2024 Q2 Form 10-Q Financial Statement

#000121390024070390 Filed on August 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023 Q2
Revenue $5.061M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $522.5K $441.6K
YoY Change 18.33%
% of Gross Profit
Operating Expenses $5.390M $660.0K
YoY Change 716.65% 10.07%
Operating Profit -$329.1K -$664.7K
YoY Change -50.49% 10.86%
Interest Expense $780.0K
YoY Change 555.85%
% of Operating Profit
Other Income/Expense, Net -$656.5K $579.3K
YoY Change -213.31% 387.14%
Pretax Income -$985.6K -$85.41K
YoY Change 1053.91% -82.23%
Income Tax -$347.8K $147.4K
% Of Pretax Income
Net Earnings -$637.8K -$232.8K
YoY Change 173.96% -51.57%
Net Earnings / Revenue -12.6%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.12 -$0.02
COMMON SHARES
Basic Shares Outstanding 7.516M shares 7.516M shares
Diluted Shares Outstanding 5.428M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $810.0K
YoY Change 148.28%
Cash & Equivalents $3.064M $3.505M $813.2K
Short-Term Investments
Other Short-Term Assets $5.148K $90.16K $0.00
YoY Change 10.08% -100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.918M $6.812M $813.2K
YoY Change 627.8% 4224.65% 23.87%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $48.11M
YoY Change -45.39%
Other Assets
YoY Change
Total Long-Term Assets $96.00M $93.91M $48.11M
YoY Change 99.56% 5.23% -45.4%
TOTAL ASSETS
Total Short-Term Assets $5.918M $6.812M $813.2K
Total Long-Term Assets $96.00M $93.91M $48.11M
Total Assets $101.9M $100.7M $48.92M
YoY Change 108.34% 12.67% -44.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.603M $4.795M $1.150M
YoY Change 648.09% 1112.29% 394.88%
Accrued Expenses $5.913M $4.422M $1.150M
YoY Change 414.14% 1017.98% 394.93%
Deferred Revenue
YoY Change
Short-Term Debt $930.0K
YoY Change
Long-Term Debt Due $9.782M $37.49M
YoY Change 40.14%
Total Short-Term Liabilities $38.47M $20.11M $3.170M
YoY Change 1113.51% 2025.63% 853.79%
LONG-TERM LIABILITIES
Long-Term Debt $30.13M $37.49M $0.00
YoY Change
Other Long-Term Liabilities $675.0K $675.0K $4.050M
YoY Change -83.33% -73.91% 56.52%
Total Long-Term Liabilities $36.98M $50.01M $4.047M
YoY Change 813.81% 1832.62% 56.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.47M $20.11M $3.170M
Total Long-Term Liabilities $36.98M $50.01M $4.047M
Total Liabilities $75.45M $70.12M $7.217M
YoY Change 945.45% 1884.3% 147.18%
SHAREHOLDERS EQUITY
Retained Earnings -$24.45M -$19.12M -$5.747M
YoY Change 325.46% 501.88% 168.97%
Common Stock $301.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.942M -$2.800M -$5.746M
YoY Change
Total Liabilities & Shareholders Equity $101.9M $100.7M $48.92M
YoY Change 108.34% 12.67% -44.88%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023 Q2
OPERATING ACTIVITIES
Net Income -$637.8K -$232.8K
YoY Change 173.96% -51.57%
Depreciation, Depletion And Amortization $522.5K $441.6K
YoY Change 18.33%
Cash From Operating Activities -$450.0K
YoY Change 59.01%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $43.79M
YoY Change
Cash From Investing Activities $43.79M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.64M
YoY Change
NET CHANGE
Cash From Operating Activities -450.0K
Cash From Investing Activities 43.79M
Cash From Financing Activities -42.64M
Net Change In Cash 700.0K
YoY Change -347.35%
FREE CASH FLOW
Cash From Operating Activities -$450.0K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Organization and General</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HNR Acquisition Corp (the “Company”) was incorporated in Delaware on December 9, 2020. The Company was a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the “Securities Act,” as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement for the Company’s IPO was declared effective on February 10, 2022 (the “Effective Date”). On February 15, 2022, the Company consummated the IPO of 7,500,000 units (the “Units” and, with respect to the common stock included in the Units sold, the “Public Shares”), at $10.00 per Unit. Additionally, the underwriter fully exercised its option to purchase 1,125,000 additional Units. Simultaneously with the closing of the IPO, the Company consummated the sale of 505,000 units (the “Private Placement Units”) at a price of $10.00 per unit generating proceeds of $5,050,000 in a private placement to HNRAC Sponsors, LLC, the Company’s sponsor (the “Sponsor”) and EF Hutton (formerly Kingswood Capital Markets) (“EF Hutton”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor and other parties, purchased, in the aggregate, 505,000 units (“Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement which included a share of common stock and warrant to purchase three quarters of one share of common stock at an exercise price of $11.50 per share, subject to certain adjustments (“Private Placement Warrants” and together, the “Private Placement”) that occurred immediately prior to the Public Offering.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Effective November 15, 2023, the Company completed its business combination as described in Note 3. Through its subsidiary Pogo Resources, LLC, a Texas limited liability Company “(“Pogo” or “Pogo Resources”) and its subsidiary LH Operating, LLC, a Texas limited liability company “(“LHO”), the Company is an independent oil and natural gas company focused on the acquisition, development, exploration, and production of oil and natural gas properties in the Permian Basin. The Permian Basin is located in west Texas and southeastern New Mexico and is characterized by high oil and liquids-rich natural gas content, multiple vertical and horizontal target horizons, extensive production histories, long-lived reserves and historically high drilling success rates. The Company’s properties are in the Grayburg-Jackson Field in Eddy County, New Mexico, which is a sub-area of the Permian Basin. The Company focuses exclusively on vertical development drilling. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Inflation Reduction Act of 2022</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 11, 2023, in connection with the stockholder vote for the amendment to the Company’s certificate of incorporation, a total of 4,115,597 Public Shares for an aggregate redemption amount of $43,318,207 were redeemed from the Trust Account by the stockholders of the Company. On November 15, 2023, a total of 3,323,707 Public Shares were redeemed for an aggregate redemption amount of $12,346,791. As a result of these redemptions of common stock, the Company recognized an estimated liability for the excise tax of $474,837, included in <i>Accrued liabilities and other </i>on the Company’s consolidated balance sheet pursuant to the 1% excise tax under the IR Act partially offset by issuance of common stock subsequent to the redemptions. The liability does not impact the consolidated statements of operations and is offset against accumulated deficit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Going Concern Considerations </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At June 30, 2024, the Company had $3,063,748 in cash and a working capital deficit of $32,552,654. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company had positive cash flow from operations of $2,250,267 for the six months ended June 30, 2024 and $8,675,037 for the year ended December 31, 2023, on a pro forma basis of the combined Successor and Predecessor periods. Additionally, management’s plans to alleviate this substantial doubt include improving profitability through streamlining costs, maintaining active hedge positions for its proven reserve production, and the issuance of additional shares of Class A common stock through under the Common Stock Purchase Agreement. The Company has a three-year Common Stock Purchase Agreement with a maximum funding limit of $150,000,000 that can fund the Company operations and production growth, and be used to reduce liabilities of the Company, subject to the Company’s Form S-1 Registration Statement, which was declared effective by the Securities and Exchange Commission (“SEC”) on August 9, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Basis of Presentation:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 15, 2023 (the “Closing Date”), the Company consummated a business combination which resulted in the acquisition of Pogo Resources, LLC, a Texas limited liability Company (“Pogo” or “Pogo Resources”) and its subsidiary LH Operating, LLC, a Texas limited liability company (“LHO”, and collectively, the “Pogo Business”) (the “Acquisition”). The Company was deemed the accounting acquirer in the Acquisition based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805, Business Combinations, and the Pogo Business was deemed to be the Predecessor entity. Accordingly, the historical consolidated financial statements of the Pogo Business became the historical financial statements of the Company’s upon consummation of the Acquisition. As a result, the financial statements included in this report reflect (i) the historical operating results of Pogo Business prior to the Acquisition (“Predecessor”) and (ii) the combined results of the companies, including Pogo Business following the closing of the Acquisition (“Successor”). The accompanying financial statements include a Predecessor period, which was the three and six months ended June 30, 2023, and Successor period for the three and six months ended June 30, 2024. As a result of the Acquisition, the results of operations, financial position and cash flows of the Predecessor and Successor may not be directly comparable. A black-line between the Successor and Predecessor periods has been placed in the consolidated financial statements and in the tables to the notes to the consolidated financial statements to highlight the lack of comparability between these two periods as the Acquisition resulted in a new basis of accounting for the Pogo Business. See Note 3 for additional information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Condensed Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the period presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K as filed with the SEC on May 2, 2024. The interim results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any future periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><i>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include: i) estimates of proved reserves of oil and natural gas, which affect the calculation of depletion, depreciation, and amortization (“DD&amp;A”) and impairment of proved oil and natural gas properties, ii) impairment of undeveloped properties and other assets, iii) depreciation of property and equipment; and iv) the valuation of commodity derivative instruments. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management’s estimates using different assumptions or under different conditions. Future production may vary materially from estimated oil and natural gas proved reserves. Actual future prices may vary significantly from price assumptions used for determining proved reserves and for financial reporting.</p>
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us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Concentration of Credit Risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage (“FDIC”) of $250,000. As of June 30, 2024, the Company’s cash balances exceeded the FDIC limit by $2,728,905. At June 30, 2024, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p>
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CY2024Q2 us-gaap Servicing Asset At Fair Value Amount
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CY2024Q2 us-gaap Dividends Payable Amount Per Share
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UnamortizedDebtIssuanceExpense
2147346 usd
CY2024Q2 hnra Long Term Debt Current Discount
LongTermDebtCurrentDiscount
13454949 usd
CY2023Q4 hnra Long Term Debt Current Discount
LongTermDebtCurrentDiscount
6516651 usd
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
30134125 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
37486206 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
13663823 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
6034175 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
24973002 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
44671000 usd
CY2023Q4 hnra Percentage Of Prepayment Shortfall
PercentageOfPrepaymentShortfall
0.005 pure
CY2023 hnra Fair Value Of Prepayments
FairValueOfPrepayments
14257648 usd
CY2023Q4 us-gaap Other Additional Capital
OtherAdditionalCapital
6067094 usd
hnra Fair Value Of Maturity Consideration
FairValueOfMaturityConsideration
1704416 usd
hnra Fair Value Inception Agreement
FairValueInceptionAgreement
4647525 usd
CY2024Q2 hnra Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
-23717 usd
hnra Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
325472 usd
hnra Exchange Rights Shares
ExchangeRightsShares
2000000 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1189968 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
573568 usd
us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
100000 shares
hnra Repaid Purchase Business Days
RepaidPurchaseBusinessDays
P2D
hnra Resaleof Consummation Business Combination Days
ResaleofConsummationBusinessCombinationDays
P30D
CY2024Q2 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
1214436 usd
CY2023Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
467687 usd
hnra Dilutive Offering Price
DilutiveOfferingPrice
5
hnra Forward Purchase Agreement Estimate Rate
ForwardPurchaseAgreementEstimateRate
0.50 pure
hnra Dilutive Offering Price
DilutiveOfferingPrice
5
hnra Forward Purchase Agreement Estimate Rate
ForwardPurchaseAgreementEstimateRate
0.50 pure
CY2024Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
409834 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
346888 usd
CY2022Q2 hnra Referral Fees Service
ReferralFeesService
1800000 usd
CY2022Q2 hnra Referral Fees Percentageofthe Business Combination
ReferralFeesPercentageoftheBusinessCombination
0.02 pure
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
900000 usd
CY2024Q2 hnra Owes Fee
OwesFee
607000 usd
CY2023Q4 hnra Owes Fee
OwesFee
762000 usd
CY2023Q1 us-gaap Investment Interest Rate
InvestmentInterestRate
0.15 pure
CY2023Q1 hnra Initial Monthly Payment
InitialMonthlyPayment
8000 usd
CY2023Q1 hnra Agreement Amount Paid
AgreementAmountPaid
12000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
150000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
250000 usd
CY2024Q3 us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
50000 usd
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 hnra Warrant Liability Current Portion
WarrantLiabilityCurrentPortion
usd
CY2023Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
usd
CY2024Q2 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q2 hnra Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
usd
hnra Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
usd
CY2023Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
CY2023Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
CY2024Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5331334 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5427537 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.00
us-gaap Share Based Compensation
ShareBasedCompensation
usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
hnra Change In Fair Value Of Forward Purchase Agreement
ChangeInFairValueOfForwardPurchaseAgreement
usd
hnra Change In Other Property Plant And Equipment Net
ChangeInOtherPropertyPlantAndEquipmentNet
usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
usd
hnra Increase Decrease In Royalties Payable Related Party
IncreaseDecreaseInRoyaltiesPayableRelatedParty
usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
usd
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
hnra Debt Discount Related To Warrants Issued With Private Notes Payable
DebtDiscountRelatedToWarrantsIssuedWithPrivateNotesPayable
usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
usd
us-gaap Payments For Royalties
PaymentsForRoyalties
22000 usd
CY2024Q2 us-gaap Line Of Credit
LineOfCredit
usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001842556

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