v3.25.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net loss $ (2,873,155) $ (5,331,297)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation, depletion, and amortization expense 555,265 998,616
Accretion of asset retirement obligations 251,538 73,531
Equity-based compensation 605,778 1,189,968
Deferred income tax benefit (1,169,130) (1,549,054)
Amortization of debt issuance costs 669,817 1,475,257
Gain on extinguishment of liabilities (299,601) (1,720,000)
Change in fair value of unsettled derivatives (567,917) 1,682,123
Change in fair value of convertible note liability 131,677
Change in fair value of warrant liability 152,490 346,888
Change in fair value of forward purchase agreement 325,472
Changes in operating assets and liabilities:    
Accounts receivable 130,087 116,423
Prepaid expenses and other assets (189,297) (55,482)
Accounts payable (1,681,028) 1,857,482
Accounts payable related parties (144,285)  
Accrued liabilities and other 1,367,083 1,606,641
Royalties payable 1,243,404 1,019,305
Royalties payable, related party 20,325 214,394
Net cash provided by (used in) operating activities (1,796,949) 2,250,267
Investing activities:    
Development of crude oil and gas properties (2,638,532) (1,192,769)
Purchases of other equipment (20,000)
Net cash used in investing activities (2,638,532) (1,212,769)
Financing activities:    
Repayments of long-term debt (2,309,681) (1,891,454)
Proceeds from short-term notes payable 1,098,048
Repayment of short-term notes payable (1,287,805)
Proceeds from related party notes payable 450,000
Repayment of related party notes payable (37,750)
Proceeds from sale of common stock 7,024,332
Net cash provided by (used in) financing activities 4,524,894 (1,479,204)
Net change in cash and cash equivalents 89,413 (441,706)
Cash and cash equivalents at beginning of period 2,971,558 3,505,454
Cash and cash equivalents at end of period 3,060,971 3,063,748
Cash paid during the period for:    
Interest on debt 2,211,614 2,393,838
Income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Debt discount related to warrants issued with Private Notes Payable 409,834
Accrued purchases of property and equipment at period end 766,104 2,347,526
Shares issued for acquisition of oil and gas leases 547,600
Shares issued for acquisition of oil and gas equipment 547,600
Establishment of asset retirement obligation on new oil and gas lease 130,076
Class B exchanged for Class A 3,385,050
Shares issued for conversion of note payables $ 4,550,428