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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 June 30, 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 August 14, 2024, we had 10,906,353 shares of $0.001 par value common stock outstanding.
HOUSTON
AMERICAN ENERGY CORP.
FORM
10-Q
INDEX
ITEM
1 |
Financial
Statements |
PART
I - FINANCIAL INFORMATION
HOUSTON
AMERICAN ENERGY CORP.
CONSOLIDATED
BALANCE SHEETS
| |
June 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.
HOUSTON
AMERICAN ENERGY CORP.
CONSOLIDATED
STATEMENTS OF OPERATIONS
FOR
THE SIX AND THREE MONTHS ENDED JUNE 30, 2024 AND 2023
(Unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
OIL AND GAS REVENUE | |
$ | 263,490 | | |
| 434,414 | | |
$ | 115,805 | | |
| 204,390 | |
| |
| | | |
| | | |
| | | |
| | |
EXPENSES OF OPERATIONS | |
| | | |
| | | |
| | | |
| | |
Lease operating expense and severance tax | |
| 305,233 | | |
| 215,400 | | |
| 142,203 | | |
| 101,714 | |
General and administrative expense | |
| 713,554 | | |
| 1,046,434 | | |
| 355,747 | | |
| 716,615 | |
Depreciation and depletion | |
| 63,085 | | |
| 91,896 | | |
| 28,107 | | |
| 44,941 | |
Total operating expenses | |
| 1,081,872 | | |
| 1,353,730 | | |
| 526,057 | | |
| 863,270 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (818,382 | ) | |
| (919,316 | ) | |
| (410,252 | ) | |
| (658,880 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME, NET | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 59,455 | | |
| 74,635 | | |
| 28,241 | | |
| 44,135 | |
Other income | |
| 654,142 | | |
| 648,475 | | |
| 292,926 | | |
| 314,364 | |
Total other income | |
| 713,597 | | |
| 723,110 | | |
| 321,167 | | |
| 358,499 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| — | | |
| | | |
| — | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (104,785 | ) | |
| (196,206 | ) | |
$ | (89,085 | ) | |
| (300,381 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted (loss) income per common share | |
$ | (0.01 | ) | |
| (0.02 | ) | |
$ | (0.01 | ) | |
| (0.03 | ) |
| |
| | | |
| | | |
| | | |
| | |
Based and diluted weighted average number of common shares outstanding | |
| 10,906,353 | | |
| 10,659,076 | | |
| 10,906,353 | | |
| 10,896,996 | |
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 JUNE 30, 2024 AND 2023
(Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
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 | | |
| (77,014,697 | ) | |
| 10,030,879 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| 12,746 | | |
| — | | |
| 12,746 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| (89,085 | ) | |
| (89,085 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June 30, 2024 | |
| 10,906,353 | | |
$ | 10,907 | | |
$ | 87,047,414 | | |
$ | (77,103,782 | ) | |
| 9,954,539 | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| 77,870 | | |
| — | | |
| 77,870 | |
Issuance of common stock for cash, net | |
| 283,835 | | |
| 284 | | |
| 750,216 | | |
| — | | |
| 750,500 | |
Net income | |
| — | | |
| — | | |
| — | | |
| (300,381 | ) | |
| (300,381 | ) |
Net income (loss) | |
| — | | |
| — | | |
| — | | |
| (300,381 | ) | |
| (300,381 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June 30, 2023 | |
| 10,936,353 | | |
$ | 10,907 | | |
$ | 86,908,002 | | |
$ | (73,983,926 | ) | |
$ | 12,934,983 | |
Balance | |
| 10,936,353 | | |
$ | 10,907 | | |
$ | 86,908,002 | | |
$ | (73,983,926 | ) | |
$ | 12,934,983 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
HOUSTON
AMERICAN ENERGY CORP.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR
THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(Unaudited)
| |
2024 | | |
2023 | |
| |
For
the Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net (loss) income | |
$ | (104,785 | ) | |
$ | (196,206 | ) |
Adjustments to reconcile net income (loss) to net cash used in operations: | |
| | | |
| | |
Depreciation and depletion | |
| 63,085 | | |
| 91,896 | |
Accretion of asset retirement obligation | |
| 1,105 | | |
| 2,678 | |
Stock-based compensation | |
| 63,413 | | |
| 162,315 | |
Amortization of right of use asset | |
| 36,385 | | |
| 32,836 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Decrease (increase) in accounts receivable | |
| 39,628 | | |
| (113,971 | ) |
Decrease (increase) in accrued earnings distributions from Hupecol Meta, LLC | |
| — | | |
| (648,475 | ) |
Decrease (increase) in prepaid expenses and other current assets | |
| (68,992 | ) | |
| 534,155 | |
(Decrease) increase in accounts payable and accrued expenses | |
| 94,354 | | |
| (51,101 | ) |
Decrease in operating lease liability | |
| (36,390 | ) | |
| (31,594 | ) |
| |
| | | |
| | |
Net cash provided by (used in) operating activities | |
| 87,803 | | |
| (217,467 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Payments for capital contribution for equity investment | |
| (766,216 | ) | |
| (448,909 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (766,216 | ) | |
| (448,909 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from issuance of common stock for cash, net of offering costs | |
| — | | |
| 1,652,000 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| — | | |
| 1,652,000 | |
| |
| | | |
| | |
Increase (decrease) in cash | |
| (678,413 | ) | |
| 985,624 | |
Cash, beginning of period | |
| 4,059,182 | | |
| 4,547,210 | |
Cash, end of period | |
$ | 3,380,769 | | |
$ | 5,532,834 | |
| |
| | | |
| | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
| | | |
| | |
Interest paid | |
$ | — | | |
$ | — | |
Taxes paid | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | |
| | | |
| | |
Changes in estimate of asset retirement obligations, net | |
| — | | |
| 1,259 | |
Changes in accrued equity investment contributions and distributions | |
| — | | |
| 33,038 | |
Change in accrued Oil and Gas development | |
| 1,105 | | |
| — | |
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 $77.1 million as of June 30, 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 $3,130,769 in excess of the FDIC’s current insured limit on interest bearing
accounts of $250,000 as of June 30, 2024. The Company also had cash deposits of $284 in Colombian banks at June 30, 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 June 30, 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 and six-month periods ended June 30, 2024 and 2023:
SCHEDULE
OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Oil sales | |
$ | 102,923 | | |
| 150,767 | | |
$ | 205,971 | | |
| 313,049 | |
Natural gas sales | |
| (8,248 | ) | |
| 16,963 | | |
| 8,068 | | |
| 41,874 | |
Natural gas liquids sales | |
| 21,130 | | |
| 36,660 | | |
| 49,452 | | |
| 79,491 | |
Total revenue from customers | |
$ | 115,805 | | |
| 204,390 | | |
$ | 263,490 | | |
| 434,414 | |
There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of June 30, 2024
or 2023.
NOTE
3 – OIL AND GAS PROPERTIES
During
the three and six months ended June 30, 2024, the Company recorded depletion expense of $28,107 and $63,085, respectively. During the
three and six months ended June 30, 2023, the Company recorded depletion expense of $44,941 and $79,640, respectively
Geographical
Information
The
Company currently has properties in the United States. Revenues for the six months ended June 30, 2024 and long-lived assets (net of
depletion, amortization, and impairments) as of June 30, 2024 are presented below:
SCHEDULE
OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA
| |
Six
Months Ended June 30, 2024 | | |
As
of June 30, 2024 | |
| |
Revenues | | |
Long Lived Assets, Net | |
United States | |
$ | 263,490 | | |
$ | 1,497,321 | |
Total | |
$ | 263,490 | | |
$ | 1,497,321 | |
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 June 30, 2024, the Company made capital contributions totaling $766,216, to Hupecol Meta to cover its share of
required capital contributions. During the three months ended June 30, 2024, the Company received distributions, totaling $654,142, 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 June 30, 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 | |
| 60,000 | | |
| 1.21 | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| (152,668 | ) | |
| 3.98 | | |
| | |
Outstanding at June 30, 2024 | |
| 908,139 | | |
$ | 2.17 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 862,813 | | |
$ | 2.17 | | |
$ | — | |
During
the six months ended June 30, 2024, options to purchase an aggregate of 60,000 shares of the Company’s common stock were granted
to the Company’s directors. The options have a ten-year life, are exercisable at $1.21 per share, vest 20% on the date of grant
and 80% nine months from the date of grant. The grant date fair value of these stock options was $63,730 based on the Black-Scholes Option
Pricing model based on the following assumptions: market value of common stock on grant date – $1.21; risk free interest rate based
on the applicable US Treasury bill rate – 0%; dividend yield – 0%; volatility factor based on the trading history of the
Company – 97.8%; weighted average expected life in years – 10; and expected forfeiture rate – 0%.
During
the three and six-months ended June 30, 2024, the Company recognized
$12,746 and $63,413, respectively,
of stock-based compensation expense attributable to the amortization of stock options. As of June 30, 2024, total unrecognized
stock-based compensation expense related to non-vested stock options was approximately $50,988.
The unrecognized expense is expected to be recognized over a weighted average period of 0.72
years and the weighted average remaining contractual term of the outstanding options and exercisable options at June 30, 2024 is 6.44
years and 6.22
years, respectively.
As
of June 30, 2024, there were 61,333 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 and six months ended June 30, 2024 and
2023:
SCHEDULE
OF STOCK-BASED COMPENSATION
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
|
|
Three
Months Ended June 30,
|
| |
Six
Months Ended June 30, | |
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
|
|
|
|
|
|
| |
| | |
| |
Stock-based compensation expense included in general and administrative expense |
|
$ |
12,746 |
|
|
$ |
77,870 |
| |
$ | 63,413 | | |
$ | 162,315 | |
Earnings per share effect of share-based compensation expense – basic and diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.01 |
) | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
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 | | |
$ | 2.46 | | |
| | |
Issued | |
| — | | |
| — | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| — | | |
| — | | |
| | |
Outstanding at June 30, 2024 | |
| 94,400 | | |
$ | 2.46 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 94,400 | | |
$ | 2.46 | | |
$ | — | |
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 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (89,085 | ) | |
| (300,381 | ) | |
$ | (104,785 | ) | |
| (196,206 | ) |
| |
| | | |
| | | |
| | | |
| | |
Effect of common stock equivalents | |
| — | | |
| — | | |
| — | | |
| — | |
Net (loss) income adjusted for common stock equivalents | |
$ | (89,085 | ) | |
| (300,381 | ) | |
$ | (104,785 | ) | |
| (196,206 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares – basic | |
| 10,906,353 | | |
| 10,896,996 | | |
| 10,906,353 | | |
| 10,659,076 | |
| |
| | | |
| | | |
| | | |
| | |
Dilutive effect of common stock equivalents: | |
| | | |
| | | |
| | | |
| | |
Options and warrants | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares – diluted | |
| 10,906,353 | | |
| 10,896,996 | | |
| 10,906,353 | | |
| 10,659,076 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss) earnings per common share – basic | |
$ | (0.01 | ) | |
| (0.03 | ) | |
$ | (0.01 | ) | |
| (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
(Loss) earnings per common share – diluted | |
$ | (0.01 | ) | |
| (0.03 | ) | |
$ | (0.01 | ) | |
| (0.02 | ) |
For
the six months ended June 30, 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 | | |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Stock warrants | |
| 94,400 | | |
| 94,400 | | |
| 94,400 | | |
| 94,400 | |
Stock options | |
| 908,139 | | |
| 1,004,177 | | |
| 908,139 | | |
| 1,004,177 | |
Total | |
| 1,002,539 | | |
| 1,098,577 | | |
| 1,002,539 | | |
| 1,098,577 | |
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 and six months ended
June 30, 2024, the operating cash outflows related to operating lease liabilities of $22,137 and $44,274, respectively, and the expense
for the right of use asset for operating leases totaled $18,492 and $36,440, respectively. As of June 30, 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 June 30, 2024, the lease
agreement requires future payments as follows:
SCHEDULE
OF FUTURE PAYMENTS UNDER LEASE AGREEMENT
Year | |
Amount | |
2024 | |
$ | 44,526 | |
2025 | |
| 75,051 | |
Total future lease payments | |
| 119,577 | |
Less: imputed interest | |
| (9,608 | ) |
Present value of future operating lease payments | |
| 109,969 | |
Less: current portion of operating lease liabilities | |
| (80,683 | ) |
Operating lease liabilities, net of current portion | |
$ | 29,286 | |
Right of use assets | |
$ | 108,582 | |
Total
base rental expense was $22,161 and $22,570 for the three months ended June 30, 2024 and 2023, respectively, and $44,322 and $45,731 for
the six months ended June 30, 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 June 30, 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 Estimates
Critical accounting estimates are those estimates
made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have
a material impact on our financial condition or results of operations. Our critical accounting estimates include use of the full cost
method of accounting for oil and gas activities, revenue recognition, unevaluated oil and gas properties, and stock-based compensation.
There were no material changes in our critical accounting estimates from those reported in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2023.
A description of our critical
accounting policies, including estimates, was provided in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2023.
Recent
Developments
Drilling
and Operating Activity
During
the three months ended June 30, 2024, no drilling activities were conducted on properties of Hupecol Meta. At June 30, 2024, we had 4
wells on production in the U.S. Permian Basin.
In
June 2024, the Company entered into a joint venture agreement with EOG Resources, Inc. (“EOG”) with respect to the drilling
of six wells on the State Finkle Unit in the Wolfcamp formation in Reeves County, Texas. During June 2024, the Company elected to participate
in all six wells.
Pursuant
to the joint venture agreement, EOG will act as operator of the unit and is the principal working interest owner in the unit. The unit
includes acreage subject to our existing O’Brien lease. We will hold an approximately 0.0078 working interest in the unit. The
first well was scheduled to spud June 23, 2024 with all six wells anticipated to be spud by September 1, 2024. Houston American’s
cost of participating in the drilling program is estimated at $550,000.
Operations,
Planned Drilling and Divestiture in Colombia
At
June 30, 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 in 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
Meta has advised that it intends to evaluate potential monetization or some form of divestiture of its assets in Colombia, including
the interest in the CPO-11 block held by Hupecol Meta. Pending the outcome of Hupecol Meta’s evaluation of, and potential efforts
regarding, divestiture or monetization of the CPO-11 block Hupecol Meta plans to drill one vertical well in the third quarter of 2024
on the CPO-11 block. We expect to continue to operate our existing wells in the CPO-11 block. There is no assurance
as to the timing or outcome of Hupecol Meta’s potential monetization or divestiture of assets.
Capital
Investments
During
the quarter ended June 30, 2024, our capital investment expenditures totaled $766,216, attributable to investments in our equity investment
in Hupecol Meta LLC (“Hupecol Meta”).
Distributions
from Equity Investment
During
the three and six months ended June 30, 2024, we received distributions, totaling $292,926 and $654,142, respectively, 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 43% to $115,805 in the three months ended June 30, 2024, compared to $204,390
in the three months ended June 30, 2023. Oil and gas revenues declined 39% to $263,490 in the six months ended June 30, 2024, compared
to $434,414 for the six months ended June 30, 2023. The decrease in revenue was due to decreases in average sales price of natural gas
(down 72%), oil production (down 37%), and natural gas production (down 38%), partially offset by an increase in average sales price
of oil (up 7%).
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 June 30, 2024 and 2023:
| |
Six Months
Ended June 30,(1) | | |
Three
Months Ended June 30,(1) | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Gross producing wells | |
| 4 | | |
| 4 | | |
| 4 | | |
| 4 | |
Net producing wells | |
| 0.68 | | |
| 0.68 | | |
| 0.68 | | |
| 0.68 | |
Net oil production (Bbl) | |
| 2,690 | | |
| 4,359 | | |
| 1,091 | | |
| 2,116 | |
Net gas production (Mcf) | |
| 21,164 | | |
| 33,456 | | |
| 7,722 | | |
| 15,862 | |
Average sales price – oil (per barrel) | |
$ | 76.56 | | |
$ | 71.82 | | |
$ | 79.71 | | |
$ | 71.23 | |
Average sales price – natural gas (per Mcf) | |
$ | 0.38 | | |
$ | 1.25 | | |
$ | 1.38 | | |
$ | 1.07 | |
(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 40% to $142,203 during the three months ended June 30, 2024, from $101,714
during the three months ended June 30, 2023. Lease operating expenses increased 42% to $305,233 during the six months ended June 30,
2024, from $215,400 during the six months ended June 30, 2023. The increase in lease operating expenses was attributable to additional
severance tax expense from prior periods and increase in production expenses during the three months ended June 30, 2024.
Lease
operating expenses are entirely attributable to our U.S. properties and exclude lease operating expenses of Hupecol Meta.
Depreciation
and Depletion Expense. Depreciation and depletion expense was $28,107 and $44,941 for the three months ended June 30, 2024 and 2023,
respectively, and $63,085 and $91,896 for the six months ended June 30, 2024 and 2023, respectively. The change in depreciation and depletion
was principally due to the decline in oil production during the six months ended June 30, 2024.
General
and Administrative Expenses (excluding stock-based compensation). General and administrative expense decreased by 52% to $343,001
during the three months ended June 30, 2024 from $716,615 during the three months ended June 30, 2023, and decreased 33% to $650,141
during the six months ended June 30, 2024, from $1,046,434 during the six months ended June 30, 2023. The decrease in general and administrative
expense was primarily attributable to a bonus of $200,000 paid to our CEO in the second quarter of 2023, which was not repeated this
quarter.
Stock-Based
Compensation. Stock-based compensation decreased to 12,746 during the three months ended June 30, 2024 and $60,413 during six months
ended June 30, 2024 from $77,780 during the three months ended June 30, 2023 and $162,315 during the six months ended June 30, 2023.
Other
Income (Expense). Other income/expense, net, totaled $321,167 of income during the three months ended June 30, 2024, compared to
$358,499 of income during the three months ended June 30, 2023, and totaled $713,597 during the six months ended June 30, 2024, compared
to $723,110 during the six months ended June 30, 2023. The change in income for the three month period was primarily attributable
to the decline in oil production. Other income consisted of equity investment distributions totaling $654,142 and
$648,475, respectively, from Hupecol Meta, representing our share of distributable net income for the six months ended June 30, 2024
and 2023, respectively, and interest income on cash balances during the six months ended June 30, 2024 and 2023.
Financial
Condition
Liquidity
and Capital Resources. At June 30, 2024, we had a cash balance of $3,380,769 and working capital of $3,167,316, 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 $87,803 of cash during the six months ended June 30, 2024, compared to cash outflows of $217,467
during the six months ended June 30, 2023. The change in operating cash flow was attributable to a bonus of $200,000 paid to our CEO
in the second quarter of 2023, which was not repeated this quarter.
Investing
activities used cash of $766,216 during the six months ended June 30, 2024, compared to $448,909 used during the six months ended June
30, 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 six months ended June 30, 2024, compared to $1,652,000 provided during the six months ended June 30,
2023. Cash provided by financing activities during the six months ended June 30, 2023 was attributable to funds received from the sale
of common stock in the company’s 2022 ATM offering.
Long-Term
Liabilities. At June 30, 2024, we had long-term liabilities of $93,475, compared to $134,167 at December 31, 2023. Long-term liabilities
at June 30, 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 $550,000. 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 June 30, 2024, we invested $766,216 for the acquisition and development of oil and gas properties, consisting
of capital contributions to Hupecol Meta. The $766,216 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control
over financial reporting.
PART
II
Exhibit
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:
August 14, 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:
August 14, 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 June 30, 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: |
August
14, 2024 |
v3.24.2.u1
Cover - $ / shares
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Aug. 14, 2024 |
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v3.24.2.u1
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
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 |
|
|
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
|
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
|
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
|
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v3.24.2.u1
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
20,000,000
|
20,000,000
|
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10,906,353
|
10,906,353
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10,906,353
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X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
OIL AND GAS REVENUE |
$ 115,805
|
$ 204,390
|
$ 263,490
|
$ 434,414
|
EXPENSES OF OPERATIONS |
|
|
|
|
Lease operating expense and severance tax |
142,203
|
101,714
|
305,233
|
215,400
|
General and administrative expense |
355,747
|
716,615
|
713,554
|
1,046,434
|
Depreciation and depletion |
28,107
|
44,941
|
63,085
|
91,896
|
Total operating expenses |
526,057
|
863,270
|
1,081,872
|
1,353,730
|
Loss from operations |
(410,252)
|
(658,880)
|
(818,382)
|
(919,316)
|
OTHER INCOME, NET |
|
|
|
|
Interest income |
28,241
|
44,135
|
59,455
|
74,635
|
Other income |
292,926
|
314,364
|
654,142
|
648,475
|
Total other income |
321,167
|
358,499
|
713,597
|
723,110
|
Net (loss) income before taxes |
(89,085)
|
(300,381)
|
(104,785)
|
(196,206)
|
Income tax expense |
|
|
|
|
Net (loss) income |
$ (89,085)
|
$ (300,381)
|
$ (104,785)
|
$ (196,206)
|
Basic net income ( loss) per common share |
$ (0.01)
|
$ (0.03)
|
$ (0.01)
|
$ (0.02)
|
Diluted net income ( loss) per common share |
$ (0.01)
|
$ (0.03)
|
$ (0.01)
|
$ (0.02)
|
Basic weighted average number of common shares outstanding |
10,906,353
|
10,896,996
|
10,906,353
|
10,659,076
|
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v3.24.2.u1
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, 2022 |
$ 10,328
|
85,094,266
|
(73,787,720)
|
11,316,874
|
Balance, shares at Dec. 31, 2022 |
10,327,646
|
|
|
|
Net income (loss) |
|
|
|
(196,206)
|
Balance at Jun. 30, 2023 |
$ 10,907
|
86,908,002
|
(73,983,926)
|
12,934,983
|
Balance, shares at Jun. 30, 2023 |
10,936,353
|
|
|
|
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
|
|
|
|
Stock-based compensation |
|
77,870
|
|
77,870
|
Net income (loss) |
|
|
(300,381)
|
(300,381)
|
Issuance of common stock for cash, net |
$ 284
|
750,216
|
|
750,500
|
Issuance of common stock for cash, net, shares |
283,835
|
|
|
|
Balance at Jun. 30, 2023 |
$ 10,907
|
86,908,002
|
(73,983,926)
|
12,934,983
|
Balance, shares at Jun. 30, 2023 |
10,936,353
|
|
|
|
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
|
(77,014,697)
|
10,030,879
|
Balance, shares at Mar. 31, 2024 |
10,906,353
|
|
|
|
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
|
|
|
|
Net income (loss) |
|
|
|
(104,785)
|
Balance at Jun. 30, 2024 |
$ 10,907
|
87,047,414
|
(77,103,782)
|
9,954,539
|
Balance, shares at Jun. 30, 2024 |
10,906,353
|
|
|
|
Balance at Mar. 31, 2024 |
$ 10,907
|
87,034,668
|
(77,014,697)
|
10,030,879
|
Balance, shares at Mar. 31, 2024 |
10,906,353
|
|
|
|
Stock-based compensation |
|
12,746
|
|
12,746
|
Net income (loss) |
|
|
(89,085)
|
(89,085)
|
Balance at Jun. 30, 2024 |
$ 10,907
|
$ 87,047,414
|
$ (77,103,782)
|
$ 9,954,539
|
Balance, shares at Jun. 30, 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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v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net (loss) income |
$ (104,785)
|
$ (196,206)
|
Adjustments to reconcile net income (loss) to net cash used in operations: |
|
|
Depreciation and depletion |
63,085
|
91,896
|
Accretion of asset retirement obligation |
1,105
|
2,678
|
Stock-based compensation |
63,413
|
162,315
|
Amortization of right of use asset |
36,385
|
32,836
|
Changes in operating assets and liabilities: |
|
|
Decrease (increase) in accounts receivable |
39,628
|
(113,971)
|
Decrease (increase) in accrued earnings distributions from Hupecol Meta, LLC |
|
(648,475)
|
Decrease (increase) in prepaid expenses and other current assets |
(68,992)
|
534,155
|
(Decrease) increase in accounts payable and accrued expenses |
94,354
|
(51,101)
|
Decrease in operating lease liability |
(36,390)
|
(31,594)
|
Net cash provided by (used in) operating activities |
87,803
|
(217,467)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Payments for capital contribution for equity investment |
(766,216)
|
(448,909)
|
Net cash used in investing activities |
(766,216)
|
(448,909)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from issuance of common stock for cash, net of offering costs |
|
1,652,000
|
Net cash provided by financing activities |
|
1,652,000
|
Increase (decrease) in cash |
(678,413)
|
985,624
|
Cash, beginning of period |
4,059,182
|
4,547,210
|
Cash, end of period |
3,380,769
|
5,532,834
|
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
Changes in estimate of asset retirement obligations, net |
|
1,259
|
Changes in accrued equity investment contributions and distributions |
|
33,038
|
Change in accrued Oil and Gas development |
$ 1,105
|
|
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v3.24.2.u1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 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 $77.1 million as of June 30, 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 $3,130,769 in excess of the FDIC’s current insured limit on interest bearing
accounts of $250,000 as of June 30, 2024. The Company also had cash deposits of $284 in Colombian banks at June 30, 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 June 30, 2024 through the financial statement issuance date for subsequent event disclosure
consideration.
|
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v3.24.2.u1
REVENUE FROM CONTRACTS WITH CUSTOMERS
|
6 Months Ended |
Jun. 30, 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 and six-month periods ended June 30, 2024 and 2023:
SCHEDULE
OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Oil sales | |
$ | 102,923 | | |
| 150,767 | | |
$ | 205,971 | | |
| 313,049 | |
Natural gas sales | |
| (8,248 | ) | |
| 16,963 | | |
| 8,068 | | |
| 41,874 | |
Natural gas liquids sales | |
| 21,130 | | |
| 36,660 | | |
| 49,452 | | |
| 79,491 | |
Total revenue from customers | |
$ | 115,805 | | |
| 204,390 | | |
$ | 263,490 | | |
| 434,414 | |
There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of June 30, 2024
or 2023.
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v3.24.2.u1
OIL AND GAS PROPERTIES
|
6 Months Ended |
Jun. 30, 2024 |
Extractive Industries [Abstract] |
|
OIL AND GAS PROPERTIES |
NOTE
3 – OIL AND GAS PROPERTIES
During
the three and six months ended June 30, 2024, the Company recorded depletion expense of $28,107 and $63,085, respectively. During the
three and six months ended June 30, 2023, the Company recorded depletion expense of $44,941 and $79,640, respectively
Geographical
Information
The
Company currently has properties in the United States. Revenues for the six months ended June 30, 2024 and long-lived assets (net of
depletion, amortization, and impairments) as of June 30, 2024 are presented below:
SCHEDULE
OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA
| |
Six
Months Ended June 30, 2024 | | |
As
of June 30, 2024 | |
| |
Revenues | | |
Long Lived Assets, Net | |
United States | |
$ | 263,490 | | |
$ | 1,497,321 | |
Total | |
$ | 263,490 | | |
$ | 1,497,321 | |
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.
|
X |
- DefinitionThe entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.
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v3.24.2.u1
EQUITY INVESTMENT
|
6 Months Ended |
Jun. 30, 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 June 30, 2024, the Company made capital contributions totaling $766,216, to Hupecol Meta to cover its share of
required capital contributions. During the three months ended June 30, 2024, the Company received distributions, totaling $654,142, from
Hupecol Meta representing the Company’s share of distributable net profits of Hupecol Meta.
|
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v3.24.2.u1
STOCK-BASED COMPENSATION EXPENSE
|
6 Months Ended |
Jun. 30, 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 June 30, 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 | |
| 60,000 | | |
| 1.21 | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| (152,668 | ) | |
| 3.98 | | |
| | |
Outstanding at June 30, 2024 | |
| 908,139 | | |
$ | 2.17 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 862,813 | | |
$ | 2.17 | | |
$ | — | |
During
the six months ended June 30, 2024, options to purchase an aggregate of 60,000 shares of the Company’s common stock were granted
to the Company’s directors. The options have a ten-year life, are exercisable at $1.21 per share, vest 20% on the date of grant
and 80% nine months from the date of grant. The grant date fair value of these stock options was $63,730 based on the Black-Scholes Option
Pricing model based on the following assumptions: market value of common stock on grant date – $1.21; risk free interest rate based
on the applicable US Treasury bill rate – 0%; dividend yield – 0%; volatility factor based on the trading history of the
Company – 97.8%; weighted average expected life in years – 10; and expected forfeiture rate – 0%.
During
the three and six-months ended June 30, 2024, the Company recognized
$12,746 and $63,413, respectively,
of stock-based compensation expense attributable to the amortization of stock options. As of June 30, 2024, total unrecognized
stock-based compensation expense related to non-vested stock options was approximately $50,988.
The unrecognized expense is expected to be recognized over a weighted average period of 0.72
years and the weighted average remaining contractual term of the outstanding options and exercisable options at June 30, 2024 is 6.44
years and 6.22
years, respectively.
As
of June 30, 2024, there were 61,333 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 and six months ended June 30, 2024 and
2023:
SCHEDULE
OF STOCK-BASED COMPENSATION
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
|
|
Three
Months Ended June 30,
|
| |
Six
Months Ended June 30, | |
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
|
|
|
|
|
|
| |
| | |
| |
Stock-based compensation expense included in general and administrative expense |
|
$ |
12,746 |
|
|
$ |
77,870 |
| |
$ | 63,413 | | |
$ | 162,315 | |
Earnings per share effect of share-based compensation expense – basic and diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.01 |
) | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
CAPITAL STOCK
|
6 Months Ended |
Jun. 30, 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 | | |
$ | 2.46 | | |
| | |
Issued | |
| — | | |
| — | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| — | | |
| — | | |
| | |
Outstanding at June 30, 2024 | |
| 94,400 | | |
$ | 2.46 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 94,400 | | |
$ | 2.46 | | |
$ | — | |
|
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v3.24.2.u1
EARNINGS PER COMMON SHARE
|
6 Months Ended |
Jun. 30, 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 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (89,085 | ) | |
| (300,381 | ) | |
$ | (104,785 | ) | |
| (196,206 | ) |
| |
| | | |
| | | |
| | | |
| | |
Effect of common stock equivalents | |
| — | | |
| — | | |
| — | | |
| — | |
Net (loss) income adjusted for common stock equivalents | |
$ | (89,085 | ) | |
| (300,381 | ) | |
$ | (104,785 | ) | |
| (196,206 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares – basic | |
| 10,906,353 | | |
| 10,896,996 | | |
| 10,906,353 | | |
| 10,659,076 | |
| |
| | | |
| | | |
| | | |
| | |
Dilutive effect of common stock equivalents: | |
| | | |
| | | |
| | | |
| | |
Options and warrants | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares – diluted | |
| 10,906,353 | | |
| 10,896,996 | | |
| 10,906,353 | | |
| 10,659,076 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss) earnings per common share – basic | |
$ | (0.01 | ) | |
| (0.03 | ) | |
$ | (0.01 | ) | |
| (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
(Loss) earnings per common share – diluted | |
$ | (0.01 | ) | |
| (0.03 | ) | |
$ | (0.01 | ) | |
| (0.02 | ) |
For
the six months ended June 30, 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 | | |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Stock warrants | |
| 94,400 | | |
| 94,400 | | |
| 94,400 | | |
| 94,400 | |
Stock options | |
| 908,139 | | |
| 1,004,177 | | |
| 908,139 | | |
| 1,004,177 | |
Total | |
| 1,002,539 | | |
| 1,098,577 | | |
| 1,002,539 | | |
| 1,098,577 | |
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 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 and six months ended
June 30, 2024, the operating cash outflows related to operating lease liabilities of $22,137 and $44,274, respectively, and the expense
for the right of use asset for operating leases totaled $18,492 and $36,440, respectively. As of June 30, 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 June 30, 2024, the lease
agreement requires future payments as follows:
SCHEDULE
OF FUTURE PAYMENTS UNDER LEASE AGREEMENT
Year | |
Amount | |
2024 | |
$ | 44,526 | |
2025 | |
| 75,051 | |
Total future lease payments | |
| 119,577 | |
Less: imputed interest | |
| (9,608 | ) |
Present value of future operating lease payments | |
| 109,969 | |
Less: current portion of operating lease liabilities | |
| (80,683 | ) |
Operating lease liabilities, net of current portion | |
$ | 29,286 | |
Right of use assets | |
$ | 108,582 | |
Total
base rental expense was $22,161 and $22,570 for the three months ended June 30, 2024 and 2023, respectively, and $44,322 and $45,731 for
the six months ended June 30, 2024 and 2023, respectively. The Company does not have any capital leases or other operating lease commitments.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 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 $77.1 million as of June 30, 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 $3,130,769 in excess of the FDIC’s current insured limit on interest bearing
accounts of $250,000 as of June 30, 2024. The Company also had cash deposits of $284 in Colombian banks at June 30, 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.
|
Subsequent Events |
Subsequent
Events
The
Company has evaluated all transactions from June 30, 2024 through the financial statement issuance date for subsequent event disclosure
consideration.
|
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v3.24.2.u1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
|
6 Months Ended |
Jun. 30, 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 and six-month periods ended June 30, 2024 and 2023:
SCHEDULE
OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Oil sales | |
$ | 102,923 | | |
| 150,767 | | |
$ | 205,971 | | |
| 313,049 | |
Natural gas sales | |
| (8,248 | ) | |
| 16,963 | | |
| 8,068 | | |
| 41,874 | |
Natural gas liquids sales | |
| 21,130 | | |
| 36,660 | | |
| 49,452 | | |
| 79,491 | |
Total revenue from customers | |
$ | 115,805 | | |
| 204,390 | | |
$ | 263,490 | | |
| 434,414 | |
|
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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v3.24.2.u1
OIL AND GAS PROPERTIES (Tables)
|
6 Months Ended |
Jun. 30, 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 six months ended June 30, 2024 and long-lived assets (net of
depletion, amortization, and impairments) as of June 30, 2024 are presented below:
SCHEDULE
OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA
| |
Six
Months Ended June 30, 2024 | | |
As
of June 30, 2024 | |
| |
Revenues | | |
Long Lived Assets, Net | |
United States | |
$ | 263,490 | | |
$ | 1,497,321 | |
Total | |
$ | 263,490 | | |
$ | 1,497,321 | |
|
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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v3.24.2.u1
STOCK-BASED COMPENSATION EXPENSE (Tables)
|
6 Months Ended |
Jun. 30, 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 June 30, 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 | |
| 60,000 | | |
| 1.21 | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| (152,668 | ) | |
| 3.98 | | |
| | |
Outstanding at June 30, 2024 | |
| 908,139 | | |
$ | 2.17 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 862,813 | | |
$ | 2.17 | | |
$ | — | |
|
SCHEDULE OF STOCK-BASED COMPENSATION |
The
following table reflects total stock-based compensation recorded by the Company for the three and six months ended June 30, 2024 and
2023:
SCHEDULE
OF STOCK-BASED COMPENSATION
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
|
|
Three
Months Ended June 30,
|
| |
Six
Months Ended June 30, | |
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
|
|
|
|
|
|
| |
| | |
| |
Stock-based compensation expense included in general and administrative expense |
|
$ |
12,746 |
|
|
$ |
77,870 |
| |
$ | 63,413 | | |
$ | 162,315 | |
Earnings per share effect of share-based compensation expense – basic and diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.01 |
) | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
|
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v3.24.2.u1
CAPITAL STOCK (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SCHEDULE OF WARRANT ACTIVITY |
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 | | |
$ | 2.46 | | |
| | |
Issued | |
| — | | |
| — | | |
| | |
Exercised | |
| — | | |
| — | | |
| | |
Expired | |
| — | | |
| — | | |
| | |
Outstanding at June 30, 2024 | |
| 94,400 | | |
$ | 2.46 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 94,400 | | |
$ | 2.46 | | |
$ | — | |
|
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v3.24.2.u1
EARNINGS PER COMMON SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF EARNINGS (LOSS) PER COMMON SHARE |
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 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (89,085 | ) | |
| (300,381 | ) | |
$ | (104,785 | ) | |
| (196,206 | ) |
| |
| | | |
| | | |
| | | |
| | |
Effect of common stock equivalents | |
| — | | |
| — | | |
| — | | |
| — | |
Net (loss) income adjusted for common stock equivalents | |
$ | (89,085 | ) | |
| (300,381 | ) | |
$ | (104,785 | ) | |
| (196,206 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares – basic | |
| 10,906,353 | | |
| 10,896,996 | | |
| 10,906,353 | | |
| 10,659,076 | |
| |
| | | |
| | | |
| | | |
| | |
Dilutive effect of common stock equivalents: | |
| | | |
| | | |
| | | |
| | |
Options and warrants | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares – diluted | |
| 10,906,353 | | |
| 10,896,996 | | |
| 10,906,353 | | |
| 10,659,076 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss) earnings per common share – basic | |
$ | (0.01 | ) | |
| (0.03 | ) | |
$ | (0.01 | ) | |
| (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
(Loss) earnings per common share – diluted | |
$ | (0.01 | ) | |
| (0.03 | ) | |
$ | (0.01 | ) | |
| (0.02 | ) |
|
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF DILUTED NET INCOME LOSS |
For
the six months ended June 30, 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 | | |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Stock warrants | |
| 94,400 | | |
| 94,400 | | |
| 94,400 | | |
| 94,400 | |
Stock options | |
| 908,139 | | |
| 1,004,177 | | |
| 908,139 | | |
| 1,004,177 | |
Total | |
| 1,002,539 | | |
| 1,098,577 | | |
| 1,002,539 | | |
| 1,098,577 | |
|
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COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE AGREEMENT |
SCHEDULE
OF FUTURE PAYMENTS UNDER LEASE AGREEMENT
Year | |
Amount | |
2024 | |
$ | 44,526 | |
2025 | |
| 75,051 | |
Total future lease payments | |
| 119,577 | |
Less: imputed interest | |
| (9,608 | ) |
Present value of future operating lease payments | |
| 109,969 | |
Less: current portion of operating lease liabilities | |
| (80,683 | ) |
Operating lease liabilities, net of current portion | |
$ | 29,286 | |
Right of use assets | |
$ | 108,582 | |
|
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SCHEDULE OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue from customers |
$ 115,805
|
$ 204,390
|
$ 263,490
|
$ 434,414
|
Oil Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue from customers |
102,923
|
150,767
|
205,971
|
313,049
|
Natural Gas Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue from customers |
(8,248)
|
16,963
|
8,068
|
41,874
|
Natural Gas Liquids Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue from customers |
$ 21,130
|
$ 36,660
|
$ 49,452
|
$ 79,491
|
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SCHEDULE OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
$ 115,805
|
$ 204,390
|
$ 263,490
|
$ 434,414
|
Long Lived Assets, Net |
1,497,321
|
|
1,497,321
|
|
UNITED STATES |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
|
|
263,490
|
|
Long Lived Assets, Net |
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|
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$ 1,497,321
|
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v3.24.2.u1
SCHEDULE OF STOCK OPTION ACTIVITY (Details)
|
6 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Share-Based Payment Arrangement [Abstract] |
|
Options, Outstanding, Beginning Balance | shares |
1,000,807
|
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ / shares |
$ 2.46
|
Options, Granted | shares |
60,000
|
Weighted-Average Exercise Price, Granted | $ / shares |
$ 1.21
|
Options, Exercised | shares |
|
Weighted-Average Exercise Price, Exercised | $ / shares |
|
Options, Expired | shares |
(152,668)
|
Weighted-Average Exercise Price, Expired | $ / shares |
$ 3.98
|
Options, Outstanding, Ending Balance | shares |
908,139
|
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ / shares |
$ 2.17
|
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ |
|
Options, Exercisable, Ending Balance | shares |
862,813
|
Weighted-Average Exercise Price, Exercisable, Ending Balance | $ / shares |
$ 2.17
|
Aggregate Intrinsic Value, Exercisable, Ending Balance | $ |
|
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- DefinitionThe number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
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v3.24.2.u1
STOCK-BASED COMPENSATION EXPENSE (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
|
Jun. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2021 |
Dec. 31, 2017 |
Dec. 31, 2008 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of options granted during period |
|
60,000
|
|
|
|
Stock option exercisable price per share |
$ 2.17
|
$ 2.17
|
|
|
|
Directors [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of options granted during period |
|
60,000
|
|
|
|
Option term |
|
10 years
|
|
|
|
Stock option exercisable price per share |
1.21
|
$ 1.21
|
|
|
|
Description on vesting of stock options |
|
vest 20% on the date of grant
and 80% nine months from the date of grant.
|
|
|
|
Fair value of options granted |
|
$ 63,730
|
|
|
|
Market value of common stock |
$ 1.21
|
$ 1.21
|
|
|
|
Risk free interest rate |
|
0.00%
|
|
|
|
Expected dividend yield |
|
0.00%
|
|
|
|
Expected stock volatility |
|
97.80%
|
|
|
|
Stock option life, term |
|
10 years
|
|
|
|
Expected forfeiture rate |
|
0.00%
|
|
|
|
2008 Equity Incentive Plan [Member] | Maximum [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of options authorized to purchase shares of common stock |
|
|
|
|
480,000
|
2017 Equity Incentive Plan [Member] | Maximum [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of options authorized to purchase shares of common stock |
|
|
|
400,000
|
|
2021 Equity Incentive Plan [Member] | Maximum [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of options authorized to purchase shares of common stock |
|
|
500,000
|
|
|
2021 Equity Incentive Plan [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share based compensation |
$ 12,746
|
$ 63,413
|
|
|
|
Unrecognized share-based compensation expense related to non-vested stock options |
$ 50,988
|
$ 50,988
|
|
|
|
Weighted average period for unrecognition of compensation expense |
|
8 months 19 days
|
|
|
|
Weighted average remaining contractual term of the outstanding options |
|
6 years 5 months 8 days
|
|
|
|
Weighted average remaining contractual term of the exercisable options |
|
6 years 2 months 19 days
|
|
|
|
Common stock available for issuance to future |
61,333
|
61,333
|
|
|
|
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v3.24.2.u1
SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member]
|
6 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrants Outstanding, Beginning | shares |
94,400
|
Weighted-Average Exercise Price Outstanding, Beginning | $ / shares |
$ 2.46
|
Warrants Outstanding, Issued | shares |
|
Weighted-Average Exercise Price, Issued | $ / shares |
|
Warrants Outstanding, Exercised | shares |
|
Weighted-Average Exercise Price, Exercised | $ / shares |
|
Warrants Outstanding, Expired | shares |
|
Weighted-Average Exercise Price, Expired | $ / shares |
|
Warrants Outstanding, Ending | shares |
94,400
|
Weighted-Average Exercise Price Outstanding, Ending | $ / shares |
$ 2.46
|
Aggregate Intrinsic Value Outstanding at end of the period | $ |
|
Warrants Outstanding, Exercisable | shares |
94,400
|
Weighted-Average Exercise Price Outstanding, Exercisable | $ / shares |
$ 2.46
|
Aggregate Intrinsic Value Outstanding Exercisable at end of the period | $ |
|
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v3.24.2.u1
SCHEDULE OF EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
|
|
|
|
|
Net (loss) income |
$ (89,085)
|
$ (15,699)
|
$ (300,381)
|
$ 104,175
|
$ (104,785)
|
$ (196,206)
|
Effect of common stock equivalents |
|
|
|
|
|
|
Net (loss) income adjusted for common stock equivalents |
$ (89,085)
|
|
$ (300,381)
|
|
$ (104,785)
|
$ (196,206)
|
Weighted average common shares – basic |
10,906,353
|
|
10,896,996
|
|
10,906,353
|
10,659,076
|
Options and warrants |
|
|
|
|
|
|
Weighted average common shares – diluted |
10,906,353
|
|
10,896,996
|
|
10,906,353
|
10,659,076
|
(Loss) earnings per common share – basic |
$ (0.01)
|
|
$ (0.03)
|
|
$ (0.01)
|
$ (0.02)
|
(Loss) earnings per common share – diluted |
$ (0.01)
|
|
$ (0.03)
|
|
$ (0.01)
|
$ (0.02)
|
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v3.24.2.u1
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF DILUTED NET INCOME LOSS (Details) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Total |
1,002,539
|
1,098,577
|
1,002,539
|
1,098,577
|
Warrant [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Total |
94,400
|
94,400
|
94,400
|
94,400
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Total |
908,139
|
1,004,177
|
908,139
|
1,004,177
|
X |
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v3.24.2.u1
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE AGREEMENT (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
2024 |
$ 44,526
|
|
2025 |
75,051
|
|
Total future lease payments |
119,577
|
|
Less: imputed interest |
(9,608)
|
|
Present value of future operating lease payments |
109,969
|
|
Less: current portion of operating lease liabilities |
(80,683)
|
$ (75,276)
|
Operating lease liabilities, net of current portion |
29,286
|
71,083
|
Right of use assets |
$ 108,582
|
$ 145,021
|
X |
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Expense of right of use asset |
|
|
$ 36,385
|
$ 32,836
|
Rental expense |
$ 22,161
|
$ 22,570
|
$ 44,322
|
$ 45,731
|
Operating Lease Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Operating lease agreement expire date |
|
|
Oct. 31, 2025
|
|
Operating cash outflows related to operating lease liabilities |
22,137
|
|
$ 44,274
|
|
Expense of right of use asset |
$ 18,492
|
|
$ 36,440
|
|
Weighted-average remaining term |
1 year 6 months 29 days
|
|
1 year 6 months 29 days
|
|
Weighted average discount rate |
12.00%
|
|
12.00%
|
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