Indonesia Energy (US:INDO)2025-09-30 20:06Financial Performance - Revenue for the six months ended June 30, 2025, was $1.07 million, a decrease of 26% compared to $1.44 million for the same period in 2024[4] - Net loss for the six months ended June 30, 2025, was $2.82 million, compared to a net loss of $2.10 million for the same period in 2024, reflecting an increase in losses of approximately 34%[4] - The Company reported a basic and diluted loss per ordinary share of $0.19 for the six months ended June 30, 2025, compared to a loss of $0.26 for the same period in 2024[4] - The Company recorded a net loss of $2,822,774 for the six months ended June 30, 2025, with an accumulated deficit of $48,751,752[69] - Oil and gas revenues for the six months ended June 30, 2025, were $1,069,505, a decrease from $1,443,388 in the same period of 2024[76] - Lease operating expenses for the six months ended June 30, 2025, were $1,394,411, slightly lower than $1,405,429 in 2024[76] Assets and Liabilities - Total assets increased to $25.22 million as of June 30, 2025, up from $21.91 million at the end of 2024, representing a growth of approximately 15.5%[2] - Cash and cash equivalents, along with restricted cash, totaled $10.49 million at the end of June 2025, up from $6.49 million at the end of 2024, indicating a 61% increase[12] - Total current liabilities decreased to $1.57 million as of June 30, 2025, down from $1.91 million at the end of 2024, a reduction of approximately 17%[2] - Total shareholders' equity increased to $21.93 million as of June 30, 2025, up from $18.19 million at the end of 2024, reflecting a growth of approximately 20%[2] - Warrant liabilities, net of debt issuance costs, increased to $611,802 as of June 30, 2025, from $578,928 as of December 31, 2024[40] - The Company has no outstanding short-term or long-term bank borrowings as of the reporting date[71] Operational Plans and Developments - The company anticipates completing two new wells in the first quarter of 2026 as part of a continuous drilling program of 14 new wells over the next four years[14] - The Company has completed new 3D seismic exploratory operations at the Kruh Block, with interpretation and reservoir study ongoing until September 2025[71] - The Company is currently focused on the Indonesian market, holding two oil and gas assets and has identified a potential third exploration block[14] Shareholder Actions - The company issued 1,386,955 ordinary shares through an ATM offering, raising approximately $6.56 million during the first half of 2025[6] - As of June 30, 2025, the Company had 14,987,474 Ordinary Shares issued and outstanding, with net proceeds of approximately $6.56 million from the issuance of 1,386,955 shares through an at-the-market offering[59] Accounting and Compliance - The Company is currently evaluating the impact of recently issued accounting standards on its consolidated financial statements[21] - The effective tax rate for the six months ended June 30, 2025 and 2024 was 0%[57] - The Company has not recognized a "right of use" asset or lease liability for short-term leases, opting for the short-term lease exemption[52] Commitments and Expenses - Total commitments for the Citarum Block PSC amount to $39,100,000, while total commitments for the Kruh KSO are $149,948,500[65] - Total operating lease costs for the six months ended June 30, 2025, were $348,137, compared to $460,636 for the same period in 2024[54] - The Company incurred related party rental expenses totaling $78,540 for the six months ended June 30, 2025, compared to $76,922 for the same period in 2024[61] - Future lease payments included in the measurement of operating lease liabilities as of June 30, 2025, totaled $729,713[54] Other Financial Metrics - The Company recorded depletion of $315,657 for the six months ended June 30, 2025, compared to $258,850 for the same period in 2024[38] - For the six months ended June 30, 2025, the Company incurred capitalized development costs of $15,374 related to geological and geophysical studies[37] - As of June 30, 2025, the total allowance on other receivables for current assets was $613,066, compared to $103,433 for the year ended December 31, 2024[33] - The Company recorded an allowance for doubtful accounts of $609,604 related to uncollected amounts for rig equipment sales as of June 30, 2025[31]