| Condensed Balance Sheet |
The following table summarizes the carrying amounts of TB1’s assets and liabilities included in the Group’s consolidated balance sheet for the year ended June 30, 2025 and 2024: | | | | | | | | | | | | | June 30, | | 2025 | | 2024 | ASSETS | | | | Current assets | | | | Cash and cash equivalents | $ | 3,729,114 | | | $ | 1,488,541 | | | Trade and other receivables: | | | | | Joint interest billing | 8,191,016 | | | 10,298,322 | | | Intercompany receivable | 1,934,101 | | | 7,415,684 | | | ATO receivable | 722,332 | | | 615,480 | | | Other receivables | 113,382 | | | — | | Prepaid expenses and other current assets | — | | | 1,476,094 | | Total current assets | 14,689,945 | | | 21,294,121 | | Natural gas properties, successful efforts method: | | | | Unproved properties | 285,631,199 | | | 167,998,061 | | Assets under construction - natural gas equipment | — | | | 7,542,064 | | Finance lease right-of-use assets | 16,543,737 | | | 20,697,452 | | Prepaid expenses and other non-current assets | 2,025,667 | | | 385,215 | | Total non-current assets | 304,200,603 | | | 196,622,792 | | TOTAL ASSETS | $ | 318,890,548 | | | $ | 217,916,913 | | LIABILITIES | | | | Current liabilities | | | | Accounts payable and accrued expenses | $ | 12,507,267 | | | $ | 10,569,865 | | Current portion of finance lease obligations | 15,306,802 | | | 12,767,400 | | Total current liabilities | 27,814,069 | | | 23,337,265 | | Finance lease obligations | 9,523,433 | | | 14,141,713 | | Asset retirement obligations | 5,126,859 | | | 4,174,178 | | Loan from Group | 163,016,319 | | | 113,096,572 | | Total non-current liabilities | 177,666,611 | | | 131,412,463 | | TOTAL LIABILITIES | $ | 205,480,680 | | | $ | 154,749,728 | |
The following table summarizes the carrying amounts of SPCF Sub Trust’s assets and liabilities included in the Group’s consolidated balance sheet as of June 30, 2025: | | | | | | | June 30, 2025 | ASSETS | | Current assets | | Cash and cash equivalents | $ | 1,935,259 | | | Trade and other receivables: | | | | | | | ATO receivable | 122,952 | | | | Loan to Group | 1,123,595 | | Total current assets | 3,181,806 | | Natural gas properties, successful efforts method: | | | | Assets under construction - natural gas equipment | 24,441,262 | | | | | | Total non-current assets | 24,441,262 | | TOTAL ASSETS | $ | 27,623,068 | | LIABILITIES | | Current liabilities | | Accounts payable and accrued expenses | $ | 4,363,592 | | Advance received against joint interest billings | 450,239 | | | Intercompany payable | 1,338,421 | | Total current liabilities | 6,152,252 | | | | Asset retirement obligations | 95,314 | | | | Total non-current liabilities | 95,314 | | TOTAL LIABILITIES | $ | 6,247,566 | |
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