2023 Q4 Form 10-Q Financial Statement

#000149315223039917 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $13.07K $186.4K $594.5K
YoY Change -98.38% -68.64%
Cost Of Revenue $114.4K $221.5K
YoY Change -61.54%
Gross Profit -$101.3K -$35.11K
YoY Change -119.9%
Gross Profit Margin -775.13% -18.84%
Selling, General & Admin $593.7K $1.472M $1.321M
YoY Change -0.77% 11.43% 30.41%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $101.7K $627.8K
YoY Change -98.41%
% of Gross Profit
Operating Expenses $593.7K $1.472M $1.321M
YoY Change -0.77% 11.43% 30.41%
Operating Profit -$16.81M -$7.313M -$11.92M
YoY Change 74.1% -38.65% 1076.39%
Interest Expense -$74.38M -$4.990M $1.918K
YoY Change 1013.77% -260253.81%
% of Operating Profit
Other Income/Expense, Net -$73.60M -$4.487M $1.001M
YoY Change 1350.78% -548.3% 107.35%
Pretax Income -$90.41M -$11.80M -$11.15M
YoY Change 513.79% 5.84% 893.61%
Income Tax
% Of Pretax Income
Net Earnings -$90.41M -$11.80M -$11.15M
YoY Change 513.67% 5.84% 893.61%
Net Earnings / Revenue -691756.07% -6330.08% -1875.38%
Basic Earnings Per Share -$3.75 -$1.09 -$1.33
Diluted Earnings Per Share -$3.75 -$1.09 -$1.31
COMMON SHARES
Basic Shares Outstanding 18.08M shares 10.83M shares 8.400M shares
Diluted Shares Outstanding 24.09M shares 10.78M shares 8.400M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.808M $45.62K
YoY Change 460.12%
Cash & Equivalents $6.808M $298.4K $579.4K
Short-Term Investments
Other Short-Term Assets $1.375M $831.8K
YoY Change 31.97%
Inventory $3.935K $14.90K $91.93K
Prepaid Expenses
Receivables $1.034M $1.189M $410.1K
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.220M $2.082M $1.522M
YoY Change 90.82% 36.75% 98.64%
LONG-TERM ASSETS
Property, Plant & Equipment $3.050M $3.130M $1.431M
YoY Change -3.4% 118.69% 75629.37%
Goodwill $5.918M $5.918M
YoY Change 181.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $540.0K
YoY Change
Total Long-Term Assets $7.478M $8.704M $7.367M
YoY Change -34.66% 18.16%
TOTAL ASSETS
Total Short-Term Assets $9.220M $2.082M $1.522M
Total Long-Term Assets $7.478M $8.704M $7.367M
Total Assets $16.70M $10.79M $8.889M
YoY Change 2.59% 21.34% 1057.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.881M $4.114M $344.3K
YoY Change 120.45% 1094.79% 277.28%
Accrued Expenses $717.1K $672.0K $289.7K
YoY Change 196.5% 131.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.072M
YoY Change -100.0%
Long-Term Debt Due $90.92K $88.83K $42.67K
YoY Change 38.77% 108.18%
Total Short-Term Liabilities $11.15M $33.49M $834.0K
YoY Change -37.96% 3915.8% 813.83%
LONG-TERM LIABILITIES
Long-Term Debt $150.9K $172.2K $92.70K
YoY Change 4.85% 85.8%
Other Long-Term Liabilities $1.002M $1.527M
YoY Change 48.32%
Total Long-Term Liabilities $1.238M $1.794M $792.1K
YoY Change 31.35% 126.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.15M $33.49M $834.0K
Total Long-Term Liabilities $1.238M $1.794M $792.1K
Total Liabilities $12.39M $35.28M $1.626M
YoY Change -34.51% 2069.96% 1681.78%
SHAREHOLDERS EQUITY
Retained Earnings -$177.1M -$86.74M -$29.81M
YoY Change 297.66% 190.92%
Common Stock $4.681K $1.930K $37.08M
YoY Change 364.85% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$701.2K -$27.75M $7.263M
YoY Change
Total Liabilities & Shareholders Equity $16.70M $10.79M $8.889M
YoY Change 2.59% 21.34% 1057.09%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$90.41M -$11.80M -$11.15M
YoY Change 513.67% 5.84% 893.61%
Depreciation, Depletion And Amortization $101.7K $627.8K
YoY Change -98.41%
Cash From Operating Activities $344.5K -$2.901M
YoY Change -105.36%
INVESTING ACTIVITIES
Capital Expenditures $140.3K $140.7K
YoY Change -87.21%
Acquisitions
YoY Change
Other Investing Activities $600.0K $235.8K
YoY Change -23.64%
Cash From Investing Activities $459.7K $95.10K
YoY Change -247.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.705M 2.852M
YoY Change -25.88%
NET CHANGE
Cash From Operating Activities 344.5K -2.901M
Cash From Investing Activities 459.7K 95.10K
Cash From Financing Activities 5.705M 2.852M
Net Change In Cash 6.510M 45.78K
YoY Change 574.99%
FREE CASH FLOW
Cash From Operating Activities $344.5K -$2.901M
Capital Expenditures $140.3K $140.7K
Free Cash Flow $204.3K -$3.042M
YoY Change -102.72%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
328307 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
827790 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
251050 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
298401 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
579357 usd
us-gaap Interest Paid Net
InterestPaidNet
217178 usd
us-gaap Interest Paid Net
InterestPaidNet
6158 usd
WTRV Contribution
Contribution
28953510 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
46157 usd
WTRV Fixed Assets Acquired For Notes Payable And Longterm Debt
FixedAssetsAcquiredForNotesPayableAndLongtermDebt
103057 usd
WTRV Conversion Of Series C Preferred Stock To Common Stock
ConversionOfSeriesCPreferredStockToCommonStock
8774619 usd
WTRV Derivative Liability Recognized In Issuance Of Convertible Note
DerivativeLiabilityRecognizedInIssuanceOfConvertibleNote
325474 usd
WTRV Subscription Receivable Recognized For Series C Funding
SubscriptionReceivableRecognizedForSeriesCFunding
290000 usd
CY2022Q3 us-gaap Excess Stock Shares Authorized
ExcessStockSharesAuthorized
505000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
42253521 shares
CY2022Q3 us-gaap Preferred Stock Value
PreferredStockValue
30000000 usd
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
205.8726308 shares
us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
5146816 usd
CY2023Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
45.64 shares
CY2023Q2 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
1141000 usd
WTRV Warrant To Purchase Shares Percentage
WarrantToPurchaseSharesPercentage
2 pure
WTRV Purchase Price Per Units Of Common Stock
PurchasePricePerUnitsOfCommonStock
25000
WTRV Goodwill Impairment
GoodwillImpairment
5917843 usd
CY2023Q2 WTRV Capital Contribution
CapitalContribution
100 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_840_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zcaO6Fm6KAlh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zOvEcOQruyzl">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has reclassified certain amounts in the September 30, 2022 condensed consolidated financial statements to be consistent with the September 30, 2023 presentation. These changes had no impact on the Company’s financial position or result of operations for the periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zijL3DahvM9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 9.35pt; text-align: justify; text-indent: -9.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zZcIXt9KNor9">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with GAAP requires 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 consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These estimates include, but are not limited to, management’s estimate of provisions required for uncollectible accounts receivable, cost allocation percentages, impaired value of equipment and intangible assets, including goodwill, asset retirement obligations, estimates of discount rates in lease, liabilities to accrue, fair value of derivative liabilities associated with warrants and conversion options, cost incurred in the satisfaction of performance obligations, permanent and temporary differences related to income taxes and determination of the fair value of stock awards.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimates of proved, probable and possible oil and gas reserves are used as significant inputs in determining the depletion of oil and gas properties and the impairment of proved and unproved oil and gas properties. There are numerous uncertainties inherent in the estimation of quantities of proven, probable and possible reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks. Actual results could differ from the estimates and assumptions utilized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
97996 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
173692 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
617600 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
28265 usd
WTRV Percentage Of Present Value Discounted
PercentageOfPresentValueDiscounted
0.10 pure
us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
617600 usd
us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
28265 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1470676 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
650562 usd
WTRV Reserve For Receivable Under Participation Agreements
ReserveForReceivableUnderParticipationAgreements
1380627 usd
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p id="xdx_843_eus-gaap--DerivativesReportingOfDerivativeActivity_zqn9kQCM7LGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zNvgCPuUnCH8">Derivative Financial Instruments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. Management evaluates all of the Company’s financial instruments, including warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company generally uses a Black-Scholes model, as applicable, to value the derivative instruments at inception and subsequent valuation dates when needed. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-measured at the end of each reporting period. The Black-Scholes model is used to estimate the fair value of the derivative liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets
113472 usd
CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
67315 usd
CY2023Q3 us-gaap Goodwill
Goodwill
5917843 usd
CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
5964000 usd
CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
5964000 usd
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
8400000 shares
CY2022Q3 us-gaap Share Price
SharePrice
0.71
CY2022Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
4 usd
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
116461 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-13135416 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3555421 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3517159 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
425367 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
265727 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3130054 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3251432 usd
us-gaap Depreciation
Depreciation
167149 usd
us-gaap Depreciation
Depreciation
54531 usd
CY2023Q3 us-gaap Other Income
OtherIncome
300000 usd
CY2023Q3 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
58069 usd
CY2023Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
235833 usd
CY2023Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
177765 usd
CY2023Q3 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
14194006 usd
CY2023Q1 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
14052041 usd
CY2023Q3 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
13482460 usd
CY2023Q1 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
12766864 usd
CY2023Q3 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
711546 usd
CY2023Q1 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
1285177 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
97996 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
173692 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
617600 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
28265 usd
CY2023Q1 WTRV Unevaluated Wells In Progress
UnevaluatedWellsInProgress
3244653 usd
CY2022Q1 WTRV Unevaluated Wells In Progress
UnevaluatedWellsInProgress
4936352 usd
us-gaap Exploration Costs
ExplorationCosts
893162 usd
WTRV Assignments
Assignments
-28265 usd
CY2023Q3 WTRV Unevaluated Wells In Progress
UnevaluatedWellsInProgress
4137815 usd
CY2022Q3 WTRV Unevaluated Wells In Progress
UnevaluatedWellsInProgress
4908087 usd
CY2023Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1463931 usd
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1303751 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
62650 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
35562 usd
WTRV Asset Retirement Obligation Disposition Due To Sale Of Property
AssetRetirementObligationDispositionDueToSaleOfProperty
-671162 usd
CY2023Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1526581 usd
CY2022Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
668151 usd
WTRV Percentage Of Discounted
PercentageOfDiscounted
0.08 pure
WTRV Percentage Of Discounted
PercentageOfDiscounted
0.08 pure
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
261069 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
312996 usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
88826 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
104950 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
172243 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
208046 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
88826 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
73558 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
45661 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
23592 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
16573 usd
CY2023Q3 WTRV Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
12859 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
261069 usd
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
31443 usd
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
6168 usd
us-gaap Interest Expense
InterestExpense
84539 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
217141 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
709858 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
625000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.65 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
2.80 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0360 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0555 pure
CY2023Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
18748506 usd
CY2023Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
9948473 usd
CY2023Q3 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
1243509 usd
CY2023Q1 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
534898 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
19992015 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
10483371 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
10483371 usd
WTRV Derivative Expense
DerivativeExpense
3263470 usd
WTRV Derivative Liability Recognized In Issuance Of Convertible Note
DerivativeLiabilityRecognizedInIssuanceOfConvertibleNote
325474 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-5919700 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
19992015 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-5919700 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
505000000 shares
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
500000 shares
CY2023Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.24
CY2023Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
620000 usd
CY2022Q3 WTRV Description Of Restricted Shares Of Common Stock
DescriptionOfRestrictedSharesOfCommonStock
None of the 17,450,000 restricted shares of common stock have been issued by the transfer agent as of November 30, 2022, and on November 15, 2022, 25,000 of these service-based shares were cancelled as the employee terminated their employment prior to any issuance or vesting of those shares. None of the shares have vested.
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
6150000 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
150000 usd
WTRV Allocated Share Based Compensation Expense Unrecognized
AllocatedShareBasedCompensationExpenseUnrecognized
17729686 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
17425000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.91
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y11M12D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
1568250
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
8365000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.19
WTRV Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriodTotalFairValue
P6Y9M10D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue
272000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
2697500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
1.19
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
550000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.91
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
22542500 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y1M20D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
4279750
us-gaap Conversion Of Stock Description
ConversionOfStockDescription
The lower of (i) $1.00 and (ii) an amount equal to 80% of the 30-day VWAP of the common stock as reported on the Principal Market
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.777
CY2023Q3 WTRV Warrant Outstanding
WarrantOutstanding
0.25 pure
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
16931148 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
13247787 shares
CY2023Q1 WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
0.777
CY2023 WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTerm
P4Y7M2D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
3683361 shares
CY2023Q1 WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
0.777
WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedWeightedAverageRemainingContractualTerm
P5Y
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
16931148 shares
CY2023Q3 WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
0.777
WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTerm
P4Y2M15D
CY2023Q3 WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingAggregateIntrinsicValue
6146007 usd
CY2023Q3 WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber
16931148 shares
CY2023Q3 WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableWeightedAverageExercisePrice
0.777
WTRV Share Based Compensation Arrangement Exercisable By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementExercisableByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTerm1
P4Y2M15D
CY2023Q3 WTRV Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableAggregateIntrinsicValue
6146007 usd
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
For the expected term of the lease the Company used the initial terms ranging between 36 and 48 months.
CY2023Q3 WTRV Unamortized Operating Lease Right Of Use Asset
UnamortizedOperatingLeaseRightOfUseAsset
184990 usd
CY2023Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
155870 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
29120 usd
CY2023Q3 WTRV Lease Liability
LeaseLiability
161419 usd
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
130184 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
31235 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
31531 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
296 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
31235 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
31235 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
55427 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
55427 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
55427 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
4619 usd
CY2023Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
40716 usd
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
130184 usd
CY2023Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
34607 usd
CY2023Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
95577 usd
CY2023Q3 WTRV Right Of Use Asset Amortization Remainder Of Fiscal Year
RightOfUseAssetAmortizationRemainderOfFiscalYear
72057 usd
CY2023Q3 WTRV Right Of Use Asset Amortization Next Twelve Months
RightOfUseAssetAmortizationNextTwelveMonths
49760 usd
CY2023Q3 WTRV Right Of Use Asset Amortization Next Two
RightOfUseAssetAmortizationNextTwo
57928 usd
CY2023Q3 WTRV Right Of Use Asset Amortization Year Three
RightOfUseAssetAmortizationYearThree
5245 usd
CY2023Q3 WTRV Unamortized Operating Lease Right Of Use Asset
UnamortizedOperatingLeaseRightOfUseAsset
184990 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
72244 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
72244 usd
WTRV Finance Lease Depreciation
FinanceLeaseDepreciation
19269 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
12610 usd
us-gaap Lease Cost
LeaseCost
104123 usd
us-gaap Lease Cost
LeaseCost
72244 usd
WTRV Outstanding Shares Percentage
OutstandingSharesPercentage
0.082 pure
WTRV Deferred Drilling Cost
DeferredDrillingCost
33420 usd
us-gaap Partners Capital Account Description Of Partnership Interest
PartnersCapitalAccountDescriptionOfPartnershipInterest
The Company has formally committed to purchasing these partnership interests at a PV20 valuation by an independent firm. The PV20 valuation would be the present value of the remaining net cash flows from the WR Fund’s pro rata share of each oil well it has invested in during the term, discounted by 20%. The managing partner of the WR Fund, which is a wholly-owned subsidiary of the Company, shall receive a ten percent (10%) carried interest, payable starting after all investor partners have received a return of capital. In addition to the offer to purchase, each partner will have the option to remain a partner or exchange the partnership unit for a new partnership in a new fund the Company is offering.
us-gaap Officers Compensation
OfficersCompensation
500000 usd
us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
299032 usd
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
212 usd
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
86060 usd
us-gaap Discontinued Operation Amount Of Adjustment To Prior Period Gain Loss On Disposal Net Of Tax
DiscontinuedOperationAmountOfAdjustmentToPriorPeriodGainLossOnDisposalNetOfTax
-85848 usd
CY2023Q3 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
3250000 usd

Files In Submission

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wtrv-20230930_cal.xml Edgar Link unprocessable
0001493152-23-039917-index-headers.html Edgar Link pending
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