0001631463false--12-31Q120260.00150000005000000500000050000000.0012000000000100859510085951008595falsefalsefalsefalse2206500016314632026-01-012026-03-310001631463brll:MaineBiofuelMember2021-12-012021-12-310001631463srt:MaximumMember2025-03-210001631463srt:MaximumMember2019-04-110001631463srt:MinimumMember2025-03-210001631463srt:MinimumMember2019-04-1100016314632026-03-012026-03-2300016314632025-03-012025-03-280001631463brll:StockReceivableMember2026-03-310001631463us-gaap:RetainedEarningsMember2026-03-310001631463us-gaap:AdditionalPaidInCapitalMember2026-03-310001631463us-gaap:CommonStockMember2026-03-310001631463us-gaap:PreferredStockMember2026-03-310001631463brll:StockReceivableMember2026-01-012026-03-310001631463us-gaap:RetainedEarningsMember2026-01-012026-03-310001631463us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001631463us-gaap:CommonStockMember2026-01-012026-03-310001631463us-gaap:PreferredStockMember2026-01-012026-03-310001631463brll:StockReceivableMember2025-12-310001631463us-gaap:RetainedEarningsMember2025-12-310001631463us-gaap:AdditionalPaidInCapitalMember2025-12-310001631463us-gaap:CommonStockMember2025-12-310001631463us-gaap:PreferredStockMember2025-12-3100016314632025-03-310001631463brll:StockReceivableMember2025-03-310001631463us-gaap:RetainedEarningsMember2025-03-310001631463us-gaap:AdditionalPaidInCapitalMember2025-03-310001631463us-gaap:CommonStockMember2025-03-310001631463us-gaap:PreferredStockMember2025-03-310001631463brll:StockReceivableMember2025-01-012025-03-310001631463us-gaap:RetainedEarningsMember2025-01-012025-03-310001631463us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001631463us-gaap:CommonStockMember2025-01-012025-03-310001631463us-gaap:PreferredStockMember2025-01-012025-03-3100016314632024-12-310001631463brll:StockReceivableMember2024-12-310001631463us-gaap:RetainedEarningsMember2024-12-310001631463us-gaap:AdditionalPaidInCapitalMember2024-12-310001631463us-gaap:CommonStockMember2024-12-310001631463us-gaap:PreferredStockMember2024-12-3100016314632025-01-012025-03-3100016314632025-12-3100016314632026-03-3100016314632026-04-30iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~March 3031, ~~2020~~2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

From transition period from ~~_________~~ ____ to ~~_________~~____

Commission File No.: ~~333~~000-~~201740~~56001

BARREL ENERGY, INC.

(Exact name of registrant as specified in its charter)

Nevada		47-1963189
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
8275 S. Eastern Ave Suite 200 Las Vegas, NV		89123
3859 S Valley View Blvd Ste 2 #107 Las Vegas, NV		89123
(Address of principal executive offices)		(Zip Code)

(~~702~~888) ~~595~~397-~~2247 (Registrant’s telephone number, including area code)~~9114

~~Securities~~(Registrant’s ~~registered~~telephone ~~pursuant~~number, toincluding ~~Section~~area ~~12(b~~code) ~~of the Act:~~

~~Title~~Indicate ofby ~~each~~check ~~class~~mark ~~Trading~~whether ~~Symbol~~the ~~Name~~registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of ~~each~~the ~~exchange~~Securities onExchange ~~which~~Act ~~registered~~of ~~Common~~1934 ~~BRLL~~during ~~OTC~~the ~~Pink~~preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant ~~(1)~~ has ~~filed~~submitted ~~all~~electronically ~~reports~~and every Interactive Data File required to be ~~filed~~submitted bypursuant ~~Section~~to 13Rule or405 ~~15(d)~~ of ~~the~~Regulation ~~Securities~~S-T ~~Exchange~~(§232.405 ~~Act~~ of ~~1934~~this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to ~~file~~submit such ~~reports~~files)~~, and (2) has been subject to such filing requirements for the past 90 days~~. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging Growth Company ☒☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ☐]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

AsThe number of ~~September~~shares 3outstanding of the Company’s $.001 Par Value Common Stock as of April 30, ~~2021~~ 2026 was 1,008,595 The number of shares outstanding of the Company’s ~~had~~$0.001 ~~312~~Par Value preferred as of May 7,~~694~~ 2026 was 5,~~984~~000,000. The aggregate number of shares of ~~common~~the voting stock ~~outstanding~~held by non-affiliates on March 31, 2026 was 1,008,595. For the purposes of the foregoing calculation only, all directors and executive officers of the registrant have been deemed affiliates.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1:	Financial Statements	32
	Condensed Balance Sheets as of June 30, 2020, (Unaudited) and September 30, 2019	3
	Balance Sheets as of March 31, 2026,(Unaudited) and December 31, 2025	3
	Condensed Statements of Operations and Comprehensive loss for the Three and Nine Months Ended June 30, 2020 and 2019 (Unaudited)	4
	Statements of Operations and Comprehensive loss for the Three Months Ended March 31, 2026 and 2015 – (Unaudited)	4
	Condensed Statements of Stockholders’ Deficit for the Three and Nine Months Ended June 30, 2020 and 2019 (Unaudited)	5
	Statement of Shareholders Deficit for the Three Months Ended March 31, 2026 and 2015 (Unaudited)	5
	Condensed Statements of Cash Flows for the Nine Months Ended June 30, 2020 and 2019 (Unaudited)	6
	Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2015 (Unaudited)	6
	Notes to Condensed Financial Statements (Unaudited)	7
	Notes to Financial Statements (Unaudited)	7
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1811
Item 3:	Quantitative and Qualitative Disclosures about Market Risk	2012
Item 4:	Controls and Procedures	2012
PART II – OTHER INFORMATION
Item 1:	Legal Proceedings	2113
Item 1A:	Risk Factors	2113
Item 2:	Unregistered Sales of ~~Equity~~ Securities and Use of Proceeds	2113
Item 3:	Default upon Senior Securities	2113
Item 4:	Mine Safety ~~Disclosures~~Information	2113
Item 5:	Other information	2113
Item 6:	Exhibits	2213
~~Signatures~~	Signatures	2314

Reference in this report to “BARREL ENERGY” “we,” “us,” and “our” refer to BARREL ENERGY, Inc.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment decisions. This report contains these types of statements. Words such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable terminology used in connection with any discussion of future operating results or financial performance identify forward-looking statements. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

2 Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

The financial information set forth below with respect to our ~~condensed~~ financial statements for the three ~~and nine~~ months period ended ~~June~~March 3031, ~~2020~~2026 and ~~2019~~2025 is unaudited. This financial information, in the opinion of management, includes all adjustments consisting of normal recurring entries necessary for the fair presentation of such data. The results of operations for the three ~~and nine~~ months ended ~~June~~March 3031, ~~2020~~2026 are not necessarily indicative of results to be expected for any subsequent period. Our year end is ~~September~~December 3031.

Table of Contents

BARREL ENERGY INC

~~CONDENSED~~ BALANCE SHEETS

	June 30, 2020			September 30, 2019
	March 31, 2026			December 31, 2025
	Unaudited			Audited
ASSETS
Current assets:
Cash	$	7		$	--
Cash and cash equivalents	$	4,236		$	51,948
					--
Accounts receivable- net of allowance		52,385			43,158
Total current assets		7			--
Advance- employee		300			300
Right of use asset, operating lease, net of amortization- related party		3,877,385			--
Note receivable-related party		22,065			22,065
Total assets	$	3,877,392		$	--
Total current assets		78,986			117,471
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Fixed Assets		25,000
Total assets	$	103,986		$	117,471
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Bank overdraft	$	--		$	182
Accounts payable and accrued expenses		59,350			66,653
Accounts payable and accrued expenses		770,266			315,775
Total current liabilities		59,350			66,653
Accrued expense- related parties		411,905			121,425
Total liabilities		59,350			66,653
Advances from shareholder		13,202			48,702
Commitment and Contingencies		-			-
Convertible notes payable- net of unamortized debt discount		230,696			175,494
Notes payable		--			100,000
Operating lease liability, current portion- related party		301,720			--
Derivative liability		485,529			434,999
Total current liabilities		2,213,318			1,196,577
Notes payable		33,125			--
Operating lease liability-related party		3,650,915			--
Total liabilities		5,897,358			1,196,577
Commitment and Contingencies		--			--
Stockholders’ deficit:
Preferred stock, $0.001 par value, 5,000,000 authorized, zero issued and outstanding
Preferred stock, $0.001 par value, 5,000,000 authorized, 5,000,000 issued and outstanding		5,000			5,000
Common stock, $0.001 par value, 450,000,000 authorized, 172,652,495 issued and outstanding as of June 30, 2020 and 41,093,618 as of September 30, 2019		172,652			41,093
Common stock, $0.001 par value, 2,000,000,000 authorized, 1,008,595 issued and outstanding as of March 31, 2026 and December 31, 2025		1,009			1,009
Additional paid in capital		18355,~~547,075~~929			~~870~~355,~~515~~929
Accumulated other comprehensive loss		--			(5,361	)
Accumulated deficit		(317,302	)		(311,120	)
Accumulated deficit		(20,739,693	)		(2,102,824	)
Total stockholders’ deficit		44,636			50,818
Total stockholders’ deficit		(2,019,966	)		(1,196,577	)
	$	103,986		$	117,471
Total liabilities and stockholders ‘deficit	$	~~3,877,392~~		$	--

The accompanying notes are an integral part of these unaudited ~~condensed~~interim financial statements.

Table of Contents

BARREL ENERGY INC

~~CONDENSED~~ STATEMENTS OF OPERATIONS AND ~~OTHER~~ COMPREHENSIVE LOSS

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~JUNE~~MARCH 3031,

(Unaudited)

	Three Months						~~Nine Months~~
	2020			2019			2020			2019
	2026			2025
Operating expenses:
Revenue	$	42,395		$	45,144
Consulting – related parties	$	96,000		$	87,155		$	288,000		$	264,681
Cost of service		22,818			15,171
Consulting		--			77,627			--			174,824
Gross profit		19,577			29,973
Lease expense-related party		150,580			--			451,500			--
Operating expenses:
General and administrative expense		78,524			154,647			126,404			306,788
Insurance and Vehicle Expenses		9,034			4,697
Total operating expense		325,104			319,429			865,904			746,293
Bad debt expense		7,213			1,600
Loss from operations		(325,104	)		(319,429	)		(865,904	)		(746,293	)
General and administrative expense		9,513			6,817
Other income (expense)
Total expense		25,760			13,114
Loss on debt settlement		(7,327	)		--			(27,927	)		--
Net income(loss) before taxes		(6,183	)		16,859
Gain (loss) on foreign currency translation		--			--			(14,039	)		(24	)
Income tax		-			-
Change in fair value of derivative liability		(786,534	)		(45,570	)		(1,164,683	)		(16,796	)
Net income (loss)	$	(6,183	)	$	16,859
Amortization of debt discount		(15,709	)		--			(132,793	)		--
Net loss per common share, Basic and Diluted	$	(0.01	)	$	0.02
Financing cost		(47,500	)		(117,394	)		(79,000	)		(271,098	)
Weighted average number of common shares outstanding, basic and diluted		1,008,595			1,008,595
Gain on extinguishment of debt		28,418			--			30,922			--
Interest expense		(8,948	)		(117,233	)		(25,636	)		(133,771	)
Total other income ( expense)		(837,600	)		(280,197	)		(1,413,156	)		(421,689	)
Net loss		(1,162,704	)		(599,626	)		(2,279,060	)		(1,167,982	)
Deemed dividend from down round		--			--			(16,363,600	)		--
Net loss attributable to common stockholders	$	(1,162,704	)	$	(599,626	)	$	(18,642,660	)	$	(1,167,982	)
Foreign currency translation adjustment		--			(349	)		--			1,731
Comprehensive loss	$	(1,162,704	)	$	(599,975	)	$	(18,642,660	)	$	(1,166,251	)
Net loss per common share attributable to common stockholders, Basic and Diluted	$	(0.01	)	$	(0.02	)	$	(0.27	)	$	(0.03	)
Weighted average number of common shares outstanding, basic and diluted		99,923,247			38,371,853			69,488,265			35,320,524

The accompanying notes are an integral part of these unaudited ~~condensed~~interim financial statements.

Table of Contents

BARREL ENGERGY INC

~~CONDENSED~~ STATEMENTS OF ~~STOCKHOLDERS’~~SHAREHOLDERS DEFICIT

(Unaudited)

	Common Stock						AdditionalPaid-In			Accumulated			Stock			Accumulated Other Comprehensive			Total Stockholders’
	Preferred Shares						Common Stock						Paid-In			Accumulated			Stock			Shareholder
	Shares			Amount			~~Capital~~Shares			~~Deficit~~Amount			~~Receivable~~Capital			~~Income (Loss)~~Deficit			~~Deficit~~Receivable			Deficit
Balance at September 30, 2018		12,301,332		$	23,801		$	272,638		$	(354,510	)	$	(11,500	)	$	(6,857	)	$	(76,428	)
Balance at December 31, 2024		5,000,000			5,000			383,437,825			383,438			-			(352,979	)		(40,000	)		(4,541	)
Common stock issued for cash		13,502,000			25,002			998			--			--			--			26,000
Net income (loss)		-			-			-			-			-			16,859			-			16,859
Common stock issued for stock receivable		11,500,000			(11,500	)		--			--			11,500			--			--
Balance at March 31, 2025		5,000,000			5,000			383,437,825			383,438			-			(336,120	)		(40,000	)		12,318
Common stock issue for service		175,000			175			131,075			--			--			--			131,250
Balance at December 31, 2025		5,000,000			5,000			1,009,595			1,009			355,929			(311,120	)		-			50,818
Comprehensive income (loss)		--			--			--			--			--			3,420			3,420
Net income (loss)		-			-			-			-			-			(6,183	)		-			(6,183	)
Net loss		--			--			--			(507,637	)		--			--			(507,637	)
Balance at March 31, 2026		5,000,000		$	5,000			1,008,595		$	1,009		$	355,929		$	(317,010	)	$	-		$	44,636
Balance at December 31, 2018		37,478,332			37,478			404,711			(862,147	)					(3,437	)		(423,395	)
Stock issued for cash		440,286			440			219,703			--						--			220,143
Comprehensive income (loss)		--			--			--			--			--			(1,340	)		(1,340	)
Net loss		--			--			--			(61,719	)		--			--			(61,719	)
Balance at March 31, 2019		37,918,618			37,918			624,414			(923,866	)		--			(4,777	)		(266,311	)
Common stock issued for cash		3,035,000			3,035			75,465			--						--			78,500
Common stock issued for convertible debt		140,000			140			4,760			--			--			--			4,900
Finance charges of notes		--			---			134,938			--			--			--			134,938
Deemed dividend of warrants		--			--			30,938			(30,938	)		--			--			--
Comprehensive income (loss)		--			--			--			--			--			(349	)		(349	)
Net loss		--			--			--			(598,626	)		--			--			(598,626	)
Balance at June 30, 2019		41,093,618		$	41,093		$	870,515		$	(1,553,430	)	$	--		$	(5,126	)	$	(646,948	)
Balance at September 30, 2019		41,093,618		$	41,093		$	870,515		$	(2,102,824	)		--		$	(5,361	)	$	(1,196,577	)
Common stock issued for cash		2,000,000			2,000			38,000			--			--			--			40,000
Common stock issued for debt		9,393,000			9,393			147,115			--			---			--			156,508
Deemed dividend on warrants		--			--			16,363,600			(16,363,600	)		--			--			--
Foreign currency translation adjustment		--			---			--			--			--			(7,409	)		(7,409	)
Net loss		--			--			--			(140,857	)		--			--			(140,857	)
Balance at December 31, 2019		52,486,618			52,486			17,419,230			(18,607,281	)		--			(12,770	)		(1,148,335	)
Common stock issued for debt		14,000,000			14,000			23,655			--			--			--			37,655
Effect of conversion of debt on APICs		--			--			113,577			--			--			--			113,577
Foreign currency translation adjustment		--			--			--			5,791			--			12,770			18,561
Net loss		--			--			--			(975,499	)		--			--			(975,499	)
Balance at March 31, 2020		66,486,618			66,486			17,556,462			(19,576,989	)		--			--			(1,954,041	)
Common stock issued for debt		106,165,878			106,166			(5,994	)		--			--			--			100,172
Common stock returned to treasury		(10,000,000	)		(10,000	)		10,000			--			---			--			--
Common stock for inducement of debt		10,000,000			10,000			30,000			--			--			--			40,000
Effect of conversion of debt on APIC		--			--			956,607			--			--			--			956,607
Net loss		---			--			--			(1,162,704	)		--			--			(1,162,704	)
Balance at June 30, 2020		172,652,496		$	172,652		$	18,547,075		$	(20,739,693	)	$	--		$	--		$	(2,019,966	)

The accompanying notes are an integral part of these unaudited ~~condensed~~interim financial statements

Table of Contents

BARREL ~~ENGERGY~~ENERGY, INC

~~CONDENSED~~ CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED JUNE 30,

	For Three Months Ended March,
	2026			2025
Cash Flows from Operating Activities:
Net income(loss)	$	(6,183	)	$	16,859

Adjustments to reconcile net income (loss) to net cash used in operating activities:
Changes in operating assets and liabilities:
Accounts receivable		(2,014	)		(44,337	)
Bad debt expense		(7,213	)		-
Accounts payable and accrued expense		(7,302	)		(51,981	)

Net cash provided by (used in) operating activities		(22,712	)		(79,459	)

Cash Flows used in Investing Activities
Acquisition of vehicle		(25,000	)
Changes in loan accounts					(40,008	)
		(25,000	)		(40,008	)
Net cash used in financing activities		(25,000	)		-

Net change in cash		(47,712	)		(119,467	)
Cash at beginning of period		51,948			151,576
Cash at end of period	$	4,236		$	32,109

SUPPLEMENT DISCLOSURE
Interest paid	$	-		$	-
Income taxes paid	$	-		$	-

NON-CASH TRANSACTIONS

~~(Unaudited)~~The accompanying notes are an integral part of these unaudited interim financial statements.

	2020			2019
Cash flows from operating activities:
Net loss	$	(2,279,060	)	$	(1,167,982	)
Adjustments to reconcile net loss to net cash used in operating activities:
Derivative change in fair value		1,164,683			16,769
Amortization of debt discount		132,793			134,938
(Gain) on debt conversion		(30,922	)		--
Loss on debt settlement		27,927			--
Financing cost		79,000			253,583
Right to use lease		227,599			--
Changes in operating assets and liabilities:
Accounts payable and accrued expense		625,808			11,644
Lease liability		(378,100	)		--
Prepaid		--			33,333
Accrued expense- related party		290,480			64,361
Net cash used in operating activities		(139,792	)		(653,354	)
Cash flows from financing activities:
Bank overdraft		(182	)		-
Cash received for the sale of common stock		40,000			323,643
Proceeds from notes payable		33,125			100,000
Proceeds from convertible notes payable		89,000			255,000
Repayment of related party advances and convertible note payable		(35,500	)		(9,590	)
Net cash provided by financing activities		126,443			669,053
Effects of exchange rate on cash		13,356			(6,632	)
Net increase in cash		7			9,067
Cash – beginning of year		--			3,458
Cash – end of period	$	7		$	12,525
SUPPLEMENT DISCLOSURES:
Interest paid	$	-		$	-
Income taxes paid	$	-		$	-
NON CASH INVESTING AND FINANCING ACTIVITIES
Common stock issued for conversion of debt	$	194,335		$	--
Discount recorded on inception of derivatives	$	--		$	36,000
Common stock issued for notes payable	$	100,000		$	--
Transfer out of derivative liability upon conversion of debt	$	1,070.181		$	--
Deemed dividend from down round	$	16,363,600		$	--
Right to use lease	$	4,104,984		$	--

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

BARREL ENERGY INC

NOTES TO ~~CONDENSED~~ FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – NATURE OF BUSINESS ~~AND SIGNIFICANT ACCOUNTING POLICIES~~

BARREL ENERGY INC. is a Nevada corporation, incorporated January 17, 2014, which was engaged historically in the oil and gas sector of the energy industry. In January 2019, the Company terminated the agreement. The Company entered into an agreement in the lithium exploration business but terminated the contract. The Company ~~has~~terminated ~~leased land in central California to grow hemp for extracting CBD and~~ the ~~use~~past ~~of fiber in clothing and other materials~~businesses. ~~The Company has reengaged in the lithium battery business under new agreement subsequent to the filing of this report.~~

On April 11, 2019, the Company amended its articles of incorporation to increase its number of authorized shares of common stock from 75,000,000 to 450,000,000.

~~CORRECTION~~On OFMarch ~~ERRORS~~21, IN2025 ~~PREVIOUSLY~~the ~~REPORTED~~Company ~~UNAUDITED~~amended ~~CONDENSED~~its ~~INTERIM~~articles ~~FINANCIAL~~of ~~STATEMENTS~~incorporation to increase the number of authorized shares from 450,000,000 to 2,000,000,000.

~~The~~On ~~Company has identified errors in financial statements issued for the interim periods December 31, 2019 and~~ March 3121, ~~2020.~~2025 ~~We are in~~ the ~~process~~Company ofamended ~~assessing~~its ~~the~~articles ~~materiality~~ of ~~these~~incorporation ~~errors~~to inincrease ~~accordance with~~ the ~~U.S.~~number ~~Securities~~of ~~and~~authorized ~~Exchange~~shares ~~Commission~~from ~~(“SEC”) Staff Accounting Bulletin (“SAB”) No. 99~~450, ~~Materiality and SAB No. 108~~000,000 ~~Considering~~to ~~the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”)~~2, ~~using both the rollover method and the iron curtain method~~000, ~~as defined in SAB 108. When the assessment is completed~~000, ~~we will take any necessary steps as soon as practicable~~000.

~~The~~On ~~occurrence~~March of28, an2025 ~~uncontrollable event such as~~ the ~~COVID-19~~Company ~~pandemic~~acquired ~~may~~Happy ~~negatively~~Traps, ~~affect our operations~~LLC. AThe ~~pandemic~~Company ~~typically~~issued ~~results in social distancing~~600,000 ~~travel~~shares ~~bans,~~of ~~and~~common ~~quarantine.~~stock ~~This~~with ~~may~~a ~~limit~~value ~~access~~of ~~to our~~$300,000 ~~suppliers,~~for ~~management,~~the ~~support staff and professional advisors~~acquisition. The ~~Although~~acquisition ~~the~~was ~~Company’s~~treated ~~operations~~as ~~are~~a ~~virtual,~~reverse wemerger ~~depend~~with onHappy ~~numerous~~Traps ~~third~~being ~~party~~the ~~consultants~~surviving ~~and~~entity ~~contract~~keeping ~~suppliers so we cannot measure~~ the ~~impact~~name onBarrel ~~our~~Energy ~~operations or financial condition at this point in time~~Inc.

Happy Traps, LLC was formed on February 16, 2016 limited liability company in the State of Maine. In November 2019, the partnership was increased from one to six members. The partners sold all their interest on December 31, 2021 to Maine Bio-Fuel, Inc., leaving it as the sole member of the partnership.

Prior to the merger, the Company had 382,837,825 shares of common stock outstanding.

On March 23, 2026 the Company effected a reverse split the common stock resulting in a 1:400 reverse of the shares outstanding.

BASIS OF PRESENTATION

The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information required to be included in a complete set of financial statements in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three ~~and nine~~ months ended ~~June~~March 3031, ~~2020~~2026 are not necessarily indicative of the results that may be expected for the fiscal year ending ~~September~~December 3031, ~~2020~~2025. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. The accompanying unaudited financial statements should be read in conjunction with the audited ~~September~~December 3031, ~~2019~~2025 financial statements and related notes included in the Company’s form 10-K filed with the SEC.

Basic and diluted net income per share

Basic loss per share is calculated as net loss to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted loss per share for the period equals basic loss per share as the effect of any stock based compensation awards or stock warrants would be antidilutive. As of June 30, 2020 the potential shares at conversion outstanding was 91,892,145 consisting of conversion of debt to common stock of approximately 90,289,859 and conversion warrants to common stock of 1,602,286 compared to a total of 4,795,199 for the nine months ended June 30, 2019.

Estimates and Assumptions

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The Company’s significant estimates include the fair value of common stock issued for services, fair value of derivative liability, deemed dividend down round, the valuation of right to use asset and lease liability and valuation allowance for deferred tax assets. Actual results could differ from those estimates.

Table of Contents

~~Gain~~Principles ~~(Loss) on Modification/Extinguishment~~ of ~~Debt~~Consolidation

InThe ~~accordance~~consolidated ~~with~~financial ~~ASC~~statements ~~470, a modification or an exchange~~ of ~~debt~~the ~~instruments~~Company ~~that~~include ~~adds or eliminates a conversion option that was substantive at~~ the ~~date~~Company ofand the ~~modification~~consolidation orthrough ~~exchange is considered~~ a ~~substantive~~reverse ~~change~~merger ~~and is measured and accounted for as extinguishment~~ of the ~~original~~entity ~~instrument~~Happy ~~along~~Traps, ~~with the recognition of a gain or loss~~LLC. ~~Additionally,~~Because ~~under~~this ~~ASC~~transaction ~~470,~~represents a ~~substantive~~reverse ~~modification~~acquisition, ofthe aaccompanying ~~debt~~financial ~~instrument~~statements isreflect ~~deemed to have been accomplished with debt instruments that are substantially different if~~ the ~~present~~historical ~~value~~financial ofstatements ~~the cash flows under the terms~~ of the ~~new~~target, ~~debt instrument is at least 10 percent different from~~ the ~~present~~accounting ~~value~~acquirer, offor ~~the~~all ~~remaining~~periods ~~cash~~prior ~~flows~~to ~~under~~ the ~~terms of the original instrument~~merger. AThe ~~substantive~~Company’s ~~modification~~financial isstatements ~~accounted~~ for asperiods anafter ~~extinguishment of~~ the ~~original~~merger ~~instrument~~reflect ~~along with~~ the ~~recognition~~combined operations of aTarget ~~gain~~and orthe ~~loss~~Company.

The consolidated financial statements include:

	·	Audited or reviewed balance sheets of the accounting acquirer
	·	Audited or reviewed statements of operations, cash flows, and stockholders’ equity
	·	Pro forma adjustments reflecting the merger transaction

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 balance sheet. Actual results could differ from those estimates.

Basic and diluted net income per share

Recent Accounting Pronouncements

InEffective ~~February~~January ~~2016~~1, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 Leases which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases with terms greater than 12 months. In July 20182026, the ~~FASB~~Company ~~issued~~adopted ASU ~~2018~~2025-~~10 Leases~~06, ~~Codification~~Financial ~~Improvements~~Instruments—Credit ~~and~~Losses ~~ASU~~(Topic ~~2018-11~~326): ~~Leases,~~Measurement ~~Targeted Improvements, to provide additional guidance for the adoption~~ of ~~ASU~~Credit ~~2016-02.~~Losses ~~ASU~~on ~~2018-10~~Financial ~~clarifies~~Instruments, ~~certain~~which ~~provisions~~requires ~~and~~the ~~corrects~~use ~~unintended applications~~ of the ~~guidance~~Current ~~such~~Expected asCredit ~~the~~Loss ~~application of implicit rate, lessee reassessment of lease classification, and certain transition adjustments that should be recognized to earnings rather than to stockholders’~~ (~~deficit~~CECL) ~~equity.~~model ~~ASU~~for ~~2018-11~~estimating ~~provides~~credit anlosses ~~alternative~~on ~~transition~~accounts ~~method~~receivable and ~~practical~~other ~~expedient~~financial ~~for~~assets. ~~separating~~Previously, ~~contract components for~~ the ~~adoption~~Company ofrecognized ~~ASU~~allowance ~~2016-02.~~for ~~ASU~~doubtful ~~2016-02,~~accounts ~~ASU 2018-10, ASU 2018-11,~~ (~~collectively, “Topic 842”~~ADA) ~~are~~based ~~effective~~on ~~for~~incurred ~~fiscal~~loss ~~years beginning after December 15~~methodology, ~~2018,~~considering ~~with~~historical ~~early~~experience ~~adoption~~and ~~permitted~~current conditions. InUnder ~~December 2019~~CECL, the Company ~~adopted~~now ~~Topic~~estimates ~~842~~lifetime ~~and~~expected ~~made~~credit ~~the~~losses, ~~following elections~~incorporating:

·Historical ~~The~~loss ~~Company did not elect the hindsight practical expedient~~experience, for all leases. · The Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs for all leases. · In March 2018, the FASB approved an optional transition method that allows companies to use the effective date as the date of initial application on transition. The Company elected this transition method, and as a result, will not adjust its comparative period financial information or make the newly required lease disclosures for periods before the effective date. · The Company elected to not separate lease and non-lease components, for all leases.

On· ~~October~~Current 1,economic ~~2019~~conditions, ~~the~~· ~~Company~~Reasonable ~~recorded~~and asupportable ~~Right of Use Asset of $4,104,985, a corresponding Lease Liability of $4,330,735 in accordance with Topic 842~~forecasts.

~~The~~Presentation ~~FASB recently issued ASU 2020-06, Debt – Debt with Conversion~~ and ~~Other~~Disclosure ~~Options (Subtopic 470- 20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)~~Changes: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, to reduce complexity in applying GAAP to certain financial instruments with characteristics of liabilities and equity. The guidance in ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. The guidance in ASC 470-20 applies to convertible instruments for which the embedded conversion features are not required to be bifurcated from the host contract and accounted for as derivatives. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification (and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host contract. The amendments in ASU 2020-06 further revise the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. The amendments in ASU 2020-06 are effective for public entities for fiscal years beginning after December 15, 2021 with early adoption permitted (for “emerging growth company” beginning after December 15, 2023). The Company will be evaluating the impact this standard will have on the Company’s consolidated financial statements.

	·	Accounts receivable continue to be presented net of allowance for credit losses.
	·	The allowance roll-forward now includes expected credit loss adjustments.
	·	Additional qualitative disclosures describe the methodology, assumptions, and factors considered in estimating expected losses.

Management evaluated significant judgments in applying the probable-to-complete threshold and determined there are no material uncertainties requiring additional disclosure.

Accounts Receivable

Account receivable consists of amounts due to the Company from customers as a result of the Company’s normal business activities. Account receivable is reported on the balance sheets net of an estimated allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts for estimated uncollectible receivables based on historical experience, assessment of specific risk, review of outstanding invoices, and various assumptions and estimates that are believed to be reasonable under the circumstances, and recognizes the provision as a component of selling, general and administrative expenses. Uncollectible accounts are written off against the allowance after appropriate collection efforts have been exhausted and when it is deemed that a balance is uncollectible. The company records the allowance based on past history and if there are doubts on the recoverability.

During the three months ended March 31, 2026 and 2025, the Company recorded bad debt of $7,213 and $1,600, respectively.

Table of Contents

~~Derivative~~NOTE ~~Instruments~~2 – GOING CONCERN

~~Derivative~~The Company’s unaudited interim financial ~~instruments~~statements are ~~recorded~~prepared using accounting principles generally accepted in the ~~accompanying~~United ~~consolidated~~States ~~balance~~of ~~sheets~~America atapplicable ~~fair~~to ~~value~~a ingoing ~~accordance~~concern ~~with~~that ~~ASC~~contemplates ~~815.~~the ~~When~~realization ~~the~~of ~~Company~~assets ~~enters~~and ~~into~~liquidation aof ~~financial~~liabilities ~~instrument~~in ~~such~~the asnormal acourse ~~debt~~of orbusiness. ~~equity~~The ~~agreement~~Company, (as shown in the ~~“host~~accompanying ~~contract”)~~balance sheets, ~~the~~has ~~Company~~negative ~~assesses~~working ~~whether~~capital ~~the~~and ~~economic~~an ~~characteristics~~accumulated deficit of ~~any~~$317,302 ~~embedded~~as ~~features~~of ~~are~~March ~~clearly~~31, ~~and~~2026. ~~closely~~The ~~related~~Company tohas ~~the~~not ~~primary~~established ~~economic~~any ~~characteristics~~source of ~~the~~revenue ~~remainder~~to ofcover ~~the~~its ~~host~~operating ~~contract~~costs. ~~When~~These itfactors israise ~~determined~~substantial ~~that~~doubt ~~(i)~~about anthe ~~embedded~~company’s ~~feature~~ability ~~possesses~~to ~~economic~~continue ~~characteristics~~as ~~that~~a ~~are~~going ~~not~~concern. ~~clearly~~The ~~and~~unaudited ~~closely~~interim ~~related~~financial tostatements ~~the~~do ~~primary~~not ~~economic~~include ~~characteristics~~any ofadjustments ~~the~~that ~~host~~might ~~contract,~~result ~~and~~from ~~(ii)~~the aoutcome ~~separate,~~of ~~stand-alone~~this ~~instrument~~uncertainty. The ~~with~~Company ~~the~~will ~~same~~engage ~~terms~~in ~~would~~very ~~meet~~limited ~~the~~activities ~~definition~~that ofmust abe ~~financial~~satisfied ~~derivative~~in ~~instrument,~~cash ~~then~~until ~~the~~a ~~embedded~~source ~~feature~~of funding is ~~bifurcated~~secured. ~~from~~The ~~the~~Company ~~host~~will ~~contract~~offer noncash consideration and ~~accounted~~seek ~~for~~equity lines as a ~~derivative~~means ~~instrument~~of financing its operations. ~~The~~If ~~estimated~~the ~~fair~~Company ~~value~~is ofunable ~~the~~to ~~derivative~~obtain ~~feature~~revenue isproducing ~~recorded~~contracts inor financing or if the ~~accompanying~~revenue ~~balance~~or ~~sheets~~financing ~~separately~~it ~~from~~does ~~the~~obtain ~~carrying~~is ~~value~~insufficient ofto ~~the~~cover ~~host~~any ~~contract.~~operating ~~Subsequent~~losses ~~changes~~it inmay ~~the~~incur, ~~estimated~~it ~~fair~~may ~~value~~substantially ofcurtail ~~derivatives~~or ~~are~~terminate ~~recorded~~its asoperations aor ~~gain~~seek other business opportunities through strategic alliances, acquisitions or ~~loss~~other inarrangements ~~the~~that ~~Company’s~~may ~~statements~~dilute the interests of ~~operations~~existing stockholders.

~~Fair~~NOTE ~~Value~~3 of– ~~Financial~~REVENUE ~~Instruments~~RECOGNITION

In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The ~~Company’s~~amendments ~~financial~~in ~~instruments~~this ~~consist~~Update do not change the core principle of ~~cash~~the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and ~~cash~~the ~~equivalents~~licensing implementation guidance, ~~accounts~~while ~~payable~~retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and ~~accrued~~services ~~expenses~~in exchange for consideration and ~~shareholder~~(b) ~~loans.~~determining ~~The~~whether ~~carrying~~an ~~amount~~entity’s ofpromise ~~these~~to ~~financial~~grant ~~instruments~~a ~~approximates~~license ~~fair~~provides ~~value~~a ~~due~~customer with either a right to ~~length~~use ofthe ~~maturity~~entity’s intellectual property (which is satisfied at a point in time) or ~~interest~~a ~~rates~~right ~~that~~to ~~approximate~~access ~~prevailing~~the ~~market~~entity’s ~~rates~~intellectual ~~unless~~property ~~otherwise~~(which ~~disclosed~~is insatisfied ~~these~~over ~~financial~~time). ~~statements~~The amendments are intended to render more detailed implementation guidance with the expectation to reduce the degree of judgement necessary to comply with Topic 606.

~~Financial~~ASC ~~assets~~Topic ~~and~~606 ~~liabilities~~prescribes ~~recorded~~a atnew ~~fair~~five-step ~~value~~model inentities ~~our~~should ~~condensed~~follow ~~consolidated~~in ~~balance~~order ~~sheets~~to ~~are~~recognize ~~categorized~~revenue ~~based~~in ~~upon~~accordance awith ~~fair value hierarchy established by GAAP, which prioritizes~~ the ~~inputs~~core ~~used~~principle. toThese ~~measure~~five ~~fair~~steps ~~value into the following levels~~are:

~~Level~~ 1—. ~~Quoted~~Identify ~~market~~the ~~prices~~contract(s) with a customer. 2. Identify the performance obligations in ~~active~~the ~~markets~~contract. ~~for~~3. ~~identical~~Determine ~~assets~~the ortransaction ~~liabilities~~price. at4. Allocate the ~~measurement~~transaction ~~date~~price to the performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfied the performance obligations.

Level 2— quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

Level 3— Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Table of Contents

~~Deemed~~The ~~Dividend~~Company has four revenue streams, each of which the revenue is recognized in accordance to the five steps included in Topic 606. The revenue streams are:

The Company issues instruments which contain a provision for the change in conversion price should a new instrument issued hold a conversion price lower than the conversion price of the instrument issued earlier1. ~~The~~Grease ~~provision~~trap ~~lowers~~cleaning ~~the conversion price to the new instrument triggering the down round feature~~ and ~~creates~~maintenances aservice ~~deemed dividend~~2. ~~The~~Cleaning ~~deemed~~product ~~dividend~~line. is3. ~~added~~Pressure towashing ~~the~~service ~~net~~4. ~~income~~Used orcooking ~~loss~~oil ~~for~~recycling ~~the~~5. ~~period~~Tech ~~and used in calculating the earnings per share for the period.~~fees

~~NOTE~~Revenue 2for -the ~~GOING~~serves ~~CONCERN~~of grease trap cleaning and maintenance and pressure washing services is recognized upon the competition of the service.

~~The~~Revenue Company’s unaudited condensed financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company, as shown in the accompanying balance sheets, has negative working capital of $2,213,311 and an accumulated deficit of $20,739,693 as of June 30, 2020. The Company has not established any source of revenue to cover its operating costs. These factors raise substantial doubt about the company’s ability to continue as a going concern for ~~at least one year from~~ the ~~issuance~~sale of these unaudited condensed financial statements. The Company will engage in very limited activities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the ~~Company~~cleaning isproduct ~~unable~~line ~~to obtain revenue producing contracts or financing or if the revenue or financing it does obtain~~ is ~~insufficient~~recognized toupon cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the ~~interests~~shipment of ~~existing stockholders. There can be no assurance however that~~ the ~~Company~~product ~~will be able~~ to ~~raise additional capital when needed, or at terms deemed acceptable, if at all. The unaudited condensed financial statements do not include any adjustments that might result from~~ the ~~outcome of this uncertainty~~Customer.

~~NOTE~~Revenue 3for –the ~~CONVERTIBLE~~recycling ~~NOTE~~products is recognized upon delivery to the Company receiving the product for processing.

~~On July 1, 2014, the Company issued a USD $67,215 (CAD $75,000) convertible note for cash.~~ The note bears an interest rate of 9.5% and matured on December 31, 2015. The note, plus accrued interest, is convertible by the holder, as, in part or whole, until the date of maturity into common stock of the Company athad ~~CAD~~revenue ~~$0.00275 per share. The Company by resolution has elected to allow conversion~~ of ~~any and all the notes outstanding principal and interest until the note is fully paid. On September 30, 2017, the Company issued 700,000 shares of common stock with a value of~~ $542,~~612~~395 ~~(CDN $7,000) for partial conversion of the convertible note. The note was amended through amendment #1 to establish the note’s principal~~ and ~~interest in US dollars from Canadian dollars at~~ $8245,~~496.~~144 ~~The~~during ~~change from Canadian to US dollars on~~ the ~~rewritten~~three ~~note~~months ~~effectively~~ended ~~eliminated~~March the currency adjustments going forward. The note was further amended extending the closing date to June 30, 2020 and the conversion price to $0.00275, The Note was further amended with Amendment #2 adding $30,000 of principal to the note and extending the note till December 31, ~~2021.~~2026 ~~Various parts of the note were assigned to other individuals for partial payment of the note~~ and ~~their portions converted to common stock. As part of the amendments~~, ~~the note holder receiving 10,000,000 shares of the Company’s stock with a value of $40,000~~respectively. ~~As of June 30, 2020, the principal balance was USD $33,764 plus accrued interest of USD $29,378 for a total liability of USD $63,142.~~

On November 12, 2018, the Company issued a $36,000 convertible note to Crown Partners, LLC. The note bears an original discount of $10,000, matures in 12 months from the origination date and bears interest at 5% per annuum. The note is convertible at any time, in part or whole, at $0.50 per share until the 180th date of the note at which time it is convertible at 55% of the market price which is defined as the lowest trading price 25 days prior to conversion. An interest amount of $2,184 has been accrued along with a principal balance of $4,922 as of June 30, 2020. As of June 30, 2020 the note is in default and no litigation pending.

10 Table of Contents

On May 15, 2019, the Company issued a $100,000 convertible note plus 500,000 warrants to Auctus Funding, LLC. The note bears an original discount of $3,500, matures February 17, 2020 and bears interest at 12% per annuum. The note is convertible at any time, at 55% of the market price which is defined as the lowest trading price 25 days prior to conversion. Interest of $15,151 has been accrued along with principal of $82,703 as of June 30, 2020. The warrants are convertible at $0.20 per share or if the price of the company’s common stock is greater than the exercise price of the warrant, the warrant may be converted by the holder as a cashless warrant in lieu of a cash warrant. As of June 30, 2020 the note is in default and no litigation pending. (See Note 6: Warrants)

On May 16, 2019, the Company issued a $125,000 convertible note and 625,000 warrants to Firstfire Global Opportunity Fund, LLC. The note bears an original discount of $12,500, matures in 12 months from the origination date and bears interest at 7% per annuum. The note is convertible in part or whole, at $0.25 per share for the first 180 days or 60% of the market price which is defined as the lowest trading price 20 days prior to conversion. Interest of $9,861 has been accrued along with a principal balance of $90,307 as of June 30, 2020. The warrants are convertible at $0.20 per share or if the price of the company’s common stock is greater than the exercise price of the warrant, the warrant may be converted by the holder as a cashless warrant in lieu of a cash warrant. As of June 30, 2020 the note is in default and no litigation pending. (See Note 6: Warrants)

On June 26, 2020 the Company issued a convertible note to Harp Sangha, Chairman and CFO of the Company for $19,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.10 per share. As of June 30, 2020 the outstanding balances included principal of $19,000 plus interest of $19.

As of June 30, 2020 the Company calculated the derivative liability of $485,529 using a closing price of $0.007 volatility of 310%, conversion prices of $0.00175 to $0.10, dividend of 0.00 and discount rate of 1.8% and expensed $64,056 in debt discount. (See Note 8 Derivative)

During the nine months ended June 30, 2020 the Company issued 129,558,878 shares of common stock with a value of $294,335 for the reduction of convertible notes. The Company further determined the difference between the value of the issuance at date of issuance and the conversion price of the shares.

NOTE 4 – RELATED PARTY

~~During~~The ~~the~~Company ~~period~~leases ~~ended~~250 ~~December~~square ~~31,~~feet ~~2018~~of ~~Harpreet~~warehouse ~~Sangha,~~space ~~the~~from ~~Company’s~~its ~~Chairman~~owner ~~and~~Maine ~~Chief~~Biofuel. ~~Financial~~The ~~Officer,~~lease ~~entered~~commenced ~~into~~on anJanuary ~~agreement~~1, 2023 and ~~purchased~~continues ~~10,000,000~~for ~~shares~~5 ofyears. ~~the~~The ~~Company’s~~lease ~~common~~may ~~stock~~be ~~for~~terminated ~~$10,000~~by ~~and~~either ~~Craig~~party ~~Alford,~~giving ~~the~~a ~~Company’s~~30 ~~President,~~day ~~who~~notice. ~~entered~~The ~~into~~monthly anrent ~~agreement~~is ~~and~~$150. ~~purchased~~The ~~4,000,000~~president ~~shares~~ of the ~~Company’s~~lessor ~~common~~was ~~stock~~a ~~for~~partner ~~$4,000.~~in Onthe ~~June~~partnership ~~24,~~that ~~2020~~sold ~~Harpreet~~Happy ~~Sangha~~Traps ~~returned the 10,000,000 shares~~ to ~~the~~Maine ~~Company~~Biofuel.

~~During~~On December ~~the year ended September 30~~31, ~~2019~~2021, the ~~Company~~original ~~signed~~partners asold their ~~land~~interest ~~lease~~to ~~agreement~~Maine Biofuel for ~~the production of hemp. The lease is a 10 year lease with annual payments of~~ $~~602~~50,000 ~~and~~to ~~was~~be ~~modified~~paid ~~for the initial payments of $301,000 each~~ in ~~May and June 2020~~installments. ~~A director of the Company is related to the owner of the land leased. (See Note 7: Operating Lease)~~

OnDuring ~~June 26, 2020~~ the ~~Company~~three ~~issued~~months aended ~~convertible~~March ~~note to Harp Sangha~~31, ~~Chairman~~2026 and ~~CFO~~2025, of the Company ~~for~~notes ~~$19,000~~receivable ~~which~~due ~~matures one year~~ from ~~date~~related ofparties ~~issuance. The note bears interest~~ of ~~8% per annum and is convertible into common stock of the Company at~~ $~~0.10 per share. As of June 30~~22, ~~2020 the outstanding balances included principal of $19~~065,~~000~~ ~~plus accrued interest of $19~~respectively.

11 Table of Contents

During the nine months ended June 30, 2020 the Company accrued $333,000 and paid $42,521 in consulting fees for three officers resulting in a balance of $411,905 due the related parties.

From time to time during the duration of the Company, related parties have advanced the Company funds to continue operations. As of June 30, 2020 $13,202 was owed to a former officer and director of the Company.

NOTE 5 – EQUITY

~~During~~The ~~the period from September 30, 2018 to March 31, 2019, the~~ Company ~~entered~~was ~~into~~organized ~~separate~~as ~~Subscription~~a ~~Agreements~~limited ~~with~~liability ~~17 persons under which 25,000,000 shares of the Company’s common stock were sold for $0~~company.~~001~~ ~~per~~Ownership ~~share.~~interests Inare ~~addition,~~represented ~~twenty~~by ~~individuals~~membership ~~were sold 442,286~~ units, ~~consisting~~which ofconfer ~~one~~both ~~share~~economic of common stock at $0.50 per share one warrant to purchase one share of common stock shares at $0.50 per share within three years. This included Harpreet Sangha, the Company’s Chairman, who entered into an agreement to purchase 10,000,000 shares of the Company’s common stock and ~~Craig~~governance ~~Alford,~~rights the Company’s President, who entered into an agreement to purchase 4,000,000 shares of the Company’s common stock. Three individuals purchasing a total of 3,250,000 shares of common stock with a value $3,250 are relatives of the company Chairman and CFO. The subscription agreements dated September 30, 2018 for 11,500,000 shares of common stock with a value of $11,500 were treated as ~~stock~~outlined ~~subscriptions receivable and funds were received~~ in the ~~period ending March 31, 2019. Subscription Agreements were approved by the~~ Company’s ~~Board~~operating ~~of Directors~~agreement. ~~The sales were made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and, with respect to a majority of the purchasers, Regulation S.~~

On ~~November~~April 1311, ~~2018~~2019, the Company ~~entered~~amended ~~into~~its aarticles ~~$3,000,000~~of ~~equity~~incorporation ~~purchase~~to ~~agreement~~increase ~~with~~its ~~Crown~~number ~~Bridge Partners. Under the terms~~ of ~~the~~authorized ~~agreement, the Company may put to the investor~~ shares of ~~the Company~~ common stock infrom ~~minimums of $10~~75,000 ~~to maximums of either $100~~,000 ~~or 200% of the average trading volume, whichever is less. The agreement may be terminated at any time by the Company or when the total commitment of shares are sold by the Company~~ to ~~the investor. As part of the agreement~~450, ~~the Company issued 175~~000,000 ~~shares of its common stock at $0~~.~~75 per share as a commitment fee. The value of the transaction of $131,250 was expensed as a financing cost.~~

~~During~~On ~~the~~March ~~year ended September 30~~21, ~~2019~~2025 the Company ~~with~~amended ~~the~~its ~~note~~articles ~~holder~~of ~~agreed~~incorporation to ~~convert~~increase ~~a note in Canadian dollars to US dollars. Based on~~ the ~~conversion~~number ~~during~~of ~~the~~authorized ~~year~~shares ~~ended~~from ~~September 30~~450, ~~2019~~000,000 ~~the~~to ~~Company did not incur a foreign currency translation adjustment during the period ended June 30~~2, ~~2020~~000,000,000.

~~During~~On March 28, 2025 the ~~nine~~Company ~~months~~acquired ~~ended~~Happy ~~June~~Traps, 30LLC., ~~2020~~ the Company issued 10600,000~~,000~~ shares of common stock with a value of $40300,000 tofor the acquisition. The acquisition was treated as a ~~note~~reverse ~~holder~~merger towith ~~induce~~Happy Traps being the ~~amendment~~surviving ofentity keeping the ~~note~~name Barrel Energy Inc.

~~During~~On ~~the~~March ~~nine months ended June 30~~23, ~~2020~~2026 the Company ~~issued~~effected ~~129,558,878 shares of common stock with~~ a ~~value~~reverse ofsplit ~~$294,335 for~~ the ~~reduction~~common ofstock ~~the~~resulting ~~convertible notes. The conversion created an increase to paid~~ in ~~capital~~a ~~of $~~1~~,070,184~~:400 ~~offset~~reverse ~~by reduction in derivative liability. The Company further determined the difference between the value~~ of the ~~issuance at date of issuance and the conversion price of the~~ shares ~~which reduced the paid in capital by $30,922 with offset to debt extinguishment and interest~~outstanding.

~~During~~NOTE ~~the~~6 ~~nine~~– ~~months~~NOTES ~~period ended June 30, 2020, the Company issued 2,000,000 shares of common stock to a related party with a value of $40,000 for cash.~~PAYABLE

OnDuring ~~June~~the ~~24,~~three ~~2020,~~months aended ~~related~~March ~~party returned 10~~31,~~000,000~~ ~~shares~~2026 toand 2025, the Company ~~treasury~~notes atreceivable ~~par~~due ~~value~~from related parties of $22,065.

12NOTE ~~Table~~7 of– ~~Contents~~FIXED ASSETS

~~NOTE~~During 6the –three ~~WARRANTS~~months period ended March 31, 2026, the Company purchased a service truck for $25,000. The asset is being depreciated over a 60 months period.

~~During~~NOTE ~~the~~8 ~~year~~– ~~ended~~SUBSEQUENT September 30, 2019 the Company issued 477,286 warrants to twenty individuals as part of their purchase of 477,286 shares of common stock. The warrants mature in three years and are convertible into one share of common stock for each warrant at $0.50 per share.EVENTS

~~During~~The ~~the year ended September 30, 2019 the~~ Company ~~issued~~has ~~1,125,000~~evaluated ~~warrants~~subsequent events to 2determine ~~convertible~~events ~~debt~~occurring ~~entities~~after asMarch ~~part of the note issued. The warrants were issued as an inducement of the issuance of the two notes for an aggregate of $225~~31,~~000.~~ ~~The~~2026 ~~warrants~~that ~~are~~would ~~convertible~~have ata ~~$0.20~~material ~~per~~impact ~~share~~on ~~or if~~ the ~~price of the company~~Company’s ~~common~~financial ~~stock~~results isor ~~greater~~require ~~than~~disclosure ~~the~~and ~~exercise~~have ~~price~~determined ofnone ~~the~~exist ~~warrant,~~other ~~the~~than ~~warrant~~those ~~may~~noted beabove ~~converted by the holder as a cashless warrant~~ in ~~lieu~~this ~~of a cash warrant~~footnote. The warrants also contain an antidilution clause allowing the holder to adjust the number of warrants and or price should the Company issue any convertible instrument at a lower value or conversion price than the warrants issue.

~~The~~10 ~~Company~~Table ~~used the Black Scholes Pricing model to estimate the fair value~~ of the warrants as of grant date, using the following key inputs: market prices of the Company’s common stock at dates of grant of $0.11 - $0.50 per share, exercise price of $0.20 per share, volatility of 272.63% and discount rate of 2.40%. The fair value of the warrants was determined to be $314,365 as of September 30, 2019.Contents

The 1,125,000 warrants provided a provision that adjusted the conversion price if any other convertible instrument provides for a lower conversion price. As the Company agreed to the conversion price on a convertible note at $0.00275 during the quarter ended December 31, 2019, the warrants became eligible for that conversion price and triggered a down round and deemed dividend of $16,363,600.

The outstanding warrants are set out as follow:

	Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Intrinsic Value
Outstanding at September 30, 2019		1,602,286	$	0.29		3.32	$	--
Granted								--
Expired		--		--		--		--
Exercised		--		--		--		--
Outstanding at June 30, 2020		1,602,286	$	0.29		2.57	$	--

NOTE 7 – NOTES PAYABLE

On November 15, 2018, the Company received an advance from one non-related party for $65,000. On December 3, 2018, the Company received an additional advance of $35,000 from the same individual for a total of $100,000. Both advances are unsecured, on demand and bear no interest. The Company has calculated an imputed interest of $2,500 as of September 30, 2019. During the quarter ended December 31, 2019 the Company issued 800,000 shares of common stock with a value of $100,000 for the payment of the note and implied interest.

During the nine months period ending June 30, 2020 the Company issued 3 notes totaling $33,125. The notes all mature in two years of issuance with one note for $10,000 bearing 20% interest and the balance bearing 10% interest per annum.

13 Table of Contents

NOTE 8- DERIVATIVE LIABILITIES

On November 12, 2018, the Company issued a $36,000 convertible note to Crown Partners, LLC. The note bears an original discount of $3,500, matures in 12 months from the origination date and bears interest at 5% per annuum. The note is convertible at any time, in part or whole, at $0.50 per share until the 180th date of the note at which time it is convertible at 55% of the market price which is defined as the lowest trading price 25 days prior to conversion. The Company used the Black Scholes model to estimate the fair value of the derivative liability as of the date of issuance. As of June 30, 2020, using the following key inputs: market price of the Company’s common stock $0.007 per share, conversion rate of 0.00195, volatility of 310% and discount rate of 1.80%. The fair value of the derivative liability was determined to be $18,197 as of June 30, 2020.

On May 15, 2019, the Company issued a $100,000 convertible note to Auctus Funding, LLC. The note bears an original discount of $3,500, matures February 17, 2020 and bears interest at 5% per annuum. The note is convertible at any time, at 5% of the market price which is defined as the lowest trading price 25 days prior to conversion. The Company used the Black Scholes model to estimate the fair value of the derivative liability as of the date of issuance. As of June 30, 2020, using the following key inputs: market price of the Company’s common stock $0.007 per share, conversion rate of 0.00175, volatility of 310% and discount rate of 1.80%. The fair value of the derivative liability was determined to $223,518 as of June 30, 2020.

On May 16, 2019, the Company issued a $125,000 convertible note to FirstFire Global Opportunity Fund, LLC. The note bears an original discount of $12,500, matures in 12 months from the origination date and bears interest at 7% per annuum. The note is convertible at any time, in part or whole, at $0.25 per share or 60% of the market price which is defined as the lowest trading price 20 days prior to conversion. The Company used the Black Scholes model to estimate the fair value of the derivative liability as of the date of issuance. As of June 30, 2020, using the following key inputs: market price of the Company’s common stock $0.0071 per share, conversion price of 0.00216 volatility of 310% and discount rate of 1.80%. The fair value of the derivative liability was determined to $243,814 as of June 30, 2020.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

Level 1— Quoted market prices in active markets for identical assets or liabilities at the measurement date.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

14 Table of Contents

Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of September 30, 2019 and June 30, 2020:

	Level 1		Level 2		Level 3		Total
As of September 30, 2019:
Assets
None	$	-	$	-	$	-	$	-
Liabilities
Derivative liability	$	-	$	-	$	434,999	$	434,999
As of June 30, 2020:
Assets
None	$	-	$	-	$	-	$	-
Liabilities
Derivative liability	$	-	$	-	$	485,529	$	485,529

The following table summarizes the change in the fair value of the derivative liability during the nine months ended June 30, 2020:

Fair value as of September 30, 2019	$	434,999
Loss on debt at conversion		(43,969	)
Conversion of debt		(1,070,184	)
Change in fair value		1,164,683
Fair value as of June 30, 2020	$	485,529

NOTE 9 – OPERATING LEASE

On May 14, 2019, the Company signed a land lease in central California for 602 acres at $1,000 per acre to grow hemp for fiber usage. The lease is for 10 years with annual costs of $602,000 with the initial payment of $301,000 on March 30, 2020 and second payment of $301,000 on June 30, 2020 with the balance of the annual payments being made on April 1 of each subsequent year. The lease holder is a related party to one of the directors of the Company. As of June 30, 2020 the Company has accrued $667,170 of unpaid lease payments as accounts payable. The lease terminates in May 2029. As of June 30, 2020 the Company recorded a right of use asset of $3,877,385 and operating lease liability of $3,952,635 with a lease expense for the three and nine months of $150,580 and $451,500, respectively.

The yearly rental obligations including the lease agreements are as follows:

Fiscal Year ended September 30,
2020	$	602,000
2021	$	602,000
2022	$	602,000
2023	$	602,000
2024 and years thereafter	$	3,612,000
Total lease payments	$	6,020,000
Less present value discount	$	(2,067,365	)
	$	3,952,635
Less operating lease short term	$	(301,720	)
Operating lease liability, long term	$	3,650,915

15 Table of Contents

As noted in the recent accounting pronouncements the Company adapted ASC 842 on October 1, 2019 using the modified retrospective approach and has elected the practical expedient package by allowing for historical lease classification for this lease as the date of transition. The present value calculation discount rate used is the rate of 7% at which the Company can borrow funds.

NOTE 10 – SUBSEQUENT EVENTS

On July 17, 2020, the Company issued a convertible note to Harp Sangha for $25,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.10 per share.

On September 11, 2020, the Company issued a convertible note to Harp Sangha for $45,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.10 per share.

During the period from July 1, 2020 to September 30, 2020 the Company issued 126,917,488 shares of common stock to one convertible debt holder with a value of $112,314 for the conversion of debt.

On December 23, 2020, the Company issued a convertible note to EROP Capital for $25,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.10 per share or 70% of the lowest trade five days prior to conversion.

On December 31, 2020, the Company issued a convertible note to Harp Sangha for $30,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.10 per share.

On February 5, 2021, the Company issued a convertible note to EROP Capital for $115,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.10 per share or 70% of the lowest trade five days prior to conversion.

On February 9, 2021, the Company entered into a Memorandum of Understanding with Rosh Energy Technology Pvt, Inc. Under the terms of the agreement the Company will provide the capital for the manufacturing of lithium batteries in India.

On February 10, 2021, the Company issued a convertible note to Harp Sangha for $324,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.10 per share.

On February 17, 2021, the Company issued a convertible note to EROP Capital for $300,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.10 per share.

On February 22, 2021, the Company signed a Stock Purchase and Sales Agreement with Flote App, Inc. Under the terms of the agreement the Company will sell to Flote up to 45% of the equity interest in the Company for an aggregate of $8,500,000 consisting in two tranches of $2,500,000 and $6,000,000, respectively. Closing of the first tranche is schedule for April 30, 2021 and the second tranche on or before December 30, 2021.

16 Table of Contents

On March 3, 2021, the Company issued a convertible note to Harp Sangha for $250,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.10 per share.

On March 4, 2021, the Company signed a memorandum of Understanding with American Lithium Minerals, Inc. Under the terms of the agreement, AMLM will assist in the development of lithium battery technology in the US and India including the manufacturing, assembly, distribution and recycling of Lithium batteries.

On March 12, 2021, the Company entered into an agreement with Crown Bridge Partners, LLC whereby the remaining balance of the note dated November 12, 2018 and any remaining warrants of 28,800 issued to Crown Bridge are extinguished. In addition Crown Bridge will instruct the Company transfer agent to cancel 8,330,420 shares held by Crown Bridge by March 17, 2021,

On March 12, 2021, the Company entered into an agreement with First Fire Global Opportunities Fund, LLC whereby the remaining balance of the note dated May 28, 2019 with principal of $125,000 and a remaining warrants of 625,000 issued to First Fire are extinguished. The Company issued 2,000,000 shares with a value of $145,000 for final settlement and payment of all principal, interest and penalties, plus the cancellation of any reserve shares held by First Fire with the Company’s Transfer Agent.

During the period from February 2, 2021 to March 31, 2021 the Company issued 24,520,420 shares of common stock to three convertible debt holders for the conversion of debt.

On March 29, 2021, the Company issued a convertible note to EROP Capital for $25,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.01 per share or 70% of the lowest trade five days prior to conversion.

On April 1 2021, the Company issued a convertible note to EROP Capital for $50,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.01 per share or 70% of the lowest trade five days prior to conversion.

On June 30, 2021 the Company issued a convertible note to EROP Capital for $50,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.01 per share or 70% of the lowest trade five days prior to conversion.

On July 12, 2021, the Company issued a convertible note to EROP Capital for $50,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.01 per share or 70% of the lowest trade five days prior to conversion.

On July 28, 2021, the Company issued a convertible note to EROP Capital for $50,000 which matures one year from date of issuance. The note bears interest of 8% per annum and is convertible into common stock of the Company at $0.01 per share or 70% of the lowest trade five days prior to conversion.

On August 2, 2021 the Company issued 9,400,000 shares of common stock for the conversion of debt of $9,000 and accrued interest of $16,850 for a total value of $25,850.

The Company has evaluated subsequent events to determine events occurring after June 30, 2020 through September 3, 2021 that would have a material impact on the Company’s financial results or require disclosure and have determined none exist other than those noted above in this footnote.

17 Table of Contents

ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Executive Overview

Barrel Energy, Inc. (~~Barrel)~~the ~~was~~“Company,” ~~incorporated~~“Barrel onEnergy,” ~~January~~“we,” 27“us,” ~~2014~~or ~~under~~“our”) ~~the~~is ~~laws~~a ofNevada ~~the~~corporation ~~State~~whose ofcommon ~~Nevada.~~stock ~~The~~is ~~Company~~publicly ~~was~~traded ~~formed~~under tothe ~~invest~~symbol inBRLL ~~producing~~on ~~oil~~the ~~and~~OTCIQ ~~gas~~Market ~~properties.~~maintained Onby ~~September~~OTC ~~26,~~Markets ~~2014,~~Group. ~~the~~The Company ~~leased~~operates ~~an unproven oil and gas property~~ in the ~~province~~environmental ofservices, ~~Alberta~~renewable energy, ~~Canada.~~and waste-to-value sectors.

OnIn ~~October~~March 112025, ~~2018, Barrel Energy Inc. (~~the “Company”) ~~entered~~completed ~~into an Earn-In Agreement (the “Agreement”) with True Grit Resources,~~ a ~~British~~reverse ~~Columbia~~merger ~~corporation~~transaction ~~(“TGR”),~~pursuant ~~an unrelated third party. In exchange for the payment by the Company of certain consideration, the Company may earn of~~ to ~~100%~~which ~~participation~~Happy ~~interest in certain mineral rights leases that TGR has in Arizona. The first payment for $100~~Traps,~~000~~ ~~was~~LLC ~~due~~became ~~within~~a ~~ten~~wholly ~~(10)~~owned ~~days~~operating ofsubsidiary ~~the execution~~ of ~~the~~Barrel ~~Agreement~~Energy ~~and another payment of $300,000 or expenditure to the property was due within 30 days of the first payment~~Inc. ~~Upon~~As ~~receipt of $400,000, the Company will have~~ a ~~49%~~result participation interest in the Arizona property mineral lease rights .The Company may require a 70% earn-in interest by expending a cumulative $1,400,000 on the property. In order to secure the 100% participation interest, the Company is required to expend a cumulative amount of ~~payments~~this ~~and property expenditures of $2~~transaction,~~400,000.~~ OnHappy ~~January~~Traps ~~17,~~represents ~~2019,~~ the Company’s ~~terminated~~primary ~~the~~operating ~~Earn-In agreement with True Grit Resources~~business.

OnOperating ~~April~~Subsidiary ~~11,~~– ~~2019,~~Happy ~~the Company amended its articles of incorporation to increase its number of authorized shares of common stock to 450~~Traps,~~000,000.~~ LLC

OnHappy ~~May~~Traps, 14LLC (“Happy Traps”) is an environmentally focused grease trap service and waste management company headquartered at 51 Ingersoll Drive, ~~2019~~Portland, ~~the~~Maine 04103. The Company ~~signed~~provides agrease 10trap ~~year~~pumping, ~~land~~cleaning, ~~lease~~maintenance, and related services to ~~grow~~restaurants ~~hemp~~and ~~fiber~~food service establishments, primarily in the greater Portland, Maine metropolitan area.

OnIn ~~November~~addition ~~26,~~to ~~2019,~~grease ~~the~~trap ~~Company entered into a non-binding Letter of Intent with ZB Holdings~~services, ~~Inc.~~Happy ~~(“ZB”)~~Traps tooffers ~~acquire~~a ~~the~~proprietary ~~assets~~line of ZBeco-friendly ~~pursuant~~cleaning ~~to a definitive agreement to be formalized. ZB, , is a consumer~~ products ~~company~~marketed inunder the ~~business~~Happy ofTraps ~~producing~~Cleaners brand and ~~marketing~~provides ~~sporting~~used ~~goods~~cooking ~~apparel~~oil collection and ~~safety~~recycling ~~apparel~~services through a ~~proprietary~~strategic ~~and~~partnership ~~trademarked~~with ~~design~~Maine ~~and~~Standard ~~production technique. As of June 30~~Biofuels, ~~2020 the agreement has been terminated by the Company~~Inc.

OnHistory ~~February 9, 2021, the Company entered into a Memorandum~~ of ~~Understanding~~Happy ~~with Rosh Energy Technology Pvt, Inc. Under the terms of the agreement the Company will provide the capital for the manufacturing of lithium batteries in India.~~ Traps

OnHappy ~~February~~Traps ~~22,~~was ~~2021,~~founded ~~the~~in ~~Company~~2016 ~~signed~~by aJarmin ~~Stock Purchase and Sales Agreement with Flote App~~Kaltsas, ~~Inc.~~who ~~Under~~has ~~the~~over ~~terms~~20 years of ~~the~~experience ~~agreement~~in the ~~Company~~biodiesel, ~~will sell~~ waste-to-energy ~~Flote~~and upenvironmental toservices ~~45%~~industries. ofThe ~~the equity interest in the~~ Company ~~for~~initially anfocused ~~aggregate~~on ofgrease ~~$8,500,000~~trap ~~consisting~~pumping ~~in two tranches of $2,500,000~~ and ~~$6,000,000,~~maintenance ~~respectively.~~services ~~Closing of the first tranche is schedule~~ for ~~April~~restaurants ~~30, 2021~~ and ~~the~~food ~~second~~service ~~tranche~~establishments onin orsouthern ~~before December 30, 2021~~Maine.

OnOver ~~March 4~~time, ~~2021~~Happy ~~the~~Traps ~~Company~~expanded ~~signed~~its aoperations ~~memorandum~~to ofinclude ~~Understanding~~proprietary ~~with~~eco-friendly ~~American~~cleaning ~~Lithium~~products ~~Minerals,~~and ~~Inc.~~used ~~Under~~cooking ~~the~~oil ~~terms~~recycling ofservices. ~~the~~This ~~agreement,~~evolution ~~AMLM~~was ~~will~~driven ~~assist~~by incustomer ~~the~~demand ~~development~~for ofbundled ~~lithium~~services ~~battery technology in the US~~ and ~~India including~~ the ~~manufacturing,~~Company’s ~~assembly,~~commitment ~~distribution~~to sustainability and ~~recycling~~environmental ~~of Lithium batteries~~responsibility.

18In ~~Table~~2020, Kayla Tilton was appointed President, bringing regulatory and operational expertise gained from her prior work with the Maine Department of ~~Contents~~Environmental Protection and her leadership role at Maine Standard Biofuels. Under current leadership, Happy Traps has refined its operational efficiency, strengthened compliance capabilities and established the foundation for regional expansion.

AsIn ofMarch ~~the~~2025, ~~date~~Happy ofTraps ~~this~~completed ~~filing~~a noreverse ~~revenues~~merger ~~have~~with ~~been~~Barrel ~~recorded~~Energy, ~~for~~pursuant ~~the~~to ~~past~~which ~~two~~Barrel ~~years.~~Energy ~~Our~~acquired ~~focus for~~ the ~~next~~Company. ~~twelve~~The ~~months~~transaction ~~will~~was bestructured to ~~obtain~~provide ~~additional~~Happy ~~funding~~Traps towith ~~develop~~access ~~and~~to ~~expand~~additional ~~our~~capital, ~~operations~~infrastructure and ~~new~~strategic ~~projects.~~resources ~~Our~~to ~~success~~support ~~will~~regional ~~depend~~expansion onand ~~our~~integration ~~ability~~into toa ~~obtain~~broader ~~funding~~renewable ~~through~~energy ~~equity~~ and~~/or~~ ~~debt~~waste-to-value ~~transactions~~platform. ~~However,~~Following ~~with~~ the ~~downturn~~transaction, ofHappy ~~the~~Traps ~~United~~continues ~~States~~to ~~and~~operate ~~world~~its ~~economies,~~business wewith ~~will~~existing ~~encounter~~management ~~substantial~~while ~~competition~~aligning ~~for~~its ~~the~~growth ~~limited~~strategy ~~financing~~with ~~that~~Barrel ~~will~~Energy’s belong-term ~~available in the marketplace~~objectives.

The occurrence of an uncontrollable event such as the COVID-19 pandemic may negatively affect our operations. A pandemic typically results in social distancing, travel bans, and quarantine. This may limit access to our, suppliers, management, support staff and professional advisors. Although the Company’s operations are virtual, we depend on numerous third party consultants and contract suppliers so we cannot measure the impact on our operations or financial condition at this point in time.

In summary, management continues to position the company in a way to best benefit from worldwide economic conditions, trends, events, and demand for new technologies.

Table of Contents

Liquidity and Capital Resources

At ~~June~~March 3031, ~~2020~~2026, we had an accumulated deficit of $20317,~~739,693~~010. We recorded a net loss of $15,~~162,704~~890 ~~and $2,279,060~~ for the three ~~and~~months ~~nine month~~ periods ended ~~June~~March 3031, ~~2020~~2026 and net ~~loss~~income of $~~599~~16,~~262~~859 ~~and $1,167,982~~ for the same ~~periods~~period in ~~2019~~2025, respectively. Based on these numbers there is substantial doubt that we can continue as a going concern unless we obtain external funding. Management plans to continue limited operations until we obtain additional funding to expand our operations.

Working capital ~~deficit~~ was $219,~~213,311~~636 as of ~~June~~March 3031, ~~2020~~2026, compared to working capital ~~deficit~~ of $150,~~196,577~~819 as of ~~September~~December 3031, ~~2019~~2025.

Cash used in operations totaled $~~139~~22,~~792~~712 during the ~~nine~~three months ended ~~June~~March 3031, ~~2020~~2026, compared to cash used in operations of $~~653~~49,~~354~~981 during the same period in ~~2019~~2025.

~~Funds~~Cash ~~provided~~used byin ~~financing~~investing activities was $~~126~~25,~~443 with common stock sold for cash of $40,~~000, ~~proceeds from notes of $139,000, offset by repayment of debt related party of $35,500~~ for the ~~nine~~three months period ended ~~June~~March 3031,2026 ~~2020,~~ compared to ~~cash~~zero ~~provided by financing activities of $669,053 consisting of stock sold~~ for ~~cash~~the ofsame ~~$323,643,~~period ~~note~~in ~~payable~~2025. ofThe Company ~~$100,000,~~purchased ~~Convertible~~a ~~debt~~service oftruck ~~$255,000~~which ~~offset~~is bybeing ~~repayment~~depreciated ofover ~~advances~~60 ~~from related party of $9,590 during the same period in 2019~~months.

The effect of foreign currency translation on cash flows was a positive $13,356 for the nine months period ended June 30, 2020, compared to a negative $6,632 in the same period in 2019. The effect of currency was largely due to conversion of a note from Canadian to US dollars in 2020.

Management expects to continue to issue common stock to pay for the future development and needs. The purchasers and manner of issuance will be determined according to our financial needs and the available exemptions. We also note that if we issue more shares of our common stock our shareholders may experience dilution in the value per share of their common stock.

We intend to rely on debt and equity financing, capital contributions from management and sales of our common stock to pay for costs, services, operating leases, litigation expense and future development of our business opportunities. Accordingly, our focus for the next twelve months will be to obtain additional funding through debt or equity financing. Our success in obtaining funding will depend upon our ability to sell our common stock or borrow on terms that are financially advantageous to us. If we are unable to obtain financing, then expansion of our operations will be delayed.

19 Table of Contents

Results of Operations

The Company recorded no revenue of $42,395 and $45,144 during the three months periods ended March 31, 2026 and ~~nine~~2025. Cost ~~months~~of ~~periods~~service recorded during the three months ended ~~June~~March 3031, ~~2020~~2026 and ~~2019~~2025 was $19,577 and $15,171, respectively.

~~Operating~~Total expenses for the three ~~and nine~~ months periods ended ~~June~~March 3031, ~~2020~~2026 totaled $~~325~~25,~~104~~760 ~~and $865,904~~ compared to $~~319~~13,~~429~~114 ~~and $746,293~~ for the same periods in ~~2019~~2025. The ~~increase~~expenses ~~loss~~incurred ~~from~~during ~~operations for~~ the three ~~and~~months ~~nine~~ended ~~months~~March in31, ~~2020~~2026 ~~compared~~were due to ~~2019~~as ~~was~~ due to the ~~rent~~general and administrative expenses of $9,513 along with bad debt expense of $~~150~~7,~~580~~213, and insurance of $~~451~~9,~~500~~185. ~~during~~This ~~the~~is ~~three~~compared to general and ~~nine~~administrative ~~months~~of ~~period~~$6,817, ~~ended~~bad ~~June~~debt 30of $1,600 ~~2020~~and insurance of $4,697 for the same period in 2025.

~~Other~~The ~~expense~~Company ~~for~~incurred ~~the~~a ~~three~~net ~~and~~loss ~~nine~~of ~~months~~$6,183 ~~ended~~in ~~June~~the ~~30,~~three ~~2020~~months ~~was~~periods ~~$837,600~~ended ~~and~~March $131,~~413~~ 2026,~~156~~ compared to ~~$599,626~~net ~~and~~income of $116,~~167,982.~~859 ~~Changes~~for ~~between~~ the same periods ~~were~~in ~~due~~2025. ~~mostly~~The tohinger ~~changes~~net income in ~~fair~~2026 ~~value~~was due to lower cost of ~~derivative~~services ~~liabilities,~~in ~~financing~~2026 ~~costs~~compared ~~and~~to ~~interest~~the ~~expense.~~same period in 2025.

The Company incurred a net loss of $1,162,704 and $2,279,060 the three and nine months periods ended June 30, 2020, compared to net loss of $599,626 and $1,167,982 for the same periods in 2019. The higher nine months net loss was due to rent expenses incurred in the three and nine months period ended June 30, 2020 compared to the same period in 2019.

Off-Balance Sheet Arrangements

None

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4: CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Based on their evaluation of our disclosure controls and procedures(as defined in Rule 13a-15e under the Securities Exchange Act of 1934 the "Exchange Act"), our principal executive officer and principal financial officer have concluded that as of the end of the period covered by this quarterly report on Form 10-Q such disclosure controls and procedures were not effective due to the lack of segregation of duties and lack of a formal review process that includes multiple levels of review to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms because of the identification of a material weakness in our internal control over financial reporting which we view as an integral part of our disclosure controls and procedures. The material weakness relates to the lack of segregation of duties in financial reporting, as our financial reporting and all accounting functions are performed by an external consultant with no oversight by a professional with accounting expertise. Our CEO /CFO do not possess accounting expertise, and our company does not have an audit committee. This weakness is due to the Company’s lack of working capital to hire additional staff. To remedy this material weakness, we intend to engage another accountant to assist with financial reporting as soon as our finances will allow.

Changes in Internal Control over Financial Reporting

Except as noted above, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during our first nine months that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

2012 Table of Contents

PART II – OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS.

None

ITEM 1A: RISK FACTORS

~~A smaller reporting company is not required to provide the information required by this Item.~~None

ITEM 2: ~~UNREGISTERED~~ SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

During the nine months ended June 30, 2020 the Company issued 10,000,000 shares of common stock with a value of $40,000 to a note holder to induce the amendment of the note.

During the nine months ended June 30, 2020 the Company issued 129,558,878 shares of common stock with a value of $294,335 for the reduction of the notes.

During the nine months period ended June 30, 2020, the Company issued 2,000,000 shares of common stock to a related party with a value of 40,000 for cash.

On June 24, 2020, a related party returned 10,000,000 shares to the Company treasury at par value.

ITEM 3: DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4: MINE SAFETY ~~DISCLOSURES~~INFORMATION

None

ITEM 5: OTHER INFORMATION.

None

21 Table of Contents

ITEM 6. EXHIBITS

No.		Description
31.1		Chief Executive Officer Certification
31.2		Chief Financial Officers Certification
32.1		Section 1350 Certification
32.2		Section 1350 Certification

22 Table of Contents

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BARREL ENERGY, INC.
Date: September 3, 2021	By:	/s/ Craig Alford
Date: May 14, 2026	By:	/s/ Jarmin Kaltsas
		Craig Alford
		Jarmin Kaltsas
		President
		Chief Executive Officer

2314

Filing Compare · Barrel Energy Inc.