RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 9 – RELATED PARTY TRANSACTIONS
At June 30, 2025 and December 31, 2024, 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 $ and currently due at noteholder’s discretion.
At June 30, 2025 and December 31, 2024, the Company had accounts payable to various related parties for a total of $133,690 and $ 137,690, respectively.
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 $6,040 and $15,638 and a net balance of $151,752 (discount $2,237) and $145,712 (discount $8,277) at June 30, 2025 and December 31, 2024, respectively.
During periods ended June 30, 2025 and 2024, the Company paid various related parties for consulting services in the amounts of $229,900 and $106,250, respectively. For the periods ended June 30, 2025 and 2024, $0 and $15,000, respectively, of the consulting fees were capitalized in property and equipment under well development costs.
The above transactions and amounts are not necessarily what third parties would have agreed to.
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