PEDEVCO (PED) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Cover [Abstract]
Entity Registrant Name	PEDEVCO CORP.
Entity Central Index Key	0001141197
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		89,495,267
Entity File Number	001-35922
Entity Incorporation State Country Code	TX
Entity Tax Identification Number	22-3755993
Entity Address Address Line 1	575 N. Dairy Ashford
Entity Address Address Line 2	Suite 210
Entity Address City Or Town	Houston
Entity Address State Or Province	TX
Entity Address Postal Zip Code	77079
City Area Code	713
Local Phone Number	221-1768
Security 12b Title	Common Stock, $0.001 par value per share
Trading Symbol	PED
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 4,619	$ 18,515
Accounts receivable - oil and gas	5,323	5,790
Note receivable, current	240	42
Prepaid expenses and other current assets	803	260
Total current assets	10,985	24,607
Oil and gas properties - successful efforts method:
Oil and gas properties, subject to amortization, net	92,184	79,186
Oil and gas properties, not subject to amortization, net	6,903	12,407
Total oil and gas properties, net	99,087	91,593
Other assets:
Note receivable	979	1,099
Operating lease - right-of-use asset	248	316
Other assets	3,010	2,443
Total assets	114,309	120,058
Current liabilities:
Accounts payable	1,288	6,580
Accrued expenses	2,160	8,712
Revenue payable	1,263	3,371
Operating lease liabilities - current	96	89
Asset retirement obligations - current	419	147
Total current liabilities	5,226	18,899
Long-term liabilities:
Operating lease liabilities, net of current portion	154	227
Asset retirement obligations, net of current portion	2,393	2,166
Total liabilities	7,773	21,292
Shareholders' equity:
Common stock, $0.001 par value, 200,000,000 shares authorized; 89,495,267 and 87,250,267 shares issued and outstanding, respectively	89	87
Additional paid-in capital	226,555	225,156
Accumulated deficit	(120,108)	(126,477)
Total shareholders' equity	106,536	98,766
Total liabilities and shareholders' equity	$ 114,309	$ 120,058

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	89,495,267	87,250,267
Common Stock, Shares Outstanding	89,495,267	87,250,267

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Oil and gas sales	$ 9,050	$ 7,330	$ 28,977	$ 24,042
Operating expenses:
Lease operating costs	2,556	2,245	8,635	7,540
Selling, general and administrative expense	1,343	1,297	4,221	4,118
Depreciation, depletion, amortization and accretion	3,055	2,932	10,782	8,411
Total operating expenses	6,954	6,474	23,638	20,069
Gain on sale of oil and gas properties	735	0	735	0
Operating income	2,831	856	6,074	3,973
Other income (expense):
Interest income	84	88	326	272
Gain on sale of fixed asset	0	0	12	0
Other income (expense)	0	5	43	40
Total other income	84	93	295	312
Net income	$ 2,915	$ 949	$ 6,369	$ 4,285
Income per common share:
Basic	$ 0.03	$ 0.01	$ 0.07	$ 0.05
Diluted	$ 0.03	$ 0.01	$ 0.07	$ 0.05
Weighted average number of common shares outstanding:
Basic	89,428,310	87,108,745	89,147,092	86,958,033
Diluted	89,428,310	87,108,745	89,147,092	86,958,033

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net income	$ 6,369	$ 4,285
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	10,782	8,411
Share-based compensation expense	1,401	1,546
Gain on sale of oil and gas properties	(735)	0
Amortization of right-of-use asset	83	86
Uncollectible account expense	50	0
Gain on disposal of fixed asset	(12)	0
Changes in operating assets and liabilities:
Accounts receivable - oil and gas	467	(3,185)
Note receivable accrued interest	(78)	0
Prepaid expenses and other current assets	(543)	(93)
Accounts payable	(1,088)	(232)
Accrued expenses	(6,041)	669
Revenue payable	(2,108)	(62)
Net cash provided by operating activities	8,547	11,425
Cash Flows From Investing Activities:
Cash paid for drilling and completion costs	(23,134)	(27,985)
Cash received from the sale of oil and gas property	1,115	366
Cash received for sale of vehicle	12	0
Cash received from security deposit reimbursement	0	9
Cash paid for vehicles	(91)	(45)
Net cash used in investing activities	(22,098)	(27,655)
Cash Flows From Financing Activities:
Proceeds from issuance of shares, net of offering costs	0	0
Net cash provided by financing activities	0	0
Net decrease in cash and restricted cash	(13,551)	(16,230)
Cash and restricted cash at beginning of period	20,715	32,977
Cash and restricted cash at end of period	7,164	16,747
Cash paid for:
Interest	0	0
Income taxes	0	0
Noncash investing and financing activities:
Change in accrued oil and gas development costs	5,009	12,558
Changes in estimates of asset retirement costs, net	56	131
Issuance of restricted common stock	$ 2	$ 1

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Dec. 31, 2022		85,790,267
Balance, amount at Dec. 31, 2022	$ 96,459	$ 86	$ 223,114	$ (126,741)
Issuance of restricted common stock, shares		1,250,000
Issuance of restricted common stock, amount	0	$ 1	(1)	0
Share-based compensation	518	0	518	0
Net income	1,762	$ 0	0	1,762
Balance, shares at Mar. 31, 2023		87,040,267
Balance, amount at Mar. 31, 2023	98,739	$ 87	223,631	(124,979)
Balance, shares at Dec. 31, 2022		85,790,267
Balance, amount at Dec. 31, 2022	96,459	$ 86	223,114	(126,741)
Share-based compensation	1,546
Net income	4,285
Balance, shares at Sep. 30, 2023		87,250,267
Balance, amount at Sep. 30, 2023	102,290	$ 87	224,659	(122,456)
Balance, shares at Mar. 31, 2023		87,040,267
Balance, amount at Mar. 31, 2023	98,739	$ 87	223,631	(124,979)
Share-based compensation	517	0	517	0
Net income	1,574	$ 0	0	1,574
Balance, shares at Jun. 30, 2023		87,040,267
Balance, amount at Jun. 30, 2023	100,830	$ 87	224,148	(123,405)
Issuance of restricted common stock, shares		210,000
Issuance of restricted common stock, amount	0	$ 0	0	0
Share-based compensation	511	0	511	0
Net income	949	$ 0	0	949
Balance, shares at Sep. 30, 2023		87,250,267
Balance, amount at Sep. 30, 2023	102,290	$ 87	224,659	(122,456)
Balance, shares at Dec. 31, 2023		87,250,267
Balance, amount at Dec. 31, 2023	98,766	$ 87	225,156	(126,477)
Issuance of restricted common stock, shares		2,105,000
Issuance of restricted common stock, amount	0	$ 2	(2)	0
Share-based compensation	475	0	475	0
Net income	773	$ 0	0	773
Balance, shares at Mar. 31, 2024		89,355,267
Balance, amount at Mar. 31, 2024	100,014	$ 89	225,629	(125,704)
Balance, shares at Dec. 31, 2023		87,250,267
Balance, amount at Dec. 31, 2023	98,766	$ 87	225,156	(126,477)
Share-based compensation	1,401
Net income	6,369
Balance, shares at Sep. 30, 2024		89,495,267
Balance, amount at Sep. 30, 2024	106,536	$ 89	226,555	(120,108)
Balance, shares at Mar. 31, 2024		89,355,267
Balance, amount at Mar. 31, 2024	100,014	$ 89	225,629	(125,704)
Share-based compensation	462	0	462	0
Net income	2,681	$ 0	0	2,681
Rescinded restricted common stock, shares		(70,000)
Balance, shares at Jun. 30, 2024		89,285,267
Balance, amount at Jun. 30, 2024	103,157	$ 89	226,091	(123,023)
Issuance of restricted common stock, shares		210,000
Issuance of restricted common stock, amount	0	$ 0	0	0
Share-based compensation	464	0	464	0
Net income	2,915	$ 0	0	2,915
Balance, shares at Sep. 30, 2024		89,495,267
Balance, amount at Sep. 30, 2024	$ 106,536	$ 89	$ 226,555	$ (120,108)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION The accompanying interim unaudited consolidated financial statements of PEDEVCO Corp. (“PEDEVCO” or the “Company”), have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in PEDEVCO’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 18, 2024 (the “2023 Annual Report”), have been omitted. The Company’s consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and subsidiaries in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have been eliminated in consolidation. The Company's future financial condition and liquidity will be impacted by, among other factors, the success of our drilling program, the number of commercially viable oil and natural gas discoveries made and the quantities of oil and natural gas discovered, the speed with which we can bring such discoveries to production, the actual cost of exploration, appraisal and development of our prospects, the prevailing prices for, and demand for, oil and natural gas.

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2024
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	NOTE 2 – DESCRIPTION OF BUSINESS PEDEVCO is an oil and gas company focused on the development, acquisition and production of oil and natural gas assets where the latest in modern drilling and completion techniques and technologies have yet to be applied. In particular, the Company focuses on legacy proven properties where there is a long production history, well defined geology and existing infrastructure that can be leveraged when applying modern field management technologies. The Company’s current properties are located in the San Andres formation of the Permian Basin situated in West Texas and eastern New Mexico (the “Permian Basin”) and in the Denver-Julesburg Basin (“D-J Basin”) in Colorado and Wyoming. The Company holds its Permian Basin leasehold acres located in Chaves and Roosevelt Counties, New Mexico, through its wholly-owned subsidiary, Pacific Energy Development Corp. (“PEDCO”), which asset the Company refers to as its “Permian Basin Asset,” and operates its Permian Basin Asset through its wholly-owned operating subsidiary Ridgeway Arizona Oil Corp. The Company holds its D-J Basin leasehold acres located in Weld and Morgan Counties, Colorado, and Laramie County, Wyoming, through its wholly-owned subsidiary PRH Holdings LLC, which asset the Company refers to as its “D-J Basin Asset,” and operates its D-J Basin Asset through its wholly-owned operating subsidiary Red Hawk Petroleum, LLC (“Red Hawk”). The Company believes that horizontal development and exploitation of conventional assets in the Permian Basin and development of the Wattenberg and Wattenberg Extension in the D-J Basin represent among the most economic oil and natural gas plays in the United States (“U.S.”). Moving forward, the Company plans to optimize its existing assets and opportunistically seek additional acreage proximate to its currently held core acreage, as well as other attractive onshore U.S. oil and gas assets that fit the Company’s acquisition criteria, that Company management believes can be developed using its technical and operating expertise and be accretive to shareholder value. On September 11, 2024, the Company entered into a new $250 million reserve-based lending facility (the “ RBL Facility

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company has provided a discussion of significant accounting policies, estimates and judgments in its 2023 Annual Report. There have been no changes to the Company’s significant accounting policies since December 31, 2023. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Subsequent Events The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Sep. 30, 2024
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS	NOTE 4 – REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue from Contracts with Customers. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Oil sales $ 8,250 $ 6,705 $ 26,656 $ 21,977 Natural gas sales 176 330 799 1,099 Natural gas liquids sales 624 295 1,522 966 Total revenue from customers $ 9,050 $ 7,330 $ 28,977 $ 24,042 There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of September 30, 2024.

CASH

CASH	9 Months Ended
	Sep. 30, 2024
CASH
CASH	NOTE 5 – CASH The following table provides a reconciliation of cash and restricted cash reported within the balance sheets, which sum to the total of such amounts in the periods indicated (in thousands): September 30, 2024 December 31, 2023 Cash $ 4,619 $ 18,515 Restricted cash included in other assets* 2,545 2,200 Total cash and restricted cash $ 7,164 $ 20,715 * Increase in restricted cash is primarily related to additional collateral for surety bonds for the Company’s New Mexico operations, due to an updated assessment from the New Mexico Bureau of Land Management.

OIL AND GAS PROPERTIES

OIL AND GAS PROPERTIES	9 Months Ended
	Sep. 30, 2024
Oil and gas properties - successful efforts method:
OIL AND GAS PROPERTIES	NOTE 6 – OIL AND GAS PROPERTIES The following table summarizes the Company’s oil and gas activities by classification for the nine months ended September 30, 2024 (in thousands): Balance at December 31, 2023 Additions Disposals Transfers Balance at September 30, 2024 Oil and gas properties, subject to amortization $ 185,403 $ 17,162 $ (380 ) $ 6,467 $ 208,652 Oil and gas properties, not subject to amortization 12,407 963 - (6,467 ) 6,903 Asset retirement costs 853 56 - - 909 Accumulated depreciation, depletion and impairment (107,070 ) (10,307 ) - - (117,377 ) Total oil and gas assets, net $ 91,593 $ 7,874 $ (380 ) $ - $ 99,087 For the nine-month period ended September 30, 2024, the Company incurred $17.6 million of capital costs primarily related to non-operated drilling and completion costs related to the Company’s participation in 19 new non-operated wells in the D-J Basin in which the Company participated and the Company’s completion operations with respect to three operated wells with a third-party in the Permian Basin, together with costs related to certain workovers for lift conversions, cleanouts and permitting in the Company’s D-J Basin Asset. The Company also acquired approximately 968 net lease acres, in and around its existing footprint in the D-J Basin, through multiple transactions with total acquisition and due diligence costs of $513,000. Per the on-going Participation Agreement between the Company and Evolution Petroleum Corporation (“Evolution”) for the joint development of “Development Blocks” within the Company’s Permian Basin Asset, Evolution acquired a 50% working interest share in existing leases covering approximately 811 net acres located in the second Development Block in exchange for the payment of $450 per net acre of existing leases held by the Company in such block, and a 50% working interest share basis in the drilling and completion of San Andres wells in such Development Block, for $365,000 in total proceeds to the Company. On August 21, 2024, the Company, through its wholly-owned subsidiary, PRH Holdings, LLC (“PRH”), entered into a five-year Participation Agreement with a large private equity-backed D-J Basin exploration and production company with extensive operational experience (“Joint Development Party”), whereby the Joint Development Party assigned to PRH a 30% interest in approximately 7,607 net acres of existing oil and gas leases and PRH assigned to the Joint Development Party a 70% interest in approximately 3,166 net acres of oil and gas leases, all located within the SW Pony Prospect in the D-J Basin in Weld County, Colorado. Additionally, to facilitate joint development of the SW Pony Prospect, the parties agreed to an approximately 16,900 gross acre Area of Mutual Interest wherein the Joint Development Party will transfer 30% of future interests acquired by the Joint Development Party in leaseholds to PRH, and PRH will transfer 70% of future interests acquired by PRH in leaseholds to the Joint Development Party, in each case at an acquisition cost proportionate to their respective interests. The assigned interests will be subject to an overriding royalty, such that the assigning party shall deliver to the other party leasehold interests with an 80% net revenue interest, and the parties agreed that the Joint Development Party will be the operator of the combined leaseholds. The Participation Agreement specifically addresses the Harlequin Wells, which are existing wells within the SW Pony Prospect, whereby PRH acquired a 30% undivided interest in six Harlequin Wells as part of the leasehold assignment. The Company correspondingly paid $8.6 million in capital costs (included in the $17.6 million number above) related to these wells. Additionally, on September 23, 2024, PRH sold 320 net acres to a third-party in the Company’s D-J Basin Asset for $750,000, and, as a result, the Company recognized a $735,000 gain from the sale of oil and gas properties on its Consolidated Statement of Operations as of September 30, 2024. The depletion recorded for production on proved properties for the three and nine months ended September 30, 2024 and 2023, amounted to $3,100,000, compared to $2,690,000, and $10,307,000, compared to $5,137,000, respectively.

NOTE RECEIVABLE

NOTE RECEIVABLE	9 Months Ended
	Sep. 30, 2024
NOTE RECEIVABLE
NOTE RECEIVABLE	NOTE 7 – NOTE RECEIVABLE On November 9, 2023, in accordance with the sale of our wholly-owned subsidiary EOR Operating Company (“EOR”) to Tilloo Exploration and Production, LLC (“Tilloo”), the Company entered into a five-year secured promissory note (the “Note”) with Tilloo, bearing interest at 10.0% per annum, with no payments due during the first twelve months, and fully-amortized payments due monthly over the remaining four years of the term thereafter until maturity. The Note contains customary events of default and is secured by a lien over all the assets and capital shares of EOR created under a Security Agreement, a Security Agreement (Pledge of Corporate Securities), and a Mortgage entered into by and between the Company and Tilloo. As of September 30, 2024, the Company recognized $240,000 of the Note in Current Assets, with the remaining balance of $979,000 (including $96,000 of accrued interest) included in Other Assets on the Company’s balance sheet.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 2024
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATION	NOTE 8 – ASSET RETIREMENT OBLIGATIONS Activity related to the Company’s asset retirement obligations is as follows (in thousands): Nine Months Ended September 30, 2024 Balance at the beginning of the period (1) $ 2,313 Accretion expense 443 Changes in estimates, net 56 Balance at end of period (2) $ 2,812 (1) Includes $147,000 of current asset retirement obligations at December 31, 2023. (2) Includes $419,000 of current asset retirement obligations at September 30, 2024.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and contingencies
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES Lease Agreements Currently, the Company has one operating sublease for office space that requires Accounting Standards Codification (“ASC”) Topic 842 treatment, discussed below. The Company’s leases typically do not provide an implicit rate. Accordingly, the Company is required to use its incremental borrowing rate in determining the present value of lease payments based on the information available at the commencement date. The Company’s incremental borrowing rate would reflect the estimated rate of interest that it would pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. However, the Company currently maintains no debt, and in order to apply an appropriate discount rate, the Company used a borrowing rate obtained from a financial institution at which it maintains banking accounts. The Company had a lease for its corporate offices in Houston, Texas on approximately 5,200 square feet of office space that expired on August 31, 2023, which had a base monthly rent of approximately $10,000. In December 2022, the Company entered into a new lease agreement for its existing office space that commenced on September 1, 2023, which expires on February 28, 2027. The base monthly rent is approximately $9,200 for the first 18 months and will increase to approximately $9,500 thereafter. The Company paid both a security deposit and prepaid rent of $14,700 and $14,700, respectively. Supplemental cash flow information related to the Company’s operating office sublease is included in the table below (in thousands): Nine Months Ended September 30, 2024 Cash paid for amounts included in the measurement of lease liabilities $ 83 Supplemental balance sheet information related to operating leases is included in the table below (in thousands): September 30, 2024 Operating lease – right-of-use asset $ 248 Operating lease liabilities – current $ 96 Operating lease liabilities - long-term 154 Total lease liability $ 250 The weighted-average remaining lease term for the Company’s operating lease is 2.4 years as of September 30, 2024, with a weighted-average discount rate of 7.90%. Lease liability with enforceable contract terms that have greater than one-year terms are as follows (in thousands): Remainder of 2024 $ 28 2025 112 2026 115 Thereafter 19 Total lease payments 274 Less imputed interest (24 ) Total lease liability $ 250 Leasehold Drilling Commitments The Company’s oil and gas leasehold acreage is subject to expiration of leases if the Company does not drill and hold such acreage by production or otherwise exercises options to extend such leases, if available, in exchange for payment of additional cash consideration. In the D-J Basin, no net acres expire during the remainder of 2024, and 5,829 net acres expire within the next two-year period (net to our direct ownership interest only). In the Permian Basin, 40 net acres are due to expire during the remainder of 2024 and no net acres expire within the next two-year period (net to our direct ownership interest only). The Company allowed 6,769 net acres to expire in its Chaveroo NE field which is a non-core area with no future drilling locations planned northeast of the Company’s core Chaveroo area in the Permian Basin. The Company plans to hold significantly all of this acreage through a program of drilling and completing producing wells. If the Company is not able to drill and complete a well before lease expiration, the Company may seek to extend leases where able. Other Commitments Although the Company may, from time to time, be involved in litigation and claims arising out of its operations in the normal course of business, the Company is not currently a party to any material legal proceeding or government proceeding. As part of its regular operations, the Company may become party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters. Although the Company provides no assurance about the outcome of any future legal and administrative proceedings and the effect such outcomes may have on the Company, the Company believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on the Company’s financial condition or results of operations.

SHAREHOLDERS EQUITY

SHAREHOLDERS EQUITY	9 Months Ended
	Sep. 30, 2024
SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY	NOTE 10 – SHAREHOLDERS’ EQUITY Common Stock During the nine months ended September 30, 2024, the Company granted an aggregate of 2,315,000 restricted stock awards to various employees and board members of the Company. Additionally, 70,000 shares of restricted common stock were forfeited to the Company and canceled due to an employee termination (see Note 11 below).

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	NOTE 11 – SHARE-BASED COMPENSATION The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award over the vesting period. Common Stock On January 26, 2024, restricted stock awards were granted to officers and employees of the Company for an aggregate of 2,105,000 shares of the Company’s restricted common stock, under the Company’s 2021 Equity Incentive Plan. The grant for the 2,105,000 shares of restricted common stock vest as follows: 33.3% vest each subsequent year from the date of grant contingent upon the recipient’s continued service with the Company. These shares have a total fair value of $1,426,000 based on the market price on the grant date. On August 29, 2024, an aggregate of 210,000 restricted stock awards were granted to two board members under the Company’s 2021 Equity Incentive Plan. The grant of the 210,000 shares of restricted common stock vest as follows: 100% of 125,000 shares and 100% of 85,000 shares vesting on July 12, 2025 and September 27, 2025, respectively, contingent upon each recipient’s continued service with the Company. These shares have a total fair value of $184,000, based on the market price on the grant date. On May 24, 2024, 70,000 shares of restricted common stock were forfeited due to an employee termination. As a result, these shares were canceled, and the shares once again became eligible for future awards under the Company’s 2021 Equity Incentive Plan. Stock-based compensation expense recorded relating to the vesting of restricted stock for the nine months ended September 30, 2024, was $1,191,000. The remaining unamortized stock-based compensation expense at September 30, 2024 related to restricted stock was $1,198,000. Options On January 26, 2024, the Company granted options to purchase an aggregate of 460,000 shares of common stock to various Company employees at an exercise price of $0.6775 per share under the Company’s 2021 Equity Incentive Plan. The options have a term of five years and fully vest in January 2027, with 33.3% vesting each subsequent year from the date of grant, contingent upon the recipient’s continued service with the Company. The aggregate fair value of the options on the date of grant, using the Black-Scholes model, was $216,000. Variables used in the Black-Scholes option-pricing model for the options issued include: (1) a discount rate of 4.04% based on the applicable US Treasury bill rate, (2) expected term of 3.5 years, (3) expected volatility of 104% based on the trading history of the Company, and (4) zero expected dividends. During the nine months ended September 30, 2024, the Company recognized stock option expense of $210,000. The remaining amount of unamortized stock options expense at September 30, 2024 was $194,000. The intrinsic value of outstanding and exercisable options at September 30, 2024 was $-0-. Option activity during the nine months ended September 30, 2024, was: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Term (Years) Outstanding at December 31, 2023 1,632,334 $ 1.28 2.8 Granted 460,000 $ 0.68 Canceled* (256,667 ) $ 1.30 Outstanding at September 30, 2024 1,835,667 $ 1.12 2.7 Exercisable at September 30, 2024 935,667 $ 1.35 1.7 * Canceled due to employee termination.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2024
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 12 – EARNINGS PER COMMON SHARE Earnings per common share-basic is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Net income per common share-diluted assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock, as defined above, outstanding plus potentially dilutive securities. Net income per common share-diluted considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares, as defined above, would have an anti-dilutive effect. The calculation of earnings per share for the periods indicated below were as follows (amounts in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, Numerator: 2024 2023 2024 2023 Net income $ 2,915 $ 949 $ 6,369 $ 4,285 Denominator: Weighted average common shares – basic 89,428,310 87,108,745 89,147,092 86,958,033 Dilutive effect of common stock equivalents: Options - - - - Denominator: Weighted average common shares – diluted 89,428,310 87,108,745 89,147,092 86,958,033 Earnings per share – basic $ 0.03 $ 0.01 $ 0.07 $ 0.05 Earnings per share – diluted $ 0.03 $ 0.01 $ 0.07 $ 0.05 For the three and nine months ended September 30, 2024 and 2023, share equivalents related to options to purchase 1,835,667, compared to 1,706,001, and 1,835,667 compared to 1,706,001, shares of common stock, respectively, were excluded from the computation of diluted net income per share as the inclusion of such shares would be anti-dilutive.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
INCOME TAXES
INCOME TAXES	NOTE 13 – INCOME TAXES The Company has estimated that its effective tax rate for U.S. purposes will be zero for the 2024 and 2023 fiscal years as a result of prior net losses and a full valuation allowance against the net deferred tax assets. Consequently, the Company has recorded no provision or benefit for income taxes for the three months ended September 30, 2024 and 2023, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS On November 4, 2024 the Company received correspondence from legal counsel to Tilloo Exploration & Production, LLC (“Tilloo”) seeking to recover damages which Tilloo is alleging were caused by intentional misrepresentations made by principals of the Company to principals of Tilloo in connection with Tilloo’s acquisition of the Milnesand and Sawyer fields in New Mexico from the Company for aggregate consideration of $1,122,436 effective August 1, 2023 (the “Milnesand Sale”). The Company is in the process of reviewing the matter but does not believe any misrepresentations were made by the Company or its principals in the Milnesand Sale and that the claims are baseless, without merit, and fail as a matter of law. The Company plans to vigorously defend itself against the allegations and any potential lawsuits brought by Tilloo in connection therewith.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Recently Issued Accounting Pronouncements	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Subsequent Events	The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Sep. 30, 2024
REVENUE FROM CONTRACTS WITH CUSTOMERS
Schedule of disaggregation of revenue from contract with customers	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Oil sales $ 8,250 $ 6,705 $ 26,656 $ 21,977 Natural gas sales 176 330 799 1,099 Natural gas liquids sales 624 295 1,522 966 Total revenue from customers $ 9,050 $ 7,330 $ 28,977 $ 24,042

CASH (Tables)

CASH (Tables)	9 Months Ended
	Sep. 30, 2024
CASH
Schedule of Cash And Restricted Cash	September 30, 2024 December 31, 2023 Cash $ 4,619 $ 18,515 Restricted cash included in other assets* 2,545 2,200 Total cash and restricted cash $ 7,164 $ 20,715

OIL AND GAS PROPERTIES (Tables)

OIL AND GAS PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2024
Oil and gas properties - successful efforts method:
Schedule Oil And Gas Properties	Balance at December 31, 2023 Additions Disposals Transfers Balance at September 30, 2024 Oil and gas properties, subject to amortization $ 185,403 $ 17,162 $ (380 ) $ 6,467 $ 208,652 Oil and gas properties, not subject to amortization 12,407 963 - (6,467 ) 6,903 Asset retirement costs 853 56 - - 909 Accumulated depreciation, depletion and impairment (107,070 ) (10,307 ) - - (117,377 ) Total oil and gas assets, net $ 91,593 $ 7,874 $ (380 ) $ - $ 99,087

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2024
ASSET RETIREMENT OBLIGATIONS
Schedule of Asset Retirement Obligation	Nine Months Ended September 30, 2024 Balance at the beginning of the period (1) $ 2,313 Accretion expense 443 Changes in estimates, net 56 Balance at end of period (2) $ 2,812

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and contingencies
Schedule Of supplemental Cash flow information	Nine Months Ended September 30, 2024 Cash paid for amounts included in the measurement of lease liabilities $ 83
Supplemental information related to operating lease	September 30, 2024 Operating lease – right-of-use asset $ 248 Operating lease liabilities – current $ 96 Operating lease liabilities - long-term 154 Total lease liability $ 250
Schedule of future lease liabiltity	Remainder of 2024 $ 28 2025 112 2026 115 Thereafter 19 Total lease payments 274 Less imputed interest (24 ) Total lease liability $ 250

SHAREBASED COMPENSATION (Tables

SHAREBASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
SHAREBASED COMPENSATION (Tables)
Schedule of Stock Option Activity	Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Term (Years) Outstanding at December 31, 2023 1,632,334 $ 1.28 2.8 Granted 460,000 $ 0.68 Canceled* (256,667 ) $ 1.30 Outstanding at September 30, 2024 1,835,667 $ 1.12 2.7 Exercisable at September 30, 2024 935,667 $ 1.35 1.7

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
EARNINGS PER COMMON SHARE
Shedule of Earnings Per Share	Three Months Ended September 30, Nine Months Ended September 30, Numerator: 2024 2023 2024 2023 Net income $ 2,915 $ 949 $ 6,369 $ 4,285 Denominator: Weighted average common shares – basic 89,428,310 87,108,745 89,147,092 86,958,033 Dilutive effect of common stock equivalents: Options - - - - Denominator: Weighted average common shares – diluted 89,428,310 87,108,745 89,147,092 86,958,033 Earnings per share – basic $ 0.03 $ 0.01 $ 0.07 $ 0.05 Earnings per share – diluted $ 0.03 $ 0.01 $ 0.07 $ 0.05

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) $ in Millions	Sep. 11, 2024 USD ($)
DESCRIPTION OF BUSINESS
Initial borrowing	$ 20
Reserve-based lending facility	250
Aggregate maximum revolving credit amount	$ 250

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue from customers	$ 9,050	$ 7,330	$ 28,977	$ 24,042
Oil Sales
Total revenue from customers	8,250	6,705	26,656	21,977
Natural Gas Sales
Total revenue from customers	176	330	799	1,099
Natural Gas Liquids Sales
Total revenue from customers	$ 624	$ 295	$ 1,522	$ 966

CASH (Details)

CASH (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CASH
Cash	$ 4,619	$ 18,515
Restricted Cash Included In Other Assets	2,545	2,200
Total cash and restricted cash	$ 7,164	$ 20,715

OIL AND GAS PROPERTIES (Details

OIL AND GAS PROPERTIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Oil and gas properties, subject to amortization	$ (208,652)	$ (185,403)
Oil and gas properties, not subject to amortization	6,903	12,407
Asset retirement costs	909	853
Accumulated depreciation, depletion and impairment	(117,377)	(107,070)
Total oil and gas properties, net	99,087	91,593
Oil and gas properties, subject to amortization	208,652	185,403
Total oil and gas properties, net	(99,087)	$ (91,593)
Additions
Oil and gas properties, subject to amortization	(17,162)
Oil and gas properties, not subject to amortization	963
Asset retirement costs	56
Accumulated depreciation, depletion and impairment	(10,307)
Total oil and gas properties, net	7,874
Oil and gas properties, subject to amortization	17,162
Total oil and gas properties, net	(7,874)
Disposals
Oil and gas properties, subject to amortization	(380)
Oil and gas properties, not subject to amortization	0
Asset retirement costs	0
Accumulated depreciation, depletion and impairment	0
Total oil and gas properties, net	380
Oil and gas properties, subject to amortization	380
Total oil and gas properties, net	(380)
Transfers
Oil and gas properties, subject to amortization	(6,467)
Oil and gas properties, not subject to amortization	(6,467)
Asset retirement costs	0
Accumulated depreciation, depletion and impairment	0
Total oil and gas properties, net	0
Oil and gas properties, subject to amortization	6,467
Total oil and gas properties, net	$ 0

OIL AND GAS PROPERTIES (Detai_2

OIL AND GAS PROPERTIES (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 23, 2024	Aug. 21, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Capital costs for recently completed wells					$ 17,600,000
Depletion			$ 3,100,000	$ 2,690,000	$ 10,307,000	$ 5,137,000
PRH Holdings, LLC [Member]
Description of extensive operational		whereby the Joint Development Party assigned to PRH a 30% interest in approximately 7,607 net acres of existing oil and gas leases and PRH assigned to the Joint Development Party a 70% interest in approximately 3,166 net acres of oil and gas leases, all located within the SW Pony Prospect in the D-J Basin in Weld County, Colorado. Additionally, to facilitate joint development of the SW Pony Prospect, the parties agreed to an approximately 16,900 gross acre Area of Mutual Interest wherein the Joint Development Party will transfer 30% of future interests acquired by the Joint Development Party in leaseholds to PRH, and PRH will transfer 70% of future interests acquired by PRH in leaseholds to the Joint Development Party, in each case at an acquisition cost proportionate to their respective interests. The assigned interests will be subject to an overriding royalty, such that the assigning party shall deliver to the other party leasehold interests with an 80% net revenue interest, and the parties agreed that the Joint Development Party will be the operator of the combined leaseholds. The Participation Agreement specifically addresses the Harlequin Wells, which are existing wells within the SW Pony Prospect, whereby PRH acquired a 30% undivided interest in six Harlequin Wells as part of the leasehold assignment
Paid in capital costs		$ 8,600,000
Capital costs		$ 17,600,000
Evolution Petroleum Corporation [Member]
Description of additional paid					The Company also acquired approximately 968 net lease acres, in and around its existing footprint in the D-J Basin, through multiple transactions with total acquisition and due diligence costs of $513,000
D-J Basin [Member]
Sale of acres assets	$ 750,000

NOTE RECEIVABLE (Details Narrat

NOTE RECEIVABLE (Details Narrative)	Sep. 30, 2024 USD ($)
NOTE RECEIVABLE
Interest rate	10%
Note in Current Assets	$ 240,000
Other Assets	979,000
Accrued interest	$ 96,000

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
ASSET RETIREMENT OBLIGATIONS
Balance at the beginning of the period	$ 2,313
Accretion expense	443
Changes in estimates, net	56
Balance at end of period	$ 2,812

ASSET RETIREMENT OBLIGATIONS _2

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
ASSET RETIREMENT OBLIGATIONS
Cureent asset retirement	$ 419,000	$ 147,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Commitments and contingencies
Cash paid for amounts included in the measurement of lease liabilities	$ 83
Operating lease - right-of-use asset	248	$ 316
Operating lease liabilities - current	96
Operating lease liabilities - long-term	154	$ 227
Total lease liability	$ 250

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details 1) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and contingencies
Remainder of 2024	$ 28
2025	112
2026	115
Thereafter	19
Total lease payments	274
Less imputed interest	(24)
Total lease liability	$ 250

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Details Narrative)	9 Months Ended
	Sep. 30, 2024 USD ($)
Commitments and contingencies
Rent expenses	$ 10,000
Expiry of lease date	Feb. 28, 2027
Monthly rent	$ 9,200
Security deposit	14,700
Prepaid rent	$ 14,700
Weighted-average remaining lease term	2 years 4 months 24 days
Description of lease hold commitments	In the D-J Basin, no net acres expire during the remainder of 2024, and 5,829 net acres expire within the next two-year period (net to our direct ownership interest only). In the Permian Basin, 40 net acres are due to expire during the remainder of 2024 and no net acres expire within the next two-year period (net to our direct ownership interest only)
Weighted-average discount rate	7.90%

SHAREHOLDERS EQUITY (Details Na

SHAREHOLDERS EQUITY (Details Narrative) - shares	1 Months Ended	9 Months Ended
	May 24, 2024	Sep. 30, 2024
SHAREHOLDERS EQUITY
Restricted stock awards granted		2,315,000
Restricted stock awards forfeited	70,000	70,000

SHAREBASED COMPENSATION (Detail

SHAREBASED COMPENSATION (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
SHAREBASED COMPENSATION (Tables)
Number of options outstanding, beginning | shares	1,632,334
Number of options granted | shares	460,000
Number of options Canceled | shares	(256,667)
Number of options outstanding, ending | shares	1,835,667
Number of options exercisable | shares	935,667
Weighted average exercise price outstanding, beginning | $ / shares	$ 1.28
Weighted average exercise price granted | $ / shares	0.68
Weighted average exercise price Canceled | $ / shares	1.30
Weighted average exercise price outstanding, ending | $ / shares	1.12
Weighted average exercise price exercisable | $ / shares	$ 1.35
Weighted average remaining contractual life (in years) outstanding, beginning	2 years 9 months 18 days
Weighted average remaining contractual life (in years) outstanding, ending	2 years 8 months 12 days
Weighted average remaining contractual life (in years) exercisable	1 year 8 months 12 days

SHAREBASED COMPENSATION (Deta_2

SHAREBASED COMPENSATION (Details Narrative) - USD ($)	1 Months Ended			9 Months Ended
	Aug. 29, 2024	May 24, 2024	Jan. 26, 2024	Sep. 30, 2024
Stock-based compensation expense, restricted stock				$ 1,191,000
Restricted stock awards forfeited		70,000		70,000
Unamortized stock-based compensation expense, restricted stock option				$ 1,198,000
Stock-based compensation expense, stock option				1,426,000
Intrinsic value				0
Common stock shares			460,000
Common stock shares, exercise price			$ 0.6775
Aggregate fair value of the options			$ 216,000
Fair value of the options discount rate			4.04%
Fair value of the options, expexted term			3 years 6 months
Fair value of the options, expected volatility			104%
Description of option term			the Company’s 2021 Equity Incentive Plan. The options have a term of five years and fully vest in January 2027, with 33.3% vesting each subsequent year from the date of grant
Amended and Restated 2012 Equity Incentive Plan [Member]
Restricted stock award shares issued			2,105,000
Description of restricted stock			the Company’s 2021 Equity Incentive Plan. The grant for the 2,105,000 shares of restricted common stock vest as follows: 33.3% vest each subsequent year from the date of grant
2021 Equity Incentive Plan [Member]
Aggregate of restricted stock, Granted	210,000
Total fair value on the market price	$ 184,000
Description of restricted stock	The grant of the 210,000 shares of restricted common stock vest as follows: 100% of 125,000 shares and 100% of 85,000 shares vesting on July 12, 2025 and September 27, 2025
Option [Member]
Stock-based compensation expense, restricted stock				210,000
Unamortized stock-based compensation expense, restricted stock				$ 194,000

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income	$ 2,915	$ 2,681	$ 773	$ 949	$ 1,574	$ 1,762	$ 6,369	$ 4,285
Denominator:
Weighted average common shares - basic	89,428,310			87,108,745			89,147,092	86,958,033
Options And Warrants	$ 0			$ 0			$ 0	$ 0
Dilutive Effect Of Common Stock Equivalents:
Weighted average common shares - diluted	89,428,310			87,108,745			89,147,092	86,958,033
Earnings per share - basic	$ 0.03			$ 0.01			$ 0.07	$ 0.05
Earnings (loss) per share - diluted	$ 0.03			$ 0.01			$ 0.07	$ 0.05

EARNINGS PER COMMON SHARE (De_2

EARNINGS PER COMMON SHARE (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
EARNINGS PER COMMON SHARE
Share Equivalents Related To Options To Purchase	1,835,667	1,706,001	1,835,667	1,706,001

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	Nov. 04, 2024 USD ($)
Subsequent Event [Member]
Aggregate consideration amounts	$ 1,122,436