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Petrolia Energy Corp. – ‘10-Q’ for 9/30/21 – ‘R36’

On:  Friday, 7/29/22, at 12:22pm ET   ·   For:  9/30/21   ·   Accession #:  1493152-22-20602   ·   File #:  0-52690

Previous ‘10-Q’:  ‘10-Q’ on 7/13/22 for 6/30/21   ·   Next:  ‘10-Q’ on 2/17/23 for 3/31/22   ·   Latest:  ‘10-Q’ on 11/15/23 for 9/30/23   ·   20 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/29/22  Petrolia Energy Corp.             10-Q        9/30/21   67:7M                                     M2 Compliance LLC/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.22M 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     23K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     21K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     21K 
11: R1          Cover                                               HTML     68K 
12: R2          Condensed Consolidated Balance Sheets               HTML    130K 
13: R3          Condensed Consolidated Balance Sheets               HTML     37K 
                (Parenthetical)                                                  
14: R4          Condensed Consolidated Statements of Operations     HTML     92K 
                and Comprehensive Loss (Unaudited)                               
15: R5          Condensed Consolidated Statements of Changes in     HTML     79K 
                Stockholders' Deficit (Unaudited)                                
16: R6          Condensed Consolidated Statements of Cash Flows     HTML    128K 
                (Unaudited)                                                      
17: R7          Organization and Basis of Presentation              HTML     24K 
18: R8          Summary of Significant Accounting Policies          HTML     40K 
19: R9          Going Concern                                       HTML     24K 
20: R10         Evaluated Properties                                HTML     72K 
21: R11         Leases                                              HTML     33K 
22: R12         Notes Payable                                       HTML    151K 
23: R13         Related Party Notes Payable                         HTML    101K 
24: R14         Derivative Financial Instruments                    HTML     38K 
25: R15         Asset Retirement Obligations                        HTML     47K 
26: R16         Equity                                              HTML    106K 
27: R17         Related Party Transactions                          HTML     61K 
28: R18         Segment Reporting                                   HTML     55K 
29: R19         Subsequent Events                                   HTML     42K 
30: R20         Summary of Significant Accounting Policies          HTML     41K 
                (Policies)                                                       
31: R21         Summary of Significant Accounting Policies          HTML     30K 
                (Tables)                                                         
32: R22         Evaluated Properties (Tables)                       HTML     55K 
33: R23         Leases (Tables)                                     HTML     31K 
34: R24         Notes Payable (Tables)                              HTML    148K 
35: R25         Related Party Notes Payable (Tables)                HTML    102K 
36: R26         Derivative Financial Instruments (Tables)           HTML     32K 
37: R27         Asset Retirement Obligations (Tables)               HTML     45K 
38: R28         Equity (Tables)                                     HTML     63K 
39: R29         Segment Reporting (Tables)                          HTML     50K 
40: R30         Schedule of Derivative Liabilities Measured at      HTML     32K 
                Fair Value on Recurring Basis (Details)                          
41: R31         Schedule of Company's Current Properties (Details)  HTML     52K 
42: R32         Evaluated Properties (Details Narrative)            HTML     71K 
43: R33         Schedule of Financial Information Lease (Details)   HTML     25K 
44: R34         Schedule of Maturities Lease Liability (Details)    HTML     29K 
45: R35         Schedule of Notes Payable (Details)                 HTML    121K 
46: R36         Schedule of Notes Payable (Details)                 HTML    259K 
                (Parenthetical)                                                  
47: R37         Schedule of Future Minimum Repayments of Notes      HTML     26K 
                Payable (Details)                                                
48: R38         Schedule of Related Party Notes Payable (Details)   HTML    115K 
49: R39         Schedule of Related Party Notes Payable (Details)   HTML    119K 
                (Parenthetical)                                                  
50: R40         Schedule of Future Minimum Repayments of Related    HTML     28K 
                Party Notes Payable (Details)                                    
51: R41         Schedule of Derivative Liabilities (Details)        HTML     25K 
52: R42         Schedule of Derivative Liability of Fair Value      HTML     35K 
                Assumption (Details)                                             
53: R43         Derivative Financial Instruments (Details           HTML     40K 
                Narrative)                                                       
54: R44         Schedule of Fair Value of Asset Retirement          HTML     24K 
                Obligations (Details)                                            
55: R45         Schedule of Asset Retirement Obligations (Details)  HTML     41K 
56: R46         Schedule of Common Stock Purchase Warrants Issued   HTML     38K 
                and Outstanding (Details)                                        
57: R47         Schedule of Warrants Issuance During Period         HTML     36K 
                (Details)                                                        
58: R48         Schedule of Fair Value of Assumption of Warrants    HTML     37K 
                (Details)                                                        
59: R49         Equity (Details Narrative)                          HTML    170K 
60: R50         Related Party Transactions (Details Narrative)      HTML    219K 
61: R51         Schedule of Long-Lived Assets (Details)             HTML     44K 
62: R52         Subsequent Events (Details Narrative)               HTML     79K 
65: XML         IDEA XML File -- Filing Summary                      XML    116K 
63: XML         XBRL Instance -- form10-q_htm                        XML   1.88M 
64: EXCEL       IDEA Workbook of Financial Reports                  XLSX    158K 
 7: EX-101.CAL  Inline XBRL Taxonomy Extension Calculation           XML    153K 
                Linkbase Document -- bbls-20210930_cal                           
 8: EX-101.DEF  Inline XBRL Taxonomy Extension Definition Linkbase   XML    675K 
                Document -- bbls-20210930_def                                    
 9: EX-101.LAB  Inline XBRL Taxonomy Extension Label Linkbase        XML   1.12M 
                Document -- bbls-20210930_lab                                    
10: EX-101.PRE  Inline XBRL Taxonomy Extension Presentation          XML    878K 
                Linkbase Document -- bbls-20210930_pre                           
 6: EX-101.SCH  Inline XBRL Taxonomy Extension Schema Document --    XSD    176K 
                bbls-20210930                                                    
66: JSON        XBRL Instance as JSON Data -- MetaLinks              359±   510K 
67: ZIP         XBRL Zipped Folder -- 0001493152-22-020602-xbrl      Zip    263K

‘R36’   —   Schedule of Notes Payable (Details) (Parenthetical)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.22.2
SCHEDULE OF NOTES PAYABLE (Details) (Parenthetical)
 9 Months Ended
USD ($)
USD ($)
$ / shares
shares
USD ($)
$ / shares
shares
USD ($)
shares
USD ($)
$ / shares
shares
USD ($)
$ / shares
shares
USD ($)
$ / shares
shares
USD ($)
a
USD ($)
USD ($)
USD ($)
$ / shares
shares
a
USD ($)
$ / shares
$ / shares
USD ($)
USD ($)
USD ($)
Short-Term Debt [Line Items]                                        
Debt interest rate                                       5.49%
Notes payable current                 $ 3,363,524     $ 3,037,737               $ 683
Repayment of notes                 116,935 $ 4,619                    
Area of land | a                           28,000            
Notes payable                 3,363,524     3,038,310                
Warrants to acquire of common stock | shares                         1,650,000              
Warrant exercise price | $ / shares                         $ 0.04              
Number of common stock issued, value                                      
Working interest percentage           3.00%                            
Amortization of Debt Discount (Premium)                 $ 170,507 $ 146,562                    
Jovian Petroleum Corporation [Member]                                        
Short-Term Debt [Line Items]                                        
Ownership interest                                     25.00%  
Jovian Petroleum Corporation [Member]                                        
Short-Term Debt [Line Items]                                        
Debt interest rate                 3.50%                      
Debt maturity date                 Dec. 31, 2021                      
Amended and Restated Loan Agreement [Member]                                        
Short-Term Debt [Line Items]                                        
Warrants to acquire of common stock | shares             320,000                          
Warrant exercise price | $ / shares             $ 0.10                          
Loan Agreement [Member]                                        
Short-Term Debt [Line Items]                                        
Debt face amount $ 918,049   $ 50,000 $ 1,000,000   $ 200,000         $ 416,900                  
Debt interest rate 10.00%   0.00% 10.00%             10.00%                  
Debt maturity date     Mar. 01, 2022 Jun. 30, 2020                                
Warrants to acquire of common stock | shares   5,000,000 200,000 5,000,000                                
Warrant exercise price | (per share)   $ 0.10 $ 0.10                         $ 0.10        
Warrant expiry date       Jan. 02, 2023                                
Working interest percentage           3.00%                            
Loan interest percentage           12.00%                            
Debt Instrument, Periodic Payment           $ 6,000                            
Debt instrument, unamortized discount       $ 266,674                                
Amortization of Debt Discount (Premium)       11,111                                
Origination fee       $ 120,000                                
Loan Agreement [Member] | Jovian Resources LLC [Member]                                        
Short-Term Debt [Line Items]                                        
Revolving line of credit                       146,000                
Line of Credit Facility, Current Borrowing Capacity                       346,038                
Loan Agreement [Member] | Warrant [Member]                                        
Short-Term Debt [Line Items]                                        
Warrants to acquire of common stock | shares   5,000,000                                    
Warrant exercise price | $ / shares   $ 0.05                                    
Debt instrument, unamortized discount   $ 166,289                                    
Amortization of Debt Discount (Premium)   $ 4,614.14                                    
Warrant expiring date   Jan. 06, 2023                                    
Loan Agreement [Member] | Blue Sky Resources Ltd [Member]                                        
Short-Term Debt [Line Items]                                        
Notes payable                 $ 730,000                      
Loan Agreement [Member] | Luseland, Hearts Hill and Cuthbert Fields [Member]                                        
Short-Term Debt [Line Items]                                        
Assets working interest                 25.00%                      
Area of land | a                 41,526                      
Loan Agreement One [Member]                                        
Short-Term Debt [Line Items]                                        
Debt face amount $ 1,133,104                                      
Debt interest rate 10.00%                                      
Revolving Line of Credit Agreement [Member] | Jovian Petroleum Corporation [Member]                                        
Short-Term Debt [Line Items]                                        
Debt interest rate                                     3.50%  
Revolving line of credit                                   $ 500,000 $ 200,000  
Truck Loan [Member]                                        
Short-Term Debt [Line Items]                                        
Debt face amount                                       $ 35,677
Debt interest rate [1]                 5.00%                      
Notes payable current                 $ 4,022     9,345                
Debt maturity date                 Jan. 20, 2022                      
Notes payable                 $ 4,022     9,917                
Credit Note I [Member]                                        
Short-Term Debt [Line Items]                                        
Debt interest rate [2]                 12.00%                      
Notes payable current                     800,000                
Debt maturity date [2]                 May 11, 2021                      
Notes payable                 [2]     800,000                
Credit Note I [Member] | Amended and Restated Loan Agreement [Member] | Bow Energy Ltd [Member]                                        
Short-Term Debt [Line Items]                                        
Debt face amount               $ 800,000                        
Debt interest rate               12.00%                        
Notes payable current               $ 710,000                        
Increase in loan amount               $ 1,530,000                        
Debt default interest rate               19.00%                        
Repayment of notes               $ 10,000                        
Debt maturity date               May 11, 2021                        
Credit Note I [Member] | Loan Agreement [Member]                                        
Short-Term Debt [Line Items]                                        
Number of common stock issued | shares               500,000                        
Number of common stock issued, value               $ 47,500                        
Fair value of warrants issued               30,012                        
Loss on extinguishment of debt               260,162                        
Credit Note I [Member] | Loan Agreement [Member] | Canadian Dollars [Member]                                        
Short-Term Debt [Line Items]                                        
Fair value of warrants issued               $ 182,650                        
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Warrant [Member]                                        
Short-Term Debt [Line Items]                                        
Warrants to acquire of common stock | shares               2,320,000                        
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Loan Warrant I [Member]                                        
Short-Term Debt [Line Items]                                        
Warrants to acquire of common stock | shares               320,000                        
Warrant exercise price | $ / shares                                 $ 0.10      
Warrant expiry date               May 15, 2021                        
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Loan Warrant II [Member]                                        
Short-Term Debt [Line Items]                                        
Warrants to acquire of common stock | shares               500,000                        
Warrant exercise price | $ / shares               $ 0.12                        
Warrant expiry date               May 15, 2021                        
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Loan Warrant III [Member]                                        
Short-Term Debt [Line Items]                                        
Warrants to acquire of common stock | shares               1,500,000                        
Warrant exercise price | $ / shares               $ 0.10                        
Credit Note I [Member] | Loan Agreement [Member] | Lender [Member] | Restricted Stock [Member]                                        
Short-Term Debt [Line Items]                                        
Number of common stock issued | shares             500,000                          
Acquisition Note [Member]                                        
Short-Term Debt [Line Items]                                        
Debt face amount         $ 750,000                              
Debt interest rate         9.00%                              
Debt maturity date         Apr. 25, 2021                              
Warrants to acquire of common stock | shares         500,000                              
Warrant exercise price | $ / shares         $ 0.12                              
Debt instrument, unamortized discount         $ 38,249                              
Amortization of Debt Discount (Premium)         $ 8,366                              
Acquisition Note [Member] | Cona Assets [Member]                                        
Short-Term Debt [Line Items]                                        
Working interest percentage 25.00%                                      
Credit Note III and II [Member]                                        
Short-Term Debt [Line Items]                                        
Debt face amount $ 146,038                                      
Credit Note II [Member]                                        
Short-Term Debt [Line Items]                                        
Debt face amount $ 200,000                                      
Debt interest rate                 12.00%                      
Notes payable current                     346,038                
Debt maturity date                 Oct. 17, 2019                      
Notes payable                     $ 346,038                
PPP Loan [Member]                                        
Short-Term Debt [Line Items]                                        
Notes payable                             $ 56,680          
[1] On January 6, 2017, the Company purchased a truck and entered into an installment note in the amount of $35,677 for a term of five years and interest at 5.49% per annum. Payments of principal and interest in the amount of $683 are due monthly.
[2] On May 9, 2018, Bow entered into an Amended and Restated Loan Agreement with a third party. The Loan Agreement increased by $800,000 the amount of a previous loan agreement entered into between Bow and the Lender, to $1,530,000. The amount owed under the Loan Agreement accrues interest at the rate of 12% per annum (19% upon the occurrence of an event of default) and is due and payable on May 11, 2021, provided that the amount owed can be prepaid prior to maturity, beginning 60 days after the date of the Loan Agreement, provided that the Company gives the Lender 10 days’ notice of our intent to repay and pays the Lender the interest which would have been due through the maturity date at the time of repayment. The Loan Agreement contains standard and customary events of default, including cross defaults under other indebtedness obligations of us and Bow, and the occurrence of any event which would have a material adverse effect on us or Bow. The Company is required to make principal payments of $10,000 per month from January through September 2019 with the remaining balance of $710,000 due at maturity on May 11, 2021. The additional $800,000 borrowed in connection with the entry into the Loan Agreement was used by the Company to acquire a 25% working interest in approximately 41,526 acres located in the Luseland, Hearts Hill, and Cuthbert fields, located in Southwest Saskatchewan and Eastern Alberta, Canada (collectively, the “Canadian Properties” and the “Working Interest”). Upon the disposition of Bow, a total of $730,000 of the obligations owed under the Loan Agreement were transferred to Blue Sky Resources Ltd. (“Blue Sky”).

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
1/6/23
1/2/23
Filed on:7/29/22
3/1/22
1/20/22
12/31/21
For Period end:9/30/21
5/15/21
5/11/21
4/25/21
2/12/21
1/2/21
12/31/2010-K
12/15/20
10/30/20
9/30/2010-Q
6/30/2010-Q
5/1/20
4/23/20
2/28/20
1/2/2010-Q
10/17/19
4/25/19
9/17/18
5/18/188-K
5/9/188-K
4/12/183,  8-K
2/9/18
1/6/17
 List all Filings 

20 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/15/22  Petrolia Energy Corp.             10-Q        3/31/21   73:32M                                    M2 Compliance LLC/FA
 3/18/22  Petrolia Energy Corp.             8-K:8,9     3/11/22    2:9.3M                                   M2 Compliance LLC/FA
 3/03/22  Petrolia Energy Corp.             8-K:1,3,5,812/15/21    4:16M                                    M2 Compliance LLC/FA
 2/28/22  Petrolia Energy Corp.             8-K:8,9     2/16/22    3:5.5M                                   M2 Compliance LLC/FA
 1/14/22  Petrolia Energy Corp.             8-K:8,9    12/30/21    3:2.1M                                   M2 Compliance LLC/FA
 1/14/22  Petrolia Energy Corp.             8-K:8,9    12/30/21    2:976K                                   M2 Compliance LLC/FA
12/13/21  Petrolia Energy Corp.             10-Q        9/30/20   66:6.1M                                   M2 Compliance LLC/FA
11/12/21  Petrolia Energy Corp.             8-K:1,8,9   5/08/19    4:4.9M                                   M2 Compliance LLC/FA
10/25/21  Petrolia Energy Corp.             8-K:3,5,9  10/25/21    2:110K                                   M2 Compliance LLC/FA
10/25/21  Petrolia Energy Corp.             8-K:8       8/28/19    6:13M                                    M2 Compliance LLC/FA
 9/24/21  Petrolia Energy Corp.             10-Q        6/30/20   65:6.4M                                   M2 Compliance LLC/FA
 9/03/21  Petrolia Energy Corp.             8-K:5       9/03/21    1:28K                                    M2 Compliance LLC/FA
 9/03/21  Petrolia Energy Corp.             8-K:1       9/02/21    2:506K                                   M2 Compliance LLC/FA
 8/03/21  Petrolia Energy Corp.             10-Q        3/31/20   68:28M                                    M2 Compliance LLC/FA
 5/27/21  Petrolia Energy Corp.             10-Q        6/30/19   79:5.7M                                   M2 Compliance LLC/FA
10/16/19  Petrolia Energy Corp.             10-K       12/31/18   98:17M                                    M2 Compliance LLC/FA
 5/10/19  Petrolia Energy Corp.             10-Q        9/30/18   64:4.9M                                   M2 Compliance LLC/FA
 2/25/19  Petrolia Energy Corp.             8-K:4,9     1/29/19    2:37K                                    Loev Corp Filings Inc/FA
 5/24/18  Petrolia Energy Corp.             8-K:8,9     5/21/18    5:133K                                   Loev Corp Filings Inc/FA
11/23/15  Petrolia Energy Corp.             10-Q        9/30/15   31:1.8M                                   Federal Filings, LLC/FA
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Filing Submission 0001493152-22-020602   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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