Cover
Cover - shares | 3 Months Ended | |
May 31, 2024 | Jul. 15, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | May 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2025 | |
Current Fiscal Year End Date | --02-28 | |
Entity File Number | 000-55695 | |
Entity Registrant Name | Norris Industries, Inc. | |
Entity Central Index Key | 0001603793 | |
Entity Tax Identification Number | 46-5034746 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 102 Palo Pinto St | |
Entity Address, Address Line Two | Suite B | |
Entity Address, City or Town | Weatherford | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76086 | |
City Area Code | (855) | |
Local Phone Number | 809-6900 | |
Title of 12(b) Security | Common Stock, $.01 Par Value | |
Trading Symbol | NRIS | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 90,883,013 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | May 31, 2024 | Feb. 29, 2024 |
Current Assets | ||
Cash | $ 68,939 | $ 54,217 |
Account receivable - oil & gas | 23,936 | 17,011 |
Total Current Assets | 92,875 | 71,228 |
Oil and Gas Property - Full Cost Method | ||
Properties subject to amortization | 3,330,331 | 3,330,331 |
Less: accumulated depletion and impairment | (2,967,096) | (2,943,821) |
Total Oil and Gas Property, net | 363,235 | 386,510 |
Total Assets | 456,110 | 457,738 |
Current Liabilities | ||
Accounts payable and accrued expenses | 142,853 | 121,039 |
Total Current Liabilities | 142,853 | 121,039 |
Asset retirement obligations | 497,024 | 485,333 |
Total Liabilities | 5,559,122 | 5,391,713 |
Commitments and Contingencies (see Note 6) | ||
Stockholders’ Deficit | ||
Preferred stock value | ||
Common stock, $0.001 par value per share, 150,000,000 shares authorized; 90,883,013 shares issued and outstanding | 90,883 | 90,883 |
Additional paid-in capital | 6,286,399 | 6,286,399 |
Accumulated deficit | (11,481,294) | (11,312,257) |
Total Stockholder’s Deficit | (5,103,012) | (4,933,975) |
Total Liabilities and Stockholders’ Deficit | 456,110 | 457,738 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ Deficit | ||
Preferred stock value | 1,000 | 1,000 |
Related Party [Member] | ||
Current Liabilities | ||
Convertible note payable - related party | 4,300,000 | 4,200,000 |
Accounts payable and accrued expenses - related parties-long term | $ 619,245 | $ 585,341 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | May 31, 2024 | Feb. 29, 2024 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 90,883,013 | 90,883,013 |
Common stock, shares outstanding | 90,883,013 | 90,883,013 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Preferred stock, liquidation preference | $ 2,250,000 | $ 2,250,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Revenues | ||
Total Revenues | $ 100,267 | $ 81,352 |
Operating Expenses | ||
Lease operating expenses | 127,857 | 138,972 |
General and administrative expenses | 72,577 | 83,132 |
Depletion, depreciation and accretion | 34,966 | 9,835 |
Total Operating Expenses | 235,400 | 231,939 |
Loss from Operations | (135,133) | (150,587) |
Other Expenses | ||
Interest expense | 33,904 | 30,751 |
Total Other Expense | 33,904 | 30,751 |
Net Loss | $ (169,037) | $ (181,338) |
Net loss per common share - basic | $ (0.002) | $ (0.002) |
Net loss per common share - diluted | $ (0.002) | $ (0.002) |
Weighted average number of common shares outstanding - basic | 90,883,013 | 90,883,013 |
Weighted average number of common shares outstanding - diluted | 90,883,013 | 90,883,013 |
Oil and Gas [Member] | ||
Revenues | ||
Total Revenues | $ 100,267 | $ 81,352 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Series A Convertible Preferred Stock [Member] Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, at Feb. 28, 2023 | $ 1,000 | $ 90,883 | $ 6,286,399 | $ (10,668,922) | $ (4,290,640) |
Balance, shares at Feb. 28, 2023 | 1,000,000 | 90,883,013 | |||
Net loss | (181,338) | (181,338) | |||
Balance at May. 31, 2023 | $ 1,000 | $ 90,883 | 6,286,399 | (10,850,260) | (4,471,978) |
Balance, shares at May. 31, 2023 | 1,000,000 | 90,883,013 | |||
Balance, at Feb. 29, 2024 | $ 1,000 | $ 90,883 | 6,286,399 | (11,312,257) | (4,933,975) |
Balance, shares at Feb. 29, 2024 | 1,000,000 | 90,883,013 | |||
Net loss | (169,037) | (169,037) | |||
Balance at May. 31, 2024 | $ 1,000 | $ 90,883 | $ 6,286,399 | $ (11,481,294) | $ (5,103,012) |
Balance, shares at May. 31, 2024 | 1,000,000 | 90,883,013 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Cash Flow from Operating Activities | ||
Net loss | $ (169,037) | $ (181,338) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depletion, depreciation and accretion | 34,966 | 9,835 |
Changes in operating assets and liabilities: | ||
Accounts receivable - oil & gas | (6,925) | (8,177) |
Accounts payable and accrued expenses | 21,814 | 40,871 |
Accounts payable and accrued expenses - related parties | 33,904 | 30,751 |
Net Cash Used in Operating Activities | (85,278) | (108,058) |
Cash Flows from Financing Activities | ||
Proceeds from related party loans | 100,000 | |
Net Cash provided by Financing Activities | 100,000 | |
Net Increase (Decrease) in Cash | 14,722 | (108,058) |
Cash – beginning of period | 54,217 | 151,731 |
Cash – end of period | 68,939 | 43,673 |
Noncash Investing and Financing Activities | ||
Change in estimate of asset retirement obligations | $ 3,229 |
Organization, Nature of Operati
Organization, Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
May 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Nature of Operations and Summary of Significant Accounting Policies | Note 1 – Organization, Nature of Operations and Summary of Significant Accounting Policies Norris Industries, Inc. (“NRIS” or the “Company”), was incorporated on February 19, 2014, as a Nevada corporation. The Company was formed to conduct operations in the oil and gas industry. The Company’s principal operating properties are in the Ellenberger formation in Coleman County, and in Jack County and Palo-Pinto County. Texas. The Company’s production operations are all located in the State of Texas. On April 25, 2018, the Company incorporated a Texas registered subsidiary, Norris Petroleum, Inc., as an operating entity. Basis of Presentation The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted 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 the Company’s annual report filed with the SEC on Form 10-K for the year ended February 29, 2024. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of 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. The Company’s consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have been eliminated in consolidation. Liquidity and Capital Considerations The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the issuance date of these consolidated financial statements. The Company has incurred continuing losses since 2016, including a loss of $ 643,335 169,037 85,000 69,000 50,000 The Company’s principal capital and exploration expenditures during next fiscal year are expected to relate to selected well workovers on its Jack and Palo Pinto County acreages. The Company believes that it has sufficient cash on hand and available funds from its credit line to fund its costs for such expenditures as well as other operating costs, for the 12-month period subsequent to issuance of these financial statements with available borrowings under its line of credit with a related party of $ 500,000 In the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for the next 12 months, the Company expects to seek additional capital from one or more sources via restricted private placement sales of equity and debt securities from those other than JBB. However, there can be no assurance that the Company would be able to secure the necessary capital to fund its costs on acceptable terms, or at all. If, for any reason, the Company is unable to fund its operations, it would have to undertake other aggressive cost cutting measures and then be subject to possible loss of some of its rights and interests in prospects to curtail operations and forced to forego opportunities or in worst case, cease operations. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. Risks and Uncertainties The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating an emerging business, including the potential risk of business failure. Significant Accounting Policies During the three months ended May 31, 2024, there have been no material changes to the Company’s significant accounting policies as described in its 2024 Form 10-K. Net Loss per Common Share Basic net loss per common share amounts are computed by dividing the net loss available to Norris Industries, Inc. shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. The following table summarizes the common stock equivalents excluded from the calculation of diluted net loss per common share as the inclusion of these shares would be anti-dilutive for the three months ended May 31, 2024, and 2023: Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share 2024 2023 Series A Convertible Preferred Stock 66,666,667 66,666,667 Convertible debt 29,750,000 24,750,000 Total common shares to be issued 96,416,667 91,416,667 Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk include cash deposits placed with financial institutions. The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits as guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). At May 31, 2024, none |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
May 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | Note 2 – Revenues from Contracts with Customers Disaggregation of Revenues from Contracts with Customers The following table disaggregates revenue by significant product types for the three months ended May 31, 2024 and 2023: Schedule of Disaggregation of Revenue 2024 2023 Oil sales $ 86,658 $ 53,269 Natural gas sales 13,609 28,083 Total $ 100,267 $ 81,352 There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of May 31, 2024 and February 29, 2024. |
Oil and Gas Properties
Oil and Gas Properties | 3 Months Ended |
May 31, 2024 | |
Extractive Industries [Abstract] | |
Oil and Gas Properties | Note 3 – Oil and Gas Properties The following table summarizes the Company’s oil and gas activities by classification for the three months ended May 31, 2024: Summary of Oil and Gas Activities February 29, 2024 Additions Dispositions May 31, 2024 Oil and gas properties, subject to depletion $ 2,930,237 $ - $ - $ 2,930,237 Asset retirement costs 400,094 - - 400,094 Accumulated depletion and impairment (2,943,821 ) (23,275 ) - (2,967,096 ) Total oil and gas assets $ 386,510 (23,275 ) $ - $ 363,235 The depletion recorded for production on proved properties for the three months ended May 31, 2024 and 2023, amounted to $ 23,275 9,609 no |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
May 31, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Note 4 – Asset Retirement Obligations The following table summarizes the change in the Company’s asset retirement obligations during the three months ended May 31, 2024: Schedule of Asset Retirement Obligations Asset retirement obligations as of February 29, 2024 $ 485,333 Additions - Current year revision of previous estimates - Accretion adjustment during the three months ended May 31, 2024 11,691 Asset retirement obligations as of May 31, 2024 $ 497,024 During the three months ended May 31, 2024 and 2023, the Company recognized accretion expense of $ 11,691 226 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
May 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 – Related Party Transactions Promissory Note to JBB On December 28, 2017, the Company borrowed $ 1,550,000 3 0.20 On June 26, 2018, the Company and JBB entered into a modification of the existing Loan Note, to add provisions to permit the Company to obtain additional advances under the Loan Note up to a maximum of $ 1,000,000 100,000 0.20 On May 21, 2019, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note September 30, 2020 On June 13, 2019, JBB lent the Company $ 250,000 5 June 30, 2022 0.20 On October 1, 2019, the Company entered into another amendment of its Loan Note with JBB to increase the line of credit by an additional $ 500,000 1,500,000 On May 29, 2020, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note September 30, 2021 On December 22, 2020, the Company entered into an extension agreement with JBB to extend the maturity of all its outstanding indebtedness under credit line and Loan Note May 31, 2022 On May 1, 2021, the Company entered into a new funding agreement with a maturity date of May 31, 2022 5 1 100,000 0.08 On May 5, 2023, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note September 30, 2024 On September 6, 2023, the Company entered into another amendment of its Loan Note with JBB to increase the line of credit by an additional $ 500,000 4,300,000 September 30, 2025 During the three months ended May 31, 2024, $ 100,000 500,000 The Company recognized interest expense of $ 33,904 30,751 585,341 619,245 4,200,000 4,300,000 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Office Lease In September 2018, the Company moved to the offices of International Western Oil (“IWO”) in Weatherford, TX that is being rented on a month-to-month sublease basis at rate of $ 950 2,850 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. |
Subsequent Event
Subsequent Event | 3 Months Ended |
May 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 7 - Subsequent Event There are no subsequent events. |
Organization, Nature of Opera_2
Organization, Nature of Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted 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 the Company’s annual report filed with the SEC on Form 10-K for the year ended February 29, 2024. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of 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. The Company’s consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Liquidity and Capital Considerations | Liquidity and Capital Considerations The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the issuance date of these consolidated financial statements. The Company has incurred continuing losses since 2016, including a loss of $ 643,335 169,037 85,000 69,000 50,000 The Company’s principal capital and exploration expenditures during next fiscal year are expected to relate to selected well workovers on its Jack and Palo Pinto County acreages. The Company believes that it has sufficient cash on hand and available funds from its credit line to fund its costs for such expenditures as well as other operating costs, for the 12-month period subsequent to issuance of these financial statements with available borrowings under its line of credit with a related party of $ 500,000 In the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for the next 12 months, the Company expects to seek additional capital from one or more sources via restricted private placement sales of equity and debt securities from those other than JBB. However, there can be no assurance that the Company would be able to secure the necessary capital to fund its costs on acceptable terms, or at all. If, for any reason, the Company is unable to fund its operations, it would have to undertake other aggressive cost cutting measures and then be subject to possible loss of some of its rights and interests in prospects to curtail operations and forced to forego opportunities or in worst case, cease operations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating an emerging business, including the potential risk of business failure. |
Significant Accounting Policies | Significant Accounting Policies During the three months ended May 31, 2024, there have been no material changes to the Company’s significant accounting policies as described in its 2024 Form 10-K. |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per common share amounts are computed by dividing the net loss available to Norris Industries, Inc. shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. The following table summarizes the common stock equivalents excluded from the calculation of diluted net loss per common share as the inclusion of these shares would be anti-dilutive for the three months ended May 31, 2024, and 2023: Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share 2024 2023 Series A Convertible Preferred Stock 66,666,667 66,666,667 Convertible debt 29,750,000 24,750,000 Total common shares to be issued 96,416,667 91,416,667 |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk include cash deposits placed with financial institutions. The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits as guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). At May 31, 2024, none |
Organization, Nature of Opera_3
Organization, Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
May 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share | Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share 2024 2023 Series A Convertible Preferred Stock 66,666,667 66,666,667 Convertible debt 29,750,000 24,750,000 Total common shares to be issued 96,416,667 91,416,667 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
May 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates revenue by significant product types for the three months ended May 31, 2024 and 2023: Schedule of Disaggregation of Revenue 2024 2023 Oil sales $ 86,658 $ 53,269 Natural gas sales 13,609 28,083 Total $ 100,267 $ 81,352 |
Oil and Gas Properties (Tables)
Oil and Gas Properties (Tables) | 3 Months Ended |
May 31, 2024 | |
Extractive Industries [Abstract] | |
Summary of Oil and Gas Activities | The following table summarizes the Company’s oil and gas activities by classification for the three months ended May 31, 2024: Summary of Oil and Gas Activities February 29, 2024 Additions Dispositions May 31, 2024 Oil and gas properties, subject to depletion $ 2,930,237 $ - $ - $ 2,930,237 Asset retirement costs 400,094 - - 400,094 Accumulated depletion and impairment (2,943,821 ) (23,275 ) - (2,967,096 ) Total oil and gas assets $ 386,510 (23,275 ) $ - $ 363,235 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
May 31, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | The following table summarizes the change in the Company’s asset retirement obligations during the three months ended May 31, 2024: Schedule of Asset Retirement Obligations Asset retirement obligations as of February 29, 2024 $ 485,333 Additions - Current year revision of previous estimates - Accretion adjustment during the three months ended May 31, 2024 11,691 Asset retirement obligations as of May 31, 2024 $ 497,024 |
Schedule of Anti-dilutive Secur
Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share (Details) - shares | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common shares to be issued | 96,416,667 | 91,416,667 |
Series A Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common shares to be issued | 66,666,667 | 66,666,667 |
Convertible Debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common shares to be issued | 29,750,000 | 24,750,000 |
Organization, Nature of Opera_4
Organization, Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Oct. 01, 2019 | May 31, 2024 | May 31, 2023 | Feb. 29, 2024 | |
Net income loss available to common stock holders | $ 169,037 | $ 643,335 | ||
Net cash provided by operating activities | 85,278 | $ 108,058 | ||
Cash | 69,000 | |||
Working capital | 50,000 | |||
Cash uninsured amount | 0 | |||
JBB Partners Inc [Member] | ||||
Increments of line of credit | $ 500,000 | $ 500,000 |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Oil and Gas, Proved Reserve, Quantity [Line Items] | ||
Total | $ 100,267 | $ 81,352 |
Oil [Member] | ||
Oil and Gas, Proved Reserve, Quantity [Line Items] | ||
Total | 86,658 | 53,269 |
Natural Gas [Member] | ||
Oil and Gas, Proved Reserve, Quantity [Line Items] | ||
Total | $ 13,609 | $ 28,083 |
Summary of Oil and Gas Activiti
Summary of Oil and Gas Activities (Details) | 3 Months Ended |
May 31, 2024 USD ($) | |
Extractive Industries [Abstract] | |
Oil and gas properties, subject to depletion | $ 2,930,237 |
Oil and gas properties, subject to depletion, additions | |
Oil and gas properties, subject to depletion, dispositions | |
Oil and gas properties, subject to depletion | 2,930,237 |
Asset retirement costs | 400,094 |
Asset retirement costs, addtions | |
Asset retirement costs, dispositions | |
Asset retirement costs | 400,094 |
Accumulated depletion and impairment | (2,943,821) |
Accumulated depletion and impairment, additions | (23,275) |
Accumulated depletion and impairment, dispositions | |
Accumulated depletion and impairment | (2,967,096) |
Total oil and gas assets | 386,510 |
Total oil and gas assets, additions | (23,275) |
Total oil and gas assets, dispositions | |
Total oil and gas assets | $ 363,235 |
Oil and Gas Properties (Details
Oil and Gas Properties (Details Narrative) - USD ($) | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Extractive Industries [Abstract] | ||
Depletion recorded for production on proved properties | $ 23,275 | $ 9,609 |
Imapirment expenses of oil and properties | $ 0 | $ 0 |
Schedule of Asset Retirement Ob
Schedule of Asset Retirement Obligations (Details) | 3 Months Ended |
May 31, 2024 USD ($) | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligations as of February 29, 2024 | $ 485,333 |
Additions | |
Current year revision of previous estimates | |
Accretion adjustment during the three months ended May 31, 2024 | 11,691 |
Asset retirement obligations as of May 31, 2024 | $ 497,024 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details Narrative) - USD ($) | 3 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Accretion expense | $ 11,691 | $ 226 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||||||||||||
Sep. 06, 2023 | May 05, 2023 | May 01, 2021 | Dec. 22, 2020 | May 29, 2020 | Oct. 01, 2019 | Jun. 13, 2019 | May 21, 2019 | Jun. 26, 2018 | Dec. 28, 2017 | May 31, 2024 | May 31, 2023 | Feb. 29, 2024 | |
Financing Receivable, Modified [Line Items] | |||||||||||||
Proceeds from advances | $ 100,000 | ||||||||||||
Interest expense | 33,904 | $ 30,751 | |||||||||||
Accrued interest | 619,245 | $ 585,341 | |||||||||||
Notes payable, outstanding | 4,300,000 | $ 4,200,000 | |||||||||||
JBB Partners Inc [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Loan bears interest rate | 5% | ||||||||||||
Debt conversion price per share | $ 0.08 | ||||||||||||
Maximum of amount permitted to obtain advances | $ 1,000,000 | ||||||||||||
Increments of line of credit | $ 500,000 | 500,000 | |||||||||||
Loan maturity date | May 31, 2022 | ||||||||||||
Proceeds from advances | $ 100,000 | ||||||||||||
Line of credit borrowing capacity total | $ 1,500,000 | ||||||||||||
Repayments of related party debt | 100,000 | ||||||||||||
Availability of existing credit line | $ 500,000 | ||||||||||||
Promissory Note [Member] | JBB Partners Inc [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Proceed from loan payable | $ 1,550,000 | ||||||||||||
Loan bears interest rate | 3% | ||||||||||||
Debt conversion price per share | $ 0.20 | ||||||||||||
Promissory Note [Member] | JBB Partners Inc [Member] | Modification of Existing Loan [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Debt conversion price per share | $ 0.20 | ||||||||||||
Maximum of amount permitted to obtain advances | $ 1,000,000 | ||||||||||||
Increments of line of credit | $ 100,000 | ||||||||||||
Loan Note [Member] | JBB Partners Inc [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Debt maturity date description | the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note | the Company entered into an extension agreement with JBB to extend the maturity of all its outstanding indebtedness under credit line and Loan Note | the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note | the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note | |||||||||
Loan maturity date | Sep. 30, 2025 | ||||||||||||
Increase in line of credit | $ 500,000 | ||||||||||||
Line of credit | $ 4,300,000 | ||||||||||||
Loan Note [Member] | JBB Partners Inc [Member] | Extended Maturity [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Loan maturity date | Sep. 30, 2024 | May 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |||||||||
Secured Promissory Note [Member] | Odyssey Enterprises LLC [Member] | |||||||||||||
Financing Receivable, Modified [Line Items] | |||||||||||||
Loan bears interest rate | 5% | ||||||||||||
Debt conversion price per share | $ 0.20 | ||||||||||||
Loan maturity date | Jun. 30, 2022 | ||||||||||||
Proceeds from advances | $ 250,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended |
Sep. 30, 2018 | May 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Payments for rent | $ 950 | $ 2,850 |