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Consolidated Statements of Cash Flows - USD ($)
7 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Cash flow from operating activities:    
Net loss $ (461,520) $ (79,078,860)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 983,788
Impairment of cryptocurrency mining equipment 17,072,015
Stock based compensation 2,894,686
Loss on adjustment to fair value – warrant liabilities 39,797,994
Loss on adjustment to fair value – AR Debentures 3,790,428
Loss on adjustment to fair value – Obligation Shares 1,477,103
Changes in operating assets and liabilities:    
Accounts and other receivable (321,736)
Prepaid expenses (100,596)
Accounts payable and accrued expenses 461,365 1,562,826
Accrued interest and expenses – related parties (2,084)
Other (16,419)
Net cash used in operating activities (155) (11,940,855)
Cash flow from investing activities:    
Acquisition of unproved oil and gas properties (21,225,466)
Cash paid in reverse asset acquisition, net of cash received (1,990,336)
Capital investments – E&P (190,446)
Additions to mining equipment (169,098)
Deferred transaction costs related to Nickel Road Asset Purchase (108,956)
Net cash used in investing activities (23,684,302)
Cash flow from financing activities:    
Proceeds from the issuance of Series D preferred stock and warrants 17,376,250
Financing costs associated with issuance of Series D preferred stock and warrants (928,395)
Proceeds from the issuance of Series E preferred stock, warrants and common stock 20,000,000
Proceeds from the exercise of Series D B warrants 12,450,000
Financing costs associated with issuance of Series E preferred stock, warrants and common stock (165,593)
Payments on long-term debt (150,000)
Proceeds from the sale of options 80,000
Net cash provided by financing activities 80,000 48,582,262
Net increase in cash and cash equivalents 79,845 12,957,105
Cash and cash equivalents, beginning of period 79,845
Cash and cash equivalents, end of period 79,845 13,036,950
Supplemental disclosures of cash flow information:    
Cash paid for income taxes
Cash paid for interest 120,767
Supplemental disclosures of noncash investing and financing activity:    
Deferred transaction costs associated with the Merger and Exok Transaction 1,350,744
Deferred transaction costs associated with the Series D PIPE 409,921
Cryptocurrency mining equipment and deposits acquired in the Merger 20,760,560
Secured convertible debentures assumed in the Merger 1,981,000
SBA loan payable acquired assumed in the Merger 150,000
Membership interests converted into shares of common stock (606,705)
Common stock issued at Merger 9,928,262
Series D Preferred stock issued at Merger 3,209,196
Common stock and warrants issued in Exok option acquisition 7,289,492
Common stock issued in satisfaction of share issuance obligation 2,006,741
Common stock issued in conversion of AR Debentures 5,774,761
Reclassification of increase in value of warrant liabilities to equity $ 39,797,994