XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.23.3

Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Note 14. Segment Information The Company’s reportable business segments have been identified based on the differences in products or services provided. The Company’s E&P segment is comprised of oil and gas properties which are currently related to its assets in Colorado. The Cryptocurrency Mining segment generates revenue through Cryptocurrency Mining activities from assets that we acquired through the Merger. All such activities currently operate under a contract with Atlas as described above. Summarized financial information for the Company’s reportable segments is shown in the following table. The accounting policies of the segments are the same as those described for the Company. Management evaluates the performance of its segments based on operating income, defined as operating revenues less operating costs. Income before income taxes, for the purpose of reconciling the operating income amount shown below to consolidated income before income taxes, is the sum of operating income, interest expense. Corporate general and administrative costs, depreciation expense and taxes, other than income taxes, are allocated to the segments. Schedule of Reportable Segments
|  | E&P |  |  | Cryptocurrency Mining |  |  | Total |
Three months ended September 30, 2023 |  |  |  |  |  |  |  |  |
Revenues |  | $ | — |  |  | $ | 457,951 |  |  | $ | 457,951 |
Depreciation, depletion and amortization expense |  |  | — |  |  |  | 425,468 |  |  |  | 425,468 |
Impairment of cryptocurrency mining equipment |  |  | — |  |  |  | — |  |  |  | — |
Loss from operations |  |  | (5.542.986 | ) |  |  | (949,411 | ) |  |  | (6,492,397 | )
Interest expense (1) |  |  | (6,797 | ) |  |  | (60,947 | ) |  |  | (67,744 | )
Interest income (1) |  |  | 74,755 |  |  |  | 10,411 |  |  |  | 85,166 |
Liquidated damages (1) |  |  | (152,521 | ) |  |  | (21,242 | ) |  |  | (173,763 | )
Loss on adjustment to fair value – warrant liabilities (1) |  |  | (22,176,617 | ) |  |  | (2,678,468 | ) |  |  | (24,855,085 | )
Loss on adjustment to fair value - AR Debentures |  |  | — |  |  |  | (2,141,000 | ) |  |  | (2,141,000 | )
Loss on adjustment to fair value – Obligation Shares (1) |  |  | (676,678 | ) |  |  | (94,240 | ) |  |  | (770,918 | )
Loss on adjustment to fair value – Obligation Shares (1) |  |  | (676,678 | ) |  |  | (94,240 | ) |  |  | (770,918 | )
Loss on adjustment to fair value – Obligation Shares (1) |  |  | (676,678 | ) |  |  | (94,240 | ) |  |  | (770,918 | )
Other expense |  |  | - |  |  |  | - |  |  |  | - |
Other income |  |  | - |  |  |  | - |  |  |  | - |
Assets |  | $ | 28,595,051 |  |  | $ | 3,982,396 |  |  | $ | 32,577,447 |
Three months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Revenues- |  | $ | — |  |  | $ | — |  |  | $ | — |
Depreciation, depletion and amortization expense- |  |  | — |  |  |  | — |  |  |  | — |
Loss from operations- |  |  | (276,789 | ) |  |  | — |  |  |  | (276,789 | )
Interest expense- |  |  | — |  |  |  | — |  |  |  | — |
Interest income- |  |  | — |  |  |  | — |  |  |  | — |
Other expense- |  |  | — |  |  |  | — |  |  |  | — |
Other income- |  |  | — |  |  |  | — |  |  |  | — |
Assets- |  | $ | 1,197,243 |  |  | $ | — |  |  | $ | 1,197,243 |
(1) | Amounts are allocated to each segment as they are incurred at the corporate level.
|  | E&P |  |  | Cryptocurrency Mining |  |  | Total |
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | — |  |  | $ | 637,269 |  |  | $ | 637,269 |
Depreciation, depletion and amortization expense |  |  | — |  |  |  | 558,319 |  |  |  | 558,319 |
Impairment of cryptocurrency mining equipment |  |  | — |  |  |  | 16,794,688 |  |  |  | 16,794,688 |
Loss from operations |  |  | (6,769,956 | ) |  |  | (19,485,769 | ) |  |  | (26,255,725 | )
Interest expense (1) |  |  | (8,849 | ) |  |  | (102,614 | ) |  |  | (111,463 | )
Interest income (1) |  |  | 92,827 |  |  |  | 35,375 |  |  |  | 128,202 |
Liquidated damages (1) |  |  | (152,521 | ) |  |  | (21,242 | ) |  |  | (173,763 | )
Loss on adjustment to fair value – warrant liabilities (1) |  |  | (22,176,617 | ) |  |  | (2,678,468 | ) |  |  | (24,855,085 | )
Loss on adjustment to fair value – AR Debentures |  |  | — |  |  |  | (2,882,000 | ) |  |  | (2,882,000 | )
Loss on adjustment to fair value – Obligation Shares (1) |  |  | (973,224 | ) |  |  | (503,879 | ) |  |  | (1,477,103 | )
Assets |  | $ | 28,595,051 |  |  | $ | 3,982,396 |  |  | $ | 32,577,447 |
June 7, 2022 (date of inception) through September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Revenues- |  | $ | — |  |  | $ | — |  |  | $ | — |
Depreciation, depletion and amortization expense- |  |  | — |  |  |  | — |  |  |  | — |
Operating income- |  |  | (309,511 | ) |  |  | — |  |  |  | (309,511 | )
Interest expense- |  |  | — |  |  |  | — |  |  |  | — |
Interest income- |  |  | — |  |  |  | — |  |  |  | — |
Other expense- |  |  | — |  |  |  | — |  |  |  | — |
Other income- |  |  | — |  |  |  | — |  |  |  | — |
Assets- |  | $ | 1,197,243 |  |  | $ | — |  |  | $ | 1,197,243 |
(1) | Amounts are allocated to each segment as they are incurred at the corporate level.
The following table presents the breakout of other assets, which represent corporate assets not allocated to segments at September 30, 2023 and 2022: Schedule of Corporate Assets Not Allocated to Segments
|  | 2023 |  |  | 2022 |
|  | As of September 30, |
|  | 2023 |  |  | 2022 |
Cash and cash equivalents |  | $ | 7,241,811 |  |  | $ | — |
Prepaid expenses |  |  | 271,839 |  |  |  | — |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration