Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Income Taxes [Abstract] |
|
| Schedule of Domestic and Foreign Components of Income Before Provision for Income Taxes |
Domestic and foreign components of income before provision for income
taxes for each of the years ended December 31, 2025 and 2024 and for the period from November 9, 2023 (inception) to December 31, 2023,
were as follows:
| | |
2025 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| |
| Domestic | |
$ | (12,109,139 | ) | |
$ | - | | |
$ | - | |
| Foreign | |
| (9,800,775 | ) | |
| (11,637,637 | ) | |
| (334,678 | ) |
| | |
| (21,909,914 | ) | |
| (11,637,637 | ) | |
| (334,678 | ) |
|
| Schedule of Effective Income Tax Rate |
The following table reconciles
the Cayman Island. Federal statutory income tax rate of 0% to the Company’s effective income tax rate for the year ended December
31, 2025 in accordance with the guidance in ASU No. 2023-09:
| | |
For the year ended December 31, 2025 | |
| | |
Amount | | |
Percent | |
| Foreign tax Effects | |
| | | |
| | |
| UK | |
| | | |
| | |
| Changes in valuation allowance | |
$ | 289,401 | | |
| (1.32 | )% |
| Nontaxable or nondeductible items | |
| | | |
| | |
| Legal Fees | |
| 260,868 | | |
| (1.19 | )% |
| Other | |
| (550,269 | ) | |
| 2.51 | % |
| | |
| | | |
| | |
| Ghana | |
| | | |
| | |
| Changes in valuation allowance | |
| 2,795,504 | | |
| (12.76 | )% |
| Other | |
| (2,795,504 | ) | |
| 12.76 | % |
| Effects of Cross-border tax laws | |
| - | | |
| - | % |
| Changes in valuation allowances | |
| - | | |
| - | % |
| Nontaxable or Nondeductible items | |
| - | | |
| - | % |
| Changes in Unrecognized Tax Benefits | |
| - | | |
| - | % |
| Other Adjustments | |
| - | | |
| - | % |
| Effective Tax Rate | |
$ | - | | |
| - | % |
| | |
For the year ended December 31, 2024 | |
| | |
Amount | | |
Percent | |
| Provision for income taxes at statutory rate | |
$ | - | | |
| 0.0 | % |
| Miscellaneous permanent items | |
| 154,871 | | |
| (1.3 | )% |
| Transaction expenses | |
| 420,598 | | |
| (3.6 | )% |
| Change in valuation allowance | |
| 3,204,495 | | |
| (27.5 | )% |
| Foreign rate differential | |
| (3,779,963 | ) | |
| 32.5 | % |
| Income tax (expenses) benefit | |
$ | - | | |
| 0.0 | % |
| | |
For the period from
November 9, 2023
(inception) to December 31, 2023 | |
| | |
Amount | | |
Percent | |
| Provision for income taxes at statutory rate | |
$ | - | | |
| 0.0 | % |
| Transaction expenses | |
| 27,718 | | |
| (5.0 | )% |
| Change in valuation allowance | |
| 81,052 | | |
| (27.5 | )% |
| Foreign rate differential | |
| (108,770 | ) | |
| 32.5 | % |
| Income tax (expenses) benefit | |
$ | - | | |
| 0.0 | % |
|
| Schedule of Deferred Tax Assets and Liabilities |
The Tax effects of the temporary differences
and carryforwards that give rise to the deferred tax assets and liabilities consist of the following components:
| | |
2025 | | |
2024 | |
| Deferred tax assets: | |
| | |
| |
| Depreciation | |
$ | 33,072 | | |
$ | 14,619 | |
| ARO Accretion | |
| 1,031,450 | | |
| 362,950 | |
| Net operating losses – non-current | |
| 5,224,878 | | |
| 2,826,926 | |
| Total deferred tax assets | |
| 6,289,400 | | |
| 3,204,495 | |
| | |
| | | |
| | |
| Valuation allowance | |
| (6,289,400 | ) | |
| (3,204,495 | ) |
| Net deferred tax liabilities | |
$ | - | | |
$ | - | |
|
| Schedule of Income Taxes Paid (Net of Refunds Received) |
Income taxes paid (net of refunds received) consisted of the following
(in thousands):
| Tax Payments (net of refunds received) | |
2025 | | |
2024 | | |
2023 | |
| Federal | |
$ | - | | |
$ | - | | |
$ | - | |
| Foreign | |
| - | | |
| - | | |
| - | |
| State | |
| - | | |
| - | | |
| - | |
| Total | |
$ | - | | |
$ | - | | |
$ | - | |
|