v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (25,272,428) $ (14,695,711)
Adjustments to reconcile net loss to cash used in operating activities:    
Change in fair value of derivative liability 5,803,791 0
Stock based compensation 0 1,614,334
Depreciation, depletion and amortization 698,061 1,326,661
Amortization of operational right-of-use assets 12,326 16,443
Accretion - asset retirement obligation 67,599 107,869
Amortization of debt discount 873,776 97,296
Loss on extinguishment of debt 605,507 0
Goodwill impairment 14,486,745 0
Net loss on sale of oil and gas properties and fixed assets 0 8,944,680
Changes in operating assets and liabilities    
Accounts receivable (1,219,447) 3,506,863
Prepaids and other current assets (76,879) 297,915
Inventory 743,378 (2,947,729)
Accounts payable (245,418) (4,723,140)
Accrued expenses and other current liabilities 936,099 (1,051,080)
Due to related parties (993) 143,631
Customer deposits (2,290,511) 3,776,570
Undistributed revenues and royalties (83,480) 1,476,856
Net cash used in operating activities (4,961,874) (2,108,542)
Cash flows from investing activities:    
Proceeds from sale of oil and gas properties 0 3,590,000
Investment in and acquisition of oil and gas properties   (9,813)
Proceeds from sale of fixed assets 0 76,310
Acquisition of fixed assets (133,373) (46,554)
Cash acquired on Merger 154,955 0
Collection of notes receivable   3,000,000
Net cash provided by investing activities 21,582 6,609,943
Cash flows from financing activities:    
Repayment of long-term debt (373,069) (8,477,664)
Proceeds of long-term debt 4,000,000  
Proceeds from (repayment of) non-interest-bearing advances from Camber (2,120,000) 2,722,300
Advances from bank credit facility 1,213,441 2,995,017
Issuance of promissory notes 291,675  
Net cash provided by (used in) financing activities 3,012,047 (2,760,347)
Effect of exchange rates on cash 121,495 (306,835)
Net increase (decrease) in cash (1,806,750) 1,434,219
Cash, beginning of period 3,239,349 3,467,938
Cash, end of period 1,432,599 4,902,157
Cash paid for:    
Interest 421,754 494,862
Income taxes 0 0
Supplemental disclosure of Non-Cash Investing and Financing Activities:    
Issuance of shares on conversion of debt 3,832,273  
Amortization of right-of-use asset and lease liability $ 945,943 948,870
Issuance of shares for purchase of VIE interests   2,250,000
Issuance of preferred shares for purchase of VIE interest   4,750,000
Contingent obligation associated with acquisition of VIE interests   1,435,757
Issuance of warrants for services   $ 778,204

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