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GRANT INCOME
 3 Months Ended
Mar. 31, 2026
Government Assistance [Abstract]  
GRANT INCOME

NOTE 7 - GRANT INCOME

 

Grant income relates to a grant awarded by the UK government to the Company’s UK subsidiary, Abundia Biomass-to-Liquids Limited, under its Advance Fuel Fund competition for the development of sustainable aviation fuel production plants in the UK. The total grant amount awarded was £4,484,431 ($5,400,000) for the period October 31, 2023 until March 31, 2025, and was delivered as a reclaim for eligible project-related expenditure paid each quarter.

 

The grant reimbursed the Company for pre-approved eligible project research and development costs, related professional fees and general and administrative costs. These costs were included in the Company’s operating expenses in the Company’s consolidated statements of operations. The eligible expenses for reimbursement also include a 20% mark up on certain related administrative and staff costs.

 

During the three-month periods ending March 31, 2026, and 2025, the Company incurred $nil and $691,207, respectively, in expenditure eligible for reimbursement which has been recognized as grant income in other income in the consolidated statements of operations.

 

The term of the grant was completed on March 31, 2025, and no further grant income is expected at this time.