ACQUISITION (AS RESTATED)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITION (AS RESTATED)

NOTE 6 – ACQUISITION (AS RESTATED)

On July 1, 2025, as contemplated by the Share Exchange Agreement, the Company acquired all of the outstanding units of AGIG from the AGIG Unitholders in exchange for issuing to the AGIG Unitholders an aggregate of 31,778,032 shares of Common Stock, which was equal to 94% of the sum of (a) the aggregate issued and outstanding Common Stock at the time of the Closing, plus (b) all Common Stock approved for issuance by the Company under a future equity incentive plan at the time of the Closing. Total consideration transferred was $21.7 million.

The Share Exchange was accounted for as a reverse acquisition in accordance with GAAP within Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), whereby AGIG, the legal acquiree, is considered the accounting acquirer and HUSA, the legal acquirer, is treated as the acquired company for financial reporting purposes. AGIG was considered the accounting acquirer as its controlling shareholder, Abundia Financial, will hold approximately 84.9% of the issued and outstanding common stock and was deemed a controlling shareholder of the Company following the Share Exchange.

We recorded the assets acquired and liabilities assumed at their respective fair values as of the closing date of the Share Exchange. The preliminary purchase price allocations were comprised of the components presented below, which represent the preliminary determination of the fair value of the assets acquired and liabilities assumed, with the excess of the purchase price over the fair value of net identifiable assets acquired recorded to goodwill. The final determination of the fair value of certain assets and liabilities and the allocation of goodwill to reporting units will be completed within the measurement period in accordance with FASB ASC Topic 805.

The preliminary purchase price allocation is as follows:

SCHEDULE OF ACQUISITION

Fair value of net assets acquired
Cash and cash equivalents	$	6,951,006
Accounts receivable		32,906
Prepaid expenses - others		483,810
Oil and gas properties, full cost method		1,362,248
Refundable acquisition deposit		160,000
Other assets		3,167
Goodwill		12,986,150
Total Assets Acquired		21,979,287
Accounts payable and accrued liabilities		(193,266	)
Other payables		(19,581	)
Asset Retirement Obligation		(32,248	)
Total Liabilities Assumed		(245,095	)
Total Purchase Price	$	21,734,192

Goodwill resulting from the Share Exchange reflects the benefits expected to be gained from the Company’s public company status and governance infrastructure which will enable the Company to gain access to public sources of capital that can then be used in the deployment and development of their suite of technologies that will assist in the evolution of fuel, chemical and waste markets, providing commercial alternatives and sustainable products.

The Company incurred $13.1 million of acquisition-related expenses related to the transaction during the three and nine months ended September 30, 2025, which are included in general and administrative expense.

The operating results of the Company’s legacy business were included in the condensed consolidated results of operations from the date of the Share Exchange. Consolidated revenues and net loss were $0.2 million and $5.8 million, respectively, for the three and nine months ended September 30, 2025 from the transaction.

The following unaudited pro forma financial information presents the combined results of operations for the Company and AGIG for the three and nine months ended September 30, 2025, and 2024, respectively. The unaudited condensed consolidated pro forma results of operations are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
(Unaudited)	2025			2024			2025			2024
Revenue	$	225,678		$	130,239		$	438,580		$	393,729
Net loss	$	(20,373,907	)	$	(7,117,486	)	$	(22,527,585	)	$	(19,979,915	)

The unaudited pro forma combined financial information presented above has been prepared from historical financial statements that have been adjusted to give effect to the transaction as though it had occurred on January 1, 2024 and includes adjustments for acquisition and other transaction costs. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the transaction had occurred on January 1, 2024, nor is it indicative of future operating results.