| Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting
Policies Organization and nature of operations Victory Clean Energy, Inc., formerly Victory Oilfield
Tech, Inc. (“Victory”), a Nevada corporation, has historically operated as an oilfield technology products company offering
patented oil and gas drilling products. On July 31, 2018, Victory entered into an agreement to acquire Pro-Tech Hardbanding Services,
Inc., an Oklahoma corporation (“Pro-Tech”), which provides various hardbanding solutions to oilfield operators for drill pipe,
weight pipe, tubing and drill collars. On January 1, 2024, Victory completed a merger agreement
with H2 Energy Group Inc., a Delaware corporation (“H2EG”) (the “Merger”). As a result of the Merger, a change
in control of Victory occurred, and H2EG became a wholly owned subsidiary of Victory. On January 1, 2024, Victory completed the sale of
Pro-Tech to Flagstaff International, LLC, a Delaware limited liability company. On January 11, 2024, Victory amended its Articles of Incorporation
to authorize 2,000,000,000 H2EG uses scalable and modular technology to produce
low-cost hydrogen-rich syngas from renewable woody biomass. The Company plans to construct a renewable hydrogen production facility and
install four hydrogen refueling stations in California. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements
include the accounts of Victory and H2EG, its wholly owned subsidiary, for all periods presented. All significant intercompany transactions
and accounts between Victory and H2EG (together, the “Company”) have been eliminated. The results reported in these consolidated financial
statements should not be regarded as necessarily indicative of results that may be expected for any future periods. The accompanying consolidated financial statements
of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
In the opinion of management, all adjustments, consisting of normal and recurring accruals considered necessary for a fair presentation,
have been included. Going Concern Historically the Company has experienced, and continues
to experience, net losses, net losses from operations, negative cash flow from operating activities, and working capital deficits. The
Company has incurred an accumulated deficit of $ (5,520,967) (781,000) The Company anticipates that operating losses
will continue in the near term as its management continues its efforts to raise additional capital and pursue the development and
implementation of clean, sustainable low-cost energy solutions with applications across various industries, including
transportation, power generation, and industrial processes. Based upon anticipated new sources of capital, and cash flow from
operations, it believes it will have enough capital to cover expenses through at least the next twelve months. The Company will
continue to monitor liquidity carefully, and in the event it does not have enough capital to cover expenses, the Company will make
the necessary and appropriate reductions in spending to remain cash flow positive. While management believes its plans, including
the Merger, help mitigate the substantial doubt that they are a going concern, there is no guarantee that the Company’s will be
successful or if they are, will fully alleviate the conditions that raise substantial doubt that the Company is a going concern. Use of Estimates The preparation of the consolidated financial statements
in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting
for depreciation and amortization expense, various common stock, warrants and option transactions, evaluation of intangible assets, and
loss contingencies. Cash and Cash Equivalents The Company considers all liquid investments with
original maturities of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The
Company had no Concentration of Credit Risk Financial instruments that potentially
subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company
places its cash equivalents with financial institutions and invests its excess cash primarily in certificates of deposit, deposit accounts
or treasury bills. The Company has established guidelines relative to credit ratings and maturities that seek to maintain stability and
liquidity. Fair Value Financial Accounting Standard Board, or FASB, Accounting
Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures Level 1 - quoted prices (unadjusted) in
active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Leve1 2 - inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a
specified (contractual) term, a Leve1 2 input must be observable for substantially the full term of the asset or liability; and Leve1 3 - unobservable inputs for the asset
or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would
use in pricing the asset or liability and are developed based on the best information available in the circumstances (which might include
the reporting entity’s own data). At March 31, 2024 and December 31, 2023, the carrying
value of the Company’s financial instruments such as accounts payables approximated their fair values based on the short-term nature
of these instruments. The carrying value of short-term notes and advances approximated their fair values because the underlying interest
rates approximated market rates at the balance sheet dates. Website Development Costs The Company
capitalizes costs related to the development of their website in accordance with ASC 350- 50, Website Development Costs 7,492 6,660 No 1,179 Impairment of Long-Lived Assets Long-lived assets are assessed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable.
The impairment testing involves comparing the carrying amount to the forecasted undiscounted future cash flows generated by that asset.
In the event the carrying value of the assets exceeds the undiscounted future cash flows generated by that asset and the carrying value
is not considered recoverable, impairment exists. An impairment loss is measured as the excess of the asset’s carrying value over
its fair value, calculated using a discounted future cash flow method. An impairment loss would be recognized in net income (loss) in
the period that the impairment occurs. Revenue Recognition The Company will
recognize revenue in accordance with ASC 606 Revenue from Contracts with Customers
· Identification of a contract with a customer;
· Identification of the performance obligations in the contract;
· Determination of the transaction price;
· Allocation of the transaction price to the performance obligations in the contract; and
· Recognition of revenue when or as the performance obligations are satisfied. Revenue is recognized when control
of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be
entitled to in exchange for those goods or services. No revenue has been generated to date. Share-Based Compensation The Company from time to time may issue stock options,
warrants and restricted stock as compensation to employees, directors, officers and affiliates, as well as to acquire goods or services
from third parties. In all cases, the Company calculates share-based compensation using the Black-Scholes option pricing model and expenses
awards based on fair value at the grant date on a straight-line basis over the requisite service period. In the case of third-party suppliers,
the service period is the shorter of the period over which services are to be received or the vesting period. For employees, directors,
officers and affiliates, the service period is typically the vesting period. During the three months ended March 31, 2024 and 2023, the
Company record $ 3,859,759 0 Stockholders’ Equity Income Taxes The Company accounts for income taxes in accordance
with ASC 740, Income Taxes, Earnings per Share Basic earnings (loss) per share are calculated by
dividing the Company’s net income (loss) applicable to common stockholders by the weighted average number of shares of common stock
outstanding during the period. Diluted earnings (loss) per share are based on the weighted average number of shares of common stock outstanding
during the period plus potentially dilutive shares of common stock outstanding during the period such as options, warrants and convertible
securities. Given the historical and projected future losses of the Company, all potentially dilutive common stock equivalents are considered
anti-dilutive. The following potential common shares were excluded from the calculation of diluted
net income (loss) per share available to common stockholders because their effect would have been antidilutive:
Schedule of antidilutive
Three
Months Ended March
31,
2024 2023
Warrants 102,284,990 —
Total 102,284,990 — Recently Adopted Accounting Standards The Company has implemented all new accounting pronouncements
that are in effect. These pronouncements did not have any material impact on the financial statements, and the Company does not believe
that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position
or results of operations. In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, “ Financial
Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
