RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 9 – RELATED PARTY TRANSACTIONS
At December 31, 2024 and 2023, the Company had a convertible note payable for $22,000 with a related party. The note is unsecured, non-interest bearing and is convertible into shares of common stock at $.
At December 31, 2023, the Company had accounts payable to various related parties for a total of $80,991.
At December 31, 2022, the Company had a note payable of $15,000 to a related party. The note was secured by the F-150 truck and bore interest of 7%. This was paid back in February 2023.
In September 2023, a related party loaned $153,989 to CETI. The loan is due in two years and has interest only payments at 12.5%. The first six months interest plus closing costs were paid at time of closing. The closing costs and interest are being amortized over a six month and twenty-four month period of time, respectively. This resulted in expenses of $15,638 and $10,074 as of December 31, 2024 and 2023, respectively and a net balance of $145,712 (discount $8,277) and $130,074 (discount $23,915) at December 31, 2024 and 2023, respectively.
During years ended December 31, 2024 and 2023, the Company paid various related parties for consulting services in the amounts of $409,850 and $588,308, respectively. For the years ended December 31, 2024 and December 31, 2023, $30,000 and $120,836, respectively, of the consulting fees were capitalized in property and equipment under well development costs. Well Development costs are part of the discontinued operations in the balance sheet.
At December 31, 2024, the Company had accounts payable to various related parties for a total of $137,690.
The above transactions and amounts are not necessarily what third parties would have agreed to.
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