Houston American Energy Corp. Files Q2 2024 10-Q
Ticker: AGIG · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 1156041
| Field | Detail |
|---|---|
| Company | Houston American Energy CORP (AGIG) |
| Form Type | 10-Q |
| Filed Date | Aug 14, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, oil-gas, financials
TL;DR
HAEX 10-Q filed: Q2 financials out, check for operational updates.
AI Summary
Houston American Energy Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which is involved in crude petroleum and natural gas exploration and production. Specific financial figures and operational highlights for the second quarter and year-to-date periods are presented.
Why It Matters
This filing provides investors and stakeholders with the latest financial health and operational status of Houston American Energy Corp., crucial for understanding its performance in the volatile energy sector.
Risk Assessment
Risk Level: medium — As an energy exploration and production company, Houston American Energy Corp. is subject to significant commodity price volatility and regulatory risks.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 20240814 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- HOUSTON AMERICAN ENERGY CORP (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 760675953 (company) — IRS Number
- DE (company) — State of Incorporation
- 7132226966 (company) — Business Phone Number
FAQ
What were the key financial results for the quarter ending June 30, 2024?
The 10-Q filing for the period ending June 30, 2024, provides detailed financial statements, but specific revenue, net income, or loss figures for the quarter are not explicitly listed in the provided header information.
What is Houston American Energy Corp.'s primary business activity?
Houston American Energy Corp. is engaged in the business of crude petroleum and natural gas exploration and production, as indicated by its Standard Industrial Classification code [1311].
When is Houston American Energy Corp.'s fiscal year end?
The company's fiscal year ends on December 31.
What is the company's principal executive office address?
The principal executive office is located at 801 Travis Street, Suite 1425, Houston, TX 77002.
What is the SEC file number for Houston American Energy Corp.?
The SEC file number for Houston American Energy Corp. is 001-32955.
Filing Stats: 4,581 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-08-14 16:06:14
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value per share HUSA NYSE Amer
Filing Documents
- form10-q.htm (10-Q) — 508KB
- ex31-1.htm (EX-31.1) — 16KB
- ex32-1.htm (EX-32.1) — 6KB
- 0001493152-24-032176.txt ( ) — 2999KB
- husa-20240630.xsd (EX-101.SCH) — 26KB
- husa-20240630_cal.xml (EX-101.CAL) — 41KB
- husa-20240630_def.xml (EX-101.DEF) — 69KB
- husa-20240630_lab.xml (EX-101.LAB) — 231KB
- husa-20240630_pre.xml (EX-101.PRE) — 167KB
- form10-q_htm.xml (XML) — 356KB
Financial Statements
Financial Statements 3 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the Three Months Ended June 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended June 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Three Months Ended June 30, 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 12 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 15 Item 4.
Controls and Procedures
Controls and Procedures 15 PART II OTHER INFORMATION Item 6. Exhibits 16 2 ITEM 1 Financial PART I - FINANCIAL INFORMATION HOUSTON AMERICAN ENERGY CORP. CONSOLIDATED BALANCE SHEETS J une 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash $ 3,380,769 $ 4,059,182 Accounts receivable – oil and gas sales 32,108 71,736 Prepaid expenses and other current assets 104,236 35,244 TOTAL CURRENT ASSETS 3,517,113 4,166,162 PROPERTY AND EQUIPMENT Oil and gas properties, full cost method Costs subject to amortization 62,777,666 62,776,561 Office equipment 90,004 90,004 Total 62,867,670 62,866,565 Accumulated depletion, depreciation, amortization, and impairment ( 61,370,349 ) ( 61,307,264 ) PROPERTY AND EQUIPMENT, NET 1,497,321 1,559,301 Equity investment – Hupecol Meta LLC 5,271,628 4,505,358 Right of use asset 108,582 145,021 Other assets 3,167 3,167 TOTAL ASSETS $ 10,397,811 $ 10,379,009 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 252,049 $ 156,572 Accrued expenses 17,065 17,083 Current portion of lease liability 80,683 75,276 TOTAL CURRENT LIABILITIES 349,797 248,931 LONG-TERM LIABILITIES Lease liability, net of current portion 29,286 71,083 Reserve for plugging and abandonment costs 64,189 63,084 TOTAL LONG-TERM LIABILITIES 93,475 134,167 TOTAL LIABILITIES 443,272 383,098 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Common stock, par value $ 0.001 ; 20,000,000 shares authorized 10,906,353 shares issued and outstanding 10,907 10,907 Additional paid-in capital 87,047,414 86,984,001 Accumulated deficit ( 77,103,782 ) ( 76,998,997 ) TOTAL SHAREHOLDERS' EQUITY 9,954,539 9,995,911 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 10,397,811 $ 10,379,009 The accompanying notes are an integral part of these unaudited consolidated financial statements. 3 HOUSTON AMERICAN ENE