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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended: September 30, 2023
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from _____________ to _____________
Commission
File No. 000-33383
Prairie
Operating Co.
(Exact
name of registrant as specified in its charter)
Delaware |
|
98-0357690 |
(State
or other jurisdiction |
|
(I.R.S.
Employer |
of
incorporation or organization) |
|
Identification
No.) |
602
Sawyer, Suite 710
Houston,
TX |
|
77007 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(713)
424-4247
(Registrant’s
telephone number, including area code)
N/A
(Former
name, former address, and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each Class |
|
Trading
Symbol(s) |
|
Name
of each Exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
Title
of Class |
|
Number
of Shares Outstanding on November 9, 2023 |
Common
Stock, $0.0001 par value |
|
7,475,315 |
TABLE
OF CONTENTS
PART
1 — FINANCIAL INFORMATION
Item
1. Condensed Consolidated Financial Statements
Prairie
Operating Co. and Subsidiaries
Condensed
Consolidated Balance Sheets
(Unaudited)
| |
September
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Assets | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 7,241,811 | | |
$ | 79,845 | |
Accounts
and other receivable | |
| 97,293 | | |
| — | |
Prepaid
expenses | |
| 271,839 | | |
| — | |
Total
current assets | |
| 7,610,943 | | |
| 79,845 | |
| |
| | | |
| | |
Property
and equipment: | |
| | | |
| | |
Oil
and natural gas properties, successful efforts method of accounting ($28,595,051 excluded from amortization at September 30, 2023) | |
| 28,595,051 | | |
| — | |
Cryptocurrency
mining equipment | |
| 4,293,422 | | |
| — | |
Less:
Accumulated depreciation, depletion and amortization | |
| (558,319 | ) | |
| — | |
Total
property and equipment, net | |
| 32,330,154 | | |
| | |
Deposits
on mining equipment | |
| 150,000 | | |
| — | |
Deferred
transaction costs | |
| — | | |
| 1,760,665 | |
Total
assets | |
$ | 40,091,097 | | |
$ | 1,840,510 | |
| |
| | | |
| | |
Liabilities,
Mezzanine Equity and Members’/Stockholders’ Equity | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable and accrued expenses | |
$ | 6,708,498 | | |
$ | 2,219,946 | |
Accrued
interest and expenses – related parties | |
| 30,000 | | |
| 2,084 | |
Secured
convertible debenture (related party) | |
| 2,431,500 | | |
| — | |
Secured
convertible debenture | |
| 2,431,500 | | |
| — | |
Total
current liabilities | |
| 11,601,498 | | |
| 2,222,030 | |
| |
| | | |
| | |
Long-term
liabilities: | |
| | | |
| | |
Warrant
liabilities | |
| 50,738,180 | | |
| — | |
Total
long-term liabilities | |
| 50,738,180 | | |
| — | |
Total
liabilities | |
| 62,339,678 | | |
| 2,222,030 | |
| |
| | | |
| | |
Commitments
and contingencies (Note 9) | |
| - | | |
| - | |
| |
| | | |
| | |
Mezzanine
equity | |
| | | |
| | |
Series
D convertible preferred stock; $0.01 par value; 50,000 shares authorized and 21,799 shares issued and outstanding at September 30,
2023; zero shares authorized, issued and outstanding at December 31, 2022 | |
| 21,799,250 | | |
| — | |
Series
E convertible preferred stock; $0.01 par value; 50,000 shares authorized and 20,000 shares issued and outstanding at September 30,
2023; zero shares authorized, issued and outstanding at December 31, 2022 | |
| 20,000,000 | | |
| — | |
| |
| | | |
| | |
Members’
deficit | |
| — | | |
| (381,520 | ) |
Stockholders’
equity: | |
| | | |
| | |
| |
| | | |
| | |
Common
stock; $0.01 par value; 500,000,000 shares authorized and 7,074,668 shares issued and outstanding at September 30, 2023; zero shares
authorized, issued and outstanding at December 31, 2022 | |
| 70,747 | | |
| — | |
Additional
paid-in capital | |
| (8,716,827 | ) | |
| — | |
Accumulated
deficit | |
| (55,401,751 | ) | |
| — | |
Total
stockholders’ equity | |
| (64,047,831 | ) | |
| — | |
Total
liabilities, mezzanine equity and members’/stockholders’ equity | |
$ | 40,091,097 | | |
$ | 1,840,510 | |
See
notes to unaudited condensed consolidated financial statements
Prairie
Operating Co. and Subsidiaries
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three
Months Ended | | |
Three
Months Ended | | |
Nine
Months Ended | | |
June
7, 2022(date of inception) through | |
| |
September
30, | | |
September
30, | | |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Cryptocurrency
mining | |
$ | 457,951 | | |
$ | — | | |
$ | 637,269 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Operating
costs and expenses: | |
| | | |
| | | |
| | | |
| | |
Cryptocurrency
mining costs | |
| 209,929 | | |
| — | | |
| 303,172 | | |
| — | |
Depreciation
and amortization | |
| 425,468 | | |
| — | | |
| 558,319 | | |
| — | |
General
and administrative | |
| 6,314,951 | | |
| 276,788 | | |
| 9,236,815 | | |
| 309,511 | |
Impairment
of cryptocurrency mining equipment | |
| — | | |
| — | | |
| 16,794,688 | | |
| — | |
Total
operating expenses | |
| 6,950,348 | | |
| 276,788 | | |
| 26,892,994 | | |
| 309,511 | |
Loss
from operations | |
| (6,492,397 | ) | |
| (276,788 | ) | |
| (26,255,725 | ) | |
| (309,511 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest
income | |
| 85,166 | | |
| — | | |
| 128,202 | | |
| — | |
Interest
expense | |
| (67,744 | ) | |
| — | | |
| (111,463 | ) | |
| — | |
Loss
on adjustment to fair value – warrant liabilities | |
| (24,855,085 | ) | |
| | | |
| (24,855,085 | ) | |
| | |
Loss
on adjustment to fair value – AR Debentures | |
| (2,141,000 | ) | |
| — | | |
| (2,882,000 | ) | |
| — | |
Loss
on adjustment to fair value – Obligation Shares | |
| (770,918 | ) | |
| — | | |
| (1,477,103 | ) | |
| — | |
Liquidated
damages | |
| (173,763 | ) | |
| — | | |
| (173,763 | ) | |
| — | |
Total
other income (expense) | |
| (27,923,344 | ) | |
| — | | |
| (29,371,212 | ) | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Provision
for income taxes | |
| — | | |
| — | | |
| — | | |
| — | |
Net
loss | |
$ | (34,415,741 | ) | |
$ | (276,788 | ) | |
$ | (55,626,937 | ) | |
$ | (309,511 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss
per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (5.24 | ) | |
$ | — | | |
$ | (15.80 | ) | |
$ | — | |
Diluted | |
$ | (5.24 | ) | |
$ | — | | |
$ | (15.80 | ) | |
$ | — | |
Weighted
average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 6,565,134 | | |
| — | | |
| 3,520,843 | | |
| — | |
Diluted | |
| 6,565,134 | | |
| — | | |
| 3,520,843 | | |
| — | |
See
notes to unaudited condensed consolidated financial statements
Prairie
Operating Co. and Subsidiaries
Condensed
Consolidated Statements of Members’/Stockholders’ Deficit
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
Equity |
|
|
|
Members’ |
|
|
Series
D
Preferred
Stock
Par
value $0.01 |
|
|
Series
E
Preferred
Stock
Par
value $0.01 |
|
|
Common
Stock
Par
value $0.01 |
|
|
Additional
Paid In |
|
|
Accumulated |
|
|
Stockholders’
Equity |
|
|
|
Deficit |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
(Deficit) |
|
Balance,
December 31, 2022 |
|
$ |
(381,520 |
) |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net
loss |
|
|
(64,392 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
March 31, 2023 |
|
|
(445,912 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net
loss from April 1, 2023 through May 3, 2023 |
|
|
(160,793 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Conversion
of membership interests |
|
|
606,705 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,297,668 |
|
|
|
22,977 |
|
|
|
(629,682 |
) |
|
|
— |
|
|
|
(606,705 |
) |
Issuance
of common stock to former stockholders of Creek Road Miners upon Merger |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,860,917 |
|
|
|
38,609 |
|
|
|
9,889,653 |
|
|
|
— |
|
|
|
9,928,262 |
|
Issuance
of Series D preferred stock and warrants |
|
|
— |
|
|
|
17,376 |
|
|
|
174 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,447,475 |
|
|
|
— |
|
|
|
16,447,649 |
|
Issuance
to holders of Convertible Debentures for settlement of Creek Road Miners liabilities |
|
|
— |
|
|
|
4,423 |
|
|
|
44 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,209,152 |
|
|
|
— |
|
|
|
3,209,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss from May 4, 2023 through June 30, 2023 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,986,010 |
) |
|
|
(20,986,010 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
June 30, 2023 |
|
|
— |
|
|
|
21,799 |
|
|
|
218 |
|
|
|
— |
|
|
|
— |
|
|
|
6,158,585 |
|
|
|
61,586 |
|
|
|
28,916,598 |
|
|
|
(20,986,010 |
) |
|
|
7,992,392 |
|
Balance |
|
|
— |
|
|
|
21,799 |
|
|
|
218 |
|
|
|
- |
|
|
|
- |
|
|
|
6,158,585 |
|
|
|
61,586 |
|
|
|
28,916,598 |
|
|
|
(20,986,010 |
) |
|
|
7,992,392 |
|
Issuance
of common stock and warrants in conjunction with purchase of Exok Option assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
670,499 |
|
|
|
6,705 |
|
|
|
7,282,787 |
|
|
|
— |
|
|
|
7,289,492 |
|
Issuance
of Series E preferred stock, warrants and common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,000 |
|
|
|
200 |
|
|
|
39,614 |
|
|
|
396 |
|
|
|
19,833,811 |
|
|
|
— |
|
|
|
19,834,407 |
|
Reclassification
(Note 11) |
|
|
— |
|
|
|
(21,799 |
) |
|
|
(218 |
) |
|
|
(20,000 |
) |
|
|
(200 |
) |
|
|
— |
|
|
|
— |
|
|
|
(65,726,280 |
) |
|
|
— |
|
|
|
(65,726,698 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
927,221 |
|
|
|
— |
|
|
|
927,221 |
|
Reclassification
(Note 11) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(520,916 |
) |
|
|
— |
|
|
|
(520,916 |
) |
Issuance
of Obligation Shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
205,970 |
|
|
|
2,060 |
|
|
|
2,004,681 |
|
|
|
— |
|
|
|
2,006,741 |
|
Reclassification
(Note 11) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,434,730 |
) |
|
|
— |
|
|
|
(1,434,730 |
) |
Net
loss for the three months ended September 30, 2023 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(34,415,741 |
) |
|
|
(34,415,741 |
) |
Net
loss |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(34,415,741 |
) |
|
|
(34,415,741 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
September 30, 2023 |
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
7,074,668 |
|
|
$ |
70,747 |
|
|
$ |
(8,716,827 |
) |
|
$ |
(55,401,751 |
) |
|
$ |
(64,047,831 |
) |
Balance |
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
7,074,668 |
|
|
$ |
70,747 |
|
|
|
(8,716,827 |
) |
|
|
(55,401,751 |
) |
|
|
(64,047,831 |
) |
| |
Members’
Deficit | |
| |
| |
Balance,
June 7, 2022 (date of inception) | |
$ | — | |
| |
| | |
Net
loss for the period from June 7, 2022 (date of inception) to June 30, 2022 | |
| (32,723 | ) |
| |
| | |
Balance,
June 30, 2022 | |
| (32,723 | ) |
| |
| | |
Net loss for the three months ended September 30, 2022 | |
| (276,788 | ) |
| |
| | |
Balance,
September 30, 2022 | |
$ | (309,511 | ) |
See
notes to unaudited condensed consolidated financial statements
Prairie
Operating Co. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
Nine
Months Ended
September
30, |
|
|
June
7, 2022 (date of inception) through September 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash
flow from operating activities: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(55,626,937 |
) |
|
$ |
(309,511 |
) |
Adjustment
to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
558,319 |
|
|
|
— |
|
Impairment
of cryptocurrency mining equipment |
|
|
16,794,688 |
|
|
|
— |
|
Stock based compensation |
|
|
927,221 |
|
|
|
— |
|
Loss
on adjustment to fair value – warrant liabilities |
|
|
24,855,085 |
|
|
|
— |
|
Loss
on adjustment to fair value – AR Debentures |
|
|
2,882,000 |
|
|
|
— |
|
Loss
on adjustment to fair value – Obligation Shares |
|
|
1,477,103 |
|
|
|
— |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
and other receivable |
|
|
(89,279 |
) |
|
|
— |
|
Prepaid
expenses |
|
|
(208,044 |
) |
|
|
— |
|
Accounts
payable and accrued expenses |
|
|
464,002 |
|
|
|
309,511 |
|
Accrued
interest and expenses – related parties |
|
|
27,916 |
|
|
|
— |
|
Net
cash used in operating activities |
|
|
(7,937,926 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Cash
flow from investing activities: |
|
|
|
|
|
|
|
|
Cash
acquired in connection with the Merger |
|
|
42,360 |
|
|
|
— |
|
Acquisition
of unproved oil and gas properties |
|
|
(21,116,528 |
) |
|
|
— |
|
Transaction
expenses related to the Merger |
|
|
(308,452 |
) |
|
|
— |
|
Additions
to mining equipment |
|
|
(169,097 |
) |
|
|
— |
|
Net
cash used in investing activities |
|
|
(21,551,717 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Cash
flow from financing activities: |
|
|
|
|
|
|
|
|
Proceeds
from the issuance of Series D preferred stock and warrants |
|
|
17,376,250 |
|
|
|
— |
|
Financing
costs associated with issuance of Series D preferred stock and warrants |
|
|
(409,048 |
) |
|
|
— |
|
Proceeds
from the issuance of Series E preferred stock, warrants and common stock |
|
|
20,000,000 |
|
|
|
— |
|
Financing
costs associated with issuance of Series E preferred stock, warrants and common stock |
|
|
(165,593 |
) |
|
|
— |
|
Payments
on long-term debt |
|
|
(150,000 |
) |
|
|
— |
|
Proceeds
from the sale of options |
|
|
— |
|
|
|
80,000 |
|
Net
cash provided by financing activities |
|
|
36,651,609 |
|
|
|
80,000 |
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash and cash equivalents |
|
|
7,161,966 |
|
|
|
80,000 |
|
Cash
and cash equivalents, beginning of period |
|
|
79,845 |
|
|
|
— |
|
Cash
and cash equivalents, end of period |
|
$ |
7,241,811 |
|
|
$ |
80,000 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
|
|
Cash
paid for income taxes |
|
$ |
— |
|
|
$ |
— |
|
Cash
paid for interest |
|
$ |
57,101 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of noncash investing and financing activity: |
|
|
|
|
|
|
|
|
Deferred
transaction costs associated with the Merger and Exok Transaction |
|
$ |
— |
|
|
$ |
880,928 |
|
Deferred
transaction costs associated with the Series D PIPE |
|
$ |
— |
|
|
$ |
236,315 |
|
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 |
|
|
$ |
— |
|
See
notes to unaudited condensed consolidated financial statements
Prairie
Operating Co. and Subsidiaries
Notes
to Condensed Consolidated Financial Statements
Nine
Months Ended September 30, 2023
(Unaudited)
Note
1. Organization, Description of Business and Basis of Presentation
Organization
On
May 3, 2023, we changed our name from Creek Road Miners, Inc. to Prairie Operating Co. (the “Company,”
“we,” “us” or “our”) in connection with the Merger (as defined below). The Company was incorporated
in Delaware on May 2, 2001. The Company is an independent energy company engaged in oil, natural gas and NGLs development, exploration
and production (“E&P”). The Company is also a crypto company focused on cryptocurrency mining (“Cryptocurrency
Mining”). The Company operates in two segments: E&P and Cryptocurrency Mining.
The
Merger Agreement and Related Transactions
On
May 3, 2023, Prairie Operating Co., a Delaware corporation formerly named Creek Road Miners, Inc., completed its previously
announced merger with Prairie Operating Co., LLC, a Delaware limited liability company (“Prairie LLC”), pursuant to the
terms of the Amended and Restated Agreement and Plan of Merger, dated as of May 3, 2023 (the “Merger Agreement,” and the
closing thereunder, the “Closing”), by and among the Company, Creek Road Merger Sub, LLC, a Delaware limited liability
company and wholly-owned subsidiary of the Company (“Merger Sub”), and Prairie LLC, pursuant to which, among other
things, Merger Sub merged with and into Prairie LLC, with Prairie LLC surviving and continuing to exist as a Delaware limited
liability company and a wholly-owned subsidiary of the Company (the “Merger”). Upon consummation of the Merger, the
Company changed its name from “Creek Road Miners, Inc.” to “Prairie Operating Co.” The Company traded under
its former name and ticker symbol “CRKR” until October 16, 2023 and under “CRKRD,” a transitionary ticker
symbol, until November 10, 2023. Our Common Stock (as defined below) began trading on the OTCQB under the symbol
“PROP” on November 13, 2023.
On
October 12, 2023, the Company filed a Certificate of Amendment to its Certificate of Incorporation (the
“Certificate of Amendment”) with the Delaware Secretary of
State to effect the Reverse Stock Split (as defined below) (see Note 15). The Reverse
Stock Split became effective on October 16, 2023. Unless otherwise noted, all per share and share amounts presented herein have been retroactively
adjusted for the effect of the Reverse Stock Split for all periods presented.
Upon
the Merger, membership interests in Prairie LLC were converted into the right to receive each member’s pro rata share of 2,297,668
shares of common stock of the Company, par value $0.01 per share (“Common Stock”).
In
addition, the Company consummated the previously announced purchase of oil and gas leases, including all of Exok, Inc.’s, an Oklahoma
corporation (“Exok”), right, title and interest in, to and under certain undeveloped oil and gas leases located in Weld County,
Colorado, together with certain other associated assets, data and records, consisting of approximately 3,157 net mineral acres in, on
and under approximately 4,494 gross acres (the “Exok Assets”) from Exok for $3.0 million pursuant to the Amended and Restated
Purchase and Sale Agreement, dated as of May 3, 2023, by and among the Company, Prairie LLC and Exok (the “Exok Transaction”).
To
fund the Exok Transaction, the Company received an aggregate of $17.3
million in proceeds from a number of investors (the “Series D PIPE Investors”), and the Series D PIPE Investors were
issued Series D preferred stock, par value $0.01
per share (“Series D Preferred Stock”), with a stated value of $1,000
per share and convertible into shares of Common Stock at a price of $5.00
per share (the “Series D Preferred Stock”), and 100%
warrant coverage for each of Series A warrants to purchase shares of Common Stock (the “Series D A Warrants”) and Series
B warrants to purchase shares of Common Stock (the “Series D B Warrants” and together with the Series D A Warrants, the
“Series D PIPE Warrants”), in a private placement pursuant (the “Series D PIPE”) to securities
purchase agreements entered into with each Series D PIPE Investor.
The
Merger has been accounted for as a reverse asset acquisition under existing GAAP (as defined below). For accounting purposes, Prairie LLC was treated
as acquiring Merger Sub in the Merger. See Note 3 for further discussion.
Accordingly,
for accounting purposes, the financial statements of the Company represent a continuation of the financial statements of Prairie LLC
with the acquisition being treated as the equivalent of Prairie LLC issuing stock for the net assets of the Company. At the date of the
Merger, the assets and liabilities of the Company were recorded based upon relative fair values, with no goodwill or other intangible
assets recorded.
Exok
Option Purchase and Related Transactions
On August 14, 2023, Prairie LLC
exercised its option in connection with the Exok Transaction and purchased oil and gas leases, including all of Exok’s right, title
and interest in, to and under certain undeveloped oil and gas leases located in Weld County, Colorado, together with certain other associated
assets, data and records, consisting of approximately 20,328 net mineral acres in, on and under approximately 32,695 gross acres from
Exok (the “Exok Option Purchase”). The Company paid $18.0 million in cash to Exok and issued equity consideration to certain
affiliates of Exok, consisting of (i) 670,499 shares of Common Stock and (ii) warrants providing the right to purchase 670,499 shares
of Common Stock at $7.43 (the “Exok Warrants”).
To fund the Exok Option Purchase, the Company entered into a securities
purchase agreement with Narrogal Nominees Pty Ltd ATF Gregory K O’Neill Family Trust (the “Series E PIPE Investor”)
on August 15, 2023, pursuant to which the Series E PIPE Investor agreed to purchase, and the Company agreed to sell to the Series E PIPE
Investor, for an aggregate of $20.0 million, securities consisting of (i) 39,614 shares of Common Stock, (ii) 20,000 shares of Series
E preferred stock, par value $0.01 per share, with a stated value of $1,000 per share, convertible into shares of Common Stock at a price
of $5.00 per share (“Series E Preferred Stock”), and (iii) Series E A Warrants to purchase 4,000,000 shares of Common Stock
and Series E B Warrants to purchase 4,000,000 shares of Common Stock, each at a price of $6.00 per share (collectively, the “Series
E PIPE Warrants”), in a private placement (the “Series E PIPE”). The Exok Option
Purchase and the Series E PIPE closed on August 15, 2023.
Description
of Business
E&P
We
are engaged in the development, exploration and production of oil, natural gas, and NGLs with operations focused on unconventional oil
and natural gas reservoirs located in Colorado focused on the Niobrara and Codell formations. The Company’s E&P assets
consist of certain oil and gas leasehold interests with no existing oil and gas production or revenue. Our current activities are focused
on obtaining requisite permits to begin drilling wells and, as such, we have no current drilling or completion operations.
Cryptocurrency
Mining
Our
mining operations commenced on May 3, 2023 concurrent with the Merger. Currently, we generate all our revenue through our Cryptocurrency Mining activities from assets we acquired in the Merger. We use special Cryptocurrency Mining computers (known as “miners”)
to solve complex cryptographic algorithms to support the Bitcoin blockchain. Miners measure their processing power, which is known as
“hashing” power, in terms of the number of hashing algorithms solved (or “hashes”) per second, which is the miner’s
“hash rate.” We do not own, control or take custody of Bitcoin; rather, our service provider retains all Bitcoin rewards
and remits net revenue from Cryptocurrency Mining to us in the form of US dollars.
All
of our miners were manufactured by Bitmain, and incorporate application-specific integrated circuit (ASIC) chips specialized to solve
blocks on the Bitcoin blockchains using the 256-bit secure hashing algorithm (SHA-256) in return for Bitcoin cryptocurrency rewards.
As of September 30, 2023, we had 510 Bitmain S19J Pro miners with 51.0 Ph/s of hashing capacity, 270 Bitmain S19 miners with 24.3 Ph/s of
hashing capacity, and 606 Bitmain S19 XP miners with 84.2 Ph/s of hashing capacity.
Basis
of Presentation
The
accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable
rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information
and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant
to such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with Prairie LLC’s
financial statements and notes thereto for the fiscal year ended December 31, 2022 and included in the Company’s Form 8-K/A filed
on June 16, 2023. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated
financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.
In
the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to
fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all
adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not
necessarily indicative of fiscal year-end results. The Company evaluates subsequent events through the date the financial statements
are issued.
Going
Concern Analysis
The
Company had a net loss of $55.6 million for the nine months ended September 30, 2023. We cannot predict if we will be profitable. We
may continue to incur losses for an indeterminate period of time and may be unable to achieve profitability. An extended period of losses
and negative cash flow may prevent us from successfully operating and expanding our business. We may be unable to achieve or sustain
profitability on a quarterly or annual basis. On September 30, 2023, we had cash and cash equivalents of $7.2 million, a working capital
deficit of approximately $4.0 million, and an accumulated deficit of approximately $55.4 million.
The
assessment of the liquidity and going concern requires the Company to make estimates of future activity and judgments about whether the
Company can meet its obligations and has adequate liquidity to operate. Significant assumptions used in the Company’s forecasted
model of liquidity in the next 12 months include our current cash position and our ability to manage spending. Based on an assessment of these factors, management believes
that the Company will have adequate liquidity for its operations for at least the next 12 months.
The
accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern.
The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets, or the amounts and classification of liabilities that may result from the matters discussed herein.
Note
2. Summary of Significant Accounting Policies
Principles
of Consolidation
The
accompanying financial statements are consolidated and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany
balances and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates.
These
estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, estimates and
assumptions made in valuing assets and debt instruments issued in the Merger, and realization of deferred tax assets.
Concentration
of Credit Risk
Financial
instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company
places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit.
All of the Company’s revenue
is currently generated from its Cryptocurrency Mining business under a contract with Atlas (described below). We are wholly reliant on
Atlas to operate our miners on a daily basis. If Atlas experiences difficulty providing the services we require, or if they experience
disruptions or financial distress or cease operations temporarily or permanently, it will negatively affect our ability to operate our
Cryptocurrency Mining business.
The Company does
not anticipate incurring any losses related to these credit risks.
Cash
and Cash Equivalents
Cash
and cash equivalents are defined by the Company as short-term, highly liquid investments that have an original maturity of three months
or less and deposits in money market mutual funds that are readily convertible into cash. Management considers cash and cash equivalents
to have minimal credit and market risk. The Company had $7.2 million and $79,845 in cash and cash equivalents as of September 30, 2023
and December 31, 2022, respectively.
Accounts
Receivable
Accounts
receivable represents revenue recognized, but for which payment has not yet been received. All of the Company’s accounts receivable at September 30, 2023 is
from Atlas. No allowance for doubtful accounts was recorded
as of September 30, 2023 and December 31, 2022.
Property
and equipment
E&P:
We follow the successful efforts method of accounting for our oil and natural gas properties. Under this method, exploration costs such
as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed
as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property
acquisition costs and development costs are capitalized when incurred.
Exploratory
drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling
costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For
exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized
as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient
progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future
appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some
instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly.
Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of natural
gas and oil, are capitalized.
Costs
of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated
using the unit-of-production (“UOP”) method based on total estimated proved developed oil and natural gas reserves. Costs
of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP
method based on total estimated proved developed and undeveloped reserves.
Proceeds
from the sales of individual oil and natural gas properties and the capitalized costs of individual properties sold or abandoned are
credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the
depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However,
a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially
impact the depletion rate of the remaining properties in the amortization base.
When
circumstances indicate that the carrying value of proved oil and natural gas properties may not be recoverable, we compare unamortized
capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which
identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based
on our estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant
data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated
using the income approach described in Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 820,
Fair Value Measurements. If applicable, we utilize prices and other relevant information generated by market transactions involving assets
and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future
cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of commodity
prices, pricing adjustments for differentials, operating costs, capital investment plans, future production volumes, and estimated proved
reserves, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections
that are then discounted to estimated fair value, using a market-based weighted average cost of capital.
Cryptocurrency
Mining: Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful
lives of 2 to 5 years. Leasehold improvements are amortized over the shorter of the useful lives of the related assets, or the lease
term. Expenditures for maintenance and repairs are charged to operations as incurred while renewals and betterments are capitalized.
Gains and losses on disposals are included in the consolidated statements of operations.
Cryptocurrency
Mining assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset
may not be recoverable. If there is an indication of impairment, an estimate of undiscounted future cash flows produced by the
asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether an impairment exists, pursuant
to the provisions of ASC 360-10 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of.” If an asset is determined to be impaired, the loss is measured based on quoted market prices in active markets, if
available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including
a discounted value of estimated future cash flows and fundamental analysis.
Warrant
liabilities
The
Company evaluates all of its financial instruments, including issued private placement stock purchase warrants, to determine if such
instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to GAAP. The Company accounts for warrants
as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable
GAAP. Management’s assessment considers whether the warrants are freestanding financial instruments, whether they meet the definition
of a liability, and whether the warrants meet all of the requirements for equity classification.
For
warrants that meet all of the criteria for equity classification, they are recorded as a component of additional paid-in capital at the
time of issuance. For warrants that are precluded from equity classification, they are recorded as a liability at their fair value on
the date of such classification and subject to remeasurement on each balance sheet date with changes in the estimated fair value of the
warrants to be recognized in the statements of operations.
As
of September 30, 2023, the Company had liability-classified warrants that allow the holders to purchase 5,695,387 shares of the Company’s
Common Stock. See Note 11 for additional information.
Fair
value of financial instruments
ASC
820, Fair Value Measurements and Disclosures, defines fair value, establishes a consistent framework for measuring fair value,
and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis.
Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based
on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC
820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level
1 valuations – Consist of observable inputs
that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date.
Level
2 valuations – Consist of observable market-based
inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included
in Level 1 that are either directly or indirectly observable as of the reporting date.
Level
3 valuations – Consist of unobservable inputs
that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best
estimate of fair value.
The
carrying amounts and estimated fair values of the Company’s financial assets and liabilities that were measured at fair value on
a recurring basis as of September 30, 2023 and December 31, 2022 were as follows:
Schedule
of Fair value Assets and Liabilities Measured on Recurring Basis
| |
September
30, 2023 | | |
December
31, 2022 | |
| |
Carrying Amount | | |
Fair Value | | |
Carrying Amount | | |
Fair Value | |
Cash
and cash equivalents | |
$ | 7,241,811 | | |
$ | 7,241,811 | | |
$ | 79,845 | | |
$ | 79,845 | |
Senior
convertible debentures | |
| 4,863,000 | | |
| 4,863,000 | | |
| — | | |
| — | |
Warrant
liabilities | |
| 50,738,180 | | |
| 50,738,180 | | |
| — | | |
| — | |
The
carrying values of cash and cash equivalents, accounts receivable, other current
assets, accounts payable and other current liabilities on the consolidated balance sheets approximate fair value because of their
short-term nature. For debt and warrant liabilities, the following methods and assumptions were
used to estimate fair value:
Debt:
The fair value of the Company’s AR Debentures (as defined below) are based on a widely accepted valuation methodology that utilizes
(i) the Company’s Common Stock price, (ii) value of the debt component, and (iii) the value of the equity component. The key unobservable
inputs in the valuation model are the volatility that is appropriate to use in the Company stock price and the yield that is appropriate
for the Company. These inputs could change significantly and result in significantly higher or lower fair values at different measurement
dates. The Company considers the fair value of its debt to be a Level 3 measurement on the fair value hierarchy.
Warrant
liabilities: The fair value of the Company’s warrant liabilities is estimated using a Black-Scholes option pricing model. This
model incorporates certain assumptions for inputs including a risk-free market interest rate, expected dividend yield of the underlying
common stock, expected warrant life, and expected volatility in the market value of the underlying common stock.
Assets
and liabilities measured at fair value on a recurring basis as of September 30, 2023 are summarized below. There were no assets and liabilities
measured at fair value on a recurring basis as of December 31, 2022.
Schedule of Assets And
Liabilities Measured at Fair Value
| |
| | | |
| | | |
| | | |
| | |
| |
September
30, 2023 | |
| |
Quoted
Prices in Active Markets (Level
1) | | |
Significant
Other Observable Inputs (Level
2) | | |
Significant
Unobservable Inputs Not Corroborated by Market Data (Level
3) | | |
Assets
(Liabilities) at Fair Value | |
Senior
convertible debentures | |
$ | — | | |
$ | — | | |
$ | 4,863,000 | | |
$ | 4,863,000 | |
Warrant
liabilities | |
| — | | |
| — | | |
| 50,738,180 | | |
| 50,738,180 | |
Senior
convertible debentures
The
significant unobservable inputs used in the Level 3 fair value measurement of the senior convertible debentures as of May 3, 2023 (date
of the Merger) and September 30, 2023 and their values are as follows:
Schedule
of Senior Convertible Debentures
| |
May
3, 2023 | | |
September
30, 2023 | |
Volatility | |
| 75 | % | |
| 75 | % |
Yield | |
| 20.00 | % | |
| 19.60 | % |
Fair
value measurements of senior convertible debentures | |
| 20.00 | % | |
| 19.60 | % |
Volatility
was estimated using stock price volatility of the Company and a set of peer companies over a lookback period equal to the time to maturity.
Yields were estimated using a range of 15.00% to 25.00% at May 3, 2023 and 14.60% to 24.60% at September 30, 2023.
The
table below provides a summary of changes in the fair value of the Company’s Level 3 senior convertible debentures for the three
and nine months ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through
September 30, 2022.
Schedule of Fair Value For
Level 3 Liabilities
| |
Three
Months
Ended
September
30, 2023 | | |
Nine
Months
Ended
September
30, 2023 | |
Balance
at beginning of period | |
$ | 2,722,000 | | |
$ | — | |
Senior
convertible debentures assumed in the Merger | |
| — | | |
| 1,981,000 | |
Losses
reported in earnings | |
| 2,141,000 | | |
| 2,882,000 | |
Balance
at September 30, 2023 | |
$ | 4,863,000 | | |
$ | 4,863,000 | |
Warrant
liabilities
The
estimated fair value of the warrant liabilities on September 30, 2023 was determined using Level 3 inputs. Inherent in a
Black-Scholes option-pricing model are assumptions used in calculating the estimated fair values which represent the Company’s
best estimate. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be
materially different.
The
following table summarizes the Company’s assumptions used in the valuation of warrant liabilities for the three and nine months
ended September 30, 2023:
Schedule
of Valuation of Warrant Liabilities
|
|
At
Initial Warrant Liability Classification | | |
September
30, 2023 | |
|
|
| | |
| |
Stock
price |
|
$ | 6.71
– 14.57 | | |
$ | 11.86 | |
Option exercise price |
|
$ | 6.00 | | |
$ | 6.00 | |
Expected
term (years) |
|
| 4.65
– 5.00 | | |
| 4.59
– 4.88 | |
Volatility |
|
| 75.0 | % | |
| 75.0 | % |
Discount
rate |
|
| 4.27%
- 4.39 | % | |
| 4.51%
- 4.54 | % |
The
following table sets forth a summary of the changes in the fair value of the Level 3 warrant liabilities for the three and nine months
ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through September 30,
2022.
Schedule
of Changes in Fair Value in Warrant Liabilities
| |
Three Months Ended September 30, 2023 | | |
Nine Months Ended September 30, 2023 | |
Balance at beginning of period | |
$ | — | | |
$ | — | |
Reclassification to warrant liabilities | |
| 25,883,095 | | |
| 25,883,095 | |
Change in estimate fair value | |
| 24,855,085 | | |
| 24,855,085 | |
Balance at September 30, 2023 | |
$ | 50,738,180 | | |
$ | 50,738,180 | |
Commitments
and Contingencies
The
Company recognizes a liability for loss contingencies when it believes it is probable a liability has been incurred, and the amount can
be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within
the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues
the minimum amount in the range. The Company has not recorded any such liabilities as of September 30, 2023 and December 31, 2022.
Revenue
Recognition
The
Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. The underlying principle of ASC 606 is
to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected.
Revenues
are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration
that we expect to receive in exchange for those goods or services. The Company applies the following five steps in order to determine
the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements:
|
● |
identify
the contract with a customer; |
|
● |
identify
the performance obligations in the contract; |
|
● |
determine
the transaction price; |
|
● |
allocate
the transaction price to performance obligations in the contract; and |
|
● |
recognize
revenue as the performance obligation is satisfied. |
The
Company’s Cryptocurrency Mining assets that are in service are operating under a contract with Atlas Power Hosting, LLC (“Atlas”)
whereby Atlas hosts, operates, and manages the Company’s assets. The Company receives payment in U.S. dollars for the daily net
mining revenue representing the dollar value of the cryptocurrency award generated less power and other costs. The Company does not currently
receive or own cryptocurrencies under this contract.
Fair
value of any cryptocurrency award received is determined using the market rate of the related cryptocurrency at the time of receipt.
There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies
recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment.
In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect
on the Company’s consolidated financial position and results from operations.
Cryptocurrency
Mining Costs
The
Company’s Cryptocurrency Mining costs consist primarily of direct costs under the Atlas contract described above, but exclude depreciation
and amortization, which are separately stated in the Company’s consolidated statements of operations.
Income
taxes
We
account for income taxes using the asset and liability method whereby deferred tax assets are recognized for deductible temporary
differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the
differences between the reported amounts of assets and liabilities and their respective tax basis. Deferred tax assets are reduced
by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax
assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the
date of enactment. At September 30, 2023, the Company had a full valuation allowance to offset its net deferred tax assets.
Earnings
(Loss) Per Common Share
The
two-class method of computing earnings per share is required for entities that have participating securities. The two-class method
is an earnings allocation formula that determines earnings per share for participating securities according to dividends declared
(or accumulated) and participation rights in undistributed earnings. Our Series D Preferred Stock, Series E Preferred Stock and AR
Debentures are participating securities.
Basic
earnings (loss) per common share (“EPS”) is calculated by dividing net income (loss) attributable to common stock holders
by the weighted average number of shares of common stock outstanding each period. Dilutive EPS is calculated by dividing adjusted net
income (loss) attributable to common stock holders by the weighted average number of shares of common stock outstanding each period,
which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists
of (i) AR Debentures, (ii) Series D Preferred Stock, (iii) Series E Preferred Stock (iv) warrants for Common Stock and (v)
exercisable Common Stock options.
Basic
and diluted earnings (loss) attributable to common stockholders is the same for the three months and nine months ended September 30,
2023 because the Company has only incurred losses and all potentially dilutive securities are anti-dilutive. Potentially dilutive securities
that were not included in the computation of diluted earnings (loss) attributable to common stockholders at September 30, 2023 because
their inclusion would be anti-dilutive are as follows:
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 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 | | |
| 21,799,250 | | |
| 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 | |
Share sequencing
At September 30, 2023, the Company
had 500,000,000 common shares authorized and 7,074,742 common shares issued and outstanding as adjusted for the Reverse Stock Split (as
defined below) (see Note 15). At September 30, 2023 and without consideration of the Reverse Stock Split, there were insufficient authorized
and unissued shares for the Company to satisfy all of its commitments to deliver shares. The Company has adopted a sequencing policy to
determine how to allocate authorized and unissued shares among commitments to deliver shares pursuant to ASC 815-40. The sequence is based
upon reclassifying securities with the latest maturity date first. The sequencing order at September 30, 2023 and its effects are further
described in Note 11.
Related
Parties
The
Company follows ASC 850-10, Related Parties, for the identification of related parties and disclosure of related party transactions.
Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“affiliate” means, with respect
to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by
or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act of 1933,
as amended (the “Securities Act”)); (b) entities for which investments in their equity securities would be required, absent
the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity
method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by
or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with
which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to
an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties
that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in
one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might
be prevented from fully pursuing its own separate interests.
Recently
Issued Accounting Pronouncements
Recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future consolidated financial statements.
Note
3. Purchase Price Allocation
Under
the terms of the Merger, the Company issued 2,297,669 shares of Common Stock to the members of Prairie LLC in exchange for all of the
membership interests of Prairie LLC. Additionally and as a condition of the Merger, 4,423 shares of Series D Preferred Stock were issued
to holders of the AR Debentures.
The
purchase price is calculated based on the fair value of the Common Stock that the Company’s stockholders immediately prior to the
Merger own after the Merger and the fair value of the Series D Preferred Stock issued to the holders of the AR Debentures. With no active
trading market for membership interests of Prairie LLC, the fair value of the Common Stock represents a more reliable measure of the
fair value of consideration transferred in the Merger and because it is based upon a quoted price in an active market it is a Level 1
fair value calculation. The fair value of the 4,423 shares of Series D Preferred Stock was determined using a valuation model with unobservable
inputs and is a Level 3 fair value calculation.
The
total purchase price and allocated purchase price is summarized as follows:
Schedule
of Total Purchase Price
Number
of shares of common stock of the combined company owned by the Company’s stockholders immediately prior to the merger (1) | |
| 3,860,917 | |
Multiplied
by the fair value per share of common stock (2) | |
$ | 2.57 | |
Fair
value of the Company’s pre-Merger common stock | |
| 9,928,262 | |
| |
| | |
Number
of shares of Series D Preferred Stock issued to effectuate the Merger | |
| 4,423 | |
Multiplied
by the fair value per share (3) | |
$ | 725.57 | |
Fair
value of Series D Preferred Stock issued as consideration | |
| 3,209,196 | |
| |
| | |
Prairie
LLC Transaction costs (4) | |
| 2,032,696 | |
Purchase
price | |
$ | 15,170,154 | |
The
purchase price for the Merger was allocated to the net assets acquired on the basis of relative fair values. The fair values of the current
assets acquired and current liabilities (excluding the convertible debentures) assumed in the Merger were determined to approximate carrying
value due to their short-term nature. The fair values of the mining equipment were determined using
estimated replacement values of the same or similar equipment and, as such, are Level 3 fair value calculations. The fair values of the
secured convertible debentures, small business administration (“SBA”)
loan, and share issuance liability were calculated as described above. The following summarizes
the allocation of the purchase price to the net assets acquired.
Schedule
of Allocation of Purchase Price to Net Assets Acquired
Purchase
Price Allocation: | |
May
3, 2023 | |
Cash
and cash equivalents | |
$ | 42,360 | |
Accounts
receivable | |
| 8,014 | |
Prepaid
expenses | |
| 63,795 | |
Mining
equipment (1) | |
| 18,140,874 | |
Deposits
on mining equipment | |
| 2,928,138 | |
Accounts
payable and accrued expenses | |
| (3,352,389 | ) |
Secured
convertible debentures | |
| (1,981,000 | ) |
SBA
loan payable | |
| (150,000 | ) |
Share
issuance liability | |
| (529,638 | ) |
Net
assets acquired | |
$ | 15,170,154 | |
Note
4. Property and Equipment
Property
and equipment consisted of the following:
Schedule of Property and Equipment
| |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
E&P | |
| | | |
| | |
Proved
properties | |
$ | — | | |
$ | — | |
Unproved
properties | |
| 28,595,051 | | |
| — | |
Total
capitalized costs | |
| 28,595,051 | | |
| — | |
Less:
Accumulated depreciation, depletion and amortization | |
| — | | |
| — | |
Net
capitalized costs | |
$ | 28,595,051 | | |
$ | — | |
| |
| | | |
| | |
Cryptocurrency
Mining | |
| | | |
| | |
Cryptocurrency
miners | |
$ | 4,146,687 | | |
$ | — | |
Mobile
data centers | |
| 146,735 | | |
| — | |
Total | |
| 4,293,422 | | |
| — | |
Less:
Accumulated depreciation | |
| (558,319 | ) | |
| — | |
Net,
property and equipment | |
$ | 3,735,103 | | |
$ | — | |
On
August 15, 2023, the Company exercised its option under the Exok Transaction to purchase approximately 20,328 net
mineral acres in, on and under approximately 32,695 additional
gross acres from Exok (the “Exok Option Assets”). The acquisition cost of this acreage was $25.3 million
consisting of (i) $18.0 million
in cash (the “Cash Consideration”), (ii) issuance of 670,499 shares
of the Company’s Common Stock and Exok
Warrants to purchase 670,499 shares
of Common Stock for an aggregate value of $7.3 million, and (iii) direct transaction costs. The Cash Consideration was funded from
the Series E PIPE (see Note 10).
In
conjunction with the Merger, the Company recorded the Cryptocurrency Mining equipment assumed in the Merger. In accordance with GAAP
for asset acquisitions, the excess purchase price over the fair value of the acquired assets and liabilities was ascribed to
the property and equipment acquired. Due to the significant excess purchase price being allocated over the fair value of the
acquired property and equipment, the Company determined that an indicator of impairment was present. The Company therefore
recognized an impairment of $16.6
million to bring the carrying amount of the acquired property and equipment down to its estimated fair value of $1.5
million. Additionally and upon the receipt of Cryptocurrency Mining equipment and transfer from deposits to property and equipment
(See Note 5), the Company recognized an additional impairment of $0.2
million related to shipping and customs fees on this equipment incurred subsequent to the Merger.
Note
5. Deposits on Cryptocurrency Mining Equipment
Deposits
on Cryptocurrency Mining equipment, consisted of the following:
Schedule
of Cryptocurrency Mining Equipment
| |
| | | |
| | | |
| | |
| |
Cryptocurrency Miners | | |
Mobile
Data Centers | | |
Total | |
May 3,
2023 | |
$ | 2,778,138 | | |
$ | 150,000 | | |
$ | 2,928,138 | |
Balance beginning | |
$ | 2,778,138 | | |
$ | 150,000 | | |
$ | 2,928,138 | |
Deposits
on equipment during the period | |
| — | | |
| — | | |
| — | |
Equipment
delivered and transferred to mining equipment | |
| (2,778,138 | ) | |
| — | | |
| (2,778,138 | ) |
September
30, 2023 | |
$ | — | | |
$ | 150,000 | | |
$ | 150,000 | |
Balance
ending | |
$ | — | | |
$ | 150,000 | | |
$ | 150,000 | |
All
deposits resulted from the Merger and there were no such deposits as of December 31, 2022.
Note
6. Accounts Payable and Accrued Expenses
The
following table provides detail of the Company’s accounts payable and accrued expenses for the periods presented:
Schedule of Accounts
Payable and Accrued Expenses
| |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Accounts
payable | |
$ | 2,299,358 | | |
$ | — | |
Accrued
legal and accounting fees | |
| 2,908,476 | | |
| 2,219,646 | |
Accrued
interest | |
| 30,000 | | |
| — | |
Incentive
compensation | |
| 891,164 | | |
| — | |
Other | |
| 579,500 | | |
| 300 | |
Accounts
payable and accrued expenses | |
$ | 6,708,498 | | |
$ | 2,219,946 | |
Note
7. Related Party Transactions
Merger
Consideration
At
the effective time of the Merger (the “Effective Time”), Edward Kovalik (Chief Executive Officer and Chairman) and Gary C.
Hanna (President and Director) were each issued 1,148,834 shares of Common Stock as merger consideration pursuant to the Merger Agreement.
PIPE
Bristol
Investment Fund, Ltd. (“Bristol Investment Fund”), an entity affiliated with Paul L. Kessler, a director of the Company,
purchased $1,250,000 of Series D Preferred Stock and Series D PIPE Warrants in the Series D PIPE Transaction. First Idea Ventures LLC,
an entity affiliated with Jonathan H. Gray, a director of the Company, purchased $750,000 of Series D Preferred Stock and Series D PIPE
Warrants in the Series D PIPE Transaction.
Stockholders
Agreement
Prior
to the Effective Time, the Company, Bristol Capital Advisors, LLC (“Bristol Capital Advisors”), Paul L. Kessler, Gary C.
Hanna and Edward Kovalik entered into a Stockholders Agreement (the “Stockholders Agreement”) pursuant to which the parties
agreed to use reasonable best efforts, including taking certain necessary actions, to cause the board of directors of the Company (the “Board”) to cause certain nominees to be
elected to serve as a director on the Board under the following conditions: (i) one nominee designated by Bristol Capital Advisors and
Paul L. Kessler, collectively, so long as Bristol Capital Advisors, Paul L. Kessler and their respective affiliates collectively beneficially
own at least 50% of the number of shares of Common Stock collectively beneficially owned by such parties on the Closing Date; (ii) four
nominees designated by Gary C. Hanna and Edward Kovalik (the “Prairie Members”) so long as the Prairie Members and their
affiliates collectively beneficially own at least 50% of the number of shares of Common Stock collectively beneficially owned by such
parties on the Closing Date; (iii) three nominees designated by the Prairie Members so long as the Prairie Members and their affiliates
collectively beneficially own at least 40% (but less than 50%) of the number of shares of Common Stock collectively beneficially owned
by such parties on the Closing Date; (iv) two nominees designated by the Prairie Members so long as the Prairie Members and their affiliates
collectively beneficially own at least 30% (but less than 40%) of the number of shares of Common Stock collectively beneficially owned
by such parties on the Closing Date; and (v) one nominee designated by the Prairie Members so long as the Prairie Members and their affiliates
collectively beneficially own at least 20% (but less than 30%) of the number of shares of Common Stock collectively beneficially owned
by such parties on the Closing Date.
Lock-up
Agreements
In
connection with the Closing, the Company entered into lock-up agreements with the Prairie Members, Paul Kessler, John D. Maatta, Michael
Breen (former director), Alan Urban (former Chief Financial Officer) and Scott Sheikh (former Chief Operating Officer and General Counsel),
that impose limitations on any sale of shares of Common Stock until 180 days after the Closing, subject to certain exceptions. These
agreements expired in November 2023.
In
addition, the Company entered into a lock-up agreement with Bristol Investment Fund that impose limitations on any sale of an
aggregate of 50% of its shares of Common Stock until 120 days after the Closing, subject to certain exceptions, and Bristol
Investment Fund agreed, subject to such lock-up, to effect only open market sales and not to sell an aggregate daily amount of
shares of Common Stock exceeding 1%, for every $100,000
invested in the Series D PIPE, of the average daily volume of the trading
day on which the open market sales of the shares of Common Stock occurs. This agreement expired in September 2023.
Amended
and Restated Senior Secured Convertible Debenture and Amended and Restated Security Agreement
In
connection with the Closing, the Company entered into the AR Debentures as further described in Note 8.
Amended
and Restated Non-Compensatory Option Agreement
At
the Effective Time, the Company assumed and converted options to purchase membership interests of Prairie LLC outstanding and unexercised
as of immediately prior to the Effective Time into non-compensatory options to acquire an aggregate of 8,000,000 shares of Common Stock
for $7.14 per share, which are only exercisable if specific production hurdles are achieved, and the Company entered into option agreements with each of Gary C. Hanna, Edward Kovalik, Paul Kessler and BOKA Energy LP, a third-party investor (the “Option Agreements”)
as further described in
Note 12.
Reimbursements
Following
the Merger, on May 5, 2023, the Board approved a one-time payment of $250,000
for each of Edward Kovalik and Gary Hanna as former members of Prairie LLC and Paul Kessler, former Chairman of the Company, and all of
whom are current members of the Board of Directors. These payments were made in light of the significant unpaid time and
resources expended by each of these parties to finalize the Merger, including extensive travel, due diligence, negotiation,
structuring, legal management and investment banking disciplines.
Series E PIPE
To fund the Exok Option Purchase,
the Company entered into a securities purchase agreement with the Series E PIPE Investor on August 15, 2023, pursuant to which the Series
E PIPE Investor agreed to purchase, and the Company agreed to sell to the Series E PIPE Investor, for an aggregate of $20.0 million, securities
consisting of (i) 39,614 shares of Common Stock, (ii) 20,000 shares of Series E Preferred Stock, and (iii) Series E PIPE Warrants to purchase
8,000,000 shares of Common Stock, each at a price of $6.00 per share, in a private placement.
Registration Rights Agreement
In
connection with the Series E PIPE and the Exok Option Purchase, the Company entered into the Series E Registration Rights Agreement
with the Series E PIPE Investor and Exok Affiliates pursuant to which the Company agreed to submit to or file with
the SEC, within the later of (i) 45 calendar days after the Closing Date and (ii)
45 calendar days after the SEC declares the Company’s registration statement on Form S-1 (File No. 333-272743) effective, a
registration statement registering the resale of the shares of Common Stock issued to Exok (the “Exok Shares”), shares of Common Stock
underlying the Series E Preferred Stock and Series E Warrants, Exok Shares and shares of Common Stock underlying the Exok Warrants,
and the Company agreed to use its best efforts to have such registration statement declared effective as promptly as possible after
the filing thereof but no later than ninety (90) calendar days (or one hundred twenty (120) calendar days if the SEC notifies the
Company that it will review such registration statement) following the later of (x) Closing Date and (y) the date the SEC declares
the prior registration statement effective.
Non-Compensatory Option Purchase Agreement
On August 30, 2023, the Company, Gary C. Hanna, Edward Kovalik, Bristol
Capital and Georgina Asset Management, LLC (“Georgina Asset Management”) entered into a non-compensatory option purchase agreement,
pursuant to which Georgina Asset Management agreed to purchase, and each of Gary C. Hanna, Edward Kovalik and Bristol Capital (collectively,
the “Sellers”) agreed to sell to Georgina Asset Management, Non-Compensatory Options to acquire an aggregate of 200,000 shares
of Common Stock for an aggregate purchase price of $2,000 (the “Option Purchase”). The Option Purchase closed on August 30,
2023. In connection with the Option Purchase, the Company entered into an amendment to the Option Agreements with each of the Sellers
(or an assignee thereof) to reflect that each Seller owns a lesser number of Non-Compensatory Options after the Option Purchase.
Note
8. Debt
Amended
and Restated Senior Secured Convertible Debentures
In
connection with the Merger, the Company entered into debentures due December 31, 2023 with each of Bristol Investment Fund, Ltd. (“Bristol”)
and Barlock 2019 Fund, LP (“Barlock”), in the principal amount of $1,000,000 (“AR Debentures”). Bristol is controlled
by Paul L. Kessler who was the Executive Chairman of the Company at the time of the Merger and is a current member of our Board of Directors.
Barlock is controlled by Scott D. Kaufman who is a former President, Chief Executive Officer, and Director of the Company. The AR Debentures
will accrue interest on the aggregate unconverted and then outstanding principal amount of the debentures at the rate of 12% per annum.
Interest is payable quarterly on (i) January 1, April 1, July 1 and October 1, beginning on May 3, 2023, (ii) each date the AR Debentures
are converted into Common Stock (as to that principal amount then being converted), (iii) the day that is at least five trading days
following the Company’s notice to redeem some or all of the then outstanding principal of the AR Debentures (only as to that principal
amount then being redeemed), which may be provided at any time after the Company’s Common
Stock is listed or quoted for trading on the NYSE American (or any successor thereto) or any other national securities exchange (the
“Uplisting”), and (iv) the maturity date.
The
AR Debentures are convertible into shares of Common Stock at any time at the option of the applicable holder, at an initial conversion
price of $5.00 per share. At September 30, 2023, such a conversion would have resulted in the issuance of 400,000 common shares.
If
any events of default described in the AR Debentures occur, the outstanding principal amount of the AR Debentures, plus accrued but unpaid
interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the applicable
holder’s election, immediately due and payable in cash. Commencing five days after the occurrence of any event of default that
results in the eventual acceleration of the AR Debentures, the interest rate on the AR Debentures shall accrue at an interest rate equal
to the lesser of 18% per annum and the maximum rate permitted under applicable law.
The
AR Debentures include customary negative covenants, including covenants restricting the Company from incurring certain additional indebtedness,
granting security interests or liens on its assets (other than certain permitted liens), and entering into any transaction involving
the repurchase of shares of Common Stock, except as permitted under the AR Debentures.
In
connection with the Closing, the Company entered into the Amended and Restated Security Agreement with all of the subsidiaries of the
Company and each of Bristol Investment Fund and Barlock, as holders of the AR Debentures, to reflect collateral as only certain Cryptocurrency
Mining assets.
The
Company determined that the AR Debentures contain certain features that require bifurcation and separate accounting as embedded derivatives.
As such, the Company elected to initially and subsequently measure the AR Debentures in their entirety at fair value with changes in
fair value recognized in earnings in accordance with ASC 815. The fair value of the AR Debentures increased to $4,863,000 at September
30, 2023 representing an increase of $2,141,000 from June 30, 2023 and $3,502,000 from the date of the Merger and recognized in the condensed
consolidated statements of operations for the three and nine months ended September 30, 2023, respectively.
Interest
accrued for AR Debentures was $60,000 and zero at September 30, 2023 and December 31, 2022, respectively.
In
October 2023, conversion notices were received from holders of the AR Debentures and the Company issued 400,667 shares of Common Stock
to affect the conversion. This represented the full conversion of the AR Debentures and accrued interest due to one of the holders.
SBA
Loan
Upon
the Merger, the Company assumed a loan agreement with the SBA. The loan accrued interest at a rate of 3.75% and was scheduled to mature
in June 2050. The Company elected to fully repay the SBA loan and accrued interest in September 2023.
The
following table summarizes the Company’s debt outstanding:
Schedule
of Debt Outstanding
| |
| | | |
| | |
| |
As
of | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Short-term
debt | |
| | | |
| | |
AR
Debentures at fair value | |
$ | 4,863,000 | | |
$ | — | |
| |
| | | |
| | |
Total
debt | |
$ | 4,863,000 | | |
$ | — | |
The
following is a summary of scheduled debt maturities by year as of September 30, 2023:
Schedule of Debt Maturities
| |
| | |
2023 | |
$ | 2,000,000 | |
2024 | |
| — | |
2025 | |
| — | |
2026 | |
| — | |
2027 | |
| — | |
Thereafter | |
| — | |
Long-Term
Debt | |
$ | 2,000,000 | |
Note
9. Commitments and Contingencies
The
Company is subject to various litigation, claims and proceedings, that have arisen in the ordinary course of business. The Company recognizes a liability for such loss contingencies when it believes it is probable a liability has
been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better
estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better
estimate than any other amount the Company accrues the minimum amount in the range. The outcomes of any such currently pending matters are not expected to
have a material adverse effect on the Company’s financial position or results of operations.
Office
Leases
In
June and July 2023, the Company entered into two leases for office space in Houston, Texas and Denver, Colorado each with a term of one
year. These leases are not recorded on the balance sheet due to lease terms of less than a year and have an aggregate remaining commitment
of approximately $90,000 as of September 30, 2023.
Note
10. Preferred Stock
Series
D
The
Company has authorized 50,000 shares of Series D Preferred Stock with a par value of $0.01 and a stated value of $1,000. No dividends
are to be paid other than in those in the same form as dividends actually paid on Common Stock other than any adjustments related to
stock dividends or stock splits.
This
Series D Preferred Stock has no voting rights. However, as long as any such shares are outstanding, the Company must seek approval from
holders of Series D Preferred Stock of at least 66% of the then outstanding shares in order to (a) alter or change the powers, preferences
or rights given to the Series D Preferred Stock in a materially adverse manner, (b) authorize or create any class of stock ranking as
to dividends, redemption or distribution of assets upon a liquidation senior to, or otherwise pari passu with, the Series D Preferred
Stock, (c) amend its certificate of incorporation or other charter documents in any manner that materially adversely affects any rights
of the holders, (d) increase the number of authorized shares of Series D Preferred Stock, or (e) enter into any agreement with respect
to any of the foregoing.
Each
share of Series D Preferred Stock is convertible at any time at the option of the holder into the number of shares of Common Stock determined
by dividing the stated value of such share of $1,000 by $5.00, subject to adjustment by certain events as defined in the certificate
of designation. If the average price of the Company’s Common Stock, as defined and calculated, for any 22 trading days during a
30 consecutive trading day period exceeds $8.50, subject to adjustment, the Company can require conversion of the Series D Preferred
Stock into Common Stock subject to certain conditions including stock trading volumes and existence of an effective registration statement
for such converted shares.
At
any time on or after May 3, 2025, the Company may also redeem some or all outstanding Series D Preferred Stock for $1,050 per share plus
any accrued and unpaid dividends and any other amounts due in respect of the Series D Preferred Stock. Such redemption is subject to
certain conditions including stock trading volumes and existence of an effective registration statement.
The
Company received an aggregate of $17.4
million in proceeds from the Series D PIPE Investors who were issued 17,376
shares of Series D Preferred Stock along with Series D A Warrants to purchase 3,475,250
shares of the Company’s Common Stock and Series D B warrants to purchase 3,475,250
shares of Common Stock. See further description of the Series D PIPE Warrants in Note 12.
The
Company entered into registration rights agreements with each Series D PIPE Investor whereby the Company is required to pay
liquidated damages if the resale of the underlying shares of Common Stock is not registered by the Securities and Exchange
Commission by August 31, 2023. The resale of such shares was not registered by August 31, 2023 and accordingly the Company recorded
an expense of $173,763
during the three months ended September 30, 2023, which represents 1% of the $17.4
in gross proceeds from the Series D PIPE Investors. The Company will continue to incur such damages of $173,763
per month through 2023 unless and until the resale of the underlying shares is registered, with a maximum aggregate of such damages
of $695,052.
Additionally
and upon the Merger, holders of the AR Debentures were issued 4,423 shares of Series D Preferred Stock. No warrants were issued with
or are associated with these shares.
Series
E
The
Company has authorized 50,000 shares of Series E Preferred Stock with a par value of $0.01 and a stated value of $1,000. No dividends
are to be paid other than in those in the same form as dividends actually paid on Common Stock other than any adjustments related to
stock dividends or stock splits.
This
Series E Preferred Stock has no voting rights. However, as long as any such shares are outstanding, the Company must seek approval
from holders of Series E Preferred Stock of at least 66% of the then outstanding shares in order to (a) alter or change the powers,
preferences or rights given to the Series E Preferred Stock in a materially adverse manner, (b) authorize or create any class of
stock ranking as to dividends, redemption or distribution of assets upon a liquidation senior to, or otherwise pari passu
with, the Series E Preferred Stock, (c) amend its certificate of incorporation or other charter documents in any manner that
materially adversely affects any rights of the holders, (d) increase the number of authorized shares of Series E Preferred Stock, or
(e) enter into any agreement with respect to any of the foregoing.
Each
share of Series E Preferred Stock is convertible at any time at the option of the holder into the number of shares of Common Stock determined
by dividing the stated value of such share of $1,000 by $5.00, subject to adjustment by certain events as defined in the certificate
of designation. If the average price of the Company’s Common Stock, as defined and calculated, for any 22 trading days during a
30 consecutive trading day period exceeds $8.50, subject to adjustment, the Company can require conversion of the Series E Preferred
Stock into Common Stock subject to certain conditions including stock trading volumes and existence of an effective registration statement
for the resale of such converted shares.
At
any time on or after August 15, 2025, the Company may also redeem some or all outstanding Series E Preferred Stock for $1,050 per share
plus any accrued and unpaid dividends and any other amounts due in respect of the Series E Preferred Stock. Such redemption is subject
to certain conditions including stock trading volumes and existence of an effective registration statement.
The
Company received an aggregate of $20.0
million in proceeds from the Series E PIPE Investor who was issued 20,000
shares of Series E Preferred Stock along with 39,615
shares of the Company’s Common Stock, and Series E A warrants to purchase 4,000,000
shares of the Company’s Common Stock and Series E B warrants to purchase 4,000,000
shares of Common Stock. See further description of the Series E PIPE Warrants in Note 12.
The
Company’s obligations under the Series E Preferred Stock and the Series E PIPE Warrants are secured by a lien on the Exok
Option Assets as described under the Deed of Trust, Mortgage, Assignment of As-Extracted Collateral, Security Agreement, Fixture
Filing and Financing Statement, dated August 15, 2023 (“Deed of Trust”). Upon commencement of a voluntary bankruptcy
proceeding by Prairie LLC or involuntary bankruptcy proceeding against Prairie LLC, the Series E PIPE Investor will have the right
and option to proceed with foreclosure and to sell all or any portion of the Exok Option Assets. In the event that no shares of
Series E Preferred Stock remain outstanding (whether by conversion, redemption or otherwise) or are no longer beneficially owned or
otherwise held by the Series E PIPE Investor (or any of its affiliates), the lien on the Exok Option Assets under the Deed of Trust
will be released in accordance with the terms and procedures set forth therein.
Note
11. Common Stock
Holders
of our Common Stock are entitled to one vote per share. Our Amended and Restated Charter (as defined below) does not provide for cumulative voting. Holders
of our Common Stock are entitled to receive ratably such dividends, if any, as may be declared by our Board out of legally available
funds. However, the current policy of our Board is to retain earnings, if any, for our operations and expansion. Upon liquidation, dissolution
or winding-up, the holders of our Common Stock are entitled to share ratably in all of our assets which are legally available for distribution,
after payment of or provision for all liabilities. The holders of our Common Stock have no preemptive, subscription, redemption or conversion
rights. The rights, preferences and privileges of holders of our Common Stock are subject to and may be adversely affected by the rights
of the holders of shares of any series of preferred stock that we may designate and issue.
In
conjunction with the closing of the Merger (i) 2,297,669
shares of Common Stock were issued to the former members of Prairie LLC in exchange for their membership interests in Prairie LLC
and (ii) 3,860,991
shares of Common Stock were deemed issued to former stockholders of Creek Road Miners, Inc. As a result of the Merger and related
transactions, the Company has the obligation to issue 205,970
shares of Common Stock (“Obligation Shares”). The fair value of this obligation increased $1,477,103
from the Merger to September 7, 2023 when the underlying shares were fully issued. This change was recognized in Loss on adjustment
to fair value – Obligation Shares in the condensed consolidated statements of operations for the nine months ended September
30, 2023.
The
Company’s sequencing policy (as described in Note 2) resulted in the allocation of authorized and unissued shares in the
following order at September 30, 2023 (i) AR Debentures, (ii) Legacy Warrants (March 2024 expiration), (iii) Series D B Warrants,
(iv) restricted stock units issued to directors and an advisor (see Note 13), (v) Series E B Warrants, (vi) restricted stock units
issued to employees (see Note 13) and Legacy Warrants (September 2024 – January 2027 expiration) (vii) Series D A Warrants,
(viii) Series E A Warrants, (ix) Exok Warrants, (x) Series D Preferred Stock, (xi) Series E Preferred Stock and (xii) Merger Options
(defined below). This sequencing and the lack of sufficient authorized shares required the Company reclassify a portion of the
Series D A Warrants and all the Series E A Warrants and Exok Warrants to liabilities at fair value during the three months ended
September 30, 2023. These liabilities were remeasured to fair value at September 30, 2023 with the change in fair value reflected in
the statement of operations. Additionally and due to the lack of sufficient authorized shares, the Company’s Series D
Preferred Stock and Series E Preferred Stock were reclassified to mezzanine equity at their maximum redemption value during the
three months ended September 30, 2023. Upon the effectiveness of the Reverse Stock Split in October 2023 (see Note 15), the Company
has sufficient authorized shares for all its securities and reclassified the warrant liabilities and mezzanine equity into permanent
equity effective in October 2023.
Note
12. Common Stock Options and Warrants
Legacy
Options
Upon
the Merger, the Company assumed 7,087 options to purchase shares of the Company’s Common Stock (the “Legacy Options”)
with a weighted average exercise price of $28.57 per share. The Legacy Options expired on August 1, 2023.
Merger
Options
On
August 31, 2022, Prairie LLC entered into agreements with its members whereby each member was provided non-compensatory options to purchase
a 40% membership interest in the Company for an aggregate purchase price of $1,000,000 per member. The non-compensatory options were
sold for $80,000. The non-compensatory options only become exercisable in 25% increments upon the achievement of the following production
milestones in barrels of oil equivalent per day (“BOE/D”): 2,500 BOE/D, 5,000 BOE/D, 7,500 BOE/D, and 10,000 BOE/D.
On
May 3, 2023, prior to the closing of the Merger, Prairie LLC entered into a non-compensatory option purchase agreement with its
members, Bristol Capital LLC and BOKA Energy LP, a third-party investor pursuant to which Bristol Capital LLC and BOKA Energy LP
purchased non-compensatory options for $24,000
and $8,000,
respectively, from Prairie LLC’s members. Upon the Merger, the Company converted the non-compensatory options to purchase
membership interests of Prairie LLC outstanding and unexercised as of immediately prior to the Merger into options to acquire an
aggregate of 8,000,000
shares of Common Stock for an exercise price of $7.14
per share (“Merger Options”), which are only exercisable if the production hurdles noted above are achieved, and the
Company entered into the Option Agreements with each of Gary C. Hanna, Edward Kovalik, Bristol Capital LLC and BOKA Energy LP. Erik
Thoresen, a director of the Company, is affiliated with BOKA Energy LP. An aggregate of 2,000,000
Merger Options are subject to be transferred to the Series D PIPE Investors, based on
their then percentage ownership of the Series D Preferred Stock to the aggregate Series D Preferred Stock outstanding and held by all Series
D PIPE Investors as of the Closing Date, if the Company does not meet certain performance metrics by May 3, 2026.
On
August 30, 2023, the Company, Gary C. Hanna, Edward Kovalik, Bristol Capital LLC and Georgina Asset Management, LLC (“Georgina
Asset Management”) entered into a non-compensatory option purchase agreement, pursuant to which Georgina Asset Management agreed
to purchase, and each of Gary C. Hanna, Edward Kovalik and Bristol Capital (collectively, the “Sellers”) agreed to sell to
Georgina Asset Management for an aggregate purchase price of $2,000, Merger Options to acquire an aggregate of 200,000
shares of Common Stock
for an exercise price of $7.14 per share.
None
of the Merger Options were exercisable at September 30, 2023.
Legacy
Warrants
Upon
the Merger, the Company assumed warrants to purchase 53,938 shares of the Company’s Common Stock with a weighted average exercise
price of $49.71 per share (the “Legacy Warrants”). Legacy Warrants providing the right to purchase 53,938 common shares were
outstanding at September 30, 2023 with a weighted average remaining contractual life of 2.4 years.
Series
D PIPE Warrants
The
Series D PIPE Warrants provide the warrant holders with the right to purchase an aggregate of 6,950,000 shares
of Common Stock at an exercise price of $6.00 per
share. The Series D A Warrants expire on May 3, 2028 and may be exercised in a cashless manner under certain circumstances. The Series D B Warrants expire on
May 3, 2024 and must be exercised for cash. Series D A Warrants providing the right to purchase 3,475,250 shares
of Common Stock and Series D B Warrants providing the right to purchase 3,475,250 shares
of Common Stock were outstanding at September 30, 2023.
Series
E PIPE Warrants
The
Series E PIPE Warrants provide the warrant holders with the right to purchase 8,000,000
shares of Common Stock at an exercise price of $6.00
per share. The Series E A Warrants expire on August 15, 2028 and may be exercised in a cashless manner under certain circumstances. The Series E B Warrants
expire on August 15, 2024 and must be exercised for cash. The Series E A Warrants providing the right to purchase 4,000,000
shares of Common Stock and Series E B Warrants providing the right to purchase 4,000,000
shares of Common Stock were outstanding at September 30, 2023.
Exok
Warrants
The
Exok Warrants provide the warrant holders with the right to purchase 670,499
shares of Common Stock at an exercise price of $7.43
per share. The Exok Warrants expire on August 15, 2028 and may be exercised in a cashless manner under certain circumstances. Exok Warrants providing the right
to purchase 670,499
shares of Common Stock were outstanding at September 30, 2023.
Note
13. Long-Term Incentive Compensation
The Company’s long-term incentive plan for employees, directors,
consultants, and other service providers (as amended from time to time, the “LTIP”) provides for the grant of all or any of
the following types of equity-based awards: (i) incentive stock options qualified as such under United States federal income tax laws;
(ii) stock options that do not qualify as incentive stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v)
restricted stock units; (vi) stock awards; (vii) performance awards; (viii) dividend equivalents; (ix) other stock-based awards; (x) cash
awards; and (xi) substitute awards.
Subject to adjustment in accordance with the terms of the LTIP, 35,000,000
shares of the Company’s Common Stock were reserved for issuance pursuant to awards under the LTIP, as such LTIP was in effect as
of September 30, 2023 and without consideration of the Reverse Stock Split. This number was subsequently adjusted to 1,225,000 shares,
effective as of October 16, 2023, to reflect the Reverse Stock Split. After giving effect to the Reverse Stock Split and the awards that
have been granted under the LTIP as of September 30, 2023 there were 604,000 shares remaining available for grant under the LTIP.
Stock-Based
Compensation
The
Company’s stock-based compensation is classified as either equity awards or liability awards in accordance with GAAP. The fair
value of an equity-classified award is determined at the grant date and is amortized to general and administrative expense on a straight-line
basis over the vesting period of the award. The fair value of a liability-classified award is determined on a quarterly basis beginning
at the grant date until final vesting. Changes in the fair value of liability-classified awards are recorded to general and administrative
expense over the vesting period of the award.
The
Company issued restricted stock units (“RSUs”) to employees, directors and advisors that either cliff-vest on May 3,
2024 (the one-year anniversary of the Merger) or, in the case of the advisor, one year after the effective date of the applicable
consulting agreement, or vest ratably over three years, on each anniversary date of the Merger beginning with May 3, 2024. RSUs
granted under the LTIP can immediately vest upon (A) a termination due to (i) death, (ii) disability, (iii) or retirement in the
case of employee awards, or (B) in connection with a change in control; provided that for employee awards, such accelerated vesting
upon a change in control only applies to the extent no provision is made in connection with a change in control for the assumption
of awards previously granted or there is no substitution of such awards for new awards, then outstanding awards will become fully
vested. To the extent an employee’s RSU award is assumed or substituted in connection with the change in control, if a
participant is terminated by the Company without “cause” or the employee terminates for “good reason” (each
as defined in the award agreement), then each award will become fully vested.
The
Company recognized the following amounts in total related to long-term incentive compensation costs for the three and nine months ended
September 30, 2023 and 2022:
Schedule
of Long Term Incentive Compensation Costs
| |
For
the three months ended September 30, | | |
For
the nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Long-term
incentive compensation | |
$ | 953,671 | | |
$ | — | | |
$ | 953,671 | | |
$ | — | |
Equity-Classified
Awards
The
Company recognized $0.9 million in equity-classified stock-based compensation costs for the three and nine months ended September 30,
2023. There were no equity-classified stock-based compensation costs for the three and nine months ended September 30, 2022.
Equity-Classified
Restricted Stock Units
As
of September 30, 2023, there was $8.2 million of total unrecognized compensation cost related to the Company’s unvested equity-classified
restricted stock units. This cost is expected to be recognized over a weighted-average period of 1.5 years. The following table summarizes
equity-classified restricted stock units for the nine months ended September 30, 2023 and provides information for unvested units as
of September 30, 2023.
Schedule
of Restricted Stock Units
| |
Number
of Shares | | |
Weighted
Average Fair Value | |
| |
| | |
| |
Unvested units at December 31,
2022 | |
| — | | |
$ | — | |
Granted | |
| 624,706 | | |
$ | 14.57 | |
Vested | |
| — | | |
$ | — | |
Forfeited | |
| — | | |
$ | — | |
Unvested
units at March 31, 2023 | |
| 624,706 | | |
$ | 11.86 | |
Liability-Classified
Awards
The
Company recognized $26,451 in liability-classified stock-based compensation costs for the three and nine months ended September 30, 2023.
There were no liability-classified stock-based compensation costs for the three and nine months ended September 30, 2022.
Liability-Classified
Restricted Stock Units
In August 2023, the Company granted restricted stock units to directors and an advisor that vest in May 2024 and August 2024, respectively,
which are payable 60% in common shares and 40% in either cash or shares at the option of the Compensation Committee of the Board. The Company has accounted for the portion of the awards that can be settled in cash as liability-classified awards and accordingly
changes in the market value of the instruments will be recorded to general and administrative expense over the vesting period of the
award. As of September 30, 2023, there was $0.2 million of total unrecognized compensation cost related to liability-classified restricted
stock units that is expected to be recognized over a weighted-average period of 0.6 years. The amount of unrecognized compensation cost
for liability-classified awards will fluctuate over time as they are marked to market.
The following table summarizes
activity related to liability-classified RSUs for the nine months ended September 30, 2023:
Schedule
of Restricted Stock Units
| |
Number
of Units | | |
Weighted
Average Fair Value | |
| |
| | |
| |
Unvested units at December 31,
2022 | |
| — | | |
$ | — | |
Granted | |
| 16,471 | | |
$ | 14.57 | |
Vested | |
| — | | |
$ | — | |
Forfeited | |
| — | | |
$ | — | |
Unvested
units at September 30, 2023 | |
| 16,471 | | |
$ | 11.86 | |
Note
14. Segment Information
The
Company’s reportable business segments have been identified based on the differences in products or services provided. The Company’s
E&P segment is comprised of oil and gas properties which are currently related to its assets in Colorado. The Cryptocurrency Mining
segment generates revenue through Cryptocurrency Mining activities from assets that we acquired through the Merger. All such activities
currently operate under a contract with Atlas as described above.
Summarized
financial information for the Company’s reportable segments is shown in the following table. The accounting policies of the segments
are the same as those described for the Company. Management evaluates the performance of its segments based on operating income, defined
as operating revenues less operating costs. Income before income taxes, for the purpose of reconciling the operating income amount shown
below to consolidated income before income taxes, is the sum of operating income, interest expense. Corporate general and administrative
costs, depreciation expense and taxes, other than income taxes, are allocated to the segments.
Schedule
of Reportable Segments
| |
E&P | | |
Cryptocurrency
Mining | | |
Total | |
Three months
ended September 30, 2023 | |
| | |
| | |
| |
Revenues | |
$ | — | | |
$ | 457,951 | | |
$ | 457,951 | |
Depreciation,
depletion and amortization expense | |
| — | | |
| 425,468 | | |
| 425,468 | |
Impairment of
cryptocurrency mining equipment | |
| — | | |
| — | | |
| — | |
Loss from operations | |
| (5.542.986 | ) | |
| (949,411 | ) | |
| (6,492,397 | ) |
Interest
expense (1) | |
| (6,797 | ) | |
| (60,947 | ) | |
| (67,744 | ) |
Interest
income (1) | |
| 74,755 | | |
| 10,411 | | |
| 85,166 | |
Liquidated
damages (1) | |
| (152,521 | ) | |
| (21,242 | ) | |
| (173,763 | ) |
Loss
on adjustment to fair value – warrant liabilities (1) | |
| (22,176,617 | ) | |
| (2,678,468 | ) | |
| (24,855,085 | ) |
Loss on adjustment
to fair value - AR Debentures | |
| — | | |
| (2,141,000 | ) | |
| (2,141,000 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (676,678 | ) | |
| (94,240 | ) | |
| (770,918 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (676,678 | ) | |
| (94,240 | ) | |
| (770,918 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (676,678 | ) | |
| (94,240 | ) | |
| (770,918 | ) |
Other
expense | |
| - | | |
| - | | |
| - | |
Other
income | |
| - | | |
| - | | |
| - | |
Assets | |
$ | 28,595,051 | | |
$ | 3,982,396 | | |
$ | 32,577,447 | |
| |
| | | |
| | | |
| | |
Three months
ended September 30, 2022 | |
| | | |
| | | |
| | |
Revenues- | |
$ | — | | |
$ | — | | |
$ | — | |
Depreciation,
depletion and amortization expense- | |
| — | | |
| — | | |
| — | |
Loss
from operations- | |
| (276,789 | ) | |
| — | | |
| (276,789 | ) |
Interest
expense- | |
| — | | |
| — | | |
| — | |
Interest
income- | |
| — | | |
| — | | |
| — | |
Other
expense- | |
| — | | |
| — | | |
| — | |
Other
income- | |
| — | | |
| — | | |
| — | |
Assets- | |
$ | 1,197,243 | | |
$ | — | | |
$ | 1,197,243 | |
| |
E&P | | |
Cryptocurrency Mining | | |
Total | |
Nine months ended September
30, 2023 | |
| | | |
| | | |
| | |
Revenues | |
$ | — | | |
$ | 637,269 | | |
$ | 637,269 | |
Depreciation, depletion and
amortization expense | |
| — | | |
| 558,319 | | |
| 558,319 | |
Impairment of cryptocurrency
mining equipment | |
| — | | |
| 16,794,688 | | |
| 16,794,688 | |
Loss from operations | |
| (6,769,956 | ) | |
| (19,485,769 | ) | |
| (26,255,725 | ) |
Interest
expense (1) | |
| (8,849 | ) | |
| (102,614 | ) | |
| (111,463 | ) |
Interest
income (1) | |
| 92,827 | | |
| 35,375 | | |
| 128,202 | |
Liquidated
damages (1) | |
| (152,521 | ) | |
| (21,242 | ) | |
| (173,763 | ) |
Loss
on adjustment to fair value – warrant liabilities (1) | |
| (22,176,617 | ) | |
| (2,678,468 | ) | |
| (24,855,085 | ) |
Loss on adjustment to fair
value – AR Debentures | |
| — | | |
| (2,882,000 | ) | |
| (2,882,000 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (973,224 | ) | |
| (503,879 | ) | |
| (1,477,103 | ) |
Assets | |
$ | 28,595,051 | | |
$ | 3,982,396 | | |
$ | 32,577,447 | |
| |
| | | |
| | | |
| | |
June 7, 2022 (date of inception)
through September 30, 2022 | |
| | | |
| | | |
| | |
Revenues- | |
$ | — | | |
$ | — | | |
$ | — | |
Depreciation,
depletion and amortization expense- | |
| — | | |
| — | | |
| — | |
Operating
income- | |
| (309,511 | ) | |
| — | | |
| (309,511 | ) |
Interest
expense- | |
| — | | |
| — | | |
| — | |
Interest
income- | |
| — | | |
| — | | |
| — | |
Other
expense- | |
| — | | |
| — | | |
| — | |
Other
income- | |
| — | | |
| — | | |
| — | |
Assets- | |
$ | 1,197,243 | | |
$ | — | | |
$ | 1,197,243 | |
The
following table presents the breakout of other assets, which represent corporate assets not allocated to segments at September 30, 2023
and 2022:
Schedule of Corporate Assets Not Allocated
to Segments
| |
2023 | | |
2022 | |
| |
As
of September 30, | |
| |
2023 | | |
2022 | |
Cash and cash
equivalents | |
$ | 7,241,811 | | |
$ | — | |
Prepaid expenses | |
| 271,839 | | |
| — | |
Note
15. Subsequent Events
Reverse
Stock Split and Amendment to Certificate of Incorporation
On
October 12, 2023, the Company filed the Certificate of Amendment with the Delaware Secretary of State to effect a reverse stock split of outstanding shares of the Company’s Common
Stock at an
exchange ratio of 1:28.5714286 (the “Reverse Stock Split”). The
Company also changed its name from Creek Road Miners, Inc. to Prairie Operating Co. (the “Corporate Name Change”)
and changed its ticker symbol from “CRKR” to “PROP” (the “Symbol Change”) on the OTCQB marketplace of OTC Markets. The Reverse Stock
Split and the Corporate Name Change became effective on the OTCQB marketplace of OTC Markets on October 16, 2023 (the
“Effective Date”). In connection with the Reverse Stock Split, Corporate Name Change and Symbol Change, the CUSIP number
for the Company’s Common Stock changed to 739650109. The Company traded under its former name and ticker symbol “CRKR” until October 16, 2023 and under “CRKRD,” a
transitionary ticker symbol, until November 10, 2023. Our Common Stock (as defined below) began trading on the OTCQB under the symbol
“PROP” on November 13, 2023.
The
Certificate of Amendment filed by the Company with the Delaware Secretary of State took effect on October 16, 2023 and, among other things,
(i) effected the Reverse Stock Split; and (ii) changed the total number of shares of all classes of stock which the Company shall have
authority to issue 155,000,000 shares, consisting of (a) 150,000,000 shares of Common Stock and (b) 5,000,000 shares of preferred stock,
par value $0.01 per share. Immediately after the filing of the Certificate of Amendment, the Company filed the Second Amended and Restated
Certificate of Incorporation (the “Amended and Restated Charter”) with the Delaware Secretary of State, with the Amended
and Restated Charter and took effect October 16, 2023, that, among other things, (i) eliminated certain provisions related to shares of preferred stock as a result of the elimination of certain series of preferred stock; (ii) removed provisions providing for action by written consent
of stockholders; (iii) included a waiver of the corporate opportunity doctrine; (iv) made certain modifications to the election and removal
of directors of the Company; (v) adopted Delaware as the exclusive forum for certain shareholder litigation; and (vi) increased the total
number of shares of all classes of stock which the Company shall have authority to issue 550,000,000 shares, consisting of (a) 500,000,000
shares of Common Stock and (b) 50,000,000 shares of preferred stock.
All
per share and common share amounts have been retroactively adjusted for the effect of this Reverse Stock Split for all periods presented.
Conversion
of AR Debentures
In
October 2023, conversion notices were received from holders of the AR Debentures and the Company issued 400,667 shares of Common Stock
to affect the conversion. This represented the full conversion of the AR Debentures and accrued interest due to one of the holders.
Exercise
of Series D B Warrants
On
November 13, 2023, Narrogal Nominees Pty Ltd ATF Gregory K O’Neill Family Trust (“O’Neill Trust”) delivered notice
to the Company of the exercise of Series D B Warrants to purchase 2,000,000
shares of Common Stock at an exercise price of $6.00 per share for total proceeds to the Company of $12 million (the “Warrant Exercise”). The Company intends to use the proceeds from the Warrant Exercise for general working capital purposes, which
may include drilling activity or opportunistic acquisitions.
The B Warrants were originally
issued on May 3, 2023, in connection with the Series D PIPE.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary
Notice Regarding Forward-Looking Statements
The
following discussion and analysis of our financial condition and results of operations for the three and nine months ended September
30, 2023 and 2022 should be read in conjunction with our consolidated financial statements and related notes to those financial statements
that are included elsewhere in this report. Except as otherwise indicated or required by the context, references to the “Company,”
“we,” “us,” “our” or similar terms refer to Prairie Operating Co.
Our
discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans,
objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these
forward-looking statements as a result of a number of factors, including those set forth under “Risk Factors” in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2022 as updated in our Form 8-K’s filed on July 27, 2023, August 25, 2023, September 6, 2023, and October 24, 2023.
We
use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,”
“ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,”
“could,” and similar expressions to identify forward-looking statements. All forward-looking statements included in this
report are based on information available to us on the date hereof and, except as required by law, we assume no obligation to update
any such forward-looking statements.
Overview
On
May 3, 2023, we changed our name from Creek Road Miners, Inc. to Prairie Operating Co. (the “Company,”
“we,” “us” or “our”) in connection with the Merger (as defined below). The Company was
incorporated in Delaware on May 2, 2001. Prior to cryptocurrency mining operations that began
in October 2021 (“Cryptocurrency Mining”), the Company produced live and virtual pop culture conventions and events and sold a gelatin machine and related
consumables that were discontinued in 2021. In addition, the Company operated an eCommerce site selling pop culture memorabilia that
was discontinued on June 30, 2022 (known collectively as “legacy operations”).
On
May 3, 2023, Prairie Operating Co., a Delaware corporation formerly named Creek Road Miners, Inc. (the “Company”), completed
its previously announced merger with Prairie Operating Co., LLC, a Delaware limited liability company (“Prairie LLC”), pursuant
to the terms of the Amended and Restated Agreement and Plan of Merger, dated as of May 3, 2023 (the “Merger Agreement”), by and among the Company, Creek Road Merger Sub, LLC, a Delaware limited liability
company and wholly-owned subsidiary of the Company (“Merger Sub”), and Prairie LLC, pursuant to which, among other things,
Merger Sub merged with and into Prairie LLC, with Prairie LLC surviving and continuing to exist as a Delaware limited liability company
and a wholly-owned subsidiary of the Company (the “Merger”). Upon consummation of the Merger, the Company changed its name
from “Creek Road Miners, Inc.” to “Prairie Operating Co.”
Upon
the Merger, membership interests in Prairie LLC were converted into the right to receive each member’s pro rata share of 2,297,668
shares of common stock, par value $0.01 (“Common Stock”).
In
addition, the Company consummated the previously announced purchase of oil and gas leases, including all of Exok, Inc.’s, an Oklahoma
corporation (“Exok”), right, title and interest in, to and under certain undeveloped oil and gas leases located in Weld County,
Colorado, together with certain other associated assets, data and records, consisting of approximately 3,157 net mineral acres in, on
and under approximately 4,494 gross acres from Exok (the “Exok Assets”) for $3.0 million pursuant to the Amended and Restated
Purchase and Sale Agreement, dated as of May 3, 2023, by and among the Company, Prairie LLC and Exok (the “Exok Transaction”).
To
fund the Exok Transaction, the Company received an aggregate of $17.3 million in proceeds from a number of investors (the “Series
D PIPE Investors”), and the Series D PIPE Investors were issued Series D preferred stock, par value $0.01 per share (“Series
D Preferred Stock”), with a stated value of $1,000 per share and convertible into shares of Common Stock at a price of $5.00 per
share (the “Series D Preferred Stock”), and warrants for each of Series A warrants to purchase 3,475,250 shares of Common
Stock (the “Series D A Warrants”) and Series B warrants to purchase 3,475,250 shares of Common Stock (the “Series D
B Warrants” and together with the Series D A Warrants, the “Series D PIPE Warrants”), in a private placement (the “Series
D PIPE”) pursuant to securities purchase agreements entered into with each Series D PIPE Investor.
On
August 15, 2023, the Company exercised its option under the Exok Transaction to purchase approximately 20,328 net mineral acres in, on
and under approximately 32,695 additional gross acres from Exok (the “Exok Option Assets”). The Company acquired this
acreage for $25.3 million consisting of (i) $18.0 million in cash (the “Cash Consideration”) to Exok, (ii) issuance of
670,499 shares of the Company’s Common Stock and warrants to purchase 670,499
shares of Common Stock (“Exok Warrants”) to affiliates of Exok, and (iii) direct transaction costs. The Cash
Consideration was funded from the Series E preferred issuance (see below).
The Company received an aggregate of $20.0 million in proceeds from the
Series E private placement (the “Series E PIPE”) in exchange for 20,000 shares of Series E preferred stock, par value $0.01
per share (“Series E Preferred Stock”) along with 39,615 shares of the Company’s Common Stock, and Series A warrants
to purchase 4,000,000 shares of the Company’s Common Stock (the “Series E A Warrants”) and Series B warrants to purchase
4,000,000 shares of Common Stock (the “Series E B Warrants” and together with the Series E A Warrants, the “Series E
PIPE Warrants”).
E&P
We
are engaged in the development, exploration and production of oil, natural gas, and NGLs with operations focused on unconventional oil
and natural gas reservoirs located in Colorado focused on the Niobrara and Codell formations. The Company’s E&P assets
consist of certain oil and gas leasehold interests with no existing oil and gas production or revenue. Our current activities are focused
on obtaining requisite permits to begin drilling wells and, as such, we have no current drilling or completion operations.
Cryptocurrency
Mining
Our
mining operations commenced on May 3, 2023 concurrent with the Merger. Currently, we generate all our revenue through our Cryptocurrency Mining activities from assets owned by Creek Road prior to the Merger. We use special Cryptocurrency Mining computers (known as “miners”)
to solve complex cryptographic algorithms to support the Bitcoin blockchain. Miners measure their processing power, which is known as
“hashing” power, in terms of the number of hashing algorithms solved (or “hashes”) per second, which is the miner’s
“hash rate.” We do not own, control or take custody of Bitcoin; rather, our service provider retains all Bitcoin rewards
and remits net revenue from Cryptocurrency Mining to us in the form of US dollars.
All
of our miners were manufactured by Bitmain, and incorporate application-specific integrated circuit (ASIC) chips specialized to solve
blocks on the Bitcoin blockchains using the 256-bit secure hashing algorithm (SHA-256) in return for Bitcoin cryptocurrency rewards.
As of September 30, 2023, we had 510 Bitmain S19J Pro miners with 51.0 Ph/s of hashing capacity, 270 Bitmain S19 miners with 24.3 Ph/s
of hashing capacity, and 606 Bitmain S19 XP miners with 84.2 Ph/s of hashing capacity.
Critical
Accounting Policies and Estimates
The
preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United
States (“GAAP”), requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and
expenses, and related disclosure of contingent assets and liabilities. When making these estimates and assumptions, we consider our
historical experience, our knowledge of economic and market factors and various other factors that we believe to be reasonable under
the circumstances. Actual results may differ under different estimates and assumptions. The accounting estimates and assumptions
discussed in this section are those that we consider to be the most critical to an understanding of our financial statements because
they inherently involve significant judgments and uncertainties.
Principles
of Consolidation
The
accompanying financial statements are consolidated and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany
balances and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates.
These
estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, estimates and
assumptions made in valuing assets and debt instruments issued in the Merger, and realization of deferred tax assets.
Concentration
of Credit Risk
Financial
instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company
places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit.
All of the Company’s revenue
is currently generated from its Cryptocurrency Mining business under a contract with Atlas (described below). We are wholly reliant on
Atlas to operate our miners on a daily basis. If Atlas experiences difficulty providing the services we require, or if they experience
disruptions or financial distress or cease operations temporarily or permanently, it will negatively affect our ability to operate our
Cryptocurrency Mining business.
The Company does
not anticipate incurring any losses related to these credit risks.
Cash
and Cash Equivalents
Cash
and cash equivalents are defined by the Company as short-term, highly liquid investments that have an original maturity of three months
or less and deposits in money market mutual funds that are readily convertible into cash. Management considers cash and cash equivalents
to have minimal credit and market risk. The Company had $7.2 million and $79,845 in cash and cash equivalents as of September 30, 2023
and December 31, 2022, respectively.
Accounts
Receivable
Accounts
receivable represents revenue recognized, but for which payment has not yet been received. All of the Company’s accounts receivable at September 30, 2023 is
from Atlas. No allowance for doubtful accounts was recorded
as of September 30, 2023 and December 31, 2022.
Property
and equipment
E&P:
We follow the successful efforts method of accounting for our oil and natural gas properties. Under this method, exploration costs such
as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed
as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property
acquisition costs and development costs are capitalized when incurred.
Exploratory
drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling
costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For
exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized
as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient
progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future
appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some
instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly.
Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of natural
gas and oil are capitalized.
Costs
of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated
using the unit-of-production (“UOP”) method based on total estimated proved developed oil and natural gas reserves. Costs
of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP
method based on total estimated proved developed and undeveloped reserves.
Proceeds
from the sales of individual oil and natural gas properties and the capitalized costs of individual properties sold or abandoned are
credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the
depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However,
a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially
impact the depletion rate of the remaining properties in the amortization base.
When
circumstances indicate that the carrying value of proved oil and natural gas properties may not be recoverable, we compare unamortized
capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which
identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based
on our estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant
data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated
using the income approach described in Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 820,
Fair Value Measurements. If applicable, we utilize prices and other relevant information generated by market transactions involving assets
and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future
cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of commodity
prices, pricing adjustments for differentials, operating costs, capital investment plans, future production volumes, and estimated proved
reserves, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections
that are then discounted to estimated fair value, using a market-based weighted average cost of capital.
Cryptocurrency
Mining: Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful
lives of 2 to 5 years. Leasehold improvements are amortized over the shorter of the useful lives of the related assets, or the lease
term. Expenditures for maintenance and repairs are charged to operations as incurred while renewals and betterments are capitalized.
Gains and losses on disposals are included in the consolidated statements of operations.
Management
assesses the carrying value of property and equipment whenever events or changes in circumstances indicate that the carrying value may
not be recoverable. If there is indication of impairment, management prepares an estimate of future cash flows expected to result from
the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment
loss is recognized to write down the asset to its estimated fair value.
Cryptocurrency
Mining assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset
may not be recoverable. An estimate of undiscounted future cash flows produced by the asset, or the appropriate grouping of assets, is
compared to the carrying value to determine whether an impairment exists, pursuant to the provisions of ASC 360-10 “Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.” If an asset is determined to be impaired,
the loss is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate
of fair value is based on various valuation techniques, including a discounted value of estimated future cash flows and fundamental analysis.
Warrant
liabilities
The
Company evaluates all of its financial instruments, including issued private placement stock purchase warrants, to determine if such
instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to GAAP. The Company accounts for warrants
as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable
GAAP. Management’s assessment considers whether the warrants are freestanding financial instruments, whether they meet the definition
of a liability, and whether the warrants meet all of the requirements for equity classification.
For
warrants that meet all of the criteria for equity classification, they are recorded as a component of additional paid-in capital at the
time of issuance. For warrants that are precluded from equity classification, they are recorded as a liability at their fair value on
the date of such classification and subject to remeasurement on each balance sheet date with changes in the estimated fair value of the
warrants to be recognized statements of operations.
As
of September 30, 2023, the Company had liability-classified warrants outstanding that allows the holders to purchase 5,695,387 shares
of the Company’s Common Stock.
Fair
value of financial instruments
ASC
820, Fair Value Measurements and Disclosures, defines fair value, establishes a consistent framework for measuring fair value,
and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis.
Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based
on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC
820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level
1 valuations – Consist of observable inputs
that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date.
Level
2 valuations – Consist of observable market-based
inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included
in Level 1 that are either directly or indirectly observable as of the reporting date.
Level
3 valuations – Consist of unobservable inputs
that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best
estimate of fair value.
Commitments
and Contingencies
The
Company recognizes a liability for loss contingencies when it believes it is probable a liability has been incurred, and the amount can
be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within
the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues
the minimum amount in the range. The Company has recorded $250,000 and zero for such matters at September 30, 2023 and December 31, 2022,
respectively. The amount accrued at September 30, 2023 is related to a legal dispute on a contractual matter and is recorded in general
and administrative expenses in the statements of operations for the three and nine months ended September 30, 2023.
Revenue
Recognition
The
Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. The underlying principle of ASC 606 is
to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected.
Revenues
are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration
that we expect to receive in exchange for those goods or services. The Company applies the following five steps in order to determine
the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements:
|
● |
identify
the contract with a customer; |
|
● |
identify
the performance obligations in the contract; |
|
● |
determine
the transaction price; |
|
● |
allocate
the transaction price to performance obligations in the contract; and |
|
● |
recognize
revenue as the performance obligation is satisfied. |
The
Company’s Cryptocurrency Mining assets that are in service are operating under a contract with Atlas Power Hosting, LLC (“Atlas”)
whereby Atlas hosts, operates, and manages the Company’s assets. The Company receives payment in U.S. dollars for the net mining
revenue representing the dollar value of the cryptocurrency award generated less power and other costs. The Company does not currently
receive or own cryptocurrencies under this contract.
Fair
value of any cryptocurrency award received is determined using the market rate of the related cryptocurrency at the time of receipt.
There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies
recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment.
In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect
on the Company’s consolidated financial position and results from operations.
Cryptocurrency
Mining Costs
The
Company’s Cryptocurrency Mining costs consist primarily of direct costs under the Atlas contract described above, but exclude depreciation
and amortization, which are separately stated in the Company’s consolidated statements of operations.
Income
taxes
We
account for income taxes using the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences,
and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the
reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the
opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. Deferred tax
assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. At September 30, 2023, the Company had a full valuation allowance to offset its net deferred tax assets.
Results
of Operations
| |
Three
Months Ended September
30, | | |
Three
Months Ended September
30, | | |
Nine
Months Ended September
30, | | |
June
7, 2022 (date of inception) through September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 457,951 | | |
$ | — | | |
$ | 637,269 | | |
$ | — | |
Operating
costs and expenses | |
| (6,625,347 | ) | |
| (276,788 | ) | |
| (26,567,993 | ) | |
| (309,511 | ) |
Loss
from operations | |
$ | (6,167,396 | ) | |
$ | (276,788 | ) | |
$ | (25,930,724 | ) | |
$ | (309,511 | ) |
Loss
from operations
● |
Loss
from operations increased $6.2 million for the three months ended September 30, 2023, compared to the three months ended September
30, 2022. The $457,951 increase in Cryptocurrency Mining revenues resulting from the commencement of such operations upon the Merger
was more than offset by a $6.3 million increase in operating costs and expenses. |
● |
Loss
from operations increased $25.9 million for the nine months ended September 30, 2023, compared to the period of June 7, 2022 (date
of inception) to September 30, 2022. The $637,269 increase in Cryptocurrency Mining revenues resulting from the commencement of such
operations upon the Merger was more than offset by a $26.3 million increase in operating costs and expenses, which includes an impairment
of Cryptocurrency Mining equipment of $16.8 million. |
Revenue
Total
revenue increased $457,951 for the three months ended September 30, 2023 and $637,269 for the nine months ended September 30, 2023 compared
to the period from June 7, 2022 (date of inception) to September 30, 2022. All of this increase is due to the commencement of cryptocurrency
operations upon the Merger with no revenues in the 2022 period.
Operating
Costs and Expenses
| |
Three Months Ended
September 30, | | |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | | |
June
7, 2022 (date of inception) through September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Cryptocurrency
mining costs | |
$ | 209,929 | | |
$ | — | | |
$ | 303,172 | | |
$ | — | |
Depreciation, depletion and
amortization | |
| 425,468 | | |
| — | | |
| 558,319 | | |
| — | |
General and administrative | |
| 6,314,951 | | |
| 276,788 | | |
| 9,236,815 | | |
| 309,511 | |
Impairment
of cryptocurrency mining equipment | |
| — | | |
| — | | |
| 16,794,688 | | |
| — | |
Total
operating expenses | |
$ | 6,950,348 | | |
$ | 276,788 | | |
$ | 26,892,994 | | |
$ | 309,511 | |
Operating
costs and expenses increased $6.7 million for the three months ended September 30, 2023 compared to the three months ended September 30,
2022 and $26.6 million for the nine months ended September 30, 2023 compared to the period from June
7, 2022 (date of inception) to September 30, 2022.
Cryptocurrency
mining. The increase of $209,929 for the three months ended September 30, 2023 and $303,172 for
the nine months ended September 30, 2023 over the three months ended September 30, 2022 and the period from June 7, 2022 (date of
inception) to September 30, 2022, respectively, is due to the commencement of cryptocurrency operations upon the Merger.
Depreciation,
depletion and amortization. The increase of $425,468 in DD&A for the three months ended September 30, 2023 and $558,319 for the nine months ended September 30, 2023 over the
three months ended September 30, 2022 and the period from June 7, 2022 (date of inception) to September 30, 2022 is due to the commencement
of cryptocurrency operations upon the Merger. There was no DD&A associated with E&P for any of the respective periods.
General
and administrative. G&A for the three and nine months ended September 30, 2023 increased $6.0 million and $8.9 million over the three months ended September 30, 2022 and the period from June 7, 2022 (date of inception) to September 30,
2022, respectively. For the three months ended September 30, 2023, this was primarily due to investor
relations costs of $1.7 million, employment and benefit costs of $1.5 million, stock-based compensation
of $1.0 million, legal and accounting costs of $1.0 million, professional
services of $0.2 million, and other costs of $0.6 million. For the nine months
ended September 30, 2023, this was primarily due to employment and benefit costs of $2.4 million, legal, accounting and other costs associated
with the Merger of $2.3 million, investor relations costs of $1.8 million, stock-based compensation of $1.0 million, professional services
of $0.6 million, insurance of $0.3 million, and other costs of $0.5
million.
Impairment
of cryptocurrency mining equipment. The impairment of zero and $16.8 million in the three and nine months ended September 30, 2023,
respectively, is due to the adjustment required to write-off the excess of the allocated purchase price of the Merger over the fair value
of the acquired net assets and the subsequent write-off of shipping and customs fees incurred on miners after the Merger.
Other
income and expenses
| |
Three
Months Ended September
30, 2023 | | |
Three
Months Ended September
30, 2022 | | |
Nine
Months Ended September
30, 2023 | | |
June
7, 2022 (date of inception) through September
30, 2022 | |
| |
| | |
| | |
| | |
| |
Interest income | |
$ | 85,166 | | |
$ | — | | |
$ | 128,202 | | |
$ | — | |
Interest expense | |
| (67,744 | ) | |
| — | | |
| (111,463 | ) | |
| — | |
Loss on adjustment to fair
value – warrant liabilities | |
| (24,855,085 | ) | |
| — | | |
| (24,855,085 | ) | |
| — | |
Loss on adjustment to fair
value - AR Debentures | |
| (2,141,000 | ) | |
| — | | |
| (2,882,000 | ) | |
| — | |
Loss on adjustment to fair
value - Obligation Shares | |
| (770,918 | ) | |
| — | | |
| (1,477,103 | ) | |
| — | |
Liquidated damages | |
| (173,763 | ) | |
| — | | |
| (173,763 | ) | |
| — | |
Total
other income (expense) | |
$ | (27,923,344 | ) | |
$ | — | | |
$ | (29,371,212 | ) | |
$ | — | |
Interest
income. Interest income for the three months and nine months ended September 30, 2023 increased $85,166 and $128,202 compared to
the three months ended September 30, 2022 and the period from June 7, 2022 (date of inception)
to September 30, 2022, respectively. This increase was entirely due to our ability to earn interest on our cash balance in the current
period and not in the prior year period.
Interest
expense. Interest expense for the three and nine months ended September 30, 2023 increased $67,744 and $111,463 compared to the three
months ended September 30, 2022 and the period from June 7, 2022 (date of inception) to September 30, 2022, respectively. This
increase was entirely due to accrued interest on the AR Debentures and SBA loan resulting from the Merger and certain financing costs
incurred in the current period.
Loss
on adjustment to fair value – warrant liabilities. The loss for the three and nine months ended September 30, 2023 increased
$24.9 million compared to the three months ended September 30, 2022 and the period from
June 7, 2022 (date of inception) to September 30, 2022. This increase was entirely due to the change in fair value of warrant liabilities
that were reclassified from permanent equity during the period.
Loss
on adjustment to fair value - AR Debentures. The loss for the three and nine months ended September 30, 2023 increased $2.1 million
and $2.9 million compared to the three months ended September 30, 2022 and the period from
June 7, 2022 (date of inception) to September 30, 2022, respectively. These increases were entirely due to the change in fair value of
the AR Debentures since the Merger.
Loss
on adjustment to fair value - Obligation Shares. The loss for the three and nine months ended September 30, 2023 increased $0.8 million
and $1.5 million compared to the three months ended September 30, 2022 and the period from
June 7, 2022 (date of inception) to September 30, 2022, respectively. This increase was entirely due to the change in fair value of the
Obligation Shares liability since the Merger.
Liquidated
damages. Liquidated damages of $173,763 were recorded for the three months and nine months ended September 30, 2023 as a
registration statement registering the resale of certain shares of the Company’s Common Stock and shares of Common Stock
underlying the Series D Preferred Stock and Series D PIPE Warrants having not been declared effective within the timeframe required
under the related registration rights agreement. There were no such costs in 2022.
Liquidity
and Capital Resources
Overview
Our
E&P activities will require us to make significant operating and capital expenditures. Historically, our primary source of
liquidity has been the issuance of Series D Preferred Stock to the Series D PIPE Investors for funding of the purchase of the Exok
Assets and working capital and the issuance of Series E Preferred Stock to the Series E PIPE Investor for funding of the Exok
Option Purchase and working capital. In the future, we expect that additional capital raises will be necessary to fund our
operations and acquisition activities along with cash on hand and cash flows from operations. Our primary uses of cash have been for
the acquisition and development of oil and natural gas properties and payments of general, administrative and operating
costs.
We
expect to continue funding our business and strategic plans with cash on hand and cash flow from operations. We do not currently have
significant capital commitments. However, we expect that we will need to access additional capital through public and/or private markets
in order to fund our E&P development and strategy. The availability of such additional capital is subject to numerous factors including
prices of oil and natural gas and the overall health of the U.S. and global economic environment and are largely outside of the control
of the Company. There can be no assurance that the Company can obtain such additional capital. The amount and allocation of future capital
expenditures will depend upon a number of factors, including the amount and timing of cash flows from operations, investing and financing
activities, and timing and cost of additional capital sources.
Because
we are the operator of all of our acreage, the timing and level of our capital spending is largely discretionary and within our control.
We could choose to defer a portion of planned capital expenditures depending on a variety of factors, including, but not limited to,
the receipt and timing of required regulatory permits and approvals, seasonal conditions, drilling and acquisition costs, the level of
participation by other working interest owners, the success of our drilling activities, prevailing and anticipated prices for oil, natural
gas and NGLs, the availability of necessary equipment, infrastructure and capital.
Working
Capital
We
define working capital as current assets less current liabilities. At September 30, 2023 and December 31, 2022, we had working capital
deficits of $4.0 million and $2.1 million, respectively. Our current working capital deficit is expected to increase in the future due
to expenses incurred in connection with our business and until revenue is recognized from our E&P business and/or we raise additional
capital. Cash and cash equivalents totaled $7.2 million and $79,845 at September 30, 2023 and December 31, 2022, respectively.
Cash
Flows from Operating, Investing and Financing Activities
The
following table summarizes our cash flows for the periods indicated:
|
|
Nine Months Ended
September 30, 2023 |
|
|
June 7, 2022 (date of inception) through
September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
Net
cash used in operating activities |
|
$ |
(7,937,926 |
) |
|
$ |
— |
|
Net
cash used in investing activities |
|
|
(21,551,717 |
) |
|
|
— |
|
Net
cash provided by financing activities |
|
|
36,651,609 |
|
|
|
80,000 |
|
Net
increase in cash and cash equivalents |
|
|
7,161,966 |
|
|
|
80,000 |
|
Cash
and cash equivalents, beginning of period |
|
|
79,845 |
|
|
|
— |
|
Cash
and cash equivalents, end of period |
|
$ |
7,241,811 |
|
|
$ |
80,000 |
|
Analysis
of Cash Flow Changes for the Nine Months Ended September 30, 2023 and June 7, 2022 (date of inception) through September 30, 2022
Operating
Activities
Net
cash used in operating activities was $7.9 million for the nine months ended September 30, 2023 and resulted primarily from a net loss
of $55.6 million, which was partially offset by the impairment of
cryptocurrency mining equipment of $16.8 million, losses on adjustment to fair value of $29.2 million, stock based compensation expense of $0.9 million, depreciation and amortization
expense of $0.5 million, and changes in working capital of $0.2.
There
was no cash used in or provided by operating activities for the period from June 7, 2022 (date of inception) to September 30, 2022 reflective
of the Company’s limited activity initially after formation.
Investing
Activities
Net
cash used in investing activities was $21.6 million for the nine months ended September 30, 2023 and primarily resulted from the $21.1
million acquisition of unproved oil and gas properties and transaction costs associated with the Merger of $0.3 million.
There
was no cash used in or provided by investing activities for the period from June 7, 2022 (date of inception) to September 30, 2022 reflective
of the Company’s limited activity initially after formation.
Financing
Activities
Net
cash provided by financing activities was $36.7 million for the nine months ended September 30, 2023 and primarily resulted from
$17.4 million proceeds from the Series D PIPE and $20.0 million from the Series E PIPE, partially offset by financing costs of $0.6
million and $0.2 million from the payoff of the SBA loan.
Going
Concern Analysis
The
Company had a net loss of $55.6 million for the nine months ended September 30, 2023. We cannot predict if we will be profitable. We
may continue to incur losses for an indeterminate period of time and may be unable to achieve profitability. An extended period of losses
and negative cash flow may prevent us from successfully operating and expanding our business. We may be unable to achieve or sustain
profitability on a quarterly or annual basis. On September 30, 2023, we had cash and cash equivalents of $7.2 million, a working capital
deficit of approximately $4.0 million, and an accumulated deficit of approximately $55.4 million.
The
assessment of the liquidity and going concern requires the Company to make estimates of future activity and judgments about whether
the Company can meet its obligations and has adequate liquidity to operate. Significant assumptions used in the Company’s
forecasted model of liquidity in the next 12 months include our current cash position and our ability to manage spending. Based on
an assessment of these factors, management believes that the Company will have adequate liquidity for its operations for at least
the next 12 months.
The
accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern.
The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets, or the amounts and classification of liabilities that may result from the matters discussed herein.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Not
required.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Our
management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of
our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. For purposes of this
section, the term “disclosure controls and procedures” means controls and other procedures of an issuer that are designed
to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified
in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing
similar functions, as appropriate to allow timely decisions regarding required disclosure.
As
disclosed in our Form 10-Q/A for the quarter ended March 31, 2023 and filed with the SEC on June 16, 2023, our Chief Executive Officer
and Chief Financial Officer concluded that a material weakness in our internal control over financial reporting was present and that
our disclosure controls and procedures were not effective as of March 31, 2023. This material weakness has not been remediated and, as
such, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective
as of September 30, 2023.
Inherent
Limitations on the Effectiveness of Controls
Management
does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all
errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control systems are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a cost-effective
control system, no evaluation of internal control over financial reporting can provide absolute assurance that misstatements due to error
or fraud will not occur or that all control issues and instances of fraud, if any, have been or will be detected.
These
inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a
simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people,
or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood
of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become
inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
Management
did not design and implement effective controls regarding certain processes around our financial reporting requirements which we determined
to be a material weakness. Specifically, the Company did not design and maintain adequate processes to ensure timely review of its quarterly report on Form
10-Q in compliance with SEC rules.
This
material weakness could impact the effectiveness of our internal control over financial reporting and result in a material misstatement
to annual or interim consolidated financial statements that would not be prevented or detected.
Remediation
of Material Weakness
Our
Chief Executive Officer, Chief Financial Officer, and senior leadership team are committed to remediating the material weakness in our
internal control over financial reporting in a timely manner and with oversight from the Audit Committee of the board of directors of the Company. We
have, among other actions, implemented actions to address the root cause of the material weakness. In conjunction with this remediation
plan, during our fiscal quarter ended June 30, 2023, processes and procedures were implemented to ensure any information required to
be disclosed in the reports that we file or submit under Exchange Act and is required to be presented is recorded, processed, summarized
and reported within the time periods specified in the SEC’s rules and forms.
Specific
remedial actions already undertaken by management have included the engagement of Ham, Langston & Brezina, L.L.P. (“HL&B”)
as its new independent registered public accounting firm on May 30, 2023 for the Company’s fiscal year ending December 31, 2023,
and related interim periods. HL&B has completed the required review procedures as required for public companies for this Form 10-Q.
While
we believe these plans and actions will address and remediate the material weakness, the material weakness will not be considered remediated
until there has been appropriate time for us to conclude through testing that the controls are designed and operating effectively. Such
remediation is anticipated to be completed during the current year.
Changes
in Internal Control Over Financial Reporting
In
addition, our management with the participation of our principal executive officer and principal financial officer have determined that
no other changes in our internal control over financial reporting (as that term is defined in Rules 13(a)-15(f) and 15(d)-15(f) of the
Exchange Act) occurred during the quarter ended September 30, 2023 that has materially affected, or is reasonably likely to materially affect,
our internal control over financial reporting.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings
The Company is not involved
in any disputes and does not have any litigation matters pending which the Company believes could have a materially adverse effect
on the Company’s financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before
or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive
officers of our Company or any of our subsidiaries, threatened against or affecting our Company, our Common Stock, any of our subsidiaries
or of our Company’s or our Company’s subsidiaries’ officers or directors in their capacities as such, in which an adverse
decision could have a material adverse effect.
Item
1A. Risk Factors
In
addition to the other information set forth in this Quarterly Report on Form 10-Q, we refer you to Item 1A. “Risk
Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 31, 2023.
As of the date of this Quarterly Report on Form 10-Q, there have been no material changes in the risk factors disclosed in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and those disclosed in our Form 8-Ks filed on August 25,
2023, September 6, 2023 and October 24, 2023.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
There
were no unregistered sales of the Company’s equity securities during the quarter ended September 30, 2023, that were not otherwise
disclosed in a Current Report on Form 8-K.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
On
November 13, 2023, Narrogal Nominees Pty Ltd ATF Gregory K O’Neill Family Trust (“O’Neill Trust”) delivered notice
to the Company of the exercise of Series D B Warrants to purchase 2,000,000 shares of Common Stock at an exercise price of $6.00 per
share for total proceeds to the Company of $12 million (the “Warrant Exercise”). The Company intends to use the proceeds
from the Warrant Exercise for general working capital purposes, which may include drilling activity or opportunistic acquisitions. The
B Warrants were originally issued on May 3, 2023, in connection with the Series D PIPE. The issuance
of shares of Common Stock pursuant to the Warrant Exercise was made pursuant to the exemption from registration contained in Section
4(a)(2) under the Securities Act.
After
giving effect to the Warrant Exercise, O’Neill Trust will be the record holder of (i) 2,039,615 shares of Common Stock, or 21.5%
of the issued and outstanding shares of Common Stock, based on 7,475,315 shares of Common Stock outstanding as of November 9, 2023; (ii)
Series D A Warrants to purchase 2,000,000 shares of Common Stock; (iii) Series E A Warrants to purchase 4,000,000 shares of Common Stock;
(iv) Series E B Warrants to purchase 4,000,000 shares of Common Stock; (v) 10,000 shares of Series D Preferred Stock convertible into
2,000,000 shares of Common Stock; and (vi) 20,000 shares of Series E Preferred Stock convertible into 4,000,000 shares of Common Stock.
Each of the warrants held by the O’Neill Trust, as well as the Series D Preferred Stock and Series E Preferred Stock was subject
to a limitation on exercise or conversion, as applicable, if as a result of such exercise or conversion, the holder would own more than
4.99% of the outstanding shares of Common Stock (the “Beneficial Ownership Limitation”), which may be increased by the holder
upon written notice to the Company, to any specified percentage not in excess of 9.99% (the “Beneficial Ownership Limitation Ceiling”).
In connection with the Warrant Exercise, the O’Neill Trust entered into an agreement with the Company pursuant to which it amended
the terms of each of its Series D Warrants and Series E Warrants to increase the Beneficial Ownership Limitation Ceiling from 9.99% to
25% and gave notice to the Company that it was increasing its Beneficial Ownership Limitation to 25% with respect to each of its remaining
warrants. The Beneficial Ownership Limitation Ceiling on the Series D Preferred Stock and Series E Preferred Stock remains at 9.99%.
O’Neill Trust is managed by Nermone Nominees, as trustee. Gregory K. O’Neill, managing director and sole shareholder, has
voting or investment control over the shares held by O’Neill Trust.
During
the three months ended September 30, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement”
or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item
6. Exhibits – TO BE UPDATED
EXHIBIT
INDEX
Exhibit
No. |
|
Description |
|
|
|
2.1† |
|
Amended and Restated Agreement and Plan of Merger, dated as of May 3, 2023, by and among Creek Road Miners, Inc., Creek Road Merger Sub, LLC and Prairie Operating Co., LLC (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K, filed with the SEC on May 4, 2023). |
3.1† |
|
Second Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K, filed with the SEC on October 13, 2023). |
3.2† |
|
Amended and Restated Bylaws of Prairie Operating Co. (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K, filed with the SEC on May 9, 2023). |
3.3† |
|
Certificate of Designation of Preferences, Rights and Limitations of Series D Convertible Preferred Stock (incorporated by reference to Exhibit 3.3 of the Company’s Current Report on Form 8-K, filed with the SEC on May 9, 2023). |
3.4† |
|
Certificate of Designation of Preferences, Rights and Limitations of Series E Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 of the amendment to the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023). |
4.1† |
|
Form of Warrant (incorporated by reference to Exhibit C of Exhibit 10.2 of the Company’s Current Report on Form 8-K, filed with the SEC on May 4, 2023). |
4.2† |
|
Form of Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.1 of the amendment to the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023). |
4.3† |
|
A Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.2 of the amendment to the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023). |
4.4† |
|
B Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.3 of the amendment to the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023). |
10.1† |
|
Securities Purchase Agreement, dated as of August 15, 2023, by and between Prairie Operating Co. and Narrogal Nominees Pty Ltd ATF Gregory K O’Neill Family Trust (incorporated by reference to Exhibit 10.2 of the amendment to the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023). |
10.2† |
|
Registration Rights Agreement, dated as of August 15, 2023, by and among Prairie Operating Co. and the holders thereto (incorporated by reference to Exhibit 10.3 of the amendment to the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023). |
10.3† |
|
Deed of Trust, Mortgage, Assignment of As-Extracted Collateral, Security Agreement, Fixture Filing and Financing Statement, dated as of August 15, 2023, from Prairie Operating Co., as mortgagor, to Gregory O’Neill, as trustee, for the benefit of Narrogal Nominees Pty Ltd ATF Gregory K O’Neill Family Trust (incorporated by reference to Exhibit 10.4 of the amendment to the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023). |
10.4† |
|
Non-Compensatory Option Purchase Agreement, dated as of August 30, 2023, by and among Prairie Operating Co., Gary C. Hanna, Edward Kovalik, Bristol Capital, LLC and Georgina Asset Management, LLC (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed with the SEC on September 5, 2023). |
10.17† |
|
Amended
& Restated Prairie Operating Co. Long-Term Incentive Plan, effective as of August 25, 2023 (incorporated by reference to Exhibit
10.24 of the Company’s Amendment No. 4 to Form S-1, filed with the SEC on October 24, 2023). |
10.18† |
|
Form of Restricted Stock Unit Award Agreement (for Non-Employee Directors and Consultants) (incorporated by reference to Exhibit 10.25 of the Company’s Amendment No. 4 to Form S-1, filed with the SEC on October 24, 2023). |
10.19† |
|
Form of Restricted Stock Unit Award Agreement (for Employees) (incorporated by reference to Exhibit 10.26 of the Company’s Amendment No. 4 to Form S-1, filed with the SEC on October 24, 2023). |
10.20† |
|
Form of Amended and Restated Employment Agreement (President and CEO) (incorporated by reference to Exhibit 10.18 of the Company’s Amendment No. 4 to Form S-1, filed with the SEC on October 24, 2023). |
10.21† |
|
Form of Amended and Restated Employment Agreement (Other Executive Officers) (incorporated by reference to Exhibit 10.19 of the Company’s Amendment No. 4 to Form S-1, filed with the SEC on October 24, 2023). |
31.1* |
|
Certification
by the Principal Executive Officer of Registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a) or Rule
15d-14(a)). |
31.2* |
|
Certification
by the Principal Financial Officer of Registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rule 13a-14(a) or Rule
15d-14(a)). |
32.1* |
|
Certification
by the Principal Executive Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2* |
|
Certification
by the Principal Financial Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS* |
|
Inline
XBRL Instance Document |
101.SCH*† |
|
Inline
XBRL Taxonomy Extension Schema |
101.CAL*† |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF*† |
|
Inline
XBRL Taxonomy Extension Definition Linkbase |
101.LAB*† |
|
Inline
XBRL Taxonomy Extension Label Linkbase |
101.PRE*† |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase |
104.0 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
*
Filed herewith
†
Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of
a registration statement for purposes of Section 11 or 12 of the Securities Act, is deemed not filed for purposes of Section 18 of the
Exchange Act, and otherwise is not subject to liability under these section.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
PRAIRIE
OPERATING CO. |
|
|
|
|
By: |
/s/
Edward Kovalik |
|
|
Edward
Kovalik |
Date:
November 14, 2023 |
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Craig Owen |
|
|
Craig
Owen |
Date:
November 14, 2023 |
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer)
|
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO SECTION 302 OF THE
SARBANES-OXLEY
ACT OF 2002
I,
Edward Kovalik, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Prairie Operating Co.;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this quarterly report;
3.
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this quarterly report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly for the period in which this quarterly report is being prepared; |
|
|
|
|
b) |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
|
|
|
|
d) |
disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; |
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
a) |
all
significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability
to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses
in internal controls; and |
|
|
|
|
b) |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Date:
November 14, 2023 |
By: |
/s/
Edward Kovalik |
|
|
Edward
Kovalik
|
|
|
Principal
Executive Officer |
Exhibit
31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO SECTION 302 OF THE
SARBANES-OXLEY
ACT OF 2002
I,
Craig Owen, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Prairie Operating Co.;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this quarterly report;
3.
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this quarterly report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly for the period in which this quarterly report is being prepared; |
|
|
|
|
b) |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
|
|
|
|
d) |
disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; |
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
a) |
all
significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability
to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses
in internal controls; and |
|
|
|
|
b) |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Date:
November 14, 2023 |
By: |
/s/
Craig Owen |
|
|
Craig
Owen
|
|
|
Principal
Financial and Accounting Officer |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF
THE
SARBANES-OXLEY ACT OF 2002
In
connection with this Quarterly Report of Prairie Operating Co. (the “Company”), on Form 10-Q for the period ended September
30, 2023, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Edward Kovalik, Principal Executive Officer
of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley
Act of 2002, that:
|
(1) |
Such
Quarterly Report on Form 10-Q for the period ended September 30, 2023, fully complies with the requirements of section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in such Quarterly Report on Form 10-Q for the period September 30, 2023, fairly presents, in all material respects,
the financial condition and results of operations of the Company. |
Date:
November 14, 2023 |
By: |
/s/
Edward Kovalik |
|
|
Edward
Kovalik |
|
|
Principal
Executive Officer |
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF
THE
SARBANES-OXLEY ACT OF 2002
In
connection with this Quarterly Report of Prairie Operating Co. (the “Company”), on Form 10-Q for the period ended September
30, 2023, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Craig Owen, Principal Financial and Accounting
Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the
Sarbanes-Oxley Act of 2002, that:
|
(1) |
Such
Quarterly Report on Form 10-Q for the period ended September 30, 2023, fully complies with the requirements of section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in such Quarterly Report on Form 10-Q for the period ended September 30, 2023, fairly presents, in all material
respects, the financial condition and results of operations of the Company. |
Date:
November 14, 2023 |
By: |
/s/
Craig Owen |
|
|
Craig
Owen
|
|
|
Principal
Financial and Accounting Officer |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 09, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-33383
|
|
Entity Registrant Name |
Prairie
Operating Co.
|
|
Entity Central Index Key |
0001162896
|
|
Entity Tax Identification Number |
98-0357690
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
602
Sawyer
|
|
Entity Address, Address Line Two |
Suite 710
|
|
Entity Address, City or Town |
Houston
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
77007
|
|
City Area Code |
(713)
|
|
Local Phone Number |
424-4247
|
|
Entity Current Reporting Status |
Yes
|
|
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Yes
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|
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Non-accelerated Filer
|
|
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true
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 7,241,811
|
$ 79,845
|
Accounts and other receivable |
97,293
|
|
Prepaid expenses |
271,839
|
|
Total current assets |
7,610,943
|
79,845
|
Property and equipment: |
|
|
Oil and natural gas properties, successful efforts method of accounting ($28,595,051 excluded from amortization at September 30, 2023) |
28,595,051
|
|
Cryptocurrency mining equipment |
4,293,422
|
|
Less: Accumulated depreciation, depletion and amortization |
(558,319)
|
|
Total property and equipment, net |
32,330,154
|
|
Deposits on mining equipment |
150,000
|
|
Deferred transaction costs |
|
1,760,665
|
Total assets |
40,091,097
|
1,840,510
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
6,708,498
|
2,219,946
|
Accrued interest and expenses – related parties |
30,000
|
2,084
|
Secured convertible debenture (related party) |
2,431,500
|
|
Secured convertible debenture |
2,431,500
|
|
Total current liabilities |
11,601,498
|
2,222,030
|
Long-term liabilities: |
|
|
Warrant liabilities |
50,738,180
|
|
Total long-term liabilities |
50,738,180
|
|
Total liabilities |
62,339,678
|
2,222,030
|
Commitments and contingencies (Note 9) |
|
|
Mezzanine equity |
|
|
Members’ deficit |
|
(381,520)
|
Stockholders’ equity: |
|
|
Common stock; $0.01 par value; 500,000,000 shares authorized and 7,074,668 shares issued and outstanding at September 30, 2023; zero shares authorized, issued and outstanding at December 31, 2022 |
70,747
|
|
Additional paid-in capital |
(8,716,827)
|
|
Accumulated deficit |
(55,401,751)
|
|
Total stockholders’ equity |
(64,047,831)
|
|
Total liabilities, mezzanine equity and members’/stockholders’ equity |
40,091,097
|
1,840,510
|
Series D Preferred Stock [Member] |
|
|
Mezzanine equity |
|
|
Series E convertible preferred stock; $0.01 par value; 50,000 shares authorized and 20,000 shares issued and outstanding at September 30, 2023; zero shares authorized, issued and outstanding at December 31, 2022 |
21,799,250
|
|
Series E Preferred Stock [Member] |
|
|
Mezzanine equity |
|
|
Series E convertible preferred stock; $0.01 par value; 50,000 shares authorized and 20,000 shares issued and outstanding at September 30, 2023; zero shares authorized, issued and outstanding at December 31, 2022 |
$ 20,000,000
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
|
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Amortization of Oil and Gas |
$ 28,595,051
|
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares outstanding |
7,074,668
|
|
Common stock, shares issued |
7,074,668
|
|
Series D Preferred Stock [Member] |
|
|
Temporary equity, par value |
$ 0.01
|
$ 0.01
|
Temporary equity, shares authorized |
50,000
|
50,000
|
Temporary equity, shares issued |
21,799
|
|
Temporary equity, shares outstanding |
21,799
|
|
Series E Preferred Stock [Member] |
|
|
Temporary equity, par value |
$ 0.01
|
$ 0.01
|
Temporary equity, shares authorized |
50,000
|
50,000
|
Temporary equity, shares issued |
20,000
|
|
Temporary equity, shares outstanding |
20,000
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
4 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Revenue: |
|
|
|
|
Cryptocurrency mining |
$ 457,951
|
|
|
$ 637,269
|
Operating costs and expenses: |
|
|
|
|
Cryptocurrency mining costs |
209,929
|
|
|
303,172
|
Depreciation and amortization |
425,468
|
|
|
558,319
|
General and administrative |
6,314,951
|
276,788
|
309,511
|
9,236,815
|
Impairment of cryptocurrency mining equipment |
|
|
|
16,794,688
|
Total operating expenses |
6,950,348
|
276,788
|
309,511
|
26,892,994
|
Loss from operations |
(6,492,397)
|
(276,788)
|
(309,511)
|
(26,255,725)
|
Other income (expense): |
|
|
|
|
Interest income |
85,166
|
|
|
128,202
|
Interest expense |
(67,744)
|
|
|
(111,463)
|
Loss on adjustment to fair value – warrant liabilities |
(24,855,085)
|
|
|
(24,855,085)
|
Loss on adjustment to fair value – AR Debentures |
(2,141,000)
|
|
|
(2,882,000)
|
Loss on adjustment to fair value – Obligation Shares |
(770,918)
|
|
|
(1,477,103)
|
Liquidated damages |
(173,763)
|
|
|
(173,763)
|
Total other income (expense) |
(27,923,344)
|
|
|
(29,371,212)
|
Loss from operations before provision for income taxes |
(34,415,741)
|
(276,788)
|
(309,511)
|
(55,626,937)
|
Provision for income taxes |
|
|
|
|
Net loss |
$ (34,415,741)
|
$ (276,788)
|
$ (309,511)
|
$ (55,626,937)
|
Loss per common share: |
|
|
|
|
Basic |
$ (5.24)
|
|
|
$ (15.80)
|
Diluted |
$ (5.24)
|
|
|
$ (15.80)
|
Weighted average common shares outstanding: |
|
|
|
|
Basic |
6,565,134
|
|
|
3,520,843
|
Diluted |
6,565,134
|
|
|
3,520,843
|
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v3.23.3
Condensed Consolidated Statements of Members'/Stockholders' Deficit (Unaudited) - USD ($)
|
Members' Deficit [Member] |
Preferred Stock [Member]
Series D Preferred Stock [Member]
|
Preferred Stock [Member]
Series E Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance, value at Jun. 06, 2022 |
|
|
|
|
|
|
|
Net loss |
(32,723)
|
|
|
|
|
|
|
Balance, value at Jun. 30, 2022 |
(32,723)
|
|
|
|
|
|
|
Balance, value at Jun. 06, 2022 |
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
$ (309,511)
|
Balance, value at Sep. 30, 2022 |
(309,511)
|
|
|
|
|
|
|
Balance, value at Jun. 30, 2022 |
(32,723)
|
|
|
|
|
|
|
Net loss |
(276,788)
|
|
|
|
|
|
(276,788)
|
Balance, value at Sep. 30, 2022 |
(309,511)
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
(381,520)
|
|
|
|
|
|
|
Balance, shares at Dec. 31, 2022 |
|
|
|
|
|
|
|
Balance, value at Dec. 31, 2022 |
|
|
|
|
|
|
381,520
|
Net loss |
(64,392)
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
(445,912)
|
|
|
|
|
|
|
Balance, shares at Mar. 31, 2023 |
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
(381,520)
|
|
|
|
|
|
|
Balance, shares at Dec. 31, 2022 |
|
|
|
|
|
|
|
Balance, value at Dec. 31, 2022 |
|
|
|
|
|
|
381,520
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
|
5,695,387
|
|
|
|
Net loss |
|
|
|
|
|
|
(55,626,937)
|
Balance at Sep. 30, 2023 |
|
|
|
$ 70,747
|
(8,716,827)
|
(55,401,751)
|
(64,047,831)
|
Balance, shares at Sep. 30, 2023 |
|
|
|
7,074,668
|
|
|
|
Balance, value at Sep. 30, 2023 |
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
(445,912)
|
|
|
|
|
|
|
Balance, shares at Mar. 31, 2023 |
|
|
|
|
|
|
|
Net loss from April 1, 2023 through May 3, 2023 |
(160,793)
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(20,986,010)
|
(20,986,010)
|
Conversion of membership interests |
606,705
|
|
|
$ 22,977
|
(629,682)
|
|
(606,705)
|
Conversion of membership interests, shares |
|
|
|
2,297,668
|
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets |
|
|
|
$ 38,609
|
9,889,653
|
|
9,928,262
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets, shares |
|
|
|
3,860,917
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock |
|
$ 174
|
|
|
16,447,475
|
|
16,447,649
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
17,376
|
|
|
|
|
|
Issuance to holders of Convertible Debentures for settlement of Creek Road Miners liabilities |
|
$ 44
|
|
|
3,209,152
|
|
3,209,196
|
Issuance to holders of Convertible Debentures for settlement of Creek Road Miners liabilities, shares |
|
4,423
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 218
|
|
$ 61,586
|
28,916,598
|
(20,986,010)
|
7,992,392
|
Balance, shares at Jun. 30, 2023 |
|
21,799
|
|
6,158,585
|
|
|
|
Net loss |
|
|
|
|
|
(34,415,741)
|
(34,415,741)
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets |
|
|
|
$ 6,705
|
7,282,787
|
|
7,289,492
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets, shares |
|
|
|
670,499
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock |
|
|
$ 200
|
$ 396
|
19,833,811
|
|
19,834,407
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
20,000
|
39,614
|
|
|
|
Reclassification (Note 11) |
|
$ (218)
|
$ (200)
|
|
(65,726,280)
|
|
(65,726,698)
|
Reclassification, shares |
|
(21,799)
|
(20,000)
|
|
|
|
|
Stock based compensation |
|
|
|
|
927,221
|
|
927,221
|
Reclassification (Note 11) |
|
|
|
|
(520,916)
|
|
(520,916)
|
Issuance of Obligation Shares |
|
|
|
$ 2,060
|
2,004,681
|
|
2,006,741
|
Issuance of Obligation, Shares |
|
|
|
205,970
|
|
|
|
Reclassification (Note 11) |
|
|
|
|
(1,434,730)
|
|
(1,434,730)
|
Net loss |
|
|
|
|
|
|
(34,415,741)
|
Balance at Sep. 30, 2023 |
|
|
|
$ 70,747
|
$ (8,716,827)
|
$ (55,401,751)
|
(64,047,831)
|
Balance, shares at Sep. 30, 2023 |
|
|
|
7,074,668
|
|
|
|
Balance, value at Sep. 30, 2023 |
|
|
|
|
|
|
|
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- DefinitionStock issued during period shares conversion of membership interest.
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
4 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2023 |
Cash flow from operating activities: |
|
|
Net loss |
$ (309,511)
|
$ (55,626,937)
|
Adjustment to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
|
558,319
|
Impairment of cryptocurrency mining equipment |
|
16,794,688
|
Stock based compensation |
|
927,221
|
Loss on adjustment to fair value – warrant liabilities |
|
24,855,085
|
Loss on adjustment to fair value – AR Debentures |
|
2,882,000
|
Loss on adjustment to fair value – Obligation Shares |
|
1,477,103
|
Changes in operating assets and liabilities: |
|
|
Accounts and other receivable |
|
(89,279)
|
Prepaid expenses |
|
(208,044)
|
Accounts payable and accrued expenses |
309,511
|
464,002
|
Accrued interest and expenses – related parties |
|
27,916
|
Net cash used in operating activities |
|
(7,937,926)
|
Cash flow from investing activities: |
|
|
Cash acquired in connection with the Merger |
|
42,360
|
Acquisition of unproved oil and gas properties |
|
(21,116,528)
|
Transaction expenses related to the Merger |
|
(308,452)
|
Additions to mining equipment |
|
(169,097)
|
Net cash used in investing activities |
|
(21,551,717)
|
Cash flow from financing activities: |
|
|
Proceeds from the issuance of Series D preferred stock and warrants |
|
17,376,250
|
Financing costs associated with issuance of Series D preferred stock and warrants |
|
(409,048)
|
Proceeds from the issuance of Series E preferred stock, warrants and common stock |
|
20,000,000
|
Financing costs associated with issuance of Series E preferred stock, warrants and common stock |
|
(165,593)
|
Payments on long-term debt |
|
(150,000)
|
Proceeds from the sale of options |
80,000
|
|
Net cash provided by financing activities |
80,000
|
36,651,609
|
Net increase (decrease) in cash and cash equivalents |
80,000
|
7,161,966
|
Cash and cash equivalents, beginning of period |
|
79,845
|
Cash and cash equivalents, end of period |
80,000
|
7,241,811
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid for income taxes |
|
|
Cash paid for interest |
|
57,101
|
Supplemental disclosures of noncash investing and financing activity: |
|
|
Deferred transaction costs associated with the Merger and Exok Transaction |
880,928
|
|
Deferred transaction costs associated with the Series D PIPE |
236,315
|
|
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
|
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v3.23.3
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
4 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
Net Income (Loss) Attributable to Parent |
$ (34,415,741)
|
$ (276,788)
|
$ (309,511)
|
$ (55,626,937)
|
X |
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v3.23.3
Organization, Description of Business and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Organization, Description of Business and Basis of Presentation |
Note
1. Organization, Description of Business and Basis of Presentation
Organization
On
May 3, 2023, we changed our name from Creek Road Miners, Inc. to Prairie Operating Co. (the “Company,”
“we,” “us” or “our”) in connection with the Merger (as defined below). The Company was incorporated
in Delaware on May 2, 2001. The Company is an independent energy company engaged in oil, natural gas and NGLs development, exploration
and production (“E&P”). The Company is also a crypto company focused on cryptocurrency mining (“Cryptocurrency
Mining”). The Company operates in two segments: E&P and Cryptocurrency Mining.
The
Merger Agreement and Related Transactions
On
May 3, 2023, Prairie Operating Co., a Delaware corporation formerly named Creek Road Miners, Inc., completed its previously
announced merger with Prairie Operating Co., LLC, a Delaware limited liability company (“Prairie LLC”), pursuant to the
terms of the Amended and Restated Agreement and Plan of Merger, dated as of May 3, 2023 (the “Merger Agreement,” and the
closing thereunder, the “Closing”), by and among the Company, Creek Road Merger Sub, LLC, a Delaware limited liability
company and wholly-owned subsidiary of the Company (“Merger Sub”), and Prairie LLC, pursuant to which, among other
things, Merger Sub merged with and into Prairie LLC, with Prairie LLC surviving and continuing to exist as a Delaware limited
liability company and a wholly-owned subsidiary of the Company (the “Merger”). Upon consummation of the Merger, the
Company changed its name from “Creek Road Miners, Inc.” to “Prairie Operating Co.” The Company traded under
its former name and ticker symbol “CRKR” until October 16, 2023 and under “CRKRD,” a transitionary ticker
symbol, until November 10, 2023. Our Common Stock (as defined below) began trading on the OTCQB under the symbol
“PROP” on November 13, 2023.
On
October 12, 2023, the Company filed a Certificate of Amendment to its Certificate of Incorporation (the
“Certificate of Amendment”) with the Delaware Secretary of
State to effect the Reverse Stock Split (as defined below) (see Note 15). The Reverse
Stock Split became effective on October 16, 2023. Unless otherwise noted, all per share and share amounts presented herein have been retroactively
adjusted for the effect of the Reverse Stock Split for all periods presented.
Upon
the Merger, membership interests in Prairie LLC were converted into the right to receive each member’s pro rata share of 2,297,668
shares of common stock of the Company, par value $0.01 per share (“Common Stock”).
In
addition, the Company consummated the previously announced purchase of oil and gas leases, including all of Exok, Inc.’s, an Oklahoma
corporation (“Exok”), right, title and interest in, to and under certain undeveloped oil and gas leases located in Weld County,
Colorado, together with certain other associated assets, data and records, consisting of approximately 3,157 net mineral acres in, on
and under approximately 4,494 gross acres (the “Exok Assets”) from Exok for $3.0 million pursuant to the Amended and Restated
Purchase and Sale Agreement, dated as of May 3, 2023, by and among the Company, Prairie LLC and Exok (the “Exok Transaction”).
To
fund the Exok Transaction, the Company received an aggregate of $17.3
million in proceeds from a number of investors (the “Series D PIPE Investors”), and the Series D PIPE Investors were
issued Series D preferred stock, par value $0.01
per share (“Series D Preferred Stock”), with a stated value of $1,000
per share and convertible into shares of Common Stock at a price of $5.00
per share (the “Series D Preferred Stock”), and 100%
warrant coverage for each of Series A warrants to purchase shares of Common Stock (the “Series D A Warrants”) and Series
B warrants to purchase shares of Common Stock (the “Series D B Warrants” and together with the Series D A Warrants, the
“Series D PIPE Warrants”), in a private placement pursuant (the “Series D PIPE”) to securities
purchase agreements entered into with each Series D PIPE Investor.
The
Merger has been accounted for as a reverse asset acquisition under existing GAAP (as defined below). For accounting purposes, Prairie LLC was treated
as acquiring Merger Sub in the Merger. See Note 3 for further discussion.
Accordingly,
for accounting purposes, the financial statements of the Company represent a continuation of the financial statements of Prairie LLC
with the acquisition being treated as the equivalent of Prairie LLC issuing stock for the net assets of the Company. At the date of the
Merger, the assets and liabilities of the Company were recorded based upon relative fair values, with no goodwill or other intangible
assets recorded.
Exok
Option Purchase and Related Transactions
On August 14, 2023, Prairie LLC
exercised its option in connection with the Exok Transaction and purchased oil and gas leases, including all of Exok’s right, title
and interest in, to and under certain undeveloped oil and gas leases located in Weld County, Colorado, together with certain other associated
assets, data and records, consisting of approximately 20,328 net mineral acres in, on and under approximately 32,695 gross acres from
Exok (the “Exok Option Purchase”). The Company paid $18.0 million in cash to Exok and issued equity consideration to certain
affiliates of Exok, consisting of (i) 670,499 shares of Common Stock and (ii) warrants providing the right to purchase 670,499 shares
of Common Stock at $7.43 (the “Exok Warrants”).
To fund the Exok Option Purchase, the Company entered into a securities
purchase agreement with Narrogal Nominees Pty Ltd ATF Gregory K O’Neill Family Trust (the “Series E PIPE Investor”)
on August 15, 2023, pursuant to which the Series E PIPE Investor agreed to purchase, and the Company agreed to sell to the Series E PIPE
Investor, for an aggregate of $20.0 million, securities consisting of (i) 39,614 shares of Common Stock, (ii) 20,000 shares of Series
E preferred stock, par value $0.01 per share, with a stated value of $1,000 per share, convertible into shares of Common Stock at a price
of $5.00 per share (“Series E Preferred Stock”), and (iii) Series E A Warrants to purchase 4,000,000 shares of Common Stock
and Series E B Warrants to purchase 4,000,000 shares of Common Stock, each at a price of $6.00 per share (collectively, the “Series
E PIPE Warrants”), in a private placement (the “Series E PIPE”). The Exok Option
Purchase and the Series E PIPE closed on August 15, 2023.
Description
of Business
E&P
We
are engaged in the development, exploration and production of oil, natural gas, and NGLs with operations focused on unconventional oil
and natural gas reservoirs located in Colorado focused on the Niobrara and Codell formations. The Company’s E&P assets
consist of certain oil and gas leasehold interests with no existing oil and gas production or revenue. Our current activities are focused
on obtaining requisite permits to begin drilling wells and, as such, we have no current drilling or completion operations.
Cryptocurrency
Mining
Our
mining operations commenced on May 3, 2023 concurrent with the Merger. Currently, we generate all our revenue through our Cryptocurrency Mining activities from assets we acquired in the Merger. We use special Cryptocurrency Mining computers (known as “miners”)
to solve complex cryptographic algorithms to support the Bitcoin blockchain. Miners measure their processing power, which is known as
“hashing” power, in terms of the number of hashing algorithms solved (or “hashes”) per second, which is the miner’s
“hash rate.” We do not own, control or take custody of Bitcoin; rather, our service provider retains all Bitcoin rewards
and remits net revenue from Cryptocurrency Mining to us in the form of US dollars.
All
of our miners were manufactured by Bitmain, and incorporate application-specific integrated circuit (ASIC) chips specialized to solve
blocks on the Bitcoin blockchains using the 256-bit secure hashing algorithm (SHA-256) in return for Bitcoin cryptocurrency rewards.
As of September 30, 2023, we had 510 Bitmain S19J Pro miners with 51.0 Ph/s of hashing capacity, 270 Bitmain S19 miners with 24.3 Ph/s of
hashing capacity, and 606 Bitmain S19 XP miners with 84.2 Ph/s of hashing capacity.
Basis
of Presentation
The
accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable
rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information
and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant
to such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with Prairie LLC’s
financial statements and notes thereto for the fiscal year ended December 31, 2022 and included in the Company’s Form 8-K/A filed
on June 16, 2023. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated
financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.
In
the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to
fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all
adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not
necessarily indicative of fiscal year-end results. The Company evaluates subsequent events through the date the financial statements
are issued.
Going
Concern Analysis
The
Company had a net loss of $55.6 million for the nine months ended September 30, 2023. We cannot predict if we will be profitable. We
may continue to incur losses for an indeterminate period of time and may be unable to achieve profitability. An extended period of losses
and negative cash flow may prevent us from successfully operating and expanding our business. We may be unable to achieve or sustain
profitability on a quarterly or annual basis. On September 30, 2023, we had cash and cash equivalents of $7.2 million, a working capital
deficit of approximately $4.0 million, and an accumulated deficit of approximately $55.4 million.
The
assessment of the liquidity and going concern requires the Company to make estimates of future activity and judgments about whether the
Company can meet its obligations and has adequate liquidity to operate. Significant assumptions used in the Company’s forecasted
model of liquidity in the next 12 months include our current cash position and our ability to manage spending. Based on an assessment of these factors, management believes
that the Company will have adequate liquidity for its operations for at least the next 12 months.
The
accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern.
The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets, or the amounts and classification of liabilities that may result from the matters discussed herein.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2. Summary of Significant Accounting Policies
Principles
of Consolidation
The
accompanying financial statements are consolidated and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany
balances and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates.
These
estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, estimates and
assumptions made in valuing assets and debt instruments issued in the Merger, and realization of deferred tax assets.
Concentration
of Credit Risk
Financial
instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company
places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit.
All of the Company’s revenue
is currently generated from its Cryptocurrency Mining business under a contract with Atlas (described below). We are wholly reliant on
Atlas to operate our miners on a daily basis. If Atlas experiences difficulty providing the services we require, or if they experience
disruptions or financial distress or cease operations temporarily or permanently, it will negatively affect our ability to operate our
Cryptocurrency Mining business.
The Company does
not anticipate incurring any losses related to these credit risks.
Cash
and Cash Equivalents
Cash
and cash equivalents are defined by the Company as short-term, highly liquid investments that have an original maturity of three months
or less and deposits in money market mutual funds that are readily convertible into cash. Management considers cash and cash equivalents
to have minimal credit and market risk. The Company had $7.2 million and $79,845 in cash and cash equivalents as of September 30, 2023
and December 31, 2022, respectively.
Accounts
Receivable
Accounts
receivable represents revenue recognized, but for which payment has not yet been received. All of the Company’s accounts receivable at September 30, 2023 is
from Atlas. No allowance for doubtful accounts was recorded
as of September 30, 2023 and December 31, 2022.
Property
and equipment
E&P:
We follow the successful efforts method of accounting for our oil and natural gas properties. Under this method, exploration costs such
as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed
as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property
acquisition costs and development costs are capitalized when incurred.
Exploratory
drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling
costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For
exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized
as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient
progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future
appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some
instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly.
Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of natural
gas and oil, are capitalized.
Costs
of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated
using the unit-of-production (“UOP”) method based on total estimated proved developed oil and natural gas reserves. Costs
of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP
method based on total estimated proved developed and undeveloped reserves.
Proceeds
from the sales of individual oil and natural gas properties and the capitalized costs of individual properties sold or abandoned are
credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the
depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However,
a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially
impact the depletion rate of the remaining properties in the amortization base.
When
circumstances indicate that the carrying value of proved oil and natural gas properties may not be recoverable, we compare unamortized
capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which
identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based
on our estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant
data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated
using the income approach described in Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 820,
Fair Value Measurements. If applicable, we utilize prices and other relevant information generated by market transactions involving assets
and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future
cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of commodity
prices, pricing adjustments for differentials, operating costs, capital investment plans, future production volumes, and estimated proved
reserves, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections
that are then discounted to estimated fair value, using a market-based weighted average cost of capital.
Cryptocurrency
Mining: Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful
lives of 2 to 5 years. Leasehold improvements are amortized over the shorter of the useful lives of the related assets, or the lease
term. Expenditures for maintenance and repairs are charged to operations as incurred while renewals and betterments are capitalized.
Gains and losses on disposals are included in the consolidated statements of operations.
Cryptocurrency
Mining assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset
may not be recoverable. If there is an indication of impairment, an estimate of undiscounted future cash flows produced by the
asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether an impairment exists, pursuant
to the provisions of ASC 360-10 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of.” If an asset is determined to be impaired, the loss is measured based on quoted market prices in active markets, if
available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including
a discounted value of estimated future cash flows and fundamental analysis.
Warrant
liabilities
The
Company evaluates all of its financial instruments, including issued private placement stock purchase warrants, to determine if such
instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to GAAP. The Company accounts for warrants
as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable
GAAP. Management’s assessment considers whether the warrants are freestanding financial instruments, whether they meet the definition
of a liability, and whether the warrants meet all of the requirements for equity classification.
For
warrants that meet all of the criteria for equity classification, they are recorded as a component of additional paid-in capital at the
time of issuance. For warrants that are precluded from equity classification, they are recorded as a liability at their fair value on
the date of such classification and subject to remeasurement on each balance sheet date with changes in the estimated fair value of the
warrants to be recognized in the statements of operations.
As
of September 30, 2023, the Company had liability-classified warrants that allow the holders to purchase 5,695,387 shares of the Company’s
Common Stock. See Note 11 for additional information.
Fair
value of financial instruments
ASC
820, Fair Value Measurements and Disclosures, defines fair value, establishes a consistent framework for measuring fair value,
and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis.
Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based
on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC
820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level
1 valuations – Consist of observable inputs
that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date.
Level
2 valuations – Consist of observable market-based
inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included
in Level 1 that are either directly or indirectly observable as of the reporting date.
Level
3 valuations – Consist of unobservable inputs
that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best
estimate of fair value.
The
carrying amounts and estimated fair values of the Company’s financial assets and liabilities that were measured at fair value on
a recurring basis as of September 30, 2023 and December 31, 2022 were as follows:
Schedule
of Fair value Assets and Liabilities Measured on Recurring Basis
| |
September
30, 2023 | | |
December
31, 2022 | |
| |
Carrying Amount | | |
Fair Value | | |
Carrying Amount | | |
Fair Value | |
Cash
and cash equivalents | |
$ | 7,241,811 | | |
$ | 7,241,811 | | |
$ | 79,845 | | |
$ | 79,845 | |
Senior
convertible debentures | |
| 4,863,000 | | |
| 4,863,000 | | |
| — | | |
| — | |
Warrant
liabilities | |
| 50,738,180 | | |
| 50,738,180 | | |
| — | | |
| — | |
The
carrying values of cash and cash equivalents, accounts receivable, other current
assets, accounts payable and other current liabilities on the consolidated balance sheets approximate fair value because of their
short-term nature. For debt and warrant liabilities, the following methods and assumptions were
used to estimate fair value:
Debt:
The fair value of the Company’s AR Debentures (as defined below) are based on a widely accepted valuation methodology that utilizes
(i) the Company’s Common Stock price, (ii) value of the debt component, and (iii) the value of the equity component. The key unobservable
inputs in the valuation model are the volatility that is appropriate to use in the Company stock price and the yield that is appropriate
for the Company. These inputs could change significantly and result in significantly higher or lower fair values at different measurement
dates. The Company considers the fair value of its debt to be a Level 3 measurement on the fair value hierarchy.
Warrant
liabilities: The fair value of the Company’s warrant liabilities is estimated using a Black-Scholes option pricing model. This
model incorporates certain assumptions for inputs including a risk-free market interest rate, expected dividend yield of the underlying
common stock, expected warrant life, and expected volatility in the market value of the underlying common stock.
Assets
and liabilities measured at fair value on a recurring basis as of September 30, 2023 are summarized below. There were no assets and liabilities
measured at fair value on a recurring basis as of December 31, 2022.
Schedule of Assets And
Liabilities Measured at Fair Value
| |
| | | |
| | | |
| | | |
| | |
| |
September
30, 2023 | |
| |
Quoted
Prices in Active Markets (Level
1) | | |
Significant
Other Observable Inputs (Level
2) | | |
Significant
Unobservable Inputs Not Corroborated by Market Data (Level
3) | | |
Assets
(Liabilities) at Fair Value | |
Senior
convertible debentures | |
$ | — | | |
$ | — | | |
$ | 4,863,000 | | |
$ | 4,863,000 | |
Warrant
liabilities | |
| — | | |
| — | | |
| 50,738,180 | | |
| 50,738,180 | |
Senior
convertible debentures
The
significant unobservable inputs used in the Level 3 fair value measurement of the senior convertible debentures as of May 3, 2023 (date
of the Merger) and September 30, 2023 and their values are as follows:
Schedule
of Senior Convertible Debentures
| |
May
3, 2023 | | |
September
30, 2023 | |
Volatility | |
| 75 | % | |
| 75 | % |
Yield | |
| 20.00 | % | |
| 19.60 | % |
Fair
value measurements of senior convertible debentures | |
| 20.00 | % | |
| 19.60 | % |
Volatility
was estimated using stock price volatility of the Company and a set of peer companies over a lookback period equal to the time to maturity.
Yields were estimated using a range of 15.00% to 25.00% at May 3, 2023 and 14.60% to 24.60% at September 30, 2023.
The
table below provides a summary of changes in the fair value of the Company’s Level 3 senior convertible debentures for the three
and nine months ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through
September 30, 2022.
Schedule of Fair Value For
Level 3 Liabilities
| |
Three
Months
Ended
September
30, 2023 | | |
Nine
Months
Ended
September
30, 2023 | |
Balance
at beginning of period | |
$ | 2,722,000 | | |
$ | — | |
Senior
convertible debentures assumed in the Merger | |
| — | | |
| 1,981,000 | |
Losses
reported in earnings | |
| 2,141,000 | | |
| 2,882,000 | |
Balance
at September 30, 2023 | |
$ | 4,863,000 | | |
$ | 4,863,000 | |
Warrant
liabilities
The
estimated fair value of the warrant liabilities on September 30, 2023 was determined using Level 3 inputs. Inherent in a
Black-Scholes option-pricing model are assumptions used in calculating the estimated fair values which represent the Company’s
best estimate. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be
materially different.
The
following table summarizes the Company’s assumptions used in the valuation of warrant liabilities for the three and nine months
ended September 30, 2023:
Schedule
of Valuation of Warrant Liabilities
|
|
At
Initial Warrant Liability Classification | | |
September
30, 2023 | |
|
|
| | |
| |
Stock
price |
|
$ | 6.71
– 14.57 | | |
$ | 11.86 | |
Option exercise price |
|
$ | 6.00 | | |
$ | 6.00 | |
Expected
term (years) |
|
| 4.65
– 5.00 | | |
| 4.59
– 4.88 | |
Volatility |
|
| 75.0 | % | |
| 75.0 | % |
Discount
rate |
|
| 4.27%
- 4.39 | % | |
| 4.51%
- 4.54 | % |
The
following table sets forth a summary of the changes in the fair value of the Level 3 warrant liabilities for the three and nine months
ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through September 30,
2022.
Schedule
of Changes in Fair Value in Warrant Liabilities
| |
Three Months Ended September 30, 2023 | | |
Nine Months Ended September 30, 2023 | |
Balance at beginning of period | |
$ | — | | |
$ | — | |
Reclassification to warrant liabilities | |
| 25,883,095 | | |
| 25,883,095 | |
Change in estimate fair value | |
| 24,855,085 | | |
| 24,855,085 | |
Balance at September 30, 2023 | |
$ | 50,738,180 | | |
$ | 50,738,180 | |
Commitments
and Contingencies
The
Company recognizes a liability for loss contingencies when it believes it is probable a liability has been incurred, and the amount can
be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within
the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues
the minimum amount in the range. The Company has not recorded any such liabilities as of September 30, 2023 and December 31, 2022.
Revenue
Recognition
The
Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. The underlying principle of ASC 606 is
to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected.
Revenues
are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration
that we expect to receive in exchange for those goods or services. The Company applies the following five steps in order to determine
the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements:
|
● |
identify
the contract with a customer; |
|
● |
identify
the performance obligations in the contract; |
|
● |
determine
the transaction price; |
|
● |
allocate
the transaction price to performance obligations in the contract; and |
|
● |
recognize
revenue as the performance obligation is satisfied. |
The
Company’s Cryptocurrency Mining assets that are in service are operating under a contract with Atlas Power Hosting, LLC (“Atlas”)
whereby Atlas hosts, operates, and manages the Company’s assets. The Company receives payment in U.S. dollars for the daily net
mining revenue representing the dollar value of the cryptocurrency award generated less power and other costs. The Company does not currently
receive or own cryptocurrencies under this contract.
Fair
value of any cryptocurrency award received is determined using the market rate of the related cryptocurrency at the time of receipt.
There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies
recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment.
In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect
on the Company’s consolidated financial position and results from operations.
Cryptocurrency
Mining Costs
The
Company’s Cryptocurrency Mining costs consist primarily of direct costs under the Atlas contract described above, but exclude depreciation
and amortization, which are separately stated in the Company’s consolidated statements of operations.
Income
taxes
We
account for income taxes using the asset and liability method whereby deferred tax assets are recognized for deductible temporary
differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the
differences between the reported amounts of assets and liabilities and their respective tax basis. Deferred tax assets are reduced
by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax
assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the
date of enactment. At September 30, 2023, the Company had a full valuation allowance to offset its net deferred tax assets.
Earnings
(Loss) Per Common Share
The
two-class method of computing earnings per share is required for entities that have participating securities. The two-class method
is an earnings allocation formula that determines earnings per share for participating securities according to dividends declared
(or accumulated) and participation rights in undistributed earnings. Our Series D Preferred Stock, Series E Preferred Stock and AR
Debentures are participating securities.
Basic
earnings (loss) per common share (“EPS”) is calculated by dividing net income (loss) attributable to common stock holders
by the weighted average number of shares of common stock outstanding each period. Dilutive EPS is calculated by dividing adjusted net
income (loss) attributable to common stock holders by the weighted average number of shares of common stock outstanding each period,
which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists
of (i) AR Debentures, (ii) Series D Preferred Stock, (iii) Series E Preferred Stock (iv) warrants for Common Stock and (v)
exercisable Common Stock options.
Basic
and diluted earnings (loss) attributable to common stockholders is the same for the three months and nine months ended September 30,
2023 because the Company has only incurred losses and all potentially dilutive securities are anti-dilutive. Potentially dilutive securities
that were not included in the computation of diluted earnings (loss) attributable to common stockholders at September 30, 2023 because
their inclusion would be anti-dilutive are as follows:
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 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 | | |
| 21,799,250 | | |
| 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 (see Notes 12 and 13). |
Share sequencing
At September 30, 2023, the Company
had 500,000,000 common shares authorized and 7,074,742 common shares issued and outstanding as adjusted for the Reverse Stock Split (as
defined below) (see Note 15). At September 30, 2023 and without consideration of the Reverse Stock Split, there were insufficient authorized
and unissued shares for the Company to satisfy all of its commitments to deliver shares. The Company has adopted a sequencing policy to
determine how to allocate authorized and unissued shares among commitments to deliver shares pursuant to ASC 815-40. The sequence is based
upon reclassifying securities with the latest maturity date first. The sequencing order at September 30, 2023 and its effects are further
described in Note 11.
Related
Parties
The
Company follows ASC 850-10, Related Parties, for the identification of related parties and disclosure of related party transactions.
Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“affiliate” means, with respect
to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by
or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act of 1933,
as amended (the “Securities Act”)); (b) entities for which investments in their equity securities would be required, absent
the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity
method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by
or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with
which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to
an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties
that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in
one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might
be prevented from fully pursuing its own separate interests.
Recently
Issued Accounting Pronouncements
Recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future consolidated financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.3
Purchase Price Allocation
|
9 Months Ended |
Sep. 30, 2023 |
Purchase Price Allocation |
|
Purchase Price Allocation |
Note
3. Purchase Price Allocation
Under
the terms of the Merger, the Company issued 2,297,669 shares of Common Stock to the members of Prairie LLC in exchange for all of the
membership interests of Prairie LLC. Additionally and as a condition of the Merger, 4,423 shares of Series D Preferred Stock were issued
to holders of the AR Debentures.
The
purchase price is calculated based on the fair value of the Common Stock that the Company’s stockholders immediately prior to the
Merger own after the Merger and the fair value of the Series D Preferred Stock issued to the holders of the AR Debentures. With no active
trading market for membership interests of Prairie LLC, the fair value of the Common Stock represents a more reliable measure of the
fair value of consideration transferred in the Merger and because it is based upon a quoted price in an active market it is a Level 1
fair value calculation. The fair value of the 4,423 shares of Series D Preferred Stock was determined using a valuation model with unobservable
inputs and is a Level 3 fair value calculation.
The
total purchase price and allocated purchase price is summarized as follows:
Schedule
of Total Purchase Price
Number
of shares of common stock of the combined company owned by the Company’s stockholders immediately prior to the merger (1) | |
| 3,860,917 | |
Multiplied
by the fair value per share of common stock (2) | |
$ | 2.57 | |
Fair
value of the Company’s pre-Merger common stock | |
| 9,928,262 | |
| |
| | |
Number
of shares of Series D Preferred Stock issued to effectuate the Merger | |
| 4,423 | |
Multiplied
by the fair value per share (3) | |
$ | 725.57 | |
Fair
value of Series D Preferred Stock issued as consideration | |
| 3,209,196 | |
| |
| | |
Prairie
LLC Transaction costs (4) | |
| 2,032,696 | |
Purchase
price | |
$ | 15,170,154 | |
|
(1) |
For
purposes of this unaudited pro forma combined financial information, 3,860,917 represents the historical shares of the Common Stock
outstanding immediately prior to the closing of the Merger on May 3, 2023. |
|
|
|
|
(2) |
Based
on the last reported sale price of the Common Stock on OTC Capital Markets on May 3, 2023, the closing date of the Merger (the “Closing
Date”). |
|
|
|
|
(3) |
Fair
value calculated as described above on May 3, 2023. |
|
|
|
|
(4) |
Prairie
LLC transaction costs consist primarily of legal expenses incurred by Prairie LLC. The transaction costs have been reflected as an
increase in the purchase price. |
The
purchase price for the Merger was allocated to the net assets acquired on the basis of relative fair values. The fair values of the current
assets acquired and current liabilities (excluding the convertible debentures) assumed in the Merger were determined to approximate carrying
value due to their short-term nature. The fair values of the mining equipment were determined using
estimated replacement values of the same or similar equipment and, as such, are Level 3 fair value calculations. The fair values of the
secured convertible debentures, small business administration (“SBA”)
loan, and share issuance liability were calculated as described above. The following summarizes
the allocation of the purchase price to the net assets acquired.
Schedule
of Allocation of Purchase Price to Net Assets Acquired
Purchase
Price Allocation: | |
May
3, 2023 | |
Cash
and cash equivalents | |
$ | 42,360 | |
Accounts
receivable | |
| 8,014 | |
Prepaid
expenses | |
| 63,795 | |
Mining
equipment (1) | |
| 18,140,874 | |
Deposits
on mining equipment | |
| 2,928,138 | |
Accounts
payable and accrued expenses | |
| (3,352,389 | ) |
Secured
convertible debentures | |
| (1,981,000 | ) |
SBA
loan payable | |
| (150,000 | ) |
Share
issuance liability | |
| (529,638 | ) |
Net
assets acquired | |
$ | 15,170,154 | |
(1) |
In
accordance with GAAP for asset acquisitions, the excess purchase price over the fair value of the acquired assets and liabilities
was ascribed to the property and equipment acquired. See Note 4 below for additional discussion of the subsequent impairment recognized. |
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v3.23.3
Property and Equipment
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Note
4. Property and Equipment
Property
and equipment consisted of the following:
Schedule of Property and Equipment
| |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
E&P | |
| | | |
| | |
Proved
properties | |
$ | — | | |
$ | — | |
Unproved
properties | |
| 28,595,051 | | |
| — | |
Total
capitalized costs | |
| 28,595,051 | | |
| — | |
Less:
Accumulated depreciation, depletion and amortization | |
| — | | |
| — | |
Net
capitalized costs | |
$ | 28,595,051 | | |
$ | — | |
| |
| | | |
| | |
Cryptocurrency
Mining | |
| | | |
| | |
Cryptocurrency
miners | |
$ | 4,146,687 | | |
$ | — | |
Mobile
data centers | |
| 146,735 | | |
| — | |
Total | |
| 4,293,422 | | |
| — | |
Less:
Accumulated depreciation | |
| (558,319 | ) | |
| — | |
Net,
property and equipment | |
$ | 3,735,103 | | |
$ | — | |
On
August 15, 2023, the Company exercised its option under the Exok Transaction to purchase approximately 20,328 net
mineral acres in, on and under approximately 32,695 additional
gross acres from Exok (the “Exok Option Assets”). The acquisition cost of this acreage was $25.3 million
consisting of (i) $18.0 million
in cash (the “Cash Consideration”), (ii) issuance of 670,499 shares
of the Company’s Common Stock and Exok
Warrants to purchase 670,499 shares
of Common Stock for an aggregate value of $7.3 million, and (iii) direct transaction costs. The Cash Consideration was funded from
the Series E PIPE (see Note 10).
In
conjunction with the Merger, the Company recorded the Cryptocurrency Mining equipment assumed in the Merger. In accordance with GAAP
for asset acquisitions, the excess purchase price over the fair value of the acquired assets and liabilities was ascribed to
the property and equipment acquired. Due to the significant excess purchase price being allocated over the fair value of the
acquired property and equipment, the Company determined that an indicator of impairment was present. The Company therefore
recognized an impairment of $16.6
million to bring the carrying amount of the acquired property and equipment down to its estimated fair value of $1.5
million. Additionally and upon the receipt of Cryptocurrency Mining equipment and transfer from deposits to property and equipment
(See Note 5), the Company recognized an additional impairment of $0.2
million related to shipping and customs fees on this equipment incurred subsequent to the Merger.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
Deposits on Cryptocurrency Mining Equipment
|
9 Months Ended |
Sep. 30, 2023 |
Deposits On Cryptocurrency Mining Equipment |
|
Deposits on Cryptocurrency Mining Equipment |
Note
5. Deposits on Cryptocurrency Mining Equipment
Deposits
on Cryptocurrency Mining equipment, consisted of the following:
Schedule
of Cryptocurrency Mining Equipment
| |
| | | |
| | | |
| | |
| |
Cryptocurrency Miners | | |
Mobile
Data Centers | | |
Total | |
May 3,
2023 | |
$ | 2,778,138 | | |
$ | 150,000 | | |
$ | 2,928,138 | |
Balance beginning | |
$ | 2,778,138 | | |
$ | 150,000 | | |
$ | 2,928,138 | |
Deposits
on equipment during the period | |
| — | | |
| — | | |
| — | |
Equipment
delivered and transferred to mining equipment | |
| (2,778,138 | ) | |
| — | | |
| (2,778,138 | ) |
September
30, 2023 | |
$ | — | | |
$ | 150,000 | | |
$ | 150,000 | |
Balance
ending | |
$ | — | | |
$ | 150,000 | | |
$ | 150,000 | |
All
deposits resulted from the Merger and there were no such deposits as of December 31, 2022.
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v3.23.3
Accounts Payable and Accrued Expenses
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accounts Payable and Accrued Expenses |
Note
6. Accounts Payable and Accrued Expenses
The
following table provides detail of the Company’s accounts payable and accrued expenses for the periods presented:
Schedule of Accounts
Payable and Accrued Expenses
| |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Accounts
payable | |
$ | 2,299,358 | | |
$ | — | |
Accrued
legal and accounting fees | |
| 2,908,476 | | |
| 2,219,646 | |
Accrued
interest | |
| 30,000 | | |
| — | |
Incentive
compensation | |
| 891,164 | | |
| — | |
Other | |
| 579,500 | | |
| 300 | |
Accounts
payable and accrued expenses | |
$ | 6,708,498 | | |
$ | 2,219,946 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
7. Related Party Transactions
Merger
Consideration
At
the effective time of the Merger (the “Effective Time”), Edward Kovalik (Chief Executive Officer and Chairman) and Gary C.
Hanna (President and Director) were each issued 1,148,834 shares of Common Stock as merger consideration pursuant to the Merger Agreement.
PIPE
Bristol
Investment Fund, Ltd. (“Bristol Investment Fund”), an entity affiliated with Paul L. Kessler, a director of the Company,
purchased $1,250,000 of Series D Preferred Stock and Series D PIPE Warrants in the Series D PIPE Transaction. First Idea Ventures LLC,
an entity affiliated with Jonathan H. Gray, a director of the Company, purchased $750,000 of Series D Preferred Stock and Series D PIPE
Warrants in the Series D PIPE Transaction.
Stockholders
Agreement
Prior
to the Effective Time, the Company, Bristol Capital Advisors, LLC (“Bristol Capital Advisors”), Paul L. Kessler, Gary C.
Hanna and Edward Kovalik entered into a Stockholders Agreement (the “Stockholders Agreement”) pursuant to which the parties
agreed to use reasonable best efforts, including taking certain necessary actions, to cause the board of directors of the Company (the “Board”) to cause certain nominees to be
elected to serve as a director on the Board under the following conditions: (i) one nominee designated by Bristol Capital Advisors and
Paul L. Kessler, collectively, so long as Bristol Capital Advisors, Paul L. Kessler and their respective affiliates collectively beneficially
own at least 50% of the number of shares of Common Stock collectively beneficially owned by such parties on the Closing Date; (ii) four
nominees designated by Gary C. Hanna and Edward Kovalik (the “Prairie Members”) so long as the Prairie Members and their
affiliates collectively beneficially own at least 50% of the number of shares of Common Stock collectively beneficially owned by such
parties on the Closing Date; (iii) three nominees designated by the Prairie Members so long as the Prairie Members and their affiliates
collectively beneficially own at least 40% (but less than 50%) of the number of shares of Common Stock collectively beneficially owned
by such parties on the Closing Date; (iv) two nominees designated by the Prairie Members so long as the Prairie Members and their affiliates
collectively beneficially own at least 30% (but less than 40%) of the number of shares of Common Stock collectively beneficially owned
by such parties on the Closing Date; and (v) one nominee designated by the Prairie Members so long as the Prairie Members and their affiliates
collectively beneficially own at least 20% (but less than 30%) of the number of shares of Common Stock collectively beneficially owned
by such parties on the Closing Date.
Lock-up
Agreements
In
connection with the Closing, the Company entered into lock-up agreements with the Prairie Members, Paul Kessler, John D. Maatta, Michael
Breen (former director), Alan Urban (former Chief Financial Officer) and Scott Sheikh (former Chief Operating Officer and General Counsel),
that impose limitations on any sale of shares of Common Stock until 180 days after the Closing, subject to certain exceptions. These
agreements expired in November 2023.
In
addition, the Company entered into a lock-up agreement with Bristol Investment Fund that impose limitations on any sale of an
aggregate of 50% of its shares of Common Stock until 120 days after the Closing, subject to certain exceptions, and Bristol
Investment Fund agreed, subject to such lock-up, to effect only open market sales and not to sell an aggregate daily amount of
shares of Common Stock exceeding 1%, for every $100,000
invested in the Series D PIPE, of the average daily volume of the trading
day on which the open market sales of the shares of Common Stock occurs. This agreement expired in September 2023.
Amended
and Restated Senior Secured Convertible Debenture and Amended and Restated Security Agreement
In
connection with the Closing, the Company entered into the AR Debentures as further described in Note 8.
Amended
and Restated Non-Compensatory Option Agreement
At
the Effective Time, the Company assumed and converted options to purchase membership interests of Prairie LLC outstanding and unexercised
as of immediately prior to the Effective Time into non-compensatory options to acquire an aggregate of 8,000,000 shares of Common Stock
for $7.14 per share, which are only exercisable if specific production hurdles are achieved, and the Company entered into option agreements with each of Gary C. Hanna, Edward Kovalik, Paul Kessler and BOKA Energy LP, a third-party investor (the “Option Agreements”)
as further described in
Note 12.
Reimbursements
Following
the Merger, on May 5, 2023, the Board approved a one-time payment of $250,000
for each of Edward Kovalik and Gary Hanna as former members of Prairie LLC and Paul Kessler, former Chairman of the Company, and all of
whom are current members of the Board of Directors. These payments were made in light of the significant unpaid time and
resources expended by each of these parties to finalize the Merger, including extensive travel, due diligence, negotiation,
structuring, legal management and investment banking disciplines.
Series E PIPE
To fund the Exok Option Purchase,
the Company entered into a securities purchase agreement with the Series E PIPE Investor on August 15, 2023, pursuant to which the Series
E PIPE Investor agreed to purchase, and the Company agreed to sell to the Series E PIPE Investor, for an aggregate of $20.0 million, securities
consisting of (i) 39,614 shares of Common Stock, (ii) 20,000 shares of Series E Preferred Stock, and (iii) Series E PIPE Warrants to purchase
8,000,000 shares of Common Stock, each at a price of $6.00 per share, in a private placement.
Registration Rights Agreement
In
connection with the Series E PIPE and the Exok Option Purchase, the Company entered into the Series E Registration Rights Agreement
with the Series E PIPE Investor and Exok Affiliates pursuant to which the Company agreed to submit to or file with
the SEC, within the later of (i) 45 calendar days after the Closing Date and (ii)
45 calendar days after the SEC declares the Company’s registration statement on Form S-1 (File No. 333-272743) effective, a
registration statement registering the resale of the shares of Common Stock issued to Exok (the “Exok Shares”), shares of Common Stock
underlying the Series E Preferred Stock and Series E Warrants, Exok Shares and shares of Common Stock underlying the Exok Warrants,
and the Company agreed to use its best efforts to have such registration statement declared effective as promptly as possible after
the filing thereof but no later than ninety (90) calendar days (or one hundred twenty (120) calendar days if the SEC notifies the
Company that it will review such registration statement) following the later of (x) Closing Date and (y) the date the SEC declares
the prior registration statement effective.
Non-Compensatory Option Purchase Agreement
On August 30, 2023, the Company, Gary C. Hanna, Edward Kovalik, Bristol
Capital and Georgina Asset Management, LLC (“Georgina Asset Management”) entered into a non-compensatory option purchase agreement,
pursuant to which Georgina Asset Management agreed to purchase, and each of Gary C. Hanna, Edward Kovalik and Bristol Capital (collectively,
the “Sellers”) agreed to sell to Georgina Asset Management, Non-Compensatory Options to acquire an aggregate of 200,000 shares
of Common Stock for an aggregate purchase price of $2,000 (the “Option Purchase”). The Option Purchase closed on August 30,
2023. In connection with the Option Purchase, the Company entered into an amendment to the Option Agreements with each of the Sellers
(or an assignee thereof) to reflect that each Seller owns a lesser number of Non-Compensatory Options after the Option Purchase.
|
X |
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v3.23.3
Debt
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt |
Note
8. Debt
Amended
and Restated Senior Secured Convertible Debentures
In
connection with the Merger, the Company entered into debentures due December 31, 2023 with each of Bristol Investment Fund, Ltd. (“Bristol”)
and Barlock 2019 Fund, LP (“Barlock”), in the principal amount of $1,000,000 (“AR Debentures”). Bristol is controlled
by Paul L. Kessler who was the Executive Chairman of the Company at the time of the Merger and is a current member of our Board of Directors.
Barlock is controlled by Scott D. Kaufman who is a former President, Chief Executive Officer, and Director of the Company. The AR Debentures
will accrue interest on the aggregate unconverted and then outstanding principal amount of the debentures at the rate of 12% per annum.
Interest is payable quarterly on (i) January 1, April 1, July 1 and October 1, beginning on May 3, 2023, (ii) each date the AR Debentures
are converted into Common Stock (as to that principal amount then being converted), (iii) the day that is at least five trading days
following the Company’s notice to redeem some or all of the then outstanding principal of the AR Debentures (only as to that principal
amount then being redeemed), which may be provided at any time after the Company’s Common
Stock is listed or quoted for trading on the NYSE American (or any successor thereto) or any other national securities exchange (the
“Uplisting”), and (iv) the maturity date.
The
AR Debentures are convertible into shares of Common Stock at any time at the option of the applicable holder, at an initial conversion
price of $5.00 per share. At September 30, 2023, such a conversion would have resulted in the issuance of 400,000 common shares.
If
any events of default described in the AR Debentures occur, the outstanding principal amount of the AR Debentures, plus accrued but unpaid
interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the applicable
holder’s election, immediately due and payable in cash. Commencing five days after the occurrence of any event of default that
results in the eventual acceleration of the AR Debentures, the interest rate on the AR Debentures shall accrue at an interest rate equal
to the lesser of 18% per annum and the maximum rate permitted under applicable law.
The
AR Debentures include customary negative covenants, including covenants restricting the Company from incurring certain additional indebtedness,
granting security interests or liens on its assets (other than certain permitted liens), and entering into any transaction involving
the repurchase of shares of Common Stock, except as permitted under the AR Debentures.
In
connection with the Closing, the Company entered into the Amended and Restated Security Agreement with all of the subsidiaries of the
Company and each of Bristol Investment Fund and Barlock, as holders of the AR Debentures, to reflect collateral as only certain Cryptocurrency
Mining assets.
The
Company determined that the AR Debentures contain certain features that require bifurcation and separate accounting as embedded derivatives.
As such, the Company elected to initially and subsequently measure the AR Debentures in their entirety at fair value with changes in
fair value recognized in earnings in accordance with ASC 815. The fair value of the AR Debentures increased to $4,863,000 at September
30, 2023 representing an increase of $2,141,000 from June 30, 2023 and $3,502,000 from the date of the Merger and recognized in the condensed
consolidated statements of operations for the three and nine months ended September 30, 2023, respectively.
Interest
accrued for AR Debentures was $60,000 and zero at September 30, 2023 and December 31, 2022, respectively.
In
October 2023, conversion notices were received from holders of the AR Debentures and the Company issued 400,667 shares of Common Stock
to affect the conversion. This represented the full conversion of the AR Debentures and accrued interest due to one of the holders.
SBA
Loan
Upon
the Merger, the Company assumed a loan agreement with the SBA. The loan accrued interest at a rate of 3.75% and was scheduled to mature
in June 2050. The Company elected to fully repay the SBA loan and accrued interest in September 2023.
The
following table summarizes the Company’s debt outstanding:
Schedule
of Debt Outstanding
| |
| | | |
| | |
| |
As
of | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Short-term
debt | |
| | | |
| | |
AR
Debentures at fair value | |
$ | 4,863,000 | | |
$ | — | |
| |
| | | |
| | |
Total
debt | |
$ | 4,863,000 | | |
$ | — | |
The
following is a summary of scheduled debt maturities by year as of September 30, 2023:
Schedule of Debt Maturities
| |
| | |
2023 | |
$ | 2,000,000 | |
2024 | |
| — | |
2025 | |
| — | |
2026 | |
| — | |
2027 | |
| — | |
Thereafter | |
| — | |
Long-Term
Debt | |
$ | 2,000,000 | |
|
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
9. Commitments and Contingencies
The
Company is subject to various litigation, claims and proceedings, that have arisen in the ordinary course of business. The Company recognizes a liability for such loss contingencies when it believes it is probable a liability has
been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better
estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better
estimate than any other amount the Company accrues the minimum amount in the range. The outcomes of any such currently pending matters are not expected to
have a material adverse effect on the Company’s financial position or results of operations.
Office
Leases
In
June and July 2023, the Company entered into two leases for office space in Houston, Texas and Denver, Colorado each with a term of one
year. These leases are not recorded on the balance sheet due to lease terms of less than a year and have an aggregate remaining commitment
of approximately $90,000 as of September 30, 2023.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
Preferred Stock
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Preferred Stock |
Note
10. Preferred Stock
Series
D
The
Company has authorized 50,000 shares of Series D Preferred Stock with a par value of $0.01 and a stated value of $1,000. No dividends
are to be paid other than in those in the same form as dividends actually paid on Common Stock other than any adjustments related to
stock dividends or stock splits.
This
Series D Preferred Stock has no voting rights. However, as long as any such shares are outstanding, the Company must seek approval from
holders of Series D Preferred Stock of at least 66% of the then outstanding shares in order to (a) alter or change the powers, preferences
or rights given to the Series D Preferred Stock in a materially adverse manner, (b) authorize or create any class of stock ranking as
to dividends, redemption or distribution of assets upon a liquidation senior to, or otherwise pari passu with, the Series D Preferred
Stock, (c) amend its certificate of incorporation or other charter documents in any manner that materially adversely affects any rights
of the holders, (d) increase the number of authorized shares of Series D Preferred Stock, or (e) enter into any agreement with respect
to any of the foregoing.
Each
share of Series D Preferred Stock is convertible at any time at the option of the holder into the number of shares of Common Stock determined
by dividing the stated value of such share of $1,000 by $5.00, subject to adjustment by certain events as defined in the certificate
of designation. If the average price of the Company’s Common Stock, as defined and calculated, for any 22 trading days during a
30 consecutive trading day period exceeds $8.50, subject to adjustment, the Company can require conversion of the Series D Preferred
Stock into Common Stock subject to certain conditions including stock trading volumes and existence of an effective registration statement
for such converted shares.
At
any time on or after May 3, 2025, the Company may also redeem some or all outstanding Series D Preferred Stock for $1,050 per share plus
any accrued and unpaid dividends and any other amounts due in respect of the Series D Preferred Stock. Such redemption is subject to
certain conditions including stock trading volumes and existence of an effective registration statement.
The
Company received an aggregate of $17.4
million in proceeds from the Series D PIPE Investors who were issued 17,376
shares of Series D Preferred Stock along with Series D A Warrants to purchase 3,475,250
shares of the Company’s Common Stock and Series D B warrants to purchase 3,475,250
shares of Common Stock. See further description of the Series D PIPE Warrants in Note 12.
The
Company entered into registration rights agreements with each Series D PIPE Investor whereby the Company is required to pay
liquidated damages if the resale of the underlying shares of Common Stock is not registered by the Securities and Exchange
Commission by August 31, 2023. The resale of such shares was not registered by August 31, 2023 and accordingly the Company recorded
an expense of $173,763
during the three months ended September 30, 2023, which represents 1% of the $17.4
in gross proceeds from the Series D PIPE Investors. The Company will continue to incur such damages of $173,763
per month through 2023 unless and until the resale of the underlying shares is registered, with a maximum aggregate of such damages
of $695,052.
Additionally
and upon the Merger, holders of the AR Debentures were issued 4,423 shares of Series D Preferred Stock. No warrants were issued with
or are associated with these shares.
Series
E
The
Company has authorized 50,000 shares of Series E Preferred Stock with a par value of $0.01 and a stated value of $1,000. No dividends
are to be paid other than in those in the same form as dividends actually paid on Common Stock other than any adjustments related to
stock dividends or stock splits.
This
Series E Preferred Stock has no voting rights. However, as long as any such shares are outstanding, the Company must seek approval
from holders of Series E Preferred Stock of at least 66% of the then outstanding shares in order to (a) alter or change the powers,
preferences or rights given to the Series E Preferred Stock in a materially adverse manner, (b) authorize or create any class of
stock ranking as to dividends, redemption or distribution of assets upon a liquidation senior to, or otherwise pari passu
with, the Series E Preferred Stock, (c) amend its certificate of incorporation or other charter documents in any manner that
materially adversely affects any rights of the holders, (d) increase the number of authorized shares of Series E Preferred Stock, or
(e) enter into any agreement with respect to any of the foregoing.
Each
share of Series E Preferred Stock is convertible at any time at the option of the holder into the number of shares of Common Stock determined
by dividing the stated value of such share of $1,000 by $5.00, subject to adjustment by certain events as defined in the certificate
of designation. If the average price of the Company’s Common Stock, as defined and calculated, for any 22 trading days during a
30 consecutive trading day period exceeds $8.50, subject to adjustment, the Company can require conversion of the Series E Preferred
Stock into Common Stock subject to certain conditions including stock trading volumes and existence of an effective registration statement
for the resale of such converted shares.
At
any time on or after August 15, 2025, the Company may also redeem some or all outstanding Series E Preferred Stock for $1,050 per share
plus any accrued and unpaid dividends and any other amounts due in respect of the Series E Preferred Stock. Such redemption is subject
to certain conditions including stock trading volumes and existence of an effective registration statement.
The
Company received an aggregate of $20.0
million in proceeds from the Series E PIPE Investor who was issued 20,000
shares of Series E Preferred Stock along with 39,615
shares of the Company’s Common Stock, and Series E A warrants to purchase 4,000,000
shares of the Company’s Common Stock and Series E B warrants to purchase 4,000,000
shares of Common Stock. See further description of the Series E PIPE Warrants in Note 12.
The
Company’s obligations under the Series E Preferred Stock and the Series E PIPE Warrants are secured by a lien on the Exok
Option Assets as described under the Deed of Trust, Mortgage, Assignment of As-Extracted Collateral, Security Agreement, Fixture
Filing and Financing Statement, dated August 15, 2023 (“Deed of Trust”). Upon commencement of a voluntary bankruptcy
proceeding by Prairie LLC or involuntary bankruptcy proceeding against Prairie LLC, the Series E PIPE Investor will have the right
and option to proceed with foreclosure and to sell all or any portion of the Exok Option Assets. In the event that no shares of
Series E Preferred Stock remain outstanding (whether by conversion, redemption or otherwise) or are no longer beneficially owned or
otherwise held by the Series E PIPE Investor (or any of its affiliates), the lien on the Exok Option Assets under the Deed of Trust
will be released in accordance with the terms and procedures set forth therein.
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v3.23.3
Common Stock
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Common Stock |
Note
11. Common Stock
Holders
of our Common Stock are entitled to one vote per share. Our Amended and Restated Charter (as defined below) does not provide for cumulative voting. Holders
of our Common Stock are entitled to receive ratably such dividends, if any, as may be declared by our Board out of legally available
funds. However, the current policy of our Board is to retain earnings, if any, for our operations and expansion. Upon liquidation, dissolution
or winding-up, the holders of our Common Stock are entitled to share ratably in all of our assets which are legally available for distribution,
after payment of or provision for all liabilities. The holders of our Common Stock have no preemptive, subscription, redemption or conversion
rights. The rights, preferences and privileges of holders of our Common Stock are subject to and may be adversely affected by the rights
of the holders of shares of any series of preferred stock that we may designate and issue.
In
conjunction with the closing of the Merger (i) 2,297,669
shares of Common Stock were issued to the former members of Prairie LLC in exchange for their membership interests in Prairie LLC
and (ii) 3,860,991
shares of Common Stock were deemed issued to former stockholders of Creek Road Miners, Inc. As a result of the Merger and related
transactions, the Company has the obligation to issue 205,970
shares of Common Stock (“Obligation Shares”). The fair value of this obligation increased $1,477,103
from the Merger to September 7, 2023 when the underlying shares were fully issued. This change was recognized in Loss on adjustment
to fair value – Obligation Shares in the condensed consolidated statements of operations for the nine months ended September
30, 2023.
The
Company’s sequencing policy (as described in Note 2) resulted in the allocation of authorized and unissued shares in the
following order at September 30, 2023 (i) AR Debentures, (ii) Legacy Warrants (March 2024 expiration), (iii) Series D B Warrants,
(iv) restricted stock units issued to directors and an advisor (see Note 13), (v) Series E B Warrants, (vi) restricted stock units
issued to employees (see Note 13) and Legacy Warrants (September 2024 – January 2027 expiration) (vii) Series D A Warrants,
(viii) Series E A Warrants, (ix) Exok Warrants, (x) Series D Preferred Stock, (xi) Series E Preferred Stock and (xii) Merger Options
(defined below). This sequencing and the lack of sufficient authorized shares required the Company reclassify a portion of the
Series D A Warrants and all the Series E A Warrants and Exok Warrants to liabilities at fair value during the three months ended
September 30, 2023. These liabilities were remeasured to fair value at September 30, 2023 with the change in fair value reflected in
the statement of operations. Additionally and due to the lack of sufficient authorized shares, the Company’s Series D
Preferred Stock and Series E Preferred Stock were reclassified to mezzanine equity at their maximum redemption value during the
three months ended September 30, 2023. Upon the effectiveness of the Reverse Stock Split in October 2023 (see Note 15), the Company
has sufficient authorized shares for all its securities and reclassified the warrant liabilities and mezzanine equity into permanent
equity effective in October 2023.
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v3.23.3
Common Stock Options and Warrants
|
9 Months Ended |
Sep. 30, 2023 |
Common Stock Options And Warrants |
|
Common Stock Options and Warrants |
Note
12. Common Stock Options and Warrants
Legacy
Options
Upon
the Merger, the Company assumed 7,087 options to purchase shares of the Company’s Common Stock (the “Legacy Options”)
with a weighted average exercise price of $28.57 per share. The Legacy Options expired on August 1, 2023.
Merger
Options
On
August 31, 2022, Prairie LLC entered into agreements with its members whereby each member was provided non-compensatory options to purchase
a 40% membership interest in the Company for an aggregate purchase price of $1,000,000 per member. The non-compensatory options were
sold for $80,000. The non-compensatory options only become exercisable in 25% increments upon the achievement of the following production
milestones in barrels of oil equivalent per day (“BOE/D”): 2,500 BOE/D, 5,000 BOE/D, 7,500 BOE/D, and 10,000 BOE/D.
On
May 3, 2023, prior to the closing of the Merger, Prairie LLC entered into a non-compensatory option purchase agreement with its
members, Bristol Capital LLC and BOKA Energy LP, a third-party investor pursuant to which Bristol Capital LLC and BOKA Energy LP
purchased non-compensatory options for $24,000
and $8,000,
respectively, from Prairie LLC’s members. Upon the Merger, the Company converted the non-compensatory options to purchase
membership interests of Prairie LLC outstanding and unexercised as of immediately prior to the Merger into options to acquire an
aggregate of 8,000,000
shares of Common Stock for an exercise price of $7.14
per share (“Merger Options”), which are only exercisable if the production hurdles noted above are achieved, and the
Company entered into the Option Agreements with each of Gary C. Hanna, Edward Kovalik, Bristol Capital LLC and BOKA Energy LP. Erik
Thoresen, a director of the Company, is affiliated with BOKA Energy LP. An aggregate of 2,000,000
Merger Options are subject to be transferred to the Series D PIPE Investors, based on
their then percentage ownership of the Series D Preferred Stock to the aggregate Series D Preferred Stock outstanding and held by all Series
D PIPE Investors as of the Closing Date, if the Company does not meet certain performance metrics by May 3, 2026.
On
August 30, 2023, the Company, Gary C. Hanna, Edward Kovalik, Bristol Capital LLC and Georgina Asset Management, LLC (“Georgina
Asset Management”) entered into a non-compensatory option purchase agreement, pursuant to which Georgina Asset Management agreed
to purchase, and each of Gary C. Hanna, Edward Kovalik and Bristol Capital (collectively, the “Sellers”) agreed to sell to
Georgina Asset Management for an aggregate purchase price of $2,000, Merger Options to acquire an aggregate of 200,000
shares of Common Stock
for an exercise price of $7.14 per share.
None
of the Merger Options were exercisable at September 30, 2023.
Legacy
Warrants
Upon
the Merger, the Company assumed warrants to purchase 53,938 shares of the Company’s Common Stock with a weighted average exercise
price of $49.71 per share (the “Legacy Warrants”). Legacy Warrants providing the right to purchase 53,938 common shares were
outstanding at September 30, 2023 with a weighted average remaining contractual life of 2.4 years.
Series
D PIPE Warrants
The
Series D PIPE Warrants provide the warrant holders with the right to purchase an aggregate of 6,950,000 shares
of Common Stock at an exercise price of $6.00 per
share. The Series D A Warrants expire on May 3, 2028 and may be exercised in a cashless manner under certain circumstances. The Series D B Warrants expire on
May 3, 2024 and must be exercised for cash. Series D A Warrants providing the right to purchase 3,475,250 shares
of Common Stock and Series D B Warrants providing the right to purchase 3,475,250 shares
of Common Stock were outstanding at September 30, 2023.
Series
E PIPE Warrants
The
Series E PIPE Warrants provide the warrant holders with the right to purchase 8,000,000
shares of Common Stock at an exercise price of $6.00
per share. The Series E A Warrants expire on August 15, 2028 and may be exercised in a cashless manner under certain circumstances. The Series E B Warrants
expire on August 15, 2024 and must be exercised for cash. The Series E A Warrants providing the right to purchase 4,000,000
shares of Common Stock and Series E B Warrants providing the right to purchase 4,000,000
shares of Common Stock were outstanding at September 30, 2023.
Exok
Warrants
The
Exok Warrants provide the warrant holders with the right to purchase 670,499
shares of Common Stock at an exercise price of $7.43
per share. The Exok Warrants expire on August 15, 2028 and may be exercised in a cashless manner under certain circumstances. Exok Warrants providing the right
to purchase 670,499
shares of Common Stock were outstanding at September 30, 2023.
|
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v3.23.3
Long-Term Incentive Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Long-Term Incentive Compensation |
Note
13. Long-Term Incentive Compensation
The Company’s long-term incentive plan for employees, directors,
consultants, and other service providers (as amended from time to time, the “LTIP”) provides for the grant of all or any of
the following types of equity-based awards: (i) incentive stock options qualified as such under United States federal income tax laws;
(ii) stock options that do not qualify as incentive stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v)
restricted stock units; (vi) stock awards; (vii) performance awards; (viii) dividend equivalents; (ix) other stock-based awards; (x) cash
awards; and (xi) substitute awards.
Subject to adjustment in accordance with the terms of the LTIP, 35,000,000
shares of the Company’s Common Stock were reserved for issuance pursuant to awards under the LTIP, as such LTIP was in effect as
of September 30, 2023 and without consideration of the Reverse Stock Split. This number was subsequently adjusted to 1,225,000 shares,
effective as of October 16, 2023, to reflect the Reverse Stock Split. After giving effect to the Reverse Stock Split and the awards that
have been granted under the LTIP as of September 30, 2023 there were 604,000 shares remaining available for grant under the LTIP.
Stock-Based
Compensation
The
Company’s stock-based compensation is classified as either equity awards or liability awards in accordance with GAAP. The fair
value of an equity-classified award is determined at the grant date and is amortized to general and administrative expense on a straight-line
basis over the vesting period of the award. The fair value of a liability-classified award is determined on a quarterly basis beginning
at the grant date until final vesting. Changes in the fair value of liability-classified awards are recorded to general and administrative
expense over the vesting period of the award.
The
Company issued restricted stock units (“RSUs”) to employees, directors and advisors that either cliff-vest on May 3,
2024 (the one-year anniversary of the Merger) or, in the case of the advisor, one year after the effective date of the applicable
consulting agreement, or vest ratably over three years, on each anniversary date of the Merger beginning with May 3, 2024. RSUs
granted under the LTIP can immediately vest upon (A) a termination due to (i) death, (ii) disability, (iii) or retirement in the
case of employee awards, or (B) in connection with a change in control; provided that for employee awards, such accelerated vesting
upon a change in control only applies to the extent no provision is made in connection with a change in control for the assumption
of awards previously granted or there is no substitution of such awards for new awards, then outstanding awards will become fully
vested. To the extent an employee’s RSU award is assumed or substituted in connection with the change in control, if a
participant is terminated by the Company without “cause” or the employee terminates for “good reason” (each
as defined in the award agreement), then each award will become fully vested.
The
Company recognized the following amounts in total related to long-term incentive compensation costs for the three and nine months ended
September 30, 2023 and 2022:
Schedule
of Long Term Incentive Compensation Costs
| |
For
the three months ended September 30, | | |
For
the nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Long-term
incentive compensation | |
$ | 953,671 | | |
$ | — | | |
$ | 953,671 | | |
$ | — | |
Equity-Classified
Awards
The
Company recognized $0.9 million in equity-classified stock-based compensation costs for the three and nine months ended September 30,
2023. There were no equity-classified stock-based compensation costs for the three and nine months ended September 30, 2022.
Equity-Classified
Restricted Stock Units
As
of September 30, 2023, there was $8.2 million of total unrecognized compensation cost related to the Company’s unvested equity-classified
restricted stock units. This cost is expected to be recognized over a weighted-average period of 1.5 years. The following table summarizes
equity-classified restricted stock units for the nine months ended September 30, 2023 and provides information for unvested units as
of September 30, 2023.
Schedule
of Restricted Stock Units
| |
Number
of Shares | | |
Weighted
Average Fair Value | |
| |
| | |
| |
Unvested units at December 31,
2022 | |
| — | | |
$ | — | |
Granted | |
| 624,706 | | |
$ | 14.57 | |
Vested | |
| — | | |
$ | — | |
Forfeited | |
| — | | |
$ | — | |
Unvested
units at March 31, 2023 | |
| 624,706 | | |
$ | 11.86 | |
Liability-Classified
Awards
The
Company recognized $26,451 in liability-classified stock-based compensation costs for the three and nine months ended September 30, 2023.
There were no liability-classified stock-based compensation costs for the three and nine months ended September 30, 2022.
Liability-Classified
Restricted Stock Units
In August 2023, the Company granted restricted stock units to directors and an advisor that vest in May 2024 and August 2024, respectively,
which are payable 60% in common shares and 40% in either cash or shares at the option of the Compensation Committee of the Board. The Company has accounted for the portion of the awards that can be settled in cash as liability-classified awards and accordingly
changes in the market value of the instruments will be recorded to general and administrative expense over the vesting period of the
award. As of September 30, 2023, there was $0.2 million of total unrecognized compensation cost related to liability-classified restricted
stock units that is expected to be recognized over a weighted-average period of 0.6 years. The amount of unrecognized compensation cost
for liability-classified awards will fluctuate over time as they are marked to market.
The following table summarizes
activity related to liability-classified RSUs for the nine months ended September 30, 2023:
Schedule
of Restricted Stock Units
| |
Number
of Units | | |
Weighted
Average Fair Value | |
| |
| | |
| |
Unvested units at December 31,
2022 | |
| — | | |
$ | — | |
Granted | |
| 16,471 | | |
$ | 14.57 | |
Vested | |
| — | | |
$ | — | |
Forfeited | |
| — | | |
$ | — | |
Unvested
units at September 30, 2023 | |
| 16,471 | | |
$ | 11.86 | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Segment Information
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Information |
Note
14. Segment Information
The
Company’s reportable business segments have been identified based on the differences in products or services provided. The Company’s
E&P segment is comprised of oil and gas properties which are currently related to its assets in Colorado. The Cryptocurrency Mining
segment generates revenue through Cryptocurrency Mining activities from assets that we acquired through the Merger. All such activities
currently operate under a contract with Atlas as described above.
Summarized
financial information for the Company’s reportable segments is shown in the following table. The accounting policies of the segments
are the same as those described for the Company. Management evaluates the performance of its segments based on operating income, defined
as operating revenues less operating costs. Income before income taxes, for the purpose of reconciling the operating income amount shown
below to consolidated income before income taxes, is the sum of operating income, interest expense. Corporate general and administrative
costs, depreciation expense and taxes, other than income taxes, are allocated to the segments.
Schedule
of Reportable Segments
| |
E&P | | |
Cryptocurrency
Mining | | |
Total | |
Three months
ended September 30, 2023 | |
| | |
| | |
| |
Revenues | |
$ | — | | |
$ | 457,951 | | |
$ | 457,951 | |
Depreciation,
depletion and amortization expense | |
| — | | |
| 425,468 | | |
| 425,468 | |
Impairment of
cryptocurrency mining equipment | |
| — | | |
| — | | |
| — | |
Loss from operations | |
| (5.542.986 | ) | |
| (949,411 | ) | |
| (6,492,397 | ) |
Interest
expense (1) | |
| (6,797 | ) | |
| (60,947 | ) | |
| (67,744 | ) |
Interest
income (1) | |
| 74,755 | | |
| 10,411 | | |
| 85,166 | |
Liquidated
damages (1) | |
| (152,521 | ) | |
| (21,242 | ) | |
| (173,763 | ) |
Loss
on adjustment to fair value – warrant liabilities (1) | |
| (22,176,617 | ) | |
| (2,678,468 | ) | |
| (24,855,085 | ) |
Loss on adjustment
to fair value - AR Debentures | |
| — | | |
| (2,141,000 | ) | |
| (2,141,000 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (676,678 | ) | |
| (94,240 | ) | |
| (770,918 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (676,678 | ) | |
| (94,240 | ) | |
| (770,918 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (676,678 | ) | |
| (94,240 | ) | |
| (770,918 | ) |
Other
expense | |
| - | | |
| - | | |
| - | |
Other
income | |
| - | | |
| - | | |
| - | |
Assets | |
$ | 28,595,051 | | |
$ | 3,982,396 | | |
$ | 32,577,447 | |
| |
| | | |
| | | |
| | |
Three months
ended September 30, 2022 | |
| | | |
| | | |
| | |
Revenues- | |
$ | — | | |
$ | — | | |
$ | — | |
Depreciation,
depletion and amortization expense- | |
| — | | |
| — | | |
| — | |
Loss
from operations- | |
| (276,789 | ) | |
| — | | |
| (276,789 | ) |
Interest
expense- | |
| — | | |
| — | | |
| — | |
Interest
income- | |
| — | | |
| — | | |
| — | |
Other
expense- | |
| — | | |
| — | | |
| — | |
Other
income- | |
| — | | |
| — | | |
| — | |
Assets- | |
$ | 1,197,243 | | |
$ | — | | |
$ | 1,197,243 | |
(1) |
Amounts
are allocated to each segment as they are incurred at the corporate level. |
| |
E&P | | |
Cryptocurrency Mining | | |
Total | |
Nine months ended September
30, 2023 | |
| | | |
| | | |
| | |
Revenues | |
$ | — | | |
$ | 637,269 | | |
$ | 637,269 | |
Depreciation, depletion and
amortization expense | |
| — | | |
| 558,319 | | |
| 558,319 | |
Impairment of cryptocurrency
mining equipment | |
| — | | |
| 16,794,688 | | |
| 16,794,688 | |
Loss from operations | |
| (6,769,956 | ) | |
| (19,485,769 | ) | |
| (26,255,725 | ) |
Interest
expense (1) | |
| (8,849 | ) | |
| (102,614 | ) | |
| (111,463 | ) |
Interest
income (1) | |
| 92,827 | | |
| 35,375 | | |
| 128,202 | |
Liquidated
damages (1) | |
| (152,521 | ) | |
| (21,242 | ) | |
| (173,763 | ) |
Loss
on adjustment to fair value – warrant liabilities (1) | |
| (22,176,617 | ) | |
| (2,678,468 | ) | |
| (24,855,085 | ) |
Loss on adjustment to fair
value – AR Debentures | |
| — | | |
| (2,882,000 | ) | |
| (2,882,000 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (973,224 | ) | |
| (503,879 | ) | |
| (1,477,103 | ) |
Assets | |
$ | 28,595,051 | | |
$ | 3,982,396 | | |
$ | 32,577,447 | |
| |
| | | |
| | | |
| | |
June 7, 2022 (date of inception)
through September 30, 2022 | |
| | | |
| | | |
| | |
Revenues- | |
$ | — | | |
$ | — | | |
$ | — | |
Depreciation,
depletion and amortization expense- | |
| — | | |
| — | | |
| — | |
Operating
income- | |
| (309,511 | ) | |
| — | | |
| (309,511 | ) |
Interest
expense- | |
| — | | |
| — | | |
| — | |
Interest
income- | |
| — | | |
| — | | |
| — | |
Other
expense- | |
| — | | |
| — | | |
| — | |
Other
income- | |
| — | | |
| — | | |
| — | |
Assets- | |
$ | 1,197,243 | | |
$ | — | | |
$ | 1,197,243 | |
(1) |
Amounts
are allocated to each segment as they are incurred at the corporate level. |
The
following table presents the breakout of other assets, which represent corporate assets not allocated to segments at September 30, 2023
and 2022:
Schedule of Corporate Assets Not Allocated
to Segments
| |
2023 | | |
2022 | |
| |
As
of September 30, | |
| |
2023 | | |
2022 | |
Cash and cash
equivalents | |
$ | 7,241,811 | | |
$ | — | |
Prepaid expenses | |
| 271,839 | | |
| — | |
|
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
15. Subsequent Events
Reverse
Stock Split and Amendment to Certificate of Incorporation
On
October 12, 2023, the Company filed the Certificate of Amendment with the Delaware Secretary of State to effect a reverse stock split of outstanding shares of the Company’s Common
Stock at an
exchange ratio of 1:28.5714286 (the “Reverse Stock Split”). The
Company also changed its name from Creek Road Miners, Inc. to Prairie Operating Co. (the “Corporate Name Change”)
and changed its ticker symbol from “CRKR” to “PROP” (the “Symbol Change”) on the OTCQB marketplace of OTC Markets. The Reverse Stock
Split and the Corporate Name Change became effective on the OTCQB marketplace of OTC Markets on October 16, 2023 (the
“Effective Date”). In connection with the Reverse Stock Split, Corporate Name Change and Symbol Change, the CUSIP number
for the Company’s Common Stock changed to 739650109. The Company traded under its former name and ticker symbol “CRKR” until October 16, 2023 and under “CRKRD,” a
transitionary ticker symbol, until November 10, 2023. Our Common Stock (as defined below) began trading on the OTCQB under the symbol
“PROP” on November 13, 2023.
The
Certificate of Amendment filed by the Company with the Delaware Secretary of State took effect on October 16, 2023 and, among other things,
(i) effected the Reverse Stock Split; and (ii) changed the total number of shares of all classes of stock which the Company shall have
authority to issue 155,000,000 shares, consisting of (a) 150,000,000 shares of Common Stock and (b) 5,000,000 shares of preferred stock,
par value $0.01 per share. Immediately after the filing of the Certificate of Amendment, the Company filed the Second Amended and Restated
Certificate of Incorporation (the “Amended and Restated Charter”) with the Delaware Secretary of State, with the Amended
and Restated Charter and took effect October 16, 2023, that, among other things, (i) eliminated certain provisions related to shares of preferred stock as a result of the elimination of certain series of preferred stock; (ii) removed provisions providing for action by written consent
of stockholders; (iii) included a waiver of the corporate opportunity doctrine; (iv) made certain modifications to the election and removal
of directors of the Company; (v) adopted Delaware as the exclusive forum for certain shareholder litigation; and (vi) increased the total
number of shares of all classes of stock which the Company shall have authority to issue 550,000,000 shares, consisting of (a) 500,000,000
shares of Common Stock and (b) 50,000,000 shares of preferred stock.
All
per share and common share amounts have been retroactively adjusted for the effect of this Reverse Stock Split for all periods presented.
Conversion
of AR Debentures
In
October 2023, conversion notices were received from holders of the AR Debentures and the Company issued 400,667 shares of Common Stock
to affect the conversion. This represented the full conversion of the AR Debentures and accrued interest due to one of the holders.
Exercise
of Series D B Warrants
On
November 13, 2023, Narrogal Nominees Pty Ltd ATF Gregory K O’Neill Family Trust (“O’Neill Trust”) delivered notice
to the Company of the exercise of Series D B Warrants to purchase 2,000,000
shares of Common Stock at an exercise price of $6.00 per share for total proceeds to the Company of $12 million (the “Warrant Exercise”). The Company intends to use the proceeds from the Warrant Exercise for general working capital purposes, which
may include drilling activity or opportunistic acquisitions.
The B Warrants were originally
issued on May 3, 2023, in connection with the Series D PIPE.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying financial statements are consolidated and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany
balances and transactions have been eliminated in consolidation.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates.
These
estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, estimates and
assumptions made in valuing assets and debt instruments issued in the Merger, and realization of deferred tax assets.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company
places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit.
All of the Company’s revenue
is currently generated from its Cryptocurrency Mining business under a contract with Atlas (described below). We are wholly reliant on
Atlas to operate our miners on a daily basis. If Atlas experiences difficulty providing the services we require, or if they experience
disruptions or financial distress or cease operations temporarily or permanently, it will negatively affect our ability to operate our
Cryptocurrency Mining business.
The Company does
not anticipate incurring any losses related to these credit risks.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
and cash equivalents are defined by the Company as short-term, highly liquid investments that have an original maturity of three months
or less and deposits in money market mutual funds that are readily convertible into cash. Management considers cash and cash equivalents
to have minimal credit and market risk. The Company had $7.2 million and $79,845 in cash and cash equivalents as of September 30, 2023
and December 31, 2022, respectively.
|
Accounts Receivable |
Accounts
Receivable
Accounts
receivable represents revenue recognized, but for which payment has not yet been received. All of the Company’s accounts receivable at September 30, 2023 is
from Atlas. No allowance for doubtful accounts was recorded
as of September 30, 2023 and December 31, 2022.
|
Property and equipment |
Property
and equipment
E&P:
We follow the successful efforts method of accounting for our oil and natural gas properties. Under this method, exploration costs such
as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed
as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property
acquisition costs and development costs are capitalized when incurred.
Exploratory
drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling
costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For
exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized
as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient
progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future
appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some
instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly.
Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of natural
gas and oil, are capitalized.
Costs
of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated
using the unit-of-production (“UOP”) method based on total estimated proved developed oil and natural gas reserves. Costs
of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP
method based on total estimated proved developed and undeveloped reserves.
Proceeds
from the sales of individual oil and natural gas properties and the capitalized costs of individual properties sold or abandoned are
credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the
depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However,
a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially
impact the depletion rate of the remaining properties in the amortization base.
When
circumstances indicate that the carrying value of proved oil and natural gas properties may not be recoverable, we compare unamortized
capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which
identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based
on our estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant
data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated
using the income approach described in Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 820,
Fair Value Measurements. If applicable, we utilize prices and other relevant information generated by market transactions involving assets
and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future
cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of commodity
prices, pricing adjustments for differentials, operating costs, capital investment plans, future production volumes, and estimated proved
reserves, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections
that are then discounted to estimated fair value, using a market-based weighted average cost of capital.
Cryptocurrency
Mining: Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful
lives of 2 to 5 years. Leasehold improvements are amortized over the shorter of the useful lives of the related assets, or the lease
term. Expenditures for maintenance and repairs are charged to operations as incurred while renewals and betterments are capitalized.
Gains and losses on disposals are included in the consolidated statements of operations.
Cryptocurrency
Mining assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset
may not be recoverable. If there is an indication of impairment, an estimate of undiscounted future cash flows produced by the
asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether an impairment exists, pursuant
to the provisions of ASC 360-10 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of.” If an asset is determined to be impaired, the loss is measured based on quoted market prices in active markets, if
available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including
a discounted value of estimated future cash flows and fundamental analysis.
|
Warrant liabilities |
Warrant
liabilities
The
Company evaluates all of its financial instruments, including issued private placement stock purchase warrants, to determine if such
instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to GAAP. The Company accounts for warrants
as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable
GAAP. Management’s assessment considers whether the warrants are freestanding financial instruments, whether they meet the definition
of a liability, and whether the warrants meet all of the requirements for equity classification.
For
warrants that meet all of the criteria for equity classification, they are recorded as a component of additional paid-in capital at the
time of issuance. For warrants that are precluded from equity classification, they are recorded as a liability at their fair value on
the date of such classification and subject to remeasurement on each balance sheet date with changes in the estimated fair value of the
warrants to be recognized in the statements of operations.
As
of September 30, 2023, the Company had liability-classified warrants that allow the holders to purchase 5,695,387 shares of the Company’s
Common Stock. See Note 11 for additional information.
|
Fair value of financial instruments |
Fair
value of financial instruments
ASC
820, Fair Value Measurements and Disclosures, defines fair value, establishes a consistent framework for measuring fair value,
and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis.
Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based
on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC
820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level
1 valuations – Consist of observable inputs
that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date.
Level
2 valuations – Consist of observable market-based
inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included
in Level 1 that are either directly or indirectly observable as of the reporting date.
Level
3 valuations – Consist of unobservable inputs
that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best
estimate of fair value.
The
carrying amounts and estimated fair values of the Company’s financial assets and liabilities that were measured at fair value on
a recurring basis as of September 30, 2023 and December 31, 2022 were as follows:
Schedule
of Fair value Assets and Liabilities Measured on Recurring Basis
| |
September
30, 2023 | | |
December
31, 2022 | |
| |
Carrying Amount | | |
Fair Value | | |
Carrying Amount | | |
Fair Value | |
Cash
and cash equivalents | |
$ | 7,241,811 | | |
$ | 7,241,811 | | |
$ | 79,845 | | |
$ | 79,845 | |
Senior
convertible debentures | |
| 4,863,000 | | |
| 4,863,000 | | |
| — | | |
| — | |
Warrant
liabilities | |
| 50,738,180 | | |
| 50,738,180 | | |
| — | | |
| — | |
The
carrying values of cash and cash equivalents, accounts receivable, other current
assets, accounts payable and other current liabilities on the consolidated balance sheets approximate fair value because of their
short-term nature. For debt and warrant liabilities, the following methods and assumptions were
used to estimate fair value:
Debt:
The fair value of the Company’s AR Debentures (as defined below) are based on a widely accepted valuation methodology that utilizes
(i) the Company’s Common Stock price, (ii) value of the debt component, and (iii) the value of the equity component. The key unobservable
inputs in the valuation model are the volatility that is appropriate to use in the Company stock price and the yield that is appropriate
for the Company. These inputs could change significantly and result in significantly higher or lower fair values at different measurement
dates. The Company considers the fair value of its debt to be a Level 3 measurement on the fair value hierarchy.
Warrant
liabilities: The fair value of the Company’s warrant liabilities is estimated using a Black-Scholes option pricing model. This
model incorporates certain assumptions for inputs including a risk-free market interest rate, expected dividend yield of the underlying
common stock, expected warrant life, and expected volatility in the market value of the underlying common stock.
Assets
and liabilities measured at fair value on a recurring basis as of September 30, 2023 are summarized below. There were no assets and liabilities
measured at fair value on a recurring basis as of December 31, 2022.
Schedule of Assets And
Liabilities Measured at Fair Value
| |
| | | |
| | | |
| | | |
| | |
| |
September
30, 2023 | |
| |
Quoted
Prices in Active Markets (Level
1) | | |
Significant
Other Observable Inputs (Level
2) | | |
Significant
Unobservable Inputs Not Corroborated by Market Data (Level
3) | | |
Assets
(Liabilities) at Fair Value | |
Senior
convertible debentures | |
$ | — | | |
$ | — | | |
$ | 4,863,000 | | |
$ | 4,863,000 | |
Warrant
liabilities | |
| — | | |
| — | | |
| 50,738,180 | | |
| 50,738,180 | |
Senior
convertible debentures
The
significant unobservable inputs used in the Level 3 fair value measurement of the senior convertible debentures as of May 3, 2023 (date
of the Merger) and September 30, 2023 and their values are as follows:
Schedule
of Senior Convertible Debentures
| |
May
3, 2023 | | |
September
30, 2023 | |
Volatility | |
| 75 | % | |
| 75 | % |
Yield | |
| 20.00 | % | |
| 19.60 | % |
Fair
value measurements of senior convertible debentures | |
| 20.00 | % | |
| 19.60 | % |
Volatility
was estimated using stock price volatility of the Company and a set of peer companies over a lookback period equal to the time to maturity.
Yields were estimated using a range of 15.00% to 25.00% at May 3, 2023 and 14.60% to 24.60% at September 30, 2023.
The
table below provides a summary of changes in the fair value of the Company’s Level 3 senior convertible debentures for the three
and nine months ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through
September 30, 2022.
Schedule of Fair Value For
Level 3 Liabilities
| |
Three
Months
Ended
September
30, 2023 | | |
Nine
Months
Ended
September
30, 2023 | |
Balance
at beginning of period | |
$ | 2,722,000 | | |
$ | — | |
Senior
convertible debentures assumed in the Merger | |
| — | | |
| 1,981,000 | |
Losses
reported in earnings | |
| 2,141,000 | | |
| 2,882,000 | |
Balance
at September 30, 2023 | |
$ | 4,863,000 | | |
$ | 4,863,000 | |
Warrant
liabilities
The
estimated fair value of the warrant liabilities on September 30, 2023 was determined using Level 3 inputs. Inherent in a
Black-Scholes option-pricing model are assumptions used in calculating the estimated fair values which represent the Company’s
best estimate. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be
materially different.
The
following table summarizes the Company’s assumptions used in the valuation of warrant liabilities for the three and nine months
ended September 30, 2023:
Schedule
of Valuation of Warrant Liabilities
|
|
At
Initial Warrant Liability Classification | | |
September
30, 2023 | |
|
|
| | |
| |
Stock
price |
|
$ | 6.71
– 14.57 | | |
$ | 11.86 | |
Option exercise price |
|
$ | 6.00 | | |
$ | 6.00 | |
Expected
term (years) |
|
| 4.65
– 5.00 | | |
| 4.59
– 4.88 | |
Volatility |
|
| 75.0 | % | |
| 75.0 | % |
Discount
rate |
|
| 4.27%
- 4.39 | % | |
| 4.51%
- 4.54 | % |
The
following table sets forth a summary of the changes in the fair value of the Level 3 warrant liabilities for the three and nine months
ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through September 30,
2022.
Schedule
of Changes in Fair Value in Warrant Liabilities
| |
Three Months Ended September 30, 2023 | | |
Nine Months Ended September 30, 2023 | |
Balance at beginning of period | |
$ | — | | |
$ | — | |
Reclassification to warrant liabilities | |
| 25,883,095 | | |
| 25,883,095 | |
Change in estimate fair value | |
| 24,855,085 | | |
| 24,855,085 | |
Balance at September 30, 2023 | |
$ | 50,738,180 | | |
$ | 50,738,180 | |
|
Commitments and Contingencies |
Commitments
and Contingencies
The
Company recognizes a liability for loss contingencies when it believes it is probable a liability has been incurred, and the amount can
be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within
the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues
the minimum amount in the range. The Company has not recorded any such liabilities as of September 30, 2023 and December 31, 2022.
|
Revenue Recognition |
Revenue
Recognition
The
Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. The underlying principle of ASC 606 is
to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected.
Revenues
are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration
that we expect to receive in exchange for those goods or services. The Company applies the following five steps in order to determine
the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements:
|
● |
identify
the contract with a customer; |
|
● |
identify
the performance obligations in the contract; |
|
● |
determine
the transaction price; |
|
● |
allocate
the transaction price to performance obligations in the contract; and |
|
● |
recognize
revenue as the performance obligation is satisfied. |
The
Company’s Cryptocurrency Mining assets that are in service are operating under a contract with Atlas Power Hosting, LLC (“Atlas”)
whereby Atlas hosts, operates, and manages the Company’s assets. The Company receives payment in U.S. dollars for the daily net
mining revenue representing the dollar value of the cryptocurrency award generated less power and other costs. The Company does not currently
receive or own cryptocurrencies under this contract.
Fair
value of any cryptocurrency award received is determined using the market rate of the related cryptocurrency at the time of receipt.
There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies
recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment.
In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect
on the Company’s consolidated financial position and results from operations.
|
Cryptocurrency Mining Costs |
Cryptocurrency
Mining Costs
The
Company’s Cryptocurrency Mining costs consist primarily of direct costs under the Atlas contract described above, but exclude depreciation
and amortization, which are separately stated in the Company’s consolidated statements of operations.
|
Income taxes |
Income
taxes
We
account for income taxes using the asset and liability method whereby deferred tax assets are recognized for deductible temporary
differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the
differences between the reported amounts of assets and liabilities and their respective tax basis. Deferred tax assets are reduced
by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax
assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the
date of enactment. At September 30, 2023, the Company had a full valuation allowance to offset its net deferred tax assets.
|
Earnings (Loss) Per Common Share |
Earnings
(Loss) Per Common Share
The
two-class method of computing earnings per share is required for entities that have participating securities. The two-class method
is an earnings allocation formula that determines earnings per share for participating securities according to dividends declared
(or accumulated) and participation rights in undistributed earnings. Our Series D Preferred Stock, Series E Preferred Stock and AR
Debentures are participating securities.
Basic
earnings (loss) per common share (“EPS”) is calculated by dividing net income (loss) attributable to common stock holders
by the weighted average number of shares of common stock outstanding each period. Dilutive EPS is calculated by dividing adjusted net
income (loss) attributable to common stock holders by the weighted average number of shares of common stock outstanding each period,
which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists
of (i) AR Debentures, (ii) Series D Preferred Stock, (iii) Series E Preferred Stock (iv) warrants for Common Stock and (v)
exercisable Common Stock options.
Basic
and diluted earnings (loss) attributable to common stockholders is the same for the three months and nine months ended September 30,
2023 because the Company has only incurred losses and all potentially dilutive securities are anti-dilutive. Potentially dilutive securities
that were not included in the computation of diluted earnings (loss) attributable to common stockholders at September 30, 2023 because
their inclusion would be anti-dilutive are as follows:
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 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 | | |
| 21,799,250 | | |
| 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 (see Notes 12 and 13). |
|
Share sequencing |
Share sequencing
At September 30, 2023, the Company
had 500,000,000 common shares authorized and 7,074,742 common shares issued and outstanding as adjusted for the Reverse Stock Split (as
defined below) (see Note 15). At September 30, 2023 and without consideration of the Reverse Stock Split, there were insufficient authorized
and unissued shares for the Company to satisfy all of its commitments to deliver shares. The Company has adopted a sequencing policy to
determine how to allocate authorized and unissued shares among commitments to deliver shares pursuant to ASC 815-40. The sequence is based
upon reclassifying securities with the latest maturity date first. The sequencing order at September 30, 2023 and its effects are further
described in Note 11.
|
Related Parties |
Related
Parties
The
Company follows ASC 850-10, Related Parties, for the identification of related parties and disclosure of related party transactions.
Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“affiliate” means, with respect
to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by
or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act of 1933,
as amended (the “Securities Act”)); (b) entities for which investments in their equity securities would be required, absent
the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity
method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by
or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with
which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to
an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties
that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in
one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might
be prevented from fully pursuing its own separate interests.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
Recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future consolidated financial statements.
|
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Fair value Assets and Liabilities Measured on Recurring Basis |
The
carrying amounts and estimated fair values of the Company’s financial assets and liabilities that were measured at fair value on
a recurring basis as of September 30, 2023 and December 31, 2022 were as follows:
Schedule
of Fair value Assets and Liabilities Measured on Recurring Basis
| |
September
30, 2023 | | |
December
31, 2022 | |
| |
Carrying Amount | | |
Fair Value | | |
Carrying Amount | | |
Fair Value | |
Cash
and cash equivalents | |
$ | 7,241,811 | | |
$ | 7,241,811 | | |
$ | 79,845 | | |
$ | 79,845 | |
Senior
convertible debentures | |
| 4,863,000 | | |
| 4,863,000 | | |
| — | | |
| — | |
Warrant
liabilities | |
| 50,738,180 | | |
| 50,738,180 | | |
| — | | |
| — | |
|
Schedule of Assets And Liabilities Measured at Fair Value |
Assets
and liabilities measured at fair value on a recurring basis as of September 30, 2023 are summarized below. There were no assets and liabilities
measured at fair value on a recurring basis as of December 31, 2022.
Schedule of Assets And
Liabilities Measured at Fair Value
| |
| | | |
| | | |
| | | |
| | |
| |
September
30, 2023 | |
| |
Quoted
Prices in Active Markets (Level
1) | | |
Significant
Other Observable Inputs (Level
2) | | |
Significant
Unobservable Inputs Not Corroborated by Market Data (Level
3) | | |
Assets
(Liabilities) at Fair Value | |
Senior
convertible debentures | |
$ | — | | |
$ | — | | |
$ | 4,863,000 | | |
$ | 4,863,000 | |
Warrant
liabilities | |
| — | | |
| — | | |
| 50,738,180 | | |
| 50,738,180 | |
|
Schedule of Senior Convertible Debentures |
The
significant unobservable inputs used in the Level 3 fair value measurement of the senior convertible debentures as of May 3, 2023 (date
of the Merger) and September 30, 2023 and their values are as follows:
Schedule
of Senior Convertible Debentures
| |
May
3, 2023 | | |
September
30, 2023 | |
Volatility | |
| 75 | % | |
| 75 | % |
Yield | |
| 20.00 | % | |
| 19.60 | % |
Fair
value measurements of senior convertible debentures | |
| 20.00 | % | |
| 19.60 | % |
|
Schedule of Fair Value For Level 3 Liabilities |
The
table below provides a summary of changes in the fair value of the Company’s Level 3 senior convertible debentures for the three
and nine months ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through
September 30, 2022.
Schedule of Fair Value For
Level 3 Liabilities
| |
Three
Months
Ended
September
30, 2023 | | |
Nine
Months
Ended
September
30, 2023 | |
Balance
at beginning of period | |
$ | 2,722,000 | | |
$ | — | |
Senior
convertible debentures assumed in the Merger | |
| — | | |
| 1,981,000 | |
Losses
reported in earnings | |
| 2,141,000 | | |
| 2,882,000 | |
Balance
at September 30, 2023 | |
$ | 4,863,000 | | |
$ | 4,863,000 | |
|
Schedule of Valuation of Warrant Liabilities |
The
following table summarizes the Company’s assumptions used in the valuation of warrant liabilities for the three and nine months
ended September 30, 2023:
Schedule
of Valuation of Warrant Liabilities
|
|
At
Initial Warrant Liability Classification | | |
September
30, 2023 | |
|
|
| | |
| |
Stock
price |
|
$ | 6.71
– 14.57 | | |
$ | 11.86 | |
Option exercise price |
|
$ | 6.00 | | |
$ | 6.00 | |
Expected
term (years) |
|
| 4.65
– 5.00 | | |
| 4.59
– 4.88 | |
Volatility |
|
| 75.0 | % | |
| 75.0 | % |
Discount
rate |
|
| 4.27%
- 4.39 | % | |
| 4.51%
- 4.54 | % |
|
Schedule of Changes in Fair Value in Warrant Liabilities |
The
following table sets forth a summary of the changes in the fair value of the Level 3 warrant liabilities for the three and nine months
ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through September 30,
2022.
Schedule
of Changes in Fair Value in Warrant Liabilities
| |
Three Months Ended September 30, 2023 | | |
Nine Months Ended September 30, 2023 | |
Balance at beginning of period | |
$ | — | | |
$ | — | |
Reclassification to warrant liabilities | |
| 25,883,095 | | |
| 25,883,095 | |
Change in estimate fair value | |
| 24,855,085 | | |
| 24,855,085 | |
Balance at September 30, 2023 | |
$ | 50,738,180 | | |
$ | 50,738,180 | |
|
Schedule of Anti-dilutive Securities Excluded from Earnings Per Share |
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 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 | | |
| 21,799,250 | | |
| 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 (see Notes 12 and 13). |
|
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v3.23.3
Purchase Price Allocation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Purchase Price Allocation |
|
Schedule of Total Purchase Price |
The
total purchase price and allocated purchase price is summarized as follows:
Schedule
of Total Purchase Price
Number
of shares of common stock of the combined company owned by the Company’s stockholders immediately prior to the merger (1) | |
| 3,860,917 | |
Multiplied
by the fair value per share of common stock (2) | |
$ | 2.57 | |
Fair
value of the Company’s pre-Merger common stock | |
| 9,928,262 | |
| |
| | |
Number
of shares of Series D Preferred Stock issued to effectuate the Merger | |
| 4,423 | |
Multiplied
by the fair value per share (3) | |
$ | 725.57 | |
Fair
value of Series D Preferred Stock issued as consideration | |
| 3,209,196 | |
| |
| | |
Prairie
LLC Transaction costs (4) | |
| 2,032,696 | |
Purchase
price | |
$ | 15,170,154 | |
|
(1) |
For
purposes of this unaudited pro forma combined financial information, 3,860,917 represents the historical shares of the Common Stock
outstanding immediately prior to the closing of the Merger on May 3, 2023. |
|
|
|
|
(2) |
Based
on the last reported sale price of the Common Stock on OTC Capital Markets on May 3, 2023, the closing date of the Merger (the “Closing
Date”). |
|
|
|
|
(3) |
Fair
value calculated as described above on May 3, 2023. |
|
|
|
|
(4) |
Prairie
LLC transaction costs consist primarily of legal expenses incurred by Prairie LLC. The transaction costs have been reflected as an
increase in the purchase price. |
|
Schedule of Allocation of Purchase Price to Net Assets Acquired |
Schedule
of Allocation of Purchase Price to Net Assets Acquired
Purchase
Price Allocation: | |
May
3, 2023 | |
Cash
and cash equivalents | |
$ | 42,360 | |
Accounts
receivable | |
| 8,014 | |
Prepaid
expenses | |
| 63,795 | |
Mining
equipment (1) | |
| 18,140,874 | |
Deposits
on mining equipment | |
| 2,928,138 | |
Accounts
payable and accrued expenses | |
| (3,352,389 | ) |
Secured
convertible debentures | |
| (1,981,000 | ) |
SBA
loan payable | |
| (150,000 | ) |
Share
issuance liability | |
| (529,638 | ) |
Net
assets acquired | |
$ | 15,170,154 | |
(1) |
In
accordance with GAAP for asset acquisitions, the excess purchase price over the fair value of the acquired assets and liabilities
was ascribed to the property and equipment acquired. See Note 4 below for additional discussion of the subsequent impairment recognized. |
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v3.23.3
Property and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
Property
and equipment consisted of the following:
Schedule of Property and Equipment
| |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
E&P | |
| | | |
| | |
Proved
properties | |
$ | — | | |
$ | — | |
Unproved
properties | |
| 28,595,051 | | |
| — | |
Total
capitalized costs | |
| 28,595,051 | | |
| — | |
Less:
Accumulated depreciation, depletion and amortization | |
| — | | |
| — | |
Net
capitalized costs | |
$ | 28,595,051 | | |
$ | — | |
| |
| | | |
| | |
Cryptocurrency
Mining | |
| | | |
| | |
Cryptocurrency
miners | |
$ | 4,146,687 | | |
$ | — | |
Mobile
data centers | |
| 146,735 | | |
| — | |
Total | |
| 4,293,422 | | |
| — | |
Less:
Accumulated depreciation | |
| (558,319 | ) | |
| — | |
Net,
property and equipment | |
$ | 3,735,103 | | |
$ | — | |
|
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v3.23.3
Deposits on Cryptocurrency Mining Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Deposits On Cryptocurrency Mining Equipment |
|
Schedule of Cryptocurrency Mining Equipment |
Deposits
on Cryptocurrency Mining equipment, consisted of the following:
Schedule
of Cryptocurrency Mining Equipment
| |
| | | |
| | | |
| | |
| |
Cryptocurrency Miners | | |
Mobile
Data Centers | | |
Total | |
May 3,
2023 | |
$ | 2,778,138 | | |
$ | 150,000 | | |
$ | 2,928,138 | |
Balance beginning | |
$ | 2,778,138 | | |
$ | 150,000 | | |
$ | 2,928,138 | |
Deposits
on equipment during the period | |
| — | | |
| — | | |
| — | |
Equipment
delivered and transferred to mining equipment | |
| (2,778,138 | ) | |
| — | | |
| (2,778,138 | ) |
September
30, 2023 | |
$ | — | | |
$ | 150,000 | | |
$ | 150,000 | |
Balance
ending | |
$ | — | | |
$ | 150,000 | | |
$ | 150,000 | |
|
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v3.23.3
Accounts Payable and Accrued Expenses (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accounts Payable and Accrued Expenses |
The
following table provides detail of the Company’s accounts payable and accrued expenses for the periods presented:
Schedule of Accounts
Payable and Accrued Expenses
| |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Accounts
payable | |
$ | 2,299,358 | | |
$ | — | |
Accrued
legal and accounting fees | |
| 2,908,476 | | |
| 2,219,646 | |
Accrued
interest | |
| 30,000 | | |
| — | |
Incentive
compensation | |
| 891,164 | | |
| — | |
Other | |
| 579,500 | | |
| 300 | |
Accounts
payable and accrued expenses | |
$ | 6,708,498 | | |
$ | 2,219,946 | |
|
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v3.23.3
Debt (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Debt Outstanding |
The
following table summarizes the Company’s debt outstanding:
Schedule
of Debt Outstanding
| |
| | | |
| | |
| |
As
of | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Short-term
debt | |
| | | |
| | |
AR
Debentures at fair value | |
$ | 4,863,000 | | |
$ | — | |
| |
| | | |
| | |
Total
debt | |
$ | 4,863,000 | | |
$ | — | |
|
Schedule of Debt Maturities |
The
following is a summary of scheduled debt maturities by year as of September 30, 2023:
Schedule of Debt Maturities
| |
| | |
2023 | |
$ | 2,000,000 | |
2024 | |
| — | |
2025 | |
| — | |
2026 | |
| — | |
2027 | |
| — | |
Thereafter | |
| — | |
Long-Term
Debt | |
$ | 2,000,000 | |
|
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v3.23.3
Long-Term Incentive Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Restricted Stock Units |
The
Company recognized the following amounts in total related to long-term incentive compensation costs for the three and nine months ended
September 30, 2023 and 2022:
Schedule
of Long Term Incentive Compensation Costs
| |
For
the three months ended September 30, | | |
For
the nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Long-term
incentive compensation | |
$ | 953,671 | | |
$ | — | | |
$ | 953,671 | | |
$ | — | |
|
Schedule of Restricted Stock Units |
Schedule
of Restricted Stock Units
| |
Number
of Shares | | |
Weighted
Average Fair Value | |
| |
| | |
| |
Unvested units at December 31,
2022 | |
| — | | |
$ | — | |
Granted | |
| 624,706 | | |
$ | 14.57 | |
Vested | |
| — | | |
$ | — | |
Forfeited | |
| — | | |
$ | — | |
Unvested
units at March 31, 2023 | |
| 624,706 | | |
$ | 11.86 | |
|
Liability Classified Restricted Stock Units [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Restricted Stock Units |
The following table summarizes
activity related to liability-classified RSUs for the nine months ended September 30, 2023:
Schedule
of Restricted Stock Units
| |
Number
of Units | | |
Weighted
Average Fair Value | |
| |
| | |
| |
Unvested units at December 31,
2022 | |
| — | | |
$ | — | |
Granted | |
| 16,471 | | |
$ | 14.57 | |
Vested | |
| — | | |
$ | — | |
Forfeited | |
| — | | |
$ | — | |
Unvested
units at September 30, 2023 | |
| 16,471 | | |
$ | 11.86 | |
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.23.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting Information [Line Items] |
|
Schedule of Corporate Assets Not Allocated to Segments |
Schedule
of Reportable Segments
| |
E&P | | |
Cryptocurrency
Mining | | |
Total | |
Three months
ended September 30, 2023 | |
| | |
| | |
| |
Revenues | |
$ | — | | |
$ | 457,951 | | |
$ | 457,951 | |
Depreciation,
depletion and amortization expense | |
| — | | |
| 425,468 | | |
| 425,468 | |
Impairment of
cryptocurrency mining equipment | |
| — | | |
| — | | |
| — | |
Loss from operations | |
| (5.542.986 | ) | |
| (949,411 | ) | |
| (6,492,397 | ) |
Interest
expense (1) | |
| (6,797 | ) | |
| (60,947 | ) | |
| (67,744 | ) |
Interest
income (1) | |
| 74,755 | | |
| 10,411 | | |
| 85,166 | |
Liquidated
damages (1) | |
| (152,521 | ) | |
| (21,242 | ) | |
| (173,763 | ) |
Loss
on adjustment to fair value – warrant liabilities (1) | |
| (22,176,617 | ) | |
| (2,678,468 | ) | |
| (24,855,085 | ) |
Loss on adjustment
to fair value - AR Debentures | |
| — | | |
| (2,141,000 | ) | |
| (2,141,000 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (676,678 | ) | |
| (94,240 | ) | |
| (770,918 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (676,678 | ) | |
| (94,240 | ) | |
| (770,918 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (676,678 | ) | |
| (94,240 | ) | |
| (770,918 | ) |
Other
expense | |
| - | | |
| - | | |
| - | |
Other
income | |
| - | | |
| - | | |
| - | |
Assets | |
$ | 28,595,051 | | |
$ | 3,982,396 | | |
$ | 32,577,447 | |
| |
| | | |
| | | |
| | |
Three months
ended September 30, 2022 | |
| | | |
| | | |
| | |
Revenues- | |
$ | — | | |
$ | — | | |
$ | — | |
Depreciation,
depletion and amortization expense- | |
| — | | |
| — | | |
| — | |
Loss
from operations- | |
| (276,789 | ) | |
| — | | |
| (276,789 | ) |
Interest
expense- | |
| — | | |
| — | | |
| — | |
Interest
income- | |
| — | | |
| — | | |
| — | |
Other
expense- | |
| — | | |
| — | | |
| — | |
Other
income- | |
| — | | |
| — | | |
| — | |
Assets- | |
$ | 1,197,243 | | |
$ | — | | |
$ | 1,197,243 | |
(1) |
Amounts
are allocated to each segment as they are incurred at the corporate level. |
| |
E&P | | |
Cryptocurrency Mining | | |
Total | |
Nine months ended September
30, 2023 | |
| | | |
| | | |
| | |
Revenues | |
$ | — | | |
$ | 637,269 | | |
$ | 637,269 | |
Depreciation, depletion and
amortization expense | |
| — | | |
| 558,319 | | |
| 558,319 | |
Impairment of cryptocurrency
mining equipment | |
| — | | |
| 16,794,688 | | |
| 16,794,688 | |
Loss from operations | |
| (6,769,956 | ) | |
| (19,485,769 | ) | |
| (26,255,725 | ) |
Interest
expense (1) | |
| (8,849 | ) | |
| (102,614 | ) | |
| (111,463 | ) |
Interest
income (1) | |
| 92,827 | | |
| 35,375 | | |
| 128,202 | |
Liquidated
damages (1) | |
| (152,521 | ) | |
| (21,242 | ) | |
| (173,763 | ) |
Loss
on adjustment to fair value – warrant liabilities (1) | |
| (22,176,617 | ) | |
| (2,678,468 | ) | |
| (24,855,085 | ) |
Loss on adjustment to fair
value – AR Debentures | |
| — | | |
| (2,882,000 | ) | |
| (2,882,000 | ) |
Loss
on adjustment to fair value – Obligation Shares (1) | |
| (973,224 | ) | |
| (503,879 | ) | |
| (1,477,103 | ) |
Assets | |
$ | 28,595,051 | | |
$ | 3,982,396 | | |
$ | 32,577,447 | |
| |
| | | |
| | | |
| | |
June 7, 2022 (date of inception)
through September 30, 2022 | |
| | | |
| | | |
| | |
Revenues- | |
$ | — | | |
$ | — | | |
$ | — | |
Depreciation,
depletion and amortization expense- | |
| — | | |
| — | | |
| — | |
Operating
income- | |
| (309,511 | ) | |
| — | | |
| (309,511 | ) |
Interest
expense- | |
| — | | |
| — | | |
| — | |
Interest
income- | |
| — | | |
| — | | |
| — | |
Other
expense- | |
| — | | |
| — | | |
| — | |
Other
income- | |
| — | | |
| — | | |
| — | |
Assets- | |
$ | 1,197,243 | | |
$ | — | | |
$ | 1,197,243 | |
(1) |
Amounts
are allocated to each segment as they are incurred at the corporate level. |
|
Corporate and Other [Member] |
|
Segment Reporting Information [Line Items] |
|
Schedule of Corporate Assets Not Allocated to Segments |
The
following table presents the breakout of other assets, which represent corporate assets not allocated to segments at September 30, 2023
and 2022:
Schedule of Corporate Assets Not Allocated
to Segments
| |
2023 | | |
2022 | |
| |
As
of September 30, | |
| |
2023 | | |
2022 | |
Cash and cash
equivalents | |
$ | 7,241,811 | | |
$ | — | |
Prepaid expenses | |
| 271,839 | | |
| — | |
|
X |
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v3.23.3
Organization, Description of Business and Basis of Presentation (Details Narrative)
|
|
|
|
1 Months Ended |
3 Months Ended |
4 Months Ended |
9 Months Ended |
|
Aug. 15, 2023
USD ($)
$ / shares
shares
|
Aug. 14, 2023
USD ($)
a
$ / shares
shares
|
May 03, 2023
USD ($)
a
$ / shares
shares
|
Oct. 30, 2023
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
|
Number of common stock converted | shares |
|
|
|
|
|
|
|
|
7,087
|
|
Common stock, par value |
|
|
|
|
|
$ 0.01
|
|
|
$ 0.01
|
$ 0.01
|
Area of land | a |
|
20,328
|
3,157
|
|
|
|
|
|
|
|
Payments to acquire land held for use | $ |
|
$ 18,000,000.0
|
$ 3,000,000.0
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
$ 7.14
|
|
|
$ 7.14
|
|
Number of common stock shares | shares |
|
670,499
|
3,860,917
|
|
400,667
|
|
|
|
|
|
Net loss | $ |
|
|
|
|
|
$ 34,415,741
|
$ 276,788
|
$ 309,511
|
$ 55,626,937
|
|
Cash and cash equivalents | $ |
|
|
|
|
|
7,241,811
|
|
|
7,241,811
|
$ 79,845
|
Working capital deficit | $ |
|
|
|
|
|
4,000,000.0
|
|
|
4,000,000.0
|
|
Accumulated deficit | $ |
|
|
|
|
|
$ 55,401,751
|
|
|
$ 55,401,751
|
|
Original Debentures [Member] |
|
|
|
|
|
|
|
|
|
|
Warrant coverage percentage |
|
|
100.00%
|
|
|
|
|
|
|
|
Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Stated value of shares |
|
|
$ 0.01
|
|
|
$ 0.01
|
|
|
$ 0.01
|
|
Share price |
|
|
5.00
|
|
|
|
|
|
|
|
Series E Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Stated value of shares |
$ 1,000
|
|
|
|
|
$ 0.01
|
|
|
$ 0.01
|
|
Share price |
|
|
$ 5.00
|
|
|
|
|
|
|
|
Sale of shares to investor | shares |
20,000
|
|
|
|
|
|
|
|
|
|
Sale of shares to investor |
$ 0.01
|
|
|
|
|
|
|
|
|
|
Conversion price per shares |
$ 5.00
|
|
|
|
|
|
|
|
|
|
Series D PIPE Investor [Member] |
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property held for sale | $ |
|
|
$ 17,300,000
|
|
|
|
|
|
|
|
Exok [Member] |
|
|
|
|
|
|
|
|
|
|
Area of land | a |
|
32,695
|
4,494
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Number of common stock converted | shares |
|
|
2,297,668
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
$ 0.01
|
|
|
|
|
|
|
|
Number of common stock shares | shares |
|
|
3,860,917
|
[1] |
|
39,614
|
|
|
5,695,387
|
|
Sale of shares to investor | shares |
39,614
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
$ 1,000
|
|
|
|
|
|
|
|
Exok Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
|
670,499
|
|
|
|
|
|
|
|
|
Warrants exercise price |
|
$ 7.43
|
|
|
|
$ 7.43
|
|
|
$ 7.43
|
|
Series D PIPE Investor [Member] |
|
|
|
|
|
|
|
|
|
|
Sale of securities, value | $ |
$ 20,000,000.0
|
|
|
|
|
|
|
|
|
|
Series E A Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
4,000,000
|
|
|
|
|
|
|
|
|
|
Series E B Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
4,000,000
|
|
|
|
|
|
|
|
|
|
Series E Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Warrants exercise price |
$ 6.00
|
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.23.3
Schedule of Fair value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Cash and cash equivalents, carrying amount |
$ 7,241,811
|
|
$ 79,845
|
|
Cash and cash equivalents, fair value |
7,241,811
|
|
79,845
|
|
Senior convertible debentures, carrying amount |
4,863,000
|
|
|
|
Senior convertible debentures, fair value |
4,863,000
|
$ 2,722,000
|
|
|
Warrant liabilities, carrying amount |
50,738,180
|
|
|
|
Warrant liabilities, fair value |
$ 50,738,180
|
|
|
|
X |
- DefinitionWarrant liabilities fair value.
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v3.23.3
Schedule of Assets And Liabilities Measured at Fair Value (Details) - USD ($)
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
Senior convertible debentures |
$ 4,863,000
|
$ 2,722,000
|
|
Warrant liabilities |
50,738,180
|
|
|
Fair Value, Inputs, Level 1 [Member] |
|
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
Senior convertible debentures |
|
|
|
Warrant liabilities |
|
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
Senior convertible debentures |
|
|
|
Warrant liabilities |
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
Senior convertible debentures |
4,863,000
|
|
|
Warrant liabilities |
$ 50,738,180
|
|
|
X |
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v3.23.3
v3.23.3
Schedule of Fair Value For Level 3 Liabilities (Details) - USD ($)
|
3 Months Ended |
4 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
Convertible debt, fair value disclosures |
$ 2,722,000
|
|
|
Senior convertible debentures assumed in the Merger |
|
|
1,981,000
|
Losses reported in earnings, fair value disclosures |
2,141,000
|
|
2,882,000
|
Convertible debt, fair value disclosures |
$ 4,863,000
|
|
$ 4,863,000
|
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v3.23.3
Schedule of Valuation of Warrant Liabilities (Details)
|
Sep. 30, 2023 |
Measurement Input, Share Price [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
11.86
|
Measurement Input, Exercise Price [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
6.00
|
Measurement Input, Expected Term [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
4.59
|
Measurement Input, Expected Term [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
4.88
|
Measurement Input, Price Volatility [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
75.0
|
Measurement Input, Expected Dividend Rate [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
4.51
|
Measurement Input, Expected Dividend Rate [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
4.54
|
Warrant Liability [Member] | Measurement Input, Share Price [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
6.71
|
Warrant Liability [Member] | Measurement Input, Share Price [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
14.57
|
Warrant Liability [Member] | Measurement Input, Exercise Price [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
6.00
|
Warrant Liability [Member] | Measurement Input, Expected Term [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
4.65
|
Warrant Liability [Member] | Measurement Input, Expected Term [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
5.00
|
Warrant Liability [Member] | Measurement Input, Price Volatility [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
75.0
|
Warrant Liability [Member] | Measurement Input, Expected Dividend Rate [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
4.27
|
Warrant Liability [Member] | Measurement Input, Expected Dividend Rate [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Discount rate |
4.39
|
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v3.23.3
Schedule of Changes in Fair Value in Warrant Liabilities (Details) - USD ($)
|
3 Months Ended |
4 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
Balance at beginning of period |
|
|
|
Reclassification to warrant liabilities |
25,883,095
|
|
25,883,095
|
Change in estimate fair value |
24,855,085
|
|
24,855,085
|
Balance at September 30, 2023 |
$ 50,738,180
|
|
$ 50,738,180
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v3.23.3
Schedule of Anti-dilutive Securities Excluded from Earnings Per Share (Details)
|
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially Dilutive Security Resulting Common Shares |
25,075,964
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially Dilutive Security Quantity |
8,641,176
|
[1] |
Potentially Dilutive Security Stated Value Per Share | $ / shares |
|
[1] |
Potentially Dilutive Security Total Value or Stated Value | $ |
|
[1] |
Potentially Dilutive Security Assumed Conversion Price |
|
[1] |
Potentially Dilutive Security Resulting Common Shares |
641,176
|
[1] |
Equity Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially Dilutive Security Quantity |
8,641,176
|
[1] |
Potentially Dilutive Security Stated Value Per Share | $ / shares |
|
[1] |
Potentially Dilutive Security Total Value or Stated Value | $ |
|
[1] |
Potentially Dilutive Security Assumed Conversion Price |
|
[1] |
Potentially Dilutive Security Resulting Common Shares |
641,176
|
[1] |
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially Dilutive Security Quantity |
447,855,367
|
|
Potentially Dilutive Security Stated Value Per Share | $ / shares |
|
|
Potentially Dilutive Security Total Value or Stated Value | $ |
|
|
Potentially Dilutive Security Assumed Conversion Price |
|
|
Potentially Dilutive Security Resulting Common Shares |
15,674,938
|
|
AR Debentures [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially Dilutive Security Quantity |
|
|
Potentially Dilutive Security Stated Value Per Share | $ / shares |
|
|
Potentially Dilutive Security Total Value or Stated Value | $ |
$ 2,000,000
|
|
Potentially Dilutive Security Assumed Conversion Price |
500.00%
|
|
Potentially Dilutive Security Resulting Common Shares |
400,000
|
|
Series D Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially Dilutive Security Quantity |
21,799
|
|
Potentially Dilutive Security Stated Value Per Share | $ / shares |
$ 1,000
|
|
Potentially Dilutive Security Total Value or Stated Value | $ |
$ 21,799,250
|
|
Potentially Dilutive Security Assumed Conversion Price |
500.00%
|
|
Potentially Dilutive Security Resulting Common Shares |
4,359,850
|
|
Series E Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially Dilutive Security Quantity |
20,000
|
|
Potentially Dilutive Security Stated Value Per Share | $ / shares |
$ 1,000
|
|
Potentially Dilutive Security Total Value or Stated Value | $ |
$ 20,000,000
|
|
Potentially Dilutive Security Assumed Conversion Price |
500.00%
|
|
Potentially Dilutive Security Resulting Common Shares |
4,000,000
|
|
|
|
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v3.23.3
Summary of Significant Accounting Policies (Details Narrative)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Aug. 14, 2023
shares
|
May 03, 2023
shares
|
Oct. 30, 2023
shares
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2023
USD ($)
shares
|
Dec. 31, 2022
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
FDIC insurance limit | $ |
|
|
|
|
$ 250,000
|
$ 250,000
|
|
|
Cash and cash equivalents | $ |
|
|
|
|
$ 7,241,811
|
$ 7,241,811
|
$ 79,845
|
|
Stock Issued During Period, Shares, New Issues |
670,499
|
3,860,917
|
|
400,667
|
|
|
|
|
Common stock authorised |
|
|
|
|
500,000,000
|
500,000,000
|
500,000,000
|
|
Common stock issued |
|
|
|
|
7,074,668
|
7,074,668
|
|
|
Common stock outstanding |
|
|
|
|
7,074,668
|
7,074,668
|
|
|
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Yields |
|
20.00
|
|
|
19.60
|
19.60
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
3,860,917
|
[1] |
|
39,614
|
5,695,387
|
|
|
Common stock authorised |
|
|
|
|
500,000,000
|
500,000,000
|
|
|
Common stock issued |
|
|
|
|
7,074,742
|
7,074,742
|
|
|
Common stock outstanding |
|
|
|
|
7,074,742
|
7,074,742
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Estimated useful lives |
|
|
|
|
2 years
|
2 years
|
|
|
Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Yields |
|
15.00
|
|
|
14.60
|
14.60
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Estimated useful lives |
|
|
|
|
5 years
|
5 years
|
|
|
Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Yields |
|
25.00
|
|
|
24.60
|
24.60
|
|
|
|
|
X |
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v3.23.3
Schedule of Total Purchase Price (Details) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Aug. 14, 2023 |
May 03, 2023 |
Oct. 30, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Issuance of Series E preferred stock, warrants and common stock, shares |
|
670,499
|
3,860,917
|
|
400,667
|
|
|
|
Fair value of the Company's pre-Merger common stock |
|
|
|
|
|
$ 19,834,407
|
$ 16,447,649
|
|
Fair value of Series D Preferred Stock issued as consideration |
|
|
|
|
|
$ 7,289,492
|
9,928,262
|
|
Prairie LLC Transaction costs (4) |
[1] |
|
$ 2,032,696
|
|
|
|
|
|
Purchase price |
|
|
$ 15,170,154
|
|
|
|
|
|
Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Number of shares of Series D Preferred Stock at to effectuate the Merger |
|
|
4,423
|
|
|
|
|
|
Multipled by the fair value per share (3) |
[2] |
|
$ 725.57
|
|
|
|
|
|
Fair value of Series D Preferred Stock issued as consideration |
|
|
$ 3,209,196
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
3,860,917
|
[3] |
|
39,614
|
|
5,695,387
|
Multiplied by the fair value per share of common stock (2) |
[4] |
|
$ 2.57
|
|
|
|
|
|
Fair value of the Company's pre-Merger common stock |
|
|
$ 9,928,262
|
|
|
$ 396
|
|
|
Number of shares of Series D Preferred Stock at to effectuate the Merger |
|
|
3,860,991
|
|
|
670,499
|
3,860,917
|
|
Fair value of Series D Preferred Stock issued as consideration |
|
|
|
|
|
$ 6,705
|
$ 38,609
|
|
|
|
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v3.23.3
Schedule of Allocation of Purchase Price to Net Assets Acquired (Details)
|
May 03, 2023
USD ($)
|
Purchase Price Allocation |
|
|
Cash and cash equivalents |
$ 42,360
|
|
Accounts receivable |
8,014
|
|
Prepaid expenses |
63,795
|
|
Mining equipment |
18,140,874
|
[1] |
Deposits on mining equipment |
2,928,138
|
|
Accounts payable and accrued expenses |
(3,352,389)
|
|
Secured convertible debentures |
(1,981,000)
|
|
SBA loan payable |
(150,000)
|
|
Share issuance liability |
(529,638)
|
|
Net assets acquired |
$ 15,170,154
|
|
|
|
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v3.23.3
Schedule of Property and Equipment (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
Proved properties |
|
|
Unproved properties |
28,595,051
|
|
Total capitalized costs |
28,595,051
|
|
Less: Accumulated depreciation, depletion and amortization |
|
|
Net capitalized costs |
28,595,051
|
|
Cryptocurrency miners |
4,146,687
|
|
Mobile data centers |
146,735
|
|
Total |
4,293,422
|
|
Less: Accumulated depreciation |
(558,319)
|
|
Net, property and equipment |
$ 3,735,103
|
|
X |
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v3.23.3
Property and Equipment (Details Narrative)
|
|
|
3 Months Ended |
4 Months Ended |
9 Months Ended |
|
Aug. 15, 2023
USD ($)
a
$ / shares
shares
|
May 03, 2023
USD ($)
a
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Aug. 14, 2023
a
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Area of Land | a |
|
3,157
|
|
|
|
|
20,328
|
Payments to Acquire Businesses, Gross |
|
|
|
|
|
$ 21,116,528
|
|
Stock Issued During Period, Value, New Issues |
|
|
$ 19,834,407
|
$ 16,447,649
|
|
|
|
Impairment of property and equipment |
|
|
|
|
|
16,600,000
|
|
Fair value of property and equipment |
|
|
$ 1,500,000
|
|
|
1,500,000
|
|
Additional impairment related to shipping and customs fees |
|
|
|
|
|
$ 200,000
|
|
Exok [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Area of Land | a |
|
4,494
|
|
|
|
|
32,695
|
Exok Agreement [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Area of Land | a |
20,328
|
|
|
|
|
|
|
Payments to Acquire Productive Assets |
|
$ 25,300,000
|
|
|
|
|
|
Payments to Acquire Businesses, Gross |
$ 18,000,000.0
|
|
|
|
|
|
|
Stock Issued During Period, Value, New Issues |
$ 670,499
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares |
670,499
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares |
$ 7.3
|
|
|
|
|
|
|
Exok Agreement [Member] | Exok [Member] |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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32,695
|
|
|
|
|
|
|
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- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.23.3
Schedule of Cryptocurrency Mining Equipment (Details)
|
5 Months Ended |
Sep. 30, 2023
USD ($)
|
Balance beginning |
$ 2,928,138
|
Deposits on equipment during the period |
|
Equipment delivered and transferred to mining equipment |
(2,778,138)
|
Balance ending |
150,000
|
Cryptocurrency Miners [Member] |
|
Balance beginning |
2,778,138
|
Deposits on equipment during the period |
|
Equipment delivered and transferred to mining equipment |
(2,778,138)
|
Balance ending |
|
Mobile Data Centers [Member] |
|
Balance beginning |
150,000
|
Deposits on equipment during the period |
|
Equipment delivered and transferred to mining equipment |
|
Balance ending |
$ 150,000
|
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v3.23.3
Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 2,299,358
|
|
Accrued legal and accounting fees |
2,908,476
|
2,219,646
|
Accrued interest |
30,000
|
|
Incentive compensation |
891,164
|
|
Other |
579,500
|
300
|
Accounts payable and accrued expenses |
$ 6,708,498
|
$ 2,219,946
|
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v3.23.3
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Aug. 30, 2023 |
Aug. 15, 2023 |
Aug. 14, 2023 |
May 05, 2023 |
May 03, 2023 |
Oct. 30, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
670,499
|
|
3,860,917
|
|
400,667
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock |
|
|
|
|
|
|
|
$ 19,834,407
|
$ 16,447,649
|
|
Share price |
|
|
|
|
|
|
|
$ 7.14
|
|
$ 7.14
|
Number of shares issued, value |
|
|
|
|
|
|
|
$ 7,289,492
|
9,928,262
|
|
Stockholders Agreement [Member] | Bristol Capital Advisors LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Stockholders agreement description |
|
|
|
|
|
|
|
|
|
(i) one nominee designated by Bristol Capital Advisors and
Paul L. Kessler, collectively, so long as Bristol Capital Advisors, Paul L. Kessler and their respective affiliates collectively beneficially
own at least 50% of the number of shares of Common Stock collectively beneficially owned by such parties on the Closing Date; (ii) four
nominees designated by Gary C. Hanna and Edward Kovalik (the “Prairie Members”) so long as the Prairie Members and their
affiliates collectively beneficially own at least 50% of the number of shares of Common Stock collectively beneficially owned by such
parties on the Closing Date; (iii) three nominees designated by the Prairie Members so long as the Prairie Members and their affiliates
collectively beneficially own at least 40% (but less than 50%) of the number of shares of Common Stock collectively beneficially owned
by such parties on the Closing Date; (iv) two nominees designated by the Prairie Members so long as the Prairie Members and their affiliates
collectively beneficially own at least 30% (but less than 40%) of the number of shares of Common Stock collectively beneficially owned
by such parties on the Closing Date; and (v) one nominee designated by the Prairie Members so long as the Prairie Members and their affiliates
collectively beneficially own at least 20% (but less than 30%) of the number of shares of Common Stock collectively beneficially owned
by such parties on the Closing Date.
|
LockUp Agreements [Member] | Bristol Capital Advisors LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
|
|
|
|
$ 100,000
|
|
$ 100,000
|
Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 5.00
|
|
|
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets, shares |
|
|
|
|
4,423
|
|
|
|
|
|
Number of shares issued, value |
|
|
|
|
$ 3,209,196
|
|
|
|
|
|
Series E Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 5.00
|
|
|
|
|
|
Sale of shares to investor |
|
20,000
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
|
|
3,860,917
|
[1] |
|
39,614
|
|
5,695,387
|
Issuance of Series E preferred stock, warrants and common stock |
|
|
|
|
$ 9,928,262
|
|
|
$ 396
|
|
|
Sale of shares to investor |
|
39,614
|
|
|
|
|
|
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets, shares |
|
|
|
|
3,860,991
|
|
|
670,499
|
3,860,917
|
|
Number of shares issued, value |
|
|
|
|
|
|
|
$ 6,705
|
$ 38,609
|
|
Common Stock [Member] | Amended And Restated Non Compensatory Option Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
8,000,000
|
Share price |
|
|
|
|
|
|
|
$ 7.14
|
|
$ 7.14
|
Common Stock [Member] | Non Compensatory Option Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets, shares |
200,000
|
|
|
|
|
|
|
|
|
|
Number of shares issued, value |
$ 2,000
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 1,000
|
|
|
|
|
|
Series D PIPE Investor [Member] |
|
|
|
|
|
|
|
|
|
|
Sale of securities, value |
|
$ 20,000,000.0
|
|
|
|
|
|
|
|
|
Series E PIPE Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
8,000,000
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
$ 6.00
|
|
|
|
|
|
|
|
|
Edward Kovalik and Gary C Hanna [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
|
|
|
|
|
|
|
1,148,834
|
Paul L Kessler [Member] | Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock |
|
|
|
|
|
|
|
|
|
$ 1,250,000
|
Jonathan H Gary [Member] | Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock |
|
|
|
|
|
|
|
|
|
$ 750,000
|
Board of Directors Chairman [Member] |
|
|
|
|
|
|
|
|
|
|
One time payment to former Directors |
|
|
|
$ 250,000
|
|
|
|
|
|
|
|
|
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Debt (Details Narrative) - USD ($)
|
1 Months Ended |
9 Months Ended |
|
Oct. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
Conversion of shares |
|
|
7,087
|
|
Fair value of AR Debentures |
|
$ 2,722,000
|
$ 4,863,000
|
|
SBA Loan [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Interest rate |
|
|
3.75%
|
|
AR Debentures [Member] | Subsequent Event [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Conversion of shares |
400,667
|
|
|
|
Bristol Investment Fund Ltd [Member] | AR Debentures [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Principal amount |
|
|
$ 1,000,000
|
|
Interest rate |
|
|
12.00%
|
|
Conversion price |
|
|
$ 5.00
|
|
Conversion of shares |
|
|
400,000
|
|
Interest rate |
|
|
18.00%
|
|
Fair value of AR Debentures |
|
|
$ 4,863,000
|
|
Increase in fair value of AR Debentures |
|
$ 2,141,000
|
3,502,000
|
|
Interest on AR Debentures |
|
|
$ 60,000
|
|
X |
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v3.23.3
Preferred Stock (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
|
|
|
Aug. 14, 2023 |
May 03, 2023 |
Oct. 30, 2023 |
Sep. 30, 2023 |
Aug. 16, 2025 |
May 04, 2025 |
Aug. 15, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 7.14
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
670,499
|
3,860,917
|
400,667
|
|
|
|
|
Series E A Warrants [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Number of warrants issued |
|
|
|
|
|
|
|
4,000,000
|
Series E B Warrants [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Number of warrants issued |
|
|
|
|
|
|
|
4,000,000
|
Series D PIPE Investor [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Proceeds from sale of property held for sale |
|
|
$ 17,400,000
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
17,376
|
|
|
|
|
|
Series D PIPE Investor [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Proceeds from sale of property held for sale |
|
|
$ 17,300,000
|
|
|
|
|
|
Series E PIPE Investor [Member] | Series E A Warrants [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Number of warrants issued |
|
|
4,000,000
|
|
|
|
|
|
Series E PIPE Investor [Member] | Series E B Warrants [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Number of warrants issued |
|
|
4,000,000
|
|
|
|
|
|
Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Preferred shares authorised |
|
|
|
|
50,000
|
|
|
|
Preferred shares par value |
|
|
$ 0.01
|
|
$ 0.01
|
|
|
|
Preferred state value |
|
|
$ 1,000
|
|
$ 1,000
|
|
|
|
Share price |
|
|
$ 5.00
|
|
|
|
|
|
Redemption share price |
[1] |
|
$ 725.57
|
|
|
|
|
|
Liquidated damages of underlying shares |
|
|
|
|
173,763
|
|
|
|
Shares issued to AR Debenture holders |
|
|
4,423
|
|
|
|
|
|
Series D Preferred Stock [Member] | Series D PIPE Investor [Member] | Registration Rights Agreements [Member] | Liquidated Damages [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Other expenses |
|
|
|
|
173,763
|
|
|
|
Series D Preferred Stock [Member] | Forecast [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Redemption share price |
|
|
|
|
|
|
$ 1,050
|
|
Series D Preferred Stock [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Share price |
|
|
$ 8.50
|
|
|
|
|
|
Liquidated damages of underlying shares |
|
|
|
|
$ 695,052
|
|
|
|
Series D A Warrants [Member] | Series D PIPE Investor [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Number of warrants issued |
|
|
3,475,250
|
|
|
|
|
|
Series D B Warrants [Member] | Series D PIPE Investor [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Number of warrants issued |
|
|
3,475,250
|
|
|
|
|
|
Series E Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Preferred shares authorised |
|
|
|
|
50,000
|
|
|
|
Preferred shares par value |
|
|
|
|
$ 0.01
|
|
|
$ 1,000
|
Preferred state value |
|
|
$ 1,000
|
|
$ 1,000
|
|
|
|
Share price |
|
|
$ 5.00
|
|
|
|
|
|
Series E Preferred Stock [Member] | Series E PIPE Investor [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Proceeds from sale of property held for sale |
|
|
$ 20,000,000.0
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
20,000
|
|
|
|
|
|
Number of warrants issued |
|
|
39,615
|
|
|
|
|
|
Series E Preferred Stock [Member] | Forecast [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Redemption share price |
|
|
|
|
|
$ 1,050
|
|
|
|
|
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v3.23.3
Common Stock (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Aug. 14, 2023 |
May 03, 2023 |
Oct. 30, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Number of common stock converted |
|
|
|
|
|
|
7,087
|
Issuance of Series E preferred stock, warrants and common stock, shares |
670,499
|
3,860,917
|
|
400,667
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock |
|
|
|
|
$ 19,834,407
|
$ 16,447,649
|
|
Member Units [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Number of common stock converted |
|
2,297,669
|
|
|
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets, shares |
|
2,297,669
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Number of common stock converted |
|
2,297,668
|
|
|
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets, shares |
|
3,860,991
|
|
|
670,499
|
3,860,917
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
3,860,917
|
[1] |
|
39,614
|
|
5,695,387
|
Issuance of Series E preferred stock, warrants and common stock |
|
$ 9,928,262
|
|
|
$ 396
|
|
|
Common Stock [Member] | Obligation Shares [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
205,970
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock |
|
$ 1,477,103
|
|
|
|
|
|
|
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v3.23.3
Common Stock Options and Warrants (Details Narrative)
|
|
|
|
3 Months Ended |
9 Months Ended |
|
Aug. 30, 2023
USD ($)
$ / shares
shares
|
May 03, 2023
$ / shares
shares
|
Aug. 31, 2022
USD ($)
BOED
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Aug. 14, 2023
$ / shares
|
Options to purchase shares |
|
|
|
|
|
|
7,087
|
|
Weighted average exercise price | $ / shares |
|
|
|
|
$ 28.57
|
|
$ 28.57
|
|
Stock option expired date |
|
|
|
|
|
|
Aug. 01, 2023
|
|
Membership interest |
|
|
|
40.00%
|
|
|
|
|
Purchase of non compensatory options | $ |
|
|
|
$ 1,000,000
|
|
|
|
|
Sale of non compensatory options | $ |
|
|
|
$ 80,000
|
|
|
|
|
Restricted options exercisable increments percentage |
|
|
|
25.00%
|
|
|
|
|
Barrels of oil equivalent per day one | BOED |
|
|
|
2,500
|
|
|
|
|
Barrels of oil equivalent per day two | BOED |
|
|
|
5,000
|
|
|
|
|
Barrels of oil equivalent per day three | BOED |
|
|
|
7,500
|
|
|
|
|
Barrels of oil equivalent per day four | BOED |
|
|
|
10,000
|
|
|
|
|
Stock options to acquire an common stock |
|
|
|
|
|
|
8,000,000
|
|
Exercise price | $ / shares |
|
|
|
|
$ 7.14
|
|
$ 7.14
|
|
Options subject to be transferred | $ |
|
|
|
|
|
|
$ 2,000,000
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets | $ |
|
|
|
|
$ 7,289,492
|
$ 9,928,262
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
Purchase an aggregate shares |
|
|
|
|
53,938
|
|
53,938
|
|
Weighted average exercise price | $ / shares |
|
|
|
|
|
|
$ 49.71
|
|
Legacy warrants outstanding |
|
|
|
|
53,938
|
|
53,938
|
|
Weighted average remaining contractual life |
|
|
|
|
|
|
2 years 4 months 24 days
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
Options to purchase shares |
|
|
2,297,668
|
|
|
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets | $ |
|
|
|
|
$ 6,705
|
$ 38,609
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets, shares |
|
|
3,860,991
|
|
670,499
|
3,860,917
|
|
|
Common stock exercise price | $ / shares |
[1] |
|
$ 2.57
|
|
|
|
|
|
Common Stock [Member] | Series D PIPE Warrants [Member] |
|
|
|
|
|
|
|
|
Purchase an aggregate shares |
|
|
|
|
6,950,000
|
|
6,950,000
|
|
Warrants exercise price | $ / shares |
|
|
|
|
$ 6.00
|
|
$ 6.00
|
|
Common Stock [Member] | Series E PIPE Warrants [Member] |
|
|
|
|
|
|
|
|
Purchase an aggregate shares |
|
|
|
|
8,000,000
|
|
8,000,000
|
|
Warrants exercise price | $ / shares |
|
|
|
|
$ 6.00
|
|
$ 6.00
|
|
Series D A Warrants [Member] |
|
|
|
|
|
|
|
|
Legacy warrants outstanding |
|
|
|
|
3,475,250
|
|
3,475,250
|
|
Series D B Warrants [Member] |
|
|
|
|
|
|
|
|
Legacy warrants outstanding |
|
|
|
|
3,475,250
|
|
3,475,250
|
|
Series E A Warrants [Member] |
|
|
|
|
|
|
|
|
Legacy warrants outstanding |
|
|
|
|
4,000,000
|
|
4,000,000
|
|
Series E B Warrants [Member] |
|
|
|
|
|
|
|
|
Legacy warrants outstanding |
|
|
|
|
4,000,000
|
|
4,000,000
|
|
Exok Warrants [Member] |
|
|
|
|
|
|
|
|
Legacy warrants outstanding |
|
|
|
|
670,499
|
|
670,499
|
|
Warrants exercise price | $ / shares |
|
|
|
|
$ 7.43
|
|
$ 7.43
|
$ 7.43
|
Noncompensatory Option Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets | $ |
|
$ 2,000
|
|
|
|
|
|
|
Issuance of common stock and warrants in conjunction with purchase of Exok Option assets, shares |
|
200,000
|
|
|
|
|
|
|
Common stock exercise price | $ / shares |
|
$ 7.14
|
|
|
|
|
|
|
Bristol Capital LLC [Member] |
|
|
|
|
|
|
|
|
Non-compensatory option | $ |
|
|
|
|
|
|
$ 24,000
|
|
BOKA Energy LP [Member] |
|
|
|
|
|
|
|
|
Non-compensatory option | $ |
|
|
|
|
|
|
$ 8,000
|
|
|
|
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v3.23.3
Long-Term Incentive Compensation (Details Narrative) - USD ($)
|
3 Months Ended |
4 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Oct. 16, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Common stock reserved for issuance |
35,000,000
|
|
|
35,000,000
|
|
|
Number of shares available for grant |
604,000
|
|
|
604,000
|
|
|
Stock based compensation costs |
|
|
|
$ 927,221
|
|
|
Equity Classified Awards [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Stock based compensation costs |
$ 900,000
|
$ 0
|
|
900,000
|
$ 0
|
|
Equity Classified Restricted Stock Units [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Unrecognized compensation cost |
8,200,000
|
|
|
$ 8,200,000
|
|
|
Weighted average period |
|
|
|
1 year 6 months
|
|
|
Liability Classified Awards [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Stock based compensation costs |
26,451
|
$ 0
|
|
$ 26,451
|
$ 0
|
|
Liability Classified Restricted Stock Units [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Unrecognized compensation cost |
$ 200,000
|
|
|
$ 200,000
|
|
|
Weighted average period |
|
|
|
7 months 6 days
|
|
|
Share based compensation arrangement by share based payment award, description |
|
|
|
In August 2023, the Company granted restricted stock units to directors and an advisor that vest in May 2024 and August 2024, respectively,
which are payable 60% in common shares and 40% in either cash or shares at the option of the Compensation Committee of the Board
|
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|
|
|
|
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|
|
|
|
|
|
Common stock reserved for issuance |
|
|
|
|
|
1,225,000
|
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v3.23.3
Schedule of Reportable Segments (Details) - USD ($)
|
3 Months Ended |
4 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
Revenues |
$ 457,951
|
|
|
|
|
$ 637,269
|
|
|
Depreciation, depletion and amortization expense |
|
|
|
|
|
558,319
|
|
|
Impairment of cryptocurrency mining equipment |
|
|
|
|
|
16,794,688
|
|
|
Operating income |
(6,492,397)
|
|
|
(276,788)
|
(309,511)
|
(26,255,725)
|
|
|
Interest income |
85,166
|
|
|
|
|
128,202
|
|
|
Loss on adjustment to fair value – warrant liabilities |
(24,855,085)
|
|
|
|
|
(24,855,085)
|
|
|
Loss on adjustment to fair value – AR Debentures |
(2,141,000)
|
|
|
|
|
(2,882,000)
|
|
|
Assets |
40,091,097
|
|
|
|
|
40,091,097
|
|
$ 1,840,510
|
Operating Segments [Member] |
|
|
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
Revenues |
457,951
|
|
|
|
|
637,269
|
|
|
Depreciation, depletion and amortization expense |
425,468
|
|
|
|
|
558,319
|
|
|
Impairment of cryptocurrency mining equipment |
|
|
|
|
|
16,794,688
|
|
|
Operating income |
(6,492,397)
|
|
(309,511)
|
(276,789)
|
|
(26,255,725)
|
|
|
Interest expense |
(67,744)
|
[1] |
|
|
|
(111,463)
|
[2] |
|
Interest income |
85,166
|
[1] |
|
|
|
128,202
|
[2] |
|
Liquidated damages |
(173,763)
|
[1] |
|
|
|
(173,763)
|
[2] |
|
Loss on adjustment to fair value – warrant liabilities |
(24,855,085)
|
[1] |
|
|
|
(24,855,085)
|
[2] |
|
Loss on adjustment to fair value – AR Debentures |
(2,141,000)
|
|
|
|
|
(2,882,000)
|
|
|
Loss on adjustment to fair value – Obligation Shares |
(770,918)
|
[1] |
|
|
|
(1,477,103)
|
[2] |
|
Other expense |
|
|
|
|
|
|
|
|
Other income |
|
|
|
|
|
|
|
|
Assets |
32,577,447
|
|
1,197,243
|
1,197,243
|
1,197,243
|
32,577,447
|
|
|
Exploration And Production [Member] |
|
|
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization expense |
|
|
|
|
|
|
|
|
Impairment of cryptocurrency mining equipment |
|
|
|
|
|
|
|
|
Operating income |
(5,542,986)
|
|
(309,511)
|
(276,789)
|
|
(6,769,956)
|
|
|
Interest expense |
(6,797)
|
[1] |
|
|
|
(8,849)
|
[2] |
|
Interest income |
74,755
|
[1] |
|
|
|
92,827
|
[2] |
|
Liquidated damages |
(152,521)
|
[1] |
|
|
|
(152,521)
|
[2] |
|
Loss on adjustment to fair value – warrant liabilities |
(22,176,617)
|
[1] |
|
|
|
(22,176,617)
|
[2] |
|
Loss on adjustment to fair value – AR Debentures |
|
|
|
|
|
|
|
|
Loss on adjustment to fair value – Obligation Shares |
(676,678)
|
[1] |
|
|
|
(973,224)
|
[2] |
|
Other expense |
|
|
|
|
|
|
|
|
Other income |
|
|
|
|
|
|
|
|
Assets |
28,595,051
|
|
1,197,243
|
1,197,243
|
1,197,243
|
28,595,051
|
|
|
Cryptocurrency Mining [Member] |
|
|
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
Revenues |
457,951
|
|
|
|
|
637,269
|
|
|
Depreciation, depletion and amortization expense |
425,468
|
|
|
|
|
558,319
|
|
|
Impairment of cryptocurrency mining equipment |
|
|
|
|
|
16,794,688
|
|
|
Operating income |
(949,411)
|
|
|
|
|
(19,485,769)
|
|
|
Interest expense |
(60,947)
|
[1] |
|
|
|
(102,614)
|
[2] |
|
Interest income |
10,411
|
[1] |
|
|
|
35,375
|
[2] |
|
Liquidated damages |
(21,242)
|
[1] |
|
|
|
(21,242)
|
[2] |
|
Loss on adjustment to fair value – warrant liabilities |
(2,678,468)
|
[1] |
|
|
|
(2,678,468)
|
[2] |
|
Loss on adjustment to fair value – AR Debentures |
(2,141,000)
|
|
|
|
|
(2,882,000)
|
|
|
Loss on adjustment to fair value – Obligation Shares |
(94,240)
|
[1] |
|
|
|
(503,879)
|
[2] |
|
Other expense |
|
|
|
|
|
|
|
|
Other income |
|
|
|
|
|
|
|
|
Assets |
$ 3,982,396
|
|
|
|
|
$ 3,982,396
|
|
|
|
|
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v3.23.3
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- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v3.23.3
Subsequent Events (Details Narrative) - $ / shares
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Nov. 13, 2023 |
Oct. 16, 2023 |
Oct. 12, 2023 |
Aug. 14, 2023 |
May 03, 2023 |
Oct. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
|
670,499
|
3,860,917
|
|
400,667
|
|
|
|
Number of common stock issued |
|
|
|
|
|
|
|
7,074,668
|
7,074,668
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
|
|
|
3,860,917
|
[1] |
|
39,614
|
5,695,387
|
|
Number of common stock issued |
|
|
|
|
|
|
|
7,074,742
|
7,074,742
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity, Reverse Stock Split |
|
|
an
exchange ratio of 1:28.5714286 (the “Reverse Stock Split”).
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock Repurchased During Period, Shares |
2,000,000
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Reverse Stock Split [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Subsequent event description |
|
The
Certificate of Amendment filed by the Company with the Delaware Secretary of State took effect on October 16, 2023 and, among other things,
(i) effected the Reverse Stock Split; and (ii) changed the total number of shares of all classes of stock which the Company shall have
authority to issue 155,000,000 shares, consisting of (a) 150,000,000 shares of Common Stock and (b) 5,000,000 shares of preferred stock,
par value $0.01 per share. Immediately after the filing of the Certificate of Amendment, the Company filed the Second Amended and Restated
Certificate of Incorporation (the “Amended and Restated Charter”) with the Delaware Secretary of State, with the Amended
and Restated Charter and took effect October 16, 2023, that, among other things, (i) eliminated certain provisions related to
|
|
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
155,000,000
|
|
|
|
|
|
|
|
|
Number of common stock issued |
|
150,000,000
|
|
|
|
|
|
|
|
|
Number of preferred stock issued |
|
5,000,000
|
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
$ 0.01
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Reverse Stock Split [Member] | Amended And Restated Charter [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Issuance of Series E preferred stock, warrants and common stock, shares |
|
550,000,000
|
|
|
|
|
|
|
|
|
Number of common stock issued |
|
500,000,000
|
|
|
|
|
|
|
|
|
Number of preferred stock issued |
|
50,000,000
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
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