v3.24.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (33,021,812) $ (17,358,259)
Adjustments to reconcile net loss to cash used in operating activities:    
Change in fair value of derivative liability 9,150,459 0
Stock-based compensation 0 1,614,334
Depreciation, depletion and amortization 1,002,562 1,499,166
Accretion - asset retirement obligation 155,463 55,521
Amortization of right-of-use assets 1,318,822 1,356,179
Loss on extinguishment of debt 605,507 0
Amortization of debt discount 1,711,518 99,695
Goodwill impairment 14,486,745 0
Impairment of intangible assets 669,710 451,772
Impairment of oil and gas assets 347,050 0
Loss (gain) on disposal of membership interests and assets (854,465) 8,963,372
Bad debt expense 207,582 1,172,000
Foreign currency translation adjustment 176,887 (247,696)
Changes in operating assets and liabilities, net of effects of business combination during the year    
Accounts receivable (3,476,409) 2,332,464
Prepaid expenses and other assets 47,104 456,745
Inventory 480,693 (4,786,227)
Accounts payable 1,225,903 (4,420,222)
Accrued expenses and other current liabilities 5,144,360 (351,908)
Related party payables 6,743 267,074
Customer deposits (2,677,539) 5,424,010
Operating lease liabilities (1,304,247) (1,334,853)
Undistributed revenues and royalties (744,901) 1,046,457
Net cash used in operating activities (5,342,265) (3,760,376)
Cash flows from investing activities:    
Proceeds from sale of oil and gas properties 751,450 3,590,000
Investment in and acquisition of oil and gas properties 0 (9,813)
Acquisition of fixed assets (245,258) (75,923)
Proceeds from sale of fixed assets 0 76,311
Cash acquired on Merger 154,955 0
Collection of notes receivable 0 3,000,000
Net cash provided by investing activities 661,147 6,580,575
Cash flows from financing activities:    
Repayment of long-term debt (373,739) (8,632,438)
Proceeds on issuance of long-term debt 4,586,923 0
Proceeds from (repayment of) non-interest bearing advances from parent (2,120,000) 2,472,300
Advances on Simson Maxwell bank credit facility 254,645 3,111,350
Net cash provided by (used in) financing activities 2,347,829 (3,048,788)
Net decrease in cash (2,333,289) (228,589)
Cash, beginning of year 3,239,349 3,467,938
Cash, end of year 906,060 3,239,349
Cash paid for interest 526,988 624,723
Cash paid for taxes 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Issuance of shares on conversion of debt 3,832,273 0
Issuance of shares on true-up of Series C Preferred Stock 7,060,526 0
Addition of right-of-use asset and lease liability 785,486 0
Issuance of shares for purchase of VIE interests 0 2,250,000
Issuance of preferred shares for purchase of VIE interests 0 4,750,000
Contingent obligation associated with acquisition of VIE interests 0 1,435,757
Issuance of warrants for services $ 0 $ 778,204

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