Houston American Energy Corp. Files Quarterly Report (10-Q) for Period Ended March 31, 2024
Ticker: AGIG · Form: 10-Q · Filed: May 15, 2024 · CIK: 1156041
Sentiment: neutral
Topics: 10-Q, Houston American Energy Corp, Quarterly Report, Oil and Gas, Financials
TL;DR
<b>Houston American Energy Corp. has submitted its quarterly report (10-Q) detailing financial performance for the period ending March 31, 2024.</b>
AI Summary
HOUSTON AMERICAN ENERGY CORP (AGIG) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Houston American Energy Corp. filed its Form 10-Q for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is oil and gas exploration and production. The filing includes financial data for the periods ending March 31, 2024, and December 31, 2023. Key financial statement components such as common stock, additional paid-in capital, and retained earnings are detailed for comparative periods.
Why It Matters
For investors and stakeholders tracking HOUSTON AMERICAN ENERGY CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Houston American Energy Corp., crucial for understanding its current operational and financial health in the oil and gas sector. The detailed financial statements and disclosures within the report are essential for investors to assess the company's performance, risks, and future prospects.
Risk Assessment
Risk Level: medium — HOUSTON AMERICAN ENERGY CORP shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, posing inherent risks to financial performance.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-Q to assess the company's financial position and operational risks.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Oil Sales | ||
| Natural Gas Sales | ||
| Natural Gas Liquids Sales |
Key Numbers
- 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-05-15 — Filing Date (FILED AS OF DATE)
- 2023-12-31 — Previous Year End Date (Comparison Date)
- 2023-03-31 — Prior Year Period End Date (Comparison Date)
Key Players & Entities
- HOUSTON AMERICAN ENERGY CORP (company) — FILER
- 0001493152-24-020015 (other) — ACCESSION NUMBER
- 20240515 (date) — FILED AS OF DATE
- 20240331 (date) — CONFORMED PERIOD OF REPORT
- 0001156041 (company) — CENTRAL INDEX KEY
- 1311 (other) — STANDARD INDUSTRIAL CLASSIFICATION
- 801 TRAVIS STREET, SUITE 1425 (address) — BUSINESS ADDRESS
- 77002 (other) — ZIP
FAQ
When did HOUSTON AMERICAN ENERGY CORP file this 10-Q?
HOUSTON AMERICAN ENERGY CORP filed this Quarterly Report (10-Q) with the SEC on May 15, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by HOUSTON AMERICAN ENERGY CORP (AGIG).
Where can I read the original 10-Q filing from HOUSTON AMERICAN ENERGY CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by HOUSTON AMERICAN ENERGY CORP.
What are the key takeaways from HOUSTON AMERICAN ENERGY CORP's 10-Q?
HOUSTON AMERICAN ENERGY CORP filed this 10-Q on May 15, 2024. Key takeaways: Houston American Energy Corp. filed its Form 10-Q for the quarterly period ended March 31, 2024.. The filing covers the period from January 1, 2024, to March 31, 2024.. The company's principal business is oil and gas exploration and production..
Is HOUSTON AMERICAN ENERGY CORP a risky investment based on this filing?
Based on this 10-Q, HOUSTON AMERICAN ENERGY CORP presents a moderate-risk profile. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, posing inherent risks to financial performance.
What should investors do after reading HOUSTON AMERICAN ENERGY CORP's 10-Q?
Investors should review the detailed financial statements and risk factors in the 10-Q to assess the company's financial position and operational risks. The overall sentiment from this filing is neutral.
Risk Factors
- Commodity Price Volatility [high — market]: The company's financial performance is highly sensitive to fluctuations in the market prices of crude oil and natural gas.
- Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive environmental regulations, and non-compliance can lead to significant penalties and operational disruptions.
- Exploration and Production Risks [medium — operational]: The success of exploration and production activities involves inherent risks, including the possibility of drilling dry wells or encountering unexpected geological challenges.
Filing Stats: 4,519 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-05-15 17:17:42
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value per share HUSA NYSE Amer
- $24,500 — rties for select periods. Approximately $24,500 of severance taxes attributable to such
- $430,803 — capital investment expenditures totaled $430,803, attributable to investments in our equ
- $361,216 — 24, we received distributions, totaling $361,216, from Hupecol Meta, representing our sh
- $147,686 — l oil and gas revenues decreased 36% to $147,686 in the three months ended March 31, 202
- $230,024 — onths ended March 31, 2024, compared to $230,024 in the three months ended March 31, 202
Filing Documents
- form10-q.htm (10-Q) — 408KB
- ex31-1.htm (EX-31.1) — 18KB
- ex32-1.htm (EX-32.1) — 6KB
- 0001493152-24-020015.txt ( ) — 2691KB
- husa-20240331.xsd (EX-101.SCH) — 27KB
- husa-20240331_cal.xml (EX-101.CAL) — 41KB
- husa-20240331_def.xml (EX-101.DEF) — 58KB
- husa-20240331_lab.xml (EX-101.LAB) — 220KB
- husa-20240331_pre.xml (EX-101.PRE) — 157KB
- form10-q_htm.xml (XML) — 276KB
Financial Statements
Financial Statements Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 16 Item 4.
Controls and Procedures
Controls and Procedures 16 PART II OTHER INFORMATION Item 6. Exhibits 17 2 PART I - FINANCIAL INFORMATION ITEM 1 Financial 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. 3 HOUSTON AMERIC