Strata Power Corp Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Strata Power Corp has submitted its 2023 annual report on Form 20-F, detailing its financial performance and operations.</b>

AI Summary

Strata Power Corp (SPOWF) filed a Foreign Annual Report (20-F) with the SEC on March 29, 2024. Strata Power Corp filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is located in Calgary, Alberta. Strata Power Corp operates in the Crude Petroleum & Natural Gas industry (SIC 1311). The filing includes financial data and disclosures for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking Strata Power Corp, this filing contains several important signals. This filing provides investors and stakeholders with a comprehensive overview of Strata Power Corp's financial health and strategic direction for the fiscal year 2023. As a public document, it allows for transparency and comparison with industry peers, aiding investment decisions in the energy sector.

Risk Assessment

Risk Level: medium — Strata Power Corp shows moderate risk based on this filing. The company operates in the volatile crude petroleum and natural gas sector, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code and industry context.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to assess Strata Power Corp's operational performance and future outlook in the energy market.

Key Numbers

• 2023-12-31 — Fiscal Year End (The reporting period concludes on this date.)
• 2024-03-29 — Filing Date (The date the 20-F was submitted to the SEC.)
• 1311 — SIC Code (Standard Industrial Classification for Crude Petroleum & Natural Gas.)

Key Players & Entities

• Strata Power Corp (company) — Filer of the 20-F document
• 2024-03-29 (date) — Filing date of the 20-F
• 2023-12-31 (date) — Fiscal year end date
• Calgary (location) — City of the company's business address
• Crude Petroleum & Natural Gas (industry) — Company's Standard Industrial Classification

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial performance is highly sensitive to fluctuations in the prices of crude oil and natural gas.
• Environmental Regulations [medium — regulatory]: Changes in environmental laws and regulations could impact operational costs and compliance requirements.

Industry Context

Strata Power Corp operates within the upstream segment of the oil and gas industry, focusing on the exploration, development, and production of crude petroleum and natural gas.

Regulatory Implications

The company is subject to Canadian federal and provincial regulations governing the energy sector, including environmental standards and resource management.

What Investors Should Do

1. Analyze the company's operational segments and production volumes for the fiscal year 2023.
2. Review any disclosed commodity price hedging strategies or market risk management policies.
3. Examine the company's capital expenditure plans and financing activities for the upcoming periods.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-03-29: Filing Date — The date Strata Power Corp submitted its annual report.

Year-Over-Year Comparison

This filing represents the annual disclosure for the fiscal year 2023, providing updated financial and operational information compared to previous periods.

Key Financial Figures

• $1.33 — ge rate as of December 31, 2023 was CDN $1.33 per U.S. $1.00. The exchange rate as o
• $1.00 — ecember 31, 2023 was CDN $1.33 per U.S. $1.00. The exchange rate as of March 22, 202
• $1.35 — hange rate as of March 22, 2024 was CDN $1.35 per U.S. $1.00. 2 Exchange Rates for
• $23,241,149 — have incurred an accumulated deficit of $23,241,149 as of December 31, 2023. Our financial

Filing Documents

• strata_i20f-123123.htm (20-F) — 937KB
• strata_ex1201.htm (EX-12.1) — 8KB
• strata_ex1301.htm (EX-13.1) — 4KB
• image_001.jpg (GRAPHIC) — 4KB
• image_002.jpg (GRAPHIC) — 3KB
• 0001683168-24-001862.txt (&nbsp;) — 4165KB
• soigf-20231231.xsd (EX-101.SCH) — 33KB
• soigf-20231231_cal.xml (EX-101.CAL) — 47KB
• soigf-20231231_def.xml (EX-101.DEF) — 126KB
• soigf-20231231_lab.xml (EX-101.LAB) — 263KB
• soigf-20231231_pre.xml (EX-101.PRE) — 211KB
• strata_i20f-123123_htm.xml (XML) — 512KB

Forward-Looking Statements

Forward-Looking Statements iii Part I Item 1. Identity of Directors, Senior Management and Advisers 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Item 4. Information on the Company 11 Item 4A. Unresolved Staff Comments 17 Item 5. Operating and Financial Review and Prospects 17 Item 6. Directors, Senior Management and Employees 23 Item 7. Major Shareholders and Related Party Transactions 27 Item 8. Financial Information 28 Item 9. The Offer and Listing 29 Item 10. Additional Information 31 Item 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 37 Part II Item 13. Defaults, Dividend Arrearages and Delinquencies 38 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 38 Item 15.

Controls and Procedures

Controls and Procedures 38 Item 16A. Audit Committee Financial Expert 39 Item 16B. Code of Ethics 41 Item 16C. Principal Accountant Fees and Services 41 Item 16D. Exemptions from the Listing Standards for Audit Committees 42 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 42 Item 16F. Change in Registrants Certifying Accountant 42 Item 16G. Corporate Governance 42 Item 16H. Mine Health and Safety, Conflict Minerals and Government Payments 4 2 Item 16K. Cybersecurity 42 Part III Item 17.

Financial Statements

Financial Statements 43 Item 18.

Financial Statements

Financial Statements 43 Item 19. Exhibits 43 Signature Page 44 Certifications i OIL AND GAS GLOSSARY Term Definition Basin A depressed area where sediments have accumulated during geologic time and considered to be prospective for oil and gas deposits Bitumen Heavy, viscous crude oil Bluesky Formation The Bluesky is fine to medium grained, usually glauconitic, partly calcareous or sideritic, salt and pepper sandstone with fair porosity. Chert granules and pebbles occur near the top, with thin shale interbedded throughout. The thickness is 0-46 meters in the Peace River plains subsurface. It thins to the south and southeast CHOPS Cold Heavy Oil Production with Sand Carboniferous A series of stratified rocks and associated volcanic rocks which occur above the Devonian or Old Sandstone and below the Permian or Triassic systems belonging to the Carboniferous period Cretaceous Period A period occurring subsequent to the Jurassic period Debolt Formation Lies above the Elkton Formation and ranges from mid-to-upper Visean in age Development The phase in which a proven oil or gas field is brought into production by drilling production (development) wells Drilling The using of a rig and crew for the drilling, suspension, production testing, capping, plugging and abandoning, deepening, plugging back, sidetracking, re-drilling or reconditioning of a well Drilling Logs Recorded observations made of rock chips cut from the formation by the drill bit, and brought to the surface with the mud, as well as rate of penetration of the drill bit through rock formations. Used by geologists to obtain formation data Exploration The phase of operations which covers the search for oil or gas by carrying out detailed geological and geophysical surveys followed up where appropriate by exploratory drilling. Compare to "Development" phase Jurassic Period A period occurring subsequent to the Carboniferous period but prior to the Cretaceous p

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 20-F contains forward-looking information. Forward-looking information includes statements relating to future actions, prospective products, future performance or results of current or anticipated products, sales and marketing efforts, costs and expenses, interest rates, outcome of contingencies, financial condition, results of operations, liquidity, business strategies, cost savings, objectives of management of Strata Power Corporation, formerly Strata Oil & Gas Inc. (hereinafter referred to as the "Company," "Strata" or "we") and other matters. Forward-looking information may be included in this Annual Report on Form 20-F or may be incorporated by reference from other documents filed with the Securities and Exchange Commission (the "SEC") by the Company. One can find many of these statements by looking for words including, for example, "believes," "expects," "anticipates," "estimates" or similar expressions in this Annual Report on Form 20-F or in documents incorporated by reference in this Annual Report on Form 20-F. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events, except as required by applicable law. The Company has based the forward-looking statements relating to the Company's operations on management's current expectations, estimates and projections about the Company and the industry in which it operates. These statements are not a guarantee of future performance and involve risks, uncertainties and assumptions that we cannot predict. In particular, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, the Company's actual results may differ materially from those contemplated by these forward-looking

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information A. Selected Financial Data The following sets forth selected financial information of Strata Power Corporation prepared in accordance with accounting principles generally accepted in the United States for the fiscal years ended December 31, 2023, 2022, 2021, 2020 and 2019. The selected financial information and operating information may not be indicative of Strata's future performance and should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations." The selected financial data set forth below has been extracted from, and is qualified by reference, to the audited financial statements included herein at Item 18. SELECTED OPERATIONS DATA (in U.S. dollars) Strata Power Corporation Years Ended December 31, 2023 2022 2021 2020 2019 Revenue $ 199,435 $ 398,427 $ 31,296 $ – $ – Operating Expenses 234,699 211,248 107,621 69,983 266,338 Other income (expense), net 8,987 290,478 (142,138 ) 47,024 46,995 Net income (loss) $ (26,277 ) $ 477,657 $ (218,463 ) $ (22,959 ) $ (219,343 ) Basic income (loss) per common share: $ 0.00 $ 0.02 $ (0.01 ) $ (0.00 ) $ (0.01 ) Diluted income (loss) per common share: $ 0.00 $ 0.02 $ (0.01 ) $ (0.00 ) $ (0.01 ) Basic weighted average number of common shares outstanding 20,085,119 20,085,119 20,085,119 20,085,119 19,322,927 Diluted weighted average number of common shares outstanding 20,085,119 20,085,119 20,085,119 20,085,119 19,322,927 1 BALANCE SHEET DATA (in U.S. Dollars) Strata Power Corporation December 31, 2023 2022 2021 2020 2019 Cash and cash equivalents $ 54,009 $ 80,905 $ 7,696 $ 21,717 $ 4,557 Other current assets 48,302 59,605 26,174 2,348 2,743 Reclamation deposits 103,227 95,968 101,139 99,916 96,838 License Agreement – – – 59,828 59,828 Total assets 205,538 236,478 135,009 183,809 163,966 Current liabilities 67,864 73,4

View Full Filing

View this 20-F filing on SEC EDGAR