Investment in unconsolidated subsidiary – GMDOC (Tables)

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

Schedule of Investment Unconsolidated Subsidiary

A summary of the Company’s investment in unconsolidated subsidiary-GMDOC during the three and six months ended June 30, 2023 and 2022 follows:

	2023			2022		2023		2022
	Three months ended June 30,					Six months ended June 30,
	2023			2022		2023		2022

Investment in unconsolidated subsidiary-GMDOC, at beginning of period	$	1,141,274		$	—	$	1,101,461	$	—
Purchase of membership units in GMDOC, LLC		—			850,000		—		850,000
Equity in earnings (loss) of GMDOC		(10,346	)		114,336		29,467		114,336
Distributions during period		—			—		—		—

Investment in unconsolidated subsidiary-GMDOC at end of period	$	1,130,928		$	964,336	$	1,130,928	$	964,336

Schedule of Unconsolidated Subsidairy Balance Sheet Financial Information

The following table presents summarized balance sheet financial information of the Company’s unconsolidated subsidiary – GMDOC as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
ASSETS
Assets:
Cash	$	103,061	$	208,450
Accrued revenue & prepaid expenses		173,625		320,212
Oil and gas properties and equipment, net		7,042,620		7,359,905

Total assets	$	7,319,306	$	7,888,567

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accounts payable and accrued liabilities	$	97,188	$	207,244
General managing members advances		150,000		—
Mortgage note payable, net		4,328,036		4,984,821
Asset Retirement Obligations		916,211		882,331
Member’s equity		1,827,871		1,814,171

Total liabilities and member’s equity	$	7,319,306	$	7,888,567

Schedule of Unconsolidated Subsidiary Financial Information

The following table presents summarized income statement financial information of the Company’s unconsolidated subsidiary – GMDOC for the three and six months ended June 30, 2023 and 2022:

	2023			2022			2023			2022
	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022

Oil and gas revenues	$	433,998		$	788,964		$	1,064,213		$	788,964
Lease operating expenses		(216,023	)		(244,276	)		(524,115	)		(244,276	)
Production related taxes		(4,888	)		(22,912	)		(20,777	)		(22,912	)
Ad valorem taxes		(5,982	)		(10,755	)		(16,737	)		(10,755	)
Depreciation expense		(134,206	)		(131,514	)		(268,413	)		(131,514	)
Accretion of asset retirement obligation		(16,940	)		(16,987	)		(33,880	)		(16,987	)
General and administrative expenses		(5,129	)		(100,054	)		(11,811	)		(100,054	)
Interest expense		(67,871	)		(74,147	)		(139,946	)		(74,147	)

Net income (loss)		(17,041	)		188,319			48,534			188,319
AMGAS member’s percentage		60.7143	%		60.7143			60.7143	%		60.7143	%

Equity in earnings (loss) of unconsolidated subsidiary – GMDOC	$	(10,346	)	$	114,336		$	29,467		$	114,336

AMERICAN NOBLE GAS, INC. 10-Q