DISCONTINUED OPERATIONS (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule of discontinued operations consolidated statement of operations |
| Schedule of discontinued operations consolidated statement of operations | |
| | |
| |
| | |
Year Ended December 31, | |
| | |
2024 | | |
2023 | |
| Total revenue | |
$ | 20,362 | | |
$ | 23,649 | |
| Total cost of revenue | |
| (5,707 | ) | |
| (6,159 | ) |
| Gross profit | |
| 14,655 | | |
| 17,490 | |
| Operating expenses | |
| (1,509,761 | ) | |
| (54,704 | ) |
| Loss from operations | |
| (1,495,106 | ) | |
| (37,214 | ) |
| Other income (expenses) | |
| — | | |
| (23,600 | ) |
| Loss before tax expense | |
| (1,495,106 | ) | |
| (60,814 | ) |
| Tax expense | |
| — | | |
| — | |
| Loss from operations of discontinued operations | |
$ | (1,495,106 | ) | |
$ | (60,814 | ) |
|
| Schedule of assets and liabilities of the discontinued operation |
| Schedule of assets and liabilities of the discontinued operation | |
| | |
| |
| | |
As of
December 31, | |
| | |
2024 | | |
2023 | |
| Property
and equipment, net | |
$ | 2,019,415 | | |
$ | 3,268,448 | |
| Texas Railroad Commission bond | |
| 62,537 | | |
| 62,537 | |
| Assets of discontinued operations, non-current | |
| 2,081,952 | | |
| 3,330,985 | |
| Total assets | |
$ | 2,081,952 | | |
$ | 3,330,985 | |
| | |
| | | |
| | |
| Accounts payable | |
$ | 25,500 | | |
$ | 119,078 | |
| Accounts payable - related party | |
| 30,000 | | |
| 80,991 | |
| Note payable, current maturities | |
| 343,500 | | |
| 343,500 | |
| Liabilities of discontinued operations, current | |
| 399,000 | | |
| 543,569 | |
| Estimated asset retirement obligation | |
| 97,463 | | |
| 97,463 | |
| Liabilities of discontinued operations, non-current | |
| 97,463 | | |
| 97,463 | |
| Total liabilities | |
$ | 496,463 | | |
$ | 641,032 | |
|
| Schedule of property and equipment cost, for discontinued operations |
| Schedule of property and equipment cost, for discontinued operations |
|
|
|
|
|
|
|
|
| |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
Useful Lives |
| Equipment |
|
$ |
802,016 |
|
|
$ |
739,481 |
|
|
5 to 20 years |
| Vehicles |
|
|
61,000 |
|
|
|
61,000 |
|
|
5 to 15 years |
| Well development costs |
|
|
1,395,461 |
|
|
|
2,571,221 |
|
|
* |
| Less accumulated depreciation |
|
|
(176,525 |
) |
|
|
(103,254 |
) |
|
— |
| Property and equipment, net |
|
$ |
2,081,952 |
|
|
$ |
3,268,448 |
|
|
— |
| * |
Once
full production begins, “Well development costs” will be depreciated using the units-of-production method based on
barrels of oil produced. As of December 31, 2024, a minimal amount of oil has been produced and work is ongoing to determine how to
get regular production from the field. In addition, as of December 31, 2024, it was determined the fair value of the Well
Development cost exceeded their fair value and were written down by $1,395,980. |
|