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NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2024

NOTE 6 – NOTES RECEIVABLE

Notes receivable as of December 31, 2024 and 2023 consisted of the following:

	December 31, 2024		December 31, 2023
McCoy Elkhorn Coal LLC	$	-	$	135,267
American Resources Corporation		43,422		100,000
T.R. Mining & Equipment Ltd.		50,000		-
Total Notes Receivable	$	93,422	$	235,267

McCoy Elkhorn Coal LLC

On May 20, 2022, the Company entered into an agreement to fund the development of a series of coal mines located in Pike County, Kentucky in exchange for a promissory note to repay the Company its capital invested, plus interest, and then an ongoing overriding royalty from coal sold from the mines. $117,623 plus interest of $17,643 has been funded by the Company under this contract thus far. The operator of the property is a related entity and is described more in Note 13.

American Resources Corporation

On July 31, 2022, the Company purchased certain payments that are owed to Texas Tech University (“TTU”) from American Resources Corporation for the agreement to participate in sponsored research services performed by TTU and agreed to assume responsibility for those payments. The payments that were due to TTU amounted to $100,000 and the Company has since paid $56,578 of that amount so far on behalf of American Resources Corporation. A note payable between the Company and ARC was created to reflect the assumption by the Company of these payments and the note pays interest of 7.0% interest rate, compounded quarterly. The note originally matured on July 31, 2024, but was extended on July 30, 2024 to mature on July 31, 2026. There are no collateral or guarantees. The operator of the technology is a related entity and is described more in Note 13.

T. R. Mining & Equipment Ltd.

On February 2, 2024, February 29, 2024, April 4, 2024, May 7, 2024, and June 14, 2024, the Company invested the amount of $10,000 each into T.R. Mining & Equipment Ltd. in the form of Promissory Notes and a royalty payable to the Company on all products and materials sold from the permit over the life of the permitted resource. The Promissory Notes hold a 10.0% annual interest rate, compounded monthly, and matures on December 31, 2025. The Royalty Agreement provides the Company with a perpetual royalty of 10.0% of all sales of ores that are mined and sold from the permitted resource. The operator is a related entity and is described more in Note 13.