# EDGAR Filing Document

**Accession Number:** 0001631463
**File Stem:** 0001477932-26-002543
**Filing Date:** 2026-4
**Character Count:** 203883
**Document Hash:** 193e20e9f0320ed39beda3adcf23560b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-26-002543.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001477932-26-002543

**CONFORMED SUBMISSION TYPE**: 10-12G/A

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barrel Energy Inc.
- **CENTRAL INDEX KEY:** 0001631463
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 471963189
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-12G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56001
- **FILM NUMBER:** 26896190

**BUSINESS ADDRESS:**
- **STREET 1:** 3859 S VALLEY VIEW BLVD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89103
- **BUSINESS PHONE:** 1-702-595-2247

**MAIL ADDRESS:**
- **STREET 1:** 3859 S VALLEY VIEW BLVD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89103

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**FORM 10**

Amendment - 1/A

**GENERAL FORM FOR REGISTRATION OF SECURITIES Pursuant to Section 12(b) or (g) of The Securities Exchange Act of 1934**

Commission File Number **<u>000-56001</u>**

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| |
|:---|
| **BARREL ENERGY INC** |
| (Exact name of registrant as specified in charter) |

---

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| | |
|:---|:---|
| **NEVADA** | **47-1963189** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **3859 S Valley View Blvd** <br> **Las Vegas, NV** | **89103** |
| (Address of principal executive offices) | (Zip Code) |

---

<u>**888-397-9114**</u>

(Issuer's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: **None**

Securities registered pursuant to Section 12(g) of the Act: **Common Stock, par value $0.001 per share**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth 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. ☐

Amendment -1/A

The Form 10 has been amended to incorporate the unaudited financial Statements period covered: October 1, 2025 to December 31, 2025, on 2/23/26.

**Part I**

**Item 1. Business.**

**General**

Barrel Energy, Inc. (the "Company," "Barrel Energy," "we," "us," or "our") is a Nevada corporation whose common stock is publicly traded under the symbol BRLL on the OTCIQ Market maintained by OTC Markets Group. The Company operates in the environmental services, renewable energy, and waste-to-value sectors.

In March 2025, the Company completed a reverse merger transaction pursuant to which **Happy Traps, LLC** became a wholly owned operating subsidiary of Barrel Energy Inc. As a result of this transaction, Happy Traps represents the Company's primary operating business.

**Our Corporate History**

We are a Nevada corporation which was formed in 2014 and was engaged in oil and gas exploration activities, principally in western Canadian provinces, until 2020 when its operations were negatively impacted by the COVID pandemic. In 2022, we shifted our focus to lithium and cobalt exploration to support the electrical vehicle industry. These efforsd were not successful and in 2025 we completed the Happy Traps transaction described above.

**Operating Subsidiary – Happy Traps, LLC**

Happy Traps, LLC ("Happy Traps") is an environmentally focused grease trap service and waste management company headquartered at **51 Ingersoll Drive, Portland, Maine 04103**. The Company provides grease trap pumping, cleaning, maintenance, and related services to restaurants and food service establishments, primarily in the greater Portland, Maine metropolitan area.

In addition to grease trap services, Happy Traps offers a proprietary line of eco-friendly cleaning products marketed under the **Happy Traps Cleaners** brand and provides used cooking oil collection and recycling services through a strategic partnership with **Maine Standard Biofuels, Inc.**

History of Happy Traps

Happy Traps was founded in **2016** by J**armin Kaltsas**, who has over 20 years of experience in the biodiesel, waste-to-energy and environmental services industries. The Company initially focused on grease trap pumping and maintenance services for restaurants and food service establishments in southern Maine.

Over time, Happy Traps expanded its operations to include proprietary eco-friendly cleaning products and used cooking oil recycling services. This evolution was driven by customer demand for bundled services and the Company's commitment to sustainability and environmental responsibility.

In **2020**, **Kayla Tilton** was appointed President, bringing regulatory and operational expertise gained from her prior work with the Maine Department of 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.

In **March 2025, Happy Traps** completed a reverse merger with **Barrel Energy**, pursuant to which Barrel Energy acquired the Company. The transaction was structured to provide Happy Traps with access to additional capital, infrastructure and strategic resources to support regional expansion and integration into a broader renewable energy and waste-to-value platform. Following the transaction, Happy Traps continues to operate its business with existing management while aligning its growth strategy with Barrel Energy's long-term objectives.

**Business Plan**

The Company's strategy is to scale its integrated grease trap and waste-to-value service model along the Eastern Seaboard from Maine to Florida through a combination of organic growth and strategic acquisitions.

Key elements of the strategy include:

· Acquiring fragmented local grease trap service providers

· Establishing regional operating hubs

· Deploying standardized service vehicles and equipment

· Expanding Happy Traps Cleaners products and used cooking oil recycling programs

· Increasing revenue per customer through bundled service offerings

**Regulation**

The Company operates in a highly regulated environment governed by federal, state, and local laws relating to wastewater management, environmental protection, and disposal of fats, oils, and grease ("FOG"). Food service establishments are required to maintain grease traps and comply with municipal sewer ordinances. The Company assists customers in meeting these regulatory obligations by providing scheduled maintenance, proper waste handling, and compliance documentation. Management believes increasing regulatory enforcement supports sustained demand for professional grease trap services.

**Facilities**

The Company's principal operating facility is located at **51 Ingersoll Drive, Portland, Maine 04103**, which serves as administrative offices, dispatch, and equipment storage. The Company does not own real property; all facilities are leased or operated under customary arrangements.

**Employees**

As of the date of this Form 10, the Company employs a small team of management, service technicians, and administrative personnel. The Company expects to expand staffing as it enters new geographic markets.

**Item 1A. Risk Factors.**

The Company qualifies as a "smaller reporting company" as defined under Rule 12b-2 of the Securities Exchange Act of 1934 and is therefore not required to provide a separate "Risk Factors" section. Nevertheless, investing in the Company's securities involves risks typical of early-stage operating companies. These risks include, among others, limited operating history, capital constraints, the need for additional financing, regulatory compliance and reporting obligations, execution and operational risks, dependence on key management personnel, and market acceptance of the Company's business strategy. Any of these factors could materially and adversely affect the Company's business, financial condition, results of operations, and the value of its securities.

**Item 2. Financial Information.**

The Company's audited financial statements prepared in accordance with U.S. GAAP are included in **Item 10 – Financial Statements and Exhibits.**

**Item 3. Properties.**

The Company's principal executive and operating offices are located at **51 Ingersoll Drive, Portland, Maine 04103**. The Company anticipates establishing additional regional facilities as part of its expansion strategy.

**Item 4. Security Ownership of Certain Beneficial Owners and Management.**

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Title of Class** | **Amount and Nature of Beneficial Ownership** | **Percent age** |
| Lester Parris | Preferred Stock | 1,250,000 shares (1,000 votes/share) | 25% |
| Alfreddie Johnson | Preferred Stock | 1,250,000 shares (1,000 votes/share) | 25% |
| Jarmin Kaltsas | Preferred Stock | 1,250,000 shares (1,000 votes/share) | 25% |
| Willis Pumphrey | Preferred Stock | 1,250,000 shares (1,000 votes/share) | 25% |
| **All directors and executive officers as a group (4 persons)** | Preferred Stock | **5,000,000 shares** | **100%** |

---

Each share of Preferred Stock carries **1,000 votes per share**.

**Item 5. Directors and Executive Officers.**

**Jarmin Kaltsas, Age 51** 

**Position:** Chief Executive Officer

**Director Since:** 2025

Mr. Kaltsas is a pioneer in the waste-to-energy and environmental services industries with more than 20 years of experience in biodiesel production, waste management, and sustainable infrastructure. Since 2006, he has served as the founder and Chief Executive Officer of Maine Standard Biofuels, Inc., Maine's only commercial-scale biodiesel manufacturer, which collects used cooking oil from more than 2,500 restaurants across New England and supplies biodiesel and bioheat fuels to government and commercial fleets. Within the past five years, Mr. Kaltsas has also overseen the development of bio-based consumer and industrial cleaning products derived from biodiesel byproducts and has led strategic initiatives focused on circular-economy business models. In March 2025, following the reverse merger transaction between Barrel Energy Inc. and Happy Traps, LLC, Mr. Kaltsas was appointed Chief Executive Officer of Barrel Energy Inc., where he is responsible for corporate strategy, operations, acquisitions, and long-term growth initiatives.

Mr. Kaltsas does not currently serve as a director of any other public reporting company.

There are no family relationships between Mr. Kaltsas and any other director or executive officer of the Company.

During the past ten years, Mr. Kaltsas has not been involved in any legal proceedings required to be disclosed pursuant to Item 401(f) of Regulation S-K.

**Lester Parris, PhD, Age 53** 

**Position:** Chairman of the Board

**Director Since:** 2025

Dr. Parris is a certified Industrial-Organizational Psychology professional with over 22 years of experience as an entrepreneur, executive consultant, and project leader across engineering, healthcare, construction, entertainment, and corporate services sectors. Within the past five years, he has served as the founder and principal of The Counsel and Parris Development Projects LLC, where he has led organizational development initiatives, multimillion-dollar infrastructure and real estate projects, and strategic business transformations for private and public sector clients.Within the past five years, Dr. Parris has also served as a director of Pet Ecology Brands, Inc., a publicly traded company whose common stock trades under the symbol DBLR. His experience includes corporate governance, strategic planning, and operational oversight of publicly reporting companies. As Chairman of the Board of Barrel Energy Inc., Dr. Parris provides leadership in corporate governance, strategic direction, executive oversight, and long-term planning.

Family Relationships:

Dr. Parris is related to Lyndell Parris, PhD, who serves as a Director of the Company.

During the past ten years, Dr. Parris has not been involved in any legal proceedings required to be disclosed pursuant to Item 401(f) of Regulation S-K.

**Supplemental Information Exhibit 99.1**

**Alfreddie Johnson, Jr., PhD, Age 64** 

**Position:** Treasurer

**Director Since:** 2025

Dr. Johnson is an executive leader with extensive experience in economic development, public-private partnerships, and energy-related infrastructure projects. Within the past five years, he has served as Chief Executive Officer of Lumi Energy Options and as Senior Partner at Cameroon Industries LLC, where he focuses on job creation, economic revitalization, and sustainable development initiatives in underserved municipalities and international markets. Dr. Johnson previously served as Mayor Pro-Tem of Lynwood, California, and has founded and led multiple nonprofit and educational organizations focused on literacy, youth rehabilitation, and workforce development. As Treasurer of Barrel Energy Inc., Dr. Johnson oversees financial stewardship, strategic partnerships, and capital planning.

Dr. Johnson does not currently serve as a director or officer of any other public reporting company.

There are no family relationships between Dr. Johnson and any other director or executive officer of the Company.

During the past ten years, Dr. Johnson has not been involved in any legal proceedings required to be disclosed pursuant to Item 401(f) of Regulation S-K.

**Willis Pumphrey, DDS, Age 70** 

**Position:** Secretary

**Director Since:** 2025

Dr. Pumphrey is a general dentist with more than 45 years of clinical and entrepreneurial experience in healthcare and medical device innovation. Within the past five years, he has served as the Founder and Chief Executive Officer of Oral Facial Development Corporation (OFD Corp), a company focused on innovative dental and airway-related appliances for children. Dr. Pumphrey is the founder of ClearCorrect, which he established in 2006 and grew into the world's second-largest clear aligner manufacturer prior to its acquisition by Straumann in 2017. He holds nine patents related to dental devices addressing sleep-disordered breathing in children and adults. As Secretary of Barrel Energy Inc., Dr. Pumphrey provides governance support, regulatory insight, and strategic advisory services.

Dr. Pumphrey does not currently serve as a director or officer of any other public reporting company.

There are no family relationships between Dr. Pumphrey and any other director or executive officer of the Company.

Legal Proceedings Disclosure:

On March 14, 2023, Dr. Pumphrey received a discharge in a personal Chapter 7 bankruptcy proceeding filed in the United States Bankruptcy Court for the Southern District of Texas. The bankruptcy has been fully discharged, and the Company is not aware of any ongoing matters arising from or related to this proceeding.

**Shane Bobb, Age 54** 

**Position:** Director

**Director Since:** 2025

Ms. Bobb has over four decades of experience in the entertainment industry as a performer, producer, writer, and development executive. Within the past five years, she has served as Director of Development at BobbCat Films, an international full-service film, television, and digital content production company.Ms. Bobb has worked with major networks including HBO, NBC, ABC, FOX, OWN, MTV, and others, and has collaborated with numerous high-profile artists and production teams. As a Director of Barrel Energy Inc., she contributes expertise in branding, content development, strategic communications, and creative direction.

Ms. Bobb does not currently serve as a director or officer of any other public reporting company.

There are no family relationships between Ms. Bobb and any other director or executive officer of the Company.

During the past ten years, Ms. Bobb has not been involved in any legal proceedings required to be disclosed pursuant to Item 401(f) of Regulation S-K.

**Mbi Mbapeh, Age 54** 

**Position:** Director

**Director Since:** 2025

Mr. Mbapeh is a financial services executive with more than 20 years of experience in digital finance, financial inclusion, and capital markets across emerging and developed economies. Within the past five years, he has served as a member of the Private Sector Unit of the African Continental Free Trade Area (AfCFTA) and as a Founding Partner of the Swifin Platform, a global digital financial services ecosystem serving millions of users. Mr. Mbapeh is also Chairman of EndlessLife Group and Co-Founder of Kingston Financial Credit Plc., where he has led capital mobilization and financial product development initiatives. As a Director of Barrel Energy Inc., he contributes expertise in global finance, digital platforms, and strategic growth.

Mr. Mbapeh does not currently serve as a director or officer of any other U.S. public reporting company.

There are no family relationships between Mr. Mbapeh and any other director or executive officer of the Company.

During the past ten years, Mr. Mbapeh has not been involved in any legal proceedings required to be disclosed pursuant to Item 401(f) of Regulation S-K.

**Lyndell Parris, PhD, Age 54** 

**Position:** Director

**Director Since:** 2025

Dr. Lyndell Parris is an entrepreneur, academic leader, and innovation strategist with a Ph.D. in Industrial and Organizational Psychology. Within the past five years, she has served as Director of Innovation and Entrepreneurship at Alabama A&M University, where she leads the Venture Hub, an entrepreneurship and innovation center designed to support startup formation, mentorship, and access to capital for students, alumni, and community members. Dr. Parris has extensive experience in the consumer packaged goods industry and public company operations. She previously founded a publicly traded bottled water company and later relaunched the brand as YOR Water Lifestyle, demonstrating experience navigating regulatory, operational, and capital markets challenges. As a Director of Barrel Energy Inc., Dr. Parris provides strategic insight related to innovation, education partnerships, venture development, and scalable enterprise growth.

Dr. Parris does not currently serve as a director or officer of any other public reporting company.

Family Relationships:

Dr. Parris is related to Lester Parris, PhD, who serves as Chairman of the Board of the Company.

During the past ten years, Dr. Parris has not been involved in any legal proceedings required to be disclosed pursuant to Item 401(f) of Regulation S-K.

**Sherien Almufti, Age 43** 

**Position:** Director

**Director Since:** 2025

Ms. Almufti, has over 20 years of professional experience in business operations, legal administration, and real estate investment. She began her career in operational management at an early age, gaining hands-on experience in workforce supervision, inventory control, scheduling, and multi-department retail operations within a family-owned enterprise. During this period, she managed a workforce of over 60 employees and oversaw multiple operational units, including deli, bakery, and prepared foods. Ms. Almutfi subsequently spent approximately 12 years in the legal services sector at a personal injury law firm, where she advanced to the role of Head Litigation Paralegal within her first year. In that capacity, she managed a high-volume litigation docket of approximately 300 active cases, with responsibilities that included case coordination, procedural compliance, client communications, and operational workflow management. Building on her experience in real estate operations, Ms. Almufti later obtained a real estate license and advised clients on residential property transactions for approximately four years. She subsequently transitioned into principal real estate investing and, over the past six years, has acquired, renovated, and sold more than 15 residential properties. She currently owns and manages multiple income-producing real estate assets in the Atlanta, Georgia market.

Ms. Almufti does not currently serve as a director or officer of any other U.S. public reporting company.

There are no family relationships between Ms. Almufti and any other director or executive officer of the Company.

During the past ten years, Ms. Almufti has not been involved in any legal proceedings required to be disclosed pursuant to Item 401(f) of Regulation S-K.

**Item 6. Executive Compensation.**

During the fiscal year ended December 31, 2025, the Company did not pay cash salaries, bonuses, or other cash compensation to executive officers. Compensation, if any, has historically been minimal and primarily equity-based or deferred.

The Company does not maintain employment agreements, pension plans, or shareholder-approved equity compensation plans.

**Item 7. Certain Relationships and Related Transactions, and Director Independence**

**Certain Relationships and Related Transactions**

Certain directors and executive officers of the Company beneficially own shares of the Company's equity securities, including shares of Preferred Stock, as disclosed in Item 4 – Security Ownership of Certain Beneficial Owners and Management of this Form 10.

Other than the equity ownership described herein, there have been no transactions since the beginning of the Company's last fiscal year, nor are there any currently proposed transactions, in which the Company was or is to be a participant and in which the amount involved exceeded $120,000, and in which any director, executive officer, or beneficial owner of more than five percent (5%) of the Company's voting securities had or will have a direct or indirect material interest, other than transactions entered into in the ordinary course of business on terms no less favorable to the Company than those available from unaffiliated third parties.

The Company may, from time to time, enter into transactions with entities affiliated with its directors or executive officers in the ordinary course of business. Any such transactions are reviewed and approved by the Board of Directors, which considers whether the terms of such transactions are fair to the Company and no less favorable than those available from unaffiliated third parties.

**Director Independence**

The Company's Board of Directors has reviewed the independence of its directors in accordance with the standards set forth under applicable SEC rules and OTC Markets guidance. Due to the Company's status as a smaller reporting company and its quotation on the OTC Markets, the Company is not required to maintain a majority of independent directors on its Board.

Based on this review, the Board has determined that certain members of the Board are not independent as a result of relationships, affiliations, or equity ownership interests, including familial relationships among certain directors and service on boards of other public companies.

Specifically:

· Dr. Lester Parris serves as a director of Pet Ecology Brands, Inc. (OTC: DBLR) and is related to Dr. Lyndell Parris, who also serves as a director of the Company.

· Dr. Lyndell Parris is related to Dr. Lester Parris.

· These relationships were considered by the Board in evaluating director independence.

The Board believes that, notwithstanding the lack of independence of certain directors, the current composition of the Board is appropriate for the Company's size, stage of development, and strategic objectives, and provides the Company with valuable expertise in business development, finance, governance, and industry-specific experience.

**Item 8. Legal Proceedings.**

The Company is not a party to any material pending legal proceedings, nor, to the Company's knowledge, is any material legal proceeding currently contemplated or threatened against the Company, its subsidiaries, or its officers or directors in their capacity as such.

From time to time, the Company may be involved in claims, disputes, or legal proceedings arising in the ordinary course of business, including matters relating to commercial contracts, regulatory compliance, employment, or other operational issues. Management believes that the ultimate resolution of any such matters, if they arise, will not have a material adverse effect on the Company's business, financial condition, results of operations, or cash flows.

**Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters**

**Market Information**

The Company's common stock is quoted on the OTCIQ tier of the OTC Markets under the trading symbol **"BRLL."** Trading in the Company's common stock has been limited and sporadic, and there can be no assurance that an active or liquid trading market will develop or be sustained. Prices quoted on the OTC Markets may not reflect actual market value and may be subject to significant volatility.

**Holders**

As of **December 29, 2025**, the Company had approximately **108 holders of record** of its common stock. Because many shares are held by brokers, banks, or other nominees, the number of beneficial owners of the Company's common stock may be greater than the number of record holders.

**Dividends**

The Company has **not declared or paid any cash dividends** on its common stock to date. The Company currently intends to retain any future earnings to fund operations and support growth. The declaration and payment of any future dividends will be at the discretion of the Board of Directors and will depend on the Company's financial condition, results of operations, capital requirements, and other factors deemed relevant by the Board.

**Item 10. Recent Sales of Unregistered Securities**

During the period covered by this Form 10, the Company completed the following sales and issuances of equity securities that were not registered under the Securities Act of 1933, as amended (the "Securities Act"):

**Issuance in Connection with Acquisition**

In **March 2025**, the Company issued **600,000 shares of Class A common stock**, valued at **$0.50 per share**, to the former equity holders of **Happy Traps, LLC** as consideration for the acquisition of that business pursuant to a reverse merger transaction. The issuance was made in reliance upon the exemption from registration provided by **Section 4(a)(2)** of the Securities Act and/or **Regulation D** promulgated thereunder. The securities issued were restricted securities and have not been registered under the Securities Act.

**Issuance for Services**

In **November 2025**, the Company issued **20,000,000 shares of restricted common stock** to **Summit Group Enterprises LLC** in consideration for advisory and corporate consulting services rendered to the Company. The issuance was made in reliance upon **Section 4(a)(2)** of the Securities Act and/or **Regulation D**. The shares issued are restricted securities subject to the limitations of **Rule 144** under the Securities Act.

**General**

All unregistered issuances described above were approved by the Company's Board of Directors and were issued without any underwriting discounts or commissions. No general solicitation or advertising was used in connection with the foregoing issuances.

Except as described above, the Company did not sell or issue any unregistered securities during the period required to be disclosed pursuant to **Item 701 of Regulation S-K**.

**Item 11. Description of Registrant's Securities to Be Registered**

The following description summarizes the material terms of the securities of **Barrel Energy Inc.** (the "Company") that are being registered pursuant to Section 12(g) of the Securities Exchange Act of 1934. This summary does not purport to be complete and is qualified in its entirety by reference to the Company's Articles of Incorporation and Amended and Restated Bylaws.

**Common Stock**

The Company is authorized to issue **2,000,000,000 shares of common stock**, par value **$0.001 per share**. As of **December 29, 2025, there were 402,837,825 shares of common stock outstanding.**

Holders of common stock are entitled to **one vote per share** on all matters submitted to a vote of stockholders, including the election of directors, except as otherwise provided by law or by the Company's governing documents. Holders of common stock do not have cumulative voting rights.

Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of common stock are entitled to receive dividends when, as, and if declared by the Board of Directors out of legally available funds. The Company has not declared or paid any cash dividends on its common stock to date.

In the event of a liquidation, dissolution, or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company available for distribution to stockholders after payment of liabilities and after satisfaction of any preferential rights of holders of preferred stock.

Holders of common stock have **no preemptive, subscription, conversion, or redemption rights**, and there are no sinking fund provisions applicable to the common stock.

**Preferred Stock**

The Company is authorized to issue shares of preferred stock in one or more series, with such rights, preferences, privileges, and restrictions as may be determined from time to time by the Board of Directors, without further action by the stockholders, to the extent permitted under Nevada law.

As disclosed elsewhere in this Form 10, the Company has issued shares of preferred stock that carry **super-voting rights**, entitling the holder to **1,000 votes per share**. The preferred stock may have preferences with respect to voting, dividends, and liquidation that are senior to the common stock.

**Anti-Takeover Effects of Governing Documents and Nevada Law**

Certain provisions of the Company's Articles of Incorporation, Amended and Restated Bylaws, and the Nevada Revised Statutes may have the effect of discouraging or delaying changes in control of the Company. These provisions include, among others:

· Authorization of the Board of Directors to issue preferred stock with voting or other rights that could adversely affect the voting power of common stockholders;

· Provisions governing the calling of special meetings of stockholders;

· Requirements related to notice, quorum, and voting procedures for stockholder and board meetings;

· Provisions permitting action by written consent of the Board of Directors.

These provisions could make it more difficult for a third party to acquire control of the Company without the approval of the Board of Directors.

**Transfer Agent and Registrar**

The transfer agent and registrar for the Company's common stock is:

**ClearTrust LLC**

16540 Pointe Village Drive, Suite 210

Lutz, Florida 33558

Telephone: 813.235.4490

**Market**

The Company's common stock is quoted on the **OTC Markets** under the trading symbol **"BRLL."** There is no assurance that an active or liquid trading market will develop or be sustained.

**American Depositary Receipts**

The Company has **not issued American Depositary Receipts**, and none of the securities being registered will trade in the form of American Depositary Receipts.

**Item 12. Indemnification of Directors and Officers**

The Company's Articles of Incorporation and Amended and Restated Bylaws provide for the indemnification of the Company's directors, officers, employees, and agents to the fullest extent permitted by the **Nevada Revised Statutes**.

The Company is authorized to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company), by reason of the fact that such person is or was a director, officer, employee, or agent of the Company, against expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement, provided that such person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal proceeding, had no reasonable cause to believe the conduct was unlawful.

The Company's Bylaws further provide that the Company shall indemnify any such person in connection with actions by or in the right of the Company to procure a judgment in its favor, against expenses and amounts paid in settlement, except that no indemnification shall be made with respect to any claim, issue, or matter as to which such person is adjudged liable to the Company, unless and only to the extent that a court determines such person is fairly and reasonably entitled to indemnification.

The Company's Bylaws also provide for the **advancement of expenses** incurred in defending any such proceeding, upon receipt of an undertaking by or on behalf of the indemnity to repay such amounts if it is ultimately determined that such person is not entitled to indemnification.

Indemnification and advancement of expenses provided under the Company's Bylaws are **not exclusive** of any other rights to which those seeking indemnification may be entitled under any agreement, vote of stockholders or disinterested directors, or otherwise.

As to indemnification for liabilities arising under the Securities Act of 1933, as amended, for a director, officer and/or person controlling us, we have been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy and unenforceable.

The Company's indemnification provisions do not apply to any action to recover **short-swing profits under Section 16(b)** of the Securities Exchange Act of 1934.

**Item 13. Financial Statements and Supplemental Data.** 

**TABLE OF CONTENTS**

**PART I – FINANCIAL INFORMATION**

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| | | |
|:---|:---|:---|
| Item 1: | Consolidated Financial Statements |  |
|  | [Consolidated Balance Sheets as of December 31, 2024 and 2023](#bs) | 14 |
|  | [Consolidated Statements of Operations for the Years Ended December 31, 2024 and 2023](#opt) | 15 |
|  | [Consolidated Statement of Shareholders Deficit for the Years Ended December 31, 2024 and 2023](#sse) | 16 |
|  | [Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023](#cs) | 17 |
|  | [Notes to Financial Statements](#note) | 18 |

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| 12 |
| *[**Table of Contents**](#toc1)* |

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![](brll_1012gimg3.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of Barrel Energy, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Barrel Energy, Inc. (formerly Happy Traps LLC) ("the Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in stockholders' deficit and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has a significant accumulated deficit and negative working capital. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

· Business Combinations (Reverse Acquisition Recapitalization Adjustment): This matter was deemed to be a CAM as it is subject to a significant degree of auditor effort, and the related audit evidence is unique to the circumstances of the reverse acquisition. In addressing this matter, we reviewed management's analysis related to the treatment of the acquisition and recalculated the expected recapitalization adjustment based on the equity activity under Barrel Energy, Inc. The matter is discussed in Notes 1 and 7 to the financial statements.

![](brll_1012gimg4.jpg)

Fruci & Associates II, PLLC – PCAOB ID #05525

We have served as the Company's auditor since 2025.

Spokane, Washington

February 20, 2026

**BARREL ENERGY, INC**

**CONSOLIDATED BALANCE SHEETS**

**As of December 31,**

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $67368 | $4651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable- net of allowance | 15958 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advances- employee | 300 | 300 |
| Total current assets | 83626 | 10973 |
| Total assets | $83626 | $10973 |
| **LIABILITIES AND STOCKHOLDRS' DEFICIT** | **LIABILITIES AND STOCKHOLDRS' DEFICIT** | **LIABILITIES AND STOCKHOLDRS' DEFICIT** |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to related parties | 6435 | 6435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expense | 63482 | 6849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Member buyout payable | 18250 | 36500 |
| Total current liabilities | 88167 | 49784 |
| Commitments and contingencies |  |  |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred shares $0.001 par value, 5,000,000 authorized 5,000,000 and 5,000,000 and outstanding, respectively | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.001 par value, 2,000,000,000 authorized, 383,437,825 and 383,437,825 issued and outstanding, respectively | 383438 | 383438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription receivable | (40000) | (40000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit  | (352979) | (387249) |
| Total deficit | (4541) | (38811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' deficit  | $83626 | $10973 |

---

The accompanying notes are an integral part of the audited financial statements.

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 **BARREL ENERGY, INC**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**For the Years Ended December 31,**

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Revenue | $159511 | $105528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of goods | 64251 | 60138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 95260 | 45390 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 26984 | 20978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense | 8800 | 27031 |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 25206 | 37273 |
| Total operating expense | 60990 | 85288 |
| Income (loss) from operations | 34270 | (39898) |
| Net income (loss) before taxes | 34270 | (39898) |
| Income tax |  |  |
| Net income (loss) | $34270 | $(39898) |
| Net income (loss) per common share, basic and diluted | $0.00 | $(0.00) |
| Weighted average number of shares outstanding, basic and diluted | 383437825 | 383427825 |

---

The accompanying notes are an integral part of the audited financial statements.

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**BARREL ENERGY, INC**

 **CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT**

**For the Years Ended December 31, 2024 and 2023**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Shares** | **Preferred Shares** | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Stock**<br>**Receivable** | **Shareholder** <br>**Deficit** |
| Balance at December 31, 2022 | 5000000 | 5000 | 383437825 | 383438 |  | (347351) | (40000) | 1087 |
| Net loss | -- | -- | -- | -- |  | (39898) | -- | (39898) |
| Balance at December 31, 2023 | 5000000 | 5000 | 383437825 | 383438 |  | (387249) | (40000) | (38811) |
| Net loss | -- | -- | -- | -- |  | 34270 | -- | 34270 |
| Balance at December 31, 2024 | 5000000 | $5000 | 383437825 | $383438 |  | $(352979) | $(40000) | $(4541) |

---

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

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**BARREL ENERGY, INC**

&nbsp;&nbsp;&nbsp;&nbsp;**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended**<br> **December 31,** | **For the Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| **Cash Flows from Operating Activities:** | $34270 | $(39898) |
| Net income(loss) |  |  |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (18737) | 8426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable- related party |  | 6435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense | 8800 | 27031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expense | 56634 | (976) |
| **Net cash provided by (used in) operating activities** | 80967 | 1019 |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Former member buyout | (18250) | (2500) |
| **Net cash provided by (used in) financing activities** | (18250) | (2500) |
| **Effect of exchange rate on cash** |  |  |
| **Net change in cash** | 62717 | (1481) |
| **Cash at beginning of period** | 4651 | 6132 |
| **Cash at end of period** | $67368 | $4651 |
| **SUPPLEMENT DISCLOSURE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest paid | $-- | $-- |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid | $-- | $-- |
| **NON-CASH TRANSACTIONS** |  |  |

---

The accompanying notes are an integral part of audited financial statements.

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**BARREL ENERGY, INC**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 - BASIS OF PRESENTATION AND ORGANIZATION**

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 terminated the past businesses.

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.

On March 21, 2025 the Company amended its articles of incorporation to increase the number of authorized shares from 450,000,000 to 2,000,000,000.

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

On March 28, 2025 the Company acquired Happy Traps, LLC. The Company issued 600,000 shares of common stock with a value of $300,000 for the acquisition. The acquisition was treated as a reverse merger with Happy Traps being the surviving entity keeping the name Barrel Energy 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.

**<u>The Business</u>**

The Company provides essential grease trap services, eco-friendly cleaning products, and oil recycling solutions for restaurants and food service businesses throughout the greater Portland area. The Company has built a strong reputation based on reliability, efficiency, environmental responsibility, and superior customer service. The mission of the Company is to deliver superior grease trap solutions and sustainable practices that ensure regulatory compliance and environmental benefit while maximizing operational efficiency for our food service clients. This comprehensive approach creates multiple touchpoints with each customer and addresses several critical needs for food service establishments, from regulatory compliance to environmental responsibility.

The Company has developed a synergistic three-part revenue model that creates value for its customers:

1. <u>Service Revenue</u>: Professional grease trap pumping and maintenance. Each service requires approximately 30 minutes, allowing our technicians to complete up to 10 services daily.

2. <u>Product Revenue</u>: Sale of proprietary Happy Traps Cleaners line of eco-friendly cleaning products.

3. <u>Recycling Revenue</u>: Through our partnership with Maine Bio-Fuel Inc, we collect used cooking oil during routine service visits, generating additional revenue while providing customers with a convenient disposal solution

The grease trap service industry represents a stable, regulation-driven market that is intrinsically tied to the food service sector. With more than 660,000 restaurants across the United States facing strict regulatory requirements for the proper disposal of fats, oils, and grease (FOG), demand for professional grease trap services remains consistently strong regardless of economic conditions. Additionally, the growing market for used cooking oil recycling, driven by increasing demand for biofuel and other sustainable applications, presents a high-growth synergistic opportunity for integrated service providers like Happy Traps.

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Happy Traps focuses on serving:

· Full-service restaurants and quick-service establishments

· Hotels with food service operations

· Institutional kitchens including schools, hospitals, and corporate cafeterias

· Food manufacturing facilities

· Grocery stores with prepared food sections

These establishments all face stringent regulatory requirements regarding FOG disposal and benefit significantly from our bundled service approach.

**<u>Market and Services</u>**

<u>Grease Trap Maintenance Services:</u>

Our core service offering includes professional pumping, cleaning, and maintenance of grease traps for food service establishments. Each service is efficiently completed in approximately 30 minutes, allowing our technicians to service up to 10 accounts daily and 50 accounts weekly per truck.

<u>Cleaning Product Line</u>**:**

We have developed a proprietary line of eco-friendly cleaning products specifically formulated for restaurant use. These products complement our service offerings and provide ongoing revenue between maintenance visits.

<u>Pressure Washing Services</u>**:**

We offer professional pressure washing services for restaurant exteriors, particularly focusing on back-of-house areas where grease and food waste can accumulate, creating sanitation issues and attracting pests.

<u>Used Cooking Oil Recycling</u>**:**

Through our strategic partnership with Maine Standard Biofuels, we offer convenient collection of used cooking oil during regular service visits, providing a valuable add-on service for clients while generating additional revenue.

**NOTE 2 - SIGNIFICANT ACCOUNTIG POLICIES**

<u>Basis of Presentation</u>

This summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. It is the opinion of management that all adjustments necessary to make the financial statements that are not misleading have been included in these financial statements

Principles of Consolidation

The consolidated financial statements of the Company include the Company and the consolidation through a reverse merger of the entity Happy Traps, LLC. Because this transaction represents a reverse acquisition, the accompanying financial statements reflect the historical financial statements of Target, the accounting acquirer, for all periods prior to the merger. The Company's financial statements for periods after the merger reflect the combined operations of Target and the Company. The financials have been retrospectively adjusted to reflect all the outstanding shares and shares issued for the transaction as if the transaction occurred on the first day of the earliest period presented in this filing. As part of the consolidation all prior equity accounts have been recapitalized reducing paid in capital to zero with adjustments being made through retained earnings, with adjustments reclassifying approximately $350,000 to retained earnings.

Segment Reporting

ASC Topic 280, "Segment Reporting" establishes the standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company is managed as one operating unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making and discloses its operating results in a single reportable segment. The Company's chief operating decision maker ("CODM"), represented by the Company's Chief Executive Officer, reviews financial information and assesses the operations of the Company in order to make strategic decisions such as allocation and assessing operating performance.

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<u>Use of Estimates</u>

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.

<u>Cash and Cash Equivalents</u>

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

<u>Recent Issued Accounting Policies</u>

Effective January 1, 2026, the Company adopted ASU 2025-06, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the use of the Current Expected Credit Loss (CECL) model for estimating credit losses on accounts receivable and other financial assets. Previously, the Company recognized allowance for doubtful accounts (ADA) based on incurred loss methodology, considering historical experience and current conditions. Under CECL, the Company now estimates lifetime expected credit losses, incorporating:

Historical loss experience,

· Current economic conditions,

· Reasonable and supportable forecasts.

Presentation and Disclosure Changes:

· 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.

<u>Accounts Receivable</u>

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 years ended December 31, 2024 and 2023, the Company recorded bad debt of $8,800 and $27,031, respectively. The Company's allowance for doubtful accounts balance at December 31, 2024 was $16,400 and $7,600 at December 31, 2023.

<u>Property, Equipment and Intangible Assets</u>

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Intangible assets consist of a patent application purchased and is carried at cost, less accumulated amortization. Depreciation and amortization is provided principally on the straight-line basis method over the estimated useful lives of the assets which is estimated at 36 months.

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Impairment of long-lived assets

The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value.

<u>Income Tax</u>

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, *Income Taxes*. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

<u>Fair Value Measurements</u>

As defined in (Financial Accounting Standards Board ASC 820), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

The three levels of the fair value hierarchy are as follows:

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|:---|:---|
| Level 1 | Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. |
| Level 2  | Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars. |
| Level 3  | Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. |

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As of December 31, 2024 and 2023, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values due to the nature or duration of these instruments.

**NOTE 3 - GOING CONCERN**

As shown in the accompanying financial statements, the Company had accumulative deficit of $352,979 and $387,249 with negative working capital of $4,541 and $38,811 as of December 31, 2024 and 2023, respectively. Unless profitability and increases in stockholders' equity continues, these conditions raise substantial doubt as to the Company's ability to continue as a going concern. The December 31, 2024 and 2023 financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management plans to continue to raise funds through debt and equity financing to grow the business to profitability.

**NOTE 4 - REVENUE RECOGNITION**

In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). 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.

ASC Topic 606 prescribes a new five-step model entities should follow in order to recognize revenue in accordance with the core principle. These five steps are:

1. Identify the contract(s) with a customer.

2. <u>Identify the performance obligations in the contract.</u> 

3. <u>Determine the transaction price.</u> 

4. <u>Allocate the transaction price to the performance obligations in the contract.</u> 

5. <u>Recognize revenue when (or as) the entity satisfied the performance obligations.</u> 

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

1. Grease trap cleaning and maintenances service

2. Cleaning product line.

3. Pressure washing service

4. Used cooking oil recycling

5. Tech fees

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The Company disaggregates revenues into categories that depict the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors and noted below:

Revenue for the serves of grease trap cleaning and maintenance and pressure washing services is recognized upon the competition of the service.

Revenue for the sale of the cleaning product line is recognized upon the shipment of the product to the Customer.

Revenue for the recycling products is recognized upon delivery to the Company receiving the product for processing.

The Company had revenue of $159,511 and $105,528 during the years ended December 31, 2024 and 2023, respectively.

**NOTE 5 - RELATED PARTY TRANSACTIONS**

The Company leases 250 square feet of warehouse space from its owner Maine Biofuel. The lease commenced on January 1, 2023 and continues for 5 years. The lease may be terminated by either party giving a 30 day notice. The monthly rent is $150. In addition, the Company relies on Maine Biofuel for certain business support including payment of various employees and business expenses. As of December 31, 2024, the Company owed Maine biofuel $57,285 for various services. The president of the lessor was a partner in the partnership that sold Happy Traps to Maine Biofuel.

On December 31, 2021, the original partners sold their interest to Maine Biofuel for $50,000 to be paid in installments.

During the years ended December 31, 2024 and 2023 the Company notes payable due to related parties of $18,250 and $36,500, respectively. The payment is due as part of the installment due members for purchase of Happy Traps by Maine Biofuel.

On December 31, 2024 the remaining partner agreed to sell their interest of 36.5% for $50,000 to Maine Bio-Fuel, Inc., the buyer of Happy Traps. The agreement requires an initial payment of $25,000 to be paid by December 31, 2025 and the balance to be paid by December 31, 2026. Neither payment has been completed to the members .

As of December 31, 2024 the Company owed a related party $6,435.The amount due is for work on a system design in May 2023.

**NOTE 6 - NOTES PAYABLE**

On December 31, 2021, the limited partners of the Company sold their interest to Maine Biofuel, Inc. instead of issuing the purchase amount to each limited partner, the acquirer paid the Company $50,000, which was treated as a note payable on the Company's balance sheet. Subsequent to this transaction, the Company paid three limited partners a total of $31,750. The amounts paid was deducted from the note leaving a balance due on the note of $18,250 as of December 31, 2024. The balance will be used as a payment to the unpaid partner.

**NOTE 7 - EQUITY**

Preferred Shares

The Company has 5,000,000 shares of preferred stock issued and outstanding with a par value of $0.001 per share. Each share of the preferred has 1,000 votes.

Common Shares

The common stock of the Company has a par value of $0.001 per share and each share is entitled to one vote. As of the date of this report there were 383,437,825 shares of common stock issued and outstanding.

The Company has outstanding subscription receivable with a value of $40,000. The Company continues to carry the subscription that has not been converted.

The Company was organized as a limited liability company. Ownership interests are represented by membership units, which confer both economic and governance rights as outlined in the Company's operating agreement.

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.

On March 21, 2025 the Company amended its articles of incorporation to increase the number of authorized shares from 450,000,000 to 2,000,000,000.

On March 28, 2025 the Company acquired Happy Traps, LLC. The Company issued 600,000 shares of common stock with a value of $300,000 for the acquisition. The acquisition was treated as a reverse merger with Happy Traps becoming a wholly owned subsidiary of Barrel Energy Inc. The information presented in the operating activity of the Company is the historical information of the acquired entity.

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**NOTE 8 - INCOME TAX**

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss, and tax credit carry forwards and deferred liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by the valuation allowances when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

The Company's deferred tax assets for the Company consisted of the following as of December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Book income(loss) | $34270 | $39898) |
| Total Book Income | $34270 | $(39898) |
| Taxable Income Loss | $34270 | $(39898) |
| Beginning NOL | $(27175721) | $(27135823) |
| Add current income (Loss) | $34270 | $(39898) |
| NOL carry Forward | $(27141451) | $(27175721) |
| Percent | 0.21 | 0.21 |
| Tax NOL | $(5699705) | $(5706901) |

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As of December 31, 2024 the Company had a net operating loss carry forward of $5,699,705 which can be used to offset future taxable income. Due to a change in Control, the Company is subject to a reduction in the net loss carryforward under section 381 of the Internal Revenue Service.

A reconciliation of income taxes at the federal statutory rate to amounts provided for the years ended December 31, 2024 and 2023 as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. federal statutory rate | 21% | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating loss | (21%) | (21%) |
| Effective tax rate | --% | --% |

---

**NOTE 9 - SUBSEQUENT EVENTS**

On March 28, 2025, the Company was acquired from Maine Biofuel by Barrel Energy Inc. Under the agreement the Buyer issued 600,000 shares of its class A preferred shares, to the seller, with a value to $300,000. The shares were valued at $0.50 per share. The buyer and seller both acknowledged the purchase price allocated to the business properties represented fair market value of the entity. No other consideration was given for the purchase. The transaction upon completion was accounted for as reverse merger with the acquired entity being the surviving entity.

On November 6, 2025 the Company issued 20,000,000 shares of common stock, with a stated value of $100,000 under rule 144, to Summit Group Services for one year of advisory and consulting services.

The financials have been adjusted to retrospectively incorporate the recapitalization of the public entity (Barrel Energy) upon the merger of the reverse merger of the entities.

The Company has evaluated subsequent events to determine events occurring through February 20, 2026, that would have a material impact on the Company's financial results or require disclosure and have determined none exist except those noted above.

---

| |
|:---|
| 24 |
| *[**Table of Contents**](#toc1)* |

---

**BARREL ENERGY CONSOLIDATED FINANCIALS**

**12/31/24 — 09/30/2025**

**Filed as part of the Company's Registration Statement on Form 10**

**(File No. 000-56001)**

**TABLE OF CONTENTS**

**PART I – FINANCIAL INFORMATION**

---

| | | |
|:---|:---|:---|
| Item 1: | Financial Statements |  |
|  | [Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (Unaudited)](#BS1) | 27 |
|  | [Consolidated Statements of Operations for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#SO) | 28 |
|  | [Consolidated Statement of Shareholders Deficit for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#SD) | 29 |
|  | [Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2025 and 2024 (Unaudited)](#cf) | 30 |
|  | [Notes to Financial Statements](#NTS) | 31 |

---

---

| |
|:---|
| 26 |
| *[**Table of Contents**](#TOC)* |

---

**CONSOLIDATED BARREL ENERGY INC** 

**BALANCE SHEETS**

**As of,**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2025** | **December 31,**<br> **2024** |
| **ASSETS** | (Unaudited) |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $43137 | $67368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable- net of allowance | 47770 | 15958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advances- employee | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Note receivable – related party | 15000 | -- |
| Total current assets | 106207 | 83626 |
| Total assets | $106207 | $83626 |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expense | $35419 | $63482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Note payable | 18250 | 18250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Notes payable- related party | 6435 | 6435 |
| Total current liabilities | 60104 | 88167 |
| Commitments and contingencies  | -- | -- |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stock $0.001 par value; 5,000,000 authorized: 5,000,000 and 5,000,000 shares issued and outstanding, respectively | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock , $0.001 par value: 2,000,000,000 authorized, 383,437,825 and 383,437,825 issued and outstanding, respectively | 383438 | 383438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription receivable | (40000) | (40000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder equity (deficit) | (302335) | (352979) |
| Total equity (deficit) | 46103 | (4541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholder equity | $106207 | $83626 |

---

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

---

| |
|:---|
| 27 |
| *[**Table of Contents**](#TOC)* |

---

 **BARREL ENERGY INC**

**CONSOLIDATED** **STATEMENTS OF OPERATIONS**

**As of September 30,**

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Revenue | $157495 | $118119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of goods | 59453 | 33589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 98042 | 82530 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation | 19411 | 20682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bad debt | 9520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vehicle & Insurance | 7443 | 20432 |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 11.024 | 4836 |
| Total operating expense | 47398 | 45950 |
| Income (loss) from operations | 50644 | 36580 |
| Net income (loss) | $50644 | $36580 |
| Net income (loss) per common share, basic and diluted | $0.00 | $0.00 |
| Weighted average number of shares outstanding, basic and diluted | 383437825 | 383437825 |

---

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

---

| |
|:---|
| 28 |
| *[**Table of Contents**](#TOC)* |

---

**BARREL ENERGY INC**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT**

**For the Nine Months Ended September 30, 2025 and 2024**

Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Shares** | **Preferred Shares** | **Common Shares** | **Common Shares** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Paid In**<br>**Capital** | **Subscription**<br>**Receivable** | **Retained Earnings** <br>**(Deficit)** | **Shareholders'**<br>**Equity** |
| Balance at December 31, 2023 | 5000000 | 5000 | 383437825 | 383438 |  | (40000) | (387249) | (38811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) |  |  |  |  |  |  | 36580 | 36580 |
| Balance at September 30, 2024 | 5000000 | 5000 | 383437825 | 383438 |  | (40000) | (350669) | (2231) |
| Balance at December 31, 2024 | 5000000 | 5000 | 383437825 | 383438 |  | (40000) | (352979) | (4541) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) |  |  |  |  |  |  | 50644 | 50644 |
| Balance at September 30, 2025 | 5000000 | $5000 | 383437825 | $383438 |  | $(40000) | $(302335) | $46103 |

---

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

---

| |
|:---|
| 29 |
| *[**Table of Contents**](#TOC)* |

---

**BARREL ENERGY INC**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended**<br> **September 30,** | **For the Nine Months Ended**<br> **September 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** | $50644 | $36580 |
| Net income(loss) |  |  |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (31812) | (23232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in accounts payable and accrued expense | (28063) | 36208 |
| **Net cash provided by (used in) operating activities** | (9231) | 49.556 |
| **Cash Flows From Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of note payable | (15000) | -- |
| **Net cash provided by (used in) financing activities** | (15000) | -- |
| **Net change in cash** | (24231) | 49556 |
| **Cash at beginning of period** | 67368 | 4.651 |
| **Cash at end of period** | $43137 | $54207 |
| **SUPPLEMENT DISCLOSURE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest paid | $-- | $-- |
| Income taxes paid | $-- | $-- |

---

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

---

| |
|:---|
| 30 |
| *[**Table of Contents**](#TOC)* |

---

**BARREL ENERGY INC**

**NOTES TO THE FINANCIAL STATEMENTS**

**NOTE 1 - BASIS OF PRESENTATION AND ORGANIZATION**

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 terminated the past businesses.

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.

On March 21, 2025 the Company amended its articles of incorporation to increase the number of authorized shares from 450,000,000 to 2,000,000,000.

On March 28, 2025 the Company acquired Happy Traps, LLC. The Company issued 600,000 shares of common stock with a value of $300,000 for the acquisition. The acquisition was treated as a reverse merger with Happy Traps being the surviving entity keeping the name Barrel Energy Inc.

**<u>The Business</u>**

The business provides essential grease trap services, eco-friendly cleaning products, and oil recycling solutions for restaurants and food service businesses throughout the greater Portland area. The Company has built a strong reputation based on reliability, efficiency, environmental responsibility, and superior customer service. The mission of the Company is to deliver superior grease trap solutions and sustainable practices that ensure regulatory compliance and environmental benefit while maximizing operational efficiency for our food service clients. This comprehensive approach creates multiple touchpoints with each customer and addresses several critical needs for food service establishments, from regulatory compliance to environmental responsibility.

The Company has developed a synergistic three-part revenue model that creates value for its customers:

1. <u>Service Revenue</u> **:** Professional grease trap pumping and maintenance. Each service requires approximately 30 minutes, allowing our technicians to complete up to 10 services daily.

2. <u>Product Revenue</u> **:** Sale of proprietary Happy Traps Cleaners line of eco-friendly cleaning products.

3. <u>Recycling Revenue</u> **:** Through our partnership with Maine Bio-Fuel Inc, we collect used cooking oil during routine service visits, generating additional revenue while providing customers with a convenient disposal solution

The grease trap service industry represents a stable, regulation-driven market that is intrinsically tied to the food service sector. With more than 660,000 restaurants across the United States facing strict regulatory requirements for the proper disposal of fats, oils, and grease (FOG), demand for professional grease trap services remains consistently strong regardless of economic conditions. Additionally, the growing market for used cooking oil recycling, driven by increasing demand for biofuel and other sustainable applications, presents a high-growth synergistic opportunity for integrated service providers like Happy Traps.

Happy Traps focuses on serving:

· Full-service restaurants and quick-service establishments

· Hotels with food service operations

· Institutional kitchens including schools, hospitals, and corporate cafeterias

· Food manufacturing facilities

· Grocery stores with prepared food sections

These establishments all face stringent regulatory requirements regarding FOG disposal and benefit significantly from our bundled service approach.

---

| |
|:---|
| 31 |
| *[**Table of Contents**](#TOC)* |

---

**<u>Market and Services</u>**

<u>Grease Trap Maintenance Services:</u>

The Company's core service offering includes professional pumping, cleaning, and maintenance of grease traps for food service establishments. Each service is efficiently completed in approximately 30 minutes, allowing our technicians to service up to 10 accounts daily and 50 accounts weekly per truck.

<u>Cleaning Product Line</u>**:**

The Company has developed a proprietary line of eco-friendly cleaning products specifically formulated for restaurant use. These products complement our service offerings and provide ongoing revenue between maintenance visits.

<u>Pressure Washing Services</u>**:**

We offer professional pressure washing services for restaurant exteriors, particularly focusing on back-of-house areas where grease and food waste can accumulate, creating sanitation issues and attracting pests.

<u>Used Cooking Oil Recycling</u>**:**

Through a strategic partnership with Maine Standard Biofuels, the Company offers convenient collection of used cooking oil during regular service visits, providing a valuable add-on service for clients while generating additional revenue.

**NOTE 2 - SIGNIFICANT ACCOUNTIG POLICIES**

Basis of Presentation

This summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. It is the opinion of management that all adjustments necessary to make the financial statements that are not misleading have been included in these financial statements

Principles of Consolidation

The consolidated financial statements of the Company include the Company and the consolidation through a reverse merger of the entity Happy Traps, LLC. Because this transaction represents a reverse acquisition, the accompanying financial statements reflect the historical financial statements of Target, the accounting acquirer, for all periods prior to the merger. The Company's financial statements for periods after the merger reflect the combined operations of Target and the Company. The financials have been retrospectively adjusted to reflect all the outstanding shares and shares issued for the transaction as if the transaction occurred on the first day of the earliest period presented in this filing. As part of the consolidation all prior equity accounts have been recapitalized reducing paid in capital to zero with adjustments being made through retained earnings, with adjustments reclassifying approximately $350,000 to retained earnings.

Segment Reporting

ASC Topic 280, "Segment Reporting" establishes the standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company is managed as one operating unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making and discloses its operating results in a single reportable segment. The Company's chief operating decision maker ("CODM"), represented by the Company's Chief Executive Officer, reviews financial information and assesses the operations of the Company in order to make strategic decisions such as allocation and assessing operating performance.

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.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

<u>Early Adoption</u>

Effective January 1, 2026, the Company adopted ASU 2025-06, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the use of the Current Expected Credit Loss (CECL) model for estimating credit losses on accounts receivable and other financial assets. Previously, the Company recognized allowance for doubtful accounts (ADA) based on incurred loss methodology, considering historical experience and current conditions. Under CECL, the Company now estimates lifetime expected credit losses, incorporating:

Historical loss experience,

· Current economic conditions,

· Reasonable and supportable forecasts.

Presentation and Disclosure Changes:

· 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.

---

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| 32 |
| *[**Table of Contents**](#TOC)* |

---

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 nine months ended September 30, 2025, the Company recorded bad debt of $9,250. The Company's allowance for doubtful accounts balance at September 30, 2025 was $19,433.

<u>Property, Equipment and Intangible Assets</u>

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Intangible assets consist of a patent application purchased and is carried at cost, less accumulated amortization. Depreciation and amortization is provided principally on the straight-line basis method over the estimated useful lives of the assets which is estimated at 36 months.

Impairment of long-lived assets

The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value.

<u>Income Taxes</u>

Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized.

The Company accounts for income taxes under the provisions of Financial Accounting Standards Board) Accounting Standards Codification 740, Accounting *for Income Taxes*. It prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As a result, the Company has applied a more likely than not recognition threshold for all tax uncertainties. The guidance only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the various taxing authorities.

The Company classifies penalties and interest related to unrecognized tax benefits as income tax expense in the Statements of Operations.

---

| |
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| 33 |
| *[**Table of Contents**](#TOC)* |

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<u>Fair Value Measurements</u>

As defined in (Financial Accounting Standards Board ASC 820), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

The three levels of the fair value hierarchy are as follows:

---

| | |
|:---|:---|
| Level 1 | Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. |
| Level 2 | Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars. |
| Level 3 | Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. |

---

As of September 30, 2024 and 2025, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values due to the nature or duration of these instruments.

<u>Basic and diluted net income per share</u>

Basic and diluted net income per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the year. They include the dilutive effect of common stock equivalents in years with net income. Basic and diluted net income per share are the same in the nine months ended September 30, 2025 and 2024.

---

| |
|:---|
| 34 |
| *[**Table of Contents**](#TOC)* |

---

**NOTE 3 - GOING CONCERN**

As shown in the accompanying financial statements, the Company had shareholder equity of $46,103 and accumulative deficit of $302,335 with working capital of $46,103 and a deficit of $4,541 as of September 30, 2025 and 2024, respectively. Unless profitability and increases in stockholders' equity continues, these conditions raise substantial doubt as to the Company's ability to continue as a going concern. The September 30, 2025 and December 31, 2024 financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management plans to continue to raise funds through debt and equity financing to grow the business to profitability.

**NOTE 4 - REVENUE RECOGNITION**

In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). 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.

ASC Topic 606 prescribes a new five-step model entities should follow in order to recognize revenue in accordance with the core principle. These five steps are:

1. Identify the contract(s) with a customer.

2. <u>Identify the performance obligations in the contract.</u> 

3. <u>Determine the transaction price.</u> 

4. <u>Allocate the transaction price to the performance obligations in the contract.</u> 

5. <u>Recognize revenue when (or as) the entity satisfied the performance obligations.</u> 

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

1. Grease trap cleaning and maintenances service

2. Cleaning product line.

3. Pressure washing service

4. Used cooking oil recycling

5. Tech fees

The Company disaggregates revenues into categories that depict the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors and noted below:

Revenue for the serves of grease trap cleaning and maintenance and pressure washing services is recognized upon the competition of the service.

Revenue for the sale of the cleaning product line is recognized upon the shipment of the product to the Customer.

Revenue for the recycling products is recognized upon delivery to the Company receiving the product for processing.

The Company had revenue of $157,495 and $118,119 during the nine months ended September 30, 2025 and 2024 , respectively.

---

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| 35 |
| *[**Table of Contents**](#TOC)* |

---

**NOTE 5 - RELATED PARTY TRANSACTIONS**

The Company leases 250 square feet of warehouse space from its owner Maine Biofuel. The lease commenced on January 1, 2023 and continues for 5 years. The lease may be terminated by either party giving a 30 day notice. The monthly rent is $150. In addition, the Company relies on Maine Biofuel for certain business support including payment of various employees and business expenses. As of September 30, 2025, the Company owed Maine biofuel $29,199 for various services. The president of the lessor was a partner in the partnership that sold Happy Traps to Maine Biofuel.

On December 31, 2024 the remaining partner agreed to sell their interest of 36.5% for $50,000 to Maine Bio-Fuel, Inc., the buyer of Happy Traps. The agreement requires an initial payment of $25,000 to be paid by December 31, 2025 and the balance to be paid by December 31, 2026. Neither payment has been completed to the members.

During the nine months ended September 30, 2025 the Company advanced Maine Biofuel $15,000. The advance bears no interest and is payable on demand.

As of September 30, 2025 the Company had a payable due related parties of $6,435.

**NOTE 6 - EQUITY**

<u>Preferred Shares</u> 

The Company has 5,000,000 shares of preferred stock issued and outstanding with a par value of $0.001 per share. Each share of the preferred has 1,000 votes.

<u>Common Shares</u> 

The common stock of the Company has a par value of $0.001 per share and each share is entitled to one vote. As of the date of this report there were 383,437,825 shares of common stock issued and outstanding.

The Company has outstanding subscription receivable with a value of $40,000. The Company continues to carry the subscription that has not been converted.

On March 28, 2025 the Company issued 600,000 to Maine Bio- Fuel for the acquisition of Happy Traps, LLC. The value of the transaction was $300,000.

**NOTE 7 - NOTES PAYABLE**

On December 31, 2021, the limited partners of the Company sold their interest to Maine Biofuel, Inc. instead of issuing the purchase amount to each limited partner, the acquirer paid the Company $50,000, which was treated as a note payable on the Company's balance sheet. Subsequent to this transaction, the Company paid three limited partners a total of $31,750. The amounts paid was deducted from the note leaving a balance due on the note of $18,250 as of December 31, 2024. The balance will be used as a payment to the unpaid partner.

**NOTE 8 – MERGER**

On March 28, 2025 the Company acquired Happy Traps, LLC. The company accounted for the transaction as a reverse merger, with the acquired company as the surviving entity. The adjustments were accounted for as noted below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Pre Consolidation** | **Elimination** | **Consolidation** |
| Preferred shares | 5000.00 | 0 | 5000 |
| Common Stock | 383438.00 | 0 | 383438 |
| partner w | 9631.00 | (9631) | 0 |
| Subscription receivable | (40000.00) | 0 | (40000) |
| Paid-in Capital | 22432135 | (22432135) |  |
| Retained earnings | (22160385) | 22462720 | (302335) |
| Total Capital | 346093 |  | 106207 |

---

**NOTE 9 - SUBSEQUENT EVENTS**

On November 6, 2025 the Company issued 20,000,000 shares of common stock, with a stated value of $100,000 under rule 144, to Summit Group Services for one year of advisory and consulting services.

The Company has evaluated subsequent events to determine events occurring through February 20, 2026 that would have a material impact on the Company's financial results or require disclosure and have determined none exist except those noted above.

**Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.**

The Company has not changed its independent registered public accounting firm during the periods covered by this Form 10.

During the periods covered by this Form 10, there were **no disagreements** between the Company and its independent registered public accounting firm on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of the accounting firm, would have resulted in a reference to such matters in the auditor's reports on the Company's financial statements.

**Item 15. Financial Statements and Exhibits.**

The following exhibits are filed as part of this Registration Statement on Form 10:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [3.1](brll_ex31.htm) | [Articles of Incorporation of Barrel Energy Inc.](brll_ex31.htm) |
| [3.2](brll_ex32.htm) | [Amended and Restated Bylaws of Barrel Energy Inc.](brll_ex32.htm) |
| [4.1](brll_ex41.htm) | [Certificate for Preferred Shares](brll_ex41.htm) |
| [10.1](brll_ex101.htm) | [Material agreements related to acquisition of Happy Traps, LLC](brll_ex101.htm) |
| [10.2](brll_ex102.htm) | [Consulting and advisory agreement with Summit Group Enterprises LLC](brll_ex102.htm) |
| [14](brll_ex14.htm) | [Code of Ethics](brll_ex14.htm) |
| [23.1](brll_ex231.htm) | [Consent of Independent Registered Public Accounting Firm](brll_ex231.htm) |
| [99.1](brll_ex991.htm) | [Supplemental Information Regarding Director Lester Parris](brll_ex991.htm) |
| [99.2](brll_ex992.htm) | [Barrel Energy Consolidated Financials Period covered: 10/1/2025 through 12/31/2025](brll_ex992.htm) |

---

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | Jarmin Kaltsas |
|  |  | (Registrant) |
| Date: <u>April 24, 2026</u>  | By: | */s/ Jarmin Kaltsas* |
|  |  | (Signature) |

---

\*Print name and title of the signing officer under his signature.

## Exhibit 3.1

**EXHIBIT 3.1**

![](brll_ex31img1.jpg)

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## Exhibit 3.2

**EXHIBIT 3.2**

**AMENDED AND RESTATED** 

**BYLAWS OF BARREL ENERGY INC.**

**Filed as part of the Company's Registration Statement on Form 10** 

**(File No. 000-56001)**

AMENDED AND RESTATED BYLAWS OF

BARREL ENERGY INC.

a Nevada corporation

ARTICLE I – OFFICES

Section 1.1 <u>Principal Office</u>. The principal office and place of business of Barrel Energy Inc. (the "Corporation") shall be at 284 Main St., West Orange, NV 07052 or at such other location as established from time to time by resolution of the Board of Directors of the Corporation (the "Board of Directors").

Section 1.2 <u>Other Offices</u>. Other offices and places of business either within or without the State of Nevada may be established from time to time by resolution of the Board of Directors or as the business of the Corporation may require. The street address of the Corporation's registered agent is the registered office of the Corporation in Nevada.

ARTICLE II – STOCKHOLDERS

Section 2.1 <u>Place of Meetings</u>. Meetings of stockholders shall be held at any place, either within or without the State of Nevada, as may be designated by the Board of Directors or in the manner provided in these bylaws.

Section 2.2 <u>Annual Meeting</u>. The annual meeting of stockholders shall be held each year on a date and at a time designated by the Board of Directors. At the annual meeting, directors shall be elected and any other business may be transacted as may be properly brought before the meeting pursuant to these Amended and Restated Bylaws (as amended from time to time, these "Bylaws"). Except as otherwise restricted by the Articles of Incorporation of the Corporation (as amended from time to time, the "Articles of Incorporation") or applicable law, the Board of Directors may postpone, reschedule or cancel any annual meeting of stockholders.

Section 2.3 <u>Special Meeting</u>. A special meeting of the stockholders may be called at any time only by the chairman of the board, by the chief executive officer, by the president or by the Board of Directors pursuant to a resolution adopted by a majority of the total number of directors that the corporation would have if there were no vacancies. No business may be transacted at such special meeting otherwise than specified in such notice.

Section 2.4 <u>Notice of Stockholders' Meetings</u>. All notices of meetings with stockholders shall be in writing and shall be sent or otherwise given in accordance with Section 2.6 of these bylaws not less than ten (10) nor more than sixty (60) days before the date of the meeting to each shareholder entitled to vote at such meeting. The notice shall specify the place, date, and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called.

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Section 2.5 <u>Manner of Giving Notice; Affidavit of Notice</u>. Written notice of any meeting of stockholders, if mailed, is given when deposited in the United States mail, postage prepaid, directed to the shareholder at his address as it appears on the records of the corporation. An affidavit of the secretary or an assistant secretary or of the transfer agent of the corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

Section 2.6 <u>Quorum</u>. The holders of a majority of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise provided by statute or by the articles of incorporation. If, however, such quorum is not present or represented at any meeting of the stockholders, then either (i) the chairman of the meeting or (ii) the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present or represented. At such adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the meeting as originally noticed.

Section 2.7 <u>Adjourned Meeting; Notice</u>. When a meeting is adjourned to another time or place, unless these bylaws otherwise require, notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting the corporation may transact any business that might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting.

Section 2.8 <u>Presiding Officer and Secretary; Conduct of Business</u>. Meetings of the stockholders shall be presided over by the chairman, or if the chairman is not present, by any vice chairman, or if the chairman or vice chairman is not present or if the corporation shall not have a chairman or vice chairman, by the chief executive officer, or if neither the chairman nor the vice chairman or chief executive officer is present, by a chairman chosen by a majority of the stockholders present at such meeting. The secretary or, in the secretary's absence, an assistant secretary shall act as secretary of every meeting, but if neither the secretary nor an assistant secretary is present, a majority of the stockholders present at such meeting shall choose any person present to act as secretary of the meeting.

Section 2.9 <u>Voting</u>. The stockholders entitled to vote at any meeting of stockholders shall be determined in accordance with the provisions of these bylaws, subject to the provisions of the Nevada General Corporation Law (relating to voting rights of fiduciaries, pledgors and joint owners of stock and to voting trusts and other voting agreements). Except as may be otherwise provided in the articles of incorporation, each shareholder shall be entitled to one vote for each share of capital stock held by such shareholder. at any meeting of stockholders (at which a quorum is present to organize the meeting), all matters, except as otherwise provided by statute, by the articles of incorporation or by these bylaws, shall be decided by the majority of the votes cast at such meeting by the holders of shares present in person or represented by proxy and entitled to vote thereon, whether or not a quorum is present when the vote is taken.

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Section 2.10 <u>Waiver of Notice</u>. Whenever notice is required to be given under any provision of the Nevada General Corporation Law or of the articles of incorporation or these bylaws, a written waiver, signed by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in any written waiver of notice unless so required by the articles of incorporation or these bylaws.

Section 2.11 Record Date for Shareholder Notice; Voting. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting, nor more than sixty (60) days prior to any other action.

If the Board of Directors does not so fix a record date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

Section 2.12 <u>Proxies</u>. Each shareholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for such shareholder by a written proxy, signed by such shareholder and filed with the secretary of the corporation, but no such proxy shall be voted or acted upon after six (6) months from its date, unless the proxy is coupled with an interest or the proxy provides for a longer period. A proxy shall be deemed signed if such shareholder's name is placed on the proxy by any reasonable means including, but not limited to, by facsimile signature, manual signature, typewriting, telegraphic transmission or otherwise, by such shareholder or such shareholder's attorney-in-fact.

ARTICLE III – DIRECTORS

Section 3.1 <u>Powers</u>. Subject to the provisions of the Nevada General Corporation Law and any limitations in the articles of incorporation or these bylaws relating to action required to be approved by the stockholders or by the outstanding shares, the business and affairs of the corporation shall be managed and all corporate powers shall be exercised by or under the direction of the Board of Directors.

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Section 3.2 <u>Number of Directors</u>. Except as otherwise provided in the articles of incorporation, the Board of Directors shall consist of between one and nine persons, the number to be fixed from time to time by the Board of Directors. Until changed by the Board of Directors the number of directors is fixed at one. The number of directors may be changed by a resolution of the Board of Directors, or by a duly adopted amendment to the articles of incorporation. At each annual meeting of stockholders, the stockholders shall elect directors to serve a one-year term. A director shall hold office until the annual shareholder meeting for the year in which his term expires and until his successor shall be elected and shall qualify, subject, however, to prior death, resignation, retirement, disqualification or removal from office. If the number of directors is changed, any additional director elected to fill a vacancy resulting from an increase in the number of directors shall hold office for a term that shall coincide with the remaining term of the directors, but in no case will a decrease in the number of directors shorten the term of any incumbent director.

No reduction of the authorized number of directors shall have the effect of removing any director before that director's term of office expires.

Section 3.3 <u>Election and Qualification of Directors</u>. Directors need not be stockholders unless so required by the articles of incorporation or these bylaws, wherein other qualifications for directors may be prescribed. Each director, including a director elected to fill a vacancy, shall hold office until his successor is elected and qualified or until his earlier resignation or removal. Elections of directors need not be by written ballot.

Section 3.4 <u>Resignation and Vacancies</u>. Any director may resign at any time upon written notice to the attention of the Secretary of the corporation. When one or more directors shall resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in this section in the filling of other vacancies.

Unless otherwise provided in the articles of incorporation or these bylaws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vacancies and newly created directorships resulting from any increase in the authorized number of directors elected by all of the stockholders having the right to vote as a single class may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Whenever the holders of any class or classes of stock or series thereof are entitled to elect one or more directors by the articles of incorporation, vacancies and newly created directorships of such class or classes or series may be filled by a majority of the directors elected by such class or classes or series thereof then in office, or by a sole remaining director so elected.

If at any time, by reason of death or resignation or other cause, the corporation should have no directors in office, then any officer or any shareholder or an executor, administrator, trustee or guardian of a shareholder, or other fiduciary entrusted with like responsibility for the person or estate of a shareholder, may call a special meeting of stockholders in accordance with the provisions of the articles of incorporation or these bylaws.

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Section 3.5 <u>Place of Meetings; Meetings by Telephone</u>. The Board of Directors of the corporation may hold meetings, both regular and special, either within or outside the State of Nevada. Unless otherwise restricted by the articles of incorporation or these bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of such Board of Directors, or committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting pursuant to this section shall constitute presence in person at the meeting.

Section 3.6 <u>Regular Meetings</u>. Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the board.

Section 3.7 <u>Special Meetings</u>. Special meetings of the Board of Directors may be called by the chairman, the chief executive officer, the president, or the secretary or by any two (2) or more directors then serving on at least one (1) days' notice to each director given by one of the means specified in Section 3.9 hereof other than by mail, or on at least three (3) days' notice if given by mail. Special meetings shall be called by the chairman, chief executive officer, president or secretary in like manner and on like notice on the written request of any two (2) or more of the directors then serving.

Section 3.8 <u>Quorum</u>. At all meetings of the Board of Directors, a majority of the authorized number of directors shall constitute a quorum for the transaction of business and the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, the article of incorporation, or these bylaws. If a quorum is not present at any meeting of the Board of Directors, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.

A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved by at least a majority of the required quorum for that meeting.

Section 3.9 <u>Notice Procedure</u>. Whenever, under provisions of any statutes, the article of incorporation or these bylaws, notice is required to be given to any director, such notice shall be deemed given effectively if given in person, by telephone or any other comprehensible means, by mail addressed to such director at such director's address as it appears in the records of the corporation, with postage paid thereon, or by telegram, telex, telecopy, email or other electronic communication or similar means addressed as aforesaid.

Section 3.10 <u>Waiver of Notice</u>. Whenever notice is required to be given under any provision of the Nevada General Corporation Law, the articles of incorporation, or these bylaws, a written waiver thereof, signed by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when such person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the directors, or members of a committee of directors, need be specified in any written waiver of notice unless so required by the articles of incorporation or these bylaws.

Section 3.11 <u>Board Action by Written Consent Without a Meeting</u>. Unless otherwise restricted by the articles of incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof may be taken without a meeting if all members of the board or committee, as the case may be, consent thereto in writing and the writing or writings are filed with the minutes of proceedings of the board or committee.

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Section 3.12 <u>Reduction of Directors</u>. No reduction of the authorized number of directors shall have the effect of removing any director prior to the expiration of such director's term of office.

ARTICLE IV – COMMITTEES

Section 4.1 <u>Committees of Directors</u>. The Board of Directors may, by resolution passed by a majority of the whole board, designate one or more committees, with each committee to consist of one or more of the directors of the corporation. The board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, or in the bylaws of the corporation, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority (A) approving or adopting or recommending to the stockholders, any action or matter expressly required by the Nevada General Corporation Law to be submitted to stockholders for approval or (B) adopting, amending, or repealing any bylaws of the corporation; and, unless the board resolution establishing the committee, the bylaws or the articles of incorporation expressly so provide, no such committee shall have the power or authority to declare a dividend, to authorize the issuance of stock, or to adopt a certificate of ownership and merger pursuant to the Nevada General Corporation Law.

ARTICLE V – OFFICERS

Section 5.1 <u>Officers</u>. The officers of the corporation shall consist of a president, a secretary, and a chief financial officer, who shall be elected by the Board of Directors, and may consist of additional officers including, one or more vice presidents (who may be designated as vice presidents, senior vice presidents or executive vice presidents), as appointed by the Board of Directors or the chief executive officer. The corporation may have such additional or assistant officers (sometimes referred to as "additional officers") as the Board of Directors or chief executive officer may deem necessary for its business and may appoint from time to time.

The Board of Directors shall also have the authority, but shall not be required, to designate officers as the chief executive officer, the chief operating officer, the treasurer or similar such titles. Any two or more offices may be held by the same person.

If a director/officer has not been designated as chairman, or if the designated chairman is not present, the Board of Directors shall elect a chairman from amongst its members to serve as chairman of the Board of Directors. The chairman shall preside at all meetings of the Board of Directors, and shall have such other powers as the board may determine.

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Section 5.2 <u>Appointment of Officers</u>. The officers of the corporation shall be appointed annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the stockholders. If officers are not appointed at such meeting, such appointment shall occur as soon as possible thereafter, or may be left vacant. Each officer shall hold office until a successor shall have been appointed and qualified or until said officer's earlier death, resignation, or removal.

ARTICLE VI – INDEMNITY

Section 6.1 <u>Third Party Actions</u>. The corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement (if such settlement is approved in advance by the corporation, which approval shall not be unreasonably withheld) actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interest of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.

Section 6.2 <u>Actions by or in the Right of the Corporation</u>. The corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person is or was a director, officer, employee or agent of corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) and amounts paid in settlement (if such settlement is approved in advance by the corporation, which approval shall not be unreasonably withheld) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in manner such person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper. Notwithstanding any other provision of this Article VI, no person shall be indemnified hereunder for any expenses or amounts paid in settlement with respect to any action to recover short-swing profits under Section 16(b) of the Securities Exchange Act of 1934, as amended.

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Section 6.3 <u>Successful Defense</u>. To the extent that a director, officer, employee or agent of the corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Sections 6.1 and 6.2, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith.

Section 6.4 <u>Determination of Conduct</u>. Any indemnification under Sections 6.1 and 6.2 (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that the indemnification of the director, officer, employee or agent is proper in the circumstances because such person has met the applicable standard of conduct set forth in Sections 6.1 and 6.2. Such determination shall be made (A) by the Board of Directors or the executive committee by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding or (B) or if such quorum is not obtainable or, even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (C) by the stockholders. Notwithstanding the foregoing, a director, officer, employee or agent of the corporation shall be entitled to contest any determination that the director, officer, employee or agent has not met the applicable standard of conduct set forth in Sections 6.1 and 6.2 by petitioning a court of competent jurisdiction.

Section 6.5 <u>Payment of Expenses in Advance</u>. Expenses incurred in defending a civil or criminal action, suit or proceeding, by an individual who may be entitled to indemnification pursuant to Section 6.1 or 6.2, shall be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this Article VI.

Section 6.6 <u>Indemnity Not Exclusive</u>. The indemnification and advancement of expenses provided by or granted pursuant to the other sections of this Article VI shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any by-law, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office.

ARTICLE VII – RECORDS AND REPORTS

Section 7.1 <u>Maintenance and Inspection of Records</u>. The corporation shall, either at its principal executive officer or at such place or places as designated by the Board of Directors, keep a record of its stockholders listing their names and addresses and the number and class of shares held by each shareholder, a copy of these bylaws as amended to date, accounting books, and other records.

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Any shareholder of record, in person or by attorney or other agent, shall, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose the corporation's stock ledger, a list of its stockholders, and its other books and records and to make copies or extracts therefrom. A proper purpose shall mean a purpose reasonably related to such person's interest as a shareholder. In every instance where an attorney or other agent is the person who seeks the right to inspection, the demand under oath shall be accompanied by a power of attorney or such other writing that authorizes the attorney or other agent so to act on behalf of the shareholder. The demand under oath shall be directed to the corporation at its registered office in Nevada or at its principal place of business.

The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten (10) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, showing the address of each shareholder and the number of shares registered in the name of each shareholder. Such list shall be open to the examination of any shareholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10) days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any shareholder who is present.

Section 7.2 <u>Inspection by Directors</u>. Any director shall have the right to examine the corporation's stock ledger, a list of its stockholders, and its other books and records for a purpose reasonably related to his position as a director. The Superior Court of the county of the corporation's registered office is hereby vested with the exclusive jurisdiction to determine whether a director is entitled to the inspection sought. The Court may summarily order the corporation to permit the director to inspect any and all books and records, the stock ledger, and the stock list and to make copies or extracts therefrom. The Court may, in its discretion, prescribe any limitations or conditions with reference to the inspection, or award such other and further relief as the Court may deem just and proper.

Section 7.3 <u>Annual Statement to Stockholders</u>. The Board of Directors shall present at each annual meeting, and at any special meeting of the stockholders when called for by vote of the stockholders, a full and clear statement of the business and condition of the corporation.

ARTICLE VIII – GENERAL MATTERS

Section 8.1 <u>Execution of Corporate Contracts and Instruments</u>. The Board of Directors, except as otherwise provided in these bylaws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the corporation; such authority may be general or confined to specific instances. Unless so authorized or ratified by the Board of Directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

Section 8.2 <u>Construction; Definitions</u>. Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the Nevada General Corporation Law shall govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural, the plural number includes the singular, and the term "person" includes both a corporation and a natural person.

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ARTICLE IX – AMENDMENTS

Section 9.1 <u>Amendments</u>. The bylaws of the corporation may be adopted, amended or repealed by the stockholders entitled to vote or by action of the Board of Directors.

CERTIFICATION OF BYLAWS OF

BARREL ENERGY INC.

a Nevada corporation

The undersigned, Secretary of Barrel Energy Inc., a Nevada corporation (the "Corporation"), hereby certifies that the attached Bylaws are a true and correct copy of the Bylaws of the Corporation in effect as of the date of this certificate

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| |
|:---|
| */s/ Willis J. Pumphrey* |
| Willis J. Pumphrey, Secretary |
| 2/24/2025 |
| Date |

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<br> <u>Page 10 of 10</u>

## Exhibit 4.1

&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT 4.1**

**CERTIFICATE OF THE PREFERRED SHARES**

**Filed as part of the Company's Registration** 

**Statement on Form 10 (File No. 000-56001)**

![](brll_ex2img1.jpg)

![](brll_ex2img2.jpg)

## Exhibit 10.1

**EXHIBIT 10.1**

**MATERIAL AGREEMENTS RELATED TO** 

**ACQUISITION OF HAPPY TRAPS, LLC**

**Filed as part of the Company's Registration Statement on Form 10** 

**(File No. 000-56001)**

***BUSINESS PURCHASE AGREEMENT***

This Business Purchase Agreement (this "Agreement") is made and entered into on March 28, 2025, by and between lvlaine Bio-Fuel, Inc., having its principal office of business at 51 Ingersoll Drive, Portland, Maine 04103 ("Seller"), on the one hand, and Barrel Energy, having its principal office of business st 284 Main St, West Orange, New Jersey 07052 ("Buyer"), on the other hand. Seller and Buyer are collectively referred to herein as the "Parties", and are sometimes referred to individually as a "Party".

RECITALS:

WHEREAS, Seller is the owner of a Happy Traps, LLC, located at 51 Ingersoll Drive, Portland, Maine 04103 (collectively, the "Business");

WHEREAS, Seller desires to sell the Business to Buyer, and Buyet desires to purchase the Business from Seller.

NOW, THEREFORE, for and in consideration of the mutual covenants and benefits derived and to be derived from this Agreement by each Party, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acloiowledged, Seller and Buyer hereby agree as follows:

**A. Subject Matter**

**1. Description of Business**

The Business includes the following properties:

All the furniture, fixtures, equipment, and other tangible assets

All the trade, goodwill, and other intangible assets

**Agreement to Sell**

Subject to and in accordance with the terms and conditions of this Agreement, Buyer agrees to purchase the Business from Seller, and Seller agrees to sell the Business to Buyer. Seller represents and warrants to Buyer that it has (and Buyer will have) good and marketable title to the Business, free and clear of all liens and encumbrances.

**2. Purchase Price and Method of Payment**

Buyer shall pay and Seller shall accept the purchase price for the Business as follows:

**Consideration**

As total consideration for the purchase and sale of the Business (including its tangible and intangible nssets as described above), and Buyer's assumption of the assumed obligations and all other liabilities provided for in this Agreement, the Buyer shall pay to the Seller, in stock, the sum of 600,000 shares of Barrel Energy, a class-A stock, at $0.50 per share for thc sum of $300,000.00, and such total consideration to be referred to in this Agreement as the "Purchase Price." See addendum A.

**Payment**

The sum of $0.00 shall be delivered to Seller upon Duyer's execution of this Agreement. Subject to the following conditions, the Bttyer shall make final payment of the remaining unpaid amount of the Purchase Price at closing. Buyer agrees to pay the entire amount at closing. Concurrent with the execution of this Agreement, Buyer has deposited with the Seller or Seller's Escrow Agent the sum of $0.00, (hereinafter referred to as "Earnest Money") as earnest money and a pai'tial payment of the considefation under the Contract. In the event that the purchase and salc shall bo consummated pursuant to the terms of said contract, Seller or Seller's Escrow Agent shall, at such closing, deliver to Seller the Earncst Money, and Buyer shall be given credit toward the purchase price for the payment of the Earnest Money. In the event that the closing does not occur, Buyer's deposited earnest money should be returned to Buyer. Unless the Buyer does not make a good faith effort to obtain financing, the Buyer shall be returned their earnest money if closing does not occur.

**Allocation**

The Purchase Price shall be allocated for tax purposes as follows:

---

| | |
|:---|:---|
| Asset Purchased | Fair Market Value |
| Assets and Equipment, Accounts | $300000.00 |

---

**Fair Market Value**

Btiyer and Seller each acknowledge that die amount of Purchase Price allocated to the Business' properties represents the fair market value of the properties. Buyer and Seller each agree to report the sale of the business for income tax purposes according to the allocations sct forth herein.

**3. Closing**

**Time and Place of Closing**

Closing is the date and time at which parties agree to finalize this transaction. The closing date is designated as March 28, 2025, provided there are no unforeseen delays. Time is of the essence and in no event shall closing be later than 0 calendar days after designated closing date, unless an extension is agreed upon in writing between the Buyer and the Seller.

At Closing, Seller shall deliver to the Buyer a final, executed Bill of Sale transferring to Buyer all of the assets of the Business sold hereunder, free and clear of any and all liens, encumbrances, security interests, debts or ta*xes* of any nature whatsoever. The Seller shall also produce an Affidavit of Title indicating the Sel1ei"s authority to sell and transfer the Business and its assets. Finally, the Seller shall execute and deliver an assignment of the assumed name of the Business to the Buyer and any other documents necessary to finalize this Agreement.

**B. Representations and Warranties of Seller**

Seller makes the following representation and warranties as of the date hereof and as of the date of Closing, except when otherwise indicated.

**Organization and Standing**

The Business is duly organized, validly existing, in good standing under the laws of the State of Maine and is qualified to carry on its business in the State of Maine, end has the corporate power and authority to carry on its business as it is now being conducted.

**Authority Relative to this Agreement**

Except as otherwise stated herein, the Seller has full power and authority to execute this Agreement and carry out the transactions contemplated by it. No further action is necessary by the Seller to make this Agreement valid and binding upon Seller and enforceable against it in accordance with the terms hereof, or to carry out the actions contemplated hereby. The execution, delivery, and performance of this Agreement by the Seller will not constitute:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a breach or a violation of the Corporation's Certificate of Incorporation, by-laws, or of any law, agreement, indenture, deed of trust, mortgage, loan agreement or other instrument to which it is a party, or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a violation of any order, judgment or decree to which it is a party or by which its assets or properties is bound or affected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result in the creation of any lien, charge or encumbrance upon its assets or properties except as stated herein.

**Authorization and Enforceability**

This Agreement constitutes Seller's legal, valid and binding obligation, enforceable in accordance with its terns, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and conveyance and other laws for the protection of creditors, as well as to general principles of equity, regardless whether such enforceability is considered in a proceeding in equity.

**Tax Matters**

The Seller has timely prepared and filed all federal, state, and local tax returns and reports as arc and have been required to be filed, and all taxes shown thereon to be due have been paid in full, including but not limited to sales tax, withholding tax, and all other taxes of every nature.

**Properties**

The Seller has good and merchantable title to all of its properties and assets that constitute "Business" as defined herein. At Closing, such properties and assets will be subject to no mortgage, pledge, lien, conditional sales agreement, security agreement, encumbrance or charge, secured or unsecured, except for those taxes which shall be pro-rated as of the date of Closing. Seller has or will pay all debts incurred by it up to the date of occupancy by Buyer including all employee compensation and utilities.

**Litigation**

There is no action, suit, proceeding, claim or investigation by any person, entity, or governmental entity pending or, to Seller's knowledge, threatened against it before any governmental entity that impedes or is likely to impede its ability to consummate the transaction.

**Compliance with Applicable Laws**

None of the Seller's actions in transferring good and merchantable title to those assets and properties set out in herein are prohibited by or have violated or will violate any law in effect on the date of this Agreement or on the date of closing.

**Documents for Review**

The Seller's Documents for Review enumerated in Exhibit "A" attached hereto and made a part hereof are true, authentic, and correct copies of the originals, or as appropriate the originals themselves, and no alterations and modifications thereof have been made.

**Business Lease**

The lease currently operative on the premises, if applicable, is in good standing and all payments required to be made under the lease have been made by Seller. All rent averages, rent, maintenance and other expenses relating to the lease including any real property tax obligations and insurance obligations up to occupancy by Buyer are the responsibility of Seller.

Seller will pay any and all fees charged by the Landlord for processing any assignment of the lease to Buyer.

**No Other Representations or Warranties; Disclosed Materials**

Seller makes no other express or implied representations of warranty with respect to Seller, and Seller disclaims any other representations or warranties not contained in this Agreement, whether made by Seller, any affiliate of Seller, or any of their respective officers, directors, managers, partners, employees or agents.

**C. Representations and Warranties by both Buyer and Seller**

Buyer makes the following representations and warranties as of Closing and as of the date hereof.

**Warrants**

Buyer and Seller hereby represent and warrant that there has been no act or omission by Buyer or Seller which would give rise to any valid claim against any of the parties hereto for a brokerage commission, finder's fee, or other like payment in connection with the transactions contemplated hereby.

**Financial Resources**

Buyer shall have as of Closing, sufficient funds with which to pay the Closing Amount and consummate the transaction and, following Closing, Buyer will have sufficient funds to pay any adjustments to the Purchase Price and meet its other payment obligations under this Agreement.

**Payment of Costs and Expenses**

Except as expressly provided to the contrary in this Agreement, each party shall pay all of its own costs and expenses incurred with respect to the negotiation, execution and delivery of this Agreement and the exhibits hereto.

**Litigation**

There is no action, suit, proceeding, claim or investigation by any person, entity, or governmental entity pending or, to Buyer's knowledge, threatened against it before any governmental entity that impedes or is likely to impede its ability to consummate the transaction and to assume the liabilities to be assumed by it under this Agreement.

**Indemnification**

Buyer shall indemnify and hold Seller harmless from any and all liabilities and obligations arising from Buyer's operation of the business after the Closing. Similarly, Seller shall indemnify and hold Buyer harmless from any and all liabilities and obligations arising from Seller's operation of the business prior to the Closing.

**Default**

After execution of this Agreement by the parties, if either party fails to perform its respective obligations, or breaches a warranty or covenant, that would constitute a default. The defaulting party shall cure the default within 180 days of notice by the other party. In the event of a failure to cure such default by either party within the stipulated time, Seller or Buyer shall have the right to cancel this transaction and/or sue for damages in addition to any other relief provided under this Agreement. In a suit for default, the prevailing party shall recover reasonable attorney fees.

**Survival of Representations and Warranties**

Each of the parties to this Agreement covenants and agrees that their respective representations, warranties, covenants, statements, and agreements contained in this Agreement shall survive the Closing Date. Except the exhibits hereto or the documents and papers delivered by Seller to Buyer in connection with the Agreement herewith, there are no other agreements, representations, warranties, or covenants by or among the parties hereto with respect to the subject matter hereof.

**Buyer's Evaluation**

Buyer acknowledges that it is an experienced and knowledgeable investor in grease trap services, repairs and maintenance and other restaurant services, and is aware of the risks.

**Cooperation**

Both Seller and Buyer agrees to cooperate fully with each other and to execute such further instruments, documents and agreements and to give such further written assurances, as may be reasonably requested by the parties, to better evidence and consummate the transactions described herein and contemplated hereby, and to carry into effect the intents and purposes of this Agreement.

**Bankruptcy**

There are no bankruptcy, reorganization or arrangement proceedings pending, being contemplated by or to such Buyer's knowledge threatened against such Buyer or any affiliate of such Buyer.

**Confidentiality**

![](brll_ex101img9.jpg)Both Seller and Buyer shall not divulge, communicate, or use to the detriment of the other or for the benefit of any other person or persons, or misuse in any way, any of Seller's confidential information discovered by or disclosed to Seller or Buyer as a result of the delivery, execution or performance of this Agreement.

**No Investment Company**

Buyer is not (a) an investment company or a company controlled by an investment company within the meaning of the Investment Company Act of 1940, as amended, or (b) subject in any respect to the provisions of that Act.

**D. Transactions Prior to Closing** 

**Conduct of Seller's Business until Closing**

Except as Buyer may otherwise consent in writing prior to the Closing Date, Seller will not enter into any transaction, take any action, or fail to take any action which would result in or could reasonably be expected to result in or cause any of the representations and warranties of Seller contained in this Agreement to be void, invalid, or false on the Closing Date.

**Resignations**

Seller shall deliver to Buyer prior to the Closing Date such resignations of officers or employees of the business as Buyer shall indicate, and each such resignation to be effective on the Closing Date.

**Satisfactions**

Seller shall deliver to Buyer on the Closing Date a satisfaction of any encumbrance or lien on the business property, satisfactory in form and substance to the Buyer, indicating that the then outstanding unpaid principal balance of any promissory note secured thereby has been paid in full prior to or simultaneously with the closing.

**Advice of Changes**

Between the date hereof' and the Closing Date, Seller will promptly advise Buyer in writing of any fact which, if existing or 1‹nown at the state hereof, would have been required to be set forth herein or disclosed pursuant to this Agreement.

Documents

Seller shall deliver to Buyer at closing such documents which are in Buyer's sole discretion and necessary to filly satisfy the objectives of this Agreement in content and form.

**E. General Provisions**

**Waivers**

No action taken pursuant to this Agreement including any investigation by or on behalf of any party shall be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein or therein and in any documents delivered in connection herewith or therewith. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.

**No Third-Party Beneficiaries**

Except as otherwise provided, nothing in this Agreement shall provide any benefit to any third party or entitle any third party to any claim, cause of action, remedy, or right of any kind, it being the intent of the Parties that this Agreement shall not be construed as a third-party beneficiary contract.

**Notices**

All notices, requests, demands and other communications which are required or may be given under this Agreement shall be in writing and shall be deemed to have been duly given if delivered or mailed, first class mail, postage prepaid to Seller, Buyer, or to such other address as such party shall have specified by notice in writing to the other party.

**Sections and Other Headings**

The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretations of this Agreement.

**Governing Law;** Venue

This agreement and all transactions contemplated hereby shall be governed by and construed and enforced in accordance with the laws of Maine.

**Conditions Precedent**

If the obligations and responsibility of either party are not fulfilled by the appropriate dates thereof, then this Agreement shall be deemed null and void and any deposits paid ct said time shall be returned to the Buyer forthwith.

**Time is of the Essence**

Time and timely performance are of the essence in this contract and of the covenants and provisions hereunder.

**Successors and Assigns**

**Contractual Procedures**

Unless specifically disallowed by law, service of process in any litigation that arise hereunder may be obtained through certified mail, return receipt requested; the parties hereto waiving any and all rights they may have to object to the method by which service was perfected.

**Extraordinary Remedies**

To the extent cognizable at law, in the event of breach the parties hereto may obtain injunctive relief in addition to any and all other remedies available thereto regardless of whether the injured party can demonstrate that no adequate remedy exists at law.

**Entire Agreement**

This Contract contains the entire agreement of the parties, and there are no other promises or conditions in any other agreement whether oral or written concerning the subject matter of this Contract. This Contract supersedes any prior written or oi-a1 agreements between the parties.

**Severability**

If any provision of this Contract will be held to be invalid or unenforceable for any reason, the remaining provisions will continue to be valid and enforceable. If a court finds that any provision of this Contract is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision will be deemed to be written, construed, and enforced as so limited.

**Amendments**

![](brll_ex101img12.jpg)This Contract may be modified or amended in writing, if the writing is signed by the party obligated under the amendment.

**Initials and Exhibits**

This Contract shall not be valid and enforceable unless it is properly executed by Buyer and Seller and their initials affixed to each page of the exhibits attached hereto and made a part hereof.

**Signatories**

This Agreement shall be executed on behalf of Maine Bio-Fuel, Inc. by James Kaltsas, its President, and on behalf of Barrel Energy by Lester Parris, its Chairman of the Board.

BUSINESS:

---

| | | |
|:---|:---|:---|
| By: | */s/ James Kaltsas* | Date: 3/28/2025 |

---

Maine Bio-Fuel, Inc.

James Kaltsas, its President

BUYER: Barrel Energy Inc.

---

| | | |
|:---|:---|:---|
| By: | */s/ Lester Parris* | Date: 3-25-2025 |
|  | Barrel Energy<br> Lester Parris, its Chairman of the Board |  |

---

**Exhibit "A"** 

**Documents for Review**

Financial and Operating Statement(s)

Sales Tax Return(s)

Income Tax Return(s)

Accounts Payable/Receivables Ledger

Corporate Articles of Incorporation

For all documents named above the Seller shall provide full and complete records covering the past 3 years.

---

| |
|:---|
| */s/ James Kaltsas* |
| Maine Bio-Fuel, Inc. |
| */s/ Lester Parris* |
| Barrel Energy |

---

## Exhibit 10.2

**EXHIBIT 10.2**

**CONSULTING AND ADVISORY AGREEMENT**

**WITH SUMMIT GROUP ENTERPRISES**

**Filed as part of the Company's Registration Statement on Form 10**

**(File No. 000-56001)**

**CONSULTING SERVICES AGREEMENT**

**THIS AGREEMENT is effective as of the 6th day of November 2025 by and between SUMMIT GROUP ENTERPRISES LLC who maintains its principal offices at 4151 Mission Blvd, San Diego, CA 92109 (hereinafter referred to as "SGE"), and BARREL ENERGY INC. who maintains its principal office at 284 Main St., West Orange, NJ 07052 (hereinafter referred to as "Client").**

**<u>RECITALS</u>**

**<u>WHEREAS</u><u>, SGE is engaged in the business of providing and rendering</u> <u>corporate consultation services, and has knowledge, expertise, and personnel</u> <u>to render the requisite services to Client; and</u>**

**<u>WHEREAS</u><u>, Client is desirous of retaining SGE for the purpose of obtaining</u> <u>advisory and corporate advisory services, so as to better, more fully, and more</u> <u>effectively advise corporate services as such may relate to BARREL ENERGY</u> <u>INC.</u>**

**<u>NOW, THEREFORE</u><u>, in consideration of the premises and of the mutual</u> <u>covenants and agreements contained herein, it is agreed as follows:</u>**

**<u>TERMS AND CONDITIONS</u>**

**1. Engagement of SGE**

Client hereby engages SGE, and SGE agrees to render to Client corporate relations, advisory, and consulting services. The consulting services to be provided by SGE shall include, but are not limited to, the development and implementation of corporate advisory services and corporate communications of BARREL ENERGY INC. Client's activities are intended to facilitate the fundamental growth in the interest of Client.

Client acknowledges that SGE's ability to relate information regarding Client's activities is directly related to the information provided by Client to SGE. Client acknowledges that SGE will devote such time as is reasonably necessary to perform the services for Client, having due regard for SGE's commitments and obligations to other businesses for which it performs consulting services.

**2. Term and Termination**

The term of this Agreement shall be for a period of twelve (12) months, commencing on the effective date hereof. If the parties hereto desire to extend the relationship, the parties will renew this Agreement or enter into a new Agreement, both of which must be done in writing.

Client hereby acknowledges that there is no action, proceeding, or investigation pending or threatened which questions the validity of the issuance of the shares to SGE or any of the foregoing representations. Client further acknowledges and agrees that there is no other agreement or understanding between SGE and Client that would preclude SGE from selling or disposing of the shares represented in Schedule A-1. Client confirms that shares are without encumbrance and are fully paid at the time of the completion of this Agreement.

![](brll_ex102img1.jpg)<br>

**3. Treatment of Confidential Information**

SGE shall not disclose, without the consent of the Client, any financial and business information concerning the business, affairs, plans, and programs of Client which are delivered by Client to SGE in connection with SGE's services hereunder, provided such information is plainly and prominently marked in writing by Client as being confidential (the "Confidential Information").

SGE will not be bound by the foregoing limitation in the event: (i) the Confidential Information is otherwise disseminated and becomes public information, or (ii) SGE is required to disclose the Confidential Information pursuant to a subpoena or other judicial order.

**4. Representation by SGE of Other Clients**

Client acknowledges and consents to SGE rendering corporate advisory and corporate communications consulting services to other clients of SGE engaged in the same or similar business as that of Client.

**5. Indemnification by Client**

Client acknowledges that SGE, in the performance of its duties, will be required to rely upon the accuracy and completeness of information supplied to it by Client.

Client agrees to indemnify, hold harmless, and defend SGE, its officers, agents, and/ or employees from any proceeding or suit which arises out of or is due to the inaccuracy or incompleteness of information provided by Client in connection with SGE's performance of its obligations under this Agreement.

**6. Indemnification by SGE**

SGE agrees to indemnify, hold harmless, and defend Client from any proceeding or suit which arises out of or is due to the actions, negligent or otherwise, of SGE, its subsidiaries, agents, employees, or affiliates in the performance of its obligations under this Agreement.

**7. Independent Contractor**

It is expressly agreed that SGE is acting as an independent contractor in performing its services hereunder. Client shall carry no workers' compensation insurance or any health or accident insurance on SGE or SGE's employees. Client shall not pay any contributions to social security, unemployment insurance, federal or state withholding taxes, nor provide any other contributions or benefits that might be customary in an employer-employee relationship.

![](brll_ex102img2.jpg)<br>

**8. Non-Assignment**

This Agreement shall not be assigned by either party without the written consent of the other party.

**9. Compensation**

Please refer to Schedule A-1, attached hereto and hereby incorporated into this Agreement.

**10. Notices**

Any notice to be given by either party to the other hereunder shall be sufficient if in writing and sent by registered or certified mail, return receipt requested, addressed to such party at the address specified in this Agreement or such other address as either party may have given to the other in writing.

**11. Modification and Waiver**

This Agreement may not be altered or modified except by writing signed by each of the respective parties hereof. No breach or violation of this Agreement shall be waived except in writing executed by the party granting such waiver.

**12. Entire Agreement**

This writing constitutes the entire Agreement between the parties, and replaces and supersedes any previous oral or written agreement or understanding that may exist. This Agreement can only be modified in writing and executed by both parties. In the event that any party brings suit to enforce any part of this Agreement, the prevailing party shall recover attorney fees and legal costs.

**13. Governing Law and Venue**

This Agreement shall be governed under the laws of the State of California, and any claim arising herefrom shall be submitted to a court of competent jurisdiction located in San Diego, California.

![](brll_ex102img4.jpg)<br>

**<u>SCHEDULE A-1</u>**

**Compensation Terms**

For the services to be rendered and performed by SGE during the term of this Agreement, Client shall, upon mutual acceptance and execution of this Agreement, deliver or arrange to be delivered to SUMMIT GROUP ENTERPRISES LLC the following:

Twenty Million (20,000,000) restricted common Rule 144 shares of BARREL ENERGY INC. (BRLL) common stock in lieu of One Hundred Thousand Dollars ($100,000) cash payment for services rendered.

ALL COMPENSATION IS CONSIDERED FULLY PAID UPON EXECUTION OF THIS AGREEMENT.

<u>EXECUTION</u>

<u>IN WITNESS WHEREOF</u><u>, the parties have executed this Agreement as of the day</u> <u>and year first written above.</u>

**<u>BARREL ENERGY INC.</u>**

<u>Client: BARREL ENERGY INC.</u>

---

| | |
|:---|:---|
| By: | */s/ Lester Parris* |
| Name: | Lester Parris |
| Title: | Chairman |
| Date: | November 6, 2025 |

---

**<u>SUMMIT GROUP ENTERPRISES LLC</u>**

---

| | |
|:---|:---|
| By: | */s/ Samuel A. Haber* |
| Name: | Samuel A. Haber |
| Title: | Principal |
| Date: | November 6, 2025 |

---

## Exhibit 14.1

**EXHIBIT 14**

**CODE OF ETHICS**

**Filed as part of the Company's Registration Statement on Form 10**

**(File No. 000-56001)**

**BARREL ENERGY INC.**

**CODE OF ETHICS**

**I. Purpose**

This Code of Ethics (the "Code") has been adopted by the Board of Directors of Barrel Energy Inc. (the "Company") to promote:

· Honest and ethical conduct;

· Compliance with applicable laws, rules, and regulations;

· Accurate and timely disclosure in reports filed with the Securities and Exchange Commission ("SEC");

· Accountability for adherence to ethical standards;

· Protection of the Company's assets and reputation.

This Code applies to all directors, officers, and employees of the Company, including the Company's principal executive officer, principal financial officer, and principal accounting officer.

**II. Honest and Ethical Conduct**

All covered persons must act with integrity, honesty, and fairness in all business dealings. No individual may take unfair advantage of anyone through manipulation, concealment, abuse of confidential information, misrepresentation of material facts, or any other unfair-dealing practice.

**III. Conflicts of Interest**

Covered persons must avoid any situation in which personal interests conflict, or appear to conflict, with the interests of the Company.

A conflict of interest may arise when:

· A person's personal, financial, or family interests interfere with the performance of duties to the Company;

· A person receives improper personal benefits as a result of their position with the Company.

All actual or potential conflicts must be promptly disclosed to the Board of Directors. Any transaction involving a potential conflict must be reviewed and approved by the Board or an authorized committee.

**IV. Compliance with Laws, Rules, and Regulations**

The Company expects all covered persons to comply with all applicable federal, state, and local laws, rules, and regulations, including securities laws and regulations governing insider trading.

No director, officer, or employee may engage in insider trading or disclose material nonpublic information to unauthorized persons.

**V. Accurate Reporting and Disclosure**

Covered persons involved in the preparation of the Company's financial statements or SEC filings must ensure that disclosures are full, fair, accurate, timely, and understandable.

No person may knowingly:

· Misrepresent facts;

· Omit material information;

· Falsify records;

· Circumvent internal accounting controls.

**VI. Protection and Proper Use of Company Assets**

Company assets, including intellectual property, confidential information, equipment, and funds, must be used solely for legitimate business purposes.

Confidential information must not be disclosed unless properly authorized or legally required.

**VII. Fair Dealing**

Covered persons shall deal fairly with the Company's stockholders, customers, suppliers, competitors, and employees. No one may take unfair advantage through unethical or illegal conduct.

**VIII. Reporting Violations**

Covered persons are required to promptly report any known or suspected violations of this Code to the Board of Directors or its designated representative.

Reports may be made confidentially and without fear of retaliation. The Company strictly prohibits retaliation against any individual who reports concerns in good faith.

**IX. Accountability and Enforcement**

Violations of this Code may result in disciplinary action, up to and including removal from office or termination of employment, as appropriate.

The Board of Directors shall have sole authority to determine appropriate action for violations involving directors or executive officers.

**X. Waivers**

Any waiver of this Code for a director or executive officer may be granted only by the Board of Directors and must be promptly disclosed as required by applicable SEC rules.

**XI. Amendment**

This Code may be amended or modified only by the Board of Directors.

**XII. Adoption**

This Code of Ethics was adopted by the Board of Directors of Barrel Energy Inc. on December 26, 2025 and is effective immediately upon adoption.

Approved by the Board of Directors of Barrel Energy Inc.:

---

| |
|:---|
| */s/ Jarmin Kaltsas* |
| Jarmin Kaltsas |
| */s/ Lester Parris* |
| Lester Parris |
| */s/ Alfreddie Johnson* |
| Alfreddie Johnson |
| */s/ Shane Bobb* |
| Shane Bobb |
| */s/ Lyndell Parris* |
| Lyndell Parris |
| */s/ Mbi Mbapeh* |
| Mbi Mbapeh |
| */s/ Willis Pumphrey* |
| Willis Pumphrey |

---

## Exhibit 23.1

**EXHIBIT 23.1**

![](brll_ex231img2.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We consent to the inclusion in this General Form for Registration of Securities on Form 10 of our audit report dated February 20, 2026, with respect to the consolidated balance sheets of Barrel Energy, Inc. (formerly Happy Traps LLC) as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in stockholders' deficit, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes to the financial statements. Our report relating to those financial statements includes an emphasis of matter paragraph regarding substantial doubt as to Barrel Energy, Inc.'s ability to continue as a going concern.

![](brll_ex231img3.jpg)

Fruci & Associates II, PLLC – PCAOB ID #05525

Spokane, Washington

February 20, 2026

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT 99.1**

**SUPPLEMENTAL INFORMATION REGARDING** 

**DIRECTOR LESTER PARRIS**

**Filed as part of the Company's Registration** 

**Statement on Form 10 (File No. 000-56001**

Lester Parris is subject to two conflicting court orders. One issued by the Southern District of Florida SEC v Quench, Inc., et al, Case No.: 05-80044-CIV SD-Fl-order-dated March 18, 2008 effectively barred Mr. Parris from participating as an officer or director of a public company indefinitely. In a later case in the Eastern District of New York, US v Parris et al 1:05-cr-00636-FB Document 187 Filed August 18, 2008 (after the other case) permitted Mr. Parris to participate in public companies after a period of time, which has expired. Management believes that the later decision is controlling, but if a court were to disagree with such determination, Mr. Parris would be required to resign from our board of directors. As its resources allow, the Company will seek an affirmative judicial resolution of the two conflicting court orders.

## Exhibit 99.2

**EXHIBIT 99.2**

**UNAUDITED FIANCIAL STATEMENTS**

 **Filed as part of the Company's Registration Statement on Form 10** 

**(File No. 000-56001)**

 **Period covered: 10/1/2025 through 12/31/2025** 

**Filed as part of the Company's Registration Statement on Form 10**

 **(File No. 000-56001)**

**TABLE OF CONTENTS**

**PART II – FINANCIAL INFORMATION**

---

| | | |
|:---|:---|:---|
| Item 1: | Financial Statements |  |
|  | [Balance Sheets as of December 31, 2025 (Unaudited) and December 31, 2024](#BSS) | 3 |
|  | [Statements of Operations for the years ended December 31 2025 (Unaudited) and 2024](#OPP) | 4 |
|  | [Statement of Shareholders Deficit for the years 4 Ended December 31, 2025 (Unaudited) and 2024](#EQQ) | 5 |
|  | [Statements of Cash Flows for the years ended December 31, 2025 (Unaudited) and 2024](#CFF) | 6 |
|  | [Notes to Financial Statements](#NOTESS) | 7 |
|  | [Management Certification Letter](#mana) | 14 |

---

---

| |
|:---|
| 2 |
| [*Table of Contents*](#TOC) |

---

**BARREL ENERGY, INC**

**CONSOLIDATED BALANCE SHEETS**

**As of December 31, (Unaudited 2025)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **ASSETS** | **2025** | **2024** |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $72941 | $67368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable- net of allowance | 44239 | 15958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advances – employee | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Note receivable – related party | 28500 | -- |
| Total current assets | 145980 | 83626 |
| Total assets | $145980 | $83626 |
| **LIABILITIES AND STOCKHOLDRS' DEFICIT** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from related parties | 6435 | 6435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expense | 66652 | 63482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Member buyout payable | -- | 18250 |
| Total current liabilities | 73087 | 88167 |
| Commitments and contingencies |  |  |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred shares $001 par value, 5,000,000 authorized 5,000,000 issued and outstanding, respectively | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.001 par value 2,000,000,000 authorized,1,008,595 and 957,595 issued and outstanding, respectively | 1009 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in Capital | 395929 | 382481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription receivable | (40000) | (40000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (289045) | (352979) |
| Total deficit | 72893 | (4541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders'' deficit | $145980 | $83626 |

---

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

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**BARREL ENERGY, INC**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**For the Years Ended December 31, (2025 Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Revenue | $211531 | $159511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of goods | 77499 | 64251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 134032 | 95260 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 14322 | 26984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense | 22140 | 88001 |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 33636 | 25206 |
| Total operating expense | 70098 | 60990 |
| Income (loss) from operations | 63934 | 34270 |
| Net income (loss) before taxes | 63934 | 34270 |
| Income tax |  |  |
| Net income (loss) | $63934 | $34270 |
| Net income (loss) per common share, basic and diluted | $0.06 | $0.04 |
| Weighted average number of shares outstanding, basic and diluted | 1008595 | 957595 |

---

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

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**BARREL ENERGY, INC**

 **CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT**

**For the Years Ended December 31, 2025 (Unaudited) and 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Shares** | **Preferred Shares** | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Stock**<br>**Receivable** | **Shareholder** <br>**Deficit** |
| Balance at December 31, 2023 | 5000000 | 5000 | 383437825 | 384438 |  | (387249) | (40000) | (38811) |
| Net income (loss) |  |  |  |  |  | 34270 |  | 34270 |
| Balance at December 31, 2024 | 5000000 | 5000 | 383437825 | 383438 |  | (352979) | (40000) | (4541) |
| Common stock issued for service |  |  | 20000000 | 20000 |  |  |  | 20000 |
| Reverse of outstanding shares  |  |  | (402429230) | (402429) | 395929 |  |  | (6500) |
| Net income (loss) |  |  |  |  |  | 63934 |  | 63934 |
| Balance at December 31, 2025 | 5000000 | $5000 | 1009 | $1009 | $395929 | $(289045) | $(40000) | $72893 |

---

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

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**BARREL ENERGY, INC**

&nbsp;&nbsp;&nbsp;&nbsp;**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(2025 Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** <br> **December 31,** | **For the Years Ended** <br> **December 31,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** | $63934 | $34270 |
| Net income(loss) |  |  |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock issued for service | 12900 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | &nbsp;&nbsp;&nbsp;&nbsp; (14881) | (18737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable- related party | (46750) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense | (13400) | 8800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expense | 3170 | 56634 |
| **Net cash provided by (used in) operating activities** | 4973 | 80967 |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock issued for acquisition | 600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' buyout | -- | (18250) |
| **Net cash provided by (used in) financing activities** | 600 | (18250) |
| **Net change in cash** | 5573 | 62368 |
| **Cash at beginning of period** | 67368 | 4651 |
| **Cash at end of period** | $72941 | $467368 |
| **SUPPLEMENT DISCLOSURE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest paid | $-- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid | $- | $-- |
| **NON-CASH TRANSACTIONS** |  |  |

---

The accompanying notes are an integral part of audited financial statements.

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**BARREL ENERGY,INC**

 **NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 – BASIS OF PRESENTATION AND ORGANIZATION**

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 terminated the past businesses.

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.

On March 21, 2025 the Company amended its articles of incorporation to increase the number of authorized shares from 450,000,000 to 2,000,000,000.

On March 21, 2025 the Company amended its articles of incorporation to increase the number of authorized shares from 450,000,000 to 2,000,000,000.

On March 28, 2025 the Company acquired Happy Traps, LLC. The Company issued 600,000 shares of common stock with a value of $300,000 for the acquisition. The acquisition was treated as a reverse merger with Happy Traps being the surviving entity keeping the name Barrel Energy 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 20, 2026 the Company effected a reverse split of the common stock of 1:400 per share. The financials statements herein reflect the share reverse as if effective prior to the date of the reverse.

**<u>The Business</u>**

The Company provides essential grease trap services, eco-friendly cleaning products, and oil recycling solutions for restaurants and food service businesses throughout the Greater Portland area. The Company has built a strong reputation based on reliability, efficiency, environmental responsibility, and superior customer service. The mission of the Company is to deliver superior grease trap solutions and sustainable practices that ensure regulatory compliance and environmental benefit while maximizing operational efficiency for our food service clients. This comprehensive approach creates multiple touchpoints with each customer and addresses several critical needs for food service establishments, from regulatory compliance to environmental responsibility.

The Company has developed a synergistic three-part revenue model that creates value for its customers:

1. <u>Service Revenue</u> **:** Professional grease trap pumping and maintenance. Each service requires approximately 30 minutes, allowing our technicians to complete up to 10 services daily.

2. <u>Product Revenue</u> **:** Sale of proprietary Happy Traps Cleaners line of eco-friendly cleaning products.

3. <u>Recycling Revenue</u> **:** Through our partnership with Maine Bio-Fuel Inc, we collect used cooking oil during routine service visits, generating additional revenue while providing customers with a convenient disposal solution

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The grease trap service industry represents a stable, regulation-driven market that is intrinsically tied to the food service sector. With more than 660,000 restaurants across the United States facing strict regulatory requirements for the proper disposal of fats, oils, and grease (FOG), demand for professional grease trap services remains consistently strong regardless of economic conditions. Additionally, the growing market for used cooking oil recycling, driven by increasing demand for biofuel and other sustainable applications, presents a high-growth synergistic opportunity for integrated service providers like Happy Traps.

Happy Traps focuses on serving:

· Full-service restaurants and quick-service establishments

· Hotels with food service operations

· Institutional kitchens including schools, hospitals, and corporate cafeterias

· Food manufacturing facilities

· Grocery stores with prepared food sections

These establishments all face stringent regulatory requirements regarding FOG disposal and benefit significantly from our bundled service approach.

**<u>Market and Services</u>**

<u>Grease Trap Maintenance Services:</u>

Our core service offering includes professional pumping, cleaning, and maintenance of grease traps for food service establishments. Each service is efficiently completed in approximately 30 minutes, allowing our technicians to service up to 10 accounts daily and 50 accounts weekly per truck.

<u>Cleaning Product Line</u>**:**

We have developed a proprietary line of eco-friendly cleaning products specifically formulated for restaurant use. These products complement our service offerings and provide ongoing revenue between maintenance visits.

<u>Pressure Washing Services</u>**:**

We offer professional pressure washing services for restaurant exteriors, particularly focusing on back-of-house areas where grease and food waste can accumulate, creating sanitation issues and attracting pests.

<u>Used Cooking Oil Recycling</u>**:**

Through our strategic partnership with Maine Standard Biofuels, we offer convenient collection of used cooking oil during regular service visits, providing a valuable add-on service for clients while generating additional revenue.

**NOTE 2 - SIGNIFICANT ACCOUNTIG POLICIES**

<u>Basis of Presentation</u>

This summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. It is the opinion of management that all adjustments necessary to make the financial statements that are not misleading have been included in these financial statements

<u>Principles of Consolidation</u>

The consolidated financial statements of the Company include the Company and the consolidation through a reverse merger of the entity Happy Traps, LLC. Because this transaction represents a reverse acquisition, the accompanying financial statements reflect the historical financial statements of the target, the accounting acquirer, for all periods prior to the merger. The Company's financial statements for periods after the merger reflect the combined operations of Target and the Company.

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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

<u>Use of Estimates</u>

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.

<u>Cash and Cash Equivalents</u>

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

<u>Recent Issued Accounting Policies</u>

Effective January 1, 2026, the Company adopted ASU 2025-06, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the use of the Current Expected Credit Loss (CECL) model for estimating credit losses on accounts receivable and other financial assets. Previously, the Company recognized allowance for doubtful accounts (ADA) based on incurred loss methodology, considering historical experience and current conditions. Under CECL, the Company now estimates lifetime expected credit losses, incorporating:

Historical loss experience,

· Current economic conditions,

· Reasonable and supportable forecasts.

Presentation and Disclosure Changes:

· 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.

<u>Accounts Receivable</u>

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 years ended December 31, 2025 and 2024, the Company recorded bad debt of $13,400 and $8,800, respectively. The Company's allowance for doubtful accounts balance at December 31, 2025 was $28,350 and $16,400 at December 31, 2024.

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<u>Property, Equipment and Intangible Assets</u>

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Intangible assets consist of a patent application purchased and is carried at cost, less accumulated amortization. Depreciation and amortization is provided principally on the straight-line basis method over the estimated useful lives of the assets which is estimated at 36 months.

Impairment of long-lived assets

The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value.

<u>Income Tax</u>

The Company was organized as a limited liability company and is treated as a partnership for federal income tax purposes. Accordingly, the Company is not subject to federal income taxes. The tax effect of the Company's activities accrues to its members and is reported in their respective income tax returns. Certain states impose taxes on entities classified as partnerships or LLCs. These taxes are included in operating expenses. For 2025 and 2024, the Company elected to pay state pass-through entity taxes where applicable. Management has evaluated tax positions taken and determined that there are no uncertain tax positions requiring recognition or disclosure under ASC 740.

**NOTE 3 - GOING CONCERN**

As shown in the accompanying financial statements, the Company had accumulative deficit of $289,045 and $352,979 with working capital of $72,893 and negative working capital of $4,541 as of December 31, 2025 and 2024, respectively. Unless profitability and increases in stockholders' equity continues, these conditions raise substantial doubt as to the Company's ability to continue as a going concern. The December 31, 2025 and 2024 financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management plans to continue to raise funds through debt and equity financing to grow the business to profitability.

**NOTE 4 - REVENUE RECOGNITION**

In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). 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.

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ASC Topic 606 prescribes a new five-step model entities should follow in order to recognize revenue in accordance with the core principle. These five steps are:

1. Identify the contract(s) with a customer.

2. <u>Identify the performance obligations in the contract.</u> 

3. <u>Determine the transaction price.</u> 

4. <u>Allocate the transaction price to the performance obligations in the contract.</u> 

5. <u>Recognize revenue when (or as) the entity satisfied the performance obligations.</u> 

The 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:

1. Grease trap cleaning and maintenances service

2. Cleaning product line.

3. Pressure washing service

4. Used cooking oil recycling

5. Tech fees

Revenue for the serves of grease trap cleaning and maintenance and pressure washing services is recognized upon the competition of the service.

Revenue for the sale of the cleaning product line is recognized upon the shipment of the product to the Customer.

Revenue for the recycling products is recognized upon delivery to the Company receiving the product for processing.

The Company had revenue of $211,531 and $159,511 during the years ended December 31, 2025 and 2024, respectively.

**NOTE 5 - RELATED PARTY TRANSACTIONS** 

The Company leases 250 square feet of warehouse space from its owner Maine Biofuel. The lease commenced on January 1, 2023 and continues for 5 years. The lease may be terminated by either party giving a 30 day notice. The monthly rent is $150. The president of the lessor was a partner in the partnership that sold Happy Traps to Maine Biofuel.

On December 31, 2021, the original partners sold their interest to Maine Biofuel for $50,000 to be paid in installments.

On December 31, 2024, the remaining partner agreed to sell their interest of 36.5% for $50,000 to Maine Bio-Fuel, Inc., the buyer of Happy Traps. The agreement requires an initial payment of $25,000 to be paid by December 31, 2025 and the balance to be paid by December 31, 2026. Neither payment has been completed to the members .

During the years ended December 31, 2025 and 2024 the Company notes payable due from related parties of $28,500 and due to related parties of $18,250, respectively.

**NOTE 6 - NOTES PAYABLE**

On December 31, 2021, the limited partners of the Company sold their interest to Maine Biofuel, Inc. instead of issuing the purchase amount to each limited partner, the acquirer paid the Company $50,000, which was treated as a note payable on the Company's balance sheet. Subsequent to this transaction, the Company paid three limited partners a total of $31,750. The amounts paid was deducted from the note leaving a balance due on the note of $18,250 as of December 31, 2024. The balance will be used as a payment to the unpaid partner.

During the years ended December 31, 2025 and 2024 the Company notes payable due from related parties of $28,500 and due to related parties of $18,250, respectively.

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**NOTE 7 - EQUITY**

The Company was organized as a limited liability company. Ownership interests are represented by membership units, which confer both economic and governance rights as outlined in the Company's operating agreement.

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.

On March 21, 2025 the Company amended its articles of incorporation to increase the number of authorized shares from 450,000,000 to 2,000,000,000.

On March 28, 2025 the Company acquired Happy Traps, LLC. the Company issued 600,000 shares of common stock with a value of $300,000 for the acquisition. The acquisition was treated as a reverse merger with Happy Traps being the surviving entity keeping the name Barrel Energy Inc.

**NOTE 8 - INCOME TAX**

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss, and tax credit carry forwards and deferred liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by the valuation allowances when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

The Company's deferred tax assets for the Company consisted of the following as of December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Book income(loss) | $63.934 | $34270 |
| Total Book Income | $63934 | $34270 |
| Taxable Income Loss | $63934 | $34270 |
| Beginning NOL | $(21307) | $(55577) |
| Add current income (Loss) | $63934 | $34270 |
| NOL carry Forward | $-- | $(21307) |
| Percent | 0.21 | 0.21 |
| Tax NOL | $-- | $(4474) |

---

As of December 31, 2025 the Company had no net operating loss carry forward to be used to offset future taxable income.

A reconciliation of income taxes at the federal statutory rate to amounts provided for the years ended December 31, 2025 and 2024 as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| U.S. federal statutory rate | 21% | 21% |
| Net operating loss | (21)% | (21)% |
| Effective tax rate | --% | --% |

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**NOTE 9 - REVERSE MERGER**

On March 28, 2025, the Company was acquired from Maine Biofuel by Barrel Energy Inc. Under the agreement the Buyer issued 600,000 shares of its class A preferred shares, to the seller, with a value to $300,000. The shares were valued at $0.50 per share. The buyer and seller both acknowledged the purchase price allocated to the business properties represented fair market value of the entity. No other consideration was given for the purchase. The transaction upon completion was accounted for as reverse merger with the acquired entity being the surviving entity.

The financials have been adjusted to retrospectively incorporate the recapitalization of the public entity (Barrel Energy)upon the merger of the reverse merger of the entities.

A proforma of the consolidation is noted below:

**Barrel Happy Traps Combination** 

**Proforma Balance Sheet**

**March 29, 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Happy Traps** | **Barrel** | **Adjustments**  | **Consolidation**  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 26740 | 310 | (310) | 26740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 50776 |  |  | 50776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advances- Employee | 300 |  |  | 300 |
| Undeposited funds | (1397) |  |  | (1397) |
| Acquisition  |  | 300000 | (300000) | - |
| Total assets | 76419 | 300310 | (300310) | 76419 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP& accrued expenses | 3486 | 761 |  | 4247 |
| Note payable - RP | 40000 | - | - | 40000 |
| Total liabilities | 43486 | 761 |  | 44247 |
| Equity | 7131 | 19741 | (7131) | 19741 |
| Preferred shares A |  | 50000 |  | 50000 |
| Paid in Capital |  | 22196857 | (22260228) | (63371) |
| Retained earnings | 25802 | (21967049) | 21967049 | 25802 |
| Equity  | 32933 | 299549 | (300310) | 32172 |
| Liabilities & equity  | $76419 | $300310 | $(300310) | $76419 |
| Proforma Income Statement  | Proforma Income Statement  | Proforma Income Statement  | Proforma Income Statement  | Proforma Income Statement  |
| Revenue  | 45979 |  |  | 45979 |
| G&A  | 10269 | - | - | 10269 |
| Income | 35710 |  |  | 35710 |

---

**NOTE 10 - SUBSEQUENT EVENTS**

On May 30, 2026, the Company effected a 1:400 reverse split of the common stock outstanding.

The Company has evaluated subsequent events to determine events occurring after December 31, 2024, that would have a material impact on the Company's financial results or require disclosure and have determined none exist except those noted above.

13<br>

![](brll_ex992img5.jpg)

MANAGEMENT CERTIFICATION LETTER

Company: Barrel Energy Inc.

Period Covered: October 1, 2025 – December 31, 2025

Date: April 24, 2026

To Whom It May Concern:

We, the undersigned members of management of Barrel Energy Inc. (the "Company"), hereby certify the following with respect to the accompanying unaudited financial statements for the period from October 1, 2025 through December 31, 2025:

Management is responsible for the preparation and fair presentation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).

We acknowledge that the financial statements for the period ended December 31, 2025 have not been audited by an independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB).

Management confirms that the accounting policies utilized in preparing these financial statements are consistent with those applied in the Company's audited financial statements for the period ended September 30, 2025, and that there have been no material changes in accounting principles, except as may be disclosed in the accompanying notes.

To the best of our knowledge and belief, the financial statements are complete and accurate in all material respects, all material transactions for the period have been properly recorded and reflected, and there are no material misstatements or omissions.

Management is responsible for establishing and maintaining adequate internal control over financial reporting and confirms that no material weaknesses have been identified that would materially affect the financial statements, except as may be disclosed.

The Company has no material liabilities or obligations that are not properly reflected or disclosed in the accompanying financial statements.

Management further confirms that there has been no fraud involving management or employees who have a significant role in internal control over financial reporting, and that the Company is in compliance with applicable laws and regulations, except as may be disclosed.

14<br>

This certification is provided for inclusion in the Company's regulatory filings and for the use of auditors, regulators, and other authorized stakeholders in connection with the Company's financial reporting.

IN WITNESS WHEREOF, the undersigned have executed this Management Certification Letter as of the date first written above.

BARREL ENERGY INC.

![](brll_ex992img9.jpg)

Jarmin Kaltsas

Chief Executive Officer

![](brll_ex992img10.jpg)

Alfreddie Johnson

Treasurer

15<br>