HNR Acquisition Corp. Files Q1 2024 10-Q Report
Ticker: EONR-WT · Form: 10-Q · Filed: May 20, 2024 · CIK: 1842556
Sentiment: neutral
Topics: 10-Q, quarterly-report, oil-and-gas
TL;DR
**HNR Acquisition Corp. filed its Q1 2024 10-Q. Energy sector update.**
AI Summary
HNR Acquisition Corp. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, incorporated in Delaware, is involved in the crude petroleum and natural gas industry. Its principal executive offices are located at 3730 Kirby Drive, Suite 1200, Houston, TX 77098.
Why It Matters
This filing provides investors with an update on HNR Acquisition Corp.'s financial performance and operational status for the first quarter of 2024, crucial for understanding the company's trajectory in the energy sector.
Risk Assessment
Risk Level: low — This filing is a routine quarterly report and does not contain immediate, high-impact news.
Key Players & Entities
- HNR Acquisition Corp. (company) — Registrant
- March 31, 2024 (date) — Quarterly period end date
- Delaware (location) — State of incorporation
- CRUDE PETROLEUM & NATURAL GAS (industry) — Standard Industrial Classification
- 3730 Kirby Drive, Suite 1200, Houston, TX 77098 (address) — Principal executive offices
FAQ
What is the primary business of HNR Acquisition Corp.?
HNR Acquisition Corp. is primarily involved in the CRUDE PETROLEUM & NATURAL GAS industry, as indicated by its Standard Industrial Classification code.
For what period is this 10-Q report filed?
This Form 10-Q is filed for the quarterly period ended March 31, 2024.
In which state was HNR Acquisition Corp. incorporated?
HNR Acquisition Corp. was incorporated in Delaware.
What is the company's principal executive office address?
The principal executive offices of HNR Acquisition Corp. are located at 3730 Kirby Drive, Suite 1200, Houston, TX 77098.
What is the SEC file number for HNR Acquisition Corp.?
The SEC file number for HNR Acquisition Corp. is 001-39718.
Filing Stats: 4,444 words · 18 min read · ~15 pages · Grade level 17.6 · Accepted 2024-05-20 16:10:27
Key Financial Figures
- $0.0001 — tered Class A Common Stock, par value $0.0001 per share HNRA NYSE American LLC Warra
- $11.50 — A Common Stock at an exercise price of $11.50 per whole share HNRAW NYSE American LLC
Filing Documents
- ea0206304-10q_hnracqui.htm (10-Q) — 646KB
- ea020630401ex31-1_hnracq.htm (EX-31.1) — 11KB
- ea020630401ex31-2_hnracq.htm (EX-31.2) — 11KB
- ea020630401ex32-1_hnracq.htm (EX-32.1) — 4KB
- ea020630401ex32-2_hnracq.htm (EX-32.2) — 4KB
- 0001213900-24-045177.txt ( ) — 5141KB
- hnra-20240331.xsd (EX-101.SCH) — 56KB
- hnra-20240331_cal.xml (EX-101.CAL) — 43KB
- hnra-20240331_def.xml (EX-101.DEF) — 296KB
- hnra-20240331_lab.xml (EX-101.LAB) — 511KB
- hnra-20240331_pre.xml (EX-101.PRE) — 289KB
- ea0206304-10q_hnracqui_htm.xml (XML) — 457KB
Financial
Part I. Financial Information 1 Item 1. Financial 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three and Months Ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 36 Item 4. Controls and Procedures 36
Other
Part II. Other Information 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39
Signatures
Part III. Signatures 40 i
Financial Information
Part I. Financial Information
Financial Statements
Item 1. Financial Statements HNR ACQUISITION CORP CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) ASSETS Cash $ 3,363,372 $ 3,505,454 Accounts receivable Crude oil and natural gas 2,213,565 2,103,341 Other 3,924 90,163 Short-term derivative instrument asset - 391,488 Prepaid expenses and other current assets 662,244 722,002 Total current assets 6,243,105 6,812,448 Crude oil and natural gas properties, successful efforts method: Proved properties 94,834,573 94,189,372 Accumulated depreciation, depletion, amortization and impairment ( 828,201 ) ( 352,127 ) Total oil and natural gas properties, net 94,006,372 93,837,245 Other property, plant and equipment, net 20,000 - Long-term derivative instrument asset - 76,199 Total assets $ 100,269,477 $ 100,725,892 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 5,807,031 $ 4,795,208 Accrued liabilities and other 5,707,787 4,422,183 Revenue and royalties payable 1,022,165 461,773 Revenue and royalties payable – related parties 1,737,532 1,523,138 Deferred underwriting fee payable 1,250,000 1,300,000 Short-term derivative instrument liabilities 1,003,764 - Related party notes payable, net of discount 3,122,292 2,359,048 Current portion of long-term debt 9,413,202 4,157,602 Forward purchase agreement liability 1,443,286 1,094,097 Total current liabilities 30,507,059 20,113,049 Long-term debt, net of current portion and discount 31,385,711 37,486,206 Warrant liability 5,625,934 4,777,971 Deferred tax liability 4,731,204 6,163,140 Asset retirement obligations 937,302 904,297 Long-term derivative instrument liability 388,642 - Other liabilities 675,000 675,000 Total for non-current liabilities 43,743,793 50,006,614 Total liabilities 74,250,852 70,119,663 Commitments and Contingencies (Note 6) Stockholders' equity Preferred stock,