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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Anti-dilutive Securities Excluded from Earnings Per Share

Potentially Dilutive Security		Quantity				Stated Value Per Share				Total Value or Stated Value				Assumed Conversion Price				Resulting Common Shares
Merger Options, restricted stock units, and performance stock units ⁽¹⁾			9,050,909			$	—			$	—			$	—				1,050,909
Common stock warrants			228,004,372				—				—				—				9,064,951
Series D Preferred Stock			14,457				1,000				14,456,680				5.00				2,891,336
Senior Convertible Note ⁽²⁾			—				—				15,750,000				7.79				2,021,823

Total			-				-				-				-				15,029,018

⁽¹⁾	Not exercisable or vested as of September 30, 2024. Refer to Note 13 – Common Stock Options and Warrants for a discussion of the Merger Options (defined herein) and Note 14 – Long–Term Incentive Compensation for a discussion of the restricted stock units and performance stock units.
⁽²⁾	Reflects the conversion option of the $15.0 million Senior Convertible Note at 105% principal amount, pursuant to the SEPA. Refer to Note 8 – Debt for a discussion of the Senior Convertible Note and Note 12 – Common Stock for a discussion of the SEPA.

The following table presents the potentially dilutive securities which were not included in the computation of diluted earnings (loss) attributable to common stockholders for the three and nine months ended September 30, 2023 because their inclusion would be anti–dilutive:

Potentially Dilutive Security		Quantity				Stated Value Per Share				Total Value or Stated Value				Assumed Conversion Price				Resulting Common Shares
Common stock options and restricted stock units ⁽¹⁾			8,641,176			$	—			$	—			$	—				641,176
Common stock warrants			447,855,367				—				—				—				15,674,938
AR Debentures			—				—				2,000,000				5.00				400,000
Series D Preferred Stock			21,799				1,000				21,799,000				5.00				4,359,850
Series E Preferred Stock			20,000				1,000				20,000,000				5.00				4,000,000

Total			-				-				-				-				25,075,964

⁽¹⁾	Not exercisable or vested as of September 30, 2023. Refer to Note 13 – Common Stock Options and Warrants for a discussion of the Merger Options and Note 14 – Long–Term Incentive Compensation for a discussion of the restricted stock units.

Schedule of Non-cash Investing And Financing Activities And Supplemental Cash Flow Disclosures

The following table presents non–cash investing and financing activities and supplemental cash flow disclosures relating to the cash paid for interest and income taxes for the periods presented:


		Nine Months Ended September 30,
		2024				2023
Non–cash investing and financing activities:
Common Stock issued upon conversion of Series D Preferred Stock		$	6,170,450			$	—
Common Stock issued upon conversion of Series E Preferred Stock		$	20,000,000			$	—
Capital expenditures included in accrued liabilities		$	(4,717,644	)		$	—
Proceeds from Senior Convertible Note issuance not yet received, net of original issuance discount ⁽¹⁾		$	14,250,000			$	—
Proceeds from Subordinated Note issuance not yet received – related party⁽¹⁾		$	2,000,000			$	—
Common Stock issued for SEPA commitment fee ⁽²⁾		$	600,000			$	—
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
Deferred transaction costs capitalized to oil and natural gas properties		$	—			$	189,031
Deferred transaction costs associated with financing		$	—			$	519,533
Supplemental disclosure:
Cash paid for income taxes		$	—			$	—
Cash paid for interest		$	—			$	57,101

⁽¹⁾	Proceeds from the issuance of the Senior Convertible Note and the Subordinated Note were not received until October 1, 2024. Therefore, the Company recorded the unreceived proceeds as Financing receivable as of September 30, 2024. Refer to Note 8 – Debt for a discussion of the Senior Convertible Note and the Subordinated Note.
⁽²⁾	Pursuant to the SEPA, the Company issued 100,000 shares to Yorkville as a commitment fee. Refer to Note 12 – Common Stock for a discussion of the SEPA.