(20) Subsequent Events (ASC 855)

The Company has evaluated events subsequent to December 31, 2025, through the date these financial statements were issued, in accordance with ASC 855, Subsequent Events. The following non-recognized subsequent events were identified:

Arizona State Land Department Lease Renewal 

Subsequent to December 31, 2025, the Company obtained renewal of its Arizona State Land Department mineral lease. In connection with the renewal process, the Company was assessed renewal-related amounts relating to prior periods. Certain of these amounts were paid in 2026, and discussions with the Arizona State Land Department regarding the remaining assessments are ongoing. The renewal extends the Company’s rights under the lease pursuant to the terms of the agreement.

Frost Bank Banking Arrangement 

Subsequent to December 31, 2025, the Company entered into a banking arrangement with Frost Bank. In connection with such arrangement, the Company’s President personally guaranteed certain obligations of the Company. No liability has been recorded in the accompanying financial statements related to this guarantee.

Issuance of Contractual Purchase Rights 

Subsequent to December 31, 2025, during the month of January 2026, the Company issued additional contractual purchase rights (“bespoke options”) to acquire up to 375 shares of Series C Convertible Preferred Stock pursuant to consulting and other service provider arrangements. Each share of Series C Convertible Preferred Stock is convertible into 400,000 shares of the Company’s common stock. Accordingly, if fully exercised and converted, these contractual purchase rights would result in the issuance of up to 150,000,000 shares of common stock.

These contractual purchase rights were issued pursuant to contractual arrangements with service providers and did not result in the issuance of any preferred or common shares as of the date of these financial statements. As of the date of issuance of these financial statements, none of these contractual purchase rights had been exercised.

Exercise of Series C Preferred Purchase Options

Subsequent to December 31, 2025, on March 10, 2026, the Company’s President exercised options to acquire 125 shares of Series C Convertible Preferred Stock at an exercise price of $120 per share. Each share of Series C Convertible Preferred Stock is convertible into 400,000 shares of the Company’s common stock. This event occurred subsequent to December 31, 2025, and therefore no adjustment has been made to the accompanying consolidated financial statements.

Return and Cancellation of Series C Preferred Stock 

In the first quarter of 2026, the Company and Alpine Securities Corporation mutually agreed to the return and cancellation of 45 shares of Series C Preferred Stock that had previously been issued in connection with investment banking and related services. The shares were returned to the Company and cancelled. The Company expects to reverse the related stock-based compensation expense and additional paid-in capital associated with these shares in its financial statements for the period ending March 31, 2026. This event occurred subsequent to December 31, 2025, and therefore no adjustment has been made to the accompanying consolidated financial statements.

Other Subsequent Events 

No other subsequent events requiring disclosure were identified.