HNR Acquisition Corp. Files Q2 2024 10-Q

TL;DR

**HNR Acquisition Corp. dropped its Q2 10-Q. Check financials.**

AI Summary

HNR Acquisition Corp. filed its 10-Q for the quarterly period ended June 30, 2024. The company, incorporated in Delaware and operating in the Crude Petroleum & Natural Gas sector, reported its financial status. The filing details its principal executive offices located at 3730 Kirby Drive, Suite 1200, Houston, TX 77098, with a contact phone number of (713) 834-1145.

Why It Matters

This filing provides investors with an update on HNR Acquisition Corp.'s financial performance and operational status for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information and does not indicate any immediate or unusual risks.

Key Players & Entities

• HNR Acquisition Corp. (company) — Registrant
• June 30, 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
• 713.834.1145 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.0001 — stered 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

• ea0211065-10q_hnracq.htm (10-Q) — 1141KB
• ea021106501ex31-1_hnracq.htm (EX-31.1) — 12KB
• ea021106501ex31-2_hnracq.htm (EX-31.2) — 11KB
• ea021106501ex32-1_hnracq.htm (EX-32.1) — 4KB
• ea021106501ex32-2_hnracq.htm (EX-32.2) — 4KB
• 0001213900-24-070390.txt ( ) — 7974KB
• hnra-20240630.xsd (EX-101.SCH) — 64KB
• hnra-20240630_cal.xml (EX-101.CAL) — 77KB
• hnra-20240630_def.xml (EX-101.DEF) — 383KB
• hnra-20240630_lab.xml (EX-101.LAB) — 580KB
• hnra-20240630_pre.xml (EX-101.PRE) — 385KB
• ea0211065-10q_hnracq_htm.xml (XML) — 1165KB

Financial Information

Part I. Financial Information 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures Regarding Market Risk

Quantitative and Qualitative Disclosures Regarding Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44

Other Information

Part II. Other Information 46 Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47

Signatures

Part III. Signatures 48 i

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements HNR ACQUISITION CORP CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash $ 3,063,748 $ 3,505,454 Accounts receivable Crude oil and natural gas 2,071,933 2,103,341 Other 5,148 90,163 Short-term derivative instrument asset - 391,488 Prepaid expenses and other current assets 777,484 722,002 Total current assets 5,918,313 6,812,448 Crude oil and natural gas properties, successful efforts method: Proved properties 97,331,949 94,189,372 Accumulated depreciation, depletion, amortization and impairment ( 1,350,743 ) ( 352,127 ) Total oil and natural gas properties, net 95,981,206 93,837,245 Other property, plant and equipment, net 20,000 - Long-term derivative instrument asset - 76,199 Total assets $ 101,919,519 $ 100,725,892 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 8,603,000 $ 4,795,208 Accrued liabilities and other 5,913,324 4,422,183 Revenue and royalties payable 1,481,078 461,773 Revenue and royalties payable – related parties 237,532 1,523,138 Deferred underwriting fee payable 1,195,000 1,300,000 Short-term derivative instrument liabilities 946,952 - Related party notes payable, net of discount 3,672,876 2,359,048 Warrant liability, current portion 5,219,563 - Current portion of long-term debt 9,782,073 4,157,602 Forward purchase agreement liability 1,419,569 1,094,097 Total current liabilities 38,470,967 20,113,049 Long-term debt, net of current portion and financing costs 30,134,125 37,486,206 Warrant liability 315,130 4,777,971 Deferred tax liability 4,614,086 6,163,140 Asset retirement obligations 977,827 904,297 Long-term derivative instrument liability 267,484 - Other liabilities 675,000 675,000 Total for non-current liabilities 36,983,652 50,006,614 Total liabilities 75,454,619 70,119,663 Commitments and Contingencies (

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View this 10-Q filing on SEC EDGAR