2024 Q2 Form 10-Q Financial Statement
#000121390024070390 Filed on August 19, 2024
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 |
Facts In Submission
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ChangeInFairValueOfForwardPurchaseAgreementLiability
|
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hnra |
Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
|
325472 | usd | |
CY2024Q2 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
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us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
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CY2024Q2 | us-gaap |
Interest Expense Nonoperating
InterestExpenseNonoperating
|
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us-gaap |
Interest Expense Nonoperating
InterestExpenseNonoperating
|
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CY2023Q2 | us-gaap |
Interest Expense Nonoperating
InterestExpenseNonoperating
|
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us-gaap |
Interest Expense Nonoperating
InterestExpenseNonoperating
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CY2024Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
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us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
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CY2023Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
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us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
174251 | usd | |
CY2024Q2 | us-gaap |
Gains Losses On Extinguishment Of Debt
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|
1720000 | usd |
us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
1720000 | usd | |
CY2024Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
783 | usd |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
1506 | usd | |
CY2023Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
2171 | usd |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-83801 | usd | |
CY2024Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-656469 | usd |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-4287648 | usd | |
CY2023Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-468853 | usd |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-784488 | usd | |
CY2024Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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CY2023Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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CY2024Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
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us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
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CY2024Q2 | us-gaap |
Profit Loss
ProfitLoss
|
-637795 | usd |
us-gaap |
Profit Loss
ProfitLoss
|
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CY2023Q2 | us-gaap |
Profit Loss
ProfitLoss
|
2676760 | usd |
us-gaap |
Profit Loss
ProfitLoss
|
4585631 | usd | |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-637795 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-5331297 | usd | |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
2676760 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
4585631 | usd | |
CY2024Q2 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
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us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
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CY2024Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.12 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1 | ||
CY2023Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
30606229 | usd |
CY2024Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
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CY2024Q1 | us-gaap |
Profit Loss
ProfitLoss
|
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CY2024Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
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CY2024Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
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CY2024Q2 | us-gaap |
Profit Loss
ProfitLoss
|
-637795 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
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us-gaap |
Profit Loss
ProfitLoss
|
-5331297 | usd | |
us-gaap |
Profit Loss
ProfitLoss
|
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us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
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us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
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Accretion Of Asset Retirement Obligations
AccretionOfAssetRetirementObligations
|
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hnra |
Accretion Of Asset Retirement Obligations
AccretionOfAssetRetirementObligations
|
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us-gaap |
Share Based Compensation
ShareBasedCompensation
|
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us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
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Operating Lease Right Of Use Asset Amortization Expense
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|
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Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
1474756 | usd | |
us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
2224 | usd | |
us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
1720000 | usd | |
hnra |
Change In Fair Value Of Unsettled Derivatives
ChangeInFairValueOfUnsettledDerivatives
|
1682123 | usd | |
hnra |
Change In Fair Value Of Unsettled Derivatives
ChangeInFairValueOfUnsettledDerivatives
|
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us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
346888 | usd | |
hnra |
Change In Fair Value Of Forward Purchase Agreement
ChangeInFairValueOfForwardPurchaseAgreement
|
325472 | usd | |
hnra |
Change In Other Property Plant And Equipment Net
ChangeInOtherPropertyPlantAndEquipmentNet
|
83004 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-116423 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-707780 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
55482 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
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us-gaap |
Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
|
174251 | usd | |
us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
1857983 | usd | |
us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-133994 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
1606641 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-26622 | usd | |
us-gaap |
Increase Decrease In Royalties Payable
IncreaseDecreaseInRoyaltiesPayable
|
1019305 | usd | |
us-gaap |
Increase Decrease In Royalties Payable
IncreaseDecreaseInRoyaltiesPayable
|
78299 | usd | |
hnra |
Increase Decrease In Royalties Payable Related Party
IncreaseDecreaseInRoyaltiesPayableRelatedParty
|
214394 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
2250267 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
5594971 | usd | |
us-gaap |
Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
|
1192769 | usd | |
us-gaap |
Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
|
4360627 | usd | |
us-gaap |
Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
|
20000 | usd | |
us-gaap |
Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
|
190997 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
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us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
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us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
1891454 | usd | |
us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
500000 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
450000 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
37750 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1479204 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-500000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-441706 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
543347 | usd | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
3505454 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2016315 | usd |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
3063748 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2559662 | usd |
us-gaap |
Interest Paid Net
InterestPaidNet
|
2393838 | usd | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
943002 | usd | |
hnra |
Debt Discount Related To Warrants Issued With Private Notes Payable
DebtDiscountRelatedToWarrantsIssuedWithPrivateNotesPayable
|
409834 | usd | |
hnra |
Accrued Purchases Of Property And Equipment At Period End
AccruedPurchasesOfPropertyAndEquipmentAtPeriodEnd
|
2347526 | usd | |
hnra |
Accrued Purchases Of Property And Equipment At Period End
AccruedPurchasesOfPropertyAndEquipmentAtPeriodEnd
|
45087 | usd | |
us-gaap |
Liabilities Assumed1
LiabilitiesAssumed1
|
38902 | usd | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<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> | ||
CY2022Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.01 | pure |
hnra |
Percentageof Excise Taxof The Fair Market Value
PercentageofExciseTaxofTheFairMarketValue
|
0.01 | pure | |
CY2023Q2 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
4115597 | shares |
CY2023Q2 | us-gaap |
Common Stock Held In Trust
CommonStockHeldInTrust
|
43318207 | usd |
CY2023Q4 | us-gaap |
Excise And Sales Taxes
ExciseAndSalesTaxes
|
474837 | usd |
CY2024Q2 | hnra |
Working Capital Deficit
WorkingCapitalDeficit
|
32552654 | usd |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
2250267 | usd | |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
8675037 | usd |
CY2024Q2 | us-gaap |
Repurchase Agreement Counterparty Amount At Risk
RepurchaseAgreementCounterpartyAmountAtRisk
|
150000000 | usd |
us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<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
UseOfEstimates
|
<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&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> | ||
CY2024Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
522542 | usd |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
998616 | usd | |
CY2023Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
441611 | usd |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
858992 | usd | |
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<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> | ||
CY2024Q2 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2024Q2 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
2728905 | usd |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.21 | pure | |
CY2023Q4 | hnra |
Outstanding Principal Interest Percentage
OutstandingPrincipalInterestPercentage
|
0.99 | pure |
us-gaap |
Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
|
31074127 | usd | |
CY2024Q2 | hnra |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Side Letter Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSideLetterPayable
|
1925873 | usd |
CY2024Q2 | us-gaap |
Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
|
67700 | usd |
CY2024Q2 | us-gaap |
Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
|
10 | |
CY2024Q1 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
11.5 | |
hnra |
Subjectto A Minimum Share
SubjecttoAMinimumShare
|
6.5 | ||
us-gaap |
Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
|
31074127 | usd | |
us-gaap |
Business Combination Consideration Transferred Other1
BusinessCombinationConsiderationTransferredOther1
|
1925873 | usd | |
us-gaap |
Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
|
15000000 | usd | |
us-gaap |
Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
|
82828294 | usd | |
CY2024Q2 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
|
246323 | usd |
CY2024Q2 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables
|
3986559 | usd |
CY2024Q2 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
|
368371 | usd |
CY2024Q2 | hnra |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Oil Gas Reserves
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesOilGasReserves
|
93809392 | usd |
CY2024Q2 | hnra |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Derivative Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDerivativeAssets
|
51907 | usd |
CY2024Q2 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
|
2290475 | usd |
CY2024Q2 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther
|
1244633 | usd |
CY2024Q2 | hnra |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Revenue And Royalties Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRevenueAndRoyaltiesPayable
|
775154 | usd |
CY2024Q2 | hnra |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Revenue And Royalties Payable Related Parties
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRevenueAndRoyaltiesPayableRelatedParties
|
1199420 | usd |
CY2024Q2 | hnra |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Shortterm Derivative Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedShorttermDerivativeLiabilities
|
27569 | usd |
CY2024Q2 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities
|
8528772 | usd |
CY2024Q2 | hnra |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Asset Retirement Obligations Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligationsNet
|
893235 | usd |
CY2024Q2 | hnra |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherLiabilities
|
675000 | usd |
CY2024Q2 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
|
82828294 | usd |
CY2024Q2 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
645873 | usd |
CY2023 | us-gaap |
Payments For Royalties
PaymentsForRoyalties
|
1500000 | usd |
CY2024Q2 | us-gaap |
Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
|
1720000 | usd |
CY2023Q2 | us-gaap |
Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
|
6605862 | usd |
us-gaap |
Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
|
13647811 | usd | |
CY2023Q2 | us-gaap |
Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
|
2976937 | usd |
us-gaap |
Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
|
2316765 | usd | |
CY2023Q2 | us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
1387999 | usd |
us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
-949255 | usd | |
CY2023Q2 | us-gaap |
Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
|
0.27 | |
us-gaap |
Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
|
-0.18 | ||
CY2023Q2 | us-gaap |
Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
|
5235131 | shares |
us-gaap |
Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
|
5235131 | shares | |
CY2024Q2 | us-gaap |
Secured Debt
SecuredDebt
|
25789249 | usd |
CY2023Q4 | us-gaap |
Secured Debt
SecuredDebt
|
27680703 | usd |
CY2024Q2 | us-gaap |
Notes Payable
NotesPayable
|
15000000 | usd |
CY2023Q4 | us-gaap |
Notes Payable
NotesPayable
|
15000000 | usd |
CY2024Q2 | hnra |
Private Loans
PrivateLoans
|
3881750 | usd |
CY2023Q4 | hnra |
Private Loans
PrivateLoans
|
3469500 | usd |
CY2024Q2 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
44670999 | usd |
CY2023Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
46150203 | usd |
CY2024Q2 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
1081925 | usd |
CY2023Q4 | us-gaap |
Unamortized Debt Issuance Expense
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 |