| Schedule of Segment Reporting Information, by Segment |
The following presents selected financial information with respect to our single reportable segment for the three and six months ended June 30, 2026 and 2025:
|
| Three Months Ended
|
| Three Months Ended
|
| Six Months Ended
|
| Six Months Ended
|
|
| June 30,
|
| June 30,
|
| June 30,
|
| June 30,
|
|
| 2026
|
| 2025
|
| 2026
|
| 2025
|
Net sales
| $
| -
| $
| 4,541,472
| $
| 383
| $
| 10,874,439
|
Cost of goods sold
|
| 685,601
|
| 4,658,440
|
| 1,075,202
|
| 11,717,499
|
Gross margin
|
| (685,601)
|
| (116,968)
|
| (1,074,819)
|
| (843,060)
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
General and administrative
|
| 1,886,956
|
| 1,620,696
|
| 3,100,192
|
| 3,554,426
|
Depreciation and amortization
|
| 1,649
|
| 2,916
|
| 3,859
|
| 4,944
|
Total operating expenses
|
| 1,888,605
|
| 1,623,612
|
| 3,104,051
|
| 3,559,370
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
| (2,574,206)
|
| (1,740,580)
|
| (4,178,870)
|
| (4,402,430)
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
Interest income or (expense)
|
| (349,476)
|
| (318,708)
|
| (683,465)
|
| (1,191,176)
|
Gain (loss) on extinguishment of debt
|
| (1,015,345)
|
| 29,093
|
| (1,284,741)
|
| (56,660)
|
Gain or (loss) on warrant revaluation
|
| (99,540)
|
| (174,354)
|
| (174,882)
|
| 100,626
|
Other income (expense)
|
| (16,809)
|
| (4,101)
|
| (53,663)
|
| 3,376
|
Gain on disposal of assets
|
| -
|
| -
|
| -
|
| 3,920
|
Other expense, net
|
| (1,481,170)
|
| (468,070)
|
| (2,196,751)
|
| (1,139,914)
|
|
|
|
|
|
|
|
|
|
Loss before provision for income taxes
|
| (4,055,376)
|
| (2,208,650)
|
| (6,375,621)
|
| (5,542,344)
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
| -
|
| -
|
| -
|
| -
|
|
|
|
|
|
|
|
|
|
Net loss
|
| (4,055,376)
|
| (2,208,650)
|
| (6,375,621)
|
| (5,542,344)
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Loss
|
|
|
|
|
|
|
|
|
Exchange loss on translation of foreign operations
|
| (4)
|
| (2,097)
|
| (6)
|
| (1,675)
|
|
|
|
|
|
|
|
|
|
Net loss and comprehensive loss
|
| (4,055,380)
|
| (2,210,747)
|
| (6,375,627)
|
| (5,544,019)
|
|
|
|
|
|
|
|
|
|
Loss per common share
|
|
|
|
|
|
|
|
|
Basic and diluted
| $
| (0.77)
| $
| (0.82)
| $
| (1.44)
| $
| (2.17)
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
Basic and diluted
|
| 5,257,807
|
| 2,698,677
|
| 4,412,662
|
| 2,552,812
|
The segmented assets as of June 30, 2026 are as follows:
|
|
|
| 2020
|
|
|
|
| Foreland
|
| Resource
|
|
|
|
| Refining
|
| LLC
|
| Total
|
Total assets
| $
| 9,521,558
| $
| 18,806,330
| $
| 28,327,888
|
The segmented assets as of December 31, 2025 are as follows:
|
|
|
| 2020
|
|
|
|
| Foreland
|
| Resource
|
|
|
|
| Refining
|
| LLC
|
| Total
|
Total assets
| $
| 8,497,814
| $
| 10,717,007
| $
| 19,214,821
|
|