23. SEGMENT REPORTING: Schedule of Segment Reporting Information, by Segment (Tables)

12 Months Ended

Dec. 31, 2024

Tables/Schedules

Schedule of Segment Reporting Information, by Segment

The following presents selected financial information with respect to our single reportable segment for the years ended December 31:

	2024	2023
Net sales	$23,364,188	$50,731,889
Cost of goods sold	24,759,530	48,391,724
Gross profit (loss)	(1,395,342)	2,340,165
Operating expenses:
General and administrative	6,121,955	3,702,743
Depreciation and amortization	5,889	5,303
Total operating expenses	6,127,844	3,708,046
Loss from operations	(7,523,186)	(1,367,881)
Other income (expense):
Gain on warrant valuation	1,477,870	-
Other income	35,637	26,008
Gain (loss) on sale of assets	(25,075)	564,811
Loss on extinguishment of debt	(241,311)	(205,425)
Loss on issuance of private placement warrants	(1,935,934)	-
Interest expense	(6,516,512)	(3,639,520)
Other expense, net	(7,205,325)	(3,254,126)
Loss before benefit from income taxes	(14,728,511)	(4,622,007)
Provision for income tax benefit	-	185,535
Net loss	(14,728,511)	(4,436,472)
Other comprehensive loss
Foreign currency translation adjustment	(8,203)	(24,185)
Comprehensive loss	$(14,736,714)	$(4,460,657)

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

The segmented assets as of year-end December 31, 2023 are as follows:

	Foreland Refining	2020 Resource LLC	Total
Total assets	$ 18,503,859	$ 9,672,121	$ 28,175,980