v3.26.1
Certain Balance Sheet Items
 6 Months Ended
Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Certain Balance Sheet Items

4. Certain Balance Sheet Items

 

Prepaid expenses and other current assets consisted of the following as of June 30, 2026 and Dec. 31, 2025

 

Schedule of prepaid expenses and other current assets                
   

As of

June 30,
2026

     As of
Dec. 31,
2025		  
Current assets:                
Prepaid insurance   $ 680,200     $ -  
Total prepaid expenses and other current assets   $ 680,200     $ -  
Non-current assets:                
Prepaid exploration costs     6,810,688       1,290,870  
Deposit on equipment     5,124,337       150,000  
Total prepaid exploration and deposits   $ 11,935,024     $ 1,440,870  

 

Prepaid insurance primarily relates to insurance policies purchased in connection with the Company’s operations as a public company and is amortized over the related policy period.

 

Prepaid exploration costs represent amounts paid in advance for exploration-related goods and services. Such amounts are classified as non-current based on the expected timing of receipt or utilization in connection with the Company’s exploration program. Upon receipt of the underlying goods or services, these amounts are transferred to oil and natural gas properties to the extent they qualify for capitalization under the Company’s full cost accounting policy. Amounts that do not qualify for capitalization are expensed as incurred.

 

Deposits on equipment represent advance payments made to vendors for equipment expected to be used in the Company’s exploration activities. Such deposits are classified as non-current based on the expected timing of delivery and utilization of the related equipment.