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ERNEST ENERGY, INC. AND SUBSIDIARIES
<br />CONSOLIDATED STATEMENT OF EQUITY
<br />FOR THE YEAR ENDED DECEMBER 31, 2023
<br />
<br />See independent accountants’ review report and notes to consolidated financial statements.
<br />5
<br />Retained Earnings
<br />(Accumulated
<br />Additional Deficit) and
<br />Paid-In Members' Total
<br />Shares Amount Shares Amount Shares Amount Capital Equity Equity
<br />BALANCE AT DECEMBER 31, 2022 9,000,000 $ 900 - -$ - -$ $ 3,435,000 $ (1,313,730) $ 2,122,170
<br />STOCKHOLDERS' CONTRIBUTIONS - - - - - - 290,500 - 290,500
<br />EMPLOYEE STOCK OPTION 33,891 1,695 - - - - - - 1,695
<br />ADDITIONS TO PREFERRED STOCK - - 1,637,376 16 - - 2,969,984 - 2,970,000
<br />CONVERTED SAFE NOTES - - - - - - (3,610,000) - (3,610,000)
<br />SAFE NOTES CONVERTED TO
<br />PREFERRED STOCK - SERIES SEED 1 - - 1,198,016 12 - - 2,194,988 - 2,195,000
<br />SAFE NOTES CONVERTED TO
<br />PREFERRED STOCK - SERIES SEED 2 - - - - 1,845,572 18 1,414,982 - 1,415,000
<br />NET INCOME - - - - - - - 535,119 535,119
<br />BALANCE AT DECEMBER 31, 2023 9,033,891 $ 2,595 2,835,392 $ 28 1,845,572 $ 18 $ 6,695,454 $ (778,611) $ 5,919,484
<br />Common Stock Series Seed 1 Series Seed 2
<br />Preferred Stock
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