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Houston American Energy Corporation (HUSA-21.52%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing oil and gas revenues of $130,239, an increase from $112,994 in the same quarter the previous year. For the nine months ended September 30, 2024, revenues decreased to $393,729 from $547,408 in the prior year.
Lease operating expenses increased to $229,210 during the quarter, up from $128,918 in the same period last year. For the nine months, expenses rose to $534,443 from $344,318.
The company reported a net loss of $144,768 for the quarter, compared to a net income of $223,368 in the previous year. For the nine months, the net loss was $249,553, compared to a net income of $27,162.
Cash used in operating activities was $139,522 for the nine months ended September 30, 2024, compared to $211,463 in the previous year. Cash used in investing activities was $1,072,364, down from $1,954,515.
The company had a cash balance of $2,847,296 and working capital of $2,772,692 as of September 30, 2024, compared to $4,059,182 and $3,917,231, respectively, at the end of 2023.
Houston American Energy participated in a joint venture with EOG Resources, Inc. (EOG+0.04%) for drilling six wells on the State Finkle Unit in Texas, with an estimated cost of $550,000 for the company.
The company received distributions from its equity investment in Hupecol Meta LLC, totaling $268,817 for the quarter and $922,959 for the nine months ended September 30, 2024.
Subsequent to the reporting period, the company sold 2,180,180 shares of common stock for approximately $2.5 million. John F. Terwilliger resigned as CEO, and Peter Longo was appointed as the new CEO.
The filing notes a material weakness in internal controls over financial reporting due to the lack of an appropriate level of accounting knowledge and experience.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Houston American Energy Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.