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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss from continuing operations $ (27,930,351) $ (38,608,027)
Adjustment to reconcile net loss to net cash used in operating activities:    
Stock based compensation 5,835,339 927,221
Depreciation, depletion, and amortization 711
Non-cash SEPA commitment fee 600,000
Loss on issuance of debt 3,039,347
Loss on adjustment to fair value – Warrant Liabilities 24,855,085
Loss on adjustment to fair value – AR Debentures 2,882,000
Loss on adjustment to fair value – Obligation Shares 1,477,103
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (95,879) (208,044)
Accounts payable and accrued expenses 12,453,329 464,002
Accrued interest and expenses – related parties 27,916
Other assets and liabilities (19,103)
Net cash used in continuing operating activities (6,116,607) (8,182,744)
Net cash provided by discontinued operations 460,217 244,818
Net cash used in operating activities (5,656,390) (7,937,926)
Cash flows from investing activities:    
Deposit on Nickel Road asset purchase (9,000,000)
Return of Nickel Road asset purchase deposit 3,000,000
Deposit on other oil and natural gas properties purchase (382,314)
Investments in oil and natural gas properties (8,638,366)
Purchases of other property and equipment (93,849)
Acquisition of unproved oil and natural gas properties (21,116,528)
Cash received from sale of cryptocurrency miners 1,000,000
Cash received from payment on note receivable related to sale of cryptocurrency miners 253,100
Transaction expenses paid related to Nickel Road asset purchase (120,799)
Cash acquired in connection with the Merger 42,360
Transaction expenses paid related to the Merger (308,452)
Net cash used in continuing investing activities (13,982,228) (21,382,620)
Net cash used in discontinued investing activities (169,097)
Net cash used in investing activities (13,982,228) (21,551,717)
Cash flows from financing activities:    
Proceeds from the issuance of Common Stock 15,000,000
Financing costs associated with issuance of Common Stock (4,884,363)
Proceeds from the issuance of the Subordinated Promissory Note – related party 3,000,000
Proceeds from the exercise of Series D and E Preferred Stock warrants 33,538,393
Proceeds from the issuance of Series D Preferred Stock and warrants 17,376,250
Financing costs associated with the issuance of Series D Preferred Stock (409,048)
Proceeds from the issuance of Series E Preferred Stock and warrants 20,000,000
Financing costs associated with the issuance of Series E Preferred Stock (165,593)
Payments on long-term debt (150,000)
Net cash provided by continuing financing activities 46,654,030 36,651,609
Net cash provided by discontinued financing activities
Net cash provided by financing activities 46,654,030 36,651,609
Net increase in cash and cash equivalents 27,015,412 7,161,966
Cash and cash equivalents, beginning of period 13,036,950 79,845
Cash and cash equivalents, end of period $ 40,052,362 $ 7,241,811