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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended March 31, 2024
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ___________ to ______________.
Commission
File Number 1-32955
HOUSTON
AMERICAN ENERGY CORP.
(Exact
name of registrant as specified in its charter)
Delaware |
|
76-0675953 |
(State or other jurisdiction of
incorporation or organization) |
|
(IRS Employer
Identification No.) |
801
Travis Street, Suite 1425, Houston, Texas 77002 |
(Address
of principal executive offices)(Zip Code) |
(713)
222-6966 |
(Registrant’s
telephone number, including area code) |
|
(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 |
Common
Stock, $0.001 par value per share |
|
HUSA |
|
NYSE
American |
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 definition of “large accelerated filer,” “accelerated filer,” “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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 ☒
As
of May 15, 2024, we had 10,906,353 shares of $0.001 par value common stock outstanding.
HOUSTON
AMERICAN ENERGY CORP.
FORM
10-Q
INDEX
PART
I - FINANCIAL INFORMATION
ITEM
1 |
Financial
Statements |
HOUSTON
AMERICAN ENERGY CORP.
CONSOLIDATED
BALANCE SHEETS
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
CURRENT ASSETS | |
| | | |
| | |
Cash | |
$ | 3,751,149 | | |
$ | 4,059,182 | |
Accounts receivable – oil and gas sales | |
| 27,173 | | |
| 71,736 | |
Prepaid expenses and other current assets | |
| 123,162 | | |
| 35,244 | |
TOTAL CURRENT ASSETS | |
| 3,901,484 | | |
| 4,166,162 | |
| |
| | | |
| | |
PROPERTY AND EQUIPMENT | |
| | | |
| | |
Oil and gas properties, full cost method | |
| | | |
| | |
Costs subject to amortization | |
| 62,776,033 | | |
| 62,776,561 | |
Office equipment | |
| 90,004 | | |
| 90,004 | |
Total | |
| 62,866,037 | | |
| 62,866,565 | |
Accumulated depletion, depreciation, amortization, and impairment | |
| (61,342,242 | ) | |
| (61,307,264 | ) |
PROPERTY AND EQUIPMENT, NET | |
| 1,523,795 | | |
| 1,559,301 | |
| |
| | | |
| | |
Equity investment – Hupecol Meta LLC | |
| 4,936,161 | | |
| 4,505,358 | |
Right of use asset | |
| 127,074 | | |
| 145,021 | |
Other assets | |
| 3,167 | | |
| 3,167 | |
TOTAL ASSETS | |
$ | 10,491,681 | | |
$ | 10,379,009 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable | |
$ | 250,778 | | |
$ | 156,572 | |
Accrued expenses | |
| 17,400 | | |
| 17,083 | |
Current portion of lease liability | |
| 77,939 | | |
| 75,276 | |
TOTAL CURRENT LIABILITIES | |
| 346,117 | | |
| 248,931 | |
| |
| | | |
| | |
LONG-TERM LIABILITIES | |
| | | |
| | |
Lease liability, net of current portion | |
| 50,496 | | |
| 71,083 | |
Reserve for plugging and abandonment costs | |
| 64,189 | | |
| 63,084 | |
TOTAL LONG-TERM LIABILITIES | |
| 114,685 | | |
| 134,167 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 460,802 | | |
| 383,098 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES | |
| - | | |
| - | |
SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Common stock, par value $0.001; 12,000,000 shares authorized 10,906,353 shares issued and outstanding | |
| 10,907 | | |
| 10,907 | |
Additional paid-in capital | |
| 87,034,668 | | |
| 86,984,001 | |
Accumulated deficit | |
| (77,014,696 | ) | |
| (76,998,997 | ) |
TOTAL SHAREHOLDERS’ EQUITY | |
| 10,030,879 | | |
| 9,995,911 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 10,491,681 | | |
$ | 10,379,009 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
HOUSTON
AMERICAN ENERGY CORP.
CONSOLIDATED
STATEMENTS OF OPERATIONS
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Unaudited)
| |
| | |
| |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
OIL AND GAS REVENUE | |
$ | 147,686 | | |
$ | 230,024 | |
| |
| | | |
| | |
EXPENSES OF OPERATIONS | |
| | | |
| | |
Lease operating expense and severance tax | |
| 163,030 | | |
| 113,686 | |
General and administrative expense | |
| 357,807 | | |
| 329,819 | |
Depreciation and depletion | |
| 34,978 | | |
| 46,955 | |
Total operating expenses | |
| 555,815 | | |
| 490,460 | |
| |
| | | |
| | |
Loss from operations | |
| (408,129 | ) | |
| (260,436 | ) |
| |
| | | |
| | |
OTHER INCOME, NET | |
| | | |
| | |
Interest income | |
| 31,214 | | |
| 30,500 | |
Other income | |
| 361,216 | | |
| 334,111 | |
Total other income | |
| 392,430 | | |
| 364,611 | |
| |
| | | |
| | |
| |
| | | |
| | |
Income tax expense | |
| — | | |
| — | |
| |
| | | |
| | |
Net (loss) income | |
$ | (15,699 | ) | |
$ | 104,175 | |
| |
| | | |
| | |
Basic and diluted (loss) income per common share | |
$ | (0.00 | ) | |
$ | 0.01 | |
| |
| | | |
| | |
Based and diluted weighted average number of common shares outstanding | |
| 10,906,353 | | |
| 10,777,458 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
HOUSTON
AMERICAN ENERGY CORP.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Unaudited)
| |
| | |
| | |
| | |
| | |
| |
| |
Common Stock | | |
Additional
Paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance at December 31, 2023 | |
| 10,906,353 | | |
$ | 10,907 | | |
$ | 86,984,001 | | |
$ | (76,998,997 | ) | |
$ | 9,995,911 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| 50,667 | | |
| — | | |
| 50,667 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| (15,699 | ) | |
| (15,699 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at March 31, 2024 | |
| 10,906,353 | | |
$ | 10,907 | | |
$ | 87,034,668 | | |
$ | (77,014,696 | ) | |
| 10,030,879 | |
| |
Common Stock | | |
Additional
Paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance at December 31, 2022 | |
| 10,327,646 | | |
$ | 10,328 | | |
$ | 85,094,266 | | |
$ | (73,787,720 | ) | |
$ | 11,316,874 | |
Balance | |
| 10,327,646 | | |
$ | 10,328 | | |
$ | 85,094,266 | | |
$ | (73,787,720 | ) | |
$ | 11,316,874 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| 84,445 | | |
| — | | |
| 84,445 | |
Issuance of common stock for cash, net | |
| 294,872 | | |
| 295 | | |
| 901,205 | | |
| — | | |
| 901,500 | |
Net income | |
| — | | |
| — | | |
| — | | |
| 104,175 | | |
| 104,175 | |
Net income (loss) | |
| — | | |
| — | | |
| — | | |
| 104,175 | | |
| 104,175 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at March 31, 2023 | |
| 10,662,518 | | |
$ | 10,623 | | |
$ | 86,079,916 | | |
$ | (73,683,545 | ) | |
$ | 12,406,994 | |
Balance | |
| 10,662,518 | | |
$ | 10,623 | | |
$ | 86,079,916 | | |
$ | (73,683,545 | ) | |
$ | 12,406,994 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
HOUSTON
AMERICAN ENERGY CORP.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Unaudited)
| |
| | |
| |
| |
For the Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net (loss) income | |
$ | (15,699 | ) | |
$ | 104,175 | |
Adjustments to reconcile net income (loss) to net cash used in operations: | |
| | | |
| | |
Depreciation and depletion | |
| 34,978 | | |
| 46,955 | |
Accretion of asset retirement obligation | |
| 1,105 | | |
| 2,336 | |
Stock-based compensation | |
| 50,667 | | |
| 84,445 | |
Amortization of right of use asset | |
| 17,947 | | |
| 16,402 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Decrease (increase) in accounts receivable | |
| 44,563 | | |
| 60,287 | |
Decrease (increase) in accrued earnings distributions from Hupecol Meta, LLC | |
| — | | |
| (334,111 | ) |
Decrease (increase) in prepaid expenses and other current assets | |
| (87,918 | ) | |
| 56,141 | |
(Decrease) increase in accounts payable and accrued expenses | |
| 95,051 | | |
| (1,726 | ) |
Decrease in operating lease liability | |
| (17,924 | ) | |
| (15,661 | ) |
| |
| | | |
| | |
Net cash provided by (used in) operating activities | |
| 122,770 | | |
| 19,243 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Payments for capital contribution for equity investment | |
| (430,803 | ) | |
| (222,219 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (430,803 | ) | |
| (222,219 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from issuance of common stock for cash, net of offering costs | |
| — | | |
| 901,500 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| — | | |
| 901,500 | |
| |
| | | |
| | |
Increase (decrease) in cash | |
| (308,033 | ) | |
| 698,524 | |
Cash, beginning of period | |
| 4,059,182 | | |
| 4,547,210 | |
Cash, end of period | |
$ | 3,751,149 | | |
$ | 5,245,734 | |
| |
| | | |
| | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
| | | |
| | |
Interest paid | |
$ | — | | |
$ | — | |
Taxes paid | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | |
| | | |
| | |
Changes in estimate of asset retirement obligations, net | |
| — | | |
| 1,969 | |
Changes in accrued equity investment contributions and distributions | |
| — | | |
| 33,038 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
HOUSTON
AMERICAN ENERGY CORP.
Notes
to Consolidated Financial Statements
(Unaudited)
NOTE
1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The
accompanying unaudited consolidated financial statements of Houston American Energy Corp., a Delaware corporation (the “Company”),
have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial
information and with the instructions to Form 10-Q. They do not include all of the information and footnotes required by accounting principles
generally accepted in the United States of America for a complete financial presentation. In the opinion of management, all adjustments,
consisting only of normal recurring adjustments, considered necessary for a fair presentation, have been included in the accompanying
unaudited consolidated financial statements. Operating results for the periods presented are not necessarily indicative of the results
that may be expected for the full year.
These
unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements
and footnotes, which are included as part of the Company’s Form 10-K for the year ended December 31, 2023.
Consolidation
The
accompanying consolidated financial statements include all accounts of the Company and its subsidiary (HAEC Louisiana E&P, Inc.).
All significant inter-company balances and transactions have been eliminated in consolidation.
Liquidity
and Capital Requirements
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following
the issuance date of these consolidated financial statements. The Company has incurred continuing losses since 2011, with an accumulated
deficit of $77.0 million as of March 31, 2024.
The
Company believes that it has the ability to fund, from cash on hand, its operating costs and anticipated drilling operations for at least
the next twelve months following the issuance of these financial statements.
The
actual timing and number of wells drilled during 2024 and beyond will be principally controlled by the operators of the Company’s
acreage, based on a number of factors, including but not limited to availability of financing, performance of existing wells on the subject
acreage, energy prices and industry condition and outlook, costs of drilling and completion services and equipment and other factors
beyond the Company’s control or that of its operators.
In
the event that the Company pursues additional acreage acquisitions or expands its drilling plans, the Company may be required to secure
additional funding beyond our resources on hand. While the Company may, among other efforts, seek additional funding from “at-the-market”
sales of common stock, and private sales of equity and debt securities, it presently does not have any commitments to provide additional
funding, has limited shares of common stock available to support capital raising efforts and there can be no assurance that the Company
can secure the necessary capital to fund its share of drilling, acquisition or other costs on acceptable terms or at all. If, for any
reason, the Company is unable to fund its share of drilling and completion costs, it would forego participation in one or more of such
wells. In such event, the Company may be subject to penalties or to the possible loss of some of its rights and interests in prospects
with respect to which it fails to satisfy funding obligations and it may be required to curtail operations and forego opportunities.
Accounting
Principles and Use of Estimates
The
consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States
of America. In preparing financial statements, management makes informed judgments and estimates that affect the reported amounts of
assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the
reporting period. On an ongoing basis, management reviews its estimates, including those related to such potential matters as litigation,
environmental liabilities, income taxes and the related valuation allowance, determination of proved reserves of oil and gas and asset
retirement obligations. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to a concentration of credit risk include cash, cash equivalents (if any) and any marketable
securities (if any). The Company had cash deposits of $3,501,149 in excess of the FDIC’s current insured limit on interest bearing
accounts of $250,000 as of March 31, 2024. The Company also had cash deposits of $2,237 in Colombian banks at March 31, 2024 that are
not insured by the FDIC. The Company has not experienced any losses on its deposits of cash and cash equivalents.
Earnings
(Loss) per Share
Basic
earnings (loss) per share is computed by dividing net loss available to common shareholders by the weighted average common shares outstanding
for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue
common shares were exercised or converted in common shares that then shared in the earnings of the Company. In periods in which the Company
reports a net loss, dilutive securities are excluded from the calculation of diluted net loss per share amounts as the effect would be
anti-dilutive.
Subsequent
Events
The
Company has evaluated all transactions from March 31, 2024 through the financial statement issuance date for subsequent event disclosure
consideration.
NOTE
2 – REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation
of Revenue from Contracts with Customers
The
following table disaggregates revenue by significant product type for the three-month periods ended March 31, 2024 and 2023:
SCHEDULE
OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Oil sales | |
$ | 103,048 | | |
$ | 162,282 | |
Natural gas sales | |
| 16,316 | | |
| 24,911 | |
Natural gas liquids sales | |
| 28,322 | | |
| 42,831 | |
Total revenue from customers | |
$ | 147,686 | | |
$ | 230,024 | |
There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of March 31, 2024
or 2023.
NOTE
3 – OIL AND GAS PROPERTIES
During
the three months ended March 31, 2024 and 2023, the Company recorded depletion expense of $34,978 and $46,955, respectively.
Geographical
Information
The
Company currently has properties in the United States. Revenues for the three months ended March
31, 2024 and long lived assets (net of depletion, amortization, and impairments) as of March 31, 2024 are presented below:
SCHEDULE
OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA
| |
Three Months Ended March 31,
2024 | | |
As
of
March 31, 2024 | |
| |
Revenues | | |
Long Lived Assets, Net | |
United States | |
$ | 147,686 | | |
$ | 1,523,795 | |
Total | |
$ | 147,686 | | |
$ | 1,523,795 | |
Revenues
and long-lived assets attributable to the Company’s investments in Hupecol Meta LLC (“Hupecol Meta”), and its underlying
assets and operations in Colombia, are excluded from the above table.
NOTE
4 – EQUITY INVESTMENT
The
Company’s carrying value of its holdings in Hupecol Meta is reflected in the line item “equity investment – Hupecol
Meta LLC” on the Company’s Consolidated Balance Sheet.
During
the three months ended March 31, 2024, the Company made capital contributions totaling $430,803, to Hupecol Meta to cover its share of
required capital contributions. During the three months ended March 31, 2024, the Company received distributions, totaling $361,216,
from Hupecol Meta representing the Company’s share of distributable net profits of Hupecol Meta.
NOTE
5 – STOCK-BASED COMPENSATION EXPENSE
In
2008, the Company adopted the Houston American Energy Corp. 2008 Equity Incentive Plan (the “2008 Plan”). The terms of the
2008 Plan, as amended in 2012 and 2013, allow for the issuance of up to 480,000 shares of the Company’s common stock pursuant to
the grant of stock options and restricted stock.
In
2017, the Company adopted the Houston American Energy Corp. 2017 Equity Incentive Plan (the “2017 Plan”). The terms of the
2017 Plan, allow for the issuance of up to 400,000 shares of the Company’s common stock pursuant to the grant of stock options
and restricted stock.
In
2021, the Company adopted the Houston American Energy 2021 Equity Incentive Plan (the “2021 Plan” and, together with the
2008 Plan and the 2017 Plan, the “Plans”). The terms of the 2021 Plan allow for the issuance of up to 500,000 shares of the
Company’s common stock pursuant to the grant of stock options and restricted stock.
Persons
eligible to participate in the Plans are key employees, consultants and directors of the Company.
The
Company periodically grants options to employees, directors and consultants under the Plans and is required to make estimates of the
fair value of the related instruments and recognize expense over the period benefited, usually the vesting period.
Stock
Option Activity
A
summary of stock option activity and related information for the three months ended March 31, 2024 is presented below:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Options | | |
Weighted-Average Exercise Price | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 1,000,807 | | |
$ | 2.46 | | |
| | |
Granted | |
| — | | |
| — | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| (92,668 | ) | |
| 3.15 | | |
| | |
Outstanding at March 31, 2024 | |
| 908,139 | | |
$ | 2.39 | | |
$ | — | |
Exercisable at March 31, 2024 | |
| 908,139 | | |
$ | 2.39 | | |
$ | — | |
During
the three months ended March 31, 2024, the Company recognized $50,667 of stock-based compensation expense attributable to the amortization
of stock options. As of March 31, 2024, there is no unrecognized stock-based compensation expense related to non-vested stock options.
As
of March 31, 2024, there were 121,333 shares of common stock available for issuance pursuant to future stock or option grants under the
Plans.
Stock-Based
Compensation Expense
The
following table reflects total stock-based compensation recorded by the Company for the three months ended March 31, 2024 and 2023:
SCHEDULE
OF STOCK-BASED COMPENSATION
| |
2024 | | |
2023 | |
| |
Three
Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Stock-based compensation expense included in general and administrative expense | |
$ | 50,667 | | |
$ | 84,445 | |
Earnings per share effect of share-based compensation expense – basic and diluted | |
$ | (0.00 | ) | |
$ | (0.01 | ) |
NOTE
6 – CAPITAL STOCK
Warrants
A
summary of warrant activity and related information for 2024 is presented below:
SCHEDULE
OF WARRANT ACTIVITY
| |
Warrants | | |
Weighted-Average Exercise Price | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 94,400 | | |
$ | 2.50 | | |
| | |
Issued | |
| — | | |
| — | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| — | | |
| — | | |
| | |
Outstanding at March 31, 2024 | |
| 94,400 | | |
$ | 2.50 | | |
$ | — | |
Exercisable at March 31, 2024 | |
| 94,400 | | |
$ | 2.50 | | |
$ | — | |
NOTE
7 – EARNINGS PER COMMON SHARE
Earnings
(loss) per common share-basic is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the period. Net income (loss) per common share-diluted assumes the conversion of all potentially dilutive securities and is calculated
by dividing net (loss) income by the sum of the weighted average number of shares of common stock, as defined above, outstanding plus
potentially dilutive securities. Net income (loss) per common share-diluted considers the impact of potentially dilutive securities except
in periods in which there is a loss because the inclusion of the potential common shares, as defined above, would have an anti-dilutive
effect.
The
calculation of earnings (loss) per common share for the periods indicated below were as follows:
SCHEDULE
OF EARNINGS (LOSS) PER COMMON SHARE
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Numerator: | |
| | |
| |
Net (loss) income | |
$ | (15,699 | ) | |
$ | 104,175 | |
| |
| | | |
| | |
Effect of common stock equivalents | |
| — | | |
| — | |
Net (loss) income adjusted for common stock equivalents | |
$ | (15,699 | ) | |
$ | 104,175 | |
| |
| | | |
| | |
Denominator: | |
| | | |
| | |
Weighted average common shares – basic | |
| 10,906,353 | | |
| 10,417,136 | |
| |
| | | |
| | |
Dilutive effect of common stock equivalents: | |
| | | |
| | |
Options and warrants | |
| — | | |
| 360,322 | |
| |
| | | |
| | |
Denominator: | |
| | | |
| | |
Weighted average common shares – diluted | |
| 10,906,353 | | |
| 10,777,458 | |
| |
| | | |
| | |
(Loss) earnings per common share – basic | |
$ | (0.00 | ) | |
$ | 0.01 | |
| |
| | | |
| | |
(Loss) earnings per common share – diluted | |
$ | (0.00 | ) | |
$ | 0.01 | |
For
the three months ended March 31, 2024 and 2023, the following warrants and options to purchase shares of common stock were excluded from
the computation of diluted net income (loss) per common share, as the inclusion of such shares would be anti-dilutive:
SCHEDULE
OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF DILUTED NET INCOME LOSS
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Stock warrants | |
| 94,400 | | |
| — | |
Stock options | |
| 908,139 | | |
| 221,363 | |
Total | |
| 1,002,539 | | |
| 221,363 | |
NOTE
8 – COMMITMENTS AND CONTINGENCIES
Lease
Commitment
The
Company leases office facilities under an operating lease agreement that expires October 31, 2025. During the three months ended March
31, 2024, the operating cash outflows related to operating lease liabilities of $17,924 and the expense for the right of use asset for
operating leases was $17,947. As of March 31, 2024, the Company’s operating lease had a weighted-average remaining term of 1.58
years and a weighted average discount rate of 12%. As of March 31, 2024, the lease agreement requires future payments as follows:
SCHEDULE
OF FUTURE PAYMENTS UNDER LEASE AGREEMENT
Year | |
Amount | |
2024 | |
| 66,664 | |
2025 | |
| 75,051 | |
Total future lease payments | |
| 141,715 | |
Less: imputed interest | |
| (13,280 | ) |
Present value of future operating lease payments | |
| 128,435 | |
Less: current portion of operating lease liabilities | |
| (77,939 | ) |
Operating lease liabilities, net of current portion | |
$ | 50,496 | |
Right of use assets | |
$ | 127,074 | |
Total
base rental expense was $22,646 and $22,161 for the three months ended March 31, 2024 and 2023, respectively. The Company does not have
any capital leases or other operating lease commitments.
ITEM
2 |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Forward-Looking
Information
This
Form 10-Q quarterly report of Houston American Energy Corp. (the “Company”) for the three months ended March 31, 2024, contains
certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. To the extent that
there are statements that are not recitations of historical fact, such statements constitute forward-looking statements that, by definition,
involve risks and uncertainties. In any forward-looking statement, where we express an expectation or belief as to future results or
events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance
that the statement of expectation or belief will be achieved or accomplished.
The
actual results or events may differ materially from those anticipated and as reflected in forward-looking statements included herein.
Factors that may cause actual results or events to differ from those anticipated in the forward-looking statements included herein include
the Risk Factors described in Item 1A herein and in our Form 10-K for the year ended December 31, 2023.
Readers
are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof.
We believe the information contained in this Form 10-Q to be accurate as of the date hereof. Changes may occur after that date, and we
will not update that information except as required by law in the normal course of our public disclosure practices.
Additionally,
the following discussion regarding our financial condition and results of operations should be read in conjunction with the financial
statements and related notes contained in Item 1 of Part 1 of this Form 10-Q, as well as the Risk Factors in Item 1A and the financial
statements in Item 7 of Part II of our Form 10-K for the fiscal year ended December 31, 2023.
Critical
Accounting Policies
The
discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which
have been prepared in accordance with accounting principles generally accepted in the United States of America. We believe certain critical
accounting policies affect the more significant judgments and estimates used in the preparation of our financial statements. A description
of our critical accounting policies is set forth in our Form 10-K for the year ended December 31, 2023. As of, and for the three months
ended, March 31, 2024, there have been no material changes or updates to our critical accounting policies.
Recent
Developments
Drilling
and Operating Activity
During
the three months ended March 31, 2024, no drilling activities were conducted on our properties or on properties of Hupecol Meta. At March
31, 2024, we had 4 wells on production in the U.S. Permian Basin.
In
April 2024, the operator of our Reeves County wells advised that it had paid but failed to withhold our share of severance taxes
attributable to one or more of our properties for select periods. Approximately $24,500 of severance taxes attributable to such
under-withholding were recorded in the three months ended March 31, 2024.
Operations,
Planned Drilling and Divestiture in Colombia
At
March 31, 2024, Hupecol Meta operated four wells in the Venus Exploration Area of the CPO-11 block in Colombia. Each of the four wells
operated by Hupecol Meta were shut-in from February 20 to March 18, 2024 as a result of a dispute with local residents regarding maintenance
of the road serving the wells.
We
own an approximately 18% interest Hupecol Meta, representing an approximately 16% interest in the wells operated in the Venus Exploration
Area. We do not report results of Hupecol Meta in our consolidated operating results but include our investment in Hupecol Meta on our
balance sheet as “Equity Investment – Hupecol Meta” with distributions from Hupecol Meta reported as “Other Income”
on our Statement of Operations.
Hupecol
has advised that it intends to evaluate potential monetization of its assets in Colombia, including the interest in the CPO-11 block
held by Hupecol Meta. Pending the outcome of Hupecol’s evaluation of, and potential efforts regarding, monetization of the CPO-11
block, we plan to drill one additional vertical well on the CPO-11 block by mid-2024 but otherwise have no planned drilling operations,
or other planned operations, in Colombia and we expect to continue to operate our existing wells on the CPO-11 block. There is no assurance
as to the timing or outcome of Hupecol’s potential monetization of assets.
Capital
Investments
During
the quarter ended March 31, 2024, our capital investment expenditures totaled $430,803, attributable to investments in our equity investment
in Hupecol Meta LLC (“Hupecol Meta”).
Distributions
from Equity Investment
During
the three months ended March 31, 2024, we received distributions, totaling $361,216, from Hupecol Meta, representing our share of distributable
net income and reflected as “Other Income” on our Statement of Operations.
Results
of Operations
Oil
and Gas Revenues. Total oil and gas revenues decreased 36% to $147,686 in the three months ended March 31, 2024, compared to $230,024
in the three months ended March 31, 2023. The decrease in revenue was due to decreases in average sales price of natural gas (down 9%),
oil production (down 38%), and natural gas production (down 28%), partially offset by an increase in average sales price of oil (up 2%).
The
following table sets forth the gross and net producing wells, net oil and gas production volumes and average hydrocarbon sales prices
for the quarters ended March 31, 2024 and 2023:
| |
Three
Months Ended March 31,(1) | |
| |
2024 | | |
2023 | |
Gross producing wells | |
| 4 | | |
| 4 | |
Net producing wells | |
| 0.68 | | |
| 0.68 | |
Net oil production (Bbl) | |
| 1,393 | | |
| 2,242 | |
Net gas production (Mcf) | |
| 12,686 | | |
| 17,594 | |
Average sales price – oil (per barrel) | |
$ | 73.98 | | |
$ | 72.37 | |
Average sales price – natural gas (per Mcf) | |
$ | 1.29 | | |
$ | 1.42 | |
(1)
All well, production and price information excludes wells operated by Hupecol Meta.
The
change in production volumes was primarily attributable to the natural decline in production.
The
change in average oil and natural gas sales price realized reflects global energy trends.
Oil
and gas sales revenues are entirely attributable to our U.S. properties.
Lease
Operating Expenses. Lease operating expenses increased 43% to $163,030 during the three months ended March 31, 2024, from $113,686
during the three months ended March 31, 2023.
Lease
operating expenses are entirely attributable to our U.S. properties and exclude lease operating expenses of Hupecol Meta. The
increase in lease operating expense for the quarter was attributable to the additional severance tax expense from prior periods and
increase in production expenses during the three months ended March 31, 2024.
Depreciation
and Depletion Expense. Depreciation and depletion expense was $34,978 and $46,955 for the three months ended March 31, 2024 and 2023,
respectively. The change in depreciation and depletion was principally due to the decline in oil production during the three months ended
March 31, 2024.
General
and Administrative Expenses (excluding stock-based compensation). General and administrative expense increased by 25% to $307,140
during the three months ended March 31, 2024 from $245,374 during the three months ended March 31, 2023. The change in general and administrative
expense was primarily attributable to an increase in salaries (up $14,474) and professional fees.
Stock-Based
Compensation. Stock-based compensation decreased nominally to $50,667 during the three months ended March 31, 2024 from $84,445 during
the three months ended March 31, 2023.
Other
Income (Expense). Other income/expense, net, totaled $392,430 of income during the three months ended March 31, 2024, compared to
$364,611 of income during the three months ended March 31, 2023. Other income consisted of equity investment distributions totaling $361,216
and $334,111, respectively, from Hupecol Meta, representing our share of distributable net income for the three months ended March 31,
2024 and 2023, respectively, and interest income on cash balances during the three months ended March 31, 2024 and 2023.
Financial
Condition
Liquidity
and Capital Resources. At March 31, 2024, we had a cash balance of $3,751,149 and working capital of $3,555,367, compared to a cash
balance of $4,059,182 and working capital of $3,917,231 at December 31, 2023.
Cash
Flows. Operating activities provided $122,770 of cash during the three months ended March 31, 2024, compared to cash provided of
$19,243 during the three months ended March 31, 2023. The change in operating cash flow was attributable to changes in operating assets and liabilities from period to period, in particular
the recording of accrued earnings distributions during the three months ended March 31, 2023, which largely offset the net income during
the three months ended March 31, 2023.
Investing
activities used cash of $430,803 during the three months ended March 31, 2024, compared to $222,219 used during the three months ended
March 31, 2023. Cash used in investing activities for both periods was attributable to investments in Hupecol Meta to support our share
of costs in Colombia.
Financing
activities provided $0 during the three months ended March 31, 2024, compared to $901,500 provided during the three months ended
March 31, 2023. Cash provided by financing activities during the three months ended March 31, 2023 was attributable to funds
received from the sale of common stock in the company’s 2022 ATM offering.
Long-Term
Liabilities. At March 31, 2024, we had long-term liabilities of $114,685, compared to $134,167 at December 31, 2023. Long-term liabilities
at March 31, 2024 and December 31, 2023, consisted of a reserve for plugging costs and the long-term lease liability.
Capital
and Exploration Expenditures and Commitments. Our principal capital and exploration expenditures
relate to ongoing efforts to acquire, drill and complete prospects. During 2023, capital expenditures relating to Hupecol Meta increased
with our investments in Hupecol Meta to fund our share of costs associated with the initial wells drilled on the CPO-11 block. Based
on discussions with Hupecol Meta, we anticipate that one additional vertical well will be drilled on the CPO-11 block by mid-2024 pending
efforts by Hupecol Meta to monetize its interest in the CPO-11 block. Our costs relating to the drilling of such well is estimated at
approximately $500,000. There are no present plans to conduct additional drilling operations on our U.S. properties. The actual timing
and number of well operations undertaken, if any, will be principally controlled by the operators of our acreage based on a number of
factors, including but not limited to availability of financing, performance of existing wells on the subject acreage, energy prices
and industry condition and outlook, costs of drilling and completion services and equipment and other factors beyond our control or that
of our operators.
In
addition to possible operations on our existing acreage holdings, we continue to evaluate drilling prospects in which may acquire an
interest and participate.
During
the three months ended March 31, 2024, we invested $430,803 for the acquisition and development of oil and gas properties,
consisting of capital contributions to Hupecol Meta. The $430,803 invested in Hupecol Meta was capitalized to our equity investment
in Hupecol Meta.
As
our allocable share of well costs will vary depending on the timing and number of wells drilled as well as our working interest in each
such well and the level of participation of other interest owners, we have not established a drilling budget but will budget on a well-by-well
basis as our operators propose wells. We believe that we have the ability, through our cash on-hand, to fund operations and our cost
for all planned wells expected to be drilled during 2024.
In
the event that we pursue additional acreage acquisitions or expand our drilling plans, we may be required to secure additional funding
beyond our resources on hand. While we may, among other efforts, seek additional funding from “at-the-market” sales of common
stock, and private sales of equity and debt securities, we presently have limited authorized shares of common stock available for issuance
to support equity capital raises and we have no commitments to provide additional funding, and there can be no assurance that we can
secure the necessary capital to fund our share of drilling, acquisition or other costs on acceptable terms or at all. If, for any reason,
we are unable to fund our share of drilling and completion costs and fail to satisfy commitments relative to our interest in our acreage,
we may be subject to penalties or to the possible loss of some of our rights and interests in prospects with respect to which we fail
to satisfy funding commitments and we may be required to curtail operations and forego opportunities.
Off-Balance
Sheet Arrangements
We
had no off-balance sheet arrangements or guarantees of third party obligations at March 31, 2024.
ITEM
3 |
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Commodity
Price Risk
The
price we receive for our oil and gas production heavily influences our revenue, profitability, access to capital and future rate of growth.
Crude oil and natural gas are commodities and, therefore, their prices are subject to wide fluctuations in response to relatively minor
changes in supply and demand. Historically, the markets for oil and gas have been volatile, and these markets will likely continue to
be volatile in the future. The price we receive for production depends on numerous factors beyond our control.
We
have not historically entered into any hedges or other transactions designed to manage, or limit, exposure to oil and gas price volatility.
ITEM
4 |
CONTROLS
AND PROCEDURES |
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and the participation of our management, including our principal executive officer and principal financial officer, we
conducted an evaluation as of March 31, 2024 of the effectiveness of the design and operation of our disclosure controls and procedures,
as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation,
our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were not effective
as of March 31, 2024. Such conclusion reflects the 2013 departure of our chief financial officer and assumption of duties of principal
financial officer by our chief executive officer and the resulting lack of an appropriate level of accounting knowledge and experience
commensurate with the financial reporting requirements for a public company, in particular with respect to technical accounting knowledge
regarding accounting for certain transactions, and a related lack of segregation of duties. Until we are able to remedy these material
weaknesses, we are relying on third party consultants to assist with financial reporting.
Changes
in Internal Control over Financial Reporting
No
change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred
during the quarter ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control
over financial reporting.
PART
II
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the
undersigned thereunto duly authorized.
|
HOUSTON
AMERICAN ENERGY CORP. |
Date:
May 15, 2024 |
|
|
By: |
/s/
John Terwilliger |
|
|
John
Terwilliger |
|
|
CEO and President (Principal Executive Officer and
Principal Financial Officer) |
Exhibit
31.1
CERTIFICATION
OF CEO PURSUANT TO 15 U.S.C. SECTION 10A, AS ADOPTED
PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
John Terwilliger, certify that:
1. | I
have reviewed this quarterly report on Form 10-Q of Houston American Energy Corp.; |
2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respect the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | I
am responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this quarterly report is being prepared; |
| b) | designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| c) | evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| d) | disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and |
5. | I
have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board
of directors: |
| a) | all
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and |
| b) | any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal controls over financial reporting. |
Date:
May 15, 2024 |
|
|
|
|
/s/
John Terwilliger |
|
John
Terwilliger, |
|
Chief
Executive Officer and Principal |
|
Financial
Officer |
Exhibit
32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
I,
John Terwilliger, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that the Quarterly Report of Houston American Energy Corp. on Form 10-Q for the quarterly period ended March 31, 2024 fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q
fairly presents in all material respects the financial condition and results of operations of Houston American Energy Corp.
|
By: |
/s/
John Terwilliger |
|
Name:
|
John
Terwilliger |
|
Title:
|
Chief
Executive Officer and Principal Financial Officer |
|
Dated:
|
May
15, 2024 |
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 15, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
1-32955
|
|
Entity Registrant Name |
HOUSTON
AMERICAN ENERGY CORP.
|
|
Entity Central Index Key |
0001156041
|
|
Entity Tax Identification Number |
76-0675953
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
801
Travis Street
|
|
Entity Address, Address Line Two |
Suite 1425
|
|
Entity Address, City or Town |
Houston
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
77002
|
|
City Area Code |
(713)
|
|
Local Phone Number |
222-6966
|
|
Title of 12(b) Security |
Common
Stock, $0.001 par value per share
|
|
Trading Symbol |
HUSA
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
|
10,906,353
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v3.24.1.1.u2
Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS |
|
|
Cash |
$ 3,751,149
|
$ 4,059,182
|
Accounts receivable – oil and gas sales |
27,173
|
71,736
|
Prepaid expenses and other current assets |
123,162
|
35,244
|
TOTAL CURRENT ASSETS |
3,901,484
|
4,166,162
|
PROPERTY AND EQUIPMENT |
|
|
Costs subject to amortization |
62,776,033
|
62,776,561
|
Office equipment |
90,004
|
90,004
|
Total |
62,866,037
|
62,866,565
|
Accumulated depletion, depreciation, amortization, and impairment |
(61,342,242)
|
(61,307,264)
|
PROPERTY AND EQUIPMENT, NET |
1,523,795
|
1,559,301
|
Equity investment – Hupecol Meta LLC |
4,936,161
|
4,505,358
|
Right of use asset |
127,074
|
145,021
|
Other assets |
3,167
|
3,167
|
TOTAL ASSETS |
10,491,681
|
10,379,009
|
CURRENT LIABILITIES |
|
|
Accounts payable |
250,778
|
156,572
|
Accrued expenses |
17,400
|
17,083
|
Current portion of lease liability |
77,939
|
75,276
|
TOTAL CURRENT LIABILITIES |
346,117
|
248,931
|
LONG-TERM LIABILITIES |
|
|
Lease liability, net of current portion |
50,496
|
71,083
|
Reserve for plugging and abandonment costs |
64,189
|
63,084
|
TOTAL LONG-TERM LIABILITIES |
114,685
|
134,167
|
TOTAL LIABILITIES |
460,802
|
383,098
|
COMMITMENTS AND CONTINGENCIES |
|
|
SHAREHOLDERS’ EQUITY |
|
|
Common stock, par value $0.001; 12,000,000 shares authorized 10,906,353 shares issued and outstanding |
10,907
|
10,907
|
Additional paid-in capital |
87,034,668
|
86,984,001
|
Accumulated deficit |
(77,014,696)
|
(76,998,997)
|
TOTAL SHAREHOLDERS’ EQUITY |
10,030,879
|
9,995,911
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 10,491,681
|
$ 10,379,009
|
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Consolidated Balance Sheets (Parenthetical) - $ / shares
|
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Statement of Financial Position [Abstract] |
|
|
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$ 0.001
|
$ 0.001
|
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12,000,000
|
12,000,000
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v3.24.1.1.u2
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
OIL AND GAS REVENUE |
$ 147,686
|
$ 230,024
|
EXPENSES OF OPERATIONS |
|
|
Lease operating expense and severance tax |
163,030
|
113,686
|
General and administrative expense |
357,807
|
329,819
|
Depreciation and depletion |
34,978
|
46,955
|
Total operating expenses |
555,815
|
490,460
|
Loss from operations |
(408,129)
|
(260,436)
|
OTHER INCOME, NET |
|
|
Interest income |
31,214
|
30,500
|
Other income |
361,216
|
334,111
|
Total other income |
392,430
|
364,611
|
Net (loss) income before taxes |
(15,699)
|
104,175
|
Income tax expense |
|
|
Net (loss) income |
$ (15,699)
|
$ 104,175
|
Basic net income ( loss) per common share |
$ (0.00)
|
$ 0.01
|
Diluted net income ( loss) per common share |
$ (0.00)
|
$ 0.01
|
Basic weighted average number of common shares outstanding |
10,906,353
|
10,777,458
|
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10,906,353
|
10,777,458
|
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v3.24.1.1.u2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 10,328
|
$ 85,094,266
|
$ (73,787,720)
|
$ 11,316,874
|
Balance, shares at Dec. 31, 2022 |
10,327,646
|
|
|
|
Stock-based compensation |
|
84,445
|
|
84,445
|
Net income (loss) |
|
|
104,175
|
104,175
|
Issuance of common stock for cash, net |
$ 295
|
901,205
|
|
901,500
|
Issuance of common stock for cash, net, shares |
294,872
|
|
|
|
Balance at Mar. 31, 2023 |
$ 10,623
|
86,079,916
|
(73,683,545)
|
12,406,994
|
Balance, shares at Mar. 31, 2023 |
10,662,518
|
|
|
|
Balance at Dec. 31, 2023 |
$ 10,907
|
86,984,001
|
(76,998,997)
|
9,995,911
|
Balance, shares at Dec. 31, 2023 |
10,906,353
|
|
|
|
Stock-based compensation |
|
50,667
|
|
50,667
|
Net income (loss) |
|
|
(15,699)
|
(15,699)
|
Balance at Mar. 31, 2024 |
$ 10,907
|
$ 87,034,668
|
$ (77,014,696)
|
$ 10,030,879
|
Balance, shares at Mar. 31, 2024 |
10,906,353
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.24.1.1.u2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net (loss) income |
$ (15,699)
|
$ 104,175
|
Adjustments to reconcile net income (loss) to net cash used in operations: |
|
|
Depreciation and depletion |
34,978
|
46,955
|
Accretion of asset retirement obligation |
1,105
|
2,336
|
Stock-based compensation |
50,667
|
84,445
|
Amortization of right of use asset |
17,947
|
16,402
|
Changes in operating assets and liabilities: |
|
|
Decrease (increase) in accounts receivable |
44,563
|
60,287
|
Decrease (increase) in accrued earnings distributions from Hupecol Meta, LLC |
|
(334,111)
|
Decrease (increase) in prepaid expenses and other current assets |
(87,918)
|
56,141
|
(Decrease) increase in accounts payable and accrued expenses |
95,051
|
(1,726)
|
Decrease in operating lease liability |
(17,924)
|
(15,661)
|
Net cash provided by (used in) operating activities |
122,770
|
19,243
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Payments for capital contribution for equity investment |
(430,803)
|
(222,219)
|
Net cash used in investing activities |
(430,803)
|
(222,219)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from issuance of common stock for cash, net of offering costs |
|
901,500
|
Net cash provided by financing activities |
|
901,500
|
Increase (decrease) in cash |
(308,033)
|
698,524
|
Cash, beginning of period |
4,059,182
|
4,547,210
|
Cash, end of period |
3,751,149
|
5,245,734
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
Interest paid |
|
|
Taxes paid |
|
|
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
Changes in estimate of asset retirement obligations, net |
|
1,969
|
Changes in accrued equity investment contributions and distributions |
|
$ 33,038
|
X |
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v3.24.1.1.u2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The
accompanying unaudited consolidated financial statements of Houston American Energy Corp., a Delaware corporation (the “Company”),
have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial
information and with the instructions to Form 10-Q. They do not include all of the information and footnotes required by accounting principles
generally accepted in the United States of America for a complete financial presentation. In the opinion of management, all adjustments,
consisting only of normal recurring adjustments, considered necessary for a fair presentation, have been included in the accompanying
unaudited consolidated financial statements. Operating results for the periods presented are not necessarily indicative of the results
that may be expected for the full year.
These
unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements
and footnotes, which are included as part of the Company’s Form 10-K for the year ended December 31, 2023.
Consolidation
The
accompanying consolidated financial statements include all accounts of the Company and its subsidiary (HAEC Louisiana E&P, Inc.).
All significant inter-company balances and transactions have been eliminated in consolidation.
Liquidity
and Capital Requirements
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following
the issuance date of these consolidated financial statements. The Company has incurred continuing losses since 2011, with an accumulated
deficit of $77.0 million as of March 31, 2024.
The
Company believes that it has the ability to fund, from cash on hand, its operating costs and anticipated drilling operations for at least
the next twelve months following the issuance of these financial statements.
The
actual timing and number of wells drilled during 2024 and beyond will be principally controlled by the operators of the Company’s
acreage, based on a number of factors, including but not limited to availability of financing, performance of existing wells on the subject
acreage, energy prices and industry condition and outlook, costs of drilling and completion services and equipment and other factors
beyond the Company’s control or that of its operators.
In
the event that the Company pursues additional acreage acquisitions or expands its drilling plans, the Company may be required to secure
additional funding beyond our resources on hand. While the Company may, among other efforts, seek additional funding from “at-the-market”
sales of common stock, and private sales of equity and debt securities, it presently does not have any commitments to provide additional
funding, has limited shares of common stock available to support capital raising efforts and there can be no assurance that the Company
can secure the necessary capital to fund its share of drilling, acquisition or other costs on acceptable terms or at all. If, for any
reason, the Company is unable to fund its share of drilling and completion costs, it would forego participation in one or more of such
wells. In such event, the Company may be subject to penalties or to the possible loss of some of its rights and interests in prospects
with respect to which it fails to satisfy funding obligations and it may be required to curtail operations and forego opportunities.
Accounting
Principles and Use of Estimates
The
consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States
of America. In preparing financial statements, management makes informed judgments and estimates that affect the reported amounts of
assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the
reporting period. On an ongoing basis, management reviews its estimates, including those related to such potential matters as litigation,
environmental liabilities, income taxes and the related valuation allowance, determination of proved reserves of oil and gas and asset
retirement obligations. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to a concentration of credit risk include cash, cash equivalents (if any) and any marketable
securities (if any). The Company had cash deposits of $3,501,149 in excess of the FDIC’s current insured limit on interest bearing
accounts of $250,000 as of March 31, 2024. The Company also had cash deposits of $2,237 in Colombian banks at March 31, 2024 that are
not insured by the FDIC. The Company has not experienced any losses on its deposits of cash and cash equivalents.
Earnings
(Loss) per Share
Basic
earnings (loss) per share is computed by dividing net loss available to common shareholders by the weighted average common shares outstanding
for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue
common shares were exercised or converted in common shares that then shared in the earnings of the Company. In periods in which the Company
reports a net loss, dilutive securities are excluded from the calculation of diluted net loss per share amounts as the effect would be
anti-dilutive.
Subsequent
Events
The
Company has evaluated all transactions from March 31, 2024 through the financial statement issuance date for subsequent event disclosure
consideration.
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v3.24.1.1.u2
REVENUE FROM CONTRACTS WITH CUSTOMERS
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE FROM CONTRACTS WITH CUSTOMERS |
NOTE
2 – REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation
of Revenue from Contracts with Customers
The
following table disaggregates revenue by significant product type for the three-month periods ended March 31, 2024 and 2023:
SCHEDULE
OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Oil sales | |
$ | 103,048 | | |
$ | 162,282 | |
Natural gas sales | |
| 16,316 | | |
| 24,911 | |
Natural gas liquids sales | |
| 28,322 | | |
| 42,831 | |
Total revenue from customers | |
$ | 147,686 | | |
$ | 230,024 | |
There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of March 31, 2024
or 2023.
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v3.24.1.1.u2
OIL AND GAS PROPERTIES
|
3 Months Ended |
Mar. 31, 2024 |
Extractive Industries [Abstract] |
|
OIL AND GAS PROPERTIES |
NOTE
3 – OIL AND GAS PROPERTIES
During
the three months ended March 31, 2024 and 2023, the Company recorded depletion expense of $34,978 and $46,955, respectively.
Geographical
Information
The
Company currently has properties in the United States. Revenues for the three months ended March
31, 2024 and long lived assets (net of depletion, amortization, and impairments) as of March 31, 2024 are presented below:
SCHEDULE
OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA
| |
Three Months Ended March 31,
2024 | | |
As
of
March 31, 2024 | |
| |
Revenues | | |
Long Lived Assets, Net | |
United States | |
$ | 147,686 | | |
$ | 1,523,795 | |
Total | |
$ | 147,686 | | |
$ | 1,523,795 | |
Revenues
and long-lived assets attributable to the Company’s investments in Hupecol Meta LLC (“Hupecol Meta”), and its underlying
assets and operations in Colombia, are excluded from the above table.
|
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v3.24.1.1.u2
EQUITY INVESTMENT
|
3 Months Ended |
Mar. 31, 2024 |
Equity Investment |
|
EQUITY INVESTMENT |
NOTE
4 – EQUITY INVESTMENT
The
Company’s carrying value of its holdings in Hupecol Meta is reflected in the line item “equity investment – Hupecol
Meta LLC” on the Company’s Consolidated Balance Sheet.
During
the three months ended March 31, 2024, the Company made capital contributions totaling $430,803, to Hupecol Meta to cover its share of
required capital contributions. During the three months ended March 31, 2024, the Company received distributions, totaling $361,216,
from Hupecol Meta representing the Company’s share of distributable net profits of Hupecol Meta.
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v3.24.1.1.u2
STOCK-BASED COMPENSATION EXPENSE
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION EXPENSE |
NOTE
5 – STOCK-BASED COMPENSATION EXPENSE
In
2008, the Company adopted the Houston American Energy Corp. 2008 Equity Incentive Plan (the “2008 Plan”). The terms of the
2008 Plan, as amended in 2012 and 2013, allow for the issuance of up to 480,000 shares of the Company’s common stock pursuant to
the grant of stock options and restricted stock.
In
2017, the Company adopted the Houston American Energy Corp. 2017 Equity Incentive Plan (the “2017 Plan”). The terms of the
2017 Plan, allow for the issuance of up to 400,000 shares of the Company’s common stock pursuant to the grant of stock options
and restricted stock.
In
2021, the Company adopted the Houston American Energy 2021 Equity Incentive Plan (the “2021 Plan” and, together with the
2008 Plan and the 2017 Plan, the “Plans”). The terms of the 2021 Plan allow for the issuance of up to 500,000 shares of the
Company’s common stock pursuant to the grant of stock options and restricted stock.
Persons
eligible to participate in the Plans are key employees, consultants and directors of the Company.
The
Company periodically grants options to employees, directors and consultants under the Plans and is required to make estimates of the
fair value of the related instruments and recognize expense over the period benefited, usually the vesting period.
Stock
Option Activity
A
summary of stock option activity and related information for the three months ended March 31, 2024 is presented below:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Options | | |
Weighted-Average Exercise Price | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 1,000,807 | | |
$ | 2.46 | | |
| | |
Granted | |
| — | | |
| — | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| (92,668 | ) | |
| 3.15 | | |
| | |
Outstanding at March 31, 2024 | |
| 908,139 | | |
$ | 2.39 | | |
$ | — | |
Exercisable at March 31, 2024 | |
| 908,139 | | |
$ | 2.39 | | |
$ | — | |
During
the three months ended March 31, 2024, the Company recognized $50,667 of stock-based compensation expense attributable to the amortization
of stock options. As of March 31, 2024, there is no unrecognized stock-based compensation expense related to non-vested stock options.
As
of March 31, 2024, there were 121,333 shares of common stock available for issuance pursuant to future stock or option grants under the
Plans.
Stock-Based
Compensation Expense
The
following table reflects total stock-based compensation recorded by the Company for the three months ended March 31, 2024 and 2023:
SCHEDULE
OF STOCK-BASED COMPENSATION
| |
2024 | | |
2023 | |
| |
Three
Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Stock-based compensation expense included in general and administrative expense | |
$ | 50,667 | | |
$ | 84,445 | |
Earnings per share effect of share-based compensation expense – basic and diluted | |
$ | (0.00 | ) | |
$ | (0.01 | ) |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.1.u2
CAPITAL STOCK
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
CAPITAL STOCK |
NOTE
6 – CAPITAL STOCK
Warrants
A
summary of warrant activity and related information for 2024 is presented below:
SCHEDULE
OF WARRANT ACTIVITY
| |
Warrants | | |
Weighted-Average Exercise Price | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 94,400 | | |
$ | 2.50 | | |
| | |
Issued | |
| — | | |
| — | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| — | | |
| — | | |
| | |
Outstanding at March 31, 2024 | |
| 94,400 | | |
$ | 2.50 | | |
$ | — | |
Exercisable at March 31, 2024 | |
| 94,400 | | |
$ | 2.50 | | |
$ | — | |
|
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v3.24.1.1.u2
EARNINGS PER COMMON SHARE
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
EARNINGS PER COMMON SHARE |
NOTE
7 – EARNINGS PER COMMON SHARE
Earnings
(loss) per common share-basic is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the period. Net income (loss) per common share-diluted assumes the conversion of all potentially dilutive securities and is calculated
by dividing net (loss) income by the sum of the weighted average number of shares of common stock, as defined above, outstanding plus
potentially dilutive securities. Net income (loss) per common share-diluted considers the impact of potentially dilutive securities except
in periods in which there is a loss because the inclusion of the potential common shares, as defined above, would have an anti-dilutive
effect.
The
calculation of earnings (loss) per common share for the periods indicated below were as follows:
SCHEDULE
OF EARNINGS (LOSS) PER COMMON SHARE
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Numerator: | |
| | |
| |
Net (loss) income | |
$ | (15,699 | ) | |
$ | 104,175 | |
| |
| | | |
| | |
Effect of common stock equivalents | |
| — | | |
| — | |
Net (loss) income adjusted for common stock equivalents | |
$ | (15,699 | ) | |
$ | 104,175 | |
| |
| | | |
| | |
Denominator: | |
| | | |
| | |
Weighted average common shares – basic | |
| 10,906,353 | | |
| 10,417,136 | |
| |
| | | |
| | |
Dilutive effect of common stock equivalents: | |
| | | |
| | |
Options and warrants | |
| — | | |
| 360,322 | |
| |
| | | |
| | |
Denominator: | |
| | | |
| | |
Weighted average common shares – diluted | |
| 10,906,353 | | |
| 10,777,458 | |
| |
| | | |
| | |
(Loss) earnings per common share – basic | |
$ | (0.00 | ) | |
$ | 0.01 | |
| |
| | | |
| | |
(Loss) earnings per common share – diluted | |
$ | (0.00 | ) | |
$ | 0.01 | |
For
the three months ended March 31, 2024 and 2023, the following warrants and options to purchase shares of common stock were excluded from
the computation of diluted net income (loss) per common share, as the inclusion of such shares would be anti-dilutive:
SCHEDULE
OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF DILUTED NET INCOME LOSS
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Stock warrants | |
| 94,400 | | |
| — | |
Stock options | |
| 908,139 | | |
| 221,363 | |
Total | |
| 1,002,539 | | |
| 221,363 | |
|
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
8 – COMMITMENTS AND CONTINGENCIES
Lease
Commitment
The
Company leases office facilities under an operating lease agreement that expires October 31, 2025. During the three months ended March
31, 2024, the operating cash outflows related to operating lease liabilities of $17,924 and the expense for the right of use asset for
operating leases was $17,947. As of March 31, 2024, the Company’s operating lease had a weighted-average remaining term of 1.58
years and a weighted average discount rate of 12%. As of March 31, 2024, the lease agreement requires future payments as follows:
SCHEDULE
OF FUTURE PAYMENTS UNDER LEASE AGREEMENT
Year | |
Amount | |
2024 | |
| 66,664 | |
2025 | |
| 75,051 | |
Total future lease payments | |
| 141,715 | |
Less: imputed interest | |
| (13,280 | ) |
Present value of future operating lease payments | |
| 128,435 | |
Less: current portion of operating lease liabilities | |
| (77,939 | ) |
Operating lease liabilities, net of current portion | |
$ | 50,496 | |
Right of use assets | |
$ | 127,074 | |
Total
base rental expense was $22,646 and $22,161 for the three months ended March 31, 2024 and 2023, respectively. The Company does not have
any capital leases or other operating lease commitments.
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v3.24.1.1.u2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Consolidation |
Consolidation
The
accompanying consolidated financial statements include all accounts of the Company and its subsidiary (HAEC Louisiana E&P, Inc.).
All significant inter-company balances and transactions have been eliminated in consolidation.
|
Liquidity and Capital Requirements |
Liquidity
and Capital Requirements
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following
the issuance date of these consolidated financial statements. The Company has incurred continuing losses since 2011, with an accumulated
deficit of $77.0 million as of March 31, 2024.
The
Company believes that it has the ability to fund, from cash on hand, its operating costs and anticipated drilling operations for at least
the next twelve months following the issuance of these financial statements.
The
actual timing and number of wells drilled during 2024 and beyond will be principally controlled by the operators of the Company’s
acreage, based on a number of factors, including but not limited to availability of financing, performance of existing wells on the subject
acreage, energy prices and industry condition and outlook, costs of drilling and completion services and equipment and other factors
beyond the Company’s control or that of its operators.
In
the event that the Company pursues additional acreage acquisitions or expands its drilling plans, the Company may be required to secure
additional funding beyond our resources on hand. While the Company may, among other efforts, seek additional funding from “at-the-market”
sales of common stock, and private sales of equity and debt securities, it presently does not have any commitments to provide additional
funding, has limited shares of common stock available to support capital raising efforts and there can be no assurance that the Company
can secure the necessary capital to fund its share of drilling, acquisition or other costs on acceptable terms or at all. If, for any
reason, the Company is unable to fund its share of drilling and completion costs, it would forego participation in one or more of such
wells. In such event, the Company may be subject to penalties or to the possible loss of some of its rights and interests in prospects
with respect to which it fails to satisfy funding obligations and it may be required to curtail operations and forego opportunities.
|
Accounting Principles and Use of Estimates |
Accounting
Principles and Use of Estimates
The
consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States
of America. In preparing financial statements, management makes informed judgments and estimates that affect the reported amounts of
assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the
reporting period. On an ongoing basis, management reviews its estimates, including those related to such potential matters as litigation,
environmental liabilities, income taxes and the related valuation allowance, determination of proved reserves of oil and gas and asset
retirement obligations. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to a concentration of credit risk include cash, cash equivalents (if any) and any marketable
securities (if any). The Company had cash deposits of $3,501,149 in excess of the FDIC’s current insured limit on interest bearing
accounts of $250,000 as of March 31, 2024. The Company also had cash deposits of $2,237 in Colombian banks at March 31, 2024 that are
not insured by the FDIC. The Company has not experienced any losses on its deposits of cash and cash equivalents.
|
Earnings (Loss) per Share |
Earnings
(Loss) per Share
Basic
earnings (loss) per share is computed by dividing net loss available to common shareholders by the weighted average common shares outstanding
for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue
common shares were exercised or converted in common shares that then shared in the earnings of the Company. In periods in which the Company
reports a net loss, dilutive securities are excluded from the calculation of diluted net loss per share amounts as the effect would be
anti-dilutive.
|
New Accounting Pronouncements, Policy [Policy Text Block] |
|
Subsequent Events |
Subsequent
Events
The
Company has evaluated all transactions from March 31, 2024 through the financial statement issuance date for subsequent event disclosure
consideration.
|
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v3.24.1.1.u2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT |
The
following table disaggregates revenue by significant product type for the three-month periods ended March 31, 2024 and 2023:
SCHEDULE
OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Oil sales | |
$ | 103,048 | | |
$ | 162,282 | |
Natural gas sales | |
| 16,316 | | |
| 24,911 | |
Natural gas liquids sales | |
| 28,322 | | |
| 42,831 | |
Total revenue from customers | |
$ | 147,686 | | |
$ | 230,024 | |
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.24.1.1.u2
OIL AND GAS PROPERTIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Extractive Industries [Abstract] |
|
SCHEDULE OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA |
The
Company currently has properties in the United States. Revenues for the three months ended March
31, 2024 and long lived assets (net of depletion, amortization, and impairments) as of March 31, 2024 are presented below:
SCHEDULE
OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA
| |
Three Months Ended March 31,
2024 | | |
As
of
March 31, 2024 | |
| |
Revenues | | |
Long Lived Assets, Net | |
United States | |
$ | 147,686 | | |
$ | 1,523,795 | |
Total | |
$ | 147,686 | | |
$ | 1,523,795 | |
|
X |
- DefinitionTabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.
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v3.24.1.1.u2
STOCK-BASED COMPENSATION EXPENSE (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
A
summary of stock option activity and related information for the three months ended March 31, 2024 is presented below:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Options | | |
Weighted-Average Exercise Price | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 1,000,807 | | |
$ | 2.46 | | |
| | |
Granted | |
| — | | |
| — | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| (92,668 | ) | |
| 3.15 | | |
| | |
Outstanding at March 31, 2024 | |
| 908,139 | | |
$ | 2.39 | | |
$ | — | |
Exercisable at March 31, 2024 | |
| 908,139 | | |
$ | 2.39 | | |
$ | — | |
|
SCHEDULE OF STOCK-BASED COMPENSATION |
The
following table reflects total stock-based compensation recorded by the Company for the three months ended March 31, 2024 and 2023:
SCHEDULE
OF STOCK-BASED COMPENSATION
| |
2024 | | |
2023 | |
| |
Three
Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Stock-based compensation expense included in general and administrative expense | |
$ | 50,667 | | |
$ | 84,445 | |
Earnings per share effect of share-based compensation expense – basic and diluted | |
$ | (0.00 | ) | |
$ | (0.01 | ) |
|