$INDO

Indonesia Energy Corp Ltd

CIK:0001757840|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 2,012,543	$ 2,667,508	$ 3,525,454
Operating costs and expenses:
Lease operating expenses	2,577,483	2,764,958	2,950,869
Depreciation, depletion and amortization	559,925	665,187	702,217
General and administrative expenses	3,453,484	5,170,103	3,368,029
Total operating costs and expenses	6,590,892	8,600,248	7,021,115
Loss from operations	(4,578,349)	(5,932,740)	(3,495,661)
Other income (expense):
Change in fair value of warrant liability	214,996	(96,709)	907,424
Foreign currency exchange gain/(loss)	78,467	(116,107)	136,788
Allowance on other receivable	(822,213)	(58,070)	(59,604)
Other income (expense), net	7,294	(139,915)	(131,631)
Total other income (expenses), net	(521,456)	(410,801)	852,977
Loss before income tax	(5,099,805)	(6,343,541)	(2,642,684)
Income tax provision
Net loss	(5,099,805)	(6,343,541)	(2,642,684)
Comprehensive loss:
Actuarial gain for post-employment benefits	3,266	4,715	8,543
Total comprehensive loss	$ (5,096,539)	$ (6,338,826)	$ (2,634,141)
Loss per ordinary share
Basic	$ (0.35)	$ (0.55)	$ (0.26)
Diluted	$ (0.35)	$ (0.55)	$ (0.26)
Weighted average ordinary shares outstanding
Basic	14,663,008	11,498,096	10,142,694
Diluted	14,663,008	11,498,096	10,142,694

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (5,099,805)	$ (6,343,541)	$ (2,642,684)
Adjustments to reconcile net loss to net cash used in operating activities
Change in fair value of warrant liability	(214,996)	96,709	(907,424)
Depreciation, depletion and amortization	559,925	665,187	702,217
Amortization of deferred charges	23,758	75,443	75,306
Amortization of share-based compensation		1,227,600
Amortization on right of use asset	638,036	796,499	472,777
Amortization of issuance discount on Convertible note			(52,144)
Allowance on other receivable	822,213	58,070	59,604
Issuance of shares for compensation of employee and non-employee services		229,120
Post-employment benefits costs	201,771	23,401	27,205
Changes in operating assets and liabilities
Accounts receivable	1,299	237,995	(114,182)
Prepayment and other current assets	(1,085,259)	679,919	(1,026,079)
Other non-current assets	(58,016)	(740,891)	755,303
Accounts payable	(303,420)	145,815	102,925
Other liabilities	(66,226)
Accrued expenses	(122,972)	177,612	128,133
Taxes payable	(16,700)	16,988	(87,099)
Asset retirement obligations	(75,120)	360,786
Operating lease liabilities	(638,036)	(796,498)	(472,777)
Amounts due to related parties – non current	(1,304)	2,687
Net cash used in operating activities	(5,434,852)	(3,087,099)	(2,978,919)
Cash flows from investing activities
Oil and gas exploration and development costs	(199,330)	(2,821,110)	(419,459)
Purchase of property and equipment	(44,691)
Net cash used in investing activities	(244,021)	(2,821,110)	(419,459)
Cash flows from financing activities
Proceeds from issuance of ordinary shares by ATM offering, net of issuance cost	6,564,186	8,405,018
Net cash provided by financing activities	6,564,186	8,405,018
Net change in cash and restricted cash	885,313	2,496,809	(3,398,378)
Cash and restricted cash at beginning of year	6,493,996	3,997,187	7,395,565
Cash and restricted cash at end of year	7,379,309	6,493,996	3,997,187
Supplementary disclosure of cash flow information:
Interest
Income tax
Reconciliation of cash and restricted cash
Cash	5,459,309	4,573,996	2,009,687
Restricted cash - current			1,567,500
Restricted cash - non-current	1,920,000	1,920,000	420,000
Reconciliation of cash and restricted	7,379,309	6,493,996	3,997,187
Non-cash investing and financing activities
Addition of asset retirement obligations	23,022	487,280	42,998
Right-of-use assets acquired under operating leases in exchange for operating liabilities	$ 634,840	$ 478,614	$ 169,094

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash	$ 5,459,309	$ 4,573,996
Accounts receivables, net	343,041	344,340
Prepayment and other current assets, net	1,693,897	1,137,224
Total current assets	7,496,247	6,055,560
Non-current assets
Restricted cash – non current	1,920,000	1,920,000
Property and equipment, net	42,363	19,691
Oil and gas property - subject to amortization, net	9,035,337	9,350,890
Oil and gas property - not subject to amortization	1,224,667	1,224,667
Right of use assets, net	833,985	881,639
Deferred charges	839,191	862,949
Other non-current assets, net	1,363,586	1,599,197
Total non-current assets	15,259,129	15,859,033
Total assets	22,755,376	21,914,593
Current liabilities
Accounts payables	596,218	899,638
Amount due to a related party	1,383	2,687
Short-term operating lease liabilities	554,905	556,756
Accrued expenses	228,624	351,596
Taxes payable	60,986	77,686
Other current liabilities	18,248	17,941
Total current liabilities	1,460,364	1,906,304
Non-current liabilities
Asset retirement obligations	724,572	776,669
Warrant liabilities	363,932	578,928
Long-term operating lease liabilities	279,080	324,883
Provision for post-employment benefits	268,908	136,936
Total non-current liabilities	1,636,492	1,817,416
Total liabilities	3,096,856	3,723,720
Shareholders’ Equity
Preferred shares (par value $0.00266667; 3,750,000 shares authorized, nil shares issued and outstanding as of December 31, 2025 and 2024, respectively)
Ordinary shares (par value $0.00266667; 37,500,000 shares authorized, 14,987,474 and 13,600,519 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	39,966	36,267
Additional paid-in capital	70,538,866	63,978,379
Accumulated deficit	(51,026,783)	(45,926,978)
Accumulated other comprehensive income	106,471	103,205
Total shareholders’ equity	19,658,520	18,190,873
Total liabilities and shareholders’ equity	$ 22,755,376	$ 21,914,593