XML 21 R3.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 2,971,558 $ 3,505,454
Accounts receivable
Crude Oil and natural gas sales 1,777,846 2,103,341
Other 4,418 90,163
Short-term derivative instrument asset 106,397 391,488
Prepaid expenses and other current assets 298,886 722,002
Total current assets 5,159,105 6,812,448
Crude oil and natural gas properties, successful efforts method:    
Proved Properties 100,285,138 94,189,372
Accumulated depreciation, depletion, amortization and impairment (2,759,226) (352,127)
Total oil and natural gas properties, net 97,525,912 93,837,245
Other property, plant and equipment, net 20,000
Long-term derivative instrument asset 76,199
TOTAL ASSETS 102,705,017 100,725,892
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY    
Accounts payable 8,870,324 4,033,208
Accrued liabilities and other 7,923,613 4,422,183
Revenue and royalties payable 3,191,171 461,773
Revenue and royalties payable - Related Parties 132,563 1,523,138
Deferred underwriting fee payable 1,065,000 1,300,000
Current portion of warrant liability 5,681,849
Current portion of long term debt 5,524,160 4,157,602
Forward purchase agreement liability 1,094,097
Total current liabilities 36,390,779 20,113,049
Long-term debt, net of current portion and discount 33,286,385 37,486,206
Warrant liability 4,777,971
Convertible note liability 891,364
Deferred tax liability 2,692,733 6,163,140
Asset retirement obligations 1,049,285 904,297
Other liabilities 675,000 675,000
Total for non-current liabilities 38,594,767 50,006,614
Total liabilities 74,985,546 70,119,663
Commitments and Contingencies  
Stockholders’ (deficit) equity    
Preferred stock, $0.0001 par value; 1,000,000 authorized shares, 0 shares issued and outstanding at December 31, 2024 and 2023, respectively
Additional paid in capital 31,312,003 16,317,856
Accumulated deficit (28,199,028) (19,118,745)
Total stockholders’ equity (deficit) attributable to HNR Acquisition Corp 3,114,057 (2,800,185)
Noncontrolling interest 24,605,414 33,406,414
Total stockholders’ equity 27,719,471 30,606,229
Total liabilities and stockholders’ equity 102,705,017 100,725,892
Related parties    
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY    
Accounts payable – related parties 445,349 762,000
Related party notes payable, net of discount 3,556,750 2,359,048
Class A Common Stock    
Stockholders’ (deficit) equity    
Common stock value 1,032 524
Class B Common Stock    
Stockholders’ (deficit) equity    
Common stock value $ 50 $ 180