Truleum (TRLM) 10-Q 15 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-55586
Entity Registrant Name	Truleum, Inc.
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	90-1020566
Entity Address, Address Line One	14143 Denver West Parkway, Suite 100
Entity Address, City or Town	Golden
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80401
City Area Code	800
Local Phone Number	819-0604
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 (in shares)		21,794,178
Entity Central Index Key	0000855787
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,530	$ 5,218
Joint interest billing receivable	0	21,284
Prepaid assets and other current assets	81,256	89,320
Total current assets	86,786	115,822
Noncurrent assets:
Property and equipment, net	40,555	43,513
Oil and gas property, unproved, full cost	1,823,294	1,814,363
Total noncurrent assets	1,863,849	1,857,876
Total assets	1,950,635	1,973,698
Current liabilities:
Convertible credit line payable - related party	1,199,330	957,458
Convertible note payable	1,210,000	1,210,000
Total current liabilities	3,647,607	3,411,797
Asset retirement obligation	6,856	5,938
Total liabilities	4,974,422	$ 4,721,702
Commitments and Contingencies
Stockholders' deficit:
Preferred Stock, Shares Authorized (in shares)	10,000,000	10,000,000
Series A convertible preferred stock, $0.001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding	$ 0	$ 0
Common stock, $0.001 par value, 65,000,000 shares authorized and 21,742,178 and 21,653,326 shares issued and outstanding, respectively	21,794	21,742
Additional paid-in capital	6,810,456	6,571,011
Accumulated deficit	(9,856,037)	(9,340,757)
Total stockholders' deficit	(3,023,787)	(2,748,004)
Total liabilities and stockholders' deficit	1,950,635	1,973,698
Secured Senior Secured Convertible Note [Member]
Current liabilities:
Senior secured convertible notes payable, related party, net of discount of $42,266 and $120,231, respectively	1,319,959	1,303,967
Nonrelated Party [Member]
Current liabilities:
Accounts payable and accrued expenses	1,030,155	1,062,239
Subscription liability	0	6,000
Related Party [Member]
Current liabilities:
Accounts payable and accrued expenses	24,462	0
Interest payable - related parties	183,660	136,100
Subscription liability	$ 0	$ 40,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Preferred Stock, Shares Authorized (in shares)	10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized (in shares)	10,000,000	10,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	65,000,000	65,000,000
Common Stock, Shares, Issued (in shares)	21,794,178	21,788,178
Common Stock, Shares, Outstanding (in shares)	21,794,178	21,788,178
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)	2,000,000	2,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized (in shares)	2,000,000	2,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0	0
Secured Senior Secured Convertible Note [Member]
Debt Instrument, Unamortized Discount, Noncurrent	$ 0	$ 15,993

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Oil and gas sales	$ 8,458	$ 71,716
Lease operating expenses	36,361	179,441
Gross loss	(27,903)	(107,725)
Operating expenses:
Professional services	113,880	110,483
Board of director fees	196,497	36,000
General and administrative	111,803	151,530
Total operating expenses	422,180	298,013
Loss from operations	(450,083)	(405,738)
Other income (expense):
Other income	0	1,139
Interest expense	(65,197)	(55,223)
Total other income (expense)	(65,197)	(54,084)
Net loss	$ (515,280)	$ (459,822)
Loss per share:
Basic (in dollars per share)	$ (0.02)	$ (0.02)
Diluted (in dollars per share)	$ (0.02)	$ (0.02)
Weighted average shares outstanding:
Basic (in shares)	21,765,689	21,653,326
Diluted (in shares)	21,765,689	21,653,326

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	21,653,326
Balance at Dec. 31, 2022	$ 21,653	$ 5,731,830	$ (7,092,107)	$ (1,338,624)
Net loss	0	0	(459,822)	(459,822)
Stock-based compensation	$ 0	62,000	0	62,000
Balance (in shares) at Mar. 31, 2023	21,653,326
Balance at Mar. 31, 2023	$ 21,653	5,793,830	(7,551,929)	(1,736,446)
Balance (in shares) at Dec. 31, 2022	21,653,326
Balance at Dec. 31, 2022	$ 21,653	5,731,830	(7,092,107)	(1,338,624)
Balance (in shares) at Dec. 31, 2023	21,742,178
Balance at Dec. 31, 2023	$ 21,742	6,571,011	(9,340,757)	(2,748,004)
Shares issued for subscription liability (in shares)	6,000
Shares issued for subscription liability	$ 6	45,994		46,000
Stock-based compensation (in shares)	46,000
Stock-based compensation	$ 46	193,451	0	193,497
Net loss	$ 0	0	(515,280)	(515,280)
Balance (in shares) at Mar. 31, 2024	21,794,178
Balance at Mar. 31, 2024	$ 21,794	$ 6,810,456	$ (9,856,037)	$ (3,023,787)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (515,280)	$ (459,822)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	193,497	62,000
Depreciation expense	(5,973)	6,107
Amortization of debt discount	15,992	25,703
Asset retirement obligation expense	918	0
Changes in operating assets and liabilities:
Joint interest billing receivable	21,284	750
Prepaid expenses and other current assets	8,064	(12,531)
Accounts payable	(7,622)	331,559
Accounts payable-related party	0	25,885
Interest payable	47,560	23,596
Net cash used in operating activities	(241,560)	3,247
Cash flows from investing activities:
Cash paid for purchase of property and equipment	0	0
Acquisition of oil and gas property	0	(82,140)
Net cash used in investing activities	0	(82,140)
Cash flows from financing activities:
Proceeds from convertible credit line, related party	241,872	0
Net cash provided by financing activities	241,872	0
Net change in cash and cash equivalents	312	(78,893)
Cash and cash equivalents, at beginning of period	5,218	95,362
Cash and cash equivalents, at end of period	5,530	16,469
Supplemental disclosures of cash flow information:
Cash paid for interest	32,419	0
Cash paid for income taxes	0	0
Supplemental disclosure of non-cash investing and financing activities:
Debt discount on senior secured convertible notes payable – related party and convertible credit line payable – related party	0	0
Extinguishment of derivative liability	0	0
Related Party Advances and Promissory Note Converted into 7.25% Note [Member]
Supplemental disclosure of non-cash investing and financing activities:
Advances and other liabilities converted to senior secured convertible notes payable, related party	0	0
Nonrelated Party [Member]
Changes in operating assets and liabilities:
Subscription liability	0	0
Related Party [Member]
Changes in operating assets and liabilities:
Subscription liability	$ 0	$ 0

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 1 BASIS OF PRESENTATION The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2023 and 2022 which are included on the Form 10-K filed on April 5, 2024. In the opinion of management, all adjustments which include normal recurring adjustments, necessary to present fairly the financial position, results of operations, and cash flows for the periods shown have been reflected herein. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results for the full year. Certain information and footnote disclosures which would substantially duplicate the disclosures contained in the audited consolidated financial statements for the years ended December 31, 2023, and 2022 have been omitted. On April 27, 2023, the Company amended its articles of incorporation to change their name from Alpha Energy, Inc. to Truleum, Inc. Principles of Consolidation Our consolidated financial statements include our accounts and the accounts of our 100% owned subsidiary, Alpha Energy Texas Operating, LLC. All intercompany transactions and balances have been eliminated. 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 at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented. Basic and Diluted Loss per share Net loss per share is provided in accordance with FASB ASC 260-10, “Earnings (Loss) per Share”. Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months ended March 31, 2024 and 2023, there were 263,992 shares issuable from the senior secured convertible notes payable and 655,870 and 0 shares issuable from the convertible credit line payable which were considered for their dilutive effects but were determined to be anti-dilutive due to the Company’s net loss, respectively. Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amount of the Company’s financial instruments consisting of cash and cash equivalents, accounts payable, notes payable and convertible notes approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Reclassification Certain reclassifications may have been made to our prior year’s financial statements to conform to our current year presentation. These reclassifications had no effect on our previously reported results of operations or accumulated deficit. Recently Issued Accounting Standards Not Yet Adopted The Company has reviewed all recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that there are no recently issued accounting pronouncements that will have a significant effect on its financial statements.

Note 2 - Going Concern

Note 2 - Going Concern	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	Note 2 GOING CONCERN The Company’s interim unaudited consolidated financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has minimal cash or other current assets and does not have an established ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Note 3 - Oil and Gas Properties

Note 3 - Oil and Gas Properties	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Oil and Gas, Property and Equipment [Text Block]	NOTE 3 OIL AND GAS PROPERTIES Oil and gas properties at March 31, 2024 and December 31, 2023 consisted of the following: Balance Balance Account 12/31/2023 Additions 03/31/2024 Leasehold Improvements - Chicorica $ 40,000 $ - $ 40,000 Leasehold Improvements - Undeveloped 63,973 - 63,973 Lease Acquisition and Development Costs - Logan County 1,739,404 - 1,741,669 Asset retirement obligation – true-up 1,348 - 1,348 (Accumulated depletion) (30,362 ) - (30,362 ) Total oil and gas related assets $ 1,814,363 $ - $ 1,814,363

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 4 RELATED PARTY TRANSACTIONS Accounts Payable and Accrued Expenses - Related Parties As of March 31, 2024 and December 31, 2023, there were no advances due to related parties for either period and $24,462 due to Leaverite Exploration, Inc. d/b/a Leaverite Consulting (“Leaverite Exploration”), a corporation wholly-owned by our President, Jay Leaver pursuant to a consulting agreement. On April 10, 2023, the Company issued 70,852 shares of common stock valued at $5.00 per share to settle outstanding consulting invoices in the amount of $354,260 owed to Mr. Leaver. Subscription Liability Related Party On January 12, 2024, the Company issued 40,000 shares of its common stock to Company director Mark Timm as a bonus effective December 31, 2023; this amount of $40,000 was recorded as a subscription liability – related party on the balance sheet as of year-end. Senior Secured Convertible Notes Payable Related Party AEI Management, Inc. On February 25, 2022, the Company entered into a secured senior secured convertible note with AEI for the purchase and sale of convertible promissory notes (“Convertible Note”) in the principal amount of $5,000,000. The Convertible Note is convertible at any time after the date of issuance into shares of the Company’s common stock at a fixed conversion price of $5.00 per share; upon conversion, the Company would issue the noteholder 1,000,000 shares of common stock. The Convertible Note bears interest at a rate of 7.25% per annum, is paid on a quarterly basis, and has a maturity date of December 31, 2024. The Convertible Note is secured by certain oil and gas leases, lands, minerals and other properties of the Company, subject to prior liens and security interests. During the year ended December 31, 2022, $413,206 from a related party was exchanged for a convertible note; due to the variable conversion price in the convertible credit line, this fixed senior secured convertible note is treated as a derivative due to the possibility of insufficient shares available at conversion to settle the note. The day one derivative liability was $65,262, which was recorded as a discount; for the years ended December 31, 2023 and 2022, the Company amortized $32,631 and $27,624, respectively, of the discount as interest expense. As of March 31, 2024 and December 31, 2023, the unamortized discount was $0 and $5,006, respectively. The outstanding principal balance on the senior secured convertible notes payable as of March 31, 2024 and December 31, 2023 was $413,206 as of both dates. 20 Shekels, Inc. On February 25, 2022, Mr. Leaver assigned a $406,750 promissory note and advances of $500,000 to 20 Shekels. On the same day, the assigned promissory note and advance totaling $906,750 were transferred into a secured senior secured convertible note. The convertible note bears interest at 7.25% and matures on December 31, 2024. The note is convertible into shares of the Company at $5.00 per share. Due to the variable convertible credit line, this fixed senior secured convertible note is treated as derivatives due to the possibility of insufficient shares available at conversion to settle the notes. The day one derivative liability was $143,214, which was recorded as a discount; for the years ended December 31, 2023 and 2022, the Company amortized $71,607 and $60,621, respectively, of the discount as interest expense. As of March 31, 2024 and December 31, 2023 , the unamortized discount was $ 0 and $ 10,986, respectively. The outstanding principal balance on the senior secured convertible notes payable as of March 31, 2024 and December 31, 2023 was $906,754 as of both dates. As of March 31, 2024 and December 31, 2023, the senior secured convertible notes payable balance, net of discount was $1,215,722 with accrued interest of $23,596 and $79,225 , respectively. Convertible Credit Line Related Party AEI Acquisition Company, LLC On June 1, 2021, the Company entered into a new convertible credit line agreement with AEI Acquisition Company, LLC. (“AEI”), the Company’s majority shareholder, to borrow up to $1,500,000; the agreement has a maturity date of June 1, 2023. The outstanding balance accrues interest at a rate of 7% per annum and the outstanding balance is convertible to common stock of the Company at the lesser of the close price of the common stock as quoted on the OTCBB on the day interest is due and payable immediately preceding the conversion or $4.00. The Company analyzed the conversion option in the convertible line of credit for derivative accounting consideration under ASC 815, Derivative and Hedging, and determined that the transaction does qualify for derivative treatment. The Company evaluated the new convertible credit line for debt modification in accordance with ASC 470-50 and concluded that the debt qualified for debt modification as the borrowing capacity under the new credit line is greater than the borrowing capacity under the original credit line. There were no fees paid to the creditor and no unamortized deferred costs on the original credit line. Accordingly, no expense was recognized in connection with the transaction. During the year ended December 31, 2022, the Company amortized $11,100 of the discount as interest expense, and as of December 31, 2022, the unamortized discount was $0. During the year ended December 31, 2022, the Company repaid $168,328 of principal on the convertible credit line and $53,275 of accrued interest and as of December 31, 2022, the outstanding principal balance on the convertible credit line was $0. See discussion of derivative liability in Note 8 – Derivative Liability. On February 11, 2023, the Company and AEI entered into an amendment to the convertible revolving credit line (the “First Amendment”), which provided that any outstanding amount of principal and/or interest under the revolving credit line may be converted into fully paid and non-assessable shares of common stock, $0.001 per share par value, at a fixed conversion price of $1.50 per share subject to adjustment for stock dividends, stock splits, recapitalizations, or other similar transactions that affect the rights of common stockholders generally. On May 30, 2023 and January 8, 2024, the Company and AEI entered into second and third amendments to the convertible revolving credit line, which extended the maturity dates of the lines to December 31, 2023 and January 1, 2025, respectively. As of March 31, 2024, the Company has drawn $878,430 on the convertible note, with accrued interest of $35,235. 20 Shekels, Inc. On October 23, 2023, the Company entered into a new revolving credit facility with 20 Shekels, Inc. (“20 Shekels”), an affiliated company, to borrow up to $500,000; the agreement has a maturity date of October 1, 2024, will accrue interest at a rate of 12% per annum and the outstanding balance is convertible to common stock of the Company at the lesser of $5.00 per share or a 10% discount to a 3-day volume weighted price average subject to adjustment as provided in the note agreement. Since May 16, 2023, 20 Shekels has made loans in favor of the Company in the amounts of principal and accrued interest totaling $142,235 as of October 3, 2023 (the date these amounts were evaluated for incorporation into the credit facility); such amounts will be consolidated and incorporated into the indebtedness covered by this facility. As of March 31, 2024, the Company has a balance of $320,901, with accrued interest of $23,461.

Note 5 - Common Stock

Note 5 - Common Stock	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Equity [Text Block]	NOTE 5 COMMON STOCK The Company is authorized to issue 75,000,000 shares of its capital stock, consisting of 10,000,000 shares of preferred stock, par value $0.001 per share, and 65,000,000 shares of common stock, par value $0.001 per share. During 2022 and through June 30, 2023, the Company compensated each director with 4,000 shares of common stock per month (see discussion below of revised Board of Director compensation plan). For the years ended December 31, 2023 and 2022, the Company issued 72,000 and 156,000 shares of common stock for a total of $72,000 and $156,000, respectively, as board of director compensation related to this plan. On September 2, 2022, the Company entered into a six-month agreement with a consultant that included the issuance of 60,000 common shares; such shares were issued as of December 31, 2022. During the years ended December 31, 2023 and 2022, the Company recognized $20,000 and $40,000, respectively, of expense related to this agreement. On October 15, 2022, the Company entered into a one-year agreement with a consultant. Per the agreement, the Company will compensate the consultant $10,000 and issue 2,000 common shares per month. During the year ended December 31, 2023, the Company issued 18,000 common shares, recorded a subscription liability for $6,000 and expense of $24,000 related to this agreement. During the year ended December 31, 2022, the Company issued $5,000 shares and recorded $5,000 of expense related to this agreement. On April 10, 2023, the Company issued 70,852 shares of common stock valued at $5.00 per share to settle outstanding consulting invoices owed to Jay Leaver, President for an aggregate amount of $354,260. On July 1, 2023, the Company adopted a revised Board of Directors compensation plan, replacing the previous director compensation plan, which provided monthly grants to non-employee directors (see discussion above). Under the new plan, each director receives compensation for their service on the Board and reimbursements for certain expenses in accordance with the Company’s reimbursement policy. Until the Company’s common stock is listed on a national securities exchange, each non-employee director shall receive options to purchase shares of common stock valued at $150,000 by the Black-Scholes pricing model on an annual basis, payable quarterly, with an exercise price equal to the closing price of the Company’s common stock on the last business day of the quarter. See details of stock options below. On January 12, 2024, the Company issued 40,000 shares of its common stock to Company director Mark Timm as a bonus effective December 31, 2023; this amount of $40,000 was recorded as a subscription liability – related party on the balance sheet as of year-end. Stock Options The following table summarizes the stock option activity for the nine months ended March 31, 2024: Number of Options Weighted Average Exercise Price Per Share Outstanding at December 31, 2023 134,145 $ 2.86 Granted 37,875 3.33 Exercised – – Forfeited and expired – – Outstanding at March 31, 2024 172,020 $ 3.10 On September 30, 2023, the Company granted a total of 96,060 options to the Company’s board of directors, or 19,212 options each to Robert J. Flynn, Jr., Lacie Kellogg, Mark Timm, Isaac Dietrich and Richard Nummi. The options have a ten-year ten On December 29, 2023, the Company granted a total of 38,085 options to the Company’s board of directors, or 7,617 options each to Robert J. Flynn, Jr., Lacie Kellogg, Mark Timm, Isaac Dietrich and Richard Nummi. The options have a ten-year ten On March 31, 2024, the Company granted a total of 37,875 options to the Company’s board of directors, or 7,575 options each to Robert J. Flynn, Jr., Lacie Kellogg, Mark Timm, Isaac Dietrich and Richard Nummi. The options have a ten-year ten As of March 31, 2024, the outstanding stock options have a weighted average remaining term of 9.3 years and have no

Note 6 - Convertible Notes Paya

Note 6 - Convertible Notes Payable	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Short-Term Debt [Text Block]	NOTE 6 CONVERTIBLE NOTES PAYABLE On March 30, 2019, the Company executed a promissory note for $50,000 to ZQH (75%) (25%) Since June 1, 2021, no further extension agreements have been entered into and as of March 31, 2024 and December 31, 2023, the convertible note payable balance was $1,210,000 with accrued interest of $22,882 for both dates. The Company is in legal discussions with ZQH to relieve the loan as the properties in the purchase agreement were not held by title.

Note 7 - Litigation

Note 7 - Litigation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	Note 7 LITIGATION On May 23, 2023 a complaint was filed against the Company in the Probate Court of Harris County, Texas by Ernest Berger, as Independent Executor of the Estate of John Lepin. The Complaint was filed pursuant to the Texas Estates Code Section 351.054 and alleges breach of an employment agreement with John Lepin who resigned from the Company in 2022, among other claims for unpaid compensation. The Complaint seeks payment of $ , issuance of 22 250 shares of common stock, an indeterminate amount of royalty payments, and attorneys fees, costs and expenses, as well as interest and such other relief as the court may award. The answer was filed August 8, 2023. The company is disputing the litigation and believes at this point the result is undeterminable. As a result, no accrual has been made.

Note 8 - Subsequent Events

Note 8 - Subsequent Events	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 8 SUBSEQUENT EVENTS None.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5. OTHER INFORMATION None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 3 - Oil and Gas Properti_2

Note 3 - Oil and Gas Properties (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	Balance Balance Account 12/31/2023 Additions 03/31/2024 Leasehold Improvements - Chicorica $ 40,000 $ - $ 40,000 Leasehold Improvements - Undeveloped 63,973 - 63,973 Lease Acquisition and Development Costs - Logan County 1,739,404 - 1,741,669 Asset retirement obligation – true-up 1,348 - 1,348 (Accumulated depletion) (30,362 ) - (30,362 ) Total oil and gas related assets $ 1,814,363 $ - $ 1,814,363

Note 5 - Common Stock (Tables)

Note 5 - Common Stock (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of Options Weighted Average Exercise Price Per Share Outstanding at December 31, 2023 134,145 $ 2.86 Granted 37,875 3.33 Exercised – – Forfeited and expired – – Outstanding at March 31, 2024 172,020 $ 3.10

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Convertible Debt Securities [Member] | Secured Senior Secured Convertible Note [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	263,992	263,992
Convertible Debt Securities [Member] | Convertible Credit Line [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	655,870	0
Alpha Energy Texas Operating, LLC [Member]
Subsidiary, Ownership Percentage, Parent			100%

Note 3 - Oil and Gas Properti_3

Note 3 - Oil and Gas Properties - Schedule of Oil and Gas Properties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property and equipment, net	$ 40,555	$ 43,513
Leasehold Improvements Oil And Gas Properties, Unproved [Member] | Chicorica, LLC [Member]
Oil and gas related assets	40,000	40,000
Oil and gas related assets, additions	0
Leasehold Improvements Oil And Gas Properties, Unproved [Member] | Undeveloped [Member]
Oil and gas related assets	63,973	63,973
Oil and gas related assets, additions	0
Lease Acquisition Costs Logan County Project, Unproved [Member]
Oil and gas related assets	1,741,669	1,739,404
Oil and gas related assets, additions	0
Asset Retirement Obligation, True-up [Member]
Oil and gas related assets	1,348	1,348
Oil and gas related assets, additions	0
Oil and Gas Properties [Member]
(Accumulated depletion)	(30,362)	(30,362)
(Accumulated depletion), additions	0
Property and equipment, net	$ 1,814,363	$ 1,814,363

Note 4 - Related Party Transa_2

Note 4 - Related Party Transactions (Details Textual)				3 Months Ended		12 Months Ended
	Jan. 12, 2024 shares	Apr. 10, 2023 USD ($) $ / shares shares	Feb. 25, 2022 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Oct. 23, 2023 USD ($) $ / shares	Oct. 03, 2023 USD ($)	Feb. 11, 2023 $ / shares	Jun. 01, 2021 USD ($)
Stock Issued During Period, Value, Settlement of Liabilities				$ 46,000
Amortization of Debt Discount (Premium)				$ 15,992	$ 25,703
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares				$ 0.001			$ 0.001			$ 0.001
Related Party Advances Converted into 7.25% Note [Member]
Debt Conversion, Original Debt, Amount			$ 413,206
Related Party Advances and Promissory Note Converted into 7.25% Note [Member]
Debt Conversion, Original Debt, Amount				$ 0	0
Secured Senior Secured Convertible Note [Member]
Debt Instrument, Face Amount			$ 5,000,000
Debt Instrument, Convertible, Conversion Price | $ / shares			$ 5							$ 1.5
Debt Instrument, Convertible, Number of Equity Instruments			1,000,000
Debt Instrument, Interest Rate, Stated Percentage			7.25%
Debt Instrument, Unamortized Discount			$ 65,262	0			$ 5,006
Amortization of Debt Discount (Premium)				32,631	27,624
Long-Term Debt, Gross				413,206			413,206
Notes Payable				1,215,722			1,215,722
Interest Payable				23,596			79,225
Convertible Credit Line Payable, Related Party [Member]
Debt Instrument, Face Amount											$ 1,500,000
Debt Instrument, Interest Rate, Stated Percentage											7%
Debt Instrument, Unamortized Discount						$ 0
Interest Payable				35,235		53,275
Interest Paid, Capitalized, Investing Activities						11,100
Repayments of Long-Term Lines of Credit						168,328
Long-Term Line of Credit				878,430		$ 0
Revolving Credit Facility 20 Shekels [Member]
Debt Instrument, Face Amount								$ 500,000
Debt Instrument, Convertible, Conversion Price | $ / shares								$ 5
Debt Instrument, Interest Rate, Stated Percentage								12%
Notes Payable				320,901
Interest Payable				23,461					$ 142,235
Leaverite Exploration [Member]
Accounts Payable				24,462
President [Member]
Stock Issued During Period, Shares, Settlement of Liabilities | shares		70,852
Shares Issued, Price Per Share | $ / shares		$ 5
Stock Issued During Period, Value, Settlement of Liabilities		$ 354,260
President [Member] | Related Party Advances Converted into 7.25% Note [Member]
Debt Conversion, Original Debt, Amount			500,000
President [Member] | Related Party Promissory Note Converted into 7.25% Note [Member]
Debt Conversion, Original Debt, Amount			406,750
President [Member] | Related Party Advances and Promissory Note Converted into 7.25% Note [Member]
Debt Conversion, Converted Instrument, Amount			$ 906,750
President [Member] | Secured Senior Secured Convertible Note [Member]
Debt Instrument, Interest Rate, Stated Percentage			7.25%
Debt Instrument, Unamortized Discount			$ 143,214	0			10,986
Amortization of Debt Discount (Premium)				71,607	$ 60,621
Long-Term Debt, Gross				$ 906,754			906,754
Director [Member]
Stock Issued During Period, Shares, Issued for Services | shares	40,000
Subscription Liability							$ 40,000

Note 5 - Common Stock (Details

Note 5 - Common Stock (Details Textual) - USD ($)									3 Months Ended	12 Months Ended		18 Months Ended
	Mar. 31, 2024	Jan. 12, 2024	Dec. 29, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 10, 2023	Oct. 15, 2022	Sep. 02, 2022	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Feb. 11, 2023
Capital Stock, Shares Authorized	75,000,000								75,000,000
Preferred Stock, Shares Authorized (in shares)	10,000,000								10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001								$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	65,000,000								65,000,000	65,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001								$ 0.001	$ 0.001			$ 0.001
Stock-based compensation									$ 193,497
Stock Issued During Period, Value, Settlement of Liabilities									$ 46,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross									37,875
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price									$ 3.33
Share Price	$ 5		$ 5	$ 2.01					$ 5
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)									9 years 3 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value	$ 0								$ 0
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price	$ 5		$ 5	$ 2.01					$ 5
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	10 years		10 years	10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	216%		204%	182%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate	4.21%		3.84%	4.61%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0%		0%	0%
President [Member]
Stock Issued During Period, Shares, Settlement of Liabilities						70,852
Shares Issued, Price Per Share						$ 5
Stock Issued During Period, Value, Settlement of Liabilities						$ 354,260
Consultant [Member]
Stock Issued During Period, Shares, Issued for Services								60,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount										$ 20,000	$ 40,000
Consultant Two [Member]
Stock Issued During Period, Shares, Issued for Services							18,000				5,000
Consulting Agreement, Compensation Per Month							$ 10,000
Consulting Agreement, Shares Issued Per Month							2,000
Subscription Liability										6,000
Share-Based Payment Arrangement, Expense										$ 24,000	$ 5,000
Director [Member]
Stock Issued During Period, Shares Per Month Per Director												4,000
Stock-based compensation (in shares)		40,000								72,000	156,000
Stock-based compensation		$ 40,000								$ 72,000	$ 156,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Granted Yearly, Intrinsic Value					$ 150,000
Board of Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	37,875		38,085	96,060
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years		10 years	10 years
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5		$ 5	$ 2.01
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Fair Value	$ 187,497		$ 187,510	$ 187,501
Robert J. Flynn Jr. [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	7,575		7,617	19,212
Lacie Kellogg [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	7,575		7,617	19,212
Mark Timm [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	7,575		7,617	19,212
Isaac Dietrich [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	7,575		7,617	19,212
Richard Nummi [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	7,575		7,617	19,212

Note 5 - Common Stock - Summary

Note 5 - Common Stock - Summary of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Outstanding, options (in shares) | shares	134,145
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 2.86
Granted, options (in shares) | shares	37,875
Granted, weighted average exercise price (in dollars per share) | $ / shares	$ 3.33
Outstanding, options (in shares) | shares	172,020
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 3.1

Note 6 - Convertible Notes Pa_2

Note 6 - Convertible Notes Payable (Details Textual)	Jun. 25, 2020 USD ($)	Mar. 30, 2019 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Convertible Notes Payable, Current			$ 1,210,000	$ 1,210,000
Oklahoma Oil and Gas Assets [Member] | Pure and ZQH [Member]
Business Combination, Consideration Transferred	$ 1,000,000
Notes Issued for Acquisition [Member]
Convertible Notes Payable, Current			1,210,000	1,210,000
Interest Payable			$ 22,882	$ 22,882
Notes Payable, Other Payables [Member] | Promissory Notes Payable [Member] | ZHQ Holdings, LLP and Pure Oil & Gas, Inc [Member]
Debt Instrument, Face Amount		$ 50,000
Debt Instrument, Periodic Payment, Interest		$ 50
Debt Instrument, Convertible, Number of Equity Instruments | $ / shares		50,000
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 1
Notes Payable, Other Payables [Member] | Promissory Notes Payable [Member] | ZHQ Holdings [Member]
Debt Instrument, Percentage of Total Debt Loaned		75%
Notes Payable, Other Payables [Member] | Promissory Notes Payable [Member] | Pure Oil & Gas, Inc [Member]
Debt Instrument, Percentage of Total Debt Loaned		25%

Note 7 - Litigation (Details Te

Note 7 - Litigation (Details Textual) - Alleged Breach of Employment Agreement [Member]	May 23, 2023 USD ($) shares
Loss Contingency, Damages Sought, Value | $	$ 39,247
Loss Contingency, Damages Sought, Shares | shares	22,250