Going Concern	3 Months Ended
Mar. 31, 2024
Going Concern
Going Concern	Note 3. Going Concern The Company’s condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company generated a net loss of $(26,351,568) for the three months ended March 31, 2024, as compared to a net loss of $(1,632,327) for the three months ended March 31, 2023. The loss for the three months ended March 31, 2024, was comprised of, among other things, certain non-cash items, including: (i) change in fair value of derivative liability of $22,117,007; (ii) amortization of debt discount of $883,277; (iii) loss on disposal of membership interests of $755,506; and (iv) depreciation, depletion and amortization of $228,799. As of March 31, 2024, the Company had a stockholders’ equity of $2,046,058, long-term debt, net of current, of $40,854,502 and a working capital deficiency of $14,246,826. The largest components of current liabilities creating this working capital deficiency is drawings by Simson-Maxwell against its bank credit facility of $3,927,188, accrued interest on notes payable to Discover Growth Fund, LLC (“Discover”) of $5,431,823 and a derivative liability of $4,077,500. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to utilize the resources in place to generate future profitable operations, to develop additional acquisition opportunities, and to obtain the necessary financing to meet its obligations and repay its liabilities arising from business operations when they come due. Management believes the Company may be able to continue to develop new opportunities and may be able to obtain additional funds through debt and / or equity financings to facilitate its business strategy; however, there is no assurance of additional funding being available. These condensed consolidated financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.

Going Concern

3 Months Ended

Mar. 31, 2024

Note 3. Going Concern

The Company’s condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company generated a net loss of $(26,351,568) for the three months ended March 31, 2024, as compared to a net loss of $(1,632,327) for the three months ended March 31, 2023. The loss for the three months ended March 31, 2024, was comprised of, among other things, certain non-cash items, including: (i) change in fair value of derivative liability of $22,117,007; (ii) amortization of debt discount of $883,277; (iii) loss on disposal of membership interests of $755,506; and (iv) depreciation, depletion and amortization of $228,799.

As of March 31, 2024, the Company had a stockholders’ equity of $2,046,058, long-term debt, net of current, of $40,854,502 and a working capital deficiency of $14,246,826. The largest components of current liabilities creating this working capital deficiency is drawings by Simson-Maxwell against its bank credit facility of $3,927,188, accrued interest on notes payable to Discover Growth Fund, LLC (“Discover”) of $5,431,823 and a derivative liability of $4,077,500.

These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to utilize the resources in place to generate future profitable operations, to develop additional acquisition opportunities, and to obtain the necessary financing to meet its obligations and repay its liabilities arising from business operations when they come due. Management believes the Company may be able to continue to develop new opportunities and may be able to obtain additional funds through debt and / or equity financings to facilitate its business strategy; however, there is no assurance of additional funding being available. These condensed consolidated financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.