XML 52 R41.htm IDEA: XBRL DOCUMENT v3.24.3
Debt Including Debt with Related Parties (Details Narrative) - USD ($)
9 Months Ended
Feb. 16, 2024
Dec. 29, 2023
Sep. 30, 2024
Jul. 31, 2024
Feb. 15, 2024
Aug. 01, 2023
Short-Term Debt [Line Items]            
Debt description   entered into a Revolver Loan Agreement with Equity Bank (the “Revolver”). Pursuant to the Revolver (a) the initial revolver commitment amount is $10,000,000; (b) the maximum revolver commitment amount is $15,000,000; (c) commencing on January 31, 2024, and occurring on the last day of each calendar month thereafter, the revolver commitment amount is reduced by $150,000; (d) commencing on March 31, 2024, there are scheduled semiannual collateral borrowing base redeterminations each year on March 31 and September 30; (e) the final maturity date is December 29, 2026; (f) outstanding borrowings bear interest at a rate equal to the prime rate of interest plus 1.50%, and in no event lower than 8.50%; (g) a quarterly commitment fee is based on the unused portion of the commitments; and (h) Borrowers have the right to prepay loans under the Revolver at any time without a prepayment penalty.        
Remaining outstanding amount       $ 1,060,004    
Petroleum And Independent Exploration L L C [Member] | August Six Two Thousand Twenty [Member] | Joint Development Agreement [Member]            
Short-Term Debt [Line Items]            
Loan from related party           $ 2,000,000
Interest rate           6.00%
Description of working and revenue interest     In addition, Empire assigned 85% working and revenue interest to PIE in the designated wells which will be applied to repayment of the loan. As of June 30, 2024, $1,060,004 has been advanced from the PIE loan.      
Fair Value, Inputs, Level 3 [Member] | Energy Evolution Master Fund Ltd [Member]            
Short-Term Debt [Line Items]            
Description of fair value of the derivative     The estimated fair value of the derivative liability, which represents a Level 3 valuation, was $1,292,000 as of March 31, 2024, and was determined using a binomial lattice model using certain assumptions and inputs discussed in Note 2. Accordingly, Empire recognized a gain on the fair value adjustment of the derivative liability in the amount of approximately $738,000 in other income (expense) in the unaudited interim condensed consolidated statements of operations for the quarter ended March 31, 2024. The conversion option was exercised by Energy Evolution on May 24, 2024, in exchange for 800,000 shares of common stock of the Company under the terms of the Note and the fair value of the derivative was revalued as of that date resulting in a loss of $1,736,000 in the second quarter of 2024.      
Promissory Note [Member]            
Short-Term Debt [Line Items]            
Interest rate         7.00%  
Remaining unpaid accrues interest         9.00%  
Energy Evolution [Member] | Promissory Note [Member]            
Short-Term Debt [Line Items]            
Principal amount $ 5,000,000          
Advances to affiliate $ 5,000,000