| Schedule of liabilities measured at fair value on the condensed consolidated balance sheet |
The following are the liabilities measured at fair value on the condensed consolidated balance sheet at March 31, 2026 and December 31, 2025 using quoted price in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1:
Quoted Prices
in Active
Markets for Identical
Assets | | Level 2:
Significant
Other
Observable
Inputs | | Level 3:
Significant
Unobservable
Inputs | | Total at March 31,
2026 | | Total Gains (Losses) For The Three Months Ended March 31, 2026 | | | | | Recurring fair value measurements | | | | | | | | | | | | | | 2024 October Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,403 | | | | | | 2025 May Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 11,272 | | | | | | 2025 September Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,862 | | | | | | Senior Convertible Notes - September 2025 | $ | — | | | $ | — | | | $ | 117,070 | | | $ | 117,070 | | | $ | — | | | | | | 2025 November Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 12,311 | | | | | | Senior Convertible Notes - November 2025 | $ | — | | | $ | — | | | $ | 245,865 | | | $ | 245,865 | | | $ | — | | | | | | 2025 December 17 and 26 Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 9,848 | | | | | | | | | | | | | | | | | | | 2025 December 30 Institutional/Accredited Investor Warrants and AIR | $ | — | | | $ | — | | | $ | 258,482 | | | $ | 258,482 | | | $ | 177,845 | | | | | | 2026 January Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | 6,559 | | | $ | 6,559 | | | $ | — | | | | | | 2026 February Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | 7,411 | | | $ | 7,411 | | | $ | — | | | | | | 2026 March 6 Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | 9,306 | | | $ | 9,306 | | | $ | — | | | | | | 2026 March 27 Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | 54,754 | | | $ | 54,754 | | | $ | — | | | | | | Total recurring fair value measurements | $ | — | | | $ | — | | | $ | 699,447 | | | $ | 699,447 | | | $ | 215,541 | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1:
Quoted Prices
in Active
Markets for Identical
Assets | | Level 2:
Significant
Other
Observable
Inputs | | Level 3:
Significant
Unobservable
Inputs | | Total at December 31,
2025 | | Total Gains (Losses) For The Three Months Ended March 31, 2025 | | | | Recurring fair value measurements | | | | | | | | | | | | | 2024 February Institutional/Accredited Investor warrants | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 217,896 | | | | | 2024 October Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | 1,403 | | | $ | 1,403 | | | $ | 265,178 | | | | | Senior Convertible Notes - October 2024 | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (1,091,006) | | | | | Additional Investment Rights - October 2024 | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (676,717) | | | | | 2024 December Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 69,025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 May Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | 11,272 | | | $ | 11,272 | | | $ | — | | | | | | | | | | | | | | | | | 2025 September Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | 2,862 | | | $ | 2,862 | | | $ | — | | | | | Senior Convertible Notes - September 2025 | $ | — | | | $ | — | | | $ | 112,302 | | | $ | 112,302 | | | $ | — | | | | | 2025 November Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | 12,311 | | | $ | 12,311 | | | $ | — | | | | | Senior Convertible Notes - November 2025 | $ | — | | | $ | — | | | $ | 281,185 | | | $ | 281,185 | | | $ | — | | | | | 2025 December 17 and 26 Institutional/Accredited Investor Warrants | $ | — | | | $ | — | | | $ | 9,848 | | | $ | 9,848 | | | $ | — | | | | | Senior Convertible Notes - December 17 and 26 2025 | $ | — | | | $ | — | | | $ | 222,691 | | | $ | 222,691 | | | $ | — | | | | | 2025 December 30 Institutional/Accredited Investor Warrants and AIR | $ | — | | | $ | — | | | $ | 436,327 | | | $ | 436,327 | | | $ | — | | | | | Total recurring fair value measurements | $ | — | | | $ | — | | | $ | 1,090,202 | | | $ | 1,090,202 | | | $ | (1,215,624) | | | |
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| Schedule of fair value on a recurring basis |
The following is a reconciliation of the opening and closing balances for the liabilities related to the warrants (Note 11) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 October Institutional/Accredited Investor Warrants | | 2025 May Institutional/Accredited Investor Warrants | | 2025 September Institutional/Accredited Investor Warrants | | Senior Convertible Notes - September 2025 | | 2025 November Institutional/Accredited Investor Warrants | | Senior Convertible Notes - November 2025 | | 2025 December 17 and 26 Institutional/Accredited Investor Warrants | | Senior Convertible Notes - December 17 and 26 2025 (1) | | | 2025 December 30 Institutional/Accredited Investor Warrants and AIR | | 2026 January Institutional/Accredited Investor Warrants | | 2026 February Institutional/Accredited Investor Warrants | | 2026 March 6 Institutional/Accredited Investor Warrants | | 2026 March 27 Institutional/Accredited Investor Warrants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2025 | | $ | 1,403 | | | $ | 11,272 | | | $ | 2,862 | | | $ | 112,302 | | | $ | 12,311 | | | $ | 281,185 | | | $ | 9,848 | | | $ | 222,691 | | | | $ | 436,327 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | Initial fair value | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | 6,559 | | | 7,411 | | | 9,306 | | | 54,754 | | | | | | | Interest Expense | | — | | | — | | | — | | | 4,768 | | | — | | | 4,898 | | | — | | | 4,484 | | | | — | | | — | | | — | | | — | | | — | | | | | | | Conversion of Convertible Notes | | — | | | — | | | — | | | — | | | — | | | (40,218) | | | — | | | (222,222) | | | | — | | | — | | | — | | | — | | | — | | | | | | | Total (gains) losses for period included in earnings | | (1,403) | | | (11,272) | | | (2,862) | | | — | | | (12,311) | | | — | | | (9,848) | | | — | | | | (177,845) | | | — | | | — | | | — | | | — | | | | | | | Balance at March 31, 2026 | | $ | — | | | $ | — | | | $ | — | | | $ | 117,070 | | | $ | — | | | $ | 245,865 | | | $ | — | | | $ | 4,953 | | | | 258,482 | | | 6,559 | | | 7,411 | | | 9,306 | | | 54,754 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
__________________ (1) The three months ended March 31, 2025 ending balance amount consist of only interest amount.
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| Schedule of carrying values and estimated fair values of debt instruments |
The following outstanding debt obligations are reflected in the Company's condensed consolidated balance sheet at carrying value since the Company did not elect to remeasure the following debt obligations to fair value at the end of each reporting period. The carrying values of these debt obligations approximate fair value due to the short-term maturity of these debt obligations. | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | Fair Value | Carrying Value | | Fair Value | Carrying Value | | | | | | | | | | Promissory Notes - August 16, 2024 | $ | — | | $ | — | | | $ | 564,446 | | $ | 564,446 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Promissory Notes - Fermata Energy II LLC | $ | 597,969 | | $ | 597,969 | | | $ | 584,292 | | $ | 584,292 | | |
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