Cyber App Solutions Corp.

CIK:0001851048|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Helium revenue	$ 0	$ 121,958	$ 418,042	$ 121,958
Operating expenses
Depreciation, depletion, amortization and accretion	33,025	56,832	184,119	83,742
Lease and well operating expenses	42,422	45,333	145,862	98,210
Shut-in expenses	51,684	10,880	155,049	145,513
Gathering and processing expenses	150,000	250,712	666,685	400,712
Production taxes	0	5,240	14,368	5,240
Total operating expenses	1,705,585	1,296,308	5,324,412	3,008,977
Net loss from operations	(1,705,585)	(1,174,350)	(4,906,370)	(2,887,019)
Other income (expense)
Interest expense	(723,299)	(850,867)	(2,255,081)	(1,929,501)
Event of default fees	(767,680)	(1,987,387)	(2,301,440)	(5,875,111)
Other income (expense), net	0	(24,755)	6,363	(24,747)
Notes payable modification costs	(9,157,801)	0	(9,157,801)	0
Unrealized gain (loss) on fair value of notes payable	(1,171,298)	0	897,549	0
Unrealized gain on derivatives mark-to-market	427,001	0	534,775	185,011
Total other expense	(11,393,077)	(2,863,009)	(12,275,635)	(7,644,348)
Net loss before taxes	(13,098,662)	(4,037,359)	(17,182,005)	(10,531,367)
Income tax expense	0	0	0	0
Net loss	(13,098,662)	(4,037,359)	(17,182,005)	(10,531,367)
Series A Preferred Stock dividends paid-in-kind	116,164	0	116,164	0
Net loss attributable to shareholders	$ (13,214,826)	$ (4,037,359)	$ (17,298,169)	$ (10,531,367)
Loss per common share:
Basic	$ (0.16)	$ (0.05)	$ (0.21)	$ (0.15)
Diluted	$ (0.16)	$ (0.05)	$ (0.21)	$ (0.15)
Weighted Average Number of Common Shares Outstanding:
Basic	81,577,661	74,222,435	81,114,579	69,630,617
Diluted	81,577,661	74,222,435	81,114,579	69,630,617
Non-related Party
Operating expenses
General and administrative expenses	$ 1,318,454	$ 927,311	$ 4,018,329	$ 2,238,060
Related Party
Operating expenses
General and administrative expenses	$ 110,000	$ 0	$ 140,000	$ 37,500

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities
Net loss	$ (17,182,005)	$ (10,531,367)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion, amortization and accretion	184,119	83,742
Amortization of debt discount	0	92,502
Stock compensation expense	3,030	0
Non-cash interest expense	0	1,837,000
Event of default fees	0	5,875,111
Amortization of lease costs	304,823	141,981
Amortization of intangible costs	22,471	22,471
Write-off acquired assets and liabilities	0	918
Notes payable modification costs	9,157,801	0
Unrealized gain on fair value of notes payable	(897,549)	0
Unrealized gain on derivatives mark-to-market	(534,775)	(185,011)
Changes in operating assets and liabilities:
Prepaids and other current assets	(37,922)	(25,158)
Other long-term assets	178,125	(178,126)
Accounts payable	356,570	560,433
Accrued expenses and other liabilities	531,419	(20,491)
Lease liabilities	(305,132)	(145,823)
Interest expense payable	(33,595)	0
Net cash used in operating activities	(8,252,620)	(2,471,818)
Cash Flows From Investing Activities
Additions to helium properties	(145,607)	0
Additions to other property, plant and equipment	(64,029)	(727,719)
Cash acquired from reverse asset acquisition	0	23,837
Net cash used in investing activities	(209,636)	(703,882)
Cash Flows From Financing Activities
Proceeds from notes payable and short-term loans	0	730,000
Payments on notes payable	(203,894)	(3,000,000)
Proceeds from capital contributions	0	750,000
Proceeds from short-term loans	250,000	0
Equity issuance costs	0	(26,000)
Debt issuance costs	0	(97,000)
Common stock issuance proceeds	987,609	4,806,000
Series A convertible preferred stock issuance proceeds	8,000,000	0
Net cash provided by financing activities	9,033,715	3,163,000
Net increase (decrease) in cash and cash equivalents	571,459	(12,700)
Cash and cash equivalents, beginning of period	1,248,191	124,489
Cash and cash equivalents, end of period	1,819,650	111,789
Supplemental disclosures of cash flow information
Cash paid for interest	2,206,175	0
Cash paid for taxes	0	0
Non-cash investing and financing activities
Issued short-term loan to paydown on Alpha Carta notes	0	2,000,000
Change in capital accruals	(62,854)	1,172,433
Lease liability obtained through right-of-use asset	0	960,201
Accrued Series A convertible preferred stock dividends paid-in-kind	116,164	0
Fair value of Series A convertible preferred stock conversion options	$ 650,338	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 1,819,650	$ 1,248,191
Prepaid expenses and other current assets	522,775	502,330
Total current assets	2,367,425	1,775,521
Property, plant and equipment
Helium and CO2 properties, net (full cost method)	12,409,719	12,348,505
Other property, plant and equipment, net	1,790,761	1,854,496
Total property, plant and equipment, net	14,200,480	14,203,001
Other non-current assets
Right-of-use assets - operating leases	905,739	1,023,497
Other long-term assets	8,984	192,103
Total assets	17,482,628	17,194,122
Current liabilities
Accounts payable	2,021,420	1,698,364
Notes payable fair value option	18,981,437	20,082,880
Interest expense payable	113,072	146,667
Derivative liabilities	2,998,255	2,882,692
Short-term loan	335,000	0
Accrued expenses and other current liabilities	959,700	542,623
Operating lease liabilities - current	194,560	161,524
Total current liabilities	25,603,444	25,514,750
Long-term liabilities
Asset retirement obligations	793,190	758,373
Operating lease liabilities	714,011	865,113
Total long-term liabilities	1,507,201	1,623,486
Total liabilities	27,110,645	27,138,236
Commitments and contingencies (Note 17)
Mezzanine equity
Series A convertible preferred stock, $0.001 par value, 80,000 and 0 shares designated at September 30, 2024 and December 31, 2023, respectively; 8,000 and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	7,465,826	0
Stockholders' deficit
Common Stock, $0.001 par value, 200,000,000 and 250,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 84,119,047 shares and 80,744,354 shares issued and outstanding as of September 30,2024 and December 31, 2023, respectively	84,116	80,744
Additional paid-in-capital	44,266,920	34,238,016
Accumulated deficit	(61,444,879)	(44,262,874)
Total stockholders' deficit	(17,093,843)	(9,944,114)
Total liabilities, convertible preferred stock and stockholders' deficit	17,482,628	17,194,122
Related Party
Current assets
Related party note receivable	$ 25,000	$ 25,000