TAXES |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| TAXES | NOTE 8 – TAXES
The current and deferred components of the income tax provision are substantially attributable to the Company’s subsidiaries in Indonesia. Due to the unrecovered expenditure on the Company’s Kruh Block operations, there was provision for income taxes for the six months ended June 30, 2026 and 2025, respectively.
The effective tax rate is based on expected income and statutory tax rates. For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records an interim income tax provision in accordance with guidance on accounting for income taxes in an interim period. As the year progresses, the Company refines the estimates of the year’s taxable income as new information becomes available. The Company’s effective tax rates for the six months ended June 30, 2026 and 2025 were 0% and 0%, respectively.
The Company did not incur any interest and penalties related to potential underpaid income tax expenses.
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