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Immaterial Restatement of Prior Period Financial Statements

12 Months Ended

Dec. 31, 2024

Immaterial Restatement of Prior Period Financial Statements [Abstract]

IMMATERIAL RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

NOTE 16 — IMMATERIAL RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

Subsequent to the issuance of the Company’s consolidated financial statements as of and for the year ending December 31, 2023, errors were identified related to the classification of the contingent consideration liability and in the computation of foreign currency translation adjustments. As a result, the Company has restated the prior period financial statements and related disclosures to correct the errors. Management evaluated the materiality of the errors and concluded that they were not material, individually or in the aggregate, to the prior period financial statements. The Company will also correct previously reported financial information for such immaterial errors in future filings, as applicable.

The following tables reflect the effects of the corrections on all affected line items of the Company’s previously reported December 31, 2023 consolidated financial statements presented in this Form 10-K:

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS		December 31, 2023 Previously Reported				Correction				December 31, 2023 As Corrected
Operating expenses:
Increase in contingent consideration liability		$	866,519			$	(866,519	)		$	—
Total operating expenses			6,633,908				(866,519	)			5,767,389
Operating loss			(6,633,908	)			866,519				(5,767,389	)
Net loss			(6,027,080	)			866,519				(5,160,561	)
Net loss attributable to Common Member Units			(59,246,280	)			866,519				(58,379,761	)

Other comprehensive income (loss)
Currency translation adjustment			135,698				83,210				218,908
Comprehensive loss		$	(5,891,382	)		$	949,729			$	(4,941,653	)

CONSOLIDATED BALANCE SHEET		December 31, 2023 Previously Reported				Correction				December 31, 2023 As Corrected
ASSETS
Natural gas and other properties, successful efforts method		$	21,531,101			$	949,729			$	22,480,830
Total Non-current assets			25,956,454				949,729				26,906,183
Total Assets		$	32,743,204			$	949,729			$	33,692,933

LIABILITIES AND MEMBERS EQUITY
Current Liabilities:
Contingent consideration liability, short-term		$	14,888,021			$	(14,888,021	)			—
Total Current Liabilities			16,640,293				(14,888,021	)			1,752,272
Non-current Liabilities:
Contingent consideration liability, long-term			11,594,021				14,888,021				26,482,042
Total Non-current Liabilities			15,837,341				14,888,021				30,725,362

Members’ Equity:
Accumulated other comprehensive loss			(4,943,143	)			83,210				(4,859,933	)
Accumulated deficit			(147,255,886	)			866,519				(146,389,367	)
Members Equity (Deficit)			(152,199,029	)			949,729				(151,249,300	)
Total Liabilities, Temporary Equity, and Members’ Equity		$	32,743,204			$	949,729			$	33,692,933

CONSOLIDATED STATEMENT OF CASH FLOWS		December 31, 2023 Previously Reported				Correction				December 31, 2023 As Corrected
Cash flows from operating activities:
Net loss		$	(6,027,080	)		$	866,519			$	(5,160,561	)

Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of contingent consideration		$	866,519			$	(866,519	)		$	—
Net cash used in operating activities		$	(5,749,303	)		$	—			$	(5,749,303	)