v3.26.3
Condensed Balance Sheets - USD ($)
May 31, 2026
May 31, 2025
Current Assets    
Cash and cash equivalents and restricted cash $ 420,676 $ 249,409
Receivables - related party 37,500
Prepaid expenses and other current assets 33,863 21,156
Assets of discontinued operations 27,958
Total Current Assets 492,039 298,523
Property and Equipment    
Oil and gas acquisition and drilling costs 1,001,209
Property and equipment, net 67,172 108,286
Total Property and Equipment, net 67,172 1,109,495
Investment in entity – related party 643,225
Other assets 10,000 30,000
Non-current assets of discontinued operations 10,000
TOTAL ASSETS 1,212,436 1,448,018
Current Liabilities    
Accounts payable 2,813,598 2,027,487
Accounts payable and accrued liabilities – related party 604,243 402,344
Accrued payroll liabilities 3,719,601 3,752,527
Accrued interest 724,792 656,460
Deferred well development costs 2,549,260 2,799,260
Convertible debt contributed for net working interest 575,000 575,000
Bridge securities, net of debt discount 202,261 352,478
Promissory note, net of debt discount 181,349
Revolving note 1,060,061 1,060,061
Note payable – related party 292,099 292,099
Note payable – Alleghany, net of debt discount 617,934 617,934
Note payable, current portion 62,349 61,729
Liabilities of discontinued operations 130,812
Total Current Liabilities 13,221,198 12,909,540
Asset retirement obligation 157,394 157,394
Long-term note, net of current portion 763,352 825,701
Liabilities of discontinued operations 127,698
Total Noncurrent Liabilities 920,746 1,110,793
TOTAL LIABILITIES 14,141,944 14,020,333
Stockholders’ Deficit    
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding (0) (0)
Common stock: $0.0001 par value; 120,000,000 and 120,000,000 shares authorized; 84,244,558 and 74,771,476 issued and outstanding as of May 31, 2026 and 2025, respectively 8,424 7,477
Additional paid in capital 20,939,108 13,275,577
Subscription paid in advance 50,000
Accumulated deficit (33,877,040) (25,905,369)
Total Stockholders’ Deficit (12,929,508) (12,572,315)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 1,212,436 $ 1,448,018