DISCONTINUED OPERATIONS (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Discontinued Operations and Disposal Groups [Abstract] |
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| Schedule of discontinued operations consolidated statement of operations |
| Schedule of discontinued operations consolidated statement of operations | |
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Three Months Ended June 30 | | |
Six Months Ended June 30, | |
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2025 | | |
2024 | | |
2025 | | |
2024 | |
| Total revenue | |
$ | 10,477 | | |
$ | — | | |
$ | 10,477 | | |
$ | 9,208 | |
| Total cost of revenue | |
| (2,641 | ) | |
| — | | |
| (2,641 | ) | |
| (2,725 | ) |
| Gross margin | |
| 7,836 | | |
| — | | |
| 7,836 | | |
| 6,483 | |
| Operating expenses | |
| (125,156 | ) | |
| (18,295 | ) | |
| (206,430 | ) | |
| (36,589 | ) |
| Loss from operations | |
| (117,320 | ) | |
| (18,295 | ) | |
| (198,594 | ) | |
| (30,106 | ) |
| Other income (expenses) | |
| — | | |
| — | | |
| — | | |
| — | |
| Loss before tax expense | |
| (117,320 | ) | |
| (18,295 | ) | |
| (198,594 | ) | |
| (30,106 | ) |
| Tax expense | |
| — | | |
| — | | |
| — | | |
| — | |
| Loss from operations of discontinued operations | |
$ | (117,320 | ) | |
$ | (18,295 | ) | |
$ | (198,594 | ) | |
$ | (30,106 | ) |
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| Schedule of assets and liabilities of the discontinued operation |
| Schedule of assets and liabilities of the discontinued operation | |
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June 30, 2025 | | |
December 31, 2024 | |
| Property and equipment, net(1) | |
$ | 1,987,673 | | |
$ | 2,019,415 | |
| Texas Railroad Commission bond(2) | |
| 62,537 | | |
| 62,537 | |
| Assets of discontinued operations, non-current | |
| 2,050,210 | | |
| 2,081,952 | |
| Total assets | |
$ | 2,050,210 | | |
$ | 2,081,952 | |
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| Accounts payable | |
$ | 35,892 | | |
$ | 25,500 | |
| Accounts payable – related party | |
| — | | |
| 30,000 | |
| Notes payable, current maturities | |
| 343,500 | | |
| 343,500 | |
| Liabilities of discontinued operations, current | |
| 379,392 | | |
| 399,000 | |
| Estimated asset retirement obligation | |
| 97,463 | | |
| 97,463 | |
| Liabilities of discontinued operations, non-current | |
| 97,463 | | |
| 97,463 | |
| Total liabilities | |
$ | 476,855 | | |
$ | 496,463 | |
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| Schedule of property and equipment cost, for discontinued operations |
| Schedule of property and equipment cost, for discontinued operations | |
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June 30, 2025 | | |
December 31, 2024 | | |
Useful Lives |
| Equipment | |
$ | 739,480 | | |
$ | 739,480 | | |
5 to 20 years |
| Vehicles | |
| 61,000 | | |
| 61,000 | | |
5 to 15 years |
| Well development costs | |
| 1,395,461 | | |
| 1,395,461 | | |
* |
| Less accumulated depreciation | |
| (208,268 | ) | |
| (176,526 | ) | |
— |
| Property and equipment, net | |
$ | 1,987,673 | | |
$ | 2,019,415 | | |
— |
| * |
Once full production begins, “Well development costs” will be depreciated using the units-of-production method based on barrels of oil produced. As of June 30, 2025, 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. The value for both June 30, 2025 and December 31, 2024 is $1,395,461. |
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