UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended December 31, 2024
	For the quarterly period ended June 30, 2025
or
☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ________ to________

Commission File Number 333-196409

PETROGAS COMPANY

(Exact name of registrant as specified in its charter)

Nevada

98-1153516

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

2800 Post Oak Boulevard, Suite 4100, Houston TX		77056
(Address of principal executive offices)		(Zip Code)

(832) 899-8597

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ NO

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. ☐

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ☐ YES ☐ NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

22,996,680 common shares issued and outstanding as of ~~January~~July 204, 2025

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition or Plan of Operation	1312
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	1715
Item 4.	Controls and Procedures	1715
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	1816
Item 1A.	Risk Factors	1816
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	1816
Item 3.	Defaults Upon Senior Securities	1816
Item 4.	Mine Safety Disclosures	1816
Item 5.	Other Information	1816
Item 6.	Exhibits	1917
SIGNATURES		2018

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

PETROGAS COMPANY

BALANCE SHEETS

	December 31,			March 31,
	June 30,			March 31,
	2024			2024
	2025			2025
	(Unaudited)			(Audited)
ASSETS
Total Current Assets	$	-		$	-
TOTAL ASSETS	$	-		$	-
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Bank indebtedness	$	322		$	322
Accounts payable and accrued liabilities		1713,~~068~~979			2418,~~068~~818
Accrued interest		~~335~~360,~~589~~339			~~297~~347,~~986~~896
Advances from related party		~~168~~182,~~739~~273			~~143~~173,~~341~~283
Convertible promissory notes, net of debt discount		200,286			200,286
Promissory note		6,962			6,962
Promissory note - related party		42,683			42,683
Total Current Liabilities		~~771~~806,~~649~~844			~~715~~790,~~648~~250
Asset retirement obligations		83,580			83,580
TOTAL LIABILITIES		806,844			790,250
		83,580			83,580
TOTAL LIABILITIES		855,229			799,228
SHAREHOLDERS' DEFICIT
Common stock: 300,000,000 authorized; $0.001 par value 22,996,680 shares issued and outstanding		22,997			22,997
Common stock: 300,000,000 authorized; $0.001 par value
22,996,680 shares issued and outstanding		22,997			22,997
Additional paid in capital		141,469,948			141,469,948
Accumulated deficit		(142,~~348~~299,~~174~~789	)		(142,~~292~~283,~~173~~195	)
TOTAL SHAREHOLDERS' DEFICIT		(~~855~~806,~~229~~844	)		(~~799~~790,~~228~~250	)
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT	$	-		$	-

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

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PETROGAS COMPANY

STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						~~Nine Months Ended~~
	December 31,						December 31,
	June 30,
	2024			2023			2024			2023
	2025			2024
OPERATING EXPENSES
Professional fees	$	34,~~500~~151		$	57,~~300~~348		$	~~18,398~~		$	~~21,590~~
Total operating expenses		34,~~500~~151			57,~~300~~348			~~18,398~~			~~21,590~~
Loss from Operations		(34,~~500~~151	)		(57,~~300~~348	)		~~(18,398~~	)		~~(21,590~~	)
OTHER EXPENSE
Interest expense		12,~~580~~443			12,~~580~~443			~~37,603~~			~~40,105~~
Total other expense		12,~~580~~443			12,~~580~~443			~~37,603~~			~~40,105~~
NET LOSS	$	(16,~~080~~594	)	$	(1719,~~880~~791	)	$	~~(56,001~~	)	$	~~(61,695~~	)
NET LOSS PER SHARE, BASIC AND DILUTED	$	(0.00	)	$	(0.00	)	$	~~(0.00~~	)	$	~~(0.00~~	)
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED		22,996,680			2422,~~677~~996,~~595~~680			~~22,996,680~~			~~22,275,754~~

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

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PETROGAS COMPANY

STATEMENTS OF SHAREHOLDERS’ DEFICIT

FOR THE THREE MONTHS ~~AND NINE MONTHS~~ ENDED ~~DECEMBER~~JUNE 3130, ~~2024~~2025 AND ~~2023~~2024

(Unaudited)

~~Nine~~Three Months Ended ~~December~~June 3130, ~~2024~~2025

	Common Stock				Additional					Total
					Additional					Total
	Numberof Shares		Amount		Paid in Capital		Accumulated Deficit			Stockholder's Deficit
	Common Stock				Paid in		Accumulated			Stockholder's
Balance - March 31, 2024		22,996,680	$	22,997	$	141,469,948	$	(142,292,173	)	$	(799,228	)
	Number of Shares		Amount		Capital		Deficit			Deficit
Net loss		-		-		-		(19,791	)		(19,791	)
Balance -March 31, 2025		22,996,680	$	22,997	$	141,469,948	$	(142,283,195	)	$	(790,250	)
Balance - June 30, 2024		22,996,680	$	22,997	$	141,469,948	$	(142,311,964	)	$	(819,019	)
Net loss		-		-		-		(16,594	)		(16,594	)
Net loss		-		-		-		(20,130	)		(20,130	)
Balance -June 30, 2025		22,996,680		22,997		141,469,948		(142,299,789	)		(806,844	)
Balance - September 30, 2024		22,996,680	$	22,997	$	141,469,948	$	(142,332,094	)	$	(839,149	)
Net loss		-		-		-		(16,080	)		(16,080	)
Balance - December 31, 2024		22,996,680	$	22,997	$	141,469,948	$	(142,348,174	)	$	(855,229	)

~~Nine~~Three Months Ended ~~December~~June 3130, ~~2023~~2024

	Common Stock				Additional					Total
					Additional					Total
	Numberof Shares		Amount		Paid inCapital		AccumulatedDeficit			Stockholder'sDeficit
	Common Stock				Paid in		Accumulated			Stockholder's
Balance - March 31, 2023		21,048,440	$	21,048	$	141,452,414	$	(142,201,585	)	$	(728,123	)
	Number of Shares		Amount		Capital		Deficit			Deficit
Net loss		-		-		-		(25,266	)		(25,266	)
Balance - March 31, 2024		22,996,680	$	22,997	$	141,469,948	$	(142,292,173	)	$	(799,228	)
Balance - June 30, 2023		21,048,440	$	21,048	$	141,452,414	$	(142,226,851	)	$	(753,389	)
Net loss		-		-		-		(19,791	)		(19,791	)
Issuance of common stock for note conversion		1,948,240		1,949		17,534		-			19,483
Balance - June 30, 2024		22,996,680	$	22,997	$	141,469,948	$	(142,311,964	)	$	(819,019	)
Net loss		-		-		-		(18,549	)		(18,549	)
Balance - September 30, 2023		22,996,680	$	22,997	$	141,469,948	$	(142,245,400	)	$	(752,455	)
Net loss		-		-		-		(17,880	)		(17,880	)
Balance - December 31, 2023		22,996,680	$	22,997	$	141,469,948	$	(142,263,280	)	$	(770,335	)

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

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PETROGAS COMPANY

STATEMENT OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	Three Months Ended
	December 31,
	June 30,
	2024			2023
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$	(5616,~~001~~594	)	$	(6119,~~695~~791	)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities		(74,~~000~~839	)		(141,~~376~~683	)
Accrued interest		3712,~~603~~443			4012,~~104~~444
Net cash used in Operating Activities		(258,~~398~~990	)		(359,~~967~~030	)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related party		258,~~398~~990			359,~~967~~030
Net cash provided by Financing Activities		258,~~398~~990			359,~~967~~030
Net changes in cash and cash equivalents		-			-
Cash and cash equivalents, beginning of period		-			-
Cash and cash equivalents, end of period	$	-		$	-
Supplemental cash flow information
Cash paid for interest		-			-
Cash paid for taxes		-			-
Non-cash transactions:
Conversion of convertible notes into common shares	$	-		$	19,482

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

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PETROGAS COMPANY

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

~~DECEMBER~~JUNE 3130, ~~2024~~2025

NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PERSENTATION

Organization and nature of business

PetroGas Company (Formerly America Resources Exploration Inc. (the “Company”)), was incorporated in the State of Nevada on January 24, 2014. The Company was incorporated under the name Alazzio Entertainment Corp. and changed its name to America Resources Exploration Inc. on April 17, 2015. Subsequently, on January 20, 2016, the Company changed its name to PetroGas Company. On June 12, 2015, the Company completed an acquisition of working interests in certain oil & gas properties. All share amounts in these financial statements have been adjusted to reflect this stock split.

NOTE 2 – GOING CONCERN

The Company had no significant revenues from the inception through ~~December~~June 3130, ~~2024~~2025. As of ~~December~~June 3130, ~~2024~~2025, the Company has an accumulated deficit of $142,~~348~~299,~~174~~789. We will need additional working capital to service debt and for ongoing operations, which raises substantial doubt about its ability to continue as a going concern. Management of the Company has developed a strategy to meet operational shortfalls which may include equity funding, short term or long term financing or debt financing, to enable the Company to reach profitable operations.

The accompanying financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. If we fail to generate positive cash flow or obtain additional financing, when required, we may have to modify, delay, or abandon some or all of our business and expansion plans.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles ~~for~~used ~~interim~~in ~~financial~~the ~~information~~United ~~and~~States ~~with~~of America (“US GAAP”) and the ~~instructions~~rules ~~for~~of ~~Form~~the ~~10-Q.~~Securities ~~Accordingly~~and Exchange Commission, ~~they~~and doshould ~~not~~be ~~include~~read ~~all~~in ofconjunction with the ~~information~~audited financial statements and ~~footnotes~~notes ~~required~~thereto bycontained ~~generally~~in ~~accepted~~the ~~accounting~~Company’s ~~principles~~most ~~for~~recent ~~complete~~Annual ~~financial~~Financial ~~statements~~Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, ~~considered~~consisting of normal recurring adjustments, necessary for a fair presentation ~~have~~of ~~been~~financial ~~included.~~position ~~All~~and ~~such~~the ~~adjustments~~results ~~are~~ of aoperations ~~normal~~for ~~recurring~~the ~~nature.~~interim ~~Operating~~period ~~results~~presented ~~for~~have ~~the~~been ~~nine~~reflected ~~months~~herein. ~~ended~~The ~~December~~results ~~31,~~of ~~2024~~operations for the interim period are not necessarily indicative of the results ~~that~~to ~~may~~ be expected for the ~~fiscal~~full year. ~~ending~~This ~~March~~report ~~31,~~should ~~2025.~~be ~~For~~read ~~further~~in ~~information,~~conjunction ~~refer~~with to the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2025 included in the Company’s Annual Report on Form 10-K ~~for the fiscal year ended March 31, 2024~~ as filed with the ~~Securities~~SEC ~~and Exchange Commission~~ on June 2430, ~~2024~~2025.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. The estimates on depreciation were based on the estimated useful lives of the Company’s assets. Any estimates during the period have had an immaterial effect on earnings.

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Oil and Gas Properties – Full Cost Method

The Company follows the full cost accounting method to account for oil and natural gas properties, whereby costs incurred in the acquisition, exploration and development of oil and gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on nonproducing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in which case the gain or loss is recognized to operations.

The capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves.

The costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately upon determination that the well is unsuccessful.

All items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization.

Under full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs, less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. For purposes of the ceiling test calculation, current prices are defined as the unweighted arithmetic average of the first day of the month price for each month within the 12-month period prior to the end of the reporting period. Prices are adjusted for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each well. Similarly, current costs are assumed to remain constant over the entire calculation period.

Revenue Recognition

Oil and gas sales result from undivided interests held by the Company in oil and gas properties and royalty revenues. Sales of oil and gas produced from oil and gas operations are recognized when the product is delivered to the purchaser and title transfers to the purchaser. Charges for gathering and transportation are included in production expenses.

Revenue from royalties is recognized as they are earned when collection is reasonably assured. Royalty revenue is recorded in the same period as the sales that generate the royalty payment.

Asset Retirement Obligations

The Company records a liability for asset retirement obligations (“ARO”) associated with its oil and gas wells when those assets are placed in service. The corresponding cost is capitalized as an asset and included in the carrying amount of oil and gas properties and is depleted over the useful life of the properties. Subsequently, the ARO liability is accreted to its then-present value.

8 Table of Contents

Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement.

Fair Value of Financial Instruments

The Company measures its financial assets and liabilities in accordance with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information,

The carrying value of all assets and liabilities approximated their fair values as ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively.

Earnings or Loss Per Share

In accordance with ASC Topic 280 – “Earnings Per Share”, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

For the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024, net loss per shares as the result of the computation was anti-dilutive:

	December 31,		December 31,
	June 30,		June 30,
	2024		2023
	2025		2024
	(Shares)		(Shares)
Convertible notes payable		20,028,538		20,028,538

~~Income~~Recent ~~Tax~~accounting pronouncements

~~Income~~We ~~taxes~~have ~~are~~evaluated ~~accounted~~all ~~for~~other ~~under~~recently ~~the~~issued, ~~asset~~but ~~and~~not ~~liability~~yet ~~method.~~effective, ~~Deferred~~accounting ~~tax~~pronouncements ~~assets~~ and ~~liabilities~~do ~~are~~not ~~recognized~~believe ~~for~~that ~~the~~these ~~future~~accounting ~~tax~~pronouncements ~~consequences~~will ~~attributable~~have toany ~~differences~~material ~~between~~impact the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on ~~deferred~~our ~~tax~~financial ~~assets~~statements and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or ~~all~~disclosures ofupon ~~the deferred tax assets will not be realized~~adoption.

~~Tax~~Recently ~~benefits~~adopted ~~from~~accounting an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented. (See Note 10)standards

9In ~~Table~~August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt-Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging-Contracts in Entity’s Own Equity.” The standard reduced the number of ~~Contents~~accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a CCF and (2) convertible instruments with a beneficial conversion feature (“BCF”). With the adoption of ASU 2020-06, entities will not separately present in equity an embedded conversion feature these debts. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2023-09 has not had a material effect on the Company’s statements and disclosures.

~~Recent~~8 ~~Accounting~~Table ~~Pronouncements~~of Contents

In ~~December~~November ~~2019~~2023, the ~~Financial~~FASB ~~Accounting~~issued ~~Standards~~ASU ~~Board~~2023-07, Segment Reporting (~~FASB~~Topic 280). ~~issued~~The ~~Accounting~~amendments ~~Standard~~in ~~Update~~this ~~No.~~update ~~2019-12,~~expand ~~Income~~segment ~~Taxes~~disclosure ~~(Topic~~requirements, ~~740):~~including ~~Simplifying~~new ~~the~~segment ~~Accounting~~disclosure requirements for ~~Income~~entities ~~Taxes~~with ~~(ASU~~a ~~2019-12),~~single ~~which~~reportable ~~simplifies~~segment ~~the~~among ~~accounting~~other ~~for~~disclosure ~~income taxes~~requirements. This ~~guidance~~update ~~will~~is be effective for ~~entities~~fiscal ~~for~~years ~~the~~beginning ~~fiscal~~after ~~years~~December 15, 2023, and interim periods within ~~those~~ fiscal years, beginning after December 15, ~~2020 on a prospective basis, with early adoption permitted~~2024.The ~~For the Company, the new standard was effective on January 1, 2021 and we do not expect the~~ adoption of ~~this~~ASU ~~guidance~~2023-07 tohas ~~have~~not had a material ~~impact~~effect on ~~our~~the ~~financial~~Company’s statements and disclosures.

~~Management~~In ~~has~~December ~~considered~~2023, ~~all~~the ~~other~~FASB ~~recent~~issued ~~accounting~~ASU ~~pronouncements~~No. ~~issued~~2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company’s ~~management~~prospectively ~~believes~~to ~~that~~all ~~these~~annual ~~recent~~periods ~~pronouncements~~beginning ~~will~~after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-09 has not ~~have~~had a material effect on the Company’s ~~financial~~ statements and disclosures.

~~NOTE~~The 4Company –is ~~ASSET~~currently ~~RETIREMENT~~evaluating ~~OBLIGATIONS~~this guidance to determine the impact it may have on its financial statements and related disclosures.

The Company ~~has~~does ~~asset~~not ~~retirement~~expect ~~obligations~~that ~~for~~ any ~~wells~~other ~~that~~recently ~~are~~issued ~~permanently~~accounting ~~removed~~pronouncements ~~from~~will ~~service.~~have ~~The~~a ~~primary~~significant ~~obligations~~effect ~~involve~~on ~~the~~its ~~removal~~financial ~~and disposal of surface equipment, plugging and abandoning the wells and site restoration~~statements. ~~For the purpose of determining the fair value of ARO incurred during the fiscal year ended March 31, 2016, the Company used the following assumptions.~~

Inflation Rate		3	%
Estimated asset life	20 years
Credit adjusted risk free interest rate		18	%

NOTE 4 – PROMISSORY NOTE – RELATED PARTY

As at March 31, 2016, the Company determined to fully impair its shut in wells given a lack of production over a period in excess of two years, and the uncertainty in returning the wells to production in the future. As a result, the Company has recorded a long term liability equal to the full value of the ARO.

As of December 31, 2024 and March 31, 2024, a total of $83,580 is recorded as asset retirement obligations, respectively

NOTE 5 – PROMISSORY NOTE – RELATED PARTY

On December 31, 2016, the Company entered into a promissory note with a majority shareholder, Rise Fast Limited, for an amount of $240,683. The promissory note bears interest at a rate of 2% per annum and is payable on December 31, 2019.

On July 10, 2017, the Company, along with the holder of the promissory note to assigned $174,000 of the promissory note to four individuals not related to the Company. Refer to Note 7 for further details. On October 6, 2017, the Company issued 24,000,000 common shares to the holder of the promissory note for the assignment of the notes of $24,000.

On December 31, 2019, the maturity dates of the notes were extended for three years to December 31, 2022 and the interest rate was amended to 15% per annum.

As of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, the promissory note payable was $42,683 and accrued interest payable was $3639,~~796~~971 and $3138,~~972~~375, respectively.

NOTE 65 – PROMISSORY NOTE

On May 31, 2019, the Company issued a promissory note to a legal firm at principal amount of $6,963 for the payable amount to a vendor. The note has a three month term and bears interest at 2% per annum compounded monthly. The note is now at default.

10As ~~Table~~ of ~~Contents~~June 30, 2025 and March 31, 2025, the promissory note payable was $6,962 and accrued interest payable was $848 and $813, respectively.

AsNOTE ~~of December 31, 2024 and March 31, 2024, the promissory note payable was $~~6~~,963~~ ~~and~~– ~~accrued~~CONVERTIBLE ~~interest~~PROMISSORY ~~payable was $779 and $674, respectively.~~NOTES

NOTE 7 – CONVERTIBLE PROMISSORY NOTES

On July 10, 2017, a total of $174,000 was assigned from a promissory note to four individuals not related to the Company. Each of the convertible promissory notes has a principal value of $43,500, maturity date of July 10, 2019, bears interest at 4% per annum, and are convertible at a rate of $0.03 per share. On October 6, 2017, the four convertible promissory notes were amended to an interest rate of 0.5% per annum, the maturity date was amended to July 10, 2020, and the conversion price was amended to $0.01 per share.

On October 11, 2017, four individual holders that have $174,000 of convertible promissory notes, converted a total of $58,000, or $14,500 each, for a total of 5,800,000, or 1,450,000 common shares each.

A9 ~~debt~~Table ~~discount on the notes was recognized~~ of ~~$174,000. As of March 31, 2024, the unamortized amount of the debt discounts has been fully amortized.~~Contents

A debt discount on the notes was recognized of $174,000. As of June 30, 2025, the unamortized amount of the debt discounts has been fully amortized.

On December 31, 2017, the Company entered into a convertible promissory note for $9,230 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $9,230 was expensed upon issuance of the note. On March 12, 2019, the note holder sold to three unaffiliated parties an interest in the note equal to the principal amount of $1,900 each. On May 1, 2019, total principal amount of $5,700 of the three $1,900 convertible notes was converted to 570,000 shares of common stock.

On March 31, 2018, the Company entered into a convertible promissory note for $20,773 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $20,773 was expensed upon issuance of the note.

On June 30, 2018, the Company entered into a convertible promissory note for $10,667 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $10,667 was expensed upon issuance of the note.

On September 30, 2018, the Company entered into a convertible promissory note for $7,167 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $7,167 was expensed upon issuance of the note.

On December 31, 2018, the Company entered into a convertible promissory note for $2,411 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $2,411 was expensed upon issuance of the note.

On March 31, 2019, the Company entered into a convertible promissory note for $10,194 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $10,194 was expensed upon issuance of the note.

On June 30, 2019, the Company entered into a convertible promissory note for $7,243 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $7,243 was expensed upon issuance of the note.

On September 30, 2019, the Company entered into a convertible promissory note for $9,483 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $9,483 was expensed upon issuance of the note. During the year ended March 31, 2024, the Company issued 948,240 shares of common stock for the conversion of the note of $9,483.

On December 31, 2019, the Company entered into a convertible promissory note for $5,454 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 55% per annum, and is convertible at $0.01 per share. The debt discount of $5,454 was expensed upon issuance of the note. On October 11, 2021, the Company issued 1,000,000 shares of common stock for partial repayment of $1,000 of the convertible note. As of December 31, 2021, the outstanding principal amount of the convertible note was $4,454. (See Note 8)

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On March 31, 2020, the Company entered into a convertible promissory note for $5,712 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $5,712 was expensed upon issuance of the note.

On June 30, 2020, the Company entered into a convertible promissory note for $10,000 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $10,000 was expensed upon issuance of the note. During the year ended March 31, 2024, the Company issued 1,000,000 shares of common stock for the conversion of the note of $10,000.

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On September 30, 2020, the Company entered into a convertible promissory note for $4,884 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $4,884 was expensed upon issuance of the note.

On December 31, 2020, the Company entered into a convertible promissory note for $7,250 with an individual not related to the Company. The convertible promissory note is due on demand, bears interest at 35% per annum, and is convertible at $0.01 per share. The debt discount of $7,250 was expensed upon issuance of the note.

As of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, the convertible note payable was $200,286 and accrued interest payable was $~~296~~318,~~872~~378 and $~~264~~307,~~198~~566 respectively.

NOTE 87 – COMMON STOCK

The Company has 300,000,000 authorized common shares at $0.001 par value.

During the year ended March 31, 2024 ~~and 2023~~, the Company issued 1,948,240 shares of common stock for the conversion of convertible notes of $19,483.

As of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, the issued and outstanding common shares were 22,996,680 shares.

NOTE 98 – RELATED PARTY TRANSACTIONS

During the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024, the Director of the Company made advancement of $258,~~398~~990 and $359,~~967~~030 for operation expenses on behalf of the Company, respectively. The loan is non-interest bearing and due on demand.

As at ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, the Company had advances from related parties of $~~168~~182,~~739~~273 and $~~143~~173,~~341~~283 respectively.

NOTE 9 – SEGMENT REPORTING

Operating segments comprised of the components of an entity in which separate information is available for evaluation by the Company’s chief operating decision maker, or group of decision makers, in determining how to allocate resources in evaluating performance. The Company consists of a single reporting segment: oil and gas industry. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer.

The CODM evaluate the performance of the oil and gas segment based on the Company’s net income (loss) as reported in the Statements of Operations. The Company’s segment assets are reported on the Balance Sheets.

The CODM review performance based on gross profit, operating profit, net earnings and net earnings excluding the impact of the fair value adjustment, a non-GAAP financial measure. Operating profit is reviewed to monitor the operating and administrative expenses of the Company. Profitability is important to the Company’s ability to grow and expand operations and strategic initiatives. The Company does not have any operations or sources of revenue outside of the United States.

NOTE 10 – SUBSEQUENT EVENTS

In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to ~~December~~June 3130, ~~2024~~2025 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition or Plan of Operation

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

Unless otherwise specified in this quarterly report, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to shares of our common stock.

As used in this quarterly report, the terms “we”, “us”, “our” and “our company” means PetroGas Company, unless otherwise indicated.

Corporate Overview

We were incorporated under the name Alazzio Entertainment Corp. on January 24, 2014, under the laws of the State of Nevada. Our original business plan was to operate photo booth rentals.

On April 3, 2015, a change in control occurred by virtue of our company’s largest shareholder, Dmitri Kapsumun selling 900,000 shares (split adjusted) of our common stock to Rise Fast Limited, a Hong Kong corporation. Such shares represented 71.77% of our total issued and outstanding shares of common stock. As part of the sale of the shares, Rise Fast Limited arranged with the resigning member of our company’s Board of Directors, to appoint Mr. Huang Yu as the sole officer and director of our company.

On April 16, 2015, we filed a Certificate of Amendment with the Nevada Secretary of State (the “Nevada SOS”) whereby we amended our Articles of Incorporation by increasing our authorized number of shares of common stock from 75 million to 300 million (not adjusted for the one (1) for one hundred (100) stock split) and increasing all of our issued and outstanding shares of common stock at a ratio of fifteen (15) shares for every one (1) share held. Our Board of Directors approved this amendment on April 15, 2015 and shareholders holding 71.77% of our issued and outstanding shares approved this amendment via a written consent executed on April 16, 2015.

Effective April 29, 2015 we changed our name to America Resources Exploration Inc. by way of a merger with our wholly-owned subsidiary, incorporated solely for the purpose of the change of name.

On June 10, 2015, we entered into an Asset Purchase Agreement with Zheng Xiangwu, a resident of Guang Dong Province, China, whereby we issued 40,000 million shares of its common stock in exchange for rights to certain oil and gas leases located in Frio and Atascosa Counties, Texas, consisting of a total of 714 total acres of land, two (2) working wells and a total of seven (7) wells (the “Leases”). The acquisition of the Leases pursuant to the Asset Purchase Agreement was completed on June 1, 2015. As a result of the completion of this acquisition, 40,000 shares of our company’s common stock were issued to Mr. Zheng Xiangwu, who owns our company’s largest shareholder, Rise Fast Limited. The number of shares issued to Mr. Zheng was determined by valuing the Leases at $160,000 and valuing our company’s stock at $0.04 per share. At the completion of the Asset Purchase Agreement, we entered into the oil and gas industry.

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On June 11, 2015, we entered into various assignment agreements with Mr. Zheng for the acquisition of multiple oil and gas leases and overriding royalty interests (“ORR’s”) as set out in the table below. From July 6, 2015 through July 9, 2015, we completed the acquisition of such oil and gas leases and ORR’s, whereby we issued a total of 6,500 shares of our common stock to Mr. Zheng.

Assignment Date	Name of The Property	Type of Property	Location

June 11^th, 2015	Ellis County	Overriding Royalty Int.	Oklahoma
June 11^th, 2015	Hemphill County	Overriding Royalty Int.	Texas
June 11^th, 2015	Madison County	Wellbore Interest	Texas
June 11^th, 2015	Shelby County	Wellbore Interest	Texas
June 11^th, 2015	Emergy County	Lease Purchase	Utah

On June 12, 2015, we acquired three (3) producing leases covering 714 acres situated in Atascosa and Frio Counties, Texas, located in the Eagle Ford Shale formation - the Jane Burns “C” (“Burns”), the Theo Rogers “C”, and the Theo Rogers “A” & “D” (“Rogers”) Leases. We acquired a 99.5% working interest (74.625% net revenue interest) in each lease.

The Burns and Rogers Leases provide exploration and production opportunities in the Kyote Field pay zone, very near the Eagle Ford Shale play with access to available rig crews and other vendor-servicers, due to their close proximity to San Antonio, Texas.

The Burns and Rogers Leases hold collectively seven (7) oil wells, but none of which are operating wells. Although our company’s management and industry professionals believed at the time that they were acquired that our company could double or triple previous production on these wells, depressed oil prices indicate that the cost to bring these wells online an uneconomical venture.

On August 13, 2015 we entered into an Asset Purchase Agreement with Inceptus Resources, LLC whereby our company acquired a 78% net revenue interest in 200 acres located in Callahan County, Texas, and a 78% net revenue interest in 522 acres also located in Callahan County, Texas.

On January 20, 2016, we changed our name to PetroGas Company, by way of a merger with our wholly-owned subsidiary, incorporated solely for the purpose of the change of name. In addition, we amended our Articles of Incorporation for a reverse stock split by decreasing all of our issued and outstanding shares of common stock at a ratio one (1) new for one hundred (100) old shares of common stock. The reverse stock split was approved by our directors and shareholders holding 68.65% of our issued and outstanding shares of common stock on January 13, 2016 and the reverse stock split became effective with FINRA on March 7, 2016. The change of name resulted in a change of trading symbol to “PTCO”.

On November 30, 2016, we acquired various royalty interests in Texas for $10,485. On December 14, 2016, we acquired two oil and gas leases in Ohio for $2,705. On January 1, 2017, our company acquired the lease for three oil and gas properties for $4,975.

On September 13, 2017, we filed a Certificate of Amendment with the Nevada Secretary of State whereby we amended our Articles of Incorporation by decreasing all of our issued and outstanding shares of common stock at a ratio of one (1) share for every one hundred (100) shares held. Our Board of Directors approved the Amendment on July 21, 2017 and Shareholders holding 75.95% of our company’s shares approved the Amendment via written consent executed on July 21, 2017, with an effective date of October 5, 2017.

On February 20, 2019 a majority of our shareholders and our board of directors approved a resolution to effect a reverse stock split of our issued and outstanding shares of common stock on a one (1) new for 100 old basis. The reverse split was approved by FINRA with an effective date of March 19, 2019. As a result of the reverse split, our issued and outstanding shares of common stock decreased from 30,099,230 to 300,993 shares of common stock. Our authorized capital remained unchanged.

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On February 6, 2024, we acquired an oil and gas lease in Tarrant County, Texas. The lease covers 12.1 acres of land located in the Robert R Ramey Survey and is for a period of 1.5 years.

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Our principal executive offices are located at 2800 Post Oak Boulevard, Suite 4100, Houston, Texas 77056. Our telephone number is (832) 899-8597.

We have never declared bankruptcy, been in receivership, or involved in any kind of legal proceeding.

We hold a 94% interest in Seabourn Oil Company, LLC, a Texas LLC.

Future Operations

We are actively seeking to acquire producing and non-producing leases that will allow us to explore and drill in high-profile pay zones.

We intend to raise capital at a low cost from private placements so that we may acquire numerous additional leases, and to commence drilling, and taking advantage of the inevitable uptick in oil prices to come.

In the current climate, our company believes that there are a very large number of oil & gas leases under distress due to the depressed gas prices and that we can strategically position our company to acquire as many of these leases as possible at a discount to market value, hence creating shareholder value.

We are planning an exploration strategy to drill new wells on the current leases, as well as acquire deeper rights in order to drill some of the wells at great depths. We expect that reservoirs at those depths could yield a very high daily output of oil.

Results of Operations

We have earned limited royalty revenues since inception.

Three months ended ~~December~~June 3130, ~~2024~~2025 compared to three months ended ~~December~~June 3130, ~~2023~~2024

	Three Months			Three Months
	Ended			Ended
	December 31,			December 31,
	June 30,			June 30,
	2024			2023			Changes
	2025			2024			Changes
Operating Expenses	$	34,~~500~~151		$	57,~~300~~348		$	(13,~~800~~197	)
Other Expenses	$	12,~~580~~443		$	12,~~580~~443		$	-
Net Loss	$	(16,~~080~~594	)	$	(1719,~~880~~791	)	$	13,~~800~~197

Our net loss for the three months ended ~~December~~June 3130, ~~2024~~2025 decreased to $16,~~080~~594 from $1719,~~880~~791 for the three months ended ~~December~~June 3130, ~~2023~~2024 due to the decrease in ~~accounting~~professional ~~and review~~ fees.

Nine months ended December 31, 2024 compared to nine months ended December 31, 2023

	Nine Months			Nine Months
	Ended			Ended
	December 31,			December 31,
	2024			2023			Changes
Operating Expenses	$	18,398		$	21,590		$	(3,192	)
Other Expenses	$	37,603		$	40,105		$	(2,502	)
Net Loss	$	(56,001	)	$	(61,695	)	$	5,694

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Our net loss for the nine months ended December 31, 2024 decreased to $56,001 from $61,695 for the nine months ended December 31, 2023 due to the decrease in accounting and review fees and note interest expense.

Liquidity and Capital Resources

The following table provides selected financial data about our company as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively.

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Working Capital

	As of			As of
	December 31,			March 31,
	June 30,			March 31,
	2024			2024			Changes
	2025			2025			Changes
Current Assets	$	-		$	-		$	-
Current Liabilities	$	~~771~~806,~~649~~844		$	~~715~~790,~~648~~250		$	5616,~~001~~594
Working Capital (Deficiency)	$	(~~771~~806,~~649~~844	)	$	(~~715~~790,~~648~~250	)	$	(5616,~~001~~594	)

As of ~~December~~June 3130, ~~2024~~2025, we had a working capital deficiency of ~~771~~806,~~649~~844 as compared to $~~715~~790,~~648~~250 as March 31, ~~2024~~2025. The increase in working capital deficiency was due to the increase in advances from related parties and accrued interest.

Cash Flows

	Nine Months			Nine Months
	Three Months			Three Months
	Ended			Ended
	December 31,			December 31,
	June 30,			June 30,
	2024			2023			Changes
	2025			2024			Changes
Net cash used in Operating Activities	$	(258,~~398~~990	)	$	(359,~~967~~030	)	$	~~10,569~~40
Net cash provided by Financing Activities	$	258,~~398~~990		$	359,~~967~~030		$	(~~10,569~~40	)
Net changes in cash and cash equivalents	$	-		$	-		$	-

Cash Flow from Operating Activities

For the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, we used $258,~~398~~990 of cash for operations primarily as a result of the net loss of $5616,~~001~~594 decreased by net changes in operating liabilities of $307,~~603~~604.

For the ~~nine~~three months ended ~~December~~June 3130, ~~2023~~2024, we used $359,~~967~~030 of cash for operations primarily as a result of the net loss of $6119,~~695~~791 decreased by net changes in operating liabilities of $2510,~~728~~761.

Cash Flow from Investing Activities

We did not use any funds for investing activities during the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024.

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Cash Flow from Financing Activities

For the ~~nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024, we had net cash provided by financing activities of 25$8,~~398~~990 and $359,~~967~~030 from director advancement, respectively.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, and capital expenditures or capital resources that are material to stockholders.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An15 ~~evaluation~~Table ~~was conducted under the supervision and with the participation~~ of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2024. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended December 31 ,2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.Contents

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2025. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended December 31 ,2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended ~~December~~June 3130, ~~2024~~2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit Number		Description
3.1		Articles of Incorporation of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant’s registration statement on Form S-1 filed with the SEC on May 20, 2014, file number 333-196409.

3.2		Bylaws of Registrant incorporated by reference to Exhibit 3.2 to the Registrant’s registration statement on Form S-1 filed with the SEC on May 20, 2014, file number 333-196409.

10.1		Asset Purchase Agreement, among the Registrant, Zheng Xiangwu and Nelaco Operating Inc., dated June 10, 2015 incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 16, 2015, file number 333-196409.

31.1*		Certification of the Principal Executive Officer and Principal Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).

101.INS**		XBRL INSTANCE DOCUMENT

101.INS**		XBRL TAXONOMY EXTENSION SCHEMA

101.INS**		XBRL TAXONOMY EXTENSION CALCULATION LINKBASE

101.INS**		XBRL TAXONOMY EXTENSION DEFINITION LINKBASE

101.INS**		XBRL TAXONOMY EXTENSION LABEL LINKBASE

101.INS**		XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

______________

*	Filed herewith
**	Furnished herewith

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SIGNATURES

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

		PETROGAS COMPANY
		(Registrant)
Dated: January 22, 2025		/s/ Huang Yu
Dated: August 12, 2025		/s/ Huang Yu
		Huang Yu
		President and Chief Financial Officer
		(Principal Executive Officer, Principal Financial
		Officer an Principal Accounting Officer)

2018

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