HNR Acquisition Corp

For the period ended Dec 31, 2023. Filed May 3, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed May 3, 2024

EONR$0.26-5.0%Stored close · as of Nov 9, 2026

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Contents

Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

Successor · Predecessor
November 15, 2023 to December 31, 2023 · January 1, 2023 to November 14, 2023 · Year Ended December 31, 2022
Operating activities:
Net income		$(9,001,202)		$4,970,863		$18,296,002
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization expense		352,127		1,497,749		1,613,402
Accretion of asset retirement obligations		11,062		843,865		1,575,296
Equity-based compensation		3,445,965		-		6,394
Deferred income tax benefit		(2,365,632)		-		-
Amortization of operating lease right-of-use assets		-		(403)		(329)
Amortization of debt issuance costs		1,191,553		3,890		3,676
Change in fair value of unsettled derivatives		(443,349)		(1,215,693)		(2,185,000)
Change in fair value of warrant liability		(187,704)		-		-
Change in fair value of forward purchase agreement		(3,268,581)		-		-
Change in other property, plant, and equipment, net		-		83,004		-
(Gain) loss on sale of assets		-		816,011		-
Changes in operating assets and liabilities:
Accounts receivable		1,793,055		(921,945)		(243,940)
Prepaid expenses and other assets		(258,431)		26,833		(132,809)
Related party note receivable interest income		-		(313,401)		-
Accounts payable and accrued liabilities		7,953,598		1,480,138		148,143
Accrued liabilities		1,251,677		753,595		1,707,701
Royalties payable		(313,381)		157,991		10,248
Royalties payable – related party		323,717		8,066		(2,147,652)
Net cash provided by operating activities		484,474		8,190,563		18,651,132
Investing activities:
Development of crude oil and gas properties		(238,499)		(6,769,557)		(16,891,856)
Acquisition of business, net of cash acquired		(30,827,804)		-		-
Trust Account withdrawals		49,362,479		-		-
Issuance of related party note receivable		-		(190,998)		(3,809,003)
Net cash provided by (used in) investing activities		18,296,176		(6,960,555)		(20,700,859)
Financing activities:
Proceeds from issuance of long-term debt		28,000,000		-		8,000,000
Payment of debt issuance costs		(808,992)		-		(3,000,000)
Repayments of long-term debt		(319,297)		(3,000,000)		-
Member distributions		-		-		(2,000,000)
Repayment of related party notes payable		-		-		-
Redemptions of common stock		(44,737,839)		-		-
Net cash provided by (used in) financing activities		(17,866,128)		(3,000,000)		3,000,000
Net change in cash and cash equivalents		914,522		(1,769,992)		950,273
Cash and cash equivalents at beginning of period		2,590,932		2,016,315		1,066,042
Cash and cash equivalents at end of period		$3,505,454		$246,323		$2,016,315
Cash paid during the period for:
Interest on debt		$370,625		$2,002,067		$847,968
Income taxes		$154,000	$	-	$	-
Amounts included in the measurement of operating lease liabilities	$	-		$56,625		$151,655
Supplemental disclosure of non-cash investing and financing activities:
Operating lease assets obtained in exchange for operating lease obligations	$	-	$	-		$46,528
Impact to right-of-use assets and lease liabilities due to lease modification	$	-	$	-		$50,921
Accrued purchases of property and equipment at period end		$141,481		$256,237		$663,954

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