v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (14,728,511) $ (4,436,472)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities    
Share based compensation 632,205 634,783
Depreciation and amortization 793,449 564,639
Amortization of debt issuance costs 4,465,636 2,568,523
Amortization of right-of-use asset 90,990 37,925
Loss on issuance of warrants 1,936,937 0
Fair Value Adjustment of Warrants (1,477,870) 0
Loss on extinguishment of debt 241,311 205,425
Loss (gain) on sale of assets 25,075 (564,811)
Changes in operating assets and liabilities    
Accounts receivable 2,393,572 719,595
Prepaid expenses and other assets (224,738) 155,114
Inventory (712,055) 1,004,383
Accounts payable and accrued expenses (857,802) (1,040,860)
Operating lease liability (69,777) (36,450)
Deferred tax benefit 0 (187,856)
Net cash and restricted cash and cash equivalents used in operating activities (7,491,578) (376,062)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of assets 0 961,400
Purchase of property, plant, and equipment (691,491) (1,028,781)
Purchase of oil and gas development assets (789,762) (664,556)
Net cash and restricted cash and cash equivalents used in investing activities (1,481,253) (731,937)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds on lines of credit 36,645,980 61,499,106
Payments on lines of credit (38,446,951) (58,437,408)
Proceeds from note payable 19,483,052 17,721,772
Payments on note payable (17,032,995) (12,905,339)
Debt discount on note payable (2,546,660) (3,588,539)
Payments on finance leases (34,417) 0
Proceeds on issuance of preferred stock 308,000 614,804
Preferred stock offering costs (40,874) (474,681)
Proceeds on issuance of common stock 11,341,641 28,739
Common stock offering costs (2,061,665) 0
Net cash and restricted cash and cash equivalents generated by financing activities 7,615,111 4,458,454
Effect of exchange rate on cash (8,203) (24,185)
Increase (decrease) in cash and restricted cash and cash equivalents (1,365,923) 3,326,270
Cash and cash equivalents and restricted cash, beginning of the period 4,680,836 1,354,566
Cash and restricted cash and cash equivalents, end of the period 3,314,913 4,680,836
Supplemental disclosure of cash flow information    
Cash paid for interest 6,516,512 3,525,209
Cash paid for taxes 0 85
Supplemental disclosure of non-cash investing and financing activities    
Issuance of warrants as loan origination costs 4,797,277 0
Acquisition of right-of-use assets through financing lease 1,022,227 0
Conversion of debt 107,506 0
Acquisition of right-of-use assets through operating lease $ 0 $ 222,473