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Quarterly Financial Data - Unaudited

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data - Unaudited

NOTE 20 – QUARTERLY FINANCIAL DATA – UNAUDITED

The following tables present the impacts of the restatement adjustments, as described in NOTE 2 Restatement of Consolidated Financial Statements. The unaudited consolidated financial statements for September 30, 2023, which have not previously been presented and have not been restated, are also presented here. This quarterly information has been prepared on the same basis as the Consolidated Financial Statements and includes all adjustments necessary to state fairly the information for the interim periods presented for which the unaudited quarterly financial statements have been restated that management considers necessary for a fair presentation when read in conjunction with the Consolidated Financial Statements and notes. We believe these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance.

In addition to the corrections summarized in NOTE 2 Restatement of Consolidated Financial Statements, the accounting treatments corrected in the unaudited restated quarterly financial statements include the following:

CIC Services Agreement Adjustment – Corrections of an error to each affected period were recorded based on the settlement of the MSA through services provided or cash settlement.

2022 Warrant Issuance Adjustment – A correction of an error was made to reclassify from Equity to Derivative Financial Instrument as described in NOTE 2 Restatement of Consolidated Financial Statements.

37North Adjustment – Management determined that the Share Settled Redemption Feature within the 37N Note is an embedded derivative and should be measured at fair value, with the difference between the fair value of the Share Settled Redemption Feature and the proceeds received from the issuance of the Note allocated to the Note. Then, for subsequent measurements, the Note should be measured at accreted value using the interest method and the Share Settled Redemption Feature is measured at fair value each period with changes in fair value reported in earnings. A correction of an error was made to record the fair value of the Share Settled Redemption Feature separately as a derivative liability financial instrument related to the 37N Note of $423,696 at June 30, 2023.

Monaco Note Payable Adjustment - A correction of an error was made to Equity to record subsequent changes in fair value of $311,123 in March 2022.

Seller Note Adjustment – Management determined that the Seller Note should have been recorded in notes payable-long term at March 31, 2023. Management reclassified $931,425 at March 31, 2023 from short-term Loan Payable to long-term Loan Payable.

Capitalization of ROV Expense adjustment – The Company capitalized refurbishments costs of its Retriever asset that were previously expensed of $510,402 and $287,865 during the three months ended March 31, 2023, and June 30, 2023, respectively.

Impact on Consolidated Balance Sheets

The following Unaudited Interim Consolidated Balance Sheet tables present the impacts of the restatement adjustments as of the periods ended March 2022 and 2023, June 30, 2022 and 2023, September 30, 2022 and December 31, 2022. For the impacts of the restatement adjustments for the Consolidated Balance Sheet as of December 31, 2022, refer to NOTE 2 Restatement of Consolidated Financial Statements. The unaudited interim consolidated balance sheet for the period ended September 30, 2023 was not subject to restatement but is presented here.

		Consolidated Balance Sheet As of March 31, 2022
		As Reported				Litigation Financing Adjustment				Investment in Unconsolidated Entities Adjustments				Other Adjustments				As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	2,106,313			$	—			$	—			$	—			$	2,106,313
Accounts and other related party receivables			262,128				—				—				—				262,128
Short-term notes receivable related party			—				—				—				—				—
Other current assets			753,495				—				—				—				753,495
Total current assets			3,121,936				—				—				—				3,121,936
OTHER NON-CURRENT ASSETS
Investment in unconsolidated entities			3,548,925				—				(503,100	)			—				3,045,825
Option to purchase equity securities in related parties			—				—				1,353,630				—				1,353,630
Exploration license			1,821,251				—				—				—				1,821,251
Property and equipment, net			18,538				—				—				—				18,538
Right of use - operating leases			422,336				—				—				—				422,336
Other non-current assets			34,295				—				—				—				34,295
Total non-current assets			5,845,345				—				850,530				—				6,695,875
Total assets		$	8,967,281			$	—			$	850,530			$	—			$	9,817,811
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable		$	5,677,097			$	—			$	—			$	—			$	5,677,097
Accrued expenses			30,827,610				(13,789,304	)			—								17,038,306
Operating lease liability, current portion			168,809				—				—				—				168,809
Loans payable, current portion			24,984,010				—				—				311,123				25,295,133
Total current liabilities			61,657,526				(13,789,304	)			—				311,123				48,179,345
LONG-TERM LIABILITIES
Loans payable			19,483,909				(19,334,009	)			—				—				149,900
Litigation financing and other			—				36,128,779				—				—				36,128,779
Deferred revenue			—				—				1,353,630				—				1,353,630
Operating lease liability			271,428				—				—				—				271,428
Total long-term liabilities			19,755,337				16,794,770				1,353,630				—				37,903,737
Total liabilities			81,412,863				3,005,466				1,353,630				311,123				86,083,082
Commitments and contingencies (Note 18)
STOCKHOLDERS’ DEFICIT							—								—
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding			—				—				—				—				—
Common stock – $.0001 par value; 75,000,000 shares authorized; 14,487,146 issued			1,448				—				—				—				1,448
Additional paid-in capital			249,189,881				—				—				(232,175	)			248,957,706
Accumulated deficit			(283,321,086	)			(3,005,466	)			(503,100	)			(78,948	)			(286,908,600	)
Total stockholders’ deficit before non-controlling interest			(34,129,757	)			(3,005,466	)			(503,100	)			(311,123	)			(37,949,446	)
Non-controlling interest			(38,315,825	)			—				—				—				(38,315,825	)
Total stockholders’ deficit			(72,445,582	)			(3,005,466	)			(503,100	)			(311,123	)			(76,265,271	)
Total liabilities and stockholders’ deficit		$	8,967,281			$	—			$	850,530			$	—			$	9,817,811

		Consolidated Balance Sheet As of June 30, 2022
		As Reported				Litigation Financing Adjustment				Investment in Unconsolidated Entities Adjustments				2022 Warrant Adjustment				Other Adjustment				As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	10,534,828			$	—			$	—			$	—			$	—			$	10,534,828
Accounts and other related party receivables			329,540				—				—				—				—				329,540
Short-term notes receivable related party			—				—				—				—				—				—
Other current assets			547,077				—				—				—				—				547,077
Total current assets			11,411,445				—				—				—				—				11,411,445
OTHER NON-CURRENT ASSETS
Investment in unconsolidated entities			3,848,925				—				(503,100	)			—				—				3,345,825
Option to purchase equity securities in related parties			—				—				1,215,981								—				1,215,981
Exploration license			1,821,251				—				—				—				—				1,821,251
Property and equipment, net			320,107				—				—				—				—				320,107
Right of use - operating leases			382,587				—				—				—				—				382,587
Other non-current assets			34,295				—				—				—				—				34,295
Total non-current assets			6,407,165				—				712,881				—				—				7,120,046
Total assets		$	17,818,610			$	—			$	712,881			$	—			$	—			$	18,531,491
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable		$	2,734,296			$	—			$	—			$	—			$	—				2,734,296
Accrued expenses			33,978,084				(16,694,822	)			—				—								17,283,262
Operating lease liability, current portion			174,588				—				—				—				—				174,588
Loans payable, current portion			20,384,010				—				—				—								20,384,010
Total current liabilities			57,270,978				(16,694,822	)			—				—				—				40,576,156
LONG-TERM LIABILITIES
Loans payable			24,174,983				(24,025,083	)			—				—				—				149,900
Litigation financing and other			—				44,182,659				—								—				44,182,659
Deferred revenue			—				—				1,215,981				—				—				1,215,981
Warrant liability			—				—				—				11,648,889				—				11,648,889
Operating lease liability			225,944				—				—				—				—				225,944
Total long-term liabilities			24,400,927				20,157,576				1,215,981				11,648,889				—				57,423,373
Total liabilities			81,671,905				3,462,754				1,215,981				11,648,889				—				97,999,529
Commitments and contingencies (Note 18)
STOCKHOLDERS’ DEFICIT							—				—				—				—
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding			—				—				—				—				—				—
Common stock – $.0001 par value; 75,000,000 shares authorized; 19,464,950 issued and outstanding			1,946				—				—				—				—				1,946
Additional paid-in capital			264,323,108				—				—				(8,686,840	)			(232,175	)			255,404,093
Accumulated deficit			(288,004,571	)			(3,462,754	)			(503,100	)			(2,962,049	)			232,175				(294,700,299	)
Total stockholders’ deficit before non-controlling interest			(23,679,517	)			(3,462,754	)			(503,100	)			(11,648,889	)			—				(39,294,260	)
Non-controlling interest			(40,173,778	)			—				—				—				—				(40,173,778	)
Total stockholders’ deficit			(63,853,295	)			(3,462,754	)			(503,100	)			(11,648,889	)			—				(79,468,038	)
Total liabilities and stockholders’ deficit		$	17,818,610			$	—			$	712,881			$	—			$	—			$	18,531,491

		Consolidated Balance Sheet As of September 30, 2022
		As Reported				Litigation Financing Adjustment				Investment in Unconsolidated Entities Adjustments				2022 Warrant Adjustment				Other Adjustment				As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	6,782,608			$	—			$	—			$	—			$	—			$	6,782,608
Accounts and other related party receivables			422,656				—				—				—				—				422,656
Short-term notes receivable related party			—				—				—				—				—				—
Other current assets			481,384				—				—				—				—				481,384
Total current assets			7,686,648				—				—				—				—				7,686,648
OTHER NON-CURRENT ASSETS
Investment in unconsolidated entities			4,147,008				—				(503,100	)			—				—				3,643,908
Option to purchase equity securities in related parties			—				—				1,079,212				—				—				1,079,212
Exploration license			1,821,251				—				—				—				—				1,821,251
Property and equipment, net			306,348				—				—				—				—				306,348
Right of use - operating leases			341,833				—				—				—				—				341,833
Other non-current assets			34,295				—				—				—				—				34,295
Total non-current assets			6,650,735				—				576,112				—				—				7,226,847
Total assets		$	14,337,383			$	—			$	576,112			$	—			$	—			$	14,913,495
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable		$	2,568,554			$	—			$	—			$	—			$	—				2,568,554
Accrued expenses			37,715,418				(19,779,018	)			—				—								17,936,400
Operating lease liability, current portion			172,665				—				—				—				—				172,665
Loans payable, current portion			20,284,010				—				—				—								20,284,010
Total current liabilities			60,740,647				(19,779,018	)			—				—				—				40,961,629
LONG-TERM LIABILITIES
Loans payable			24,354,604				(24,204,704	)			—				—				—				149,900
Litigation financing and other			—				44,795,966				—				—				—				44,795,966
Deferred revenue			—				—				1,079,212								—				1,079,212
Warrant liability			—				—				—				10,436,569				—				10,436,569
Operating lease liability			186,406				—				—				—				—				186,406
Total long-term liabilities			24,541,010				20,591,262				1,079,212				10,436,569				—				56,648,053
Total liabilities			85,281,657				812,244				1,079,212				10,436,569				—				97,609,682
Commitments and contingencies (Note 18)
STOCKHOLDERS’ DEFICIT							—				—				—				—
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding							—				—				—				—				—
Common stock – $.0001 par value; 75,000,000 shares authorized; 19,507,469 issued and outstanding			1,950				—				—				—				—				1,950
Additional paid-in capital			264,621,682				—				—				(8,686,840	)			(232,175	)			255,702,667
Accumulated deficit			(293,459,800	)			(812,244	)			(503,100	)			(1,749,729	)			232,175				(296,292,698	)
Total stockholders’ deficit before non-controlling interest			(28,836,168	)			(812,244	)			(503,100	)			(10,436,569	)			—				(40,588,081	)
Non-controlling interest			(42,108,106	)			—				—				—				—				(42,108,106	)
Total stockholders’ deficit			(70,944,274	)			(812,244	)			(503,100	)			(10,436,569	)			—				(82,696,187	)
Total liabilities and stockholders’ deficit		$	14,337,383			$	—			$	576,112			$	—			$	—			$	14,913,495

Table of Contents

		Consolidated Balance Sheet As of March 31, 2023
		As Reported				Litigation Financing Adjustment				Investment in Unconsolidated Entities Adjustments				2022 Warrant Adjustment				Other Adjustment				As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	674,428			$	—			$	—			$	—			$	—			$	674,428
Accounts and other related party receivables			17				—				—				—				—				17
Short-term notes receivable related party			2,033,744				—				—				—				—				2,033,744
Other current assets			1,071,704				—				—				—				(6,848	)			1,064,856
Total current assets			3,779,893				—				—				—				(6,848	)			3,773,045
OTHER NON-CURRENT ASSETS
Investment in unconsolidated entities			4,676,092				—				(503,100	)			—				—				4,172,992
Option to purchase equity securities in related parties			—				—				836,453				—				—				836,453
Exploration license			1,821,251				—				—				—				—				1,821,251
Property and equipment, net			2,608,146				—				—				—				634,256				3,242,402
Right of use - operating leases			242,703				—				—				—				—				242,703
Other non-current assets			34,295				—				—				—				—				34,295
Total non-current assets			9,382,487				—				333,353				—				634,256				10,350,096
Total assets		$	13,162,380			$	—			$	333,353			$	—			$	627,408			$	14,123,141
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable		$	1,438,698			$	—			$	—			$	—			$	—				1,438,698
Accrued expenses			32,809,997				(25,886,275	)			—				—								6,923,722
Operating lease liability, current portion			178,020				—				—				—				—				178,020
Loans payable, current portion			1,906,620				—				—				—				(931,425	)			975,195
Total current liabilities			36,333,335				(25,886,275	)			—				—				(931,425	)			9,515,635
LONG-TERM LIABILITIES
Loans payable			34,204,032				(23,493,443	)			—				—				931,425				11,642,014
Litigation financing and other			—				47,056,993				—				—				—				47,056,993
Deferred revenue			—				—				836,453				—				—				836,453
Warrant liability			—				—				—				8,870,064				—				8,870,064
Operating lease liability			78,497				—				—				—				—				78,497
Total long-term liabilities			34,282,529				23,563,550				836,453				8,870,064				931,425				68,484,021
Total liabilities			70,615,864				(2,322,725	)			836,453				8,870,064				—				77,999,656
Commitments and contingencies (Note 18)
STOCKHOLDERS’ DEFICIT							—				—				—				—
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding			—				—				—				—				—				—
Common stock – $.0001 par value; 75,000,000 shares authorized; 19,893,450 issued and outstanding			1,989				—				—				—				—				1,989
Additional paid-in capital			270,608,427								—				(8,686,840	)			(232,175	)			261,689,412
Accumulated deficit			(281,631,073	)			2,322,725				(503,100	)			(183,224	)			859,583				(279,135,089	)
Total stockholders’ deficit before non-controlling interest			(11,020,657	)			2,322,725				(503,100	)			(8,870,064	)			627,408				(17,443,688	)
Non-controlling interest			(46,432,827	)			—				—				—				—				(46,432,827	)
Total stockholders’ deficit			(57,453,484	)			2,322,725				(503,100	)			(8,870,064	)			627,408				(63,876,515	)
Total liabilities and stockholders’ deficit		$	13,162,380			$	—			$	333,353			$	—			$	627,408			$	14,123,141

		Consolidated Balance Sheet As of June 30, 2023
		As Reported				Litigation Financing Adjustment				Investment in Unconsolidated Entities Adjustments				2022 Warrant Adjustment				Other Adjustment				As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	1,832,078			$	—			$	—			$	—			$	—			$	1,832,078
Accounts and other related party receivables			1,005,157				—				—				—				—				1,005,157
Short-term notes receivable related party			690,795				—				—				—				—				690,795
Other current assets			991,534				—				—				—				(10,327	)			981,207
Total current assets			4,519,564				—				—				—				(10,327	)			4,509,237
OTHER NON-CURRENT ASSETS
Investment in unconsolidated entities			4,842,925				—				(503,100	)			—				—				4,339,825
Equity securities			—				—				759,905				—				—				759,905
Exploration license			1,821,251				—				—				—				—				1,821,251
Property and equipment, net			2,554,544				—				—				—				922,121				3,476,665
Right of use - operating leases			213,108				—				—				—				—				213,108
Other non-current assets			34,295				—				—				—				—				34,295
Total non-current assets			9,466,123				—				256,805				—				922,121				10,645,049
Total assets		$	13,985,687			$	—			$	256,805			$	—			$	911,794			$	15,154,286
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable		$	932,902			$	—			$	—			$	—			$	—				932,902
Accrued expenses			36,919,178				(28,940,418	)			—				—								7,978,760
Operating lease liability, current portion			199,365				—				—				—				—				199,365
Loans payable, current portion			2,216,963				—				—				—				(428,614	)			1,788,349
Total current liabilities			40,268,408				(28,940,418	)			—				—				(428,614	)			10,899,376
LONG-TERM LIABILITIES
Loans payable			38,708,182				(23,706,580	)			—				—				—				15,001,602
Litigation financing and other			—				48,744,614				—				—				423,696				49,168,310
Deferred revenue			—				—				759,905								—				759,905
Warrant liability			—				—				—				9,946,945				—				9,946,945
Operating lease liability			26,578				—				—				—				—				26,578
Total long-term liabilities			38,734,760				25,038,034				759,905				9,946,945				423,696				74,903,340
Total liabilities			79,003,168				(3,902,384	)			759,905				9,946,945				(4,918	)			85,802,716
Commitments and contingencies (Note 18)
STOCKHOLDERS’ DEFICIT							—				—				—				—
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding			—				—				—				—				—				—
Common stock – $.0001 par value; 75,000,000 shares authorized; 19,981,901 issued and outstanding			1,998				—				—				—				—				1,998
Additional paid-in capital			271,083,470				—				—				(8,686,840	)			(232,175	)			262,164,455
Accumulated deficit			(287,354,763	)			3,902,384				(503,100	)			(1,260,105	)			1,148,887				(284,066,697	)
Total stockholders’ deficit before non-controlling interest			(16,269,295	)			3,902,384				(503,100	)			(9,946,945	)			916,712				(21,900,244	)
Non-controlling interest			(48,748,186	)			—				—				—				—				(48,748,186	)
Total stockholders’ deficit			(65,017,481	)			3,902,384				(503,100	)			(9,946,945	)			916,712				(70,648,430	)
Total liabilities and stockholders’ deficit		$	13,985,687			$	—			$	256,805			$	—			$	911,794			$	15,154,286

		Consolidated Balance Sheet As of September 30, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	511,809
Accounts and other related party receivables			71,509
Short-term notes receivable related party			—
Other current assets			734,585
Total current assets			1,317,903
OTHER NON-CURRENT ASSETS
Investment in unconsolidated entities			8,878,974
Equity securities			6,394,049
Exploration license			1,821,251
Property and equipment, net			116,427
Right of use - operating leases			167,940
Other non-current assets			34,295
Total non-current assets			17,412,936
Total assets		$	18,730,839
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable		$	586,687
Accrued expenses			7,895,653
Operating lease liability, current portion			178,536
Equity securities liability			1,446,796
Put option liability			4,273,038
Loans payable, current portion			14,258,915
Total current liabilities			28,639,625
LONG-TERM LIABILITIES
Loans payable			4,199,152
Litigation financing and other			51,027,114
Deferred revenue			700,353
Warrant liability			10,005,658
Operating lease liability			—
Total long-term liabilities			65,932,277
Total liabilities			94,571,902
Commitments and contingencies (Note 18)
STOCKHOLDERS’ DEFICIT
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding
Common stock – $.0001 par value; 75,000,000 shares authorized; 20,072,453 issued and outstanding			2,007
Additional paid-in capital			263,024,673
Accumulated deficit			(287,879,984	)
Total stockholders’ deficit before non-controlling interest			(24,853,304	)
Non-controlling interest			(50,987,759	)
Total stockholders’ deficit			(75,841,063	)
Total liabilities and stockholders’ deficit		$	18,730,839

Impact on Consolidated Statement of Operations

The following Unaudited Interim Consolidated Statements of Operations present the impacts of the restatement adjustments for the periods ended March 31, 2022 and 2023, June 30, 2022 and 2023 and September 30, 2022. For the impacts of the restatement adjustments for the Consolidated Statement of Operations for the period ended December 31, 2022 refer to NOTE 2 Restatement of Consolidated Financial Statements. The Consolidated Statements of Operations for the period ended September 30, 2023 were not subject to restatement but are presented here.

		Consolidated Statement of Operations For the Three Months Ended March 31, 2022
		As Reported				Litigation Financing Adjustment				Investment in Unconsolidated Entities Adjustments				Other Adjustment				As Restated
REVENUE
Marine services			294,975				—				—				—				294,975
Other services			4,631				—				—				—				4,631
Total revenue			299,606				—				—				—				299,606
OPERATING EXPENSES
Marketing, general and administrative			1,918,496				(36,724	)			—				—				1,881,772
Operations and research			5,056,535				—				—				—				5,056,535
Total operating expenses			6,975,031				(36,724	)			—				—				6,938,307
INCOME (LOSS) FROM OPERATIONS			(6,675,425	)			36,724				—				—				(6,638,701	)
OTHER INCOME (EXPENSE)
Interest income			93				—				—				—				93
Interest expense			(3,225,653	)			2,480,488				—				—				(745,165	)
Change in derivative liabilities fair value			—				(1,521,543	)			—				(311,123	)			(1,832,666	)
Other			(190,257	)			—				—				—				(190,257	)
Total other income (expense)			(3,415,817	)			958,945				—				(311,123	)			(2,767,995	)
(LOSS) BEFORE INCOME TAXES			(10,091,242	)			995,669				—				(311,123	)			(9,406,696	)
Income tax benefit			—				—				—				—				—
NET (LOSS) BEFORE NON-CONTROLLING INTEREST			(10,091,242	)			995,669				—				(311,123	)			(9,406,696	)
Net loss attributable to noncontrolling interest			1,861,013				—				—				—				1,861,013
NET INCOME / (LOSS)			(8,230,229	)			995,669				—				(311,123	)			(7,545,683	)
NET INCOME / (LOSS) PER SHARE
Basic (See Note 2)			(0.57	)			0.07				—				(0.03	)			(0.53	)
Diluted (See Note 2)			(0.57	)			0.07				—				(0.03	)			(0.53	)
Weighted average number of common shares outstanding
Basic			14,365,633				—				—				—				14,365,633
Diluted			14,365,633				—				—				—				14,365,633
		Consolidated Statement of Operations For the Three Months Ended June 30, 2022
		As Reported				Litigation Financing Adjustment				2022 Warrant Adjustment				Other Adjustment				As Restated
REVENUE
Marine services		$	300,000			$	—			$	—			$	—			$	300,000
Other services			90,278				—				—				—				90,278
Total revenue			390,278				—				—				—				390,278
OPERATING EXPENSES
Marketing, general and administrative			2,292,082				(36,724	)			1,087,254				—				3,342,612
Operations and research			1,229,634				—				—				—				1,229,634
Total operating expenses			3,521,716				(36,724	)			1,087,254				—				4,572,246
INCOME (LOSS) FROM OPERATIONS			(3,131,438	)			36,724				(1,087,254	)			—				(4,181,968	)
OTHER INCOME (EXPENSE)
Interest income			2,178				—				—				—				2,178
Interest expense			(3,552,539	)			2,977,531				—				—				(575,008	)
Change in derivative liabilities fair value			—				(3,471,543	)			(1,874,795	)			311,123				(5,035,215	)
Other			140,361				—				—				—				140,361
Total other income (expense)			(3,410,000	)			(494,012	)			(1,874,795	)			311,123				(5,467,684	)
(LOSS) BEFORE INCOME TAXES			(6,541,438	)			(457,288	)			(2,962,049	)			311,123				(9,649,652	)
Income tax benefit			—				—				—				—				—
NET (LOSS) BEFORE NON-CONTROLLING INTEREST			(6,541,438	)			(457,288	)			(2,962,049	)			311,123				(9,649,652	)
Net loss attributable to noncontrolling interest			1,857,953				—				—				—				1,857,953
NET INCOME / (LOSS)		$	(4,683,485	)		$	(457,288	)		$	(2,962,049	)		$	311,123			$	(7,791,699	)
NET INCOME / (LOSS) PER SHARE
Basic (See Note 2)		$	(0.30	)			(0.03	)			(0.19	)			0.02			$	(0.50	)
Diluted (See Note 2)		$	(0.30	)			(0.03	)			(0.19	)			0.02			$	(0.49	)
Weighted average number of common shares outstanding
Basic			15,803,746				—				—				—				15,803,746
Diluted			15,803,746				—				—				—				15,803,746

		Consolidated Statement of Operations For the Six Months Ended June 30, 2022
		As Reported				Litigation Financing Adjustment				2022 Warrant Adjustment				Other Adjustment				As Restated
REVENUE
Marine services		$	594,975			$	—			$	—			$	—			$	594,975
Other services			94,909				—				—				—				94,909
Total revenue			689,884				—				—				—				689,884
OPERATING EXPENSES
Marketing, general and administrative			4,210,578				(73,448	)			1,087,254				—				5,224,384
Operations and research			6,286,169				—				—				—				6,286,169
Total operating expenses			10,496,747				(73,448	)			1,087,254				—				11,510,553
INCOME (LOSS) FROM OPERATIONS			(9,806,863	)			73,448				(1,087,254	)			—				(10,820,669	)
OTHER INCOME (EXPENSE)
Interest income			2,272				—				—				—				2,272
Interest expense			(6,778,193	)			5,458,019				—				—				(1,320,174	)
Change in derivative liabilities fair value			—				(4,993,086	)			(1,874,795	)			—				(6,867,881	)
Other			(49,896	)			—				—				—				(49,896	)
Total other income (expense)			(6,825,817	)			464,933				(1,874,795	)			—				(8,235,679	)
(LOSS) BEFORE INCOME TAXES			(16,632,680	)			538,381				(2,962,049	)			—				(19,056,348	)
Income tax benefit			—				—				—				—				—
NET (LOSS) BEFORE NON-CONTROLLING INTEREST			(16,632,680	)			538,381				(2,962,049	)			—				(19,056,348	)
Net loss attributable to noncontrolling interest			3,718,966				—				—				—				3,718,966
NET INCOME / (LOSS)		$	(12,913,714	)		$	538,381			$	(2,962,049	)		$	—			$	(15,337,382	)
NET INCOME / (LOSS) PER SHARE
Basic (See Note 2)		$	(0.86	)			0.04				(0.20	)			—			$	(1.02	)
Diluted (See Note 2)		$	(0.86	)			0.04				(0.20	)			—			$	(1.02	)
Weighted average number of common shares outstanding
Basic			15,088,662				—				—				—				15,088,662
Diluted			15,088,662				—				—				—				15,088,662
		Consolidated Statement of Operations For the Three Months Ended September 30, 2022
		As Reported				Litigation Financing Adjustment				2022 Warrant Adjustment				Other Adjustment				As Restated
REVENUE
Marine services		$	298,083			$	—			$	—			$	—			$	298,083
Other services			60,326				—				—				—				60,326
Total revenue			358,409				—				—				—				358,409
OPERATING EXPENSES
Marketing, general and administrative			2,213,515				(36,724	)			—				—				2,176,791
Operations and research			1,864,883				—				—				—				1,864,883
Total operating expenses			4,078,398				(36,724	)			—				—				4,041,674
INCOME (LOSS) FROM OPERATIONS			(3,719,989	)			36,724				—				—				(3,683,265	)
OTHER INCOME (EXPENSE)
Interest income			—				—				—				—				—
Interest expense			(3,664,733	)			3,160,329				—				—				(504,404	)
Change in derivative liabilities fair value			—				(546,543	)			1,212,320				—				665,777
Other			(4,835	)			—				—				—				(4,835	)
Total other income (expense)			(3,669,568	)			2,613,786				1,212,320				—				156,538
(LOSS) BEFORE INCOME TAXES			(7,389,557	)			2,650,510				1,212,320				—				(3,526,727	)
Income tax benefit			—				—				—				—				—
NET (LOSS) BEFORE NON-CONTROLLING INTEREST			(7,389,557	)			2,650,510				1,212,320				—				(3,526,727	)
Net loss attributable to noncontrolling interest			1,934,328				—				—				—				1,934,328
NET INCOME / (LOSS)		$	(5,455,229	)		$	2,650,510			$	1,212,320			$	—			$	(1,592,399	)
NET INCOME / (LOSS) PER SHARE
Basic (See Note 2)		$	(0.28	)		$	0.14			$	0.06			$	—			$	(0.08	)
Diluted (See Note 2)		$	(0.28	)		$	0.14			$	0.06			$	—			$	(0.08	)
Weighted average number of common shares outstanding
Basic			19,482,118				—				—				—				19,482,118
Diluted			19,482,118				—				—				—				19,482,118

		Consolidated Statement of Operations For the Nine Months Ended September 30, 2022
		As Reported				Litigation Financing Adjustment				2022 Warrant Adjustment				Other Adjustment				As Restated
REVENUE
Marine services		$	893,058			$	—			$	—			$	—			$	893,058
Other services			155,235				—				—				—				155,235
Total revenue			1,048,293				—				—				—				1,048,293
OPERATING EXPENSES
Marketing, general and administrative			6,424,093				(110,172	)			1,087,254				—				7,401,175
Operations and research			8,151,052				—				—				—				8,151,052
Total operating expenses			14,575,145				(110,172	)			1,087,254				—				15,552,227
INCOME (LOSS) FROM OPERATIONS			(13,526,852	)			110,172				(1,087,254	)			—				(14,503,934	)
OTHER INCOME (EXPENSE)
Interest income			—				—				—				—				—
Interest expense			(10,440,654	)			8,618,348				—				—				(1,822,306	)
Change in derivative liabilities fair value			—				(5,539,629	)			(662,475	)			—				(6,202,104	)
Other			(54,731	)							—				—				(54,731	)
Total other income (expense)			(10,495,385	)			3,078,719				(662,475	)			—				(8,079,141	)
(LOSS) BEFORE INCOME TAXES			(24,022,237	)			3,188,891				(1,749,729	)			—				(22,583,075	)
Income tax benefit			—				—				—				—				—
NET (LOSS) BEFORE NON-CONTROLLING INTEREST			(24,022,237	)			3,188,891				(1,749,729	)			—				(22,583,075	)
Net loss attributable to noncontrolling interest			5,653,294				—				—				—				5,653,294
NET INCOME / (LOSS)		$	(18,368,943	)		$	3,188,891			$	(1,749,729	)		$	—			$	(16,929,781	)
NET INCOME / (LOSS) PER SHARE
Basic (See Note 2)		$	(1.11	)			0.19				(0.11	)			—			$	(1.02	)
Diluted (See Note 2)		$	(1.11	)			0.19				(0.11	)			0.00			$	(1.02	)
Weighted average number of common shares outstanding
Basic			16,569,240				—				—				—				16,569,240
Diluted			16,569,240				—				—				—				16,569,240

		Consolidated Statement of Operations For the Three Months Ended March 31, 2023
		As Reported				Litigation Financing Adjustment				2022 Warrant Adjustment				Other Adjustment				As Restated
REVENUE
Marine services		$	271,375			$	—			$	—			$	—			$	271,375
Other services			17,364				—				—				—				17,364
Total revenue			288,739				—				—				—				288,739
OPERATING EXPENSES
Marketing, general and administrative			1,877,844				(61,918	)			—				—				1,815,926
Operations and research			1,787,859				—				—				(503,133	)			1,284,726
Total operating expenses			3,665,703				(61,918	)			—				(503,133	)			3,100,652
INCOME (LOSS) FROM OPERATIONS			(3,376,964	)			61,918				—				503,133				(2,811,913	)
OTHER INCOME (EXPENSE)
Interest income			388,532				—				—				—				388,532
Interest expense			(3,808,586	)			3,102,064				—				—				(706,522	)
Gain on debt extinguishment			21,478,614				—				—				—				21,478,614
Change in derivative liabilities fair value			—				(1,685,517	)			4,732,403				—				3,046,886
Other			(322,251	)			(1,000,000	)			—				(1,102	)			(1,323,353	)
Total other income (expense)			17,736,309				416,547				4,732,403				(1,102	)			22,884,157
(LOSS) BEFORE INCOME TAXES			14,359,345				478,465				4,732,403				502,031				20,072,244
Income tax benefit			5,746				—				—				(5,746	)			—
NET (LOSS) BEFORE NON-CONTROLLING INTEREST			14,365,091				478,465				4,732,403				496,285				20,072,244
Net loss attributable to noncontrolling interest			2,235,443				—				—				—				2,235,443
NET INCOME / (LOSS)		$	16,600,534			$	478,465			$	4,732,403			$	496,285			$	22,307,687
NET INCOME / (LOSS) PER SHARE
Basic (See Note 2)		$	0.84				0.02				0.24				0.03			$	1.13
Diluted (See Note 2)		$	0.83				0.02				0.24				0.03			$	1.12
Weighted average number of common shares outstanding
Basic			19,666,459				—				—				—				19,666,459
Diluted			19,923,445				—				—				(44,901	)			19,878,544

		Consolidated Statement of Operations For the Three Months Ended June 30, 2023
		As Reported				Litigation Financing Adjustment				2022 Warrant Adjustment				Other Adjustment				As Restated
REVENUE
Marine services		$	166,832			$	—			$	—			$	—			$	166,832
Other services			5,743				—				—				—				5,743
Total revenue			172,575				—				—				—				172,575
OPERATING EXPENSES
Marketing, general and administrative			1,820,858				(11,530	)			—				—				1,809,328
Operations and research			1,498,701				—				—				(280,595	)			1,218,106
Total operating expenses			3,319,559				(11,530	)			—				(280,595	)			3,027,434
INCOME (LOSS) FROM OPERATIONS			(3,146,984	)			11,530				—				280,595				(2,854,859	)
OTHER INCOME (EXPENSE)
Interest income			23,424				—				—				—				23,424
Interest expense			(4,333,224	)			3,253,645				—				4,918				(1,074,661	)
Gain on debt extinguishment			(301,414	)			—				—				—				(301,414	)
Change in derivative liabilities fair value			—				(1,685,516	)			(1,076,881	)			—				(2,762,397	)
Other			(283,897	)			—				—				(433	)			(284,330	)
Total other income (expense)			(4,895,111	)			1,568,129				(1,076,881	)			4,485				(4,399,378	)
(LOSS) BEFORE INCOME TAXES			(8,042,095	)			1,579,659				(1,076,881	)			285,080				(7,254,237	)
Income tax benefit			3,046				—				—				(3,046	)			—
NET (LOSS) BEFORE NON-CONTROLLING INTEREST			(8,039,049	)			1,579,659				(1,076,881	)			282,034				(7,254,237	)
Net loss attributable to noncontrolling interest			2,315,359				—				—				—				2,315,359
NET INCOME / (LOSS)		$	(5,723,690	)		$	1,579,659			$	(1,076,881	)		$	282,034			$	(4,938,878	)
NET INCOME / (LOSS) PER SHARE
Basic (See Note 2)		$	(0.29	)			0.08				(0.05	)			0.01			$	(0.25	)
Diluted (See Note 2)		$	(0.29	)			0.08				(0.05	)			0.02			$	(0.25	)
Weighted average number of common shares outstanding
Basic			19,918,677				—				—				—				19,918,677
Diluted			19,918,677				—				—				—				19,918,677

		Consolidated Statement of Operations For the Six Months Ended June 30, 2023
		As Reported				Litigation Financing Adjustment				2022 Warrant Adjustment				Other Adjustment				As Restated
REVENUE
Marine services		$	438,208			$	—			$	—			$	—			$	438,208
Other services			23,106				—				—				—				23,106
Total revenue			461,314				—				—				—				461,314
OPERATING EXPENSES
Marketing, general and administrative			3,698,702				(73,448	)			—				—				3,625,254
Operations and research			3,286,560				—				—				(790,997	)			2,495,563
Total operating expenses			6,985,262				(73,448	)			—				(790,997	)			6,120,817
INCOME (LOSS) FROM OPERATIONS			(6,523,948	)			73,448				—				790,997				(5,659,503	)
OTHER INCOME (EXPENSE)
Interest income			411,956				—				—				—				411,956
Interest expense			(8,141,810	)			6,355,709				—				4,918				(1,781,183	)
Gain on debt extinguishment			21,177,200				—				—				—				21,177,200
Change in derivative liabilities fair value			—				(3,371,033	)			3,655,522				—				284,489
Other			(606,148	)			(1,000,000	)			—				(1,535	)			(1,607,683	)
Total other income (expense)			12,841,198				1,984,676				3,655,522				3,383				18,484,779
(LOSS) BEFORE INCOME TAXES			6,317,250				2,058,124				3,655,522				794,380				12,825,276
Income tax benefit			8,792				—				—				(8,792	)			—
NET (LOSS) BEFORE NON-CONTROLLING INTEREST			6,326,042				2,058,124				3,655,522				785,588				12,825,276
Net loss attributable to noncontrolling interest			4,550,802				—				—				—				4,550,802
NET INCOME / (LOSS)		$	10,876,844			$	2,058,124			$	3,655,522			$	785,588			$	17,376,078
NET INCOME / (LOSS) PER SHARE
Basic (See Note 2)		$	0.55				0.10				0.18				0.04			$	0.88
Diluted (See Note 2)		$	0.54				0.10				0.18				0.04			$	0.87
Weighted average number of common shares outstanding
Basic			19,793,265				—				—				—				19,793,265
Diluted			20,019,461				—				—				38,433				20,057,894

		Consolidated Statement of Operations
		For the Nine Months ended				For the Three Months ended
		September 30, 2023				September 30, 2023
REVENUE
Marine services		$	628,907			$	190,699
Other services			8,283				(14,823	)
Total revenue			637,190				175,876
OPERATING EXPENSES
Marketing, general and administrative			5,189,410				1,564,156
Operations and research			3,562,705				1,067,142
Total operating expenses			8,752,115				2,631,298
INCOME (LOSS) FROM OPERATIONS			(8,114,925	)			(2,455,422	)
OTHER INCOME (EXPENSE)
Interest income			412,611				655
Interest expense			(3,617,336	)			(1,836,153	)
Loss on equity method investment			(190,000	)			(190,000	)
Gain (loss) on debt extinguishment			21,177,200				—
Gain (loss) sale of wholly owned entity			174,107				174,107
Change in derivative liabilities fair value			(1,574,658	)			(1,859,147	)
Other			(1,494,581	)			113,102
Total other income (expense)			14,887,343				(3,597,436	)
(LOSS) BEFORE INCOME TAXES			6,772,418				(6,052,858	)
Income tax benefit			—				—
NET (LOSS) BEFORE NON-CONTROLLING INTEREST			6,772,418				(6,052,858	)
Net loss attributable to noncontrolling interest			6,790,375				2,239,573
NET INCOME / (LOSS)		$	13,562,793			$	(3,813,285	)
NET INCOME / (LOSS) PER SHARE
Basic		$	0.68			$	(0.19	)
Diluted		$	0.46			$	(0.19	)
Weighted average number of common shares outstanding
Basic			19,871,381				20,025,067
Diluted			21,536,962				20,025,067

Cumulative Effect of Prior Period Adjustments

The following table represents the impact of the Restatement of the Company’s Stockholders’ deficit for the periods ended March 2022, June 2022, September 2022, March 2023 and June 2023:

		Preferred Stock – Shares				Common Stock – Shares				Preferred Stock				Common Stock				Additional Paid-in Capital				Accumulated Deficit				Non-controlling Interest				Total
Balance at December 31, 2021 (As previously reported)			—				14,309,315			$	—			$	1,431			$	249,055,600			$	(275,090,857	)		$	(36,454,812	)		$	(62,488,638	)
Litigation Financing Adjustment			—				—				—				—				—				(4,001,135	)			—				(4,001,135	)
Investment in Unconsolidated Entities Adjustments			—				—				—				—				—				(503,100	)			—				(503,100	)
Other Adjustments			—				—				—				—				(232,175	)			232,175				—				—
Cumulative restatement adjustments			—				—				—				—				(232,175	)			(4,272,060	)			—				(4,504,235	)
Balance at December 31, 2021 (As Restated)			—				14,309,315			$	—			$	1,431			$	248,823,425			$	(279,362,917	)		$	(36,454,812	)		$	(66,992,873	)
Balance at March 31, 2022 (As previously reported)			—				14,487,146			$	—			$	1,448			$	249,189,881			$	(283,321,086	)		$	(38,315,825	)		$	(72,445,582	)
Litigation Financing Adjustment			—				—				—				—				—				(3,005,466	)			—				(3,005,466	)
Investment in Unconsolidated Entities Adjustments			—				—				—				—				—				(503,100	)			—				(503,100	)
Other Adjustments			—				—				—				—				(232,175	)			(78,948	)			—				(311,123	)
Cumulative restatement adjustments			—				—				—				—				(232,175	)			(3,587,514	)			—				(3,819,689	)
Balance at March 31, 2022 (As Restated)			—				14,487,146			$	—			$	1,448			$	248,957,706			$	(286,908,600	)		$	(38,315,825	)		$	(76,265,271	)
Balance at June 30, 2022 (As previously reported)			—				19,464,950			$	—			$	1,946			$	264,323,108			$	(288,004,571	)		$	(40,173,778	)		$	(63,853,295	)
Litigation Financing Adjustment			—				—				—				—				—				(3,462,754	)			—				(3,462,754	)
Investment in Unconsolidated Entities Adjustments			—				—				—				—				—				(503,100	)			—				(503,100	)
2022 Warrant Adjustment			—				—				—				—				(8,686,840	)			(2,962,049	)			—				(11,648,889	)
Other Adjustments			—				—				—				—				(232,175	)			232,175				—				—
Cumulative restatement adjustments			—				—				—				—				(8,919,015	)			(6,695,728	)			—				(15,614,743	)
Balance at June 30, 2022 (As Restated)			—				19,464,950			$	—			$	1,946			$	255,404,093			$	(294,700,299	)		$	(40,173,778	)		$	(79,468,038	)
Balance at September 30, 2022 (As previously reported)			—				19,507,469			$	—			$	1,950			$	264,621,682			$	(293,459,800	)		$	(42,108,106	)		$	(70,944,274	)
Litigation Financing Adjustment			—				—				—				—				—				(812,244	)			—				(812,244	)
Investment in Unconsolidated Entities Adjustments			—				—				—				—				—				(503,100	)			—				(503,100	)
2022 Warrant Adjustment			—				—				—				—				(8,686,840	)			(1,749,729	)			—				(10,436,569	)
Other Adjustments			—				—				—				—				(232,175	)			232,175				—				—
Cumulative restatement adjustments			—				—				—				—				(8,919,015	)			(2,832,898	)			—				(11,751,913	)
Balance at September 30, 2022 (As Restated)			—				19,507,469			$	—			$	1,950			$	255,702,667			$	(296,292,698	)		$	(42,108,106	)		$	(82,696,187	)
Balance at March 31, 2023 (As previously reported)			—				19,893,450			$	—			$	1,989			$	270,608,427			$	(281,631,073	)		$	(46,432,827	)		$	(57,453,484	)
Litigation Financing Adjustment			—				—				—				—				—				2,322,725				—				2,322,725
Investment in Unconsolidated Entities Adjustments			—				—				—				—				—				(503,100	)			—				(503,100	)
2022 Warrant Adjustment			—				—				—				—				(8,686,840	)			(183,224	)			—				(8,870,064	)
Other Adjustments			—				—				—				—				(232,175	)			859,583				—				627,408
Cumulative restatement adjustments			—				—				—				—				(8,919,015	)			2,495,984				—				(6,423,031	)
Balance at March 31, 2023 (As Restated)			—				19,893,450			$	—			$	1,989			$	261,689,412			$	(279,135,089	)		$	(46,432,827	)		$	(63,876,515	)
Balance at June, 2023 (As previously reported)			—				19,981,901			$	—			$	1,998			$	271,083,470			$	(287,354,763	)		$	(48,748,186	)		$	(65,017,481	)
Litigation Financing Adjustment			—				—				—				—				—				3,902,384				—				3,902,384
Investment in Unconsolidated Entities Adjustments			—				—				—				—				—				(503,100	)			—				(503,100	)
2022 Warrant Adjustment			—				—				—				—				(8,686,840	)			(1,260,105	)			—				(9,946,945	)
Other Adjustments			—				—				—				—				(232,175	)			1,148,887				—				916,712
Cumulative restatement adjustments			—				—				—				—				(8,919,015	)			3,288,066				—				(5,630,949	)
Balance at June, 2023 (As Restated)			—				19,981,901			$	—			$	1,998			$	262,164,455			$	(284,066,697	)		$	(48,748,186	)		$	(70,648,430	)
Balance at June, 2023 (As Restated)			—				19,981,901			$	—			$	1,998			$	262,164,455			$	(284,066,697	)		$	(48,748,186	)		$	(70,648,430	)
Sharebased compensation																			166,069												166,069
Commons stock issued for warrants exercised							90,552								9				303,340												303,349
Fair value of warrants																			390,809												390,809
Net income / (loss)																							(3,813,287	)			(2,239,573	)			(6,052,860	)
Balance as of September 30, 2023			—				20,072,453			$	—			$	2,007			$	263,024,673			$	(287,879,984	)		$	(50,987,759	)		$	(75,841,063	)

Impact of Consolidated Statement of Cash Flows

The following Unaudited Interim Consolidated Statements of Cash Flows tables present the impacts of the restatement adjustments for the periods ended March 31, 2022 and 2023, June 30, 2022 and 2023 and September 30, 2022. For the impacts of the restatement adjustments for the Consolidated Statement of Operations for the period ended December 31, 2022, refer to NOTE 2 Restatement of Consolidated Financial Statements. The Consolidated Statements of Cash Flows for the period ended September 30, 2023 were not subject to restatement but are presented here.

		Statement of Cash Flows For the Three Months Ended March 31, 2022
		As Reported				Litigation Financing Adjustment				Other Adjustment				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income/(Loss)		$	(10,091,242	)		$	995,669			$	(311,123	)		$	(9,406,696	)
Adjustments to reconcile net loss to net cash used in operating activities:
Investment in unconsolidated entity			(294,975	)			—				—				(294,975	)
Depreciation			2,373				—				—				2,373
Financing fees amortization			36,724				—				—				36,724
Amortization of finance liability			—				—				—				—
Amortization of loan prepayment premium			200,000				—				—				200,000
Note payable interest accretion			68,140				—				—				68,140
Note receivable interest accretion			—				—				—				—
Right of use asset amortization			38,773				—				—				38,773
Fair market value adjustment for OML acquisition liabilities			—				—				—				—
Share-based compensation			312,646				—				—				312,646
Change in derivatives liabilities fair value			—				1,521,543				311,123				1,832,666
(Increase) decrease in:
Accounts and other related party receivables			6,739				—				—				6,739
Change in operating lease liability			(38,729	)			—				—				(38,729	)
Other assets			23,135				—				—				23,135
Accounts payable			4,633,450				—				—				4,633,450
Accrued expenses and other			3,378,543				(2,517,212	)			—				861,331
NET CASH USED IN OPERATING ACTIVITIES			(1,724,423	)			—				—				(1,724,423	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment			(2,878	)			—				—				(2,878	)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES			(2,878	)			—				—				(2,878	)

		As Reported				Litigation Financing Adjustment				Other Adjustment				As Restated
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of loans payable			2,200,000				—				—				2,200,000
Payment of debt obligation			(186,777	)			—				—				(186,777	)
Repurchase of stock-based awards withheld for payment of withholding tax requirements			(454,360	)			—				—				(454,360	)
NET CASH PROVIDED BY FINANCING ACTIVITIES			1,558,863				—				—				1,558,863
NET INCREASE (DECREASE) IN CASH			(168,438	)			—				—				(168,438	)
CASH AT BEGINNING OF YEAR			2,274,751				—				—				2,274,751
CASH AT END OF YEAR		$	2,106,313			$	—			$	—			$	2,106,313

As Reported

Litigation Financing Adjustment

Other Adjustment

As Restated

SUPPLEMENTARY INFORMATION:

Interest paid

$

—

—

—

$

—

Income taxes paid

$

—

—

—

$

—

		Statement of Cash Flows For the Six Months Ended June 30, 2022
		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustments				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income/(Loss)		$	(16,632,680	)		$	538,381			$	(2,962,049	)		$	—			$	(19,056,348	)
Adjustments to reconcile net loss to net cash used in operating activities:
Investment in unconsolidated entity			(594,975	)			—				—				—				(594,975	)
Depreciation			10,325				—				—				—				10,325
Financing fees amortization			73,448				—				—				—				73,448
Amortization of loan prepayment premium			300,000				—				—				—				300,000
Note payable interest accretion			140,153				—				—				—				140,153
Right of use asset amortization			78,522				—				—				—				78,522
Share-based compensation			731,498				—				—				—				731,498
Change in derivatives liabilities fair value			—				3,043,086				3,824,795				—				6,867,881
(Increase) decrease in:
Accounts and other related party receivables			(60,672	)			—				—				—				(60,672	)
Change in operating lease liability			(78,434	)			—				—				—				(78,434	)
Other assets			229,553				—				—				—				229,553
Accounts payable			6,336,234				—				—				—				6,336,234
Accrued expenses and other			6,716,044				(5,531,467	)			—				—				1,184,577
NET CASH USED IN OPERATING ACTIVITIES			(2,750,984	)			(1,950,000	)			862,746				—				(3,838,238	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(312,399	)			—				—				—				(312,399	)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES			(312,399	)			—				—				—				(312,399	)

		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustments				As Restated
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of loans payable			2,200,000				—				—				—				2,200,000
Payment of debt obligation			(5,073,804	)			—				—				—				(5,073,804	)
Repurchase of stock-based awards withheld for payment of withholding tax			(524,263	)			—				—				—				(524,263	)
Offering cost paid on sale of common stock			(1,790,848	)			—				1,087,254				—				(703,594	)
Proceeds from sale of common stock			16,512,375				—				—				—				16,512,375
NET CASH PROVIDED BY FINANCING ACTIVITIES			11,323,460				—				1,087,254				—				12,410,714
NET INCREASE (DECREASE) IN CASH			8,260,077				—				—				—				8,260,077
CASH AT BEGINNING OF YEAR			2,274,751				—				—				—				2,274,751
CASH AT END OF YEAR		$	10,534,828			$	—			$	—			$	—			$	10,534,828

As Reported

Litigation Financing Adjustment

2022 Warrants Adjustment

Other Adjustments

As Restated

SUPPLEMENTARY INFORMATION:

Interest paid

$

—

—

—

—

—

Income taxes paid

$

—

—

—

—

—

		Statement of Cash Flows For the Nine Months Ended September 30, 2022
		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustments				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income/(Loss)		$	(24,022,237	)		$	3,188,891			$	(1,749,729	)		$	—			$	(22,583,075	)
Adjustments to reconcile net loss to net cash used in operating activities:
Investment in unconsolidated entity			(893,058	)			—				—				—				(893,058	)
Depreciation			28,509				—				—				—				28,509
Financing fees amortization			110,172				—				—				—				110,172
Amortization of loan prepayment premium			300,000				—				—				—				300,000
Note payable interest accretion			216,286				—				—				—				216,286
Right of use asset amortization			119,276				—				—				(119,895	)			(619	)
Share-based compensation			1,025,283				—				—				—				1,025,283
Change in derivatives liabilities fair value			—				5,539,629				662,475				—				6,202,104
(Increase) decrease in:
Accounts and other related party receivables			(153,788	)			—				—				—				(153,788	)
Other assets			295,246				—				—				—				295,246
Accounts payable			6,301,005				—				—				—				6,301,005
Accrued expenses and other			10,641,134				(8,728,520	)			—				—				1,912,614
NET CASH USED IN OPERATING ACTIVITIES			(6,032,172	)			—				(1,087,254	)			(119,895	)			(7,239,321	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(316,823	)			—				—				—				(316,823	)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES			(316,823	)			—				—				—				(316,823	)

		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustments				As Restated
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of loans payable			2,200,000				—				—				—				2,200,000
Payment of operating lease liability			(119,895	)			—				—				119,895				—
Payment of debt obligation			(5,361,560	)			—				—				—				(5,361,560	)
Repurchase of stock-based awards withheld for payment of withholding tax			(563,268	)			—				—				—				(563,268	)
Offering cost paid on sale of common stock			(1,810,800	)			—				1,087,254				—				(723,546	)
Proceeds from sale of common stock			16,512,375				—				—				—				16,512,375
NET CASH PROVIDED BY FINANCING ACTIVITIES			10,856,852				—				1,087,254				119,895				12,064,001
NET INCREASE (DECREASE) IN CASH			4,507,857																4,507,857
CASH AT BEGINNING OF YEAR			2,274,751				—				—				—				2,274,751
CASH AT END OF YEAR		$	6,782,608			$	—			$	—			$	—			$	6,782,608

		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustments				As Restated
SUPPLEMENTARY INFORMATION:
Interest paid		$	222,000				—				—				—			$	222,000
Income taxes paid		$	—				—				—				—			$	—

		Consolidated Statement of Cash Flows For the Three Months Ended March 31, 2023
		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustments				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income/(Loss)		$	14,365,091			$	478,465			$	4,732,403			$	496,285			$	20,072,244
Adjustments to reconcile net loss to net cash used in operating activities:
Investment in unconsolidated entity			(271,375	)			—				—				—				(271,375	)
Depreciation			143,647				—				—				—				143,647
Financing fees amortization			41,372				—				—				—				41,372
Note payable interest accretion			315,363				—				—				—				315,363
Note receivable interest accretion			(288,991	)			—				—				—				(288,991	)
Right of use asset amortization			57,322				—				—				—				57,322
Share-based compensation			122,339				—				—				—				122,339
(Gain) loss on debt extinguishment			(21,478,614	)			—				—				—				(21,478,614	)
Change in derivatives liabilities fair value			—				1,685,517				(4,732,403	)			—				(3,046,886	)
(Increase) decrease in:
Accounts and other related party receivables			7,498				—				—				—				7,498
Short-term notes receivable related party			(168,036	)			—				—				—				(168,036	)
Change in operating lease liability			(59,278	)			—				—				—				(59,278	)
Other assets			(124,276	)			—				—				6,848				(117,428	)
Accounts payable			(657,416	)			—				—				—				(657,416	)
Accrued expenses and other			4,507,406				(3,163,982	)			—				—				1,343,424
NET CASH USED IN OPERATING ACTIVITIES			(3,487,948	)			(1,000,000	)			—				503,133				(3,984,815	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(5,326	)			—				—				(503,133	)			(508,459	)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES			(5,326	)			—				—				(503,133	)			(508,459	)

		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustments				As Restated
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of loans payable			13,515,100				—				—				—				13,515,100
Waiver fee paid			(1,000,000	)			1,000,000				—				—				—
Offering cost paid on financing			(98,504	)			—				—				—				(98,504	)
Payment of debt obligation			(9,692,315	)			—				—				—				(9,692,315	)
NET CASH PROVIDED BY FINANCING ACTIVITIES			2,724,281				1,000,000				—				—				3,724,281
NET INCREASE (DECREASE) IN CASH			(768,993	)			—				—				—				(768,993	)
CASH AT BEGINNING OF YEAR			1,443,421				—				—				—				1,443,421
CASH AT END OF YEAR		$	674,428			$	—			$	—			$	—			$	674,428

		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustments				As Restated
SUPPLEMENTARY INFORMATION:
Interest paid		$	72,359				—				—				—			$	72,359
Income taxes paid		$	—				—				—				—			$	—
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Conversion of debt to common stock		$	1,000,000				—				—				—			$	1,000,000
Warrants issued		$	3,416,594				—				—				—			$	3,416,594

		Consolidated Statement of Cash Flows For the Six Months Ended June 30, 2023
		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustment				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income/(Loss)		$	6,326,042			$	2,058,124			$	3,655,522			$	785,588			$	12,825,276
Adjustments to reconcile net loss to net cash used in operating activities:
Investment in unconsolidated entity			(438,208	)			—				—				—				(438,208	)
Depreciation			289,511				—				—				—				289,511
Financing fees amortization			268,673				—				—				—				268,673
Amortization of loan prepayment premium			116,826				—				—				—				116,826
Note payable interest accretion			857,549				—				—				4,918				862,467
Note receivable interest accretion			(288,991	)			—				—				—				(288,991	)
Right of use asset amortization			86,917				—				—				—				86,917
Share-based compensation			372,831				—				—				—				372,831
Gain on debt extinguishment, net of note receivable write-off			(21,177,200	)			—				—				—				(21,177,200	)
(Gain) loss on debt extinguishment			—				—				—				—				—
Gain on sale of equipment			(40,000	)			—				—				—				(40,000	)
Beneficial conversion feature on convertible debt, interest expense			—				—				—				—				—
Change in derivatives liabilities fair value			—				3,371,033				(3,655,522	)			—				(284,489	)
(Increase) decrease in:
Accounts and other related party receivables			(997,642	)			—				—				—				(997,642	)
Short-term notes receivable related party			(176,501	)			—				—				—				(176,501	)
Change in operating lease liability			(89,852	)			—				—				—				(89,852	)
Other assets			(44,106	)			—				—				10,327				(33,779	)
Accounts payable			(1,056,107	)			—				—				—				(1,056,107	)
Accrued expenses and other			8,616,587				(6,429,157	)			—				2,352				2,189,782
NET CASH USED IN OPERATING ACTIVITIES			(7,373,671	)			(1,000,000	)			—				803,185				(7,570,486	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment			40,001				—				—				—				40,001
Purchase of property and equipment			(97,589	)			—				—				(798,267	)			(895,856	)
Proceeds from related party			1,000,000				—				—				—				1,000,000
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES			942,412				—				—				(798,267	)			144,145

		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustment				As Restated
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of loans payable			15,067,746				—				—				—				15,067,746
Waiver fee paid			(1,000,000	)			1,000,000				—				—				—
Offering cost paid on financing			(98,504	)			—				—				—				(98,504	)
Payment of debt obligation			(11,139,244	)			—				—				—				(11,139,244	)
Proceeds from sale leaseback financing, net			4,050,000				—				—				—				4,050,000
Payment on sale leaseback financing			(65,000	)			—				—				—				(65,000	)
NET CASH PROVIDED BY FINANCING ACTIVITIES			6,814,998				1,000,000				—				—				7,814,998
NET INCREASE (DECREASE) IN CASH			383,739				—				—				4,918				388,657
CASH AT BEGINNING OF YEAR			1,443,421				—				—				—				1,443,421
CASH AT END OF YEAR		$	1,827,160			$	—			$	—			$	4,918			$	1,832,078

		As Reported				Litigation Financing Adjustment				2022 Warrants Adjustment				Other Adjustment				As Restated
SUPPLEMENTARY INFORMATION:
Interest paid		$	134,717				—				—				—			$	134,717
Income taxes paid		$	—				—				—				—			$	—
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Conversion of debt to common stock		$	1,000,000				—				—				—			$	1,000,000
Warrants issued		$	3,536,154				—				—				—			$	3,536,154

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- Definition

The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482964/270-10-50-1B

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 270
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//270/tableOfContent

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