XML 116 R22.htm IDEA: XBRL DOCUMENT v3.24.2

Business Combination (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination [Abstract]

Schedule of Acquisition in Purchase Price Allocation Depreciation and Amortization

Purchase Price:
Cash		$	31,074,127
Side Letter payable			1,925,873
Promissory note to Sellers of Pogo Business			15,000,000
10,000 HNRA Class A Common shares for Option Agreement			67,700
200,000 HNRA Class A Common shares			1,354,000
1,800,000 OpCo Class B Units			12,186,000
1,500,000 OpCo Preferred Units			21,220,594
Total purchase consideration		$	82,828,294
Purchase Price Allocation
Cash		$	246,323
Accounts receivable			3,986,559
Prepaid expenses			368,371
Oil & gas reserves			93,809,392
Derivative assets			51,907
Accounts payable			(2,290,475	)
Accrued liabilities and other			(1,244,633	)
Revenue and royalties payable			(775,154	)
Revenue and royalties payable, related parties			(1,199,420	)
Short-term derivative liabilities			(27,569	)
Deferred tax liabilities			(8,528,772	)
Asset retirement obligations, net			(893,235	)
Other liabilities			(675,000	)
Net assets acquired		$	82,828,294

Schedule of the Pro Forma Consolidated Results of Operations

The pro forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisitions had taken place on the dates noted above, or of results that may occur in the future.

		Three Months ended March 31,
		2024				2023
Revenue		$	3,283,099			$	7,041,949
Operating loss			(3,087,609	)			(660,172	)
Net loss			(5,286,852	)			(2,337,254	)
Net loss per common share		$	(1.01	)		$	(0.45	)
Weighted Average common shares outstanding			5,235,131				5,235,131

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

+ Details

Name:	us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration