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Purchase Price Allocation (Tables) | 9 Months Ended
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Sep. 30, 2023
Purchase Price Allocation |
Schedule of Total Purchase Price | The total purchase price and allocated purchase price is summarized as follows: Schedule of Total Purchase Price
Number of shares of common stock of the combined company owned by the Company’s stockholders immediately prior to the merger (1) |  |  | 3,860,917 |
Multiplied by the fair value per share of common stock (2) |  | $ | 2.57 |
Fair value of the Company’s pre-Merger common stock |  |  | 9,928,262 |
Number of shares of Series D Preferred Stock issued to effectuate the Merger |  |  | 4,423 |
Multiplied by the fair value per share (3) |  | $ | 725.57 |
Fair value of Series D Preferred Stock issued as consideration |  |  | 3,209,196 |
Prairie LLC Transaction costs (4) |  |  | 2,032,696 |
Purchase price |  | $ | 15,170,154 |
| (1) | For purposes of this unaudited pro forma combined financial information, 3,860,917 represents the historical shares of the Common Stock outstanding immediately prior to the closing of the Merger on May 3, 2023.
| (2) | Based on the last reported sale price of the Common Stock on OTC Capital Markets on May 3, 2023, the closing date of the Merger (the “Closing Date”).
| (3) | Fair value calculated as described above on May 3, 2023.
| (4) | Prairie LLC transaction costs consist primarily of legal expenses incurred by Prairie LLC. The transaction costs have been reflected as an increase in the purchase price.
Schedule of Allocation of Purchase Price to Net Assets Acquired | Schedule of Allocation of Purchase Price to Net Assets Acquired
Purchase Price Allocation: |  | May 3, 2023 |
Cash and cash equivalents |  | $ | 42,360 |
Accounts receivable |  |  | 8,014 |
Prepaid expenses |  |  | 63,795 |
Mining equipment (1) |  |  | 18,140,874 |
Deposits on mining equipment |  |  | 2,928,138 |
Accounts payable and accrued expenses |  |  | (3,352,389 | )
Secured convertible debentures |  |  | (1,981,000 | )
SBA loan payable |  |  | (150,000 | )
Share issuance liability |  |  | (529,638 | )
Net assets acquired |  | $ | 15,170,154 |
(1) | In accordance with GAAP for asset acquisitions, the excess purchase price over the fair value of the acquired assets and liabilities was ascribed to the property and equipment acquired. See Note 4 below for additional discussion of the subsequent impairment recognized.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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