$TRLEF

Trillion Energy International Inc.

CIK:0001648636|SEC Filings

Consolidated Statements of Loss and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue
Oil and gas revenue, net	$ 2,880,658	$ 7,000,836	$ 16,797,366
Cost and expenses
Production	2,370,651	4,771,276	4,365,710
Depletion	139,550	1,300,417	5,119,174
Depreciation	64,789	87,408	175,764
Accretion of asset retirement obligation	269,386	269,114	219,536
Stock-based compensation	18,543	1,058,222	2,397,261
General and administrative	5,200,466	6,182,893	7,294,972
Geological and geophysical expenses	44,109	1,427,044	706,410
Total expenses	8,107,494	15,096,374	20,278,827
Loss before other income (expenses)	(5,226,836)	(8,095,538)	(3,481,461)
Other income (expense)
Interest income	225,997	53,386	19,179
Finance cost	(3,096,811)	(2,560,648)	(2,249,055)
Foreign exchange gain (loss)	(3,164,162)	(3,781,509)	(9,932,252)
Loss on extinguishment accounts payable and loan payable		(264,050)	(8,500)
Change in fair value of derivative liability			4,827
Gain on debt modification and settlement for shares	577,725
Loss on write-off of notes and other receivables	(101,303)	(15,439)
Loss on impairment and sale of assets held for sale	(328,631)	(132,737)	(1,556,787)
Impairment of oil and gas properties	(54,498,394)	(9,892,000)
Loss on issuance of shares		(5,052)	(17,342)
Gain on net monetary position	12,791,869	18,431,488	18,984,099
Gain (loss) on sale of oil and gas properties and equipment	74,331	(466,092)	19,535
Gain on modification and termination of lease	32,646	46,602	31,864
Other income			2,377
Total other income (expense)	(47,486,733)	1,413,949	5,297,945
Income (loss) before taxes	(52,713,569)	(6,681,589)	1,816,484
Deferred tax recovery (expense)	3,492,668	(2,447,053)	(1,860,326)
Net loss	(49,220,901)	(9,128,642)	(43,842)
Other comprehensive loss
Foreign currency translation	(5,204,101)	(3,333,512)	(10,013,192)
Total comprehensive loss	$ (54,425,002)	$ (12,462,154)	$ (10,057,034)
Net loss per share - Basic	$ (1.30)	$ (0.32)	$ (0.00)
Net loss per share - Diluted	$ (1.30)	$ (0.32)	$ (0.00)
Weighted average shares outstanding – Basic	37,820,850	28,463,753	16,216,969
Weighted average shares outstanding – Diluted	37,820,850	28,463,753	16,216,969

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net loss for the year	$ (49,220,901)	$ (9,128,642)	$ (43,842)
Changes in non-cash working capital items:
Stock-based compensation	18,543	1,058,222	2,397,261
Stock issued for services	121,899	251,776	89,711
Depletion	139,550	1,300,417	5,119,174
Depreciation	64,789	87,408	175,764
Accretion of asset retirement obligation	269,386	269,114	219,536
Accretion and accrued interest expense	2,530,076	1,240,840	1,393,604
Interest income	(18,081)	(2,190)	(19,179)
Change in fair value of derivative liability			(4,827)
Unrealized foreign exchange (gain) loss	2,884,089	1,182,535	4,313,483
(Gain) loss on debt modification and settlement for shares	(577,725)	264,050	8,500
Loss on issuance of shares		5,052	17,342
Loss (gain) on sale of oil and gas properties and equipment	(74,331)	466,092	(19,535)
Loss on impairment of O&G assets	54,498,394	9,892,000
Loss on sale and revaluation of assets held for sale	328,631	132,737	1,556,787
Loss on write-off of notes and other receivables	101,303	15,439
Gain on net monetary position	(12,791,869)	(18,431,488)	(18,984,099)
Gain on modification and termination of lease	(32,646)	(46,602)	(31,864)
Deferred tax (recovery) expense	(3,492,668)	2,447,053	1,860,326
Changes in non-cash working capital items:
Amounts receivable	404,922	(29,304)	1,448,844
Prepaid expenses and deposits	186,656	273,363	(677,165)
Accounts payable and accrued liabilities	5,904,064	3,056,991	(346,398)
Net cash provided by (used in) operating activities	1,244,081	(5,695,137)	(1,526,577)
Investing activities:
Property and equipment expenditures	(12,676)	(15,309)	(60,176)
Oil and gas properties expenditures	(721,672)	(2,127,765)	(56,381,768)
Disposal of equipment and assets held for sale	21,249	1,250,578
Advances from JV Partners	379,450	1,348,810	29,623,835
Prepaid expenses and deposits	(191,408)	(372,060)	178,536
Accounts payable and accrued liabilities	(265,578)	692,881	7,856,541
Net cash (used in) provided by investing activities	(790,635)	777,135	(18,783,032)
Financing activities:
Proceeds from stock subscriptions received, net		1,698,997	7,417,630
Proceeds from exercise of options			542,864
Proceeds from exercise of warrants		2,217	2,215
Proceeds from loans payable	1,324,566	2,402,751	4,988,296
Repayments of loans payable	(1,858,092)	(357,605)	(2,719,721)
Repayment of notes receivable			80,991
Proceeds from convertible debt			10,359,398
Lease payments	(14,449)	(22,921)	(85,271)
Net cash (used in) provided by financing activities	(547,975)	3,723,439	20,586,402
Effect of exchange rate changes on cash and cash equivalents	(74,366)	605,326	(14,409)
Net (decrease) increase in cash and cash equivalents	(168,895)	(589,237)	262,384
Cash and cash equivalents, beginning of year	599,208	1,188,445	926,061
Cash and cash equivalents, end of year	430,313	599,208	1,188,445
Supplemental information:
Interest paid on credit facilities	280,959	1,371,215	795,451
Interest paid on convertible debt		1,312,073
Non-cash investing and financing activities:
Stock issued for debt settlement	400,767	1,470,079	212,402
Stock issued for convertible debenture interest	754,335
Right-of-use asset additions			$ 236,201

Consolidated Statements of Financial Position - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 430,313	$ 599,208
Amounts receivable	737,753	1,370,781
Prepaid expenses and deposits	46,909	255,756
Assets held for sale		387,797
Total current assets	1,214,975	2,613,542
Oil and gas properties, net	721,403	50,823,184
Property and equipment, net	409,931	741,683
Long-term deposits	756,634	686,159
Total assets	3,102,943	54,864,568
Current liabilities:
Accounts payable and accrued liabilities	18,792,482	14,807,865
Loans payable	4,972,059	5,361,978
Convertible debt	11,823,815	10,364,993
Lease liability		10,356
Total current liabilities	35,588,356	30,545,192
Asset retirement obligation	6,412,057	5,895,209
Lease liability		35,017
Deferred tax liability		4,239,942
Total liabilities	42,000,413	40,715,360
Stockholders’ (deficiency) equity:
Share capital	79,611,590	78,382,631
Notes and amounts receivable for equity issued		(90,425)
Warrant and option reserve	7,228,089	7,209,546
Shares to be cancelled		7,645
Obligation to issue shares	54,042	6,000
Accumulated other comprehensive loss	(22,560,802)	(17,356,701)
Accumulated deficit	(103,230,389)	(54,009,488)
Total stockholders’ (deficiency) equity	(38,897,470)	14,149,208
Total liabilities and stockholders’ (deficiency) equity	$ 3,102,943	$ 54,864,568