v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 30,883 $ 427,866
Accounts receivable, net 305,282 317,242
Contract assets 103,736
Inventories 329,978 329,978
Prepaid expenses and other current assets 447,039 383,439
Total current assets 1,216,918 1,458,525
Non-current assets:    
Oil and gas assets, on the basis of full cost accounting, net 3,923,164 4,004,589
Property, plant and equipment, net 4,672,024 4,730,505
Project development costs and other non-current assets 340,744 349,348
Right of use assets, net 218,934 309,013
Intangible assets, net 5,579,563 5,734,298
Goodwill 17,449,429 17,449,429
Certificate of deposit 2,000,000 2,000,000
Total non-current assets 34,183,858 34,577,182
Total Assets 35,400,776 36,035,707
Current liabilities:    
Accounts payable and accrued expenses 12,750,723 12,068,509
Contract liabilities and deferred revenues 945,964 924,076
Lease liability, current maturities 179,476 138,217
Due to affiliates 1,242,772 1,498,205
Lines of credit 2,001,667 2,001,667
Derivative liabilities 72,157 70,802
Convertible notes payable 1,125,000 1,035,581
Current portion of long-term debt 4,866,664 4,866,664
Short-term notes payable, net 1,464,612 3,204,175
Total current liabilities 24,649,035 25,807,896
Long-term liabilities:    
Long-term notes payable, net 636,904 610,336
Right-of-use liability 56,501 179,649
Asset retirement obligations 1,871,180 1,848,080
Total long-term liabilities 2,564,585 2,638,065
Total liabilities 27,213,620 28,445,961
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Common stock, $0.01 par value, 75,000,000 shares authorized; 1,000,352 issued and 1,000,347 outstanding as of March 31, 2026 and 646,796 issued and 646,791 outstanding as of December 31, 2025, respectively 10,002 6,467
Additional paid-in capital 124,471,234 121,172,724
Treasury stock, at cost, 5 shares as of March 31, 2026 and December 31, 2025 (92,396) (92,396)
Accumulated deficit (120,017,997) (117,352,273)
Total stockholders’ equity 8,187,156 7,589,746
Total Liabilities and Stockholders’ Equity 35,400,776 36,035,707
Series A Preferred Stock    
Stockholders’ equity:    
Preferred stock, value 3,809,640 3,848,640
Series B Preferred Stock    
Stockholders’ equity:    
Preferred stock, value 2,084 2,084
Series C Preferred stock    
Stockholders’ equity:    
Preferred stock, value $ 4,589 $ 4,500