Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-33383 | |
Entity Registrant Name | CREEK ROAD MINERS, INC. | |
Entity Central Index Key | 0001162896 | |
Entity Tax Identification Number | 98-0357690 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2700 Homestead Road | |
Entity Address, City or Town | Park City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84098 | |
City Area Code | (435) | |
Local Phone Number | 900-1949 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,709,376 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 816,146 | $ 2,785,188 |
Accounts receivable | 427 | |
Prepaid expenses | 147,487 | 107,749 |
Deposits on mining equipment | 4,673,680 | 7,613,230 |
Cryptocurrency | 586 | 302,654 |
Current assets associated with discontinued operations | 18,725 | |
Total current assets | 5,637,899 | 10,827,973 |
Other assets: | ||
Property and equipment, net of accumulated depreciation of $418,176 and $89,136, respectively | 7,192,799 | 2,226,360 |
Right of use asset, net of accumulated amortization of $426,918 and $299,583 respectively | 127,335 | |
Investment | 225,000 | |
Deposits and other assets | 110,350 | 18,201 |
Total assets | 13,166,048 | 13,199,869 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,889,091 | 801,747 |
Accrued interest and expenses – related parties | 2,640,515 | 2,231,558 |
Note payable | 588,643 | |
Lease liability, current portion | 33,977 | |
Secured convertible debenture – related party | 2,496,850 | 2,500,000 |
Current liabilities associated with discontinued operations | 485,712 | 472,029 |
Total current liabilities | 8,100,811 | 6,039,311 |
Non-current liabilities: | ||
Lease liability, long term portion | 101,116 | |
Secured convertible debenture – related party | 2,496,850 | 2,500,000 |
SBA/PPP loans payable | 149,900 | 361,595 |
Total non-current liabilities | 2,646,750 | 2,962,711 |
Total liabilities | 10,747,561 | 9,002,022 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock; $0.0001 par value; 100,000,000 shares authorized; 12,524,209 and 8,191,382 shares issued and outstanding, respectively | 1,251 | 819 |
Additional paid-in capital | 54,868,200 | 51,506,854 |
Accumulated deficit | (52,450,988) | (47,309,849) |
Total stockholders’ equity | 2,418,487 | 4,197,847 |
Total liabilities and stockholders’ equity | 13,166,048 | 13,199,869 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value | 23 | 22 |
Series B Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value | ||
Series C Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value | $ 1 | $ 1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property and equipment, accumulated depreciation | $ 418,176 | $ 89,136 |
Right of use asset, accumulated amortization | $ 426,918 | $ 299,583 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 12,524,209 | 8,191,382 |
Common stock, shares outstanding | 12,524,209 | 8,191,382 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 226,915 | 223,964 |
Preferred stock, shares outstanding | 226,915 | 223,964 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 1,400 | 3,720 |
Preferred stock, shares outstanding | 1,400 | 3,720 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares authorized | 15,000 | 15,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 7,880 | 7,880 |
Preferred stock, shares outstanding | 7,880 | 7,880 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Cryptocurrency mining | $ 166,592 | $ 509,647 | ||
Operating costs and expenses: | ||||
Cryptocurrency mining costs (exclusive of depreciation and amortization shown below) | 400,416 | 786,758 | ||
Depreciation and amortization | 164,520 | 7,394 | 329,040 | 12,349 |
Stock based compensation | 466,136 | 189,919 | 2,389,241 | 2,037,475 |
General and administrative | 764,908 | 1,143,386 | 1,697,769 | 2,211,277 |
Impairment of mined cryptocurrency | 34 | 106,139 | ||
Total operating expenses | 1,796,014 | 1,340,699 | 5,308,947 | 4,261,101 |
Loss from operations | (1,629,422) | (1,340,699) | (4,799,300) | (4,261,101) |
Other income (expense): | ||||
Realized loss on sale of cryptocurrency | (131,075) | (131,075) | ||
PPP loan forgiveness | 197,662 | |||
Interest expense | (242,630) | (245,419) | (390,694) | (469,511) |
Total other income (expense) | (373,705) | (245,419) | (324,107) | (469,511) |
Loss from operations before provision for income taxes | (2,003,127) | (1,586,118) | (5,123,407) | (4,730,612) |
Provision for income taxes | ||||
Loss from continuing operations | (2,003,127) | (1,586,118) | (5,123,407) | (4,730,612) |
Discontinued operations: | ||||
Income (loss) from discontinued operations | (48,917) | (267,087) | (17,732) | 408,532 |
Gain on sale of discontinued operations | ||||
Net income from discontinued operations | (48,917) | (267,087) | (17,732) | 408,532 |
Net loss | (2,052,044) | (1,853,205) | (5,141,139) | (4,322,080) |
Dividends on preferred stock | (85,002) | (12,954) | (184,602) | (69,852) |
Earnings attributable to common stockholders | $ (2,137,046) | $ (1,866,159) | $ (5,325,741) | $ (4,391,932) |
Earnings (loss) per common share: | ||||
Earnings (loss) per share from continuing operations, basic and diluted | $ (0.17) | $ (0.44) | $ (0.49) | $ (1.36) |
Earnings per share from discontinued operations, basic and diluted | (0.01) | (0.07) | 0.12 | |
Earnings (loss) per share, basic and diluted | $ (0.18) | $ (0.51) | $ (0.49) | $ (1.24) |
Weighted average common shares outstanding, basic and diluted | 12,210,032 | 3,618,420 | 10,806,764 | 3,534,546 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 17 | $ 351 | $ 23,206,367 | $ (30,039,146) | $ (12,498) | $ (6,844,909) | ||
Beginning balance, shares at Dec. 31, 2020 | 173,993 | 3,506,752 | ||||||
Warrants issued for services | 1,562,881 | 1,562,881 | ||||||
Dividend on Series A preferred stock | (69,852) | (69,852) | ||||||
Net loss | (4,322,080) | (4,322,080) | ||||||
Exercise of stock options | $ 12 | 43,163 | 43,175 | |||||
Exercise of stock options, shares | 122,500 | |||||||
Issuance of series A preferred stock to settle accrued liabilities and compensation | $ 5 | 623,749 | 623,754 | |||||
Issuance of series A preferred stock to settle accrued liabilities and compensation, shares | 52,549 | |||||||
Issuance of series B preferred stock and warrants, net | $ 1 | 2,184,999 | 2,185,000 | |||||
Issuance of series B preferred stock and warrants, net, shares | 2,500 | |||||||
Stock based compensation | 97,425 | 97,425 | ||||||
Ending balance, value at Jun. 30, 2021 | $ 22 | $ 1 | $ 363 | 27,648,732 | (34,361,226) | (12,498) | (6,724,606) | |
Ending balance, shares at Jun. 30, 2021 | 226,542 | 2,500 | 3,629,252 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 21 | $ 1 | $ 351 | 26,968,654 | (32,508,021) | (12,498) | (5,551,492) | |
Beginning balance, shares at Mar. 31, 2021 | 217,293 | 2,000 | 3,506,752 | |||||
Dividend on Series A preferred stock | (12,954) | (12,954) | ||||||
Net loss | (1,853,205) | (1,853,205) | ||||||
Exercise of stock options | $ 12 | 43,163 | 43,175 | |||||
Exercise of stock options, shares | 122,500 | |||||||
Issuance of series A preferred stock to settle accrued liabilities and compensation | $ 1 | 189,869 | 189,870 | |||||
Issuance of series A preferred stock to settle accrued liabilities and compensation, shares | 9,249 | |||||||
Issuance of series B preferred stock and warrants, net | 460,000 | 460,000 | ||||||
Issuance of series B preferred stock and warrants, net, shares | 500 | |||||||
Ending balance, value at Jun. 30, 2021 | $ 22 | $ 1 | $ 363 | 27,648,732 | (34,361,226) | (12,498) | (6,724,606) | |
Ending balance, shares at Jun. 30, 2021 | 226,542 | 2,500 | 3,629,252 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 22 | $ 1 | $ 819 | 51,506,854 | (47,309,849) | $ 4,197,847 | ||
Beginning balance, shares at Dec. 31, 2021 | 223,964 | 3,720 | 7,880 | 8,191,382 | ||||
Exercise of stock options, shares | 185,216 | 217,500 | ||||||
Ending balance, value at Mar. 31, 2022 | $ 22 | $ 1 | $ 1,144 | 54,347,791 | (50,398,944) | $ 3,950,014 | ||
Ending balance, shares at Mar. 31, 2022 | 219,238 | 2,300 | 7,880 | 11,439,805 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 22 | $ 1 | $ 819 | 51,506,854 | (47,309,849) | 4,197,847 | ||
Beginning balance, shares at Dec. 31, 2021 | 223,964 | 3,720 | 7,880 | 8,191,382 | ||||
Warrants issued for services | 472,501 | 472,501 | ||||||
Issuance of common stock for investment | $ 17 | 99,983 | 100,000 | |||||
Issuance of common stock for investment, shares | 169,205 | |||||||
Issuance of common | ||||||||
Issuance of common, shares | 11,502 | |||||||
Issuance of series A preferred stock to settle compensation | $ 3 | 263,737 | 263,740 | |||||
Issuance of series A preferred stock to settle compensation, shares | 26,374 | |||||||
Issuance of series B preferred stock to settle liabilities | 150,840 | 150,840 | ||||||
Issuance of series B preferred stock to settle liabilities, shares | 152 | |||||||
Conversion of series A preferred stock to common | $ (2) | $ 134 | (132) | |||||
Conversion of series A preferred stock to common, shares | (23,423) | 1,338,456 | ||||||
Conversion of series B preferred stock to common | $ 195 | (195) | ||||||
Conversion of series B preferred stock to common, shares | (2,472) | 1,962,448 | ||||||
Dividend on Series A preferred stock | (132,302) | (132,302) | ||||||
Dividend on series B preferred stock | (52,300) | (52,300) | ||||||
Net loss | (5,141,139) | (5,141,139) | ||||||
Exercise of warrants | $ 60 | 899,940 | 900,000 | |||||
Exercise of warrants, shares | 600,000 | |||||||
Replacement warrants issued | 1,608,000 | 1,608,000 | ||||||
Exercise of stock options | $ 19 | (19) | ||||||
Exercise of stock options, shares | 185,216 | 217,500 | ||||||
Issuance of common stock for services | $ 3 | 44,997 | $ 45,000 | |||||
Issuance of common stock for services, shares | 30,000 | |||||||
Conversion of secured convertible debenture to Common stock | $ 4 | 6,296 | 6,300 | |||||
Conversion of secured convertible debenture to Common stock, shares | 36,000 | |||||||
Ending balance, value at Jun. 30, 2022 | $ 23 | $ 1 | $ 1,251 | 54,868,200 | (52,450,988) | 2,418,487 | ||
Ending balance, shares at Jun. 30, 2022 | 226,915 | 1,400 | 7,880 | 12,524,209 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 22 | $ 1 | $ 1,144 | 54,347,791 | (50,398,944) | 3,950,014 | ||
Beginning balance, shares at Mar. 31, 2022 | 219,238 | 2,300 | 7,880 | 11,439,805 | ||||
Warrants issued for services | 363,118 | 363,118 | ||||||
Issuance of common stock for investment | $ 17 | 99,983 | 100,000 | |||||
Issuance of common stock for investment, shares | 169,205 | |||||||
Issuance of common | ||||||||
Issuance of common, shares | 11,502 | |||||||
Issuance of series A preferred stock to settle compensation | $ 1 | 103,019 | 103,020 | |||||
Issuance of series A preferred stock to settle compensation, shares | 10,302 | |||||||
Issuance of series B preferred stock to settle liabilities | 39,381 | 39,381 | ||||||
Issuance of series B preferred stock to settle liabilities, shares | 40 | |||||||
Conversion of series A preferred stock to common | $ 15 | (15) | ||||||
Conversion of series A preferred stock to common, shares | (2,625) | 150,000 | ||||||
Conversion of series B preferred stock to common | $ 75 | (75) | ||||||
Conversion of series B preferred stock to common, shares | (940) | 753,697 | ||||||
Dividend on Series A preferred stock | (65,539) | (65,539) | ||||||
Dividend on series B preferred stock | (19,463) | (19,463) | ||||||
Net loss | (2,052,044) | (2,052,044) | ||||||
Ending balance, value at Jun. 30, 2022 | $ 23 | $ 1 | $ 1,251 | $ 54,868,200 | $ (52,450,988) | $ 2,418,487 | ||
Ending balance, shares at Jun. 30, 2022 | 226,915 | 1,400 | 7,880 | 12,524,209 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flow from operating activities: | ||
Net loss | $ (5,141,139) | $ (4,322,080) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 329,040 | 12,349 |
Accretion of debt discount | 88,642 | 148,220 |
Amortization of lease right | (7,759) | (1,001) |
Stock based compensation | 2,540,080 | 2,284,059 |
Impairment of cryptocurrency | 106,139 | |
PPP loan forgiveness | (197,662) | |
Realized loss on the sale of cryptocurrency | 131,075 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 428 | 33,452 |
Prepaid expenses | (39,738) | (248,906) |
Inventory | 18,725 | |
Cryptocurrency, net of mining fees | (499,351) | |
Current assets associated with discontinued operations | (185,508) | |
Security deposits | (92,149) | 102 |
Assets associated with discontinued operations | 3,448 | |
Accounts payable and accrued expenses | 1,496,302 | 242,729 |
Accrued and unpaid dividends on preferred stock | (184,602) | (69,852) |
Liabilities associated with discontinued operations | 13,683 | (643,272) |
Net cash used in operating activities | (1,438,286) | (2,746,260) |
Cash flow from investing activities: | ||
Proceeds from the sale of cryptocurrency | 564,205 | |
Purchase of investment | (125,000) | |
Deposits on mining equipment, net | 2,939,550 | |
Purchase of property and equipment | (5,295,478) | (23,903) |
Net cash used in investing activities | (1,916,723) | (23,903) |
Cash flow from financing activities: | ||
Proceeds from the issuance of series B preferred stock and warrants, net | 2,185,000 | |
Proceeds from the exercise of warrants | 900,000 | |
Proceeds from the exercise of stock options | 43,175 | |
Proceeds (paydown) of SBA/PPP loans payable | (14,033) | 197,662 |
Proceeds from note payable | 500,000 | |
Net cash provided by financing activities | 1,385,967 | 2,425,837 |
Net increase (decrease) in cash and cash equivalents | (1,969,042) | (344,326) |
Cash and cash equivalents, beginning of period | 2,785,188 | 1,897,703 |
Cash and cash equivalents, end of period | 816,146 | 1,553,377 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | ||
Cash paid for interest | ||
Supplemental disclosures of noncash investing and financing activity: | ||
Issuance of series A preferred stock to settle accrued liabilities and compensation | 263,740 | 623,754 |
Issuance of series B preferred stock to settle accrued liabilities | $ 150,840 | |
Issuance of common stock for investment | 100,000 | |
Conversion of preferred stock to common stock | $ 329 | |
Conversion of secured convertible debentures to common stock | $ 6,300 |
Organization, Nature of Busines
Organization, Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization, Nature of Business and Basis of Presentation | Note 1. Organization, Nature of Business and Basis of Presentation Organization Creek Road Miners, Inc. (formerly known as Wizard Brands, Inc., Wizard Entertainment, Inc., Wizard World, Inc., and GoEnergy, Inc.) was incorporated in Delaware on May 2, 2001. Prior to cryptocurrency mining operations that began in October 2021, the Company produced live and virtual pop culture conventions and events and sold a gelatin machine and related consumables that were discontinued in 2021. In addition, the Company operated an eCommerce site selling pop culture memorabilia that was discontinued on June 30, 2022 (known collectively as “legacy operations”). Nature of Business Cryptocurrency Mining We generate substantially all our revenue through cryptocurrency we earn through our mining activities. We have historically mined and held Bitcoin exclusively, which we may sell to fund our operating and capital expenditures. While we do not have the intention of mining any other cryptocurrencies in the near future, we may expand our mining operations to include additional crypto assets if, after evaluation of the financial merits of such crypto assets based on a number of factors, including the anticipated profitability and price stability of such crypto assets and the ability and cost of our existing miners to mine for such digital assets, we determine that such additional crypto assets are reasonably likely to result in better margin than Bitcoin. Our mining operations commenced on October 24, 2021. We use special cryptocurrency mining computers (known as “miners”) to solve complex cryptographic algorithms to support the Bitcoin blockchain and, in return, receive Bitcoin as our reward. Miners measure their processing power, which is known as “hashing” power, in terms of the number of hashing algorithms solved (or “hashes”) per second, which is the miner’s “hash rate.” We participate in mining pools that pool the resources of groups of miners and split cryptocurrency rewards earned according to the “hashing” capacity each miner contributes to the mining pool. On May 28, 2022, the Company entered into a Binding Memorandum of Understanding for a Proposed Transaction with Highwire Energy Partners, Inc. (“Highwire”) to acquire certain energy assets, including natural gas production opportunities in South Dakota, North Dakota and Wyoming as well as an opportunity for fixed-price electricity generation in Wyoming. In mid-June 2022 the Company relocated 240 Bitmain S19J Pro miners with 24 Ph/s of hashing capacity from Louisiana to a facility operated by Highwire in Colorado. As of June 30, 2022, the facility has been unable to supply sufficient natural gas to produce the level of power required to operate the miners . As a result, the Company is neither receiving cryptocurrency awards nor Mining Equipment All of the miners we operate were manufactured by Bitmain, and incorporate application-specific integrated circuit (“ASIC”) chips specialized to solve blocks on the Bitcoin blockchains using the 256-bit secure hashing algorithm (“SHA-256”) in return for Bitcoin cryptocurrency rewards. Cryptocurrency mining operations began in late 2021 when 240 Bitmain S19J Pro miners with 24 Ph/s of hashing capacity were placed in service. As of June 30, 2022, we had 270 Bitmain S19J Pro miners with 27.0 Ph/s of hashing capacity and 270 Bitmain S19 miners with 24.3 Ph/s of hashing capacity that had yet to be placed into service. On December 17, 2021 the Company entered into a Non-Fixed Price Sales and Purchase Agreement (the “Bitmain Agreement”) with Bitmain Technologies Limited (“Bitmain”) for 600 Bitmain S19XP miners with a reference price of approximately $ 11,250 6,762,000 As of June 30, 2022, the market price of miners has dropped significantly to approximately $ 7,500 per miner, and the Company has made payments of $ 3,969,000 (classified as deposits on mining equipment) to Bitmain pursuant to the Bitmain Agreement. The remaining amount due under the Bitmain Agreement based on the initial total reference price is $ 2,793,000 . The Company is in negotiation with Bitmain to cancel the Company’s future payment obligations under the Bitmain Agreement and receive the net number of miners based on (i) the payments to date of $ 3,969,000 and (ii) the current market price of approximately $ 7,500 per miner. Delivery of the S19XP miners is expected in late 2022 and early 2023. Mobile Data Centers We utilize mobile data centers to house our miners. Our mobile data centers are located close to natural gas wellheads. We use natural gas to power a mobile turbine that produces electricity that, in turn, is used to power our miners. Mining Results The Company measures its operations by the number and U.S. Dollar (US$) value of the cryptocurrency rewards it earns from its cryptocurrency mining activities. The following table presents additional information regarding our cryptocurrency mining operations: Schedule of Cryptocurrency Mining Operations Quantity of Bitcoin US$ Amounts Balance September 30, 2021 — $ — Revenue recognized from cryptocurrency mined 6.7 369,804 Mining pool operating fees (0.1 ) (7,398 ) Impairment of cryptocurrencies — (59,752 ) Balance December 31, 2021 6.6 $ 302,654 Revenue recognized from cryptocurrency mined 8.3 343,055 Mining pool operating fees (0.2 ) (6,868 ) Impairment of cryptocurrencies — (106,105 ) Balance March 31, 2022 14.7 $ 532,736 Beginning balance, Amount 14.7 $ 532,736 Revenue recognized from cryptocurrency mined 4.6 166,592 Mining pool operating fees (0.1 ) (3,428 ) Proceeds from the sale of cryptocurrency (18.9 ) (564,205 ) Realized loss on the sale of cryptocurrency — (131,075 ) Impairment of cryptocurrencies — (34 ) Balance June 30, 2022 (1) 0.3 $ 586 Ending balance, Amount 0.3 $ 586 (1) As of June 30, 2022, no cryptocurrency awards are being received and no revenue from cryptocurrency mining is being generated. Factors Affecting Profitability Our business is heavily dependent on the market price of Bitcoin. The prices of cryptocurrencies, specifically Bitcoin, have experienced substantial volatility. Further affecting the industry, and particularly for the Bitcoin blockchain, the cryptocurrency reward for solving a block is subject to periodic incremental halving. Halving is a process designed to control the overall supply and reduce the risk of inflation in cryptocurrencies using a Proof-of-Work consensus algorithm. At a predetermined block, the mining reward is cut in half, hence the term “halving”. For Bitcoin the reward was initially set at 50 Bitcoin currency rewards per block. The Bitcoin blockchain has undergone halving three times since its inception as follows: (1) on November 28, 2012 at block 210,000; (2) on July 9, 2016 at block 420,000; and (3) on May 11, 2020 at block 630,000, when the reward was reduced to its current level of 6.25 Bitcoin per block. The next halving for the Bitcoin blockchain is anticipated to occur in March 2024 at block 840,000, when the reward will be reduced to 3.125 Bitcoin per block. This process will reoccur until the total amount of Bitcoin currency rewards issued reaches 21 million and the theoretical supply of new Bitcoin is exhausted. Many factors influence the price of Bitcoin, and potential increases or decreases in prices in advance of, or following, a future halving is unknown. We have historically mined and held Bitcoin exclusively, which we may sell to fund our operating and capital expenditures. As of June 30, 2022, no cryptocurrency awards are being received and no revenue from cryptocurrency mining is being generated. Our business is heavily dependent on the market price of Bitcoin, which has experienced substantial volatility and has recently dropped to its lowest price since December 2020. As of June 30, 2022 the market price of Bitcoin was $ 19,785 67,000 Government Regulation Cryptocurrency is increasingly becoming subject to governmental regulation, both in the U.S. and internationally. State and local regulations also may apply to our activities and other activities in which we may participate in the future. Numerous regulatory bodies have shown an interest in regulating blockchain or cryptocurrency activities. For example, on March 9, 2022 President Biden signed an executive order on cryptocurrencies. While the executive order does not mandate any specific regulations, it instructs various federal agencies to consider potential regulatory measures, including the evaluation of the creation of a U.S. Central Bank digital currency. Future changes to existing regulations or entirely new regulations may affect our business in ways it is not presently possible for us to predict with any reasonable degree of reliability. As the regulatory and legal environment evolves, we may become subject to new laws and regulation which may affect our mining and other activities. For additional discussion regarding our belief about the potential risks existing and future regulation pose to our business, see the Section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results. |
Going Concern Analysis
Going Concern Analysis | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern Analysis | Note 2. Going Concern Analysis Historically, we have relied upon cash from financing activities to fund substantially all of the cash requirements of our activities and have incurred significant losses and experienced negative cash flow. The Company had net losses from continuing operations of $ 5,123,407 4,730,612 816,146 2.5 We have evaluated the significance of these conditions in relation to our ability to meet our obligations, which has raised substantial doubts about the Company’s ability to continue as a going concern. The Company believes that if it is unable to obtain debt and/or equity financing, the sale of fixed assets, specifically cryptocurrency miners, will be required. There can be no assurances that debt and/or equity financing can be obtained, or that the sale of fixed assets, specifically cryptocurrency miners can be achieved. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets, or the amounts and classification of liabilities that may result from the matters discussed herein. While the Company believes in the viability of management’s strategy to obtain debt and/or equity financing and/or to sell fixed assets, specifically cryptocurrency miners, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to obtain debt and/or equity financing, and/or sell of fixed assets, specifically cryptocurrency miners. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Principles of Consolidation The accompanying financial statements are consolidated and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. These estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing equity instruments issued for services or acquisitions, and realization of deferred tax assets. Reclassification Certain prior period amounts may have been reclassified to conform to current period presentation. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company places its cash with high quality financial institutions and at times may exceed the FDIC $ 250,000 Cryptocurrency Cryptocurrency (Bitcoin) is included in current assets in the accompanying consolidated balance sheets. The classification of cryptocurrencies as a current asset has been made after the Company’s consideration of the significant consistent daily trading volume on readily available cryptocurrency exchanges and the absence of limitations or restrictions on Company’s ability to sell Bitcoin. Cryptocurrencies awarded to the Company through its mining activities are accounted for in connection with the Company’s revenue recognition policy disclosed below. Cryptocurrencies held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the cryptocurrency at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. Cryptocurrencies awarded to the Company through its mining activities are included within operating activities on the accompanying consolidated statements of cash flows. Impairment of Long-Lived Assets Long-lived assets are comprised of intangible assets and property and equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An estimate of undiscounted future cash flows produced by the asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether an impairment exists, pursuant to the provisions of FASB ASC 360-10 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of”. If an asset is determined to be impaired, the loss is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including a discounted value of estimated future cash flows and fundamental analysis. The Company reports an asset to be disposed of at the lower of its carrying value or its estimated net realizable value. Property and equipment Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful lives of 3 9 Management assesses the carrying value of property and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If there is indication of impairment, management prepares an estimate of future cash flows expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. Leases The Company accounts for leases in accordance with the provisions of ASC 842, Leases. This standard requires lessees to recognize on the balance sheet assets and liabilities for leases with lease terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend primarily on its classification as a finance or operating lease. We determine if an arrangement contains a lease at inception. Right of use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. Our leases consist of leaseholds on office space. We utilized a portfolio approach in determining our discount rate. The portfolio approach takes into consideration the range of the term, the range of the lease payments, the category of the underlying asset and our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. We also give consideration to our recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. We recognize lease expense for these leases on a straight-line basis over the lease term. We recognize variable lease payments in the period in which the obligation for those payments is incurred. Variable lease payments that depend on an index or a rate are initially measured using the index or rate at the commencement date, otherwise variable lease payments are recognized in the period incurred. Revenue Recognition The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. The Company has entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are recorded as a component of cost of revenues) for successfully adding a block to the blockchain. The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the cryptocurrency award received is determined using the market rate of the related cryptocurrency at the time of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial position and results from operations. Cryptocurrency Mining Costs The Company’s cryptocurrency mining costs consist primarily of direct costs of earning Bitcoin related to mining operations, including mining pool fees, natural gas costs, turbine rental costs, and mobile data center rental costs, but exclude depreciation and amortization, which are separately stated in the Company’s consolidated statements of operations. Reverse Stock Split We implemented a 1-for-20 Stock-Based Compensation The Company periodically issues stock options, warrants and restricted stock to employees and non-employees for services, in capital raising transactions, and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic 718 of the FASB Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of stock option and warrant awards to employees and directors on the date of grant using an option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in our Statements of Operations. We estimate the fair value of restricted stock awards to employees and directors using the market price of our common stock on the date of grant, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in our Statements of Operations. Discontinued Operations On August 6, 2021, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Informa. Pursuant to the Agreement, Creek Road Miners Corp. (fka Kick the Can Corp.) sold, transferred, and assigned certain assets, properties, and rights to Informa related to the business of operating and producing live pop culture events. The Company released deferred revenue and other liabilities totaling $ 722,429 On September 15, 2021, the Company sold our wholly owned subsidiary which contained our Jevo assets and all rights to our Jevo operations for $ 1,500,000 1,130,740 On June 30, 2022, the Company discontinued operations of an eCommerce site selling pop culture memorabilia. The related assets and liabilities associated with the discontinued operations in our consolidated balance sheets for the periods ending June 30, 2022, and December 31, 2021, are classified as discontinued operations. Additionally, the financial results associated with discontinued operations in our consolidated statement of operations for the periods ending June 30, 2022 and 2021, are classified as discontinued operations. Earnings (Loss) Per Common Share Basic earnings (loss) per share is computed by dividing earnings (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing earnings (loss) attributable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. The dilutive effect of potentially dilutive securities is reflected in diluted net income per share if the exercise prices were lower than the average fair market value of common shares during the reporting period. Potential common shares are excluded from the computation when their effect is antidilutive. Basic and diluted earnings (loss) attributable to common stockholders is the same for the three and six months ended June 30, 2022 and 2021, because the Company has only incurred losses and all potentially dilutive securities are anti-dilutive. Potentially dilutive securities that were not included in the computation of diluted earnings (loss) attributable to common stockholders at June 30, 2022 because their inclusion would be anti-dilutive are as follows: Schedule of Anti--dilutive Securities Excluded from Earnings Per Share Potentially Dilutive Security Quantity Stated Value Per Share (1) Total Value or Stated Value Assumed Conversion Price (1) Resulting Common Shares Common stock options 7,434,250 $ — $ — — 7,434,250 Common stock warrants 23,360,926 — — — 23,360,926 Series A preferred stock 226,915 10 2,269,150 0.175 12,966,571 Series B preferred stock 1,400 1,080 1,512,000 1.000 1,512,000 Series C preferred stock 7,880 1,111 8,754,680 1.500 5,836,453 Series B preferred stock warrants 10,000 1,080 10,800,000 1.000 10,800,000 Secured convertible debentures – related parties — — 4,993,700 0.175 28,535,429 Total 90,445,629 (1) As of June 30, 2022 Related Parties The Company follows ASC 850-10, Related Parties, for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. Recently Issued Accounting Pronouncements Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements. |
Deposits on Mining Equipment
Deposits on Mining Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Deposits On Mining Equipment | |
Deposits on Mining Equipment | Note 4. Deposits on Mining Equipment On December 17, 2021 the Company entered into a Non-Fixed Price Sales and Purchase Agreement (the “Bitmain Agreement”) with Bitmain Technologies Limited (“Bitmain”) for 600 Bitmain S19XP miners with a reference price of approximately $ 11,250 6,762,000 , As of June 30, 2022, the market price of miners has dropped significantly to approximately $ 7,500 3,969,000 2,793,000 3,969,000 7,500 Deposits on mining equipment, consisted of the following: Schedule of Mining Equipment Cryptocurrency Miners Mobile Data Centers Total Balance December 31, 2020 $ — $ — $ — Deposits on equipment during the period 7,089,000 524,230 7,613,230 Equipment delivered during the period — — — Balance December 31, 2021 $ 7,089,000 $ 524,230 $ 7,613,230 Deposits on equipment during the period 1,220,100 178,090 1,398,190 Equipment delivered during the period (2,106,000 ) — (2,106,000 ) Balance March 31, 2022 $ 6,203,100 $ 702,320 $ 6,905,420 Deposits on mining equipment, Beginning balance $ 6,203,100 $ 702,320 $ 6,905,420 Deposits on equipment during the period 382,200 352,340 734,540 Equipment delivered during the period (2,616,300 ) (349,980 ) (2,966,280 ) Balance June 30, 2022 $ 3,969,000 $ 704,680 $ 4,673,680 Deposits on mining equipment, Ending balance $ 3,969,000 $ 704,680 $ 4,673,680 |
Cryptocurrency
Cryptocurrency | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Cryptocurrency Abstract | |
Cryptocurrency | Note 5. Cryptocurrency The Company measures its operations by the number and U.S. Dollar (US$) value of the cryptocurrency rewards it earns from its cryptocurrency mining activities. The Company recognized an impairment, or write down, of cryptocurrency (Bitcoin) rewards to the lowest fair market value of Bitcoin from the time the reward was earned through June 30, 2022. The impairment amounted to $ 34 106,139 In May 10, 2022 and June 25, 2022, the Company liquidated all of its current Bitcoin holdings. Approximately 19 Bitcoin were liquidated resulting in cash proceeds of $ 564,205 131,075 The following table presents additional information regarding our cryptocurrency mining operations: Schedule of Cryptocurrency Mining Operations Quantity of Bitcoin US$ Amounts Balance September 30, 2021 — $ — Revenue recognized from cryptocurrency mined 6.7 369,804 Mining pool operating fees (0.1 ) (7,398 ) Impairment of cryptocurrencies (1) — (59,752 ) Balance December 31, 2021 6.6 $ 302,654 Revenue recognized from cryptocurrency mined 8.3 343,055 Mining pool operating fees (0.2 ) (6,868 ) Impairment of cryptocurrencies (1) — (106,105 ) Balance March 31, 2022 14.7 $ 532,736 Revenue recognized from cryptocurrency mined 4.6 166,592 Mining pool operating fees (0.1 ) (3,428 ) Proceeds from the sale of cryptocurrency (18.9 ) (564,205 ) Realized loss on the sale of cryptocurrency — (131,075 ) Impairment of cryptocurrencies (1) — (34 ) Balance June 30, 2022 (2) 0.3 $ 586 (1) The Company recognized an impairment, or write down, of cryptocurrency (Bitcoin) rewards to the lowest fair market value of Bitcoin from the time the reward was earned through the end of the reporting period. If the subsequent market price of Bitcoin increases, the asset balance will not be adjusted for the increase. (2) As of June 30, 2022, no cryptocurrency awards are being received and no revenue from cryptocurrency mining is being generated. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Property and equipment, excluding those associated with discontinued operations, stated at cost, less accumulated depreciation and amortization, consisted of the following: Schedule of Property and Equipment June 30, 2022 December 31, 2021 Cryptocurrency miners $ 6,723,152 $ 1,784,062 Mobile data center 875,052 518,663 Computer equipment 12,771 12,771 Software — — Equipment — — Total 7,610,975 2,315,496 Less accumulated depreciation (418,176 ) (89,136 ) Net, Property and equipment $ 7,192,799 $ 2,226,360 Depreciation expense, excluding that associated with discontinued operations, for the six months ended June 30, 2022 and 2021 amounted to $ 329,040 12,349 All of the miners we operate were manufactured by Bitmain, and incorporate application-specific integrated circuit (“ASIC”) chips specialized to solve blocks on the Bitcoin blockchains using the 256-bit secure hashing algorithm (“SHA-256”) in return for Bitcoin cryptocurrency rewards. Cryptocurrency mining operations began in late 2021 when 240 Bitmain S19J Pro miners with 24 Ph/s of hashing capacity were placed in service. As of June 30, 2022, we had 270 Bitmain S19J Pro miners with 27.0 Ph/s of hashing capacity and 270 Bitmain S19 miners with 24.3 Ph/s of hashing capacity that had yet to be placed into service. |
Investment
Investment | 6 Months Ended |
Jun. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Investment | Note 7. Investment On May 28,2022, the Company entered into a Binding Memorandum of Understanding for a Proposed Transaction with Highwire Energy Partners, Inc. (“Highwire”) to acquire certain energy assets including natural gas production opportunities in South Dakota, North Dakota, and Wyoming as well as an opportunity for fixed-price electricity generation in Wyoming. Under the terms of the agreement and subject to certain conditions, the Company has the following obligations Highwire (i) $ 125,000 100,000 125,000 110,000 450,000 20,000 As of June 30, 2022 the Company paid Highwire $ 125,000 100,000 169,205 110,000 In mid-June 2022 the Company relocated 240 Bitmain S19J Pro miners with 24 Ph/s of hashing capacity from |
Amounts Due to Related Parties
Amounts Due to Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Amounts Due To Related Parties | |
Amounts Due to Related Parties | Note 8. Amounts Due to Related Parties Amounts due to related parties as of June 30, 2022 consisted of the following: Schedule of Due to Related Parties Bristol Capital, Bristol Investment Fund, Ltd. Barlock 2019 Fund, LP Total Accrued Interest and expenses $ 206,250 $ 1,673,708 $ 760,557 $ 2,640,515 Current secured convertible debenture — 2,496,850 — 2,496,850 Non-current secured convertible debenture — — 2,496,850 2,496,850 Total $ 206,250 $ 4,170,558 $ 3,257,407 $ 7,634,215 Amounts due to related parties as of December 31, 2021 consisted of the following: Bristol Capital, LLC Bristol Investment Fund, Ltd. Barlock 2019 Fund, LP Total Accrued Interest and expenses $ 93,750 $ 1,525,479 $ 612,329 $ 2,231,558 Current secured convertible debenture — 2,500,000 — 2,500,000 Non-current secured convertible debenture — — 2,500,000 2,500,000 Total $ 93,750 $ 4,025,479 $ 3,112,329 $ 7,231,558 As of June 30, 2022, the secured convertible debentures with an aggregate principal amount of $ 4,993,700 2,496,850 2,496,850 28,535,429 0.175 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9. Related Party Transactions The Company has entered into transactions with the following related parties: Related Party: Bristol Capital, LLC Bristol Capital, LLC (“Bristol Capital”) is managed by Paul L. Kessler. Mr. Kessler served as Executive Chairman of the Company from December 29, 2016, through November 24, 2020, when Mr. Kessler resigned his position, but continued to serve as member of the Board of Directors. On December 1, 2021, Mr. Kessler was again appointed Consulting Agreement On December 29, 2016, the Company entered into a Consulting Services Agreement with Bristol Capital. Pursuant to the Consulting Agreement, Mr. Kessler agreed to serve as Executive Chairman of the Company. The initial term of the Agreement is from December 29, 2016 through March 28, 2017. The term of the Consulting Agreement will be automatically extended for additional terms of 90-day periods, unless either the Company or Bristol Capital gives prior written notice of non-renewal to the other party no later than thirty (30) days prior to the expiration of the then current term. Upon the execution of the agreement the Company granted Bristol Capital options to purchase up to an aggregate of 30,000 0.25 During the term, the Company will pay Bristol Capital, as amended, a monthly fee $ 18,750 5 200,000 On November 22, 2018, the Company agreed to issue 202,022 496,875 On August 3, 2020, the Company cancelled the 202,022 49,688 38,438 384,375 On March 1, 2021, the Company issued 22,500 225,000 During the six months ended June 30, 2022 and 2021, the Company incurred expenses of approximately $ 112,500 206,250 93,750 Non-Accountable Expense Reimbursement On September 7, 2021, Bristol Capital received a one-time non-accountable expense reimbursement of $ 200,000 Reimbursement of Legal Fees In January 2022, Bristol Capital was reimbursed for $ 12,040 Related Party: Bristol Capital Advisors, LLC Bristol Capital Advisors, LLC (“Bristol Capital Advisors”) is managed by Paul L. Kessler. Operating Sublease On June 16, 2016, the Company entered into a Standard Multi-Tenant Sublease with Bristol Capital Advisors. The leased premises are owned by an unrelated third party and Bristol Capital Advisors passes the lease costs down to the Company. The term of the Sublease is for 5 years and 3 months 8,000 83,054 108,046 Related Party: Bristol Investment Fund, Ltd. Bristol Investment Fund, Ltd. (“Bristol Investment Fund”) is managed by Bristol Capital Advisors, which in turn is managed by Paul L. Kessler. Securities Purchase Agreement – December 2016 On December 1, 2016, the Company entered into the Purchase Agreement with Bristol Investment Fund, pursuant to which the Company sold to Bristol Investment Fund, for a cash purchase price of $ 2,500,000 25,000 25,000 85,000 25,791 (i) Secured Convertible Debenture On December 1, 2016, the Company entered issued a secured convertible debenture with an initial principal balance of $ 2,500,000 December 30, 2018 12 Interest is payable quarterly on (i) January 1, April 1, July 1 and October 1, beginning on January 1, 2017, (ii) on each date the purchaser converts, in whole or in part, the secured convertible debenture into common stock (as to that principal amount then being converted), and (iii) on the day that is 20 days following the Company’s notice to redeem some or all of the of the outstanding principal of the secured convertible debenture (only as to that principal amount then being redeemed) and on the maturity date The secured convertible debenture is convertible into shares of the Company’s common stock at any time at the option of the holder. The initial conversion price was $ 3.00 3.00 50 The secured convertible debenture contains anti-dilution provisions where, if the Company, at any time while the secured convertible debenture is outstanding, sells or grants any option to purchase, right to reprice, or otherwise dispose of or issue any common stock or common stock equivalents, at an effective price per share less that is lower than the conversion price then in effect, the conversion price shall be reduced to the lower effective price per share. On December 19, 2019, the maturity date of the secured convertible debenture was amended to December 30, 2021 On May 1, 2020, the maturity date of the secured convertible debenture was amended to December 31, 2022. On August 3, 2020, as a result of the anti-dilution provisions, the effect of repricing stock options held by directors and employees to $ 0.25 10,000,000 On October 31, 2021, in consideration for the release of senior security interest in certain of the assets, properties, and rights of discontinued operations that were sold during the year, the secured convertible debenture was amended to reduce the conversion price to $ 0.175 During March 2022, secured convertible debenture principal in the amount of $ 3,150 18,000 0.175 As of June 30, 2022, the secured convertible debenture with a principal amount of $ 2,496,850 14,267,714 0.175 As of June 30, 2022 and December 31, 2021, the amount of accrued interest payable to Bristol Investment Fund under the secured convertible debenture was $ 1,673,708 1,525,479 (ii) Series A Common Stock Purchase Warrants On December 1, 2016, the Company issued series A common stock purchase warrants to acquire up to 833,333 3.00 December 1, 2021 On December 19, 2019, as a result of the anti-dilution provisions, the issuance of a senior secured convertible debenture to Barlock 2019 Fund, LP with a conversion price of $ 2.50 1,000,000 2.50 On December 19, 2019, Bristol Investment Fund assigned 300,000 December 1, 2024 700,000 2.50 On August 3, 2020, as a result of the anti-dilution provisions, the effect of repricing stock options held by directors and employees to $ 0.25 7,000,000 0.25 7,000,000 0.25 On October 31, 2021, as a result of the anti-dilution provisions, the effect of reducing the conversion price of the secured convertible debenture to $ 0.175 10,000,000 0.175 As of June 30, 2022, Bristol Investment Fund held series A common stock purchase warrants to acquire 10,000,000 0.175 In addition, the warrants may be exercised, in whole or in part, at any time until they expire. If at any time after the 6-month anniversary of the closing date there is no effective registration statement, or no current prospectus available for the resale of the warrant shares, then the warrants may be exercised, in whole or in part, on a cashless basis at any time until they expire. (iii) Series B Common Stock Purchase Warrants On December 1, 2016, the Company issued series B common stock purchase warrants to acquire up to 833,333 0.002 December 1, 2021 1,667 Upon issuance of the secured convertible debenture, the Company valued the warrants using the Black-Scholes Option Pricing model and accounted for it using the relative fair value of $ 1,448,293 0 Related Party: Barlock 2019 Fund, LP Barlock 2019 Fund, LP (“Barlock”), is managed by Scott D. Kaufman, who has served as Chief Executive Officer of the Company the from November 24, 2020, through May 11, 2022, and as co-Chief Executive Officer from May 12, 2022 through July 8, 2022. Securities Purchase Agreement – December 2019 On December 19, 2019, the Company entered into the purchase agreement with Barlock, pursuant to which the Company sold to Barlock, for a cash purchase price of $ 2,500,000 25,400 (i) Secured Convertible Debenture On December 19, 2019, the Company entered issued a secured convertible debenture with an initial principal balance of $ 2,500,000 December 30, 2021 12 Interest is payable quarterly on (i) January 1, April 1, July 1 and October 1, beginning on January 1, 2020, (ii) on each date the purchaser converts, in whole or in part, the secured convertible debenture into common stock (as to that principal amount then being converted), and (iii) on the day that is 20 days following the Company’s notice to redeem some or all of the of the outstanding principal of the secured convertible debenture (only as to that principal amount then being redeemed) and on the maturity date The secured convertible debenture is convertible into shares of the Company’s common stock at any time at the option of the holder. The initial conversion price was $ 2.50 (as converted) per share, subject to adjustment. In the event of default occurs, the conversion price shall be the lesser of (i) the initial conversion price of $ 2.50 and (ii) 50 % of the average of the 3 lowest trading prices during the 20 trading days immediately prior to the applicable conversion date. The secured convertible debenture contains anti-dilution provisions where, if the Company, at any time while the secured convertible debenture is outstanding, sells or grants any option to purchase, right to reprice, or otherwise dispose of or issue any common stock or common stock equivalents, at an effective price per share less that is lower than the conversion price then in effect, the conversion price shall be reduced to the lower effective price per share. On August 3, 2020, as a result of the anti-dilution provisions, the effect of repricing stock options held by directors and employees to $ 0.25 10,000,000 On October 31, 2021, in consideration for the release of senior security interest in certain of the assets, properties, and rights of discontinued operations that were sold during the year, the secured convertible debenture was amended to reduce the conversion price to $ 0.175 During March 2022, the principal amount of $ 3,150 18,000 0.175 As of June 30, 2022, the secured convertible debenture with a principal amount of $ 2,496,850 14,267,714 0.175 As of June 30, 2022 and December 31, 2021, the amount of accrued interest payable to Barlock under the secured convertible debenture was $ 760,557 612,239 (ii) Series A Common Stock Purchase Warrants On December 19, 2019, Bristol Investment Fund assigned to Barlock Capital Management, LLC series A common stock purchase warrants to acquire up to 300,000 2.50 December 1, 2024 On August 3, 2020, as a result of the anti-dilution provisions, the effect of repricing stock options held by directors and employees to $ 0.25 3,000,000 0.25 3,000,000 0.25 On October 31, 2021, as a result of the anti-dilution provisions, the effect of reducing the conversion price of the secured convertible debenture to $ 0.175 4,285,714 0.175 As of June 30, 2022, Barlock Capital Management, LLC held series A common stock purchase warrants to acquire 4,285,714 0.175 In addition, the warrants may be exercised, in whole or in part, at any time until they expire. If at any time after the six-month anniversary of the closing date there is no effective registration statement, or no current prospectus available for the resale of the warrant shares, then the warrants may be exercised, in whole or in part, on a cashless basis at any time until they expire. Shares of common stock issuable upon exercise of warrants are subject to a 4.99% beneficial ownership limitation, which may increase to 9.99% upon notice to the Company Upon issuance of the secured convertible debenture, the Company valued the warrants using the Black-Scholes Option Pricing model and accounted for it using the relative fair value of $ 545,336 0 Related Party: Barlock Capital Management, LLC Barlock Capital Management, LLC, is managed by Scott D. Kaufman, who has served as Chief Executive Officer of the Company from November 24, 2020, through May 11, 2022, and as co-Chief Executive Officer from May 12, 2022 through July 8, 2022. From September 2021 through December 2021, the Company rented executive office space located at 2700 Homestead Road, Park City, UT 84098, for approximately $ 3,000 0 In addition, the company paid management fees to Barlock Capital Management, LLC in the amount of $ 0 81,000 Related Party: American Natural Energy Corporation Scott D. Kaufman, who has served as Chief Executive Officer of the Company from November 24, 2020, through May 11, 2022, and as co-Chief Executive Officer from May 12, 2022 through July 8, 2022, is a director and shareholder of American Natural Energy Corporation (“ANEC”). In addition, Richard G. Boyce is a former director, and is also a director of ANEC. On October 22, 2021, the Company entered into an agreement with ANEC, where ANEC would: (i) allow the Company to moor a barge on the ANEC operations site with the Company’s mobile data center that houses cryptocurrency miners and a mobile turbine, and, (ii) supply natural gas to power a mobile turbine that produces electricity that, in turn, is used to power the miners. ANEC charges the Company for the amount of natural gas used based on the daily spot price of an unaffiliated third party, and a daily fee of $ 1,500 2,000 400,000 In addition, in January 2022, the Company began renting executive office space located at 2700 Homestead Road, Park City, UT 84098, for approximately $ 3,000 18,000 Related Party: Scott D. Kaufman, former Chief Executive Officer On September 7, 2021, Scott D. Kaufman, who has served as Chief Executive Officer of the Company from November 24, 2020, through May 11, 2022, and as co-Chief Executive Officer from May 12, 2022 through July 8, 2022, received a one-time non-accountable expense reimbursement of $ 200,000 Related Party: K2PC Consulting, LLC K2PC Consulting, LLC is managed by the spouse of Scott D. Kaufman, who has served as Chief Executive Officer of the Company from November 24, 2020, through May 11, 2022, and as co-Chief Executive Officer from May 12, 2022 through July 8, 2022. The company paid marketing fees to K2PC Consulting, LLC in the amount of $ 7,850 18,000 Related Party: John D. Maatta, Director and Chief Executive Officer John D. Maatta is a current director, and served as Chief Executive Officer of the Company until November 24, 2020, as co-Chief Executive Officer from May 12, 2022 through July 8, 2022, and again as Chief Executive Office beginning on July 9, 2022. On November 22, 2018, the Company agreed to issue 86,466 212,707 On August 3, 2020, the Company cancelled the 86,466 29,496 294,965 35,100 351,000 100,000 125,000 126,000 0 On March 1, 2021, 8,500 85,546 Related Party: CONtv CONtv is a joint venture with third parties and Bristol Capital, LLC. The Company holds a limited and passive interest of 10 0 |
Note Payable
Note Payable | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Note Payable | Note 10. Note Payable In May 2022, the Company entered into a verbal agreement with Leviston Resources, LLC (“Leviston”) whereby the Company would receive $ 722,000 850,000 500,000 588,643 500,000 88,643 |
SBA_PPP Notes Payable
SBA/PPP Notes Payable | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SBA/PPP Notes Payable | Note 11. SBA/PPP Notes Payable Small Business Administration Paycheck Protection Program Loans On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted and included a provision for the Small Business Administration (“SBA”) to implement its Paycheck Protection Program (“PPP”). The PPP provides small businesses with funds to pay payroll costs, including some benefits over a covered period of up to 24 weeks. Funds received under the PPP may also be used to pay interest on mortgages, rent, and utilities. Subject to certain criteria being met, all or a portion of the loan may be forgiven. The loans bear interest at an annual rate of one percent ( 1 SBA Guaranteed PPP Loan On April 30, 2020, the Company entered into an SBA guaranteed PPP loan. The Company received aggregate proceeds of $ 197,600 1.00 183,567 0 14,033 SBA Loan On May 31, 2020, the Company entered into a loan agreement with the SBA. The Company received aggregate proceeds of $ 149,900 3.75 mature in June 2050 149,900 Second Draw SBA Guaranteed PPP Loan On February 24, 2021, the Company entered into a Second Draw SBA guaranteed PPP loan. The Company received aggregate proceeds of $ 197,662 1.00 mature in February 2026 197,662 0 197,662 The following table summarizes PPP/SBA loans payable: Schedule of Loans Payable As of June 30, 2022 December 31, 2021 SBA Guaranteed PPP Loan $ — $ 14,033 SBA Loan 149,900 149,900 Second Draw SBA Guaranteed PPP Loan — 197,662 Total $ 149,900 $ 361,595 |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 12. Contingencies and Commitments COVID-19 The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s customers, service providers and suppliers, all of which are uncertain and cannot be predicted. As of the date of issuance of Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity or results of operations is uncertain. Russia – Ukraine Conflict The Russia – Ukraine conflict is a global concern. The Company does not have any direct exposure to Russia or Ukraine through its operations, employee base, investments or sanctions. The Company does not receive goods or services sourced from those countries, does not anticipate any disruption in its supply chain and has no business relationships, connections to or assets in Russia, Belarus or Ukraine. No impairments to assets have been made due to the conflict. We are unable at this time to know the full ramifications of the Russia – Ukraine conflict and its effects on our business. |
Common Stock Options
Common Stock Options | 6 Months Ended |
Jun. 30, 2022 | |
Common Stock Options | |
Common Stock Options | Note 13. Common Stock Options On May 9, 2011, the Company adopted the 2016 Incentive Stock Award Plan (the “2011 Plan”), on August 12, 2016, the Company adopted the 2016 Incentive Stock Award Plan (the “2016 Plan”), on August 3, 2020, the Company adopted the 2020 Stock Plan (the “2020 Plan”), and on December 1, 2021, the Company adopted the 2021 Incentive Stock Award Plan (the “2021 Plan”), collectively (the “Plans”). The purpose of the Plans is to grant options to purchase our common stock, and other incentive awards, to our employees, directors and key consultants. The maximum number of shares of common stock that may be issued pursuant to awards granted under the 2020 Plan was 500,000 10,000,000 3,000,000 On August 21, 2020 the Board approved the repricing of the exercise price of outstanding stock options that had been issued to directors and employees to $ 0.25 Stock-based compensation cost is measured at the grant date, based on the fair value of the awards that are ultimately expected to vest, and recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The following table summarizes stock option activity during the three months ended June 30, 2022: Schedule of Stock Option Activity Weighted Average Exercise Options Price Outstanding at December 31, 2021 7,651,750 $ 2.45 Granted — — Exercised (217,500 ) 0.42 Forfeited/Cancelled — — Outstanding at June 30, 2022 7,434,250 $ 2.51 Exercisable at December 31, 2021 4,151,750 $ 2.28 Exercisable at June 30, 2022 3,934,250 $ 2.39 The weighted average remaining contractual life of all options outstanding as of June 30, 2022 was 4.3 4.1 15,555 During the three months ended March 31, 2022, the Company issued 185,216 217,500 Additional information regarding stock options outstanding and exercisable as of June 30, 2022 is as follows: Schedule of Stock Option Outstanding and Exercisable Option Remaining Exercise Options Contractual Options Price Outstanding Life (in years) Exercisable $ 0.25 434,250 1.6 434,250 2.65 7,000,000 4.4 3,500,000 Total 7,434,250 3,934,250 |
Common Stock Warrants
Common Stock Warrants | 6 Months Ended |
Jun. 30, 2022 | |
Common Stock Warrants | |
Common Stock Warrants | Note 14. Common Stock Warrants On January 1, 2022, the Company granted warrants to purchase shares of the Company’s common stock to a consultant in connection with the issuance of Series C preferred stock as follows: a warrant to purchase 400,000 1.50 5 250,000 2.50 5 250,000 2.75 5 On March 29, 2022, the Company offered 16 warrant holders replacement warrants with an exercise price of $ 1.50 1.50 1.50 1.50 1.50 On March 30, 2022, warrants to purchase 600,000 900,000 600,000 The following table summarizes common stock warrant activity during the three months ended June 30, 2022: Schedule of Stock Warrants Activity Common Stock Warrants Weighted Average Exercise Price Outstanding at December 31, 2021 22,460,926 $ 0.82 Granted 1,500,000 1.88 Exercised (600,000 ) 1.50 Forfeited/Cancelled — — Outstanding at June 30, 2022 22,360,926 $ 0.71 (1) Exercisable at December 31, 2021 21,690,926 $ 0.80 Exercisable at June 30, 2022 22,900,926 $ 0.69 (1) On March 29, 2022, the Company offered 16 warrant holders replacement warrants with an exercise price of $ 1.50 1.50 1.50 1.50 1.50 The following table presents the assumptions used to estimate the fair values based upon a Black-Scholes calculation for the common stock warrants granted during the six months ended June 30, 2022: Schedule of Assumptions Used to Estimate Fair Value of Warrants Assumptions Expected dividend yield 0 % Risk-free interest rate 2.09 % Expected life (in years) 3 Expected volatility 297 % The weighted average remaining contractual life of all common stock warrants outstanding as of June 30, 2022 was 3.0 1,928,571 Additional information regarding common stock warrants outstanding and exercisable as of June 30, 2022 is as follows: Schedule of Stock Warrants Outstanding and Exercisable Warrant Remaining Exercise Warrants Contractual Warrants Price Outstanding Life (in years) Exercisable $ 0.175 14,285,714 2.4 14,285,714 0.50 50,000 3.7 50,000 1.00 300,000 1.7 300,000 1.50 8,045,212 4.1 7,585,212 1.53 180,000 2.2 180,000 2.50 250,000 4.5 250,000 2.75 250,000 4.5 250,000 Total 23,360,926 22,900,926 |
Series B Preferred Stock Warran
Series B Preferred Stock Warrants | 6 Months Ended |
Jun. 30, 2022 | |
Series B Preferred Stock Warrants | |
Series B Preferred Stock Warrants | Note 15. Series B Preferred Stock Warrants From March 2021 through December 2021, in connection with the issuance of Series B preferred stock, the Company issued (i) a warrant to acquire 5,000 1,000 March 26, 2023 5,000 1,000 March 26, 2024 The Company can force the exercise of the warrants if the VWAP exceeds $3.75 per share per share for 20 consecutive trading days and the daily average trading volume of the Common Stock exceeds $100,000 in aggregate value for such period. The warrant holder may not be forced to exercise the warrant if such exercise would cause the holder’s beneficial ownership to exceed 4.9%. The Series B preferred stock issuable upon exercise of the Series B preferred stock warrants are automatically convertible into shares of common stock at the Series B conversion price. Each share of our Series B preferred stock is convertible into a number of shares of our common stock determined by dividing the aggregate stated value for the Series B preferred stock being converted ($1,080 per share, as amended, subject to adjustment as set forth in the currently effective Series B Certificate of Designation) by the then-applicable conversion price (initially $1.50 per share), subject to adjustment as set forth in the currently effective Series B Certificate of Designation 10,000 1,000 10,800,000 10,800,000 1.00 The following table summarizes Series B preferred stock warrant activity during the three months ended June 30, 2022: Schedule of Series B Preferred Stock Warrant Activity Series B Preferred Stock Warrants Weighted Average Exercise Price Outstanding at December 31, 2021 10,000 $ 1,000 Granted — — Exercised — — Forfeited/Cancelled — — Outstanding at June 30, 2022 10,000 $ 1,000 Exercisable at June 30, 2022 10,000 $ 1,000 The weighted average remaining contractual life of all Series B preferred stock warrants outstanding as of June 30, 2022 was 1.2 |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Common Stock | Note 16. Common Stock Holders of our Common Stock are entitled to one vote per share. Our Certificate of Incorporation does not provide for cumulative voting. Holders of our Common Stock are entitled to receive ratably such dividends, if any, as may be declared by our Board out of legally available funds. However, the current policy of our Board is to retain earnings, if any, for our operations and expansion. Upon liquidation, dissolution or winding-up, the holders of our Common Stock are entitled to share ratably in all of our assets which are legally available for distribution, after payment of or provision for all liabilities. The holders of our Common Stock have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of our Common Stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred stock that we may designate and issue. We implemented a 1-for-20 reverse stock split of our outstanding shares of common stock that was effective on January 23, 2020. Unless otherwise noted, all share and related option, warrant, and convertible security information presented has been retroactively adjusted to reflect the reduced number of shares, and the increase in the share price which resulted from this action From August 2021 through October 2021, we consummated the transactions contemplated by the securities purchase agreement with the investors party thereto, pursuant to which, we generated net cash proceeds of $ 3,925,050 2,933,340 1.50 2,933,340 1.50 5 3.9 On January 25, 2022, the Company granted an officer 30,000 On May 31, 2022, the Company issued 169,205 |
Preferred Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Preferred Stock | Note 17. Preferred Stock Under the terms of the Certificate of Incorporation, our Board is expressly granted authority to authorize the issuance from time to time of shares of preferred stock in one or more series, for such consideration and for such corporate purposes as our Board may from time to time determines, and by filing a certificate pursuant to applicable law of the State of Delaware to establish from time to time for each such series the number of shares to be included in each such series and to fix the designations, powers, rights and preferences of the shares of each such series, and the qualifications, limitations and restrictions thereof to the fullest extent permitted by the Certificate of Incorporation and the laws of the State of Delaware, including, without limitation, voting rights (if any), dividend rights, dissolution rights, conversion rights, exchange rights and redemption rights thereof. Series A Preferred Stock Holders of our Series A Preferred Stock are entitled to the number of votes per share equal to 2,000 12 10.00 0.25 On January 1, 2022, the Company granted an officer 7,722 77,216 On March 31, 2022, we issued 3,409 34,090 4,941 49,410 On June 30, 2022, we issued 5,361 53,610 4,941 49,410 During the six months ended June 30, 2022, 23,423 1,338,456 As of June 30, 2022, there were 226,915 2,269,150 12,966,571 0.175 Series B Preferred Stock Holders of our Series B Preferred Stock have no voting rights. Holders of our Series B Preferred Stock are entitled to receive a cumulative dividend on each share of Series B Preferred Stock issued and outstanding at the rate of five percent ( 5 1,080 1.00 1.50 51 9.99 From March 2021 through December 2021, we consummated the transactions contemplated by the securities purchase agreement with Leviston Resources LLC, pursuant to which, we generated net cash proceeds of $ 4,378,995 5,000 1,080 5,000 1,000 March 26, 2023 5,000 1,000 March 26, 2024 During the six months ended June 30, 2022, 2,472 1,962,448 As of June 30, 2022, there were 1,400 1,512,000 1,512,000 1.00 Series C Preferred Stock Holders of our Series C Preferred Stock have no voting rights. Holders of our Series C Preferred Stock are entitled to receive dividends on Series C Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to any dividends paid on Common Stock. In the event of any liquidation, dissolution or winding up of our company, whether voluntary or involuntary, holders of our Series C Preferred Stock are entitled to receive, prior and in preference to any distribution of any of our assets to the holders of Common Stock and Common Stock Equivalents (as defined in the Certificate of Designation) by reason of their ownership thereof, for each share held an amount equal to the Stated Value (as defined in the Certificate of Designation), plus fees, if any. The Series C Preferred Stock ranks junior to the Series B Preferred Stock as to rights upon a liquidation, dissolution or winding up of the Company. The Series C Preferred Stock is convertible, at the option of the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Stated Value, currently $1,111, by the Series C Conversion Price, subject to further adjustment in the event that the Company, subject to certain exemptions, disposes of or issues any Common Stock or securities convertible into, exercisable, or exchangeable for Common Stock for no consideration or for consideration less than the applicable Series C Conversion Price in effect immediately prior to such issuance. We are entitled to redeem some or all of the outstanding shares of Series C Preferred Stock for cash in an amount equal to the Optional Redemption Amount (as defined in the Certificate of Designation). The Series C Preferred Stock is entitled to certain protective provisions and, without the written consent of at least 50.1% in Stated Value of the outstanding shares of the Series C Preferred Stock, we may not (or permit any of our subsidiaries to) enter into, create, incur, assume, guarantee or suffer to exist any indebtedness, other than Permitted Indebtedness (as defined in the Certificate of Designation). Shares of common stock issuable upon the conversion of Series C Preferred Stock are subject to a 4.99% beneficial ownership limitation, which may increase to 9.99% upon notice to the Company During December 2021, we consummated the transactions contemplated by the securities purchase agreement with the investors party thereto, pursuant to which we generated net cash proceeds of $ 7,733,601 7,880 1,111 1,750,936 2.50 1,750,936 2.75 On March 29, 2022, the Company offered 16 warrant holders replacement warrants with an exercise price of $ 1.50 1.50 1.50 1.50 1.50 As of June 30, 2022, there were 7,880 8,754,680 5,836,453 1.50 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 18. Discontinued Operations Prior to cryptocurrency mining operations that began in October 2021, the Company produced live and virtual pop culture conventions and events and sold a gelatin machine and related consumables that were discontinued in 2021. In addition, the Company operated an eCommerce site selling pop culture memorabilia that was discontinued on June 30, 2022 (known collectively as “legacy operations”). On August 6, 2021, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Informa. Pursuant to the Agreement, Creek Road Miners Corp. (fka Kick the Can Corp.) sold, transferred, and assigned certain assets, properties, and rights to Informa related to the business of operating and producing live pop culture events. The Company released deferred revenue and other liabilities totaling $ 722,429 of this amount. On September 15, 2021, the Company sold our wholly owned subsidiary which contained our Jevo assets and all rights to our Jevo operations for $ 1,500,000 1,130,740 Schedule of Gain from Sale of Discontinue Operation Description Amount Net cash paid on the closing date $ 1,500,000 Less: Current assets 36,060 Inventory 193,300 Fixed assets, net 16,700 Intangible assets, net 123,200 Total 369,260 Gain from sale $ 1,130,740 CONtv is a joint venture with third parties and Bristol Capital, LLC. The Company holds a limited and passive interest of 10 0 0 The related assets and liabilities associated with the discontinued operations in our consolidated balance sheets for the periods ending June 30, 2022 and December 31, 2021, are classified as discontinued operations. Additionally, the financial results associated with discontinued operations in our consolidated statement of operations for the three and six months ending June 30, 2022 and 2021, are classified as discontinued operations. The assets and liabilities related to discontinued operations consists of the following: Schedule of Discontinued Operation of Balance Sheet and Operation Statement June 30, December 31, 2022 2021 Assets Current assets: Prepaid expenses $ — $ — Inventory — 18,725 Total current assets — 18,725 Other assets: Property and equipment, net — — Intangible assets, net — — Total assets $ — $ 18,725 Liabilities Current liabilities: Accounts payable and accrued expenses $ 485,712 $ 472,029 Deferred revenue — — Due to CONtv — — Total liabilities $ 485,712 $ 472,029 In addition, revenue and expenses from discontinued operations were as follows: 2022 2021 Six Months Ended June 30, 2022 2021 Revenue $ 43,511 $ 605,900 Operating costs and expenses: Cost of revenue 58,962 463,277 General and administrative — 569,231 Total operating expenses 58,962 1,032,508 Loss from operations (15,451 ) (426,608 ) Other income (expense): Other income (2,281 ) 835,140 Interest income — — Loss on disposal of fixed assets — — Total other income (expense) (2,281 ) 835,140 Income (loss) from discontinued operations $ (17,732 ) $ 408,532 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19. Subsequent Events Non-binding Merger Agreement Term Sheet On July 13, 2022 the Company executed a non-binding term sheet (the “Term Sheet”) with the intention to enter into a binding and definitive merger agreement with Prairie Operating Co., LLC (“Prairie”). Pursuant to the Term Sheet, the Company expects to consummate a business combination and finance the acquisition of certain oil and gas properties. At the conclusion of the merger, if consummated, the Company will change its name to Prairie Operating Co., LLC to reflect the new business operation, and Prairie will operate as the surviving company. Decrease in Market Price of Bitcoin, and Increase in Cost of Natural Gas Our business is heavily dependent on the market price of Bitcoin, which has experienced substantial volatility and has recently dropped to its lowest price since December 2020. As of June 30, 2022 the market price of Bitcoin was $ 19,785 67,000 Conversion of Series C Preferred Stock On July 7, 250 185,167 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying financial statements are consolidated and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. These estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing equity instruments issued for services or acquisitions, and realization of deferred tax assets. |
Reclassification | Reclassification Certain prior period amounts may have been reclassified to conform to current period presentation. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company places its cash with high quality financial institutions and at times may exceed the FDIC $ 250,000 |
Cryptocurrency | Cryptocurrency Cryptocurrency (Bitcoin) is included in current assets in the accompanying consolidated balance sheets. The classification of cryptocurrencies as a current asset has been made after the Company’s consideration of the significant consistent daily trading volume on readily available cryptocurrency exchanges and the absence of limitations or restrictions on Company’s ability to sell Bitcoin. Cryptocurrencies awarded to the Company through its mining activities are accounted for in connection with the Company’s revenue recognition policy disclosed below. Cryptocurrencies held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the cryptocurrency at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. Cryptocurrencies awarded to the Company through its mining activities are included within operating activities on the accompanying consolidated statements of cash flows. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are comprised of intangible assets and property and equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An estimate of undiscounted future cash flows produced by the asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether an impairment exists, pursuant to the provisions of FASB ASC 360-10 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of”. If an asset is determined to be impaired, the loss is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including a discounted value of estimated future cash flows and fundamental analysis. The Company reports an asset to be disposed of at the lower of its carrying value or its estimated net realizable value. |
Property and equipment | Property and equipment Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful lives of 3 9 Management assesses the carrying value of property and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If there is indication of impairment, management prepares an estimate of future cash flows expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. |
Leases | Leases The Company accounts for leases in accordance with the provisions of ASC 842, Leases. This standard requires lessees to recognize on the balance sheet assets and liabilities for leases with lease terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend primarily on its classification as a finance or operating lease. We determine if an arrangement contains a lease at inception. Right of use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. Our leases consist of leaseholds on office space. We utilized a portfolio approach in determining our discount rate. The portfolio approach takes into consideration the range of the term, the range of the lease payments, the category of the underlying asset and our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. We also give consideration to our recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. We recognize lease expense for these leases on a straight-line basis over the lease term. We recognize variable lease payments in the period in which the obligation for those payments is incurred. Variable lease payments that depend on an index or a rate are initially measured using the index or rate at the commencement date, otherwise variable lease payments are recognized in the period incurred. |
Revenue Recognition | Revenue Recognition The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied. The Company has entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are recorded as a component of cost of revenues) for successfully adding a block to the blockchain. The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the cryptocurrency award received is determined using the market rate of the related cryptocurrency at the time of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial position and results from operations. |
Cryptocurrency Mining Costs | Cryptocurrency Mining Costs The Company’s cryptocurrency mining costs consist primarily of direct costs of earning Bitcoin related to mining operations, including mining pool fees, natural gas costs, turbine rental costs, and mobile data center rental costs, but exclude depreciation and amortization, which are separately stated in the Company’s consolidated statements of operations. |
Reverse Stock Split | Reverse Stock Split We implemented a 1-for-20 |
Stock-Based Compensation | Stock-Based Compensation The Company periodically issues stock options, warrants and restricted stock to employees and non-employees for services, in capital raising transactions, and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic 718 of the FASB Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of stock option and warrant awards to employees and directors on the date of grant using an option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in our Statements of Operations. We estimate the fair value of restricted stock awards to employees and directors using the market price of our common stock on the date of grant, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in our Statements of Operations. |
Discontinued Operations | Discontinued Operations On August 6, 2021, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Informa. Pursuant to the Agreement, Creek Road Miners Corp. (fka Kick the Can Corp.) sold, transferred, and assigned certain assets, properties, and rights to Informa related to the business of operating and producing live pop culture events. The Company released deferred revenue and other liabilities totaling $ 722,429 On September 15, 2021, the Company sold our wholly owned subsidiary which contained our Jevo assets and all rights to our Jevo operations for $ 1,500,000 1,130,740 On June 30, 2022, the Company discontinued operations of an eCommerce site selling pop culture memorabilia. The related assets and liabilities associated with the discontinued operations in our consolidated balance sheets for the periods ending June 30, 2022, and December 31, 2021, are classified as discontinued operations. Additionally, the financial results associated with discontinued operations in our consolidated statement of operations for the periods ending June 30, 2022 and 2021, are classified as discontinued operations. |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share Basic earnings (loss) per share is computed by dividing earnings (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing earnings (loss) attributable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. The dilutive effect of potentially dilutive securities is reflected in diluted net income per share if the exercise prices were lower than the average fair market value of common shares during the reporting period. Potential common shares are excluded from the computation when their effect is antidilutive. Basic and diluted earnings (loss) attributable to common stockholders is the same for the three and six months ended June 30, 2022 and 2021, because the Company has only incurred losses and all potentially dilutive securities are anti-dilutive. Potentially dilutive securities that were not included in the computation of diluted earnings (loss) attributable to common stockholders at June 30, 2022 because their inclusion would be anti-dilutive are as follows: Schedule of Anti--dilutive Securities Excluded from Earnings Per Share Potentially Dilutive Security Quantity Stated Value Per Share (1) Total Value or Stated Value Assumed Conversion Price (1) Resulting Common Shares Common stock options 7,434,250 $ — $ — — 7,434,250 Common stock warrants 23,360,926 — — — 23,360,926 Series A preferred stock 226,915 10 2,269,150 0.175 12,966,571 Series B preferred stock 1,400 1,080 1,512,000 1.000 1,512,000 Series C preferred stock 7,880 1,111 8,754,680 1.500 5,836,453 Series B preferred stock warrants 10,000 1,080 10,800,000 1.000 10,800,000 Secured convertible debentures – related parties — — 4,993,700 0.175 28,535,429 Total 90,445,629 (1) As of June 30, 2022 |
Related Parties | Related Parties The Company follows ASC 850-10, Related Parties, for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements. |
Organization, Nature of Busin_2
Organization, Nature of Business and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Cryptocurrency Mining Operations | The Company measures its operations by the number and U.S. Dollar (US$) value of the cryptocurrency rewards it earns from its cryptocurrency mining activities. The following table presents additional information regarding our cryptocurrency mining operations: Schedule of Cryptocurrency Mining Operations Quantity of Bitcoin US$ Amounts Balance September 30, 2021 — $ — Revenue recognized from cryptocurrency mined 6.7 369,804 Mining pool operating fees (0.1 ) (7,398 ) Impairment of cryptocurrencies — (59,752 ) Balance December 31, 2021 6.6 $ 302,654 Revenue recognized from cryptocurrency mined 8.3 343,055 Mining pool operating fees (0.2 ) (6,868 ) Impairment of cryptocurrencies — (106,105 ) Balance March 31, 2022 14.7 $ 532,736 Beginning balance, Amount 14.7 $ 532,736 Revenue recognized from cryptocurrency mined 4.6 166,592 Mining pool operating fees (0.1 ) (3,428 ) Proceeds from the sale of cryptocurrency (18.9 ) (564,205 ) Realized loss on the sale of cryptocurrency — (131,075 ) Impairment of cryptocurrencies — (34 ) Balance June 30, 2022 (1) 0.3 $ 586 Ending balance, Amount 0.3 $ 586 (1) As of June 30, 2022, no cryptocurrency awards are being received and no revenue from cryptocurrency mining is being generated. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Anti--dilutive Securities Excluded from Earnings Per Share | Schedule of Anti--dilutive Securities Excluded from Earnings Per Share Potentially Dilutive Security Quantity Stated Value Per Share (1) Total Value or Stated Value Assumed Conversion Price (1) Resulting Common Shares Common stock options 7,434,250 $ — $ — — 7,434,250 Common stock warrants 23,360,926 — — — 23,360,926 Series A preferred stock 226,915 10 2,269,150 0.175 12,966,571 Series B preferred stock 1,400 1,080 1,512,000 1.000 1,512,000 Series C preferred stock 7,880 1,111 8,754,680 1.500 5,836,453 Series B preferred stock warrants 10,000 1,080 10,800,000 1.000 10,800,000 Secured convertible debentures – related parties — — 4,993,700 0.175 28,535,429 Total 90,445,629 (1) As of June 30, 2022 |
Deposits on Mining Equipment (T
Deposits on Mining Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deposits On Mining Equipment | |
Schedule of Mining Equipment | Deposits on mining equipment, consisted of the following: Schedule of Mining Equipment Cryptocurrency Miners Mobile Data Centers Total Balance December 31, 2020 $ — $ — $ — Deposits on equipment during the period 7,089,000 524,230 7,613,230 Equipment delivered during the period — — — Balance December 31, 2021 $ 7,089,000 $ 524,230 $ 7,613,230 Deposits on equipment during the period 1,220,100 178,090 1,398,190 Equipment delivered during the period (2,106,000 ) — (2,106,000 ) Balance March 31, 2022 $ 6,203,100 $ 702,320 $ 6,905,420 Deposits on mining equipment, Beginning balance $ 6,203,100 $ 702,320 $ 6,905,420 Deposits on equipment during the period 382,200 352,340 734,540 Equipment delivered during the period (2,616,300 ) (349,980 ) (2,966,280 ) Balance June 30, 2022 $ 3,969,000 $ 704,680 $ 4,673,680 Deposits on mining equipment, Ending balance $ 3,969,000 $ 704,680 $ 4,673,680 |
Cryptocurrency (Tables)
Cryptocurrency (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Indefinite-Lived Intangible Assets [Line Items] | |
Schedule of Cryptocurrency Mining Operations | The Company measures its operations by the number and U.S. Dollar (US$) value of the cryptocurrency rewards it earns from its cryptocurrency mining activities. The following table presents additional information regarding our cryptocurrency mining operations: Schedule of Cryptocurrency Mining Operations Quantity of Bitcoin US$ Amounts Balance September 30, 2021 — $ — Revenue recognized from cryptocurrency mined 6.7 369,804 Mining pool operating fees (0.1 ) (7,398 ) Impairment of cryptocurrencies — (59,752 ) Balance December 31, 2021 6.6 $ 302,654 Revenue recognized from cryptocurrency mined 8.3 343,055 Mining pool operating fees (0.2 ) (6,868 ) Impairment of cryptocurrencies — (106,105 ) Balance March 31, 2022 14.7 $ 532,736 Beginning balance, Amount 14.7 $ 532,736 Revenue recognized from cryptocurrency mined 4.6 166,592 Mining pool operating fees (0.1 ) (3,428 ) Proceeds from the sale of cryptocurrency (18.9 ) (564,205 ) Realized loss on the sale of cryptocurrency — (131,075 ) Impairment of cryptocurrencies — (34 ) Balance June 30, 2022 (1) 0.3 $ 586 Ending balance, Amount 0.3 $ 586 (1) As of June 30, 2022, no cryptocurrency awards are being received and no revenue from cryptocurrency mining is being generated. |
Crypto Currency [Member] | |
Indefinite-Lived Intangible Assets [Line Items] | |
Schedule of Cryptocurrency Mining Operations | The following table presents additional information regarding our cryptocurrency mining operations: Schedule of Cryptocurrency Mining Operations Quantity of Bitcoin US$ Amounts Balance September 30, 2021 — $ — Revenue recognized from cryptocurrency mined 6.7 369,804 Mining pool operating fees (0.1 ) (7,398 ) Impairment of cryptocurrencies (1) — (59,752 ) Balance December 31, 2021 6.6 $ 302,654 Revenue recognized from cryptocurrency mined 8.3 343,055 Mining pool operating fees (0.2 ) (6,868 ) Impairment of cryptocurrencies (1) — (106,105 ) Balance March 31, 2022 14.7 $ 532,736 Revenue recognized from cryptocurrency mined 4.6 166,592 Mining pool operating fees (0.1 ) (3,428 ) Proceeds from the sale of cryptocurrency (18.9 ) (564,205 ) Realized loss on the sale of cryptocurrency — (131,075 ) Impairment of cryptocurrencies (1) — (34 ) Balance June 30, 2022 (2) 0.3 $ 586 (1) The Company recognized an impairment, or write down, of cryptocurrency (Bitcoin) rewards to the lowest fair market value of Bitcoin from the time the reward was earned through the end of the reporting period. If the subsequent market price of Bitcoin increases, the asset balance will not be adjusted for the increase. (2) As of June 30, 2022, no cryptocurrency awards are being received and no revenue from cryptocurrency mining is being generated. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, excluding those associated with discontinued operations, stated at cost, less accumulated depreciation and amortization, consisted of the following: Schedule of Property and Equipment June 30, 2022 December 31, 2021 Cryptocurrency miners $ 6,723,152 $ 1,784,062 Mobile data center 875,052 518,663 Computer equipment 12,771 12,771 Software — — Equipment — — Total 7,610,975 2,315,496 Less accumulated depreciation (418,176 ) (89,136 ) Net, Property and equipment $ 7,192,799 $ 2,226,360 |
Amounts Due to Related Parties
Amounts Due to Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Amounts Due To Related Parties | |
Schedule of Due to Related Parties | Amounts due to related parties as of June 30, 2022 consisted of the following: Schedule of Due to Related Parties Bristol Capital, Bristol Investment Fund, Ltd. Barlock 2019 Fund, LP Total Accrued Interest and expenses $ 206,250 $ 1,673,708 $ 760,557 $ 2,640,515 Current secured convertible debenture — 2,496,850 — 2,496,850 Non-current secured convertible debenture — — 2,496,850 2,496,850 Total $ 206,250 $ 4,170,558 $ 3,257,407 $ 7,634,215 Amounts due to related parties as of December 31, 2021 consisted of the following: Bristol Capital, LLC Bristol Investment Fund, Ltd. Barlock 2019 Fund, LP Total Accrued Interest and expenses $ 93,750 $ 1,525,479 $ 612,329 $ 2,231,558 Current secured convertible debenture — 2,500,000 — 2,500,000 Non-current secured convertible debenture — — 2,500,000 2,500,000 Total $ 93,750 $ 4,025,479 $ 3,112,329 $ 7,231,558 |
SBA_PPP Notes Payable (Tables)
SBA/PPP Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Loans Payable | The following table summarizes PPP/SBA loans payable: Schedule of Loans Payable As of June 30, 2022 December 31, 2021 SBA Guaranteed PPP Loan $ — $ 14,033 SBA Loan 149,900 149,900 Second Draw SBA Guaranteed PPP Loan — 197,662 Total $ 149,900 $ 361,595 |
Common Stock Options (Tables)
Common Stock Options (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Common Stock Options | |
Schedule of Stock Option Activity | The following table summarizes stock option activity during the three months ended June 30, 2022: Schedule of Stock Option Activity Weighted Average Exercise Options Price Outstanding at December 31, 2021 7,651,750 $ 2.45 Granted — — Exercised (217,500 ) 0.42 Forfeited/Cancelled — — Outstanding at June 30, 2022 7,434,250 $ 2.51 Exercisable at December 31, 2021 4,151,750 $ 2.28 Exercisable at June 30, 2022 3,934,250 $ 2.39 |
Schedule of Stock Option Outstanding and Exercisable | Additional information regarding stock options outstanding and exercisable as of June 30, 2022 is as follows: Schedule of Stock Option Outstanding and Exercisable Option Remaining Exercise Options Contractual Options Price Outstanding Life (in years) Exercisable $ 0.25 434,250 1.6 434,250 2.65 7,000,000 4.4 3,500,000 Total 7,434,250 3,934,250 |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Common Stock Warrants | |
Schedule of Stock Warrants Activity | The following table summarizes common stock warrant activity during the three months ended June 30, 2022: Schedule of Stock Warrants Activity Common Stock Warrants Weighted Average Exercise Price Outstanding at December 31, 2021 22,460,926 $ 0.82 Granted 1,500,000 1.88 Exercised (600,000 ) 1.50 Forfeited/Cancelled — — Outstanding at June 30, 2022 22,360,926 $ 0.71 (1) Exercisable at December 31, 2021 21,690,926 $ 0.80 Exercisable at June 30, 2022 22,900,926 $ 0.69 (1) On March 29, 2022, the Company offered 16 warrant holders replacement warrants with an exercise price of $ 1.50 1.50 1.50 1.50 1.50 |
Schedule of Assumptions Used to Estimate Fair Value of Warrants | The following table presents the assumptions used to estimate the fair values based upon a Black-Scholes calculation for the common stock warrants granted during the six months ended June 30, 2022: Schedule of Assumptions Used to Estimate Fair Value of Warrants Assumptions Expected dividend yield 0 % Risk-free interest rate 2.09 % Expected life (in years) 3 Expected volatility 297 % |
Schedule of Stock Warrants Outstanding and Exercisable | Additional information regarding common stock warrants outstanding and exercisable as of June 30, 2022 is as follows: Schedule of Stock Warrants Outstanding and Exercisable Warrant Remaining Exercise Warrants Contractual Warrants Price Outstanding Life (in years) Exercisable $ 0.175 14,285,714 2.4 14,285,714 0.50 50,000 3.7 50,000 1.00 300,000 1.7 300,000 1.50 8,045,212 4.1 7,585,212 1.53 180,000 2.2 180,000 2.50 250,000 4.5 250,000 2.75 250,000 4.5 250,000 Total 23,360,926 22,900,926 |
Series B Preferred Stock Warr_2
Series B Preferred Stock Warrants (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Series B Preferred Stock Warrants | |
Schedule of Series B Preferred Stock Warrant Activity | The following table summarizes Series B preferred stock warrant activity during the three months ended June 30, 2022: Schedule of Series B Preferred Stock Warrant Activity Series B Preferred Stock Warrants Weighted Average Exercise Price Outstanding at December 31, 2021 10,000 $ 1,000 Granted — — Exercised — — Forfeited/Cancelled — — Outstanding at June 30, 2022 10,000 $ 1,000 Exercisable at June 30, 2022 10,000 $ 1,000 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Gain from Sale of Discontinue Operation | Schedule of Gain from Sale of Discontinue Operation Description Amount Net cash paid on the closing date $ 1,500,000 Less: Current assets 36,060 Inventory 193,300 Fixed assets, net 16,700 Intangible assets, net 123,200 Total 369,260 Gain from sale $ 1,130,740 |
Schedule of Discontinued Operation of Balance Sheet and Operation Statement | The assets and liabilities related to discontinued operations consists of the following: Schedule of Discontinued Operation of Balance Sheet and Operation Statement June 30, December 31, 2022 2021 Assets Current assets: Prepaid expenses $ — $ — Inventory — 18,725 Total current assets — 18,725 Other assets: Property and equipment, net — — Intangible assets, net — — Total assets $ — $ 18,725 Liabilities Current liabilities: Accounts payable and accrued expenses $ 485,712 $ 472,029 Deferred revenue — — Due to CONtv — — Total liabilities $ 485,712 $ 472,029 In addition, revenue and expenses from discontinued operations were as follows: 2022 2021 Six Months Ended June 30, 2022 2021 Revenue $ 43,511 $ 605,900 Operating costs and expenses: Cost of revenue 58,962 463,277 General and administrative — 569,231 Total operating expenses 58,962 1,032,508 Loss from operations (15,451 ) (426,608 ) Other income (expense): Other income (2,281 ) 835,140 Interest income — — Loss on disposal of fixed assets — — Total other income (expense) (2,281 ) 835,140 Income (loss) from discontinued operations $ (17,732 ) $ 408,532 |
Schedule of Cryptocurrency Mini
Schedule of Cryptocurrency Mining Operations (Details) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | ||||
Indefinite-Lived Intangible Assets [Line Items] | |||||||||
Realized loss on the sale of cryptocurrency | $ (131,075) | $ (131,075) | |||||||
Crypto Currency [Member] | |||||||||
Indefinite-Lived Intangible Assets [Line Items] | |||||||||
Balance March 31, 2022 | $ 532,736 | $ 302,654 | $ 302,654 | ||||||
Quantity of bitcoin, beginning balance | 14.7 | 6.6 | 6.6 | ||||||
Revenue recognized from cryptocurrency mined | $ 166,592 | $ 343,055 | $ 369,804 | ||||||
Quantity of bitcoin revenue recognized from cryptocurrency mined | 4.6 | 8.3 | 6.7 | ||||||
Mining pool operating fees | $ (3,428) | $ (6,868) | $ (7,398) | ||||||
Quantity of bitcoin mining pool operating fees | (0.1) | (0.2) | (0.1) | ||||||
Impairment of cryptocurrencies | [1] | $ (34) | $ (106,105) | $ (59,752) | |||||
Quantity of bitcoin impairment of cryptocurrencies | [1] | ||||||||
Proceeds from the sale of cryptocurrency | $ (564,205) | ||||||||
Quantity of bitcoin proceeds from the sale of cryptocurrency | (18.9) | ||||||||
Realized loss on the sale of cryptocurrency | $ (131,075) | ||||||||
Quantity of bitcoin realized loss on the sale of cryptocurrency | |||||||||
Balance June 30, 2022 | $ 586 | [2] | $ 532,736 | $ 302,654 | $ 586 | [2] | |||
Quantity of bitcoin, ending balance | 0.3 | [2] | 14.7 | 6.6 | 0.3 | [2] | |||
[1]The Company recognized an impairment, or write down, of cryptocurrency (Bitcoin) rewards to the lowest fair market value of Bitcoin from the time the reward was earned through the end of the reporting period. If the subsequent market price of Bitcoin increases, the asset balance will not be adjusted for the increase.[2]As of June 30, 2022, no cryptocurrency awards are being received and no revenue from cryptocurrency mining is being generated. |
Organization, Nature of Busin_3
Organization, Nature of Business and Basis of Presentation (Details Narrative) - USD ($) | 6 Months Ended | ||
Oct. 31, 2021 | Jun. 30, 2022 | Dec. 17, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Miners description | Cryptocurrency mining operations began in late 2021 when 240 Bitmain S19J Pro miners with 24 Ph/s of hashing capacity were placed in service. As of June 30, 2022, we had 270 Bitmain S19J Pro miners with 27.0 Ph/s of hashing capacity and 270 Bitmain S19 miners with 24.3 Ph/s of hashing capacity that had yet to be placed into service. | ||
Changes in market price of bitcoin description | the market price of Bitcoin was $19,785, which reflects a decrease of approximately 60% since the beginning of 2022, and of approximately 70% from its all-time high of approximately $67,000. In addition, the cost of natural gas that we use to produce electricity to power our miners has increased substantially. The cost of natural gas in the United States has increased by as much as approximately 235% since the beginning of 2022 | ||
Bitcoin market price | $ 19,785 | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Bitcoin market price | 67,000 | ||
Bitmain Agreement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Market price per miner | 7,500 | $ 11,250 | |
Initial total reference price | 2,793,000 | $ 6,762,000 | |
Payment for deposit on mining equiment | $ 3,969,000 |
Going Concern Analysis (Details
Going Concern Analysis (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net losses from continuing operations | $ 5,123,407 | $ 4,730,612 | |
Cash and cash equivalents | 816,146 | $ 2,785,188 | |
Working capital deficit | $ 2,500,000 |
Schedule of Anti--dilutive Secu
Schedule of Anti--dilutive Securities Excluded from Earnings Per Share (Details) | 6 Months Ended | |
Jun. 30, 2022 USD ($) $ / shares shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially Dilutive Security, Resulting common shares | 90,445,629 | |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially Dilutive Security, Quantity | 7,434,250 | |
Potentially Dilutive Security, Stated value per share | $ / shares | [1] | |
Potentially Dilutive Security, Total value or stated value | $ | ||
Potentially Dilutive Security, Assumed conversion price | [1] | |
Potentially Dilutive Security, Resulting common shares | 7,434,250 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially Dilutive Security, Quantity | 23,360,926 | |
Potentially Dilutive Security, Stated value per share | $ / shares | [1] | |
Potentially Dilutive Security, Total value or stated value | $ | ||
Potentially Dilutive Security, Assumed conversion price | [1] | |
Potentially Dilutive Security, Resulting common shares | 23,360,926 | |
Series A Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially Dilutive Security, Quantity | 226,915 | |
Potentially Dilutive Security, Stated value per share | $ / shares | $ 10 | [1] |
Potentially Dilutive Security, Total value or stated value | $ | $ 2,269,150 | |
Potentially Dilutive Security, Assumed conversion price | 0.175% | [1] |
Potentially Dilutive Security, Resulting common shares | 12,966,571 | |
Series B Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially Dilutive Security, Quantity | 1,400 | |
Potentially Dilutive Security, Stated value per share | $ / shares | $ 1,080 | [1] |
Potentially Dilutive Security, Total value or stated value | $ | $ 1,512,000 | |
Potentially Dilutive Security, Assumed conversion price | 1% | [1] |
Potentially Dilutive Security, Resulting common shares | 1,512,000 | |
Series C Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially Dilutive Security, Quantity | 7,880 | |
Potentially Dilutive Security, Stated value per share | $ / shares | $ 1,111 | [1] |
Potentially Dilutive Security, Total value or stated value | $ | $ 8,754,680 | |
Potentially Dilutive Security, Assumed conversion price | 1.50% | [1] |
Potentially Dilutive Security, Resulting common shares | 5,836,453 | |
Series B Preferred Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially Dilutive Security, Quantity | 10,000 | |
Potentially Dilutive Security, Stated value per share | $ / shares | $ 1,080 | [1] |
Potentially Dilutive Security, Total value or stated value | $ | $ 10,800,000 | |
Potentially Dilutive Security, Assumed conversion price | 1% | [1] |
Potentially Dilutive Security, Resulting common shares | 10,800,000 | |
Secured Convertible Debentures [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially Dilutive Security, Quantity | ||
Potentially Dilutive Security, Stated value per share | $ / shares | [1] | |
Potentially Dilutive Security, Total value or stated value | $ | $ 4,993,700 | |
Potentially Dilutive Security, Assumed conversion price | 0.175% | [1] |
Potentially Dilutive Security, Resulting common shares | 28,535,429 | |
[1]As of June 30, 2022 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | |||
Sep. 15, 2021 | Jan. 23, 2020 | Jun. 30, 2022 | Aug. 06, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Cash FDIC insurance limit | $ 250,000 | |||
Reverse stock split, description | 1-for-20 | We implemented a 1-for-20 reverse stock split of our outstanding shares of common stock that was effective on January 23, 2020. Unless otherwise noted, all share and related option, warrant, and convertible security information presented has been retroactively adjusted to reflect the reduced number of shares, and the increase in the share price which resulted from this action | ||
Jevo LLC [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Sale of assets | $ 1,500,000 | |||
Gain on transaction | $ 1,130,740 | |||
Asset Purchase Agreement [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Deferred revenue and other liabilities | $ 722,429 | |||
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment useful life | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment useful life | 9 years |
Schedule of Mining Equipment (D
Schedule of Mining Equipment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Deposits on mining equipment, Beginning balance | $ 6,905,420 | $ 7,613,230 | |
Deposits on equipment during the period | 734,540 | 1,398,190 | 7,613,230 |
Equipment delivered during the period | (2,966,280) | (2,106,000) | |
Deposits on mining equipment, Ending balance | 4,673,680 | 6,905,420 | 7,613,230 |
Cryptocurrency Miners [Member] | |||
Deposits on mining equipment, Beginning balance | 6,203,100 | 7,089,000 | |
Deposits on equipment during the period | 382,200 | 1,220,100 | 7,089,000 |
Equipment delivered during the period | (2,616,300) | (2,106,000) | |
Deposits on mining equipment, Ending balance | 3,969,000 | 6,203,100 | 7,089,000 |
Mobile Data Centers [Member] | |||
Deposits on mining equipment, Beginning balance | 702,320 | 524,230 | |
Deposits on equipment during the period | 352,340 | 178,090 | 524,230 |
Equipment delivered during the period | (349,980) | ||
Deposits on mining equipment, Ending balance | $ 704,680 | $ 702,320 | $ 524,230 |
Deposits on Mining Equipment (D
Deposits on Mining Equipment (Details Narrative) - Bitmain Agreement [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 17, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Market price per miner | $ 7,500 | $ 11,250 |
Initial total reference price | 2,793,000 | $ 6,762,000 |
Payment for deposit on mining equiment | $ 3,969,000 |
Cryptocurrency (Details Narrati
Cryptocurrency (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Cryptocurrency Abstract | |||
Impairment of intangible assets | $ 34 | $ 106,139 | |
Proceeds from the sale of cryptocurrency | 564,205 | ||
Realized loss on sale of cryptocurrency | $ 131,075 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Cryptocurrency miners | $ 6,723,152 | $ 1,784,062 |
Mobile data center | 875,052 | 518,663 |
Computer equipment | 12,771 | 12,771 |
Software | ||
Equipment | ||
Total | 7,610,975 | 2,315,496 |
Less accumulated depreciation | (418,176) | (89,136) |
Net, Property and equipment | $ 7,192,799 | $ 2,226,360 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 329,040 | $ 12,349 |
Investment (Details Narrative)
Investment (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
May 31, 2022 | May 28, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Payments to acquire investments | $ 125,000 | ||||
Number of shares issued value | $ 100,000 | 100,000 | |||
Highwire Energy Partners Inc [Member] | |||||
Issuance of shares | 169,205 | ||||
Highwire Energy Partners Inc [Member] | Binding Memorandum [Member] | |||||
Investment agreement description | Under the terms of the agreement and subject to certain conditions, the Company has the following obligations Highwire (i) $125,000 upon execution, (ii) $100,000 in common stock, (iii) $125,000 within 72 hours after Bitcoin mining operations commence, (iv) $110,000 to release Highwire from its bonding obligations, (v) an amount not to exceed $450,000 for the construction of a road on the South Dakota location, (vi) $20,000 for the installation of a mobile data center on the North Dakota property, (vii) the operating costs of each property, (viii) 15% of Bitcoin mining gross profit on the properties, and up to $400,000 if the Company elects to proceed with operations in Wyoming | ||||
Payments to acquire investments | $ 125,000 | 125,000 | |||
Number of shares issued value | 100,000 | $ 100,000 | |||
Issuance of shares | 169,205 | ||||
Highwire Energy Partners Inc [Member] | Binding Memorandum [Member] | SUDAN | |||||
Payments to acquire investments | 450,000 | ||||
Highwire Energy Partners Inc [Member] | Binding Memorandum [Member] | N D [Member] | |||||
Payments to acquire investments | 20,000 | ||||
Highwire Energy Partners Inc [Member] | Binding Memorandum [Member] | Bitcoin Mining Operations [Member] | |||||
Payments to acquire investments | 125,000 | ||||
Highwire Energy Partners Inc [Member] | Binding Memorandum [Member] | Bonding Obligations [Member] | |||||
Payments to acquire investments | $ 110,000 | $ 110,000 |
Schedule of Due to Related Part
Schedule of Due to Related Parties (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued interest and expenses | $ 2,640,515 | $ 2,231,558 |
Current secured convertible debenture | 2,496,850 | 2,500,000 |
Non-current secured convertible debenture | 2,496,850 | 2,500,000 |
Total | 7,634,215 | 7,231,558 |
Bristol Capital LLC [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued interest and expenses | 206,250 | 93,750 |
Current secured convertible debenture | ||
Non-current secured convertible debenture | ||
Total | 206,250 | 93,750 |
Bristol Investment Fund Ltd [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued interest and expenses | 1,673,708 | 1,525,479 |
Current secured convertible debenture | 2,496,850 | 2,500,000 |
Non-current secured convertible debenture | ||
Total | 4,170,558 | 4,025,479 |
Barlock 2019 Fund LP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued interest and expenses | 760,557 | 612,329 |
Current secured convertible debenture | ||
Non-current secured convertible debenture | 2,496,850 | 2,500,000 |
Total | $ 3,257,407 | $ 3,112,329 |
Amounts Due to Related Partie_2
Amounts Due to Related Parties (Details Narrative) | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Short-Term Debt [Line Items] | |
Debt conversion, converted instrument, shares issued | shares | 28,535,429 |
Debt instrument, convertible, conversion price | $ / shares | $ 0.175 |
Secured Convertible Debentures [Member] | |
Short-Term Debt [Line Items] | |
Debt instrument, face amount | $ 4,993,700 |
Secured Convertible Debentures [Member] | Bristol Investment Fund Ltd [Member] | |
Short-Term Debt [Line Items] | |
Debt instrument, face amount | 2,496,850 |
Secured Convertible Debentures [Member] | Barlock 2019 Fund LP [Member] | |
Short-Term Debt [Line Items] | |
Debt instrument, face amount | $ 2,496,850 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 17 Months Ended | |||||||||||||||||
Mar. 30, 2022 USD ($) shares | Jan. 02, 2022 shares | Oct. 31, 2021 $ / shares shares | Sep. 07, 2021 USD ($) | Mar. 02, 2021 USD ($) shares | Aug. 03, 2020 USD ($) $ / shares shares | Mar. 27, 2020 | Dec. 19, 2019 USD ($) Days $ / shares shares | Nov. 22, 2018 USD ($) shares | Dec. 29, 2016 USD ($) $ / shares shares | Dec. 01, 2016 USD ($) $ / shares shares | Jul. 01, 2016 USD ($) | Jan. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2019 USD ($) | Nov. 15, 2018 USD ($) shares | Oct. 22, 2021 USD ($) | |
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Shares granted | shares | ||||||||||||||||||||||
Exercise price | $ / shares | $ 2.51 | $ 2.51 | $ 2.45 | |||||||||||||||||||
Stock issued during period, value, new issues | $ 100,000 | $ 100,000 | ||||||||||||||||||||
Shares cancelled during period | shares | 86,466 | |||||||||||||||||||||
Debt interest payable description | The loans bear interest at an annual rate of one percent (1%), are due two (2) years from the date of issuance, and all payments are deferred for the first six (6) months of the loan. Any unforgiven balance of loan principal and accrued interest at the end of the six (6) month loan deferral period is amortized in equal monthly installments over the remaining 18-months of the loan term | |||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | $ 0.175 | $ 0.175 | ||||||||||||||||||||
Class of warrant or right number of securities called by each warrant or right | shares | 600,000 | 23,360,926 | 23,360,926 | |||||||||||||||||||
Exercise price | $ / shares | $ 1.50 | |||||||||||||||||||||
Due to related parties current and noncurrent | $ 7,634,215 | $ 7,634,215 | $ 7,231,558 | |||||||||||||||||||
Gross proceeds from exercise of warrants | $ 900,000 | |||||||||||||||||||||
Stock issued during period value other | ||||||||||||||||||||||
Loan payable | 149,900 | 149,900 | 361,595 | |||||||||||||||||||
Investment | 586 | 586 | 302,654 | |||||||||||||||||||
Scott D Kaufman [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Non accountable expense reimbursement | $ 200,000 | |||||||||||||||||||||
Bristol Investment Fund Ltd [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Due to related parties current and noncurrent | 4,170,558 | $ 4,170,558 | 4,025,479 | |||||||||||||||||||
John D Maatta [Membe] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Repayments of related party debt | $ 126,000 | |||||||||||||||||||||
Stock issued during period shares share based compensation | shares | 86,466 | |||||||||||||||||||||
Stock issued during period value share based compensation | $ 212,707 | |||||||||||||||||||||
Proceeds from related party debt | 125,000 | $ 100,000 | ||||||||||||||||||||
Loan payable | 0 | $ 0 | ||||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Shares granted | shares | 7,722 | |||||||||||||||||||||
Series A Preferred Stock [Member] | Scott D Kaufman [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Stock issued during period shares share based compensation | shares | 3,409 | 5,361 | ||||||||||||||||||||
Series A Preferred Stock [Member] | John D Maatta [Membe] | Debt Settlement One [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Stock issued during period shares other | shares | 29,496 | |||||||||||||||||||||
Stock issued during period value other | $ 294,965 | |||||||||||||||||||||
Series A Preferred Stock [Member] | Mr.Maatta [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Stock issued during period shares other | shares | 8,500 | |||||||||||||||||||||
Stock issued during period value other | $ 85,546 | |||||||||||||||||||||
Series A Preferred Stock [Member] | John D Maatta [Membe] | Debt Settlement Two [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Stock issued during period shares other | shares | 35,100 | |||||||||||||||||||||
Stock issued during period value other | $ 351,000 | |||||||||||||||||||||
Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Stock issued during period, value, new issues | ||||||||||||||||||||||
Stock issued during period value other | ||||||||||||||||||||||
Series A Warrants [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Beneficial ownership limitation | Shares of common stock issuable upon exercise of warrants are subject to a 4.99% beneficial ownership limitation, which may increase to 9.99% upon notice to the Company | |||||||||||||||||||||
Bristol Capital LLC [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt interest rate | 10% | 10% | ||||||||||||||||||||
Investment | $ 0 | $ 0 | 0 | |||||||||||||||||||
Barlock Capital Management LLC [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Payments for rent | 0 | $ 81,000 | ||||||||||||||||||||
Barlock Capital Management LLC [Member] | Scott D Kaufman [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Monthly rent | 3,000 | |||||||||||||||||||||
Payments for rent | 0 | |||||||||||||||||||||
American Natural Energy Corporation [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Payments for rent | $ 3,000 | 18,000 | ||||||||||||||||||||
Due to related party on initial ninety days | $ 1,500 | |||||||||||||||||||||
Due to related party current | $ 2,000 | |||||||||||||||||||||
Repayments of related party debt | 400,000 | |||||||||||||||||||||
Consulting Services Agreement [Member] | Bristol Capital LLC [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Non accountable expense reimbursement | $ 200,000 | |||||||||||||||||||||
Securities Purchase Agreement - December 2016 [Member] | Secured Convertible Debenture [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument face amount | $ 2,500,000 | $ 3,150 | ||||||||||||||||||||
Debt instrument, maturity date | Dec. 30, 2021 | Dec. 30, 2018 | ||||||||||||||||||||
Debt interest rate | 12% | |||||||||||||||||||||
Debt interest payable description | Interest is payable quarterly on (i) January 1, April 1, July 1 and October 1, beginning on January 1, 2017, (ii) on each date the purchaser converts, in whole or in part, the secured convertible debenture into common stock (as to that principal amount then being converted), and (iii) on the day that is 20 days following the Company’s notice to redeem some or all of the of the outstanding principal of the secured convertible debenture (only as to that principal amount then being redeemed) and on the maturity date | |||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | 0.175 | $ 3 | $ 0.175 | |||||||||||||||||||
Debt instrument, convertible, threshold percentage | 50% | |||||||||||||||||||||
Stock issued during period shares conversion of convertible securities | shares | 18,000 | |||||||||||||||||||||
Securities Purchase Agreement - December 2016 [Member] | Secured Convertible Debenture [Member] | Director and Employees [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | $ 0.25 | |||||||||||||||||||||
Securities Purchase Agreement - December 2016 [Member] | Bristol Investment Fund Ltd [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Stock issued during period, shares, new issues | shares | 25,000 | |||||||||||||||||||||
Stock issued during period, value, new issues | $ 85,000 | |||||||||||||||||||||
Purchase price of securities | 2,500,000 | |||||||||||||||||||||
Repayments of debt | 25,000 | |||||||||||||||||||||
Debt instrument unamortized discount | $ 25,791 | |||||||||||||||||||||
Securities Purchase Agreement - December 2016 [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument unamortized discount | $ 0 | $ 0 | 0 | |||||||||||||||||||
Stock issued during period shares conversion of convertible securities | shares | 7,000,000 | |||||||||||||||||||||
Class of warrant or right number of securities called by each warrant or right | shares | 833,333 | 7,000,000 | ||||||||||||||||||||
Exercise price | $ / shares | $ 0.25 | $ 3 | $ 0.25 | |||||||||||||||||||
Maturity date | Dec. 01, 2024 | Dec. 01, 2021 | ||||||||||||||||||||
Securities Purchase Agreement - December 2016 [Member] | Series A Warrants [Member] | Director and Employees [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | 0.25 | |||||||||||||||||||||
Securities Purchase Agreement - December 2016 [Member] | Series A Common Stock Purchase Warrants [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | $ 0.175 | |||||||||||||||||||||
Stock issued during period shares conversion of convertible securities | shares | 10,000,000 | |||||||||||||||||||||
Class of warrant or right number of securities called by each warrant or right | shares | 10,000,000 | 10,000,000 | ||||||||||||||||||||
Exercise price | $ / shares | $ 0.175 | $ 0.175 | $ 0.175 | |||||||||||||||||||
Securities Purchase Agreement - December 2016 [Member] | Series B Warrants [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument unamortized discount | $ 0 | $ 0 | 0 | |||||||||||||||||||
Class of warrant or right number of securities called by each warrant or right | shares | 833,333 | |||||||||||||||||||||
Exercise price | $ / shares | $ 0.002 | |||||||||||||||||||||
Maturity date | Dec. 01, 2021 | |||||||||||||||||||||
Gross proceeds from exercise of warrants | $ 1,667 | |||||||||||||||||||||
Fair value adjustment of warrants | 1,448,293 | |||||||||||||||||||||
Securities Purchase Agreement December Twenty Nineteen [Member] | Secured Convertible Debenture [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument face amount | $ 2,500,000 | |||||||||||||||||||||
Debt instrument, maturity date | Dec. 30, 2021 | |||||||||||||||||||||
Debt interest rate | 12% | |||||||||||||||||||||
Debt interest payable description | Interest is payable quarterly on (i) January 1, April 1, July 1 and October 1, beginning on January 1, 2020, (ii) on each date the purchaser converts, in whole or in part, the secured convertible debenture into common stock (as to that principal amount then being converted), and (iii) on the day that is 20 days following the Company’s notice to redeem some or all of the of the outstanding principal of the secured convertible debenture (only as to that principal amount then being redeemed) and on the maturity date | |||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | 0.175 | $ 2.50 | ||||||||||||||||||||
Debt instrument, convertible, threshold percentage | 50% | |||||||||||||||||||||
Debt instrument, trading days | Days | 20 | |||||||||||||||||||||
Securities Purchase Agreement December Twenty Nineteen [Member] | Secured Convertible Debenture [Member] | Director and Employees [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | $ 0.25 | |||||||||||||||||||||
Securities Purchase Agreement December Twenty Nineteen [Member] | Barlock 2019 Fund, LP [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Purchase price of securities | $ 2,500,000 | |||||||||||||||||||||
Debt instrument unamortized discount | $ 25,400 | |||||||||||||||||||||
Securities Purchase Agreement December Twenty Nineteen [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | $ 0.175 | |||||||||||||||||||||
Stock issued during period shares conversion of convertible securities | shares | 4,285,714 | 3,000,000 | ||||||||||||||||||||
Class of warrant or right number of securities called by each warrant or right | shares | 300,000 | 4,285,714 | 4,285,714 | 3,000,000 | ||||||||||||||||||
Exercise price | $ / shares | $ 0.175 | $ 0.25 | $ 2.50 | $ 0.175 | $ 0.175 | $ 0.25 | ||||||||||||||||
Fair value adjustment of warrants | $ 545,336 | |||||||||||||||||||||
Securities Purchase Agreement December Twenty Nineteen [Member] | Series A Warrants [Member] | Director and Employees [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | $ 0.25 | |||||||||||||||||||||
Bristol Capital LLC [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Non accountable expense reimbursement | $ 200,000 | |||||||||||||||||||||
Legal fees | $ 12,040 | |||||||||||||||||||||
Bristol Capital LLC [Member] | Consulting Services Agreement [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Shares granted | shares | 30,000 | |||||||||||||||||||||
Exercise price | $ / shares | $ 0.25 | |||||||||||||||||||||
Debt instrument, periodic payment | $ 18,750 | |||||||||||||||||||||
Percentage of fully diluted shares of common stock | 5% | |||||||||||||||||||||
Professional fees | 112,500 | 112,500 | ||||||||||||||||||||
Accrued professional fees | $ 206,250 | $ 206,250 | 93,750 | |||||||||||||||||||
Bristol Capital LLC [Member] | Consulting Services Agreement [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Stock issued during period, shares, new issues | shares | 22,500 | |||||||||||||||||||||
Stock issued during period, value, new issues | $ 225,000 | |||||||||||||||||||||
Shares cancelled during period | shares | 202,022 | |||||||||||||||||||||
Cancellation, value | $ 49,688 | |||||||||||||||||||||
Bristol Capital LLC [Member] | Consulting Services Agreement [Member] | Preferred Stock [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Stock issued during period, shares, new issues | shares | 38,438 | 202,022 | ||||||||||||||||||||
Stock issued during period, value, new issues | $ 384,375 | $ 496,875 | ||||||||||||||||||||
Bristol Capital LLC [Member] | Securities Purchase Agreement - December 2016 [Member] | Secured Convertible Debenture [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | $ 0.175 | $ 0.175 | ||||||||||||||||||||
Bristol Capital Advisors LLC [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Operating lease term | 5 years 3 months | |||||||||||||||||||||
Operating lease payments | $ 8,000 | 83,054 | $ 108,046 | |||||||||||||||||||
Bristol Investment Fund Ltd [Member] | Securities Purchase Agreement - December 2016 [Member] | Secured Convertible Debenture [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument face amount | $ 2,496,850 | $ 2,496,850 | ||||||||||||||||||||
Stock issued during period shares conversion of convertible securities | shares | 14,267,714 | 10,000,000 | ||||||||||||||||||||
Accrued interest payable | 1,673,708 | $ 1,673,708 | 1,525,479 | |||||||||||||||||||
Bristol Investment Fund Ltd [Member] | Securities Purchase Agreement - December 2016 [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Class of warrant or right number of securities called by each warrant or right | shares | 700,000 | |||||||||||||||||||||
Exercise price | $ / shares | $ 2.50 | |||||||||||||||||||||
Barlock 2019 Fund, LP [Member] | Securities Purchase Agreement - December 2016 [Member] | Secured Convertible Debenture [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument face amount | $ 2,496,850 | $ 2,496,850 | ||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | $ 0.175 | $ 0.175 | ||||||||||||||||||||
Stock issued during period shares conversion of convertible securities | shares | 14,267,714 | |||||||||||||||||||||
Accrued interest payable | $ 760,557 | $ 760,557 | $ 612,239 | |||||||||||||||||||
Barlock 2019 Fund, LP [Member] | Securities Purchase Agreement - December 2016 [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Debt instrument convertible conversion price1 | $ / shares | $ 2.50 | |||||||||||||||||||||
Stock issued during period shares conversion of convertible securities | shares | 1,000,000 | |||||||||||||||||||||
Exercise price | $ / shares | $ 2.50 | |||||||||||||||||||||
Maturity date | Dec. 01, 2024 | |||||||||||||||||||||
Due to related parties current and noncurrent | $ 300,000 | |||||||||||||||||||||
Barlock 2019 Fund, LP [Member] | Securities Purchase Agreement December Twenty Nineteen [Member] | Secured Convertible Debenture [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Stock issued during period shares conversion of convertible securities | shares | 10,000,000 | |||||||||||||||||||||
K2PC Consulting, LLC [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Payments of marketing fees | $ 7,850 | $ 18,000 |
Note Payable (Details Narrative
Note Payable (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
May 18, 2022 | May 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Proceeds from notes payable | $ 500,000 | |||
Verbal Agreement [Member] | Leviston Resources LLC [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Proceeds from notes payable | $ 500,000 | $ 722,000 | ||
Notes payable, amount | 588,643 | $ 850,000 | ||
Debt instrument face amount | 500,000 | |||
Debt instrument original issue discount | $ 88,643 |
Schedule of Loans Payable (Deta
Schedule of Loans Payable (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Total | $ 149,900 | $ 361,595 |
Guaranteed SBA PPP Loan [Member] | ||
Short-Term Debt [Line Items] | ||
Total | 14,033 | |
Loan Agreement SBA [Member] | ||
Short-Term Debt [Line Items] | ||
Total | 149,900 | 149,900 |
Second Draw Guaranteed SBA PPP Loan [Member] | ||
Short-Term Debt [Line Items] | ||
Total | $ 197,662 |
SBA_PPP Notes Payable (Details
SBA/PPP Notes Payable (Details Narrative) - USD ($) | Dec. 11, 2021 | Feb. 24, 2021 | May 31, 2020 | Mar. 27, 2020 | Jun. 30, 2022 | Mar. 10, 2022 | Dec. 31, 2021 | May 27, 2020 | Apr. 30, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Debt instrument, description | The loans bear interest at an annual rate of one percent (1%), are due two (2) years from the date of issuance, and all payments are deferred for the first six (6) months of the loan. Any unforgiven balance of loan principal and accrued interest at the end of the six (6) month loan deferral period is amortized in equal monthly installments over the remaining 18-months of the loan term | ||||||||
Accounts payable, interest-bearing, interest rate | 100% | ||||||||
Guaranteed SBA PPP Loan [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Debt instrument face amount | $ 197,600 | ||||||||
Debt instrument interest rate stated percentage | 1% | ||||||||
Debt Instrument, Decrease, Forgiveness | $ 183,567 | ||||||||
Notes and loans payable | $ 0 | $ 14,033 | |||||||
Loan Agreement SBA [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Debt instrument face amount | $ 149,900 | ||||||||
Debt instrument interest rate stated percentage | 3.75% | ||||||||
Notes and loans payable | 149,900 | 149,900 | |||||||
Debt instrument maturity date description | mature in June 2050 | ||||||||
Second Draw Guaranteed SBA PPP Loan [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Debt instrument face amount | $ 197,662 | ||||||||
Debt instrument interest rate stated percentage | 1% | ||||||||
Notes and loans payable | $ 0 | $ 197,662 | $ 197,662 | ||||||
Debt instrument maturity date description | mature in February 2026 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Jun. 30, 2022 | |
Common Stock Options | ||
Options,at the beginning of the period | 7,651,750 | 7,651,750 |
Weighted Average Exercise Price, Outstanding at the beginning of the period | $ 2.45 | $ 2.45 |
Number of options, Granted | ||
Weighted Average Exercise Price, Granted | ||
Number of options, Exercised | (217,500) | (217,500) |
Weighted Average Exercise Price, Exercised | $ 0.42 | |
Number of options, Forfeited/Cancelled | ||
Weighted Average Exercise Price, Forfeited/Cancelled | ||
Number of options, Outstanding at the end of the period | 7,434,250 | |
Weighted Average Exercise Price, Outstanding at the end of the period | $ 2.51 | |
Number of options, Exercisable at end of the period | 4,151,750 | 4,151,750 |
Weighted Average Exercise Price, Per Share Beginning | $ 2.28 | $ 2.28 |
Number of options, Exercisable at end of the period | 3,934,250 | |
Weighted Average Exercise Price, Per Share Ending | $ 2.39 |
Schedule of Stock Option Outsta
Schedule of Stock Option Outstanding and Exercisable (Details) - $ / shares | 6 Months Ended | ||
Jan. 02, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Option Exercise Price | $ 0.42 | ||
Options Outstanding | 7,434,250 | ||
Remaining Exercise Price (in years) | 5 years | 4 years 3 months 18 days | |
Options Exercisable | 3,934,250 | 4,151,750 | |
Option Exercise Price Range One [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Option Exercise Price | $ 0.25 | ||
Options Outstanding | 434,250 | ||
Remaining Exercise Price (in years) | 1 year 7 months 6 days | ||
Options Exercisable | 434,250 | ||
Option Exercise Price Range Two [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Option Exercise Price | $ 2.65 | ||
Options Outstanding | 7,000,000 | ||
Remaining Exercise Price (in years) | 4 years 4 months 24 days | ||
Options Exercisable | 3,500,000 |
Common Stock Options (Details N
Common Stock Options (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jan. 02, 2022 | May 09, 2011 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 29, 2022 | Oct. 31, 2021 | Aug. 21, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Stock option granted | |||||||||
Class of warrant exercise price per share | $ 1.50 | ||||||||
Weighted average remaining contractual term | 5 years | 4 years 3 months 18 days | |||||||
Weighted average remaining contractual term | 4 years 1 month 6 days | ||||||||
Exercisable intrinsic value | $ 15,555 | ||||||||
Stock options exercised, shares | 217,500 | 217,500 | |||||||
Directors And Employees [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Class of warrant exercise price per share | $ 0.25 | ||||||||
Common Stock [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Class of warrant exercise price per share | $ 1.50 | ||||||||
Stock options exercised, shares | 185,216 | 122,500 | 185,216 | 122,500 | |||||
Two Thousand And Twenty Plan [Member] | Common Stock [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Stock option granted | 500,000 | ||||||||
Two Thousand And Twenty One Plan [Member] | Common Stock [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Stock option granted | 10,000,000 | ||||||||
Stock option available for granted | 3,000,000 |
Schedule of Stock Warrants Acti
Schedule of Stock Warrants Activity (Details) - $ / shares | 6 Months Ended | |||
Jan. 02, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | ||
Number of warrants, Forfeited/Cancelled | (250,000) | |||
Weighted Average Exercise Price, Outstanding at the end of the period | $ 2.51 | |||
Common stock warrants, Exercisable at end of the period | 22,900,926 | |||
Common Stock Warrant [Member] | ||||
Number of warrants, Outstanding at the beginning of the period | 22,460,926 | 22,460,926 | ||
Weighted Average Exercise Price, Outstanding at the beginning of the period | $ 0.82 | $ 0.82 | ||
Number of warrants, Granted | 1,500,000 | |||
Weighted Average Exercise Price, Granted | $ 1.88 | |||
Number of warrants, Exercised | (600,000) | |||
Weighted Average Exercise Price, Exercised | $ 1.50 | |||
Number of warrants, Forfeited/Cancelled | ||||
Weighted Average Exercise Price, Forfeited/Cancelled | ||||
Number of warrants, Outstanding at the ending of the period | 22,360,926 | |||
Weighted Average Exercise Price, Outstanding at the end of the period | [1] | $ 0.71 | ||
Common stock warrants, Exercisable at end of the period | 22,900,926 | 21,690,926 | ||
Weighted Average Exercise Price, Exercisable at end of the period | $ 0.69 | $ 0.80 | ||
[1]On March 29, 2022, the Company offered 16 warrant holders replacement warrants with an exercise price of $ 1.50 1.50 1.50 1.50 1.50 |
Schedule of Stock Warrants Ac_2
Schedule of Stock Warrants Activity (Details) (Parenthetical) - $ / shares | Mar. 29, 2022 | Jan. 02, 2022 | Dec. 31, 2021 | Oct. 31, 2021 |
Class of warrant or right exercise price of warrants or rights | $ 1.50 | |||
Series C Preferred Stock [Member] | ||||
Class of warrant or right exercise price of warrants or rights | $ 1.50 | $ 1.50 | $ 2.75 | |
Common Stock [Member] | ||||
Class of warrant or right exercise price of warrants or rights | $ 1.50 |
Schedule of Assumptions Used to
Schedule of Assumptions Used to Estimate Fair Value of Warrants (Details) | Jun. 30, 2022 | Oct. 31, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected life (in years) | 5 years | |
Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected volatility | 0 | |
Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected volatility | 2.09 | |
Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected life (in years) | 3 years | |
Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected volatility | 297 |
Schedule of Stock Warrants Outs
Schedule of Stock Warrants Outstanding and Exercisable (Details) - $ / shares | 6 Months Ended | |||
Jan. 02, 2022 | Jun. 30, 2022 | Mar. 30, 2022 | Oct. 31, 2021 | |
Class of warrant exercise price per share | $ 1.50 | |||
Warrant outstanding | 23,360,926 | 600,000 | ||
Remaining Contractual Life (in years) | 5 years | 4 years 3 months 18 days | ||
Warrant Exercisable | 22,900,926 | |||
Warrant [Member] | ||||
Class of warrant exercise price per share | $ 2.50 | $ 0.175 | ||
Warrant outstanding | 250,000 | 14,285,714 | ||
Remaining Contractual Life (in years) | 5 years | 2 years 4 months 24 days | ||
Warrant Exercisable | 14,285,714 | |||
Warrant One [Member] | ||||
Class of warrant exercise price per share | $ 0.50 | |||
Warrant outstanding | 50,000 | |||
Remaining Contractual Life (in years) | 3 years 8 months 12 days | |||
Warrant Exercisable | 50,000 | |||
Warrant Two [Member] | ||||
Class of warrant exercise price per share | $ 1 | |||
Warrant outstanding | 300,000 | |||
Remaining Contractual Life (in years) | 1 year 8 months 12 days | |||
Warrant Exercisable | 300,000 | |||
Warrant Three [Member] | ||||
Class of warrant exercise price per share | $ 1.50 | |||
Warrant outstanding | 8,045,212 | |||
Remaining Contractual Life (in years) | 4 years 1 month 6 days | |||
Warrant Exercisable | 7,585,212 | |||
Warrant Four [Member] | ||||
Class of warrant exercise price per share | $ 1.53 | |||
Warrant outstanding | 180,000 | |||
Remaining Contractual Life (in years) | 2 years 2 months 12 days | |||
Warrant Exercisable | 180,000 | |||
Warrant Five [Member] | ||||
Class of warrant exercise price per share | $ 2.50 | |||
Warrant outstanding | 250,000 | |||
Remaining Contractual Life (in years) | 4 years 6 months | |||
Warrant Exercisable | 250,000 | |||
Warrant Six [Member] | ||||
Class of warrant exercise price per share | $ 2.75 | |||
Warrant outstanding | 250,000 | |||
Remaining Contractual Life (in years) | 4 years 6 months | |||
Warrant Exercisable | 250,000 |
Common Stock Warrants (Details
Common Stock Warrants (Details Narrative) - USD ($) | 6 Months Ended | |||||
Mar. 30, 2022 | Jan. 02, 2022 | Jun. 30, 2022 | Mar. 29, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | |
Class of warrant or right number of securities called by each warrant or right | 600,000 | 23,360,926 | ||||
Class of warrant or right exercise price of warrants or rights | $ 1.50 | |||||
Remaining Exercise Price (in years) | 5 years | 4 years 3 months 18 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 250,000 | |||||
Shares issued price per share | $ 2.75 | |||||
Proceeds from warrant exercises | $ 900,000 | |||||
Exercise of warrants, shares | 600,000 | |||||
Warrant [Member] | ||||||
Class of warrant or right number of securities called by each warrant or right | 250,000 | 14,285,714 | ||||
Class of warrant or right exercise price of warrants or rights | $ 2.50 | $ 0.175 | ||||
Remaining Exercise Price (in years) | 5 years | 2 years 4 months 24 days | ||||
Weighted average remaining contractual term | 3 years | |||||
Fair value of common stock intrinsic value | $ 1,928,571 | |||||
16 Warrant [Member] | ||||||
Class of warrant or right exercise price of warrants or rights | $ 1.50 | |||||
Common Stock [Member] | ||||||
Class of warrant or right exercise price of warrants or rights | 1.50 | |||||
Exercise of warrants, shares | 600,000 | |||||
Series C Preferred Stock [Member] | ||||||
Class of warrant or right number of securities called by each warrant or right | 400,000 | |||||
Class of warrant or right exercise price of warrants or rights | $ 1.50 | $ 1.50 | $ 2.75 | |||
Remaining Exercise Price (in years) | 5 years |
Schedule of Series B Preferred
Schedule of Series B Preferred Stock Warrant Activity (Details) - Series B Preferred Stock [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Series B Preferred Stock Warrants Outstanding - Begining | shares | 10,000 |
Weighted Average Exercise Price Outstanding - Begining | $ / shares | $ 1,000 |
Series B Preferred Stock Granted | shares | |
Weighted Average Exercise Price, Granted | $ / shares | |
Series B Preferred Stock Exercised | shares | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Series B Preferred stock Forfeited | shares | |
Weighted Average Exercise Price, Forfeited | $ / shares | |
Series B Preferred Stock Warrants Outstanding - Ending | shares | 10,000 |
Weighted Average Exercise Price Outstanding - Ending | $ / shares | $ 1,000 |
Series B Preferred Stock Warrants Exercisable - Ending | shares | 10,000 |
Weighted Average Exercise Price Exercisable - Ending | $ / shares | $ 1,000 |
Series B Preferred Stock Warr_3
Series B Preferred Stock Warrants (Details Narrative) - USD ($) | 6 Months Ended | 10 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | |
Warrants to acquire preferred stock | 2,933,340 | ||
Class of warrant exercise price per share | $ 1.50 | ||
Reason for exercise of warrant | The Company can force the exercise of the warrants if the VWAP exceeds $3.75 per share per share for 20 consecutive trading days and the daily average trading volume of the Common Stock exceeds $100,000 in aggregate value for such period. The warrant holder may not be forced to exercise the warrant if such exercise would cause the holder’s beneficial ownership to exceed 4.9%. | ||
Shares granted | |||
Convertible common stock shares outstanding | 1,512,000 | ||
Convertible common stock per share value | $ 0.0001 | $ 0.0001 | |
Series B Preferred Stock [Member] | |||
Warrants outstanding | 10,000 | ||
Warrant Two [Member] | |||
Class of warrant exercise price per share | $ 1 | ||
Series B Preferred Stock [Member] | |||
Warrants to acquire preferred stock | 5,000 | 5,000 | |
Class of warrant exercise price per share | $ 1,000 | $ 1,000 | |
Warrant expiration date | Mar. 26, 2023 | ||
Exercise price per share | $ 1,000 | ||
Shares granted | 10,800,000 | ||
Convertible common stock shares outstanding | 2,472 | 5,000 | |
Weighted Average Remaining Contractual Life (in Years) | 1 year 2 months 12 days | ||
Series B Preferred Stock [Member] | Warrant Two [Member] | |||
Warrants to acquire preferred stock | 5,000 | ||
Class of warrant exercise price per share | $ 1,000 | ||
Warrant expiration date | Mar. 26, 2024 | ||
Series B Common Stock [Member] | |||
Converstion price description | Each share of our Series B preferred stock is convertible into a number of shares of our common stock determined by dividing the aggregate stated value for the Series B preferred stock being converted ($1,080 per share, as amended, subject to adjustment as set forth in the currently effective Series B Certificate of Designation) by the then-applicable conversion price (initially $1.50 per share), subject to adjustment as set forth in the currently effective Series B Certificate of Designation | ||
Convertible Common Stock [Member] | |||
Convertible common stock shares outstanding | 10,800,000 | ||
Convertible common stock per share value | $ 1 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
May 31, 2022 | Jan. 25, 2022 | Jan. 23, 2020 | Oct. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Reverse stock split description | 1-for-20 | We implemented a 1-for-20 reverse stock split of our outstanding shares of common stock that was effective on January 23, 2020. Unless otherwise noted, all share and related option, warrant, and convertible security information presented has been retroactively adjusted to reflect the reduced number of shares, and the increase in the share price which resulted from this action | ||||
Proceeds from issuance of private placement | $ 3,925,050 | |||||
Common stock price per share | $ 0.0001 | $ 0.0001 | ||||
Warrants issued | 2,933,340 | |||||
Class of warrant exercise price per share | $ 1.50 | |||||
Warrants term | 5 years | |||||
Proceeds from issuance of warrants | $ 3,900,000 | |||||
Highwire Energy Partners Inc [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Issuance of common stock for investment, shares | 169,205 | |||||
Employment Agreement [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Issuance of common stock for investment, shares | 30,000 | |||||
Private Placement [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Issuance of common stock for investment, shares | 2,933,340 | |||||
Common stock price per share | $ 1.50 |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Jan. 02, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Oct. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Mar. 29, 2022 | |
Class of Stock [Line Items] | |||||||||
Shares issued price per share | $ 2.75 | ||||||||
Shares granted | |||||||||
Conversion of stock shares converted | 1,512,000 | ||||||||
Conversion of stock shares issued | 12,966,571 | ||||||||
Conversion of stock amount converted | $ 329 | ||||||||
Proceeds from issuance | $ 3,925,050 | ||||||||
Warrant to acquire | 2,933,340 | ||||||||
Class of warrant exercise price per share | $ 1.50 | ||||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Class of warrant exercise price per share | $ 1.50 | ||||||||
16 Warrent [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Class of warrant exercise price per share | 1.50 | ||||||||
Series A Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of votes per share | 2,000 | ||||||||
Issued and outstanding percentage | 12% | ||||||||
Shares issued price per share | $ 10 | ||||||||
Conversion price | $ 0.175 | ||||||||
Shares granted | 7,722 | ||||||||
Stock issued during period value restricted stock award net of forfeitures | $ 77,216 | ||||||||
Conversion of stock shares converted | 23,423 | ||||||||
Conversion of stock shares issued | 226,915 | ||||||||
Conversion of stock amount converted | $ 2,269,150 | ||||||||
Series A Preferred Stock [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Conversion of stock shares issued | 1,338,456 | ||||||||
Series A Preferred Stock [Member] | Scott D Kaufman [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued during period value restricted stock award net of forfeitures | $ 34,090 | $ 53,610 | |||||||
Stock issued during period shares share based compensation | 3,409 | 5,361 | |||||||
Series A Preferred Stock [Member] | Mr. Kaufman [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued during period shares share based compensation | 4,941 | 4,941 | |||||||
Series A Preferred Stock [Member] | Paul L. Kessler [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued during period value restricted stock award net of forfeitures | $ 49,410 | $ 49,410 | |||||||
Series A certificate of Designation [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Conversion price | $ 0.25 | ||||||||
Series B Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Issued and outstanding percentage | 5% | ||||||||
Conversion price | $ 1 | ||||||||
Shares granted | 10,800,000 | ||||||||
Conversion of stock shares converted | 2,472 | 5,000 | |||||||
Conversion of stock shares issued | 1,400 | ||||||||
Conversion of stock amount converted | $ 1,512,000 | ||||||||
Debt instrument face amount | $ 1,080 | ||||||||
Debt instrument interest stated percentage | 51% | ||||||||
Proceeds from issuance | $ 4,378,995 | ||||||||
Debt Conversion converted instrument amount | $ 1,080 | ||||||||
Warrant to acquire | 5,000 | 5,000 | 5,000 | 5,000 | |||||
Class of warrant exercise price per share | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Series B Preferred Stock [Member] | Junior Securities [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Beneficial ownership | 9.99% | ||||||||
Series B Preferred Stock [Member] | Minimum [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Conversion price | $ 1 | ||||||||
Series B Preferred Stock [Member] | Maximum [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Conversion price | $ 1.50 | ||||||||
Series B Preferred Stock [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Conversion of stock shares issued | 1,962,448 | ||||||||
Series B Preferred Stock One [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Expiration date | Mar. 26, 2023 | ||||||||
Series B Preferred Stock Two [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Expiration date | Mar. 26, 2024 | ||||||||
Series C Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Conversion price | $ 1.50 | ||||||||
Conversion of stock shares converted | 7,880 | 7,880 | |||||||
Conversion of stock shares issued | 5,836,453 | ||||||||
Conversion of stock amount converted | $ 8,754,680 | ||||||||
Proceeds from issuance | $ 7,733,601 | ||||||||
Debt Conversion converted instrument amount | $ 1,111 | ||||||||
Warrant to acquire | 1,750,936 | 1,750,936 | 1,750,936 | ||||||
Class of warrant exercise price per share | $ 1.50 | $ 2.75 | $ 2.75 | $ 2.75 | $ 1.50 | ||||
Convertible Preferred stock terms of conversion | The Series C Preferred Stock ranks junior to the Series B Preferred Stock as to rights upon a liquidation, dissolution or winding up of the Company. The Series C Preferred Stock is convertible, at the option of the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Stated Value, currently $1,111, by the Series C Conversion Price, subject to further adjustment in the event that the Company, subject to certain exemptions, disposes of or issues any Common Stock or securities convertible into, exercisable, or exchangeable for Common Stock for no consideration or for consideration less than the applicable Series C Conversion Price in effect immediately prior to such issuance. We are entitled to redeem some or all of the outstanding shares of Series C Preferred Stock for cash in an amount equal to the Optional Redemption Amount (as defined in the Certificate of Designation). The Series C Preferred Stock is entitled to certain protective provisions and, without the written consent of at least 50.1% in Stated Value of the outstanding shares of the Series C Preferred Stock, we may not (or permit any of our subsidiaries to) enter into, create, incur, assume, guarantee or suffer to exist any indebtedness, other than Permitted Indebtedness (as defined in the Certificate of Designation). Shares of common stock issuable upon the conversion of Series C Preferred Stock are subject to a 4.99% beneficial ownership limitation, which may increase to 9.99% upon notice to the Company | ||||||||
Series C Preferred Stock One [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrant to acquire | 1,750,936 | 1,750,936 | 1,750,936 | ||||||
Class of warrant exercise price per share | $ 2.50 | $ 2.50 | $ 2.50 |
Schedule of Gain from Sale of D
Schedule of Gain from Sale of Discontinue Operation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 15, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Current assets | |||||
Total | |||||
Gain from sale | |||||
Jevo Assets [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net cash paid on the closing date | $ 1,500,000 | ||||
Current assets | 36,060 | ||||
Inventory | 193,300 | ||||
Fixed assets, net | 16,700 | ||||
Intangible assets, net | 123,200 | ||||
Total | 369,260 | ||||
Gain from sale | $ 1,130,740 |
Schedule of Discontinued Operat
Schedule of Discontinued Operation of Balance Sheet and Operation Statement (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Current assets: | |||
Prepaid expenses | |||
Inventory | 18,725 | ||
Total current assets | 18,725 | ||
Other assets: | |||
Property and equipment, net | |||
Intangible assets, net | |||
Total assets | 18,725 | ||
Current liabilities: | |||
Accounts payable and accrued expenses | 485,712 | 472,029 | |
Deferred revenue | |||
Due to CONtv | |||
Total liabilities | 485,712 | $ 472,029 | |
Revenue | 43,511 | $ 605,900 | |
Operating costs and expenses: | |||
Cost of revenue | 58,962 | 463,277 | |
General and administrative | 569,231 | ||
Total operating expenses | 58,962 | 1,032,508 | |
Loss from operations | (15,451) | (426,608) | |
Other income (expense): | |||
Other income | (2,281) | 835,140 | |
Interest income | |||
Loss on disposal of fixed assets | |||
Total other income (expense) | (2,281) | 835,140 | |
Income (loss) from discontinued operations | $ (17,732) | $ 408,532 |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 15, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain loss on disposal of discontinued operation net of tax | ||||||
Investments | 586 | 586 | $ 302,654 | |||
Due to related party | ||||||
CONtv [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Passive interest | 10% | |||||
Investments | 0 | $ 0 | 0 | |||
CONtv [Member] | Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Due to related party | ||||||
Jevo Assets [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain loss on disposal of discontinued operation net of tax | $ 1,130,740 | |||||
Proceeds from sale of subsidiary | $ 1,500,000 | |||||
Purchase Agreement [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain loss on disposal of discontinued operation net of tax | $ 722,429 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jul. 07, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Subsequent Event [Line Items] | |||
Changes in market price of bitcoin description | the market price of Bitcoin was $19,785, which reflects a decrease of approximately 60% since the beginning of 2022, and of approximately 70% from its all-time high of approximately $67,000. In addition, the cost of natural gas that we use to produce electricity to power our miners has increased substantially. The cost of natural gas in the United States has increased by as much as approximately 235% since the beginning of 2022 | ||
Bitcoin market price | $ 19,785 | ||
Number of shares converted | 1,512,000 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares converted | 185,167 | ||
Series C Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares converted | 7,880 | 7,880 | |
Series C Preferred Stock [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Conversion of perferred stock | 250 | ||
Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Bitcoin market price | $ 67,000 |