White River Energy Corp.

[1]	Since the retroactive treatment is reflected and there were only Series A preferred shares issued in the exchange, no EPS for the prior periods are reflected. The 1,200 Series A convert into 42,253,521 common shares.

Condensed Consolidated Statements of CashFlows (Unaudtied) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOW FROM OPERATING ACTIVITIES FROM OPERATIONS
Net loss	$ (117,378,906)	$ (27,865,589)
Adjustments to reconcile net loss to net cash (used in) operating activities
Depreciation, amortization, depletion, accretion and impairment	1,047,046	6,406,201
Share-based compensation	7,922,795	1,727,404
Bad debt	2,206,759	50,895
Fees paid in termination of note payable		65,065
Loss on disposal of Norr and Elysian		144,654
(Gain) on disposal of fixed assets	(173,949)	(405,052)
(Gain) on disposal of oil and gas properties	(775,267)
Impairment of investment on tax credits	10,000,000
Change in fair value of derivative liability	78,208,463	(3,451,752)
Common and preferred stock issued for services	1,575,954	1,666,667
Derivative expense	3,263,470	10,124,521
Amortization of discounts - convertible notes	1,130,419	6,525
Expense recorded for advances from related parties	1,757,183	50,000
Commissions expensed for non-controlling interest	78,750
Amortization of discount - Series C Preferred Stock	1,145,441
Changes in assets and liabilities
Accounts receivable	(945,182)	(290,103)
Accounts receivable - related parties	(2,000)
Receivable - Participation Agreement	159,971	(1,597,632)
Inventory	12,886	3,702
Prepaid expenses and other assets	(410,220)	(721,865)
Advances from issuance of tax credits	6,475,000
Amortization of right of use asset - operating leases	96,465	107,104
Amortization of right of use asset - financing leases	29,428	5,173
Deferred drilling costs	(317,350)	3,243,153
Contribution from RiskOn International, Inc.		3,884,620
Operating lease expense	(105,917)	(115,843)
Accrued payable and accrued liabilities	(332,413)	630,798
Total adjustments	112,047,732	21,534,235
Net cash used in operating activities of continuing operations	(5,331,174)	(6,331,354)
Net cash used in discontinued operations		(91,279)
Net cash used in operating activities	(5,331,174)	(6,422,633)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions of oil and gas properties	(1,175,396)	(214,197)
Investments in tax credits	(500,000)
Advances on note receivable		(200,000)
Payments received from note receivable		200,000
Proceeds from the disposal of fixed assets	235,835
Proceeds from the sale of oil and gas properties	1,100,000	999,999
Purchase of fixed assets	(4,600)	(1,096,442)
Net cash used in investing activities	(344,161)	(310,640)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in cash overdraft		(27,918)
Repayments of advances from related parties	(7,720,489)
Advances from related parties	5,723,926
Repayment of convertible note	(2,777,776)
Proceeds from Series C Preferred Stock, net	1,181,000	4,721,816
Proceeds from RiskOn International, Inc. in acquisition of White River		3,000,000
Proceeds from long-term debt		145,266
Repayment of long-term debt and note payable	(151,901)	(1,588,561)
Payment of lease liability	(23,181)	(37,941)
Proceeds from purchases of limited partnership interests	1,685,000
Proceeds from sale of common stock and warrants in PIPE	12,738,917
Proceeds from issuance of convertible note	1,000,000	1,485,000
Net cash provided by financing activities	11,655,496	7,697,662
NET INCREASE IN CASH AND RESTRICTED CASH	5,980,161	964,389
CASH AND RESTRCITED CASH - BEGINNING OF PERIOD	827,790	251,050
CASH AND RESTRICTED CASH - END OF PERIOD	6,807,951	1,215,439
SUPPLEMENTAL DISCLOSURES
Cash paid for interest expense	226,718	10,841
Cash paid for income taxes
SUMMARY OF NON-CASH ACTIVITIES:
Net assets acquired from Fortium Holdings Corp.		46,157
Bifurcation of derivative liability from convertible note		923,956
ROU asset acquired for lease liability - financing leases		189,705
Gain on sale of oil wells to related party	159,457
Fixed assets acquired for long-term debt and accounts payable	103,057	1,587,701
Conversion of Series C Preferred Stock to Common Stock	8,774,619
Derivative liability recognized in issuance of convertible note	325,474
Subscription receivable recognized for Series C funding	290,000
Common stock issued for investment in joint venture	9,500,000
Derivative liability extinguished upon repayment of convertible note	$ 92,280,778

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Mar. 31, 2023
CURRENT ASSETS:
Cash (including $255,053 and $251,778 in restricted cash)	$ 6,807,951	$ 827,790
Receivable - Participation Agreement, net of allowance for doubtful accounts		1,440,598
Inventories - Crude Oil	3,935	16,821
Prepaid expenses and other current assets	1,375,015	334,264
Total current assets	9,220,446	3,631,968
NON-CURRENT ASSETS:
Property and equipment, net	3,049,681	3,251,432
Right of use asset - operating lease	4,179	100,644
Right of use asset - financing lease	145,711	175,139
Oil and gas properties, full cost-method		1,285,177
Unevaluated wells in progress	4,278,084	3,244,653
Other assets		630,531
Total non-current assets	7,477,655	8,687,576
TOTAL ASSETS	16,698,101	12,319,544
CURRENT LIABILITIES
Accounts payable	2,880,879	3,501,283
Accrued liabilities	717,094	406,669
Deferred tax credits	6,475,000
Derivative liabilities		10,483,371
Deferred drilling costs		317,350
Series C Preferred Stock		6,488,178
Convertible notes payable, net of discount		972,831
Current portion of long-term debt	90,919	104,950
Current portion of lease liability - operating lease	4,179	108,117
Current portion of lease liability - financing lease	36,199	31,629
Total current liabilities	11,147,140	23,596,628
NON-CURRENT LIABILITIES
Lease liability - operating lease, net of current portion		2,119
Lease liability - financing lease, net of current portion	85,908	113,659
Long-term debt, net of current portion	150,940	208,046
Asset retirement obligations	1,001,588	1,463,931
Total non-current liabilities	1,238,436	1,787,755
Total Liabilities	12,385,576	25,384,383
COMMITMENTS AND CONTINGENCIES
TEMPORARY EQUITY - Non-controlling interest	5,013,750
STOCKHOLDERS’ DEFICIT
Common stock, $0.0001 par value, 500,000,000 shares authorized and 46,805,994 and 10,166,667 shares issued and 45,586,029 and 10,166,667 shares outstanding	4,681	1,017
Subscription receivable	(725,000)
Additional paid in capital	177,166,951	43,453,095
Accumulated deficit	(177,147,858)	(59,768,952)
Total White River Energy Corp stockholders’ deficit	(701,225)	(16,314,839)
Non-controlling interest		3,250,000
Total stockholders’ deficit	(701,225)	(13,064,839)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	16,698,101	12,319,544
Series A Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred stock	1	1
Series B Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred stock
Series C Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred stock
Series D Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred stock
Nonrelated Party [Member]
CURRENT ASSETS:
Accounts receivable - related parties	73,904	54,854
Related Party [Member]
CURRENT ASSETS:
Accounts receivable - related parties	959,641	957,641
CURRENT LIABILITIES
Related party advances	$ 942,870	$ 1,182,250