Issues (in shares) | 70,000 | 194,000 | ||||||
Proceeds from Issuance of Common Stock | $ 70,000 | $ 194,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common Stock, Shares Authorized (in shares) | 65,000,000 | 65,000,000 | 65,000,000 | |||||
Director [Member] | ||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 96,000 | 96,000 | ||||||
Forecast [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,000 | |||||||
Proceeds from Issuance of Common Stock | $ 5,000 | |||||||
Stock Issued During Period, Shares, Purchase of Assets (in shares) | 10,000 | |||||||
Stock Issued During Period, Shares, Settle Acccounts Payable (in shares) | 5,000 | |||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 5,000 | |||||||
Forecast [Member] | Director [Member] | ||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 48,000 | |||||||
Subsequent Event [Member] | ||||||||
Common Stock, Additional Shares Authorized to Sell (in shares) | 550,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | |||||||
Common Stock, Shares Authorized (in shares) | 1,300,000 | |||||||
Oklahoma Oil and Gas Assets [Member] | Pure and ZQH [Member] | ||||||||
Business Acquisition, Alleged Percentage of Voting Interests Owned | 75.00% | |||||||
Business Combination, Consideration Transferred, Total | $ 1,000,000 | |||||||
Oklahoma Oil and Gas Assets [Member] | Pure and ZQH [Member] | Subsequent Event [Member] | ||||||||
Business Acquisition, Alleged Percentage of Voting Interests Owned | 75.00% | |||||||
Logan 2 Project [Member] | Subsequent Event [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 10,000 |