| RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
NOTE 11 — RESTATEMENT OF
PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
As previously reported in the Annual Report
on Form 10-K/A filed with the Securities and Exchange Commission (“SEC”) on September 28, 2026, the Company previously restated
its financials because of (i) a series of comment letters (“Comment Letters”) from the staff (the “Staff”) of
the Division of Corporation Finance of the SEC regarding the income allocation to noncontrolling interests, (ii) a side agreement with
the Company’s Chief Executive Officer related to certain founders’ shares which contains a put option recognized as redeemable
common stock, (iii) conversion options within the 2025 Convertible Notes and the White Lion Notes should be bifurcated as derivative
liabilities and accounted for at fair value, (iv) incorrect recognition of royalties payable at the proper ownership interest and historical
differentials, (v) recognition of certain natural gas sales in the wrong period, (vi) recognition of certain lease operating expenses
and capital expenditures in the wrong period, (vii) improper recognition and classification of cash received for settlement of commodity
derivatives, and (viii) the related estimated tax impacts of the previously mentioned errors in its consolidated financial statements.
See Note 14 of our previously filed 10-K/A for full discussion of the errors.
The impact of the errors on the previously
issued unaudited condensed consolidated financial statements is as follows:
| | |
Three
Months Ended June 30, 2025 | |
| Condensed Consolidated
Statements of Operations | |
As
Reported | | |
Adjustments | | |
As
Restated | |
| Revenues | |
| | |
| | |
| |
| Crude oil | |
$ | 3,520,740 | | |
$ | 74,402 | | |
$ | 3,595,142 | |
| Natural gas and natural gas liquids | |
| 67,840 | | |
| (25,500 | ) | |
| 42,340 | |
| Total revenues | |
| 4,583,148 | | |
| 48,902 | | |
| 4,632,050 | |
| | |
| | | |
| | | |
| | |
| Expenses | |
| | | |
| | | |
| | |
| Production taxes, transportation and processing | |
| 302,850 | | |
| 12,491 | | |
| 315,341 | |
| Lease operating | |
| 1,993,454 | | |
| 365,588 | | |
| 2,359,042 | |
| Accretion of asset retirement obligations | |
| 95,322 | | |
| (86,809 | ) | |
| 8,513 | |
| General and administrative | |
| 1,941,044 | | |
| (132,699 | ) | |
| 1,808,345 | |
| Total expenses | |
| 4,790,860 | | |
| 158,571 | | |
| 4,949,431 | |
| Operating income (loss) | |
| (207,712 | ) | |
| (109,669 | ) | |
| (317,381 | ) |
| Gain on extinguishment of liabilities | |
| 207,307 | | |
| (1,121,825 | ) | |
| (914,518 | ) |
| Change in fair value of derivative liabilities | |
| - | | |
| (755,558 | ) | |
| (755,558 | ) |
| Change in fair value of derivative liabilities - related
party | |
| - | | |
| 449,000 | | |
| 449,000 | |
| Interest expense | |
| (1,678,538 | ) | |
| 28,882 | | |
| (1,649,656 | ) |
| Other income | |
| 281,715 | | |
| (281,715 | ) | |
| - | |
| Total other income (expense) | |
| (1,491,511 | ) | |
| (1,681,216 | ) | |
| (3,172,727 | ) |
| Income (loss) before income taxes | |
| (1,699,223 | ) | |
| (1,790,885 | ) | |
| (3,490,108 | ) |
| Income tax (provision) benefit | |
| 398,744 | | |
| 135,515 | | |
| 534,259 | |
| Net income (loss) | |
| (1,300,479 | ) | |
| (1,655,370 | ) | |
| (2,955,849 | ) |
| Net income (loss) attributable to NCI | |
| - | | |
| - | | |
| - | |
| Net income (loss) attributable
to Eon Resources, Inc. | |
$ | (1,300,479 | ) | |
$ | (1,655,370 | ) | |
$ | (2,955,849 | ) |
| | |
| | | |
| | | |
| | |
| Weighted average share outstanding,
common stock - basic and diluted | |
| 22,575,043 | | |
| | | |
| 22,575,043 | |
| Net income (loss) per share of
common stock – basic and diluted | |
$ | (0.06 | ) | |
$ | (0.07 | ) | |
$ | (0.13 | ) |
| | |
Six
Months Ended June 30, 2025 | |
| Condensed Consolidated
Statements of Operations | |
As
Reported | | |
Adjustments | | |
As
Restated | |
| Revenues | |
| | |
| | |
| |
| Crude oil | |
| 7,913,345 | | |
| 74,402 | | |
| 7,987,747 | |
| Natural gas and natural gas liquids | |
$ | 207,372 | | |
$ | (85,000 | ) | |
$ | 122,372 | |
| Total revenues | |
| 9,147,746 | | |
| (10,598 | ) | |
| 9,137,148 | |
| | |
| | | |
| | | |
| | |
| Expenses | |
| | | |
| | | |
| | |
| Production taxes, transportation and processing | |
| 700,066 | | |
| 12,491 | | |
| 712,557 | |
| Lease operating | |
| 3,914,775 | | |
| 635,034 | | |
| 4,549,809 | |
| Accretion of asset retirement obligations | |
| 251,538 | | |
| (236,033 | ) | |
| 15,505 | |
| General and administrative | |
| 4,025,589 | | |
| (408,354 | ) | |
| 3,617,235 | |
| Total expenses | |
| 9,447,233 | | |
| 3,138 | | |
| 9,450,371 | |
| Operating income (loss) | |
| (299,487 | ) | |
| (13,736 | ) | |
| (313,223 | ) |
| Gain on extinguishment of liabilities | |
| 299,601 | | |
| (1,605,938 | ) | |
| (1,306,337 | ) |
| Change in fair value of derivative liabilities | |
| - | | |
| (885,279 | ) | |
| (885,279 | ) |
| Change in fair value of derivative liabilities - related
party | |
| - | | |
| 562,000 | | |
| 562,000 | |
| Interest expense | |
| (3,422,784 | ) | |
| 28,882 | | |
| (3,393,902 | ) |
| Other income | |
| 295,342 | | |
| (295,141 | ) | |
| 201 | |
| Total other income (expense) | |
| (3,742,797 | ) | |
| (2,195,476 | ) | |
| (5,938,273 | ) |
| Income (loss) before income taxes | |
| (4,042,284 | ) | |
| (2,209,212 | ) | |
| (6,251,496 | ) |
| Income tax (provision) benefit | |
| 1,169,129 | | |
| 69,999 | | |
| 1,239,128 | |
| Net income (loss) | |
| (2,873,155 | ) | |
| (2,139,213 | ) | |
| (5,012,368 | ) |
| Net income (loss) attributable to NCI | |
| - | | |
| 28,535 | | |
| 28,535 | |
| Net income (loss) attributable
to Eon Resources, Inc. | |
$ | (2,873,155 | ) | |
$ | (2,110,678 | ) | |
$ | (4,983,833 | ) |
| | |
| | | |
| | | |
| | |
| Weighted average share outstanding,
common stock - basic and diluted | |
| 18,809,177 | | |
| | | |
| 18,809,177 | |
| Net income (loss) per share of
common stock – basic and diluted | |
$ | (0.15 | ) | |
$ | (0.11 | ) | |
$ | (0.26 | ) |
| | |
As
of June 30, 2025 | |
| Condensed Consolidated
Balance Sheet | |
As
Reported | | |
Adjustment | | |
As
Restated | |
| | |
| | |
| | |
| |
| Accounts receivable - Crude Oil and natural
gas sales | |
$ | 1,433,262 | | |
$ | 74,402 | | |
$ | 1,507,664 | |
| Prepaid expenses and other current assets | |
| 488,183 | | |
| 861,056 | | |
| 1,349,239 | |
| Total current assets | |
| 5,875,645 | | |
| 935,458 | | |
| 6,811,103 | |
| Crude oil and natural gas properties, successful efforts
method: | |
| | | |
| | | |
| | |
| Proved Properties | |
| 103,382,842 | | |
| (1,043,485 | ) | |
| 102,339,357 | |
| Total oil and natural gas properties, net | |
| 100,068,351 | | |
| (1,043,485 | ) | |
| 99,024,866 | |
| Other noncurrent asset | |
| - | | |
| 213,750 | | |
| 213,750 | |
| Total Assets | |
$ | 105,963,996 | | |
$ | 105,723 | | |
$ | 106,069,719 | |
| | |
| | | |
| | | |
| | |
| Accounts payable | |
$ | 6,279,528 | | |
$ | (357,729 | ) | |
$ | 5,921,799 | |
| Accrued liabilities and other | |
| 9,118,446 | | |
| 442,584 | | |
| 9,561,030 | |
| Royalties payable | |
| 4,434,575 | | |
| 536,896 | | |
| 4,971,471 | |
| Total current liabilities | |
| 27,607,625 | | |
| 621,751 | | |
| 28,229,376 | |
| Asset retirement obligations | |
| 1,430,899 | | |
| (236,033 | ) | |
| 1,194,866 | |
| Deferred tax liability | |
| 1,523,603 | | |
| (69,999 | ) | |
| 1,453,604 | |
| Derivative liabilities | |
| - | | |
| 728,582 | | |
| 728,582 | |
| Derivative liabilities, related parties | |
| - | | |
| 2,088,000 | | |
| 2,088,000 | |
| Total for non-current liabilities | |
| 40,139,959 | | |
| 2,510,550 | | |
| 42,650,509 | |
| Total liabilities | |
| 67,747,584 | | |
| 3,132,301 | | |
| 70,879,885 | |
| | |
| | | |
| | | |
| | |
| Redeemable common stock | |
| - | | |
| 800,000 | | |
| 800,000 | |
| | |
| | | |
| | | |
| | |
| Class A Common Stock | |
| 3,435 | | |
| (40 | ) | |
| 3,395 | |
| Additional paid in capital | |
| 48,064,746 | | |
| 962,675 | | |
| 49,027,421 | |
| Accumulated deficit | |
| (31,072,183 | ) | |
| (581,448 | ) | |
| (31,653,631 | ) |
| Total stockholders’ deficit attributable to
EON Resources, Inc. | |
| 16,995,998 | | |
| 381,187 | | |
| 17,377,185 | |
| Noncontrolling Interest | |
| 21,220,414 | | |
| (4,207,765 | ) | |
| 17,012,649 | |
| Total Stockholders’ Equity | |
| 38,216,412 | | |
| (3,826,578 | ) | |
| 34,389,834 | |
| Total Liabilities, Mezzanine Equity and Stockholders
Equity | |
$ | 105,963,996 | | |
$ | 105,723 | | |
$ | 106,069,719 | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total | | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Stockholders’ | | |
| | |
| |
| | |
Class A | | |
Class B | | |
Additional | | |
| | |
(Deficit) Equity
Attributable to
EON | | |
| | |
Total
Stockholders’ | |
| | |
Common Stock | | |
Common Stock | | |
Paid-In | | |
Accumulated | | |
Resources | | |
Noncontrolling | | |
(Deficit) | |
| As previously reported | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Inc. | | |
Interest | | |
Equity | |
| Balance -December 31,
2024 | |
| 10,323,205 | | |
$ | 1,032 | | |
| 500,000 | | |
$ | 50 | | |
$ | 31,312,003 | | |
$ | (28,199,028 | ) | |
$ | 3,114,057 | | |
$ | 24,605,414 | | |
$ | 27,719,471 | |
| Share-based compensation | |
| 325,457 | | |
| 33 | | |
| - | | |
| - | | |
| 368,060 | | |
| - | | |
| 368,093 | | |
| - | | |
| 368,093 | |
| Shares issued under equity line of credit | |
| 4,770,000 | | |
| 477 | | |
| - | | |
| - | | |
| 4,341,055 | | |
| - | | |
| 4,341,532 | | |
| - | | |
| 4,341,532 | |
| Shares issued for conversion of note payables | |
| 1,954,514 | | |
| 195 | | |
| - | | |
| - | | |
| 1,786,046 | | |
| - | | |
| 1,786,241 | | |
| - | | |
| 1,786,241 | |
| Shares issued to settle accounts payable | |
| 45,050 | | |
| 5 | | |
| - | | |
| - | | |
| 45,045 | | |
| - | | |
| 45,050 | | |
| - | | |
| 45,050 | |
| Class B exchanged for Class A | |
| 500,000 | | |
| 50 | | |
| (500,000 | ) | |
| (50 | ) | |
| 3,385,000 | | |
| - | | |
| 3,385,000 | | |
| (3,385,000 | ) | |
| - | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,752,231 | ) | |
| (1,752,231 | ) | |
| - | | |
| (1,752,231 | ) |
| Balance -
March 31, 2025 | |
| 17,918,226 | | |
| 1,792 | | |
| - | | |
| - | | |
| 41,237,209 | | |
| (29,951,259 | ) | |
| 11,287,742 | | |
| 21,220,414 | | |
| 32,508,156 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share based compensation | |
| 328,800 | | |
| 33 | | |
| - | | |
| - | | |
| 237,652 | | |
| - | | |
| 237,685 | | |
| - | | |
| 237,685 | |
| Shares issued under equity line of credit | |
| 6,000,000 | | |
| 600 | | |
| - | | |
| - | | |
| 2,682,200 | | |
| - | | |
| 2,682,800 | | |
| - | | |
| 2,682,800 | |
| Shares issued for conversion of notes payable | |
| 7,999,466 | | |
| 800 | | |
| - | | |
| - | | |
| 2,763,387 | | |
| - | | |
| 2,764,187 | | |
| - | | |
| 2,764,187 | |
| Shares issued to settle accounts payable | |
| 98,615 | | |
| 10 | | |
| - | | |
| - | | |
| 49,298 | | |
| - | | |
| 49,308 | | |
| - | | |
| 49,308 | |
| Shares issued for acquisition of oil and gas leases | |
| 1,000,000 | | |
| 100 | | |
| - | | |
| - | | |
| 547,500 | | |
| - | | |
| 547,600 | | |
| - | | |
| 547,600 | |
| Shares issued for acquisition of oil and gas equipment | |
| 1,000,000 | | |
| 100 | | |
| - | | |
| - | | |
| 547,500 | | |
| - | | |
| 547,600 | | |
| - | | |
| 547,600 | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| (1,300,479 | ) | |
| (1,300,479 | ) | |
| - | | |
| (1,300,479 | ) |
| Balance - June
30, 2025 | |
| 34,345,107 | | |
$ | 3,435 | | |
| - | | |
$ | - | | |
$ | 48,064,746 | | |
$ | (31,251,738 | ) | |
$ | 16,816,443 | | |
$ | 21,220,414 | | |
$ | 38,036,857 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Restatement impacts | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance - December 31, 2024 (a) | |
| (400,000 | ) | |
$ | (40 | ) | |
| - | | |
$ | - | | |
$ | (799,960 | ) | |
$ | 1,529,230 | | |
$ | 729,230 | | |
$ | (4,179,230 | ) | |
$ | (3,450,000 | ) |
| Derivative liability conversion to common stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| 397,188 | | |
| - | | |
| 397,188 | | |
| - | | |
| 397,188 | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (275,753 | ) | |
| (275,753 | ) | |
| (28,535 | ) | |
| (304,288 | ) |
| Balance -
March 31, 2025 | |
| (400,000 | ) | |
| (40 | ) | |
| - | | |
| - | | |
| (402,772 | ) | |
| 1,253,477 | | |
| 850,665 | | |
| (4,207,765 | ) | |
| (3,357,100 | ) |
| Derivative liability conversion to common stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,365,447 | | |
| - | | |
| 1,365,447 | | |
| - | | |
| 1,365,447 | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| (1,655,370 | ) | |
| (1,655,370 | ) | |
| - | | |
| (1,655,370 | ) |
| Balance - June
30, 2025 | |
| (400,000 | ) | |
$ | (40 | ) | |
| - | | |
$ | - | | |
$ | 962,675 | | |
$ | (401,893 | ) | |
$ | 560,742 | | |
$ | (4,207,765 | ) | |
$ | (3,647,023 | ) |
| As restated | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Balance -December 31,
2024 | |
| 9,923,205 | | |
$ | 992 | | |
| 500,000 | | |
$ | 50 | | |
$ | 30,512,043 | | |
$ | (26,669,798 | ) | |
$ | 3,843,287 | | |
$ | 20,426,184 | | |
$ | 24,269,471 | |
| Share-based compensation | |
| 325,457 | | |
| 33 | | |
| - | | |
| - | | |
| 368,060 | | |
| - | | |
| 368,093 | | |
| - | | |
| 368,093 | |
| Shares issued under equity line of credit | |
| 4,770,000 | | |
| 477 | | |
| - | | |
| - | | |
| 4,341,055 | | |
| - | | |
| 4,341,532 | | |
| - | | |
| 4,341,532 | |
| Shares issued for conversion of note payables | |
| 1,954,514 | | |
| 195 | | |
| - | | |
| - | | |
| 1,786,046 | | |
| - | | |
| 1,786,241 | | |
| - | | |
| 1,786,241 | |
| Shares issued to settle accounts payable | |
| 45,050 | | |
| 5 | | |
| - | | |
| - | | |
| 45,045 | | |
| - | | |
| 45,050 | | |
| - | | |
| 45,050 | |
| Derivative liability conversion to common stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| 397,188 | | |
| - | | |
| 397,188 | | |
| - | | |
| 397,188 | |
| Class B exchanged for Class A | |
| 500,000 | | |
| 50 | | |
| (500,000 | ) | |
| (50 | ) | |
| 3,385,000 | | |
| - | | |
| 3,385,000 | | |
| (3,385,000 | ) | |
| - | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,027,984 | ) | |
| (2,027,984 | ) | |
| (28,535 | ) | |
| (2,056,519 | ) |
| Balance -
March 31, 2025 | |
| 17,518,226 | | |
| 1,752 | | |
| - | | |
| - | | |
| 40,834,437 | | |
| (28,697,782 | ) | |
| 12,138,407 | | |
| 17,012,649 | | |
| 29,151,056 | |
| Share based compensation | |
| 328,800 | | |
| 33 | | |
| - | | |
| - | | |
| 237,652 | | |
| - | | |
| 237,685 | | |
| - | | |
| 237,685 | |
| Shares issued under equity line of credit | |
| 6,000,000 | | |
| 600 | | |
| - | | |
| - | | |
| 2,682,200 | | |
| - | | |
| 2,682,800 | | |
| - | | |
| 2,682,800 | |
| Shares issued for conversion of notes payable | |
| 7,999,466 | | |
| 800 | | |
| - | | |
| - | | |
| 2,763,387 | | |
| - | | |
| 2,764,187 | | |
| - | | |
| 2,764,187 | |
| Shares issued to settle accounts payable | |
| 98,615 | | |
| 10 | | |
| - | | |
| - | | |
| 49,298 | | |
| - | | |
| 49,308 | | |
| - | | |
| 49,308 | |
| Shares issued for acquisition of oil and gas leases | |
| 1,000,000 | | |
| 100 | | |
| - | | |
| - | | |
| 547,500 | | |
| - | | |
| 547,600 | | |
| - | | |
| 547,600 | |
| Shares issued for acquisition of oil and gas equipment | |
| 1,000,000 | | |
| 100 | | |
| - | | |
| - | | |
| 547,500 | | |
| - | | |
| 547,600 | | |
| - | | |
| 547,600 | |
| Derivative liability conversion to common stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,365,447 | | |
| - | | |
| 1,365,447 | | |
| - | | |
| 1,365,447 | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| (2,955,849 | ) | |
| (2,955,849 | ) | |
| - | | |
| (2,955,849 | ) |
| Balance - June
30, 2025 | |
| 33,945,107 | | |
$ | 3,395 | | |
| - | | |
$ | - | | |
$ | 49,027,421 | | |
$ | (31,653,631 | ) | |
$ | 17,377,185 | | |
$ | 17,012,649 | | |
$ | 34,389,834 | |
| (a) | These
adjustments represent the restatements previously disclosed in the Company's 2024 Form 10-K/A
as previously filed with the SEC on April 27, 2026. |
| Condensed
Consolidated Statement of Cash Flows | |
Six
Months Ended June 30, 2025 | |
| Operating
activities: | |
As
Reported | | |
Adjustment | | |
As
Restated | |
| Net
income | |
$ | (2,873,155 | ) | |
$ | (2,139,213 | ) | |
$ | (5,012,368 | ) |
| Adjustments
to reconcile net income to net cash provided by operating activities: | |
| | | |
| | | |
| | |
| Accretion
of asset retirement obligations | |
| 251,538 | | |
| (236,033 | ) | |
| 15,505 | |
| Deferred
income tax benefit | |
| (1,169,130 | ) | |
| (69,998 | ) | |
| (1,239,128 | ) |
| Gain
on extinguishment of liabilities | |
| (299,601 | ) | |
| 1,605,938 | | |
| 1,306,337 | |
| Change
in fair value of derivative liability | |
| - | | |
| 885,279 | | |
| 885,279 | |
| Change
in fair value of derivative liability, related party | |
| - | | |
| (562,000 | ) | |
| (562,000 | ) |
| Changes
in operating assets and liabilities: | |
| | | |
| | | |
| | |
| Accounts
receivable | |
| 130,087 | | |
| (74,402 | ) | |
| 55,685 | |
| Prepaid
expenses and other assets | |
| (189,297 | ) | |
| (313,457 | ) | |
| (502,754 | ) |
| Purchase
of plugging & abandonment insurance bonds | |
| - | | |
| (213,750 | ) | |
| (213,750 | ) |
| Accounts
payable | |
| (1,681,028 | ) | |
| (361,844 | ) | |
| (2,042,872 | ) |
| Accrued
liabilities and other | |
| 1,367,083 | | |
| 442,584 | | |
| 1,809,667 | |
| Royalties
payable | |
| 1,243,404 | | |
| 536,896 | | |
| 1,780,300 | |
| Net
cash used in operating activities | |
| (1,796,949 | ) | |
| (500,000 | ) | |
| (2,296,949 | ) |
| Investing
activities: | |
| | | |
| | | |
| | |
| Development
of crude oil and gas properties | |
| (2,638,532 | ) | |
| 500,000 | | |
| (2,138,532 | ) |
| Net
cash used in investing activities | |
| (2,638,532 | ) | |
| 500,000 | | |
| (2,138,532 | ) |
| | |
| | | |
| | | |
| | |
| Non
Cash Investing/Financing | |
| | | |
| | | |
| | |
| Accrued
purchases of property and equipment | |
| 766,104 | | |
| (4,115 | ) | |
| 761,989 | |
|
NOTE 14 — RESTATEMENT OF
PREVIOUSLY ISSUED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The Company has received
a series of comment letters (“Comment Letters”) from the staff (the “Staff”) of the Division of Corporation Finance
of the Securities and Exchange Commission (“SEC”). The Comment Letters included comments related to the Company’s accounting
for non-controlling interest (“NCI”) for Class B Units of a subsidiary of the Company and the corresponding number of Class
B Common Stock of the Company (collectively, referred to as the “Class B Equity”). The Company did not allocate its annual
losses to the NCI because, among other things pursuant to the purchase agreement for the Company’s initial business combination
and related transaction documents, the Class B Equity had “no economic” rights.
On February 24, 2026, the Audit Committee
of the Board of Directors of the Company (the “Audit Committee”) determined, based on management’s recommendation and
after consultation with CBIZ CPAs P.C., the Company’s independent registered public accounting firm, to modify the accounting methodology
and allocate net income or loss to the NCI for Class B Equity from November 15, 2023, when the Class B Equity was issued, through February
2025, when the last of the Class B Equity was converted to Class A Common Stock of the Company.
During the preparation of the Company’s
2025 consolidated financial statements, the Company determined that a side agreement executed in 2021 in connection with the sale of
founders’ shares to the Company’s Chief Executive Officer contained a put right on the purchased shares of common stock.
The Company did not account for this put right. The Company determined that this put right should be classified as a derivative liability
and measured at fair value, and that the underlying shares of common stock should be accounted for as mezzanine equity.
In addition, the Company determined that the
conversion options within the 2025 Convertible Notes and the White Lion Notes should be bifurcated as derivative liabilities and accounted
for at fair value as further discussed in Note 8 above.
In addition, as previously reported in the
Company’s September 30, 2025, 10Q filed on November 14, 2025, during the preparation of its financial statements for the nine months
ended September 30, 2025, the Company determined the asset retirement obligation liability and related accretion of asset retirement
obligation expenses incurred during three months ended March 31, 2025, three months ended June 30, 2025 and the six months ended June
30, 2025 was overstated due to an incorrect discount rate being used in the calculation. The Company also identified errors related to
(i) the accounting for certain vendor invoices in the correct period which resulted in additional capitalized expenditures related to
oil and gas operations, additional lease operating and general and administrative expenses, and corresponding changes to accounts payable
and other accrued liabilities, (ii) incorrect recognition of royalties payable at the proper ownership interest and historical differentials,
(iii) recognition of certain crude oil and natural gas sales in the wrong period, (iv) recognition of certain production taxes and lease
operating expenses in the wrong period, (v) incorrect recognition of interest expense and gain on the settlement of liabilities during
the third quarter of 2025, (vi) proper classification of capital expenditures related to oil and gas operations between prepaid expenditures
and capitalized assets, (vii) improper recognition and classification of cash received for settlement of commodity derivatives, (viii)
incorrect classification between current and long term assets of security deposits on oil and gas bonds and (ix) the related estimated
tax impacts of the previously mentioned errors in its consolidated financial statements. Additionally, the Company identified an error
in which it had incorrectly capitalized certain prepaid workover costs to Oil and Gas properties which had not yet actually been incurred. The impact of the errors on the previously issued unaudited condensed
consolidated financial statements is as follows:
| | |
Three Months Ended March 31,
2025 | |
| | |
As Reported | | |
Adjustments | | |
As Restated | |
| Revenues | |
| | |
| | |
| |
| Natural gas and natural gas liquids | |
$ | 139,532 | | |
$ | (59,500 | ) | |
$ | 80,032 | |
| Total revenues | |
| 4,564,598 | | |
| (59,500 | ) | |
| 4,505,098 | |
| | |
| | | |
| | | |
| | |
| Expenses | |
| | | |
| | | |
| | |
| Lease operating | |
| 1,921,321 | | |
| 269,446 | | |
| 2,190,767 | |
| Accretion of asset retirement obligations | |
| 335,771 | | |
| (328,779 | ) | |
| 6,992 | |
| General and administrative | |
| 2,084,545 | | |
| (275,655 | ) | |
| 1,808,890 | |
| Total expenses | |
| 4,835,928 | | |
| (334,988 | ) | |
| 4,500,940 | |
| Operating income (loss) | |
| (271,330 | ) | |
| 275,488 | | |
| 4,158 | |
| Gain on extinguishment of liabilities | |
| 92,294 | | |
| (484,113 | ) | |
| (391,819 | ) |
| Change in fair value of derivative liabilities | |
| - | | |
| (129,721 | ) | |
| (129,721 | ) |
| Change in fair value of derivative liabilities - related party | |
| - | | |
| 113,000 | | |
| 113,000 | |
| Other income | |
| 13,627 | | |
| (13,426 | ) | |
| 201 | |
| Total other income (expense) | |
| (2,251,286 | ) | |
| (514,260 | ) | |
| (2,765,546 | ) |
| Income (loss) before income taxes | |
| (2,522,616 | ) | |
| (238,772 | ) | |
| (2,761,388 | ) |
| Income tax (provision) benefit | |
| 770,385 | | |
| (65,516 | ) | |
| 704,869 | |
| Net income (loss) | |
| (1,752,231 | ) | |
| (304,288 | ) | |
| (2,056,519 | ) |
| Net income (loss) attributable to NCI | |
| - | | |
| (28,535 | ) | |
| (28,535 | ) |
| Net income (loss) attributable to Eon Resources, Inc. | |
$ | (1,752,231 | ) | |
$ | (275,753 | ) | |
$ | (2,027,984 | ) |
| | |
| | | |
| | | |
| | |
| Weighted average share outstanding, common stock - basic and diluted | |
| 15,338,289 | | |
| | | |
| 15,338,289 | |
| Net income (loss) per share of common stock – basic and diluted | |
$ | (0.11 | ) | |
| (0.02 | ) | |
$ | (0.13 | ) |
| Condensed Consolidated Balance Sheet | |
As of March 31, 2025 | |
| | |
As Reported | | |
Adjustment | | |
As Restated | |
| | |
| | |
| | |
| |
| Crude oil and natural gas properties, successful efforts method: | |
| | |
| | |
| |
| Proved Properties | |
$ | 100,926,091 | | |
$ | (36,870 | ) | |
$ | 100,889,221 | |
| Total oil and natural gas properties, net | |
| 98,069,791 | | |
| (36,870 | ) | |
| 98,032,921 | |
| Total Assets | |
$ | 103,860,046 | | |
$ | (36,870 | ) | |
$ | 103,823,176 | |
| | |
| | | |
| | | |
| | |
| Accounts payable | |
$ | 6,599,927 | | |
$ | (319,306 | ) | |
$ | 6,280,621 | |
| Accrued liabilities and other | |
| 8,393,414 | | |
| (130,614 | ) | |
| 8,262,800 | |
| Royalties payable | |
| 4,117,471 | | |
| 479,767 | | |
| 4,597,238 | |
| Total current liabilities | |
| 33,707,812 | | |
| 29,847 | | |
| 33,737,659 | |
| Asset retirement obligations | |
| 1,385,056 | | |
| (328,779 | ) | |
| 1,056,277 | |
| Deferred tax liability | |
| 1,922,348 | | |
| 65,516 | | |
| 1,987,864 | |
| Derivative liabilities | |
| - | | |
| 216,646 | | |
| 216,646 | |
| Derivative liabilities, related parties | |
| - | | |
| 2,537,000 | | |
| 2,537,000 | |
| Total for non-current liabilities | |
| 37,644,078 | | |
| 2,490,383 | | |
| 40,134,461 | |
| Total liabilities | |
| 71,351,890 | | |
| 2,520,230 | | |
| 73,872,120 | |
| | |
| | | |
| | | |
| | |
| Redeemable common stock | |
| - | | |
| 800,000 | | |
| 800,000 | |
| | |
| | | |
| | | |
| | |
| Class A Common Stock | |
| 1,792 | | |
| (40 | ) | |
| 1,752 | |
| Additional paid in capital | |
| 41,237,209 | | |
| (402,772 | ) | |
| 40,834,437 | |
| Accumulated deficit | |
| (29,951,259 | ) | |
| 1,253,477 | | |
| (28,697,782 | ) |
| Total stockholders’ deficit attributable to EON Resources,
Inc. | |
| 11,287,742 | | |
| 850,665 | | |
| 12,138,407 | |
| Noncontrolling Interest | |
| 21,220,414 | | |
| (4,207,765 | ) | |
| 17,012,649 | |
| Total Stockholders’ Equity | |
| 32,508,156 | | |
| (3,357,100 | ) | |
| 29,151,056 | |
| Total Liabilities and Stockholders Equity | |
$ | 103,860,046 | | |
$ | (36,870 | ) | |
$ | 103,823,176 | |
| | |
Three Months Ended June 30, 2025 | |
| | |
As Reported | | |
Adjustments | | |
As Restated | |
| Revenues | |
| | |
| | |
| |
| Crude oil | |
$ | 3,520,740 | | |
$ | 74,402 | | |
$ | 3,595,142 | |
| Natural gas and natural gas liquids | |
| 67,840 | | |
| (25,500 | ) | |
| 42,340 | |
| Total revenues | |
| 4,583,148 | | |
| 48,902 | | |
| 4,632,050 | |
| | |
| | | |
| | | |
| | |
| Expenses | |
| | | |
| | | |
| | |
| Production taxes, transportation and processing | |
| 302,850 | | |
| 12,491 | | |
| 315,341 | |
| Lease operating | |
| 1,993,454 | | |
| 365,588 | | |
| 2,359,042 | |
| Accretion of asset retirement obligations | |
| 95,322 | | |
| (86,809 | ) | |
| 8,513 | |
| General and administrative | |
| 1,941,044 | | |
| (132,699 | ) | |
| 1,808,345 | |
| Total expenses | |
| 4,790,860 | | |
| 158,571 | | |
| 4,949,431 | |
| Operating income (loss) | |
| (207,712 | ) | |
| (109,669 | ) | |
| (317,381 | ) |
| Gain on extinguishment of liabilities | |
| 207,307 | | |
| (1,121,825 | ) | |
| (914,518 | ) |
| Change in fair value of derivative liabilities | |
| - | | |
| (755,558 | ) | |
| (755,558 | ) |
| Change in fair value of derivative liabilities - related party | |
| - | | |
| 449,000 | | |
| 449,000 | |
| Interest expense | |
| (1,678,538 | ) | |
| 28,882 | | |
| (1,649,656 | ) |
| Other income | |
| 281,715 | | |
| (281,715 | ) | |
| - | |
| Total other income (expense) | |
| (1,491,511 | ) | |
| (1,681,216 | ) | |
| (3,172,727 | ) |
| Income (loss) before income taxes | |
| (1,699,223 | ) | |
| (1,790,885 | ) | |
| (3,490,108 | ) |
| Income tax (provision) benefit | |
| 398,744 | | |
| 135,515 | | |
| 534,259 | |
| Net income (loss) | |
| (1,300,479 | ) | |
| (1,655,370 | ) | |
| (2,955,849 | ) |
| Net income (loss) attributable to Eon
Resources, Inc. | |
$ | (1,300,479 | ) | |
$ | (1,655,370 | ) | |
$ | (2,955,849 | ) |
| | |
| | | |
| | | |
| | |
| Weighted average share outstanding,
common stock - basic and diluted | |
| 22,575,043 | | |
| | | |
| 22,575,043 | |
| Net income (loss) per share of common
stock – basic and diluted | |
$ | (0.06 | ) | |
| (0.07 | ) | |
$ | (0.13 | ) |
| | |
Six Months Ended June 30, 2025 | |
| | |
As Reported | | |
Adjustments | | |
As Restated | |
| Revenues | |
| | |
| | |
| |
| Crude oil | |
$ | 7,913,345 | | |
$ | 74,402 | | |
$ | 7,987,747 | |
| Natural gas and natural gas liquids | |
| 207,372 | | |
| (85,000 | ) | |
| 122,372 | |
| Total revenues | |
| 9,147,746 | | |
| (10,598 | ) | |
| 9,137,148 | |
| | |
| | | |
| | | |
| | |
| Expenses | |
| | | |
| | | |
| | |
| Production taxes, transportation and processing | |
| 700,066 | | |
| 12,491 | | |
| 712,557 | |
| Lease operating | |
| 3,914,775 | | |
| 635,034 | | |
| 4,549,809 | |
| Accretion of asset retirement obligations | |
| 251,538 | | |
| (236,033 | ) | |
| 15,505 | |
| General and administrative | |
| 4,025,589 | | |
| (408,354 | ) | |
| 3,617,235 | |
| Total expenses | |
| 9,447,233 | | |
| 3,138 | | |
| 9,450,371 | |
| Operating income (loss) | |
| (299,487 | ) | |
| (13,736 | ) | |
| (313,223 | ) |
| Gain on extinguishment of liabilities | |
| 299,601 | | |
| (1,605,938 | ) | |
| (1,306,337 | ) |
| Change in fair value of derivative liabilities | |
| - | | |
| (885,279 | ) | |
| (885,279 | ) |
| Change in fair value of derivative liabilities - related party | |
| - | | |
| 562,000 | | |
| 562,000 | |
| Interest expense | |
| (3,422,784 | ) | |
| 28,882 | | |
| (3,393,902 | ) |
| Other income | |
| 295,342 | | |
| (295,141 | ) | |
| 201 | |
| Total other income (expense) | |
| (3,742,797 | ) | |
| (2,195,476 | ) | |
| (5,938,273 | ) |
| Income (loss) before income taxes | |
| (4,042,284 | ) | |
| (2,209,212 | ) | |
| (6,251,496 | ) |
| Income tax (provision) benefit | |
| 1,169,129 | | |
| 69,999 | | |
| 1,239,128 | |
| Net income (loss) | |
| (2,873,155 | ) | |
| (2,139,213 | ) | |
| (5,012,368 | ) |
| Net income (loss) attributable to NCI | |
| - | | |
| (28,535 | ) | |
| (28,535 | ) |
| Net income (loss) attributable to Eon
Resources, Inc. | |
$ | (2,873,155 | ) | |
$ | (2,110,678 | ) | |
$ | (4,983,833 | ) |
| | |
| | | |
| | | |
| | |
| Weighted average share outstanding,
common stock - basic and diluted | |
| 18,809,177 | | |
| | | |
| 18,809,177 | |
| Net income (loss) per share of common
stock – basic and diluted | |
$ | (0.15 | ) | |
| (0.11 | ) | |
$ | (0.26 | ) |
| Condensed Consolidated Balance Sheet | |
As of June 30, 2025 | |
| | |
As Reported | | |
Adjustment | | |
As Restated | |
| | |
| | |
| | |
| |
| Accounts receivable – Crude Oil and
natural gas sales | |
$ | 1,433,262 | | |
$ | 74,402 | | |
$ | 1,507,664 | |
| Prepaid expenses and other current assets | |
| 488,183 | | |
| 861,056 | | |
| 1,349,239 | |
| Total current Assets | |
| 5,875,645 | | |
| 935,458 | | |
| 6,811,103 | |
| Crude oil and natural gas properties, successful efforts
method: | |
| | | |
| | | |
| | |
| Proved Properties | |
| 103,382,842 | | |
| (1,043,485 | ) | |
| 102,339,357 | |
| Total oil and natural gas properties, net | |
| 100,068,351 | | |
| (1,043,485 | ) | |
| 99,024,866 | |
| Other noncurrent asset | |
| - | | |
| 213,750 | | |
| 213,750 | |
| Total Assets | |
$ | 105,963,996 | | |
$ | 105,723 | | |
$ | 106,069,719 | |
| | |
| | | |
| | | |
| | |
| Accounts payable | |
$ | 6,279,528 | | |
$ | (357,729 | ) | |
$ | 5,921,799 | |
| Accrued liabilities and other | |
| 9,118,446 | | |
| 442,584 | | |
| 9,561,030 | |
| Royalties payable | |
| 4,434,575 | | |
| 536,896 | | |
| 4,971,471 | |
| Total current liabilities | |
| 27,607,625 | | |
| 621,751 | | |
| 28,229,376 | |
| Asset retirement obligations | |
| 1,430,899 | | |
| (236,033 | ) | |
| 1,194,866 | |
| Deferred tax liability | |
| 1,523,603 | | |
| (69,999 | ) | |
| 1,453,604 | |
| Derivative liabilities | |
| - | | |
| 728,582 | | |
| 728,582 | |
| Derivative liabilities, related parties | |
| - | | |
| 2,088,000 | | |
| 2,088,000 | |
| Total for non-current liabilities | |
| 40,139,959 | | |
| 2,510,550 | | |
| 42,650,509 | |
| Total Liabilities | |
| 67,747,584 | | |
| 3,132,301 | | |
| 70,879,885 | |
| | |
| | | |
| | | |
| | |
| Redeemable common stock | |
| - | | |
| 800,000 | | |
| 800,000 | |
| | |
| | | |
| | | |
| | |
| Class A Common Stock | |
| 3,435 | | |
| (40 | ) | |
| 3,395 | |
| Additional paid in capital | |
| 48,064,746 | | |
| 962,675 | | |
| 49,027,421 | |
| Accumulated deficit | |
| (31,072,183 | ) | |
| (581,448 | ) | |
| (31,653,631 | ) |
| Total stockholders’ deficit attributable to EON
Resources, Inc. | |
| 16,995,998 | | |
| 381,187 | | |
| 17,377,185 | |
| Noncontrolling Interest | |
| 21,220,414 | | |
| (4,207,765 | ) | |
| 17,012,649 | |
| Total Stockholders’ Equity | |
| 38,216,412 | | |
| (3,826,578 | ) | |
| 34,389,834 | |
| Total Liabilities and Stockholders Equity | |
$ | 105,963,996 | | |
$ | 105,723 | | |
$ | 106,069,719 | |
| | |
Three Months Ended September
30, 2025 | |
| | |
As Reported | | |
Adjustments | | |
As Restated | |
| Revenues | |
| | |
| | |
| |
| Crude Oil | |
$ | 4,351,800 | | |
$ | (117,945 | ) | |
$ | 4,233,855 | |
| Natural gas and natural gas liquids | |
| 132,466 | | |
| (26,832 | ) | |
| 105,634 | |
| Total revenues | |
| 4,364,341 | | |
| (144,777 | ) | |
| 4,219,564 | |
| | |
| | | |
| | | |
| | |
| Expenses | |
| | | |
| | | |
| | |
| Production taxes, transportation and processing | |
| 435,539 | | |
| (12,491 | ) | |
| 423,048 | |
| Lease operating | |
| 2,545,969 | | |
| 203,248 | | |
| 2,749,217 | |
| General and administrative | |
| 2,591,296 | | |
| 54,001 | | |
| 2,645,297 | |
| Total expenses | |
| 6,129,063 | | |
| 244,758 | | |
| 6,373,821 | |
| Operating loss | |
| (1,764,722 | ) | |
| (389,535 | ) | |
| (2,154,257 | ) |
| Amortization of financing costs | |
| (399,697 | ) | |
| (21,526 | ) | |
| (421,223 | ) |
| Change in fair value of derivative liabilities | |
| - | | |
| (779,187 | ) | |
| (779,187 | ) |
| Change in fair value of derivative liabilities - related party | |
| - | | |
| (563,000 | ) | |
| (563,000 | ) |
| Interest expense | |
| (1,220,390 | ) | |
| (67,329 | ) | |
| (1,287,719 | ) |
| Gain on extinguishment of liabilities | |
| 1,846,684 | | |
| (19,481 | ) | |
| 1,827,203 | |
| Total other income (expense) | |
| 13,650,069 | | |
| (1,450,523 | ) | |
| 12,199,546 | |
| Income (loss) before income taxes | |
| 11,885,347 | | |
| (1,840,058 | ) | |
| 10,045,289 | |
| Income tax (provision) benefit | |
| (6,260,472 | ) | |
| 178,606 | | |
| (6,081,866 | ) |
| Net income (loss) | |
| 5,624,875 | | |
| (1,661,452 | ) | |
| 3,963,423 | |
| Net income (loss) attributable to Eon
Resources, Inc. | |
$ | 5,624,875 | | |
$ | (1,661,452 | ) | |
$ | 3,963,423 | |
| | |
| | | |
| | | |
| | |
| Weighted average share outstanding, common stock –
basic | |
| 38,073,390 | | |
| - | | |
| 38,073,390 | |
| Weighted average share outstanding, common stock - diluted | |
| 54,964,640 | | |
| - | | |
| 54,964,640 | |
| Net income (loss) per share of common stock – basic | |
$ | 0.15 | | |
| (0.05 | ) | |
$ | 0.10 | |
| Net income (loss) per share of common
stock –diluted | |
$ | 0.10 | | |
| (0.03 | ) | |
$ | 0.07 | |
| | |
Nine Months Ended September 30,
2025 | |
| | |
As Reported | | |
Adjustments | | |
As Restated | |
| Revenues | |
| | |
| | |
| |
| Crude Oil | |
$ | 12,265,145 | | |
$ | (43,543 | ) | |
$ | 12,221,602 | |
| Natural gas and natural gas liquids | |
| 339,838 | | |
| (111,832 | ) | |
| 228,006 | |
| Total revenues | |
| 13,512,087 | | |
| (155,375 | ) | |
| 13,356,712 | |
| | |
| | | |
| | | |
| | |
| Expenses | |
| | | |
| | | |
| | |
| Lease operating expenses | |
| 6,460,744 | | |
| 838,282 | | |
| 7,299,026 | |
| General and administrative | |
| 6,616,885 | | |
| (354,353 | ) | |
| 6,262,532 | |
| Total Expenses | |
| 15,340,263 | | |
| 483,929 | | |
| 15,824,192 | |
| Operating loss | |
| (1,828,176 | ) | |
| (639,304 | ) | |
| (2,467,480 | ) |
| Gain on extinguishment of liabilities | |
| 2,146,285 | | |
| (1,625,419 | ) | |
| 520,866 | |
| Amortization of financing costs | |
| (1,069,514 | ) | |
| (21,526 | ) | |
| (1,091,040 | ) |
| Change in fair value of derivative liabilities | |
| - | | |
| (1,664,466 | ) | |
| (1,664,466 | ) |
| Change in fair value of derivative liabilities - related party | |
| - | | |
| (1,000 | ) | |
| (1,000 | ) |
| Interest expense | |
| (4,643,174 | ) | |
| (38,447 | ) | |
| (4,681,621 | ) |
| Other income | |
| 295,342 | | |
| (295,141 | ) | |
| 201 | |
| Total other income (expense) | |
| 9,907,272 | | |
| (3,645,999 | ) | |
| 6,261,273 | |
| Income (loss) before income taxes | |
| 8,079,096 | | |
| (4,285,303 | ) | |
| 3,793,793 | |
| Income tax (provision) benefit | |
| (5,091,343 | ) | |
| 248,605 | | |
| (4,842,738 | ) |
| Net income (loss) | |
| 2,987,753 | | |
| (4,036,698 | ) | |
| (1,048,945 | ) |
| Net income (loss) attributable to NCI | |
| - | | |
| (28,535 | ) | |
| (28,535 | ) |
| Net income (loss) attributable to Eon Resources, Inc. | |
$ | 2,987,753 | | |
$ | (4,008,163 | ) | |
$ | (1,020,410 | ) |
| | |
| | | |
| | | |
| | |
| Weighted average share outstanding, common stock - basic | |
| 25,301,146 | | |
| - | | |
| 25,301,146 | |
| Weighted average share outstanding, common stock - diluted | |
| 47,789,972 | | |
| (22,488,826 | ) | |
| 25,301,146 | |
| Net income (loss) per share of common stock – basic | |
$ | 0.12 | | |
| (0.16 | ) | |
$ | (0.04 | ) |
| Net income (loss) per share of common stock – diluted | |
$ | 0.07 | | |
| (0.11 | ) | |
$ | (0.04 | ) |
| Condensed Consolidated Balance Sheet | |
As of September 30, 2025 | |
| | |
As Reported | | |
Adjustment | | |
As Restated | |
| | |
| | |
| | |
| |
| Prepaid expenses and other current assets | |
$ | 2,631,633 | | |
$ | (1,136,594 | ) | |
$ | 1,495,039 | |
| Total current Assets | |
| 5,317,897 | | |
| (1,136,594 | ) | |
| 4,181,303 | |
| Crude oil and natural gas properties, successful efforts method: | |
| | | |
| | | |
| | |
| Proved Properties | |
| 87,041,010 | | |
| 7,672 | | |
| 87,048,682 | |
| Total oil and natural gas properties, net | |
| 84,177,401 | | |
| 7,672 | | |
| 84,185,073 | |
| Other noncurrent assets | |
| - | | |
| 1,630,000 | | |
| 1,630,000 | |
| Total Assets | |
$ | 89,515,298 | | |
$ | 501,078 | | |
$ | 90,016,376 | |
| | |
| | | |
| | | |
| | |
| Accounts payable | |
$ | 5,859,332 | | |
$ | (190,232 | ) | |
$ | 5,669,100 | |
| Accrued liabilities and other | |
| 3,911,147 | | |
| 1,037,318 | | |
| 4,948,465 | |
| Royalties payable | |
| 4,023,291 | | |
| 601,491 | | |
| 4,624,782 | |
| Total current liabilities | |
| 15,258,502 | | |
| 1,448,577 | | |
| 16,707,079 | |
| Convertible note liability, net of discount | |
| 4,392,087 | | |
| (150,035 | ) | |
| 4,242,052 | |
| Deferred tax liability | |
| 7,067,245 | | |
| (248,605 | ) | |
| 6,818,640 | |
| Derivative liabilities | |
| - | | |
| 808,133 | | |
| 808,133 | |
| Derivative liabilities, related parties | |
| - | | |
| 2,651,000 | | |
| 2,651,000 | |
| Total for non-current liabilities | |
| 13,358,587 | | |
| 3,060,493 | | |
| 16,419,080 | |
| Total Liabilities | |
| 28,617,089 | | |
| 4,509,070 | | |
| 33,126,159 | |
| | |
| | | |
| | | |
| | |
| Redeemable common stock | |
| - | | |
| 800,000 | | |
| 800,000 | |
| | |
| | | |
| | | |
| | |
| Class A Common Stock | |
| 4,503 | | |
| (40 | ) | |
| 4,463 | |
| Additional paid in capital | |
| 86,104,981 | | |
| (2,329,019 | ) | |
| 83,775,962 | |
| Accumulated deficit | |
| (25,211,275 | ) | |
| (2,478,933 | ) | |
| (27,690,208 | ) |
| Total stockholders’ deficit attributable to EON Resources, Inc. | |
| 60,898,209 | | |
| (4,807,992 | ) | |
| 56,090,217 | |
| Total Stockholders’ Equity | |
| 60,898,209 | | |
| (4,807,992 | ) | |
| 56,090,217 | |
| Total Liabilities and Stockholders Equity | |
$ | 89,515,298 | | |
$ | 501,078 | | |
$ | 90,016,376 | |
|