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Condensed Balance Sheets - USD ($)
May 31, 2025
May 31, 2024
Current Assets    
Cash and cash equivalents and restricted cash $ 277,367 $ 1,990,189
Receivables 8,346
Prepaid expenses and other current assets 21,156 19,941
Total Current Assets 298,523 2,018,476
Property and Equipment    
Oil and gas acquisition and drilling costs 1,001,209 610,663
Property and equipment, net 108,286 135,499
Total Property and Equipment, net 1,109,495 746,162
Other assets 40,000 40,000
TOTAL ASSETS 1,448,018 2,804,638
Current Liabilities    
Accounts payable 2,158,299 2,302,971
Accounts payable – related party 402,344 240,005
Accrued payroll liabilities 3,752,527 3,165,142
Accrued interest 656,460 360,848
Deferred well development costs 2,799,260 4,551,577
Convertible debt contributed for net working interest 575,000
Convertible debt, net of debt discount 107,300
Bridge securities, net of debt discount 352,478 181,322
Promissory note, net of debt discount 181,349
Revolving note 1,060,061 1,060,061
Note payable – related party 292,099 292,099
Note payable – Alleghany, net of debt discount 617,934 617,934
Note payable, current portion 61,729 66,379
Total Current Liabilities 12,909,540 12,945,638
Asset retirement obligation 285,092 157,394
Long-term note, net of current portion 825,701 887,733
Total Noncurrent Liabilities 1,110,793 1,045,127
TOTAL LIABILITIES 14,020,333 13,990,765
Stockholders’ Deficit    
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding
Common stock: $0.0001 par value; 120,000,000 and 120,000,000 shares authorized; 74,771,476 and 71,993,265 issued and outstanding as of May 31, 2025 and 2024, respectively 7,477 7,199
Additional paid in capital 13,275,577 11,530,169
Subscription paid in advance 50,000
Accumulated deficit (25,905,369) (22,723,495)
Total Stockholders’ Deficit (12,572,315) (11,186,127)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 1,448,018 $ 2,804,638