| Schedule of Segment Reporting Information, by Segment |
The following presents selected financial information with respect to our single reportable segment for the three and six months ended June 30:
| Three Months
Ended
June 30, 2025
|
|
| Three Months
Ended
June 30, 2024
|
| Six Months
Ended
June30, 2025
|
|
|
| Six Months
Ended
June 30, 2024
|
Net sales
| $ 4,541,472
|
|
| $ 3,375,244
|
| $ 10,874,439
|
|
|
| $ 14,327,574
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
| 4,658,440
|
|
| 3,860,833
|
| 11,717,499
|
|
|
| 14,243,714
|
Gross margin
| (116,968)
|
|
| (485,589)
|
| (843,060)
|
|
|
| 83,860
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
General and administrative
| 1,620,696
|
|
| 971,378
|
| 3,554,522
|
|
|
| 2,579,262
|
Depreciation and amortization
| 2,916
|
|
| 1,473
|
| 4,944
|
|
|
| 2,945
|
Total operating expenses
| 1,623,612
|
|
| 972,851
|
| 3,559,466
|
|
|
| 2,582,207
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
| (1,740,580)
|
|
| (1,458,440)
|
| (4,402,428)
|
|
|
| (2,498,347)
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
Interest expense
| (318,708)
|
|
| (2,105,821)
|
| (1,191,176)
|
|
|
| (3,414,266)
|
Loss on extinguishment of debt
| 29,093
|
|
| -
|
| (56,660)
|
|
|
| (108,887)
|
Gain on warrant valuation
| (174,354)
|
|
| -
|
| 100,626
|
|
|
| -
|
Other income (expense)
| (4,101)
|
|
| 26,858
|
| 3,472
|
|
|
| 21,552
|
Gain on sale of assets
| -
|
|
| (25,075)
|
| 3,920
|
|
|
| (25,075)
|
Other expense, net
| (468,070)
|
|
| (2,104,038)
|
| (1,139,818)
|
|
|
| (3,526,676)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for income taxes
| (2,208,650)
|
|
| (3,562,478)
|
| (5,542,344)
|
|
|
| (6,025,023)
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
| -
|
|
| -
|
| -
|
|
|
| -
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
| (2,208,650)
|
|
| (3,562,478)
|
| (5,542,344)
|
|
|
| (6,025,023)
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
Exchange loss on translation of foreign operations
| (2,097)
|
|
| -
|
| (1,675)
|
|
|
| (8,134)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and comprehensive loss
| $ (2,210,747)
|
|
| $ (3,562,478)
|
| $ (5,544,019)
|
|
|
| $ (6,033,157)
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
| $ (0.10)
|
|
| $ (0.22)
|
| $ (0.27)
|
|
|
| $ (0.37)
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
| 21,589,413
|
|
| 16,347,767
|
| 20,422,497
|
|
|
| 16,426,722
|
The segmented assets as of June 30, 2025 are as follows:
| Foreland
Refining
| 2020
Resource
LLC
| Total
|
Total assets
| $11,091,482
| $11,709,079
| $22,800,561
|
The segmented assets as of June 30, 2024 are as follows:
| Foreland
Refining
| 2020
Resource
LLC
| Total
|
Total assets
| $16,980,073
| $11,785,204
| $28,738,277
|
|