XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.25.3

22. SEGMENT REPORTING | 9 Months Ended
--- | ---
Sep. 30, 2025
Notes |
22. SEGMENT REPORTING | `22.`SEGMENT REPORTING The Company has one reportable segment: refined crude oil. The Company refines crude oil to produce several key products, including Diesel, Liquid Asphalt, Vacuum Gas Oil (VGO), and Naphtha, each with distinct industrial applications. Diesel is used primarily in transportation and industrial sectors, while Liquid Asphalt is essential for road construction and roofing. VGO serves as an intermediate product for further refining, and Naphtha is used as a feedstock for gasoline production and petrochemicals. The Company’s chief operating decision maker is the chief executive officer. The chief decision maker uses gross profit to evaluate income generated from segment assets in deciding whether to reinvest profits into the refined crude oil segment or into other parts of the entity. The Company is in the process of developing a second segment, 2020 Resources LLC PR Spring facility, which currently is not generating revenues. There continues to be associated development costs which are being capitalized, with a plan to be completed in the summer 2026. The following presents selected financial information with respect to our single reportable segment for the three and nine months ended September 30:
|  | Three |  | Three |  | Nine |  | Nine
|  | Months |  | Months |  | Months |  | Months
|  | Ended September 30, |  | Ended September 30, |  | Ended September 30, |  | Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales |  | `$``1,336,963` |  | `$``4,846,795` |  | `$``12,211,402` |  | `$``19,174,369`
Cost of goods sold |  | `2,387,726` |  | `4,750,839` |  | `14,105,226` |  | `18,994,553`
Gross margin |  | `(1,050,763)` |  | `95,956` |  | `(1,893,824)` |  | `179,816`
Operating expenses: |  |  |  |  |  |  |  |
General and administrative |  | `1,499,470` |  | `1,279,636` |  | `5,053,896` |  | `3,857,418`
Depreciation and amortization |  | `2,568` |  | `1,472` |  | `7,512` |  | `4,417`
Total operating expenses |  | `1,502,038` |  | `1,281,108` |  | `5,061,408` |  | `3,861,835`
Loss from operations |  | `(2,552,801)` |  | `(1,185,152)` |  | `(6,955,232)` |  | `(3,682,019)`
Other income (expense): |  |  |  |  |  |  |  |
Loss on issuance of private placement |  | `-` |  | `(1,935,934)` |  | `-` |  | `(1,935,934)`
Interest expense |  | `(1,059,148)` |  | `(1,320,115)` |  | `(2,250,324)` |  | `(4,773,663)`
Loss on extinguishment of debt |  | `(19,568)` |  | `-` |  | `(76,228)` |  | `(108,887)`
Gain on warrant valuation |  | `20,060` |  | `-` |  | `120,686` |  | `-`
Other income (expense) |  | `(8,553)` |  | `(4,059)` |  | `(1,872)` |  | `1,085`
Loss on disposal of assets |  | `(170,674)` |  | `-` |  | `(170,058)` |  | `(25,075)`
Other expense, net |  | `(1,237,883)` |  | `(3,260,108)` |  | `(2,377,796)` |  | `(6,842,474)`
Loss before provision for income taxes |  | `(3,790,684)` |  | `(4,445,260)` |  | `(9,333,028)` |  | `(10,524,493)`
Provision for income taxes |  | `-` |  | `-` |  | `-` |  | `-`
Net loss |  | `(3,790,684)` |  | `(4,445,260)` |  | `(9,333,028)` |  | `(10,524,493)`
Other comprehensive loss |  |  |  |  |  |  |  |
Exchange loss on translation of foreign operations |  | `964` |  | `-` |  | `(711)` |  | `(8,134)`
Net loss and comprehensive loss |  | `$``(3,789,720)` |  | `$``(4,445,260)` |  | `$``(9,333,739)` |  | `$``(10,532,627)`
Loss per common share |  |  |  |  |  |  |  |
Basic and diluted |  | `$``(0.17)` |  | `$``(0.25)` |  | `$``(0.44)` |  | `$``(0.59)`
Weighted average shares outstanding |  |  |  |  |  |  |  |
Basic and diluted |  | `22,949,421` |  | `17,819,356` |  | `21,274,059` |  | `17,819,356`
The segmented assets as of September 30, 2025 are as follows:
| Foreland Refining | 2020 Resource LLC | Total
Total Assets | `$``10,083,593` | `$``10,768,310` | `$``20,851,903`
The segmented assets as of December 31, 2024 are as follows:
| Foreland Refining | 2020 Resource LLC | Total
Total Assets | `$``15,065,555` | `$``11,881,688` | `$``26,947,243`

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration