XML 70 R41.htm IDEA: XBRL DOCUMENT v3.24.2
EXPLANATION OF THE RESTATEMENT (Details 3) - USD ($)
1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Dec. 14, 2022
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities (used in)          
Net loss $ (81,662,591) $ (81,662,591) $ (7,938,335) $ (37,556,787)  
Adjustments to reconcile net loss to net cash from operations:          
Accretion expense   1,092 1,785 $ 1,092
Bad debt expense   (26,612)  
Impairment expense   80,743,013 27,167,415 80,743,014
Depreciation, depletion and amortization      
Paid in kind interest      
Change in:          
Accounts receivable   74,310 (208,882)  
Accounts receivable, related party   (14,153)  
Prepayments - development costs   (150,000) 18,660  
Other assets   39,185 (94,364) (25,000)  
Prepaid expenses   (58,225) (1,408) (14,441)  
Accounts payable and accrued expenses   2,209,867 2,524,381 (1,353,787)  
Accrued interest payable      
Net cash from(used in) operating activities   1,272,341 (5,626,181) (7,558,092)  
Cash Flows From (used in) Investing Activities          
Investment in oil and gas properties   (3,023,030) (3,859,851) (8,653,640)  
Proceeds from sale of oil and gas property        
Net cash used in investing activities   (3,023,030) (3,859,851) (8,653,640)  
Cash Flows From Financing Activities          
Issuance of common stock, net of offering costs        
Proceeds from notes payable   2,000,000 7,500,000    
Contributions from parent   316,600  
Net cash from financing activities   2,000,000 7,816,600 17,311,281  
Net increase (decrease) in cash   249,311 (1,669,432) 1,099,549  
Cash  - beginning of period   319,987 1,989,419 569,298 1,989,419
Cash - end of period 569,298 569,298 319,987 1,668,847 569,298
Supplemental disclosure of cash flow information:          
Cash paid for interest   199,345  
Supplemental disclosure of non-cash investing and financing activities:          
Issuance of common stock   16,547    
Account payable reduced by expense offset   15,638  
Capitalized Interest included in interest payable   74,210 1,289,328 2,498,184  
Previously Reported [Member]          
Cash Flows From Operating Activities (used in)          
Net loss   (910,538)      
Adjustments to reconcile net loss to net cash from operations:          
Accretion expense   1,092      
Bad debt expense        
Impairment expense        
Depreciation, depletion and amortization        
Paid in kind interest        
Change in:          
Accounts receivable        
Accounts receivable, related party        
Prepayments - development costs        
Other assets   39,185      
Prepaid expenses   (58,225)      
Accounts payable and accrued expenses   1,154,917      
Accrued interest payable   (1,091)      
Net cash from(used in) operating activities   225,340      
Cash Flows From (used in) Investing Activities          
Investment in oil and gas properties   (1,976,029)      
Net cash used in investing activities   (1,976,029)      
Cash Flows From Financing Activities          
Issuance of common stock, net of offering costs        
Proceeds from notes payable   2,000,000      
Contributions from parent        
Net cash from financing activities   2,000,000      
Net increase (decrease) in cash   249,311      
Cash  - beginning of period   319,987   569,298  
Cash - end of period 569,298 569,298 319,987   569,298
Supplemental disclosure of cash flow information:          
Cash paid for interest        
Supplemental disclosure of non-cash investing and financing activities:          
Issuance of common stock        
Account payable reduced by expense offset   15,638      
Capitalized Interest included in interest payable   74,210      
Revision of Prior Period, Adjustment [Member]          
Cash Flows From Operating Activities (used in)          
Net loss   (80,752,053)      
Adjustments to reconcile net loss to net cash from operations:          
Accretion expense        
Bad debt expense        
Impairment expense   80,743,013      
Depreciation, depletion and amortization        
Paid in kind interest        
Change in:          
Accounts receivable        
Accounts receivable, related party        
Prepayments - development costs        
Other assets        
Prepaid expenses        
Accounts payable and accrued expenses   1,054,950      
Accrued interest payable   1,091      
Net cash from(used in) operating activities   1,047,001      
Cash Flows From (used in) Investing Activities          
Investment in oil and gas properties   (1,047,001)      
Net cash used in investing activities   (1,047,001)      
Cash Flows From Financing Activities          
Proceeds from notes payable        
Net cash from financing activities        
Net increase (decrease) in cash        
Cash  - beginning of period      
Cash - end of period  
Supplemental disclosure of cash flow information:          
Cash paid for interest        
Supplemental disclosure of non-cash investing and financing activities:          
Issuance of common stock        
Account payable reduced by expense offset        
Capitalized Interest included in interest payable