v3.26.3
Restatement of Previously Issued Consolidated Financial Statements
 12 Months Ended
Dec. 31, 2025
Restatement of Previously Issued Consolidated Financial Statements [Abstract]  
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 15 — RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

 

On October 8, 2026, the Audit Committee of the Board of Directors of the Company (the “Audit Committee”) determined, based on management’s recommendation that the accounting estimate for depletion, depreciation and amortization of its oil and gas reserves was incorrectly applied on a retrospective basis arising from changes in classification of its reserves from proved undeveloped reserves to probable reserves instead of on a prospective basis. As a result, the Company previously overstated depletion, depreciation and amortization expense for the year ended December 31, 2025, and the related impact to its provision for income taxes.

 

The impact of the errors on the previously issued consolidated financial statements is as follows:

 

Consolidated Balance Sheet  As of December 31, 2025 
   As Reported   Adjustment   As Restated 
             
Crude oil and natural gas properties, successful efforts method:            
Accumulated depreciation, depletion, and amortization, net  $(8,491,565)  $3,540,000   $(4,951,565)
Total oil and natural gas properties, net   81,951,796    3,540,000    85,491,796 
Total Assets  $86,938,586   $3,540,000   $90,478,586 
                
Accrued liabilities and other  $9,784,912   $37,000    9,821,912 
Total current liabilities   24,889,896    37,000    24,926,896 
Deferred tax liability   3,959,392    871,000    4,830,392 
Total non-current liabilities   10,893,391    871,000    11,764,391 
Total liabilities   35,783,287    908,000    36,691,287 
                
Accumulated deficit   (36,767,880)   2,632,000    (34,135,880)
Total stockholders’ deficit attributable to EON Resources, Inc.   50,355,299    2,632,000    52,987,299 
Total Stockholders’ Equity   50,355,299    2,632,000    52,987,299 
Total Liabilities, Mezzanine Equity and Stockholders Equity  $86,938,586   $3,540,000   $90,478,586 

 

Consolidated Statement of Operations  Year Ended December 31 2025 
   As Reported   Adjustments   As Restated 
             
Expenses            
Depletion, depreciation and amortization  $6,710,092   $(3,540,000)  $3,170,092 
Total expenses   30,738,109    (3,540,000)   27,198,109 
Operating loss   (13,801,545)   3,540,000    (10,261,545)
Income (loss) before income taxes   (8,213,063)   3,540,000    (4,673,063)
Income tax (provision) benefit   (1,913,554)   (908,000)   (2,821,554)
Net income (loss)   (10,126,617)   2,632,000    (7,494,617)
Net income (loss) attributable to Eon Resources, Inc.  $(10,098,082)  $2,632,000   $(7,466,082)
                
Weighted average share outstanding, common stock – basic and diluted   31,191,907    
-
    31,191,907 
                
Net income (loss) per share of common stock –basic and diluted  $(0.32)   0.08   $(0.24)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

 

                           Total
Stockholders’		         
   Class A   Class B   Additional       Equity
Attributable 
to Eon		       Total 
   Common Stock   Common Stock   Paid-In   Accumulated   Resources   Noncontro4lling   Stockholder’4 
   Shares   Amount   Shares   Amount   Capital   deficit   Inc.   Interest   Equity 
As Previously Reported                                    
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 
Shares issued under equity line of credit   14,770,000    1,477    
-
    
-
    8,500,775    
-
    8,502,252    
-
    8,502,252 
Share-based compensation   1,783,668    178    
-
    
-
    1,154,212    
-
    1,154,390    
-
    1,154,390 
Class B exchanged for Class A   500,000    50    (500,000)   (50)   3,385,000    
-
    3,385,000    (3,385,000)   
-
 
Shares issued for conversion of notes payable   21,120,163    2,112    
-
    
-
    8,483,316    
-
    8,485,428    
-
    8,485,428 
Shares issued for buyout of non-controlling interest   1,500,000    150    
-
    
-
    17,012,499    
-
    17,012,649    (17,012,649)   
-
 
Shares issued to settle accounts payable   143,665    14    
-
    
-
    94,343    
-
    94,357    
-
    94,357 
Shares issued for acquisition of oil and gas equipment   1,000,000    100    
-
    
-
    547,500    
-
    547,600    
-
    547,600 
Shares issued for acquisition of oil and gas leases   1,000,000    100    
-
    
-
    547,500    
-
    547,600    
-
    547,600 
Derivative liability conversion to common stock   -    
-
    -    
-
    3,440,412    
-
    3,440,412    
-
    3,440,412 
Capital Contribution for related party debt extinguishment   -    
-
    -    
-
    13,440,406    
-
    13,440,406    
-
    13,440,406 
Net loss   -    
-
    -    
-
    
-
    (10,098,082)   (10,098,082)   (28,535)   (10,126,617)
Balance – December 31, 2025   51,740,701   $5,173    
-
   $
-
   $87,118,006   $(36,767,880)  $50,355,299   $
-
   $50,355,299 
                                              
Restatement Impacts                                             
Net loss   -    
-
    -    
-
    
-
    2,632,000    2,632,000    
-
    2,632,000 
    
-
    
-
    
-
    
-
    
-
    2,632,000    2,632,000    
-
    2,632,000 
                                              
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 
Shares issued under equity line of credit   14,770,000    1,477    
-
    
-
    8,500,775    
-
    8,502,252    
-
    8,502,252 
Share-based compensation   1,783,668    178    
-
    
-
    1,154,212    
-
    1,154,390    
-
    1,154,390 
Class B exchanged for Class A   500,000    50    (500,000)   (50)   3,385,000    
-
    3,385,000    (3,385,000)   
-
 
Shares issued for conversion of notes payable   21,120,163    2,112    
-
    
-
    8,483,316    
-
    8,485,428    
-
    8,485,428 
Shares issued for buyout of non-controlling interest   1,500,000    150    
-
    
-
    17,012,499    
-
    17,012,649    (17,012,649)   
-
 
Shares issued to settle accounts payable   143,665    14    
-
    
-
    94,343    
-
    94,357    
-
    94,357 
Shares issued for acquisition of oil and gas equipment   1,000,000    100    
-
    
-
    547,500    
-
    547,600    
-
    547,600 
Shares issued for acquisition of oil and gas leases   1,000,000    100    
-
    
-
    547,500    
-
    547,600    
-
    547,600 
Derivative liability conversion to common stock   -    
-
    -    
-
    3,440,412    
-
    3,440,412    
-
    3,440,412 
Capital Contribution for related party debt extinguishment   -    
-
    -    
-
    13,440,406    
-
    13,440,406    
-
    13,440,406 
Net loss   -    
-
    -    
-
    
-
    (7,466,082)   (7,466,082)   (28,535)   (7,494,617) 
Balance – December 31, 2025   51,740,701   $5,173    
-
   $
-
   $87,118,006   $(34,135,880)  $52,987,299   $
-
   $52,987,299 
Consolidated Statement of Cash Flows  Year Ended December 31 2025 
   As
Reported		   Adjustments   As
Restated		 
             
Net loss  $(10,126,617)  $2,632,000   $(7,494,617)
Depreciation, depletion, and amortization expense   6,710,092    (3,540,000)   3,170,092 
Deferred income tax benefit   1,266,659    871,000    2,137,659 
Accrued liabilities and other   4,898,434    37,000    4,935,434
Net cash provided by operating activities   (7,645,418)   
-
    (7,645,418)