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Divestiture of Wholly Owned Subsidiaries | 9 Months Ended
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Sep. 30, 2025
Investments in and Advances to Affiliates [Abstract] |
Divestiture of Wholly Owned Subsidiaries | Note 2. Divestiture of Wholly Owned Subsidiaries On July 30, 2025, the Company completed the divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC (together, the “divested entities”), two indirectly wholly owned subsidiaries (which were acquired by the Company in October 2024), pursuant to a Membership Interest Purchase Agreement (the “Purchase Agreement”) entered into with Jorgan Development, LLC (“Jorgan”). Under the Purchase Agreement, the Company sold all of the issued and outstanding membership interests in the divested entities. The divested entities were non-core subsidiaries, primarily engaged in the transportation of oilfield-produced water and related equipment leasing, activities that did not align with the Company’s strategic focus. The purchase price consisted of the Company’s Series A Convertible Preferred Stock, with a stated value of $10,058,235 which was returned to the Company, retired, and is no longer outstanding or entitled to dividends. Because the entities are under common control, we did not record a gain on the sale. The consideration received for the divestiture of the businesses consisted solely of the return of 11,058 shares of the Company’s Series A Preferred Stock. The amounts related to the transactions were as follows:
Schedule of businesses consisted |  |  |  |
Net consideration received: |  |  |  |
Return of 11,058 shares of the Company’s Series A Preferred Stock |  | $ | 10,814,449 |
Less: assets transferred |  |  |  |
Cash |  |  | (746,059 | )
Accounts receivable |  |  | (2,713,866 | )
Prepaid expenses |  |  | (20,172 | )
Inventories |  |  | (21,547 | )
Property and equipment, net |  |  | (28,232,430 | )
Right of use assets - operating leases |  |  | (1,977,356 | )
Other assets |  |  | (5,160,272 | )
Goodwill |  |  | (28,316,081 | )
Plus: liabilities transferred |  |  |  |
Accounts payable and accrued expenses |  |  | 15,083,979 |
Operating lease liabilities |  |  | 1,639,601 |
Finance lease liabilities |  |  | 6,401,565 |
Loans and notes payable |  |  | 40,199,687 |
Total net assets transferred |  |  | (3,862,951 | )
Excess of consideration received over net assets transferred, recorded to additional paid in capital |  | $ | 6,901,498 |

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 + Details
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