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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 20 - SUBSEQUENT EVENTS

 

Acquisition of RPD Technologies Americas, LLC

 

On April 1, 2026, the Company completed the acquisition of RPD Technologies Americas, LLC (“RPD”) (the “Acquisition”). Pursuant to the Acquisition, the Company entered into a Membership Interest Purchase Agreement with RPD and Abundia Financial, pursuant to which the Company acquired all the issued and outstanding membership interests of RPD from Abundia Financial . Abundia Financial is considered the Company’s controlling shareholder, and it holds approximately 63% of the issued and outstanding shares of common stock of the company. The consideration transferred included a senior secured convertible promissory note with an aggregate principal amount of $4,040,000. The Company agreed to pay interest on the aggregate unconverted and then outstanding principal amount of the convertible note at the rate of ten percent (10%) per annum, occurring on the last business day of each calendar quarter.

 

RPD is a project development and engineering services firm focused on the design, development, scale-up, and commercialization of technologies in the refining, petrochemical, and renewable energy sectors.

 

Pursuant to the Acquisition, RPD became a wholly owned subsidiary of the Company. The Acquisition was completed after the balance sheet date and, accordingly, the results of RPD’s operations are not included in the accompanying unaudited condensed consolidated financial statements for the three months ended March 31, 2026.

 

The acquisition will be accounted for as a business combination under common control. The Company is in the process of completing the initial accounting for the acquisition.