NOTE 7 - GRANT INCOME

Grant income relates to a grant awarded by the UK government to the Company’s UK subsidiary, Abundia Biomass-to-Liquids Ltd, under its Advance Fuel Fund competition for the development of sustainable aviation fuel production plants in the UK. The total grant amount awarded was £4,484,431 ($5,400,000) and was delivered as a reclaim for eligible project-related expenditure paid each quarter.

The grant reimbursed the Company for pre-approved eligible project research and development costs, related professional fees and general and administrative costs. These costs were included in the Company’s operating expenses in the Company’s consolidated statements of operations. The eligible expenses for reimbursement also include a 20% mark up on certain related administrative and staff costs.

During the years ended December 31, 2025, and 2024, the Company incurred $737,811 and $2,545,783, respectively, in expenditure eligible for reimbursement which has been recognized as grant income in other income in the consolidated statements of operations.

The Company received reimbursement of $943,235 and $2,340,359, respectively during the years ended December 31, 2025, and 2024.

There was a balance of the grant receivable of $0 and $205,424, respectively, as of December 31, 2025, and 2024.

The term of the grant was completed on March 31, 2025, and no further grant income is expected at this time.