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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
4 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2023
Cash flow from operating activities:    
Net loss $ (309,511) $ (55,626,937)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 558,319
Impairment of cryptocurrency mining equipment 16,794,688
Stock based compensation 927,221
Loss on adjustment to fair value – warrant liabilities 24,855,085
Loss on adjustment to fair value – AR Debentures 2,882,000
Loss on adjustment to fair value – Obligation Shares 1,477,103
Changes in operating assets and liabilities:    
Accounts and other receivable (89,279)
Prepaid expenses (208,044)
Accounts payable and accrued expenses 309,511 464,002
Accrued interest and expenses – related parties 27,916
Net cash used in operating activities (7,937,926)
Cash flow from investing activities:    
Cash acquired in connection with the Merger 42,360
Acquisition of unproved oil and gas properties (21,116,528)
Transaction expenses related to the Merger (308,452)
Additions to mining equipment (169,097)
Net cash used in investing activities (21,551,717)
Cash flow from financing activities:    
Proceeds from the issuance of Series D preferred stock and warrants 17,376,250
Financing costs associated with issuance of Series D preferred stock and warrants (409,048)
Proceeds from the issuance of Series E preferred stock, warrants and common stock 20,000,000
Financing costs associated with issuance of Series E preferred stock, warrants and common stock (165,593)
Payments on long-term debt (150,000)
Proceeds from the sale of options 80,000
Net cash provided by financing activities 80,000 36,651,609
Net increase (decrease) in cash and cash equivalents 80,000 7,161,966
Cash and cash equivalents, beginning of period 79,845
Cash and cash equivalents, end of period 80,000 7,241,811
Supplemental disclosures of cash flow information:    
Cash paid for income taxes
Cash paid for interest 57,101
Supplemental disclosures of noncash investing and financing activity:    
Deferred transaction costs associated with the Merger and Exok Transaction 880,928
Deferred transaction costs associated with the Series D PIPE 236,315
Cryptocurrency mining equipment and deposits acquired in the Merger 20,760,560
Secured convertible debentures assumed in the Merger 1,981,000
SBA loan payable acquired assumed in the Merger 150,000
Membership interests converted into shares of common stock (606,705)
Common stock issued at Merger 9,928,262
Series D Preferred stock issued at Merger 3,209,196
Common stock and warrants issued in Exok option acquisition 7,289,492
Common stock issued in satisfaction of share issuance obligation 2,006,741
Deferred transaction costs capitalized to oil and natural gas properties 189,031
Deferred transaction costs associated with financing $ 519,533