Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (107,741,965) $ (169,675,169)
Adjustments to reconcile net loss to cash used by operating activities    
Stock-based compensation 123,754 1,536,895
Depreciation, depletion, amortization and accretion 14,107 12,300
Change in fair value of derivative liability 89,523,091 152,831,569
Amortization of debt discount 3,191,154 0
(Equity) deficit in earnings of unconsolidated entity 9,461,874 9,430,946
Changes in operating assets and liabilities    
Accounts receivable 24,389 (17,312)
Prepaid expenses and other assets 0 (22,622)
Accounts payable and accrued expenses 788,110 2,489,227
Net cash used in operating activities (4,615,486) (3,414,166)
Cash flows from investing activities:    
Loans to Viking (4,922,300) (4,100,000)
Repayments received from Viking 2,450,000 0
Cash paid for Viking investment 0 (11,000,000)
Net cash provided (used) in investing activities (2,472,300) (15,100,000)
Cash flows from financing activities:    
Proceeds from issuance of Series C Preferred Stock 0 15,000,000
Proceeds from issuance of Series G Preferred Stock 0 5,000,000
Redemption of Series C Preferred Stock (18,850,000) 0
Redemption of Series G Preferred Stock (2,750,000) 0
Proceeds from long-term debt 25,000,000 3,500,000
Repayment of long-term debt (1,000,000) 0
Net cash provided by financing activities 2,400,000 23,500,000
Net increase (decrease) in cash (4,687,786) 4,985,834
Cash, beginning of year 5,854,382 868,548
Cash, end of year 1,166,596 5,854,382
Supplemental Cash Flow Information    
Interest 66,710 6,002
Taxes 0 0
Supplemental Non-Cash Investing and Financing Activities    
Conversion of Series C Preferred Stock 51,760,451 141,494,425
True-up derivative settlement 24,420,597 0
Adjustment for rounding on reverse stock split 154 0
Warrants issued for debt discount 14,763,394 0
Recognition of warrant liability 5,894,179 0
Issuance of Series C Preferred Stock as investment in Viking $ 0 $ 18,900,000