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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
1 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2023
Cash flow from operating activities:    
Net loss $ (32,723) $ (21,211,195)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 132,851
Impairment of cryptocurrency mining equipment 16,794,688
Loss on adjustment to fair value - AR Debentures 741,000
Loss on adjustment to fair value - Obligation Shares 706,185
Changes in operating assets and liabilities:    
Accounts receivable (86,635)
Prepaid expenses (317,468)
Accounts payable and accrued expenses 32,723 (1,837,050)
Accrued interest and expenses – related parties 17,249
Net cash used in operating activities (5,060,375)
Cash flow from investing activities:    
Cash acquired in connection with the Merger 42,360
Acquisition of unproved oil and gas properties (3,000,000)
Transaction expenses related to the Merger (308,452)
Additions to mining equipment (169,097)
Net cash used in investing activities (3,435,189)
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 (409,048)
Net cash provided by financing activities 16,967,202
Net increase (decrease) in cash and cash equivalents 8,471,638
Cash and cash equivalents, beginning of period 79,845
Cash and cash equivalents, end of period 8,551,483
Supplemental disclosures of cash flow information:    
Cash paid for income taxes
Cash paid for interest 9,503
Supplemental disclosures of noncash investing and financing activity:    
Deferred transaction costs associated with the Merger and Exok Transaction 227,182
Deferred transaction costs associated with the PIPE Transaction 13,163
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
Deferred transaction costs capitalized to oil and natural gas properties 189,031
Deferred transaction costs associated with financing $ 519,533