| Schedule of Segment Reporting Information, by Segment |
The following presents selected financial information with respect to our single reportable segment for the years ended December 31:
|
|
|
|
| 2024
|
| 2023
|
Net sales
|
|
|
|
| $23,364,188
|
| $50,731,889
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
|
| 24,759,530
|
| 48,391,724
|
Gross profit (loss)
|
|
|
|
| (1,395,342)
|
| 2,340,165
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
| 6,121,955
|
| 3,702,743
|
Depreciation and amortization
|
|
|
|
| 5,889
|
| 5,303
|
Total operating expenses
|
|
|
|
| 6,127,844
|
| 3,708,046
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
|
| (7,523,186)
|
| (1,367,881)
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
Gain on warrant valuation
|
|
|
|
| 1,477,870
|
| -
|
Other income
|
|
|
|
| 35,637
|
| 26,008
|
Gain (loss) on sale of assets
|
|
|
|
| (25,075)
|
| 564,811
|
Loss on extinguishment of debt
|
|
|
|
| (241,311)
|
| (205,425)
|
Loss on issuance of private placement warrants
|
|
|
|
| (1,935,934)
|
| -
|
Interest expense
|
|
|
|
| (6,516,512)
|
| (3,639,520)
|
Other expense, net
|
|
|
|
| (7,205,325)
|
| (3,254,126)
|
|
|
|
|
|
|
|
|
Loss before benefit from income taxes
|
|
|
|
| (14,728,511)
|
| (4,622,007)
|
|
|
|
|
|
|
|
|
Provision for income tax benefit
|
|
|
|
| -
|
| 185,535
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
| (14,728,511)
|
| (4,436,472)
|
|
|
|
|
|
|
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
|
| (8,203)
|
| (24,185)
|
|
|
|
|
|
|
|
|
Comprehensive loss
|
|
|
|
| $(14,736,714)
|
| $(4,460,657)
|
The segmented assets as of December 31, 2024 are as follows:
| Foreland
Refining
| 2020
Resource
LLC
| Total
|
Total assets
| $ 15,065,555
| $ 11,881,688
| $ 26,947,243
|
The segmented assets as of year-end December 31, 2023 are as follows:
| Foreland
Refining
| 2020
Resource
LLC
| Total
|
Total assets
| $ 18,503,859
| $ 9,672,121
| $ 28,175,980
|
|