Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 17. Segment Information

The Company’s reportable business segments have been identified based on the differences in products or services provided. The Company’s E&P segment is comprised of oil and gas properties which are currently related to its assets in Colorado. The cryptocurrency mining segment generates revenue through cryptocurrency mining activities from assets that we acquired through the Merger. All such activities currently operate under a contract with Atlas as described above and occur in the United States. The Company exited cryptocurrency mining upon the January 2024 disposition of its cryptocurrency mining equipment (see Note 18).

Summarized financial information for the Company’s reportable segments is shown in the following table. The accounting policies of the segments are the same as those described for the Company. Management evaluates the performance of its segments based on operating income, defined as operating revenues less operating costs. Income before income taxes, for the purpose of reconciling the operating income amount shown below to consolidated income before income taxes, is the sum of operating income, interest expense. General and administrative expense, interest income, interest expense, liquidated damages and losses on adjustment to fair value (warrant liabilities and obligation shares) are incurred at the corporate level and allocated to the segments.

	E&P			Cryptocurrency Mining			Total
Year ended December 31, 2023
Revenues	$	—		$	1,545,792		$	1,545,792
Depreciation, depletion and amortization expense		—			983,788			983,788
Impairment of cryptocurrency mining equipment		—			17,072,015			17,072,015
Loss from operations		(13,305,589	)		(20,285,841	)		(33,591,430	)
Interest income (1)		199,737			48,336			248,073
Interest expense (1)		(8,849	)		(112,985	)		(121,834	)
Liquidated damages (1)		(486,423	)		(61,721	)		(548,144	)
Loss on adjustment to fair value – warrant liabilities (1)		(35,822,179	)		(3,975,815	)		(39,797,994	)
Loss on adjustment to fair value – AR Debentures		—			(3,790,428	)		(3,790,428	)
Loss on adjustment to fair value – Obligation Shares (1)		(973,224	)		(503,879	)		(1,477,103	)
Assets		28,969,614			3,512,056			32,481,670
Capital investments		28,705,404			21,238,109			49,943,513
June 7, 2022 (date of inception) through December 31, 2022
Revenues	$	—		$	—		$	—
Depreciation, depletion and amortization expense		—			—			—
Operating income		(461,520	)		—			(461,520	)
Interest expense		—			—			—
Interest income		—			—			—
Other expense		—			—			—
Other income		—			—			—
Assets		1,760,665			—			1,760,665

(1) Amounts are allocated to each segment as they are incurred at the corporate level.

The following table presents the breakout of other assets, which represent corporate assets not allocated to segments at December 31, 2023 and 2022:

	As of December 31,
	2023		2022
Cash and cash equivalents	$	13,036,950	$	79,845
Prepaid expenses		164,391		—