0001493152-20-015858.txt : 20200814 0001493152-20-015858.hdr.sgml : 20200814 20200814162223 ACCESSION NUMBER: 0001493152-20-015858 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200814 DATE AS OF CHANGE: 20200814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOUSTON AMERICAN ENERGY CORP CENTRAL INDEX KEY: 0001156041 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 760675953 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32955 FILM NUMBER: 201105431 BUSINESS ADDRESS: STREET 1: 801 TRAVIS STREET, SUITE 1425 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7132226966 MAIL ADDRESS: STREET 1: 801 TRAVIS STREET SUITE 1425 CITY: HOUSTON STATE: TX ZIP: 77002 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

(Mark One)

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

 

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 [X] 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 [X] 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 [X]
Smaller reporting company [X] 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 [X]

 

As of August 10, 2020, we had 6,960,576 shares of $0.001 par value common stock outstanding.

 

 

 

 

 

 

HOUSTON AMERICAN ENERGY CORP.

 

FORM 10-Q

 

INDEX

 

      Page No.
PART I.   FINANCIAL INFORMATION
     
Item 1.   Financial Statements (Unaudited)
     
    Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 (Unaudited) 3
     
    Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited) 4
       
    Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited) 5
       
    Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (Unaudited) 6
       
    Notes to Consolidated Financial Statements (Unaudited) 7
       
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
     
Item 3.   Quantitative and Qualitative Disclosures About Market Risk 17
     
Item 4.   Controls and Procedures 17
     
PART II   OTHER INFORMATION
     
Item 6.   Exhibits 18

 

2

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1Financial Statements

 

HOUSTON AMERICAN ENERGY CORP.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

   June 30, 2020   December 31, 2019 
ASSETS          
CURRENT ASSETS          
Cash  $2,664,331   $97,915 
Accounts receivable – oil and gas sales   17,432    80,195 
Prepaid expenses and other current assets   104,203    39,505 
TOTAL CURRENT ASSETS   2,785,966    217,615 
           
PROPERTY AND EQUIPMENT          
Oil and gas properties, full cost method          
Costs subject to amortization   61,601,511    61,068,240 
Costs not being amortized   2,478,456    2,478,456 
Office equipment   90,004    90,004 
Total   64,169,971    63,633,534 
Accumulated depletion, depreciation, amortization, and impairment   (57,838,406)   (57,267,145)
PROPERTY AND EQUIPMENT, NET   6,331,565    6,369,555 
           
Cost method investment   239,800    197,009 
Right of use asset   239,262    281,489 
Other assets   3,167    3,167 
TOTAL ASSETS  $9,599,760   $7,068,835 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Accounts payable  $181,373   $270,119 
Accrued expenses   —    447 
Notes payable – related party, net of debt discount   —    595,585 
Current portion of lease liability   105,127    97,890 
TOTAL CURRENT LIABILITIES   286,500    966,041 
           
LONG-TERM LIABILITIES          
Lease liability, net of current portion   164,882    219,410 
Reserve for plugging and abandonment costs   68,938    44,186 
TOTAL LONG-TERM LIABILITIES   233,820    263,596 
           
TOTAL LIABILITIES   520,320    1,229,637 
           
COMMITMENTS AND CONTINGENCIES          
           
SHAREHOLDERS’ EQUITY          
Preferred stock, par value $0.001; 10,000,000 shares authorized,          
Series A Convertible Preferred Stock, par value $0.001; 2,000 shares authorized; 1,085 and 1,085 shares issued and outstanding, respectively; liquidation preference of $1,085,000   1    1 
Series B Convertible Preferred Stock, par value $0.001; 1,000 shares authorized; 835 and 835 shares issued and outstanding, respectively; liquidation preference of $835,000   1    1 

Common stock, par value $0.001; 12,000,000 shares authorized 6,960,576 and 5,275,816 shares issued and outstanding, respectively

   6,960    5,276 
Additional paid-in capital   78,244,807    73,877,332 
Subscription receivable   —    (58,575)
Accumulated deficit   (69,172,329)   (67,984,837)
TOTAL SHAREHOLDERS’ EQUITY   9,079,440    5,839,198 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $9,599,760   $7,068,835 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

3

 

 

HOUSTON AMERICAN ENERGY CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

(Unaudited)

 

  

Six Months

Ended June 30,

  

Three Months

Ended June 30,

 
   2020   2019   2020   2019 
                 
OIL AND GAS REVENUE  $225,064   $459,913   $77,928   $209,193 
                     
EXPENSES OF OPERATIONS                    
Lease operating expense and severance tax   180,150    344,096    98,916    194,869 
General and administrative expense   643,605    655,601    269,543    405,650 
Depreciation and depletion   142,145    184,146    51,323    91,617 
Impairment of oil and gas properties   429,116    —    —    — 
Total operating expenses   1,395,016    1,183,844    419,782    692,136 
                     
Loss from operations   (1,169,952)   (723,931)   (341,854)   (482,943)
                     
OTHER INCOME                    
Interest income   9,277    1,887    5,352    520 
Interest expense   (26,817)   —    —    — 
Total other income   (17,540)   1,887    5,352    520 
                     
Net loss before taxes   (1,187,492)   (722,043)   (336,502)   (482,423)
                     
Income tax expense   —    —    —    — 
                     
Net loss   (1,187,492)   (722,043)   (336,502)   (482,423)
                     
Dividends to Series A and B preferred stockholders   (103,200)   (115,200)   (45,600)   (57,600)
                     
Net loss attributable to common shareholders  $(1,290,692)  $(837,243)  $(382,102)  $(540,023)
                     
Basic and diluted loss per common share  $(0.19)  $(0.17)  $(0.06)  $(0.11)
                     
Based and diluted weighted average number of common shares outstanding   6,903,296    4,999,000    6,903,576    4,999,000 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

4

 

 

HOUSTON AMERICAN ENERGY CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

(Unaudited)

 

                   Additional             
   Preferred Stock   Common Stock   Paid-in   Subscription   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Receivable   Deficit   Total 
                                 
Balance – December 31, 2019   1,920   $2    5,275,816   $5,276   $73,877,332   $(58,575)  $(67,984,837)  $5,839,198 
                                         
Issuance of common stock for cash, net   —    —    1,684,760    1,684    4,373,910    58,575    —    4,434,169 
Stock-based compensation   —    —    —    —    57,442    —    —    57,442 
Series A and Series B Preferred Stock dividends paid   —    —    —    —    (57,600)   —    —    (57,600)
Net loss   —    —    —    —    —    —    (850,990)   (850,990)
                                                  
Balance – March 31, 2020   1,920    2    6,960,576    6,960    78,251,084    —    (68,835,827)   9,422,219 
                                         
Stock-based compensation   —    —    —    —    39,323    —    —    39,323 
Series A and Series B Preferred Stock dividends paid   —    —    —    —    (45,600)   —    —    (45,600)
Net loss   —    —    —    —    —   $—    (336,502)   (336,502)
                                         
Balance – June 30, 2020   1,920   $2    6,960,576   $6,960   $78,244,807   $—   $(69,172,329)  $9,079,440 

 

                   Additional             
   Preferred Stock   Common Stock   Paid-in   Subscription   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Receivable   Deficit   Total 
                                 
Balance – December 31, 2018   1,920   $2    4,994,011   $4,994   $73,141,440   $—   $(65,469,143)  $7,677,295 
                                         
Series A and Series B Preferred Stock dividends paid   —    —    —    —    (57,600)   —    —    (57,600)
Stock-based compensation   —    —    —    —    14,219    —    —    14,219 
Net loss   —    —    —    —    —    —    (239,620)   (239,620)
                                     —           
Balance – March 31, 2019   1,920    2    4,994,011    4,994    73,098,059    —    (65,708,763)   7,394,292 
Issuance of common stock   —    —    22,408    22    56,048    —    —    56,070 
Series A and Series B Preferred Stock dividends paid   —    —    —    —    (57,600)   —    —    (57,600)
Stock-based compensation   —    —    —    —    27,325    —    —    27,325 
Net loss   —    —    —    —    —    —    (482,423)   (482,423)
                                         
Balance – June 30, 2019   1,920   $2    5,016,419   $5,016   $73,123,832   $—   $(66,191,186)  $6,937,664 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

5

 

 

HOUSTON AMERICAN ENERGY CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019

(Unaudited)

 

   For the Six Months Ended June 30, 
   2020   2019 
         
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss  $(1,187,492)  $(722,043)
Adjustments to reconcile net loss to net cash used in operations:          
Depreciation and depletion   142,145    184,146 
Impairment of oil and gas properties   429,116    — 
Accretion of asset retirement obligation   24,752    1,747 
Stock-based compensation   96,765    41,544 
Amortization of right of use asset   42,227    36,989 
Amortization of debt discount   23,467    — 
Changes in operating assets and liabilities:          
Decrease in accounts receivable   62,763    83,655 
Increase in prepaid expenses and other current assets   (64,698)   (27,287)
Increase/(decrease) in accounts payable and accrued expenses   (81,956)   133,341 
Decrease in operating lease liability   (54,528)   (131,942)
           
Net cash used in operating activities   (567,439)   (399,852)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Payments for the acquisition and development of oil and gas properties   (533,271)   (51,967)
Payments for capital contribution for cost method investment   (42,791)   — 
           
Net cash used in investing activities   (576,062)   (51,967)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Repayments of notes payable – related party   (621,052)   — 
Proceeds from the issuance of common stock, net of expenses   4,434,169    56,070 
Payment of preferred stock dividends   (103,200)   (115,200)
           
Net cash provided by (used in) financing activities   3,709,917    (59,130)
           
Increase in cash   2,566,416    (510,949)
Cash, beginning of period   97,915    755,702 
Cash, end of period  $2,664,331   $244,753 
           
SUPPLEMENTAL CASH FLOW INFORMATION          
Interest paid  $3,350   $— 
Taxes paid  $—   $— 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

6

 

 

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, 2019.

 

Consolidation

 

The accompanying consolidated financial statements include all accounts of the Company and its subsidiaries (HAEC Louisiana E&P, Inc., HAEC Oklahoma E&P, Inc., and HAEC Caddo Lake E&P, Inc.). All significant inter-company balances and transactions have been eliminated in consolidation.

 

Reverse Stock Split

 

In July 2020, the Company’s shareholders approved a reverse split of the Company’s common stock in a ratio to be determined, within a specified range, by the Company’s board of directors. The Company’s board of directors approved, and, effective at the close of business on July 31, 2020, the Company’s Certificate of Incorporation was amended to affect a 1-for-12.5 reverse split (the “Reverse Split”) of the Company’s common stock. Fractional shares otherwise issuable pursuant to the Reverse Split were rounded up to the next highest whole number of shares. As a result of the Reverse Split, the shares of common stock outstanding immediately prior to the Reverse Split decreased from 87,007,145 to 6,960,575 shares and the shares of common stock authorized for issuance decreased from 150,000,000 shares to 12,000,000 shares. Similarly, all shares of common stock issuable under outstanding options, warrants and shares of convertible preferred stock were adjusted, and applicable conversion or exercise prices were proportionately adjusted, to reflect the Reverse Split. The par value of the Company’s common stock remained unchanged at $0.001 per share.

 

All references to shares of common stock and per share data for all periods in the financial statements and notes thereto have been adjusted to reflect the Reverse Split on a retroactive basis.

 

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, including a loss of $1,187,492 for the six months ended June 30, 2020. Additionally, as a result of the steep global economic slowdown that began in March 2020 as the coronavirus pandemic (“COVID-19”) spread, prices realized from oil and gas sales declined sharply beginning late in the quarter ended March 31, 2020 and only partially recovering during the quarter ended June 30, 2020, with such price declines expected to persist until governments worldwide are confident that the pandemic is adequately contained to permit renewed economic activity. Depending upon the duration of the pandemic and the resulting global economic slowdown, the Company may incur continuing declines in revenues and increased losses, associated from lower demand for energy and resulting depressed oil and gas prices. However, during the three months ended March 31, 2020, the Company raised a total, net of offering costs, of $4,434,169 in its ATM offering. As of June 30, 2020, there were no remaining funds available under the ATM Offering.

 

The Company believes that it has the ability to fund, from cash on hand (as a result of the ATM funding received in the current period), its operating costs and anticipated drilling operations, as well as mitigate the immediate impact of COVID-19, for at least the next twelve months following the issuance of these financial statements.

 

The actual timing and number of wells drilled during 2020 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. With the steep decline in energy prices beginning in March 2020, due at least in part to the economic effects of the coronavirus, drilling and development operations were deferred during the first half of 2020. With modest price improvements since the initial COVID-19 related price decline and lower rig and related costs, the Company and its operators are planning to resume select drilling and development operations in the Permian Basin beginning in the third quarter of 2020.

 

7

 

 

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, 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 and any marketable securities (if any). The Company had cash deposits of $2,371,821 in excess of the FDIC’s current insured limit on interest bearing accounts of $250,000 as of June 30, 2020. The Company also had cash deposits of $2,350 in Colombian banks at June 30, 2020 that are not insured by the FDIC. The Company has not experienced any losses on its deposits of cash and cash equivalents.

 

Loss per Share

 

Basic 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. All per share calculations are adjusted to give retroactive effect to the Reverse Split.

 

For the three and six months ended June 30, 2020 and 2019, the following convertible preferred stock and warrants and options to purchase shares of common stock were excluded from the computation of diluted net loss per share, as the inclusion of such shares would be anti-dilutive:

 

   Six Months Ended June 30,   Three Months Ended June 30, 
   2020   2019   2020   2019 
Series A Convertible Preferred Stock   434,000    434,000    434,000    434,000 
Series B Convertible Preferred Stock   185,644    185,644    185,644    185,644 
Stock warrants   98,400    4,000    98,400    4,000 
Stock options   480,973    484,973    480,973    484,973 
Total   1,199,017    1,199,017    1,199,017    1,199,017 

 

Recently Issued Accounting Pronouncements

 

The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.

 

8

 

 

Subsequent Events

 

The Company has evaluated all transactions from June 30, 2020 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, 2020 and 2019:

 

  

Three Months

Ended
June 30, 2020

  

Three Months Ended

June 30, 2019

  

Six Months Ended

June 30, 2020

  

Six Months Ended

June 30, 2019

 
Oil sales  $57,099   $177,649   $171,950   $351,426 
Natural gas sales   12,603    1,143    22,661    28,930 
Natural gas liquids sales   8,226    30,401    30,453    79,557 
Total revenue from customers  $77,928   $209,193   $225,064   $459,913 

 

There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of June 30, 2020 or 2019.

 

NOTE 3 – OIL AND GAS PROPERTIES

 

During the six months ended June 30, 2020, the Company invested $533,271 for the acquisition and development of oil and gas properties, consisting of cost of development of U.S. properties of $533,271 principally attributable to acreage in Yoakum County, Texas. Of the amount invested, the Company capitalized $533,271 to oil and gas properties subject to amortization and capitalized none to oil and gas properties not subject to amortization. The Company also invested $42,791 in Hupecol Meta relating to drilling operations in Colombia, reflected in the cost method investment asset.

 

During the three and six months ended June 30, 2020, the Company recorded depletion expense of $51,323 and $142,145, respectively. During the three and six months ended June 30, 2019, the Company recorded depletion expense of $91,617 and $184,146, respectively.

 

During the three and six months ended June 30, 2020, the Company recorded an impairment of oil and gas properties of $0 and $429,116 and none during the three and six months ended June 30, 2019. Impairment was due to a full cost ceiling test write-down primarily relating to a decline in energy prices.

 

Geographical Information

 

The Company currently has properties in two geographical areas, the United States and Colombia. Revenues for the six months ended June 30, 2020 and long lived assets (net of depletion, amortization, and impairments) as of June 30, 2020 attributable to each geographical area are presented below:

 

   Six Months Ended June 30, 2020  

 

As of June 30, 2020

 
   Revenues   Long Lived Assets, Net 
United States  $225,064   $3,988,439 
Colombia   —    2,343,126 
Total  $225,064   $6,331,565 

 

NOTE 4 – NOTES PAYABLE – RELATED PARTY

 

In September 2019, the Company issued promissory notes (the “Bridge Loan Notes”) with a total principal amount of $621,052, an original issue discount of 5%, warrants (the “Bridge Loan Warrants”) to purchase 1,180,000 shares of the Company’s common stock, and a term of 120 days. The net proceeds received by the Company for the Bridge Loan Notes and Warrants was $590,000.

 

The Bridge Loan Notes were recorded net of debt discount that consists of (i) $31,052 of original issue discount on the Bridge Loan Notes and (ii) the relative fair value of the Bridge Loan Warrants of $144,948. The debt discount is amortized over the life of the Bridge Loan Notes as additional interest expense. During the six months ended June 30, 2020, interest expense paid in cash totaled $3,350 and interest expense attributable to amortization of debt discount totaled $23,467. The Bridge Loan Note was repaid in full as of June 30, 2020.

 

The holders of the Bridge Loan Notes were the CEO and a 10% shareholder of the Company.

 

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” and, together with the 2008 Plan, the “Plans”). 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. Persons eligible to participate in the Plans are key employees, consultants and directors of the Company.

 

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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 six months ended June 30, 2020 is presented below:

 

   Options   Weighted-
Average
Exercise Price		  

 

 

Aggregate Intrinsic Value

 
             
Outstanding at January 1, 2020   480,973   $8.50      
Granted   —    —      
Exercised   —    —      
Forfeited   —    —      
Outstanding at June 30, 2020   480,973   $8.40   $     — 
Exercisable at June 30, 2020   381,240   $8.53   $— 

 

During the six months ended June 30, 2020, the Company recognized $96,765 of stock-based compensation expense attributable to the amortization of stock options. As of June 30, 2020, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $19,961. 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, 2020 is 5.52 years and 4.55 years, respectively.

 

Shares available for issuance under the 2008 Plan as of June 30, 2020 totaled 0. Shares available for issuance under the 2017 Plan, as of June 30, 2020, totaled 255,334.

 

Stock-Based Compensation Expense

 

The following table reflects total stock-based compensation recorded by the Company for the six months ended June 30, 2020 and 2019:

 

  

Six Months Ended

June 30,

 
   2020   2019 
         
Stock-based compensation expense included in general and administrative expense  $96,765   $41,544 
Earnings per share effect of share-based compensation expense – basic and diluted  $(0.01)  $(0.00)

 

NOTE 6 – CAPITAL STOCK

 

Common Stock - At-the-Market Offering

 

In May 2019, the Company entered into an At-the-Market Issuance Sales Agreement (the “Sales Agreement”) with WestPark Capital, Inc. (“WestPark Capital”) pursuant to which the Company could sell, at its option, up to an aggregate of $5.2 million in shares of its common stock through WestPark Capital, as sales agent. Sales of shares under the Sales Agreement (the “2019 ATM Offering”) were made, in accordance with one or more placement notices delivered by the Company to WestPark Capital, which notices set parameters under which shares could be sold. The 2019 ATM Offering was made pursuant to a shelf registration statement by methods deemed to be “at the market,” as defined in Rule 415 promulgated under the Securities Act of 1933. The Company paid WestPark a commission in cash equal to 3% of the gross proceeds from the sale of shares in the 2019 ATM Offering. Additionally, the Company reimbursed WestPark Capital for $18,000 of expenses incurred in connection with the 2019 ATM Offering.

 

During the six months ended June 30, 2020, in connection with the 2019 ATM Offering, the Company (1) sold an aggregate of 1,684,760 shares of its common stock and received net proceeds of $4,375,594, net of commissions, and expenses, and (2) collected $58,575 of subscriptions receivable attributable to shares sold under the 2019 ATM Offering during 2019.

 

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Series A Convertible Preferred Stock

 

During the six months ended June 30, 2020 and 2019, the Company paid dividends on Series A Convertible Preferred Stock in the amount of $65,100 and $65,100, respectively. At June 30, 2020, there were 1,085 shares of Series A Convertible Preferred Stock issued and outstanding.

 

Series B Convertible Preferred Stock

 

During the six months ended June 30, 2020 and 2019, the Company paid dividends on Series B Convertible Preferred Stock in the amount of $38,100 and $50,100, respectively. At June 30, 2020, there were 835 shares of Series B Convertible Preferred Stock issued and outstanding.

 

Warrants

 

A summary of warrant activity and related information for 2020 is presented below:

 

   Warrants   Weighted-
Average
Exercise Price		   Aggregate
Intrinsic Value		 
             
Outstanding at January 1, 2020   98,400   $2.63      
Issued   —    —      
Exercised   —    —      
Expired   —    —      
Outstanding at June 30, 2020   98,400   $2.63   $— 
Exercisable at June 30, 2020   98,400   $2.63   $     — 

 

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NOTE 7 – COMMITMENTS AND CONTINGENCIES

 

Lease Commitment

 

The Company leases office facilities under an operating lease agreement that expires October 31, 2022. During the six months ended June 30, 2020, the operating cash outflows related to operating lease liabilities of $65,151 and the expense for the right of use asset for operating leases was $42,227. As of June 30, 2020, the Company’s operating lease had a weighted-average remaining term of 2.25 years and a weighted average discount rate of 12%. As of June 30, 2020, the lease agreement requires future payments as follows:

 

Year  Amount 
2020  $65,556 
2021   133,087 
2022   112,551 
2023   — 
Total future lease payments   311,194 
Less: imputed interest   (41,186)
Present value of future operating lease payments   270,008 
Less: current portion of operating lease liabilities   (105,127)
Operating lease liabilities, net of current portion  $164,881 
Right of use assets  $239,262 

 

Total base rental expense was $60,096 and $62,223 for the six months ended June 30, 2020 and June 30, 2019, respectively, and $30,048 and $30,048 for the three months ended June 30, 2020 and June 30, 2019, respectively. The Company does not have any capital leases or other operating lease commitments.

 

NOTE 8 – SUBSEQUENT EVENTS

 

Oil and Gas Properties – Hockley County

 

In July 2020, the Company acquired, for $33,228, a 20% working interest in a 466-acre (gross) block within the 20,367-acre (gross) area of mutual interest associated with its existing Northern Shelf of the Permian Basin acreage in Hockley County, Texas.

 

Stock Option Grants

 

In July 2020, the Company granted to its non-employee directors options to purchase an aggregate of 8,000 shares of the Company’s common stock. The options have a ten year life, are exercisable at $1.605 per common share, and vest 20% on the date of grant and 80% nine months from the date of grant.

 

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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 six months ended June 30, 2020, 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, 2019.

 

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, 2019.

 

Critical Accounting Policies

 

The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. We believe certain critical accounting policies affect the more significant judgments and estimates used in the preparation of our financial statements. A description of our critical accounting policies is set forth in our Form 10-K for the year ended December 31, 2019. As of, and for the six months ended, June 30, 2020, there have been no material changes or updates to our critical accounting policies.

 

Unevaluated Oil and Gas Properties

 

Unevaluated oil and gas properties not subject to amortization, include the following at June 30, 2020:

 

   June 30, 2020 
Acquisition costs  $279,177 
Development and evaluation costs   2,199,279 
Total  $2,478,456 

 

The carrying value of unevaluated oil and gas prospects above was primarily attributable to properties in the South American country of Colombia. We are maintaining our interest in these properties.

 

Recent Developments

 

COVID-19

 

In early 2020, global health care systems and economies began to experience strain from the spread of the COVID-19 Coronavirus. As the virus spread, global economic activity began to slow and future economic activity was forecast to slow with a resulting forecast of a decline in oil and gas demand. In response, OPEC initiated discussions with Russia to lower production to support energy prices. By March 2020, with OPEC and Russia unable to agree on cuts, crude oil prices declined to less than $25 per barrel. Despite a subsequent agreement among major oil producers to cut global oil and gas production and a partial recovery in prices, energy prices remain at depressed levels.

 

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The decline in economic activity and energy demand accompanying the COVID-19 pandemic adversely affected our revenues during the three and six months ended June 30, 2020, contributed to an impairment charge during the six months ended June 30, 2020 and, if price declines persist, will adversely affect the economics of our existing wells and planned future wells, possibly resulting in further impairment charges to existing properties and delaying or abandoning planned drilling operations as uneconomical.

 

In response to the COVID-19 pandemic, our staff began working remotely and many of our key vendors, service suppliers and partners have similarly begun to work remotely. As a result of such remote work arrangements, we anticipate that certain operational, reporting, accounting and other processes will slow which may result in longer time to execute critical business functions, higher operating costs and uncertainties regarding the quality of services and supplies, any of which could substantially adversely affect our operating results for as long as the current pandemic persists and potentially for some time after the pandemic subsides.

 

Drilling Activity

 

During the six months ended June 30, 2020, (1) we drilled the Frost #2H well in Yoakum County, Texas, and (2) Hupecol Meta drilled the Montuno-1 well on the CPO-11 block in the Llanos Basin in Colombia. The Frost #2H well reached a total depth of approximately 10,230 feet, including an approximately 5,116-foot horizontal leg. Hydraulic fracturing and completion of the well were pending at June 30, 2020. The Montuno-1 well was a dry hole.

 

No drilling operations were ongoing at June 30, 2020. Fracturing operations on the Frost #2H well are scheduled to commence during the third quarter of 2020 and initial drilling operations on our San Andres acreage is expected to commence during the third quarter of 2020.

 

During the six months ended June 30, 2020, our capital investment expenditures totaled $576,062, principally relating to Yoakum County, Texas drilling operations ($533,271) and investments in our cost method investment in Hupecol Meta ($42,791).

 

Oil and Gas Properties – Hockley County

 

In July 2020, we acquired, for $33,228, a 20% working interest in a 466-acre (gross) block within the 20,367-acre (gross) area of mutual interest associated with our existing Northern Shelf of the Permian Basin acreage in Hockley County, Texas.

 

Reverse Stock Split

 

In July 2020, we amended our Certificate of Incorporation to effect a 1-for-12.5 reverse split (the “Reverse Split”) of our common stock. All references to shares of common stock and per share data for all periods in this Management Discussion and Analysis of Financial Condition and Results of Operations have been adjusted to reflect the Reverse Split on a retroactive basis.

 

Financing Activities

 

2019 At-the-Market Offering. In May 2019, we entered into an At-the-Market Issuance Sales Agreement (the “Sales Agreement”) with WestPark Capital pursuant to which we may sell, at our option, up to an aggregate of $5.2 million in shares of common stock through WestPark Capital, as sales agent. Sales of shares under the Sales Agreement (the “2019 ATM Offering”) were made, in accordance with one or more placement notices delivered to WestPark Capital, which notices set parameters under which shares may be sold. The 2019 ATM Offering was made pursuant to a shelf registration statement by methods deemed to be “at the market,” as defined in Rule 415 promulgated under the Securities Act of 1933. We paid WestPark a commission in cash equal to 3% of the gross proceeds from the sale of shares in the 2019 ATM Offering. Additionally, we reimbursed WestPark Capital for $18,000 of expenses incurred in connection with the 2019 ATM Offering. During the six months ended June 30, 2020, we (1) sold an aggregate of 1,684,760 shares in the 2019 ATM Offering and received proceeds, net of commissions, of $4,375,594, and (2) collected $58,575 of subscriptions receivable attributable to shares sold under the 2019 ATM Offering during 2019.

 

Bridge Loan Financing. In September 2019, we issued promissory notes (the “Bridge Loan Notes”) with a total principal amount of $621,052, an original issue discount of 5%, warrants (the “Bridge Loan Warrants”) to purchase 1,180,000 shares of common stock, and a term of 120 days. Net proceeds received for the Bridge Loan Notes and Warrants totaled $590,000.

 

The Bridge Loan Notes were unsecured obligations bearing interest at 12.0% per annum and payable interest only on the last day of each calendar month with any unpaid principal and accrued interest being payable in full on January 16, 2020.

 

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The Bridge Loan Notes were subject to mandatory prepayment from and to the extent of (i) 100% of net proceeds we receive from any sales, for cash, of equity or debt securities (other than Bridge Loan Notes), (ii) 100% of net proceeds we receive from the sale of assets (other than sales in the ordinary course of business); and (iii) 75% of net proceeds we receive from the sale of oil and gas produced from our Hockley County, Texas properties. Additionally, we had the option to prepay the Bridge Loan Notes, at our sole election, without penalty. The holders of the Bridge Loan Notes waived mandatory prepayment at the end of each month during 2019.

 

The Bridge Loan Notes were recorded net of debt discount that consists of (i) $31,052 of original issue discount on the Bridge Loan Notes and (ii) the relative fair value of the Bridge Loan Warrants of $144,948. The debt discount is amortized over the life of the Bridge Loan Notes as additional interest expense.

 

During the three months ended March 31, 2020, interest expense paid in cash totaled $3,350. The Bridge Loan Notes were repaid in full in January 2020.

 

The holders of the Bridge Loan Notes were our Chief Executive Officer and a 10% shareholder.

 

Results of Operations

 

Oil and Gas Revenues. Total oil and gas revenues decreased 63% to $77,928 in the three months ended June 30, 2020, compared to $209,193 in the three months ended June 30, 2019. Oil and gas revenues decreased 51% to $225,064 in the six months ended June 30, 2020, compared to $459,913 in the six months ended June 30, 2019. The decrease in revenue was due to decreased production volumes and an adverse change in commodity pricing, including 32% and 8% decreases in crude oil prices and natural gas prices, respectively, realized during the three-month period and 18% and 71% decreases in crude oil prices and natural gas prices, respectively, realized during the six-month period.

 

The following table sets forth the gross and net producing wells, net oil and gas production volumes and average hydrocarbon sales prices for the quarter and six months ended June 30, 2020 and 2019:

 

   Six Months Ended
June 30		   Three Months Ended
June 30,		 
   2020   2019   2020   2019 
Gross producing wells   4    5    4    5 
Net producing wells   0.49    0.52    0.49    0.52 
Net oil production (Bbl)   4,502    5,621    1,686    3,478 
Net gas production (Mcf)   39,526    49,155    14,037    27,278 
Average sales price – oil (per barrel)  $38.19    50.76   $33.87   $47.14 
Average sales price – natural gas (per Mcf)  $0.57    3.08   $0.90   $3.08 

 

The decrease in gross/net producing wells resulted from cessation of operation of two uneconomical wells in Louisiana during 2019, partially offset by the commencement of operations of a well in Yoakum County, Texas. The decrease in production was principally attributable to natural decline in production from our Reeves County, Texas wells, partially offset by production from our Yoakum County well commencing in 2019.

 

The change in average sales prices realized reflects the steep decline in global commodity prices associated with a decline in energy demand associated with the COVID-19 pandemic.

 

All oil and gas sales revenues are attributable to U.S. operations.

 

Lease Operating Expenses. Lease operating expenses decreased 49% to $98,916 during the three months ended June 30, 2020 from $194,866 during the three months ended June 30, 2019. Lease operating expenses decreased 48% to $180,150 during the six months ended June 30, 2020 from $344,096 during the six months ended June 30, 2019.

 

The decrease in lease operating expenses was principally attributable to a reduction in wells operated, lower variable costs due to a natural decline in production and reduced severance taxes due to lower sales.

 

All lease operating expenses are attributable to U.S. operations.

 

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Depreciation and Depletion Expense. Depreciation and depletion expense was $51,323 and $91,617 for the three months ended June 20, 2020 and 2019, respectively, and $142,145 and $184,146 for the six months ended June 30, 2020 and 2019, respectively. The change in depreciation and depletion was due to the decline in production volumes.

 

Impairment of Oil and Gas Properties. Impairment of oil and gas properties was $0 for the three months ended June 30, 2020 and 2019, and $429,116 and $0 for the six months ended June 30, 2020 and 2019, respectively. The change in impairment of oil and gas properties was due to a full cost ceiling test write-down in the current period primarily relating to a decline in energy prices. Depending on the timing of a recovery in energy prices, we may experience further impairments in future periods.

 

General and Administrative Expenses (excluding stock-based compensation). General and administrative expense decreased by 43% to $230,220 during the three months ended June 30, 2020 from $405,650 during the three months ended June 30, 2019 and decreased by 17% to $546,840 during the six months ended June 30, 2020 from $655,601 during the six months ended June 30, 2019. The decrease in general and administrative expense for the three and six-month periods was primarily attributable to decreased insurance expenses, partially offset by increased exchange listing fees and professional fees for the six-month period.

 

Stock-Based Compensation. Stock-based compensation increased by 44% to $39,323 during the three months ended June 30, 2020 from $27,325 during the three months ended June 30, 2019 and increased 133% to $96,765 during the six months ended June 30, 2020 from $41,544 during the six months ended June 30, 2019. The increase was attributable to the amortization of stock options granted during 2019.

 

Other Income (Expense). Other income/expense, net, totaled $5,352 of income during the three months ended June 30, 2020, compared to $520 of income during the three months ended June 30, 2019, and totaled $17,540 of expense during the six months ended June 30, 2020, compared to $1,887 of income during the six months ended June 30, 2019. Other income for all periods consisted on interest earned on cash balances which, during the six months ended June 30, 2020, was offset by interest expense relating to Bridge Loan Notes. Interest income during the 2020 periods increased as a result of higher cash balances. The Bridge Loan Notes were repaid in full in January 2020 and no interest expense will be paid relating to those notes after the quarter ended March 31, 2020.

 

Financial Condition

 

Liquidity and Capital Resources. At June 30, 2020, we had a cash balance of $2,664,331 and working capital of $2,499,466, compared to a cash balance of $97,915 and a working capital deficit of $748,426 at December 31, 2019.

 

Cash Flows. Operating activities used cash of $567,439 during the six months ended June 30, 2020, compared to $399,852 used during the six months ended June 30, 2019. The change in operating cash flow was primarily attributable to the increased loss during 2020 which reflected the decline in oil and gas revenues.

 

Investing activities used cash of $576,062 during the six months ended June 30, 2020, compared to $51,967 used during the six months ended June 30, 2019. Cash used in investing activities were primarily attributed to drilling operations on the Frost #2H well during the 2020 period and investments in infrastructure/security upgrades in Reeves County during the 2019 period.

 

Financing activities provided cash of $3,709,917 during the six months ended June 30, 2020, compared to $59,130 used during the six months ended June 30, 2019. Cash provided by financing activities during the six months ended June 30, 2020 was attributable to funds received from the sale of common stock ($4,434,169, including $58,575 of subscriptions receivable relating to shares sold at year-end 2019) under our 2019 ATM Offering, partially offset by repayment of our Bride Loan Notes ($621,052) and payment of dividends on our preferred stock ($103,200).

 

Long-Term Liabilities. At June 30, 2020, we had long-term liabilities of $233,820, compared to $263,596 at December 31, 2019. Long-term liabilities at June 30, 2020 and December 31, 2019, 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, in particular our Permian Basin acreage and our newly acquired Colombian acreage. Given the current economic environment and the current COVID-19 pandemic, all planned additional acquisition, drilling and development operations were deferred through June 30, 2020 pending improved conditions. We are selectively resuming acquisition, drilling and development operations during the third quarter of 2020 with the acquisition in July 2020, for $33,228, of a 20% working interest in additional acreage in Hockley County, the scheduled fracking operations on our Frost #2H well, and the planned commencement of drilling operations on our San Andres acreage. The actual timing and number of well operations undertaken during 2020 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.

 

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During the six months ended June 30, 2020, we invested $533,271 for the acquisition and development of oil and gas properties, consisting of drilling and development operations in the U.S. Of the amount invested, we capitalized none to oil and gas properties not subject to amortization and capitalized $533,271 to oil and gas properties subject to amortization. During the period, we also invested $42,791 in Hupecol Meta relating to drilling operations in Colombia.

 

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.

 

With our receipt, during 2020, of $4.4 million from sales of common stock under our 2019 ATM Offering, 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 2020.

 

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 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. Unless and until the depressing economic effects of the coronavirus recede, we expect that new capital to fund projects will be difficult, if not impossible, to secure.

 

Off-Balance Sheet Arrangements

 

We had no off-balance sheet arrangements or guarantees of third party obligations at June 30, 2020.

 

Inflation

 

We believe that inflation has not had a significant impact on operations since inception.

 

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, 2020 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, 2020. 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 segregation of duties. Until we are able to remedy these material weaknesses, we are relying on third party consultants and our accounting firm to assist with financial reporting.

 

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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, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II

 

ITEM 6 EXHIBITS

 

Exhibit

 

  Number   Description
  31.1   Certification of CEO and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  32.1   Certification of CEO and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

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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, 2020    
  By: /s/ James Schoonover
    James Schoonover
    CEO and President (Principal Executive Officer and Principal Financial Officer)

 

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 EX-31.1 2 ex31-1.htm

 

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, James Schoonover, 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, 2020

 

  /s/ James Schoonover
  James Schoonover,
  Chief Executive Officer and Principal Financial Officer

 

 
 EX-32.1 3 ex32-1.htm

 

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, James Schoonover, 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, 2020 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/ James Schoonover
  Name: James Schoonover
  Title: Chief Executive Officer and Principal Financial Officer
  Dated: August 14, 2020

 

 

 

 

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related party Proceeds from the issuance of common stock, net of expenses Payment of preferred stock dividends Net cash provided by (used in) financing activities Increase in cash Cash, beginning of period Cash, end of period SUPPLEMENTAL CASH FLOW INFORMATION Interest paid Taxes paid Accounting Policies [Abstract] Basis of Presentation and Significant Accounting Policies Revenue from Contract with Customer [Abstract] Revenue from Contracts with Customers Oil and Gas Property [Abstract] Oil and Gas Properties Debt Disclosure [Abstract] Notes Payable - Related Party Share-based Payment Arrangement [Abstract] Stock-Based Compensation Expense Equity [Abstract] Capital Stock Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events Consolidation Reverse Stock Split Liquidity and Capital Requirements Accounting Principles and Use of Estimates Concentration of Credit Risk Loss Per Share Recently Issued Accounting Pronouncements Subsequent Events Schedule of Computation of Diluted Net Loss Per Share Schedule of Disaggregates Revenue by Significant Product Schedule of Revenues and Long Lived Assets Attributable to Geographical Area Summary of Stock Option Activity Schedule of Stock-based Compensation Summary of Warrant Activity Schedule of Future Payments Under Lease Agreement Statistical Measurement [Axis] Product and Service [Axis] Reverse split, description Number of reverse split, shares Proceeds from ATM offering Cash deposits Current insured limit on interest bearing accounts Total Remaining performance obligations Total revenue from customers Investment in development of oil and gas properties Acquisition and development cost of oil and gas properties Depletion expense Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Table] Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] Revenues Long Lived Assets, Net Note, face amount Original issue discount, percent Number of warrant issued to purchase common stock Consideration received from warrants Bridge loan, debt discount Fair value of warrants Interest expense Ownership percentage Number of options authorized to purchase shares of common stock Unrecognized share-based compensation expense related to non-vested stock options Weighted average period for unrecognition of compensation expense Weighted average remaining contractual term of the outstanding options Weighted average remaining contractual term of the exercisable options Issuance of common stock, shares Options Outstanding at beginning of the period Options Granted Options Exercised Options Forfeited Options Outstanding at end of the period Options Outstanding Exercisable at end of the period Weighted-Average Exercise Price Outstanding at beginning of the period Weighted-Average Exercise Price Granted Weighted-Average Exercise Price Exercised Weighted-Average Exercise Price Forfeited Weighted-Average Exercise Price Outstanding at end of the period Weighted-Average Exercise Price Outstanding Exercisable at end of the period Aggregate Intrinsic Value Outstanding at end of the period Aggregate Intrinsic Value Outstanding Exercisable at end of the period Stock-based compensation expense included in general and administrative expense Earnings per share effect of share-based compensation expense - basic and diluted Collaborative Arrangement and Arrangement Other than Collaborative [Axis] Sale of stock shares of common stock value Commission percentage Reimbursement of expenses connection with offering Number shares sold Commissions and expenses Subscription receivable Dividends paid Warrants Outstanding, Beginning Warrants Outstanding, Issued Warrants Outstanding, Exercised Warrants Outstanding, Expired Warrants Outstanding, Ending Warrants Outstanding, Exercisable Weighted-Average Exercise Price Outstanding, Beginning Weighted-Average Exercise Price, Issued Weighted-Average Exercise Price, Exercised Weighted-Average Exercise Price, Expired Weighted-Average Exercise Price Outstanding, Ending Weighted-Average Exercise Price Outstanding, Exercisable Aggregate Intrinsic Value, Ending Aggregate Intrinsic Value, Exercisable Operating lease agreement expire date Operating cash outflows related to operating lease liabilities Operating lease, weighted average remaining lease term Weighted average discount rate Rental expense 2020 2021 2022 2023 Total future lease payments Less: imputed interest Present value of future operating lease payments Less: current portion of operating lease liabilities Operating lease liabilities, net of current portion Right of use assets Payment for acquired oil and gas properties Percentage of working interest Area of land Description for oil and gas properties Number of option granted Option expiration date Numbe of option exercisable Vesting percentage Vesting, description ATM Offering [Member] 2017 and 2018 ATM Offering [Member] Amortization Of Stock Options [Member] An Employee [Member] At-the-Market Offering [Member] Bridge Loan Notes and Warrants [Member] Bridge Loan Notes [Member] Bridge Loan Warrant [Member] Bridge Loan Warrants [Member] CEO and Founder [Member] Colombian Banks [Member] Commission percentage. Commissions and expenses. Consultant Warrants [Member] Acquisition, evaluation and retention cost capitalized on oil and gas properties not subject to amortization. Acquisition, evaluation, retention, drilling and completion cost capitalized on oil and gas properties subject to amortization. Current Director [Member] Directors [Member] Effect of share based compensation expense on earning per share basic and diluted. East Baton Rouge Parish, Louisiana [Member] Executive Officer And Non-Executive Officer[Member] Federal [Member] Former Chairman [Member] Gas [Member] Hupecol Meta Acquisition [Member] Independent Directors [Member] Investment in development of oil and gas properties. Lease Bonus Revenue [Member] Lease Commitment [Member] Liquidity and Capital Requirements [Policy Text Block] Llanos Basin, Colombia [Member] May 2019 [Member] Natural Gas Liquids Sales [Member] Natural Gas Sales [Member] Nine Months from the Date Of Grant [Member] Non Employee Director [Member] Non-Executive Directors [Member] Non-Executive Officer [Member] Non-Officer Employee [Member] Non Vested Warrants [Member] OID Note [Member] Oil Sales [Member] On Date Of Grant [Member] Operating Lease Agreement [Member] Operator/Lessee [Member] OID Promissory Note [Member] Permian Basin [Member] Permian Basin Holdings [Member] Production Incentive Compensation Plan [Member] Properties Not Subject to Amortization [Member] Properties Subject to Amortization [Member] Reimbursement of expenses connection with offering. Remaining Note Holders [Member] Sales Agreement [Member] Sales Agreement (2018 ATM Offering) [Member] Sales Agreement (2019 ATM Offering) [Member] Sales Agreement (2017 ATM Offering) [Member] September 6, 2019 [Member] September 6, 2020 [Member] Series A Convertible Preferred Stock [Member] Series A Convertible Redeemable Preferred Stock [Member] Series B Convertible Preferred Stock [Member] Series B Convertible Redeemable Preferred Stock [Member] Series B Warrant [Member] Aggregate Intrinsic Value, Exercisable. Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercisable. Aggregate Intrinsic Value Ending. Share based compensation arrangement by share based payment award non option exercised in period exercise price. ShareBased Compensation Arrangement by ShareBased Payment Award Non Option Forfeited Or Expired in Period Exercise Price. Share based compensation arrangement by share based payment award non option grand in period exercise price. Weighted-Average Exercise Price Outstanding, Exercisable. ShareBased Compensation Arrangement By ShareBased Payment Award NonOption Outstanding Exercise Price Rage Number of Share. Shareholder [Member] State [Member] Stock Options [Member] Stock Warrants [Member] Subscription Receivable [Member] Three Non Employee Directors [Member] 12.0% Series A Convertible Preferred Stock [Member] 12.0% Series B Convertible Preferred Stock [Member] 12% Series A Convertible Preferred Stock [Member] 2008 Equity Incentive Plan [Member] 2019 ATM Offering [Member] 2017 ATM Offering [Member] 2017 Equity Incentive Plan [Member] 2008 Equity Incentive Plan [Member] 2019 ATM Offering [Member] United States [Member] Venus Exploration Area [Member] Warrants [Member] WestPark Capital, Inc [Member] Yoakum County, Texas [Member] Yoakum County Acreage [Member] Notes Payable - Related Party [Text Block] Hupecol Meta [Member] Sales Agreement (2019 ATM Offering) [Member] Reverse Stock Split [Policy Text Block] Percentage of working interest. Description for oil and gas properties. Hockley County [Member] Non-Employee Directors [Member] Assets, Current Property, Plant and Equipment, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Net Assets Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses Operating Income (Loss) Interest Expense Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Net Income (Loss) Available to Common Stockholders, Basic Shares, Outstanding Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense Net Cash Provided by (Used in) Operating Activities Payments to Acquire Investments Net Cash Provided by (Used in) Investing Activities Repayments of Related Party Debt Payments of Dividends Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations Subsequent Events, Policy [Policy Text Block] Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations Maximum percentage of revenue from a well considered for pool cap two Period of average prices used in calculating proved oil and gas reserves ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionOutstandingExercisableWeightedAverageExercisePrice Period consider for payout of revenues to participants Earnings per share effect of share based compensation expense basic and diluted Lessee, Operating Lease, Liability, to be Paid Lessee, Operating Lease, Liability, Undiscounted Excess Amount EX-101.PRE 9 husa-20200630_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2020
Aug. 10, 2020
Cover [Abstract]    
Entity Registrant Name HOUSTON AMERICAN ENERGY CORP  
Entity Central Index Key 0001156041  
Document Type 10-Q  
Document Period End Date Jun. 30, 2020  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   6,960,576
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2020  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash $ 2,664,331 $ 97,915
Accounts receivable - oil and gas sales 17,432 80,195
Prepaid expenses and other current assets 104,203 39,505
TOTAL CURRENT ASSETS 2,785,966 217,615
Oil and gas properties, full cost method    
Costs subject to amortization 61,601,511 61,068,240
Costs not being amortized 2,478,456 2,478,456
Office equipment 90,004 90,004
Total 64,169,971 63,633,534
Accumulated depletion, depreciation, amortization, and impairment (57,838,406) (57,267,145)
PROPERTY AND EQUIPMENT, NET 6,331,565 6,369,555
Cost method investment 239,800 197,009
Right of use asset 239,262 281,489
Other assets 3,167 3,167
TOTAL ASSETS 9,599,760 7,068,835
CURRENT LIABILITIES    
Accounts payable 181,373 270,119
Accrued expenses 447
Notes payable - related party, net of debt discount 595,585
Current portion of lease liability 105,127 97,890
TOTAL CURRENT LIABILITIES 286,500 966,041
LONG-TERM LIABILITIES    
Lease liability, net of current portion 164,882 219,410
Reserve for plugging and abandonment costs 68,938 44,186
TOTAL LONG-TERM LIABILITIES 233,820 263,596
TOTAL LIABILITIES 520,320 1,229,637
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY    
Common stock, par value $0.001; 12,000,000 shares authorized 6,960,576 and 5,275,816 shares issued and outstanding, respectively 6,960 5,276
Additional paid-in capital 78,244,807 73,877,332
Subscription receivable (58,575)
Accumulated deficit (69,172,329) (67,984,837)
TOTAL SHAREHOLDERS' EQUITY 9,079,440 5,839,198
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 9,599,760 7,068,835
Series A Convertible Preferred Stock [Member]    
SHAREHOLDERS' EQUITY    
Preferred stock, par value $0.001; 10,000,000 shares authorized, 1 1
Series B Convertible Preferred Stock [Member]    
SHAREHOLDERS' EQUITY    
Preferred stock, par value $0.001; 10,000,000 shares authorized, $ 1 $ 1
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 12,000,000 12,000,000
Common stock, shares issued 6,960,576 275,816
Common stock, shares outstanding 6,960,576 275,816
Series A Convertible Preferred Stock [Member]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 2,000 2,000
Preferred stock, shares issued 1,085 1,085
Preferred stock, shares outstanding 1,085 1,085
Preferred stock liquidation share value $ 1,085,000 $ 1,085,000
Series B Convertible Preferred Stock [Member]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 1,000 1,000
Preferred stock, shares issued 835 835
Preferred stock, shares outstanding 835 835
Preferred stock liquidation share value $ 835,000 $ 835,000
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]        
OIL AND GAS REVENUE $ 77,928 $ 209,193 $ 225,064 $ 459,913
EXPENSES OF OPERATIONS        
Lease operating expense and severance tax 98,916 194,869 180,150 344,096
General and administrative expense 269,543 405,650 643,605 655,601
Depreciation and depletion 51,323 91,617 142,145 184,146
Impairment of oil and gas properties 429,116
Total operating expenses 419,782 692,136 1,395,016 1,183,844
Loss from operations (341,854) (482,943) (1,169,952) (723,931)
OTHER INCOME        
Interest income 5,352 520 9,277 1,887
Interest expense (26,817)
Total other income 5,352 520 (17,540) 1,887
Net loss before taxes (336,502) (482,423) (1,187,492) (722,043)
Income tax expense
Net loss (336,502) (482,423) (1,187,492) (722,043)
Dividends to Series A and B preferred stockholders (45,600) (57,600) (103,200) (115,200)
Net loss attributable to common shareholders $ (382,102) $ (540,023) $ (1,290,692) $ (837,243)
Basic and diluted loss per common share $ (0.06) $ (0.11) $ (0.19) $ (0.17)
Based and diluted weighted average number of common shares outstanding 6,903,576 4,999,000 6,903,296 4,999,000
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Subscription Receivable [Member]
Retained Earnings (Deficit) [Member]
Total
Balance at Dec. 31, 2018 $ 2 $ 4,994 $ 73,141,440 $ (65,469,143) $ 7,677,295
Balance, shares at Dec. 31, 2018 1,920 4,994,011        
Series A and Series B Preferred Stock dividends paid (57,600) (57,600)
Stock-based compensation 14,219 14,219
Net loss (239,620) (239,620)
Balance at Mar. 31, 2019 $ 2 $ 4,994 73,098,059 (65,708,763) 7,394,292
Balance, shares at Mar. 31, 2019 1,920 4,994,011        
Balance at Dec. 31, 2018 $ 2 $ 4,994 73,141,440 (65,469,143) 7,677,295
Balance, shares at Dec. 31, 2018 1,920 4,994,011        
Series A and Series B Preferred Stock dividends paid           (115,200)
Net loss           (722,043)
Balance at Jun. 30, 2019 $ 2 $ 5,016 73,123,832 (66,191,186) 6,937,664
Balance, shares at Jun. 30, 2019 1,920 5,016,419        
Balance at Mar. 31, 2019 $ 2 $ 4,994 73,098,059 (65,708,763) 7,394,292
Balance, shares at Mar. 31, 2019 1,920 4,994,011        
Series A and Series B Preferred Stock dividends paid     (57,600)     (57,600)
Stock-based compensation 27,325 27,325
Issuance of common stock for cash, net $ 22 56,048 56,070
Issuance of common stock for cash, net, shares 22,408        
Net loss         (482,423) (482,423)
Balance at Jun. 30, 2019 $ 2 $ 5,016 73,123,832 (66,191,186) 6,937,664
Balance, shares at Jun. 30, 2019 1,920 5,016,419        
Balance at Dec. 31, 2019 $ 2 $ 5,276 73,877,332 (58,575) (67,984,837) 5,839,198
Balance, shares at Dec. 31, 2019 1,920 5,275,816        
Series A and Series B Preferred Stock dividends paid (57,600) (57,600)
Stock-based compensation 57,442 57,442
Issuance of common stock for cash, net $ 1,684 4,373,910 58,575 4,434,169
Issuance of common stock for cash, net, shares 1,684,760        
Net loss (850,990) (850,990)
Balance at Mar. 31, 2020 $ 2 $ 6,960 78,251,084 (68,835,827) 9,422,219
Balance, shares at Mar. 31, 2020 1,920 6,960,576        
Balance at Dec. 31, 2019 $ 2 $ 5,276 73,877,332 (58,575) (67,984,837) 5,839,198
Balance, shares at Dec. 31, 2019 1,920 5,275,816        
Series A and Series B Preferred Stock dividends paid           (103,200)
Net loss           (1,187,492)
Balance at Jun. 30, 2020 $ 2 $ 6,960 78,244,807 (69,172,329) 9,079,440
Balance, shares at Jun. 30, 2020 1,920 6,960,576        
Balance at Mar. 31, 2020 $ 2 $ 6,960 78,251,084 (68,835,827) 9,422,219
Balance, shares at Mar. 31, 2020 1,920 6,960,576        
Series A and Series B Preferred Stock dividends paid (45,600) (45,600)
Stock-based compensation 39,323 39,323
Net loss (336,502) (336,502)
Balance at Jun. 30, 2020 $ 2 $ 6,960 $ 78,244,807 $ (69,172,329) $ 9,079,440
Balance, shares at Jun. 30, 2020 1,920 6,960,576        
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,187,492) $ (722,043)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and depletion 142,145 184,146
Impairment of oil and gas properties 429,116
Accretion of asset retirement obligation 24,752 1,747
Stock-based compensation 96,765 41,544
Amortization of right of use asset 42,227 36,989
Amortization of debt discount 23,467
Changes in operating assets and liabilities:    
Decrease in accounts receivable 62,763 83,655
Increase in prepaid expenses and other current assets (64,698) (27,287)
Increase/(decrease) in accounts payable and accrued expenses (81,956) 133,341
Decrease in operating lease liability (54,528) (131,942)
Net cash used in operating activities (567,439) (399,852)
CASH FLOWS FROM INVESTING ACTIVITIES    
Payments for the acquisition and development of oil and gas properties (533,271) (51,967)
Payments for capital contribution for cost method investment (42,791)
Net cash used in investing activities (576,062) (51,967)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayments of notes payable - related party (621,052)
Proceeds from the issuance of common stock, net of expenses 4,434,169 56,070
Payment of preferred stock dividends (103,200) (115,200)
Net cash provided by (used in) financing activities 3,709,917 (59,130)
Increase in cash 2,566,416 (510,949)
Cash, beginning of period 97,915 755,702
Cash, end of period 2,664,331 244,753
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 3,350
Taxes paid
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Basis of Presentation and Significant Accounting Policies
 6 Months Ended
Jun. 30, 2020
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, 2019.

 

Consolidation

 

The accompanying consolidated financial statements include all accounts of the Company and its subsidiaries (HAEC Louisiana E&P, Inc., HAEC Oklahoma E&P, Inc., and HAEC Caddo Lake E&P, Inc.). All significant inter-company balances and transactions have been eliminated in consolidation.

 

Reverse Stock Split

 

In July 2020, the Company’s shareholders approved a reverse split of the Company’s common stock in a ratio to be determined, within a specified range, by the Company’s board of directors. The Company’s board of directors approved, and, effective at the close of business on July 31, 2020, the Company’s Certificate of Incorporation was amended to affect a 1-for-12.5 reverse split (the “Reverse Split”) of the Company’s common stock. Fractional shares otherwise issuable pursuant to the Reverse Split were rounded up to the next highest whole number of shares. As a result of the Reverse Split, the shares of common stock outstanding immediately prior to the Reverse Split decreased from 87,007,145 to 6,960,575 shares and the shares of common stock authorized for issuance decreased from 150,000,000 shares to 12,000,000 shares. Similarly, all shares of common stock issuable under outstanding options, warrants and shares of convertible preferred stock were adjusted, and applicable conversion or exercise prices were proportionately adjusted, to reflect the Reverse Split. The par value of the Company’s common stock remained unchanged at $0.001 per share.

 

All references to shares of common stock and per share data for all periods in the financial statements and notes thereto have been adjusted to reflect the Reverse Split on a retroactive basis.

 

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, including a loss of $1,187,492 for the six months ended June 30, 2020. Additionally, as a result of the steep global economic slowdown that began in March 2020 as the coronavirus pandemic (“COVID-19”) spread, prices realized from oil and gas sales declined sharply beginning late in the quarter ended March 31, 2020 and only partially recovering during the quarter ended June 30, 2020, with such price declines expected to persist until governments worldwide are confident that the pandemic is adequately contained to permit renewed economic activity. Depending upon the duration of the pandemic and the resulting global economic slowdown, the Company may incur continuing declines in revenues and increased losses, associated from lower demand for energy and resulting depressed oil and gas prices. However, during the three months ended March 31, 2020, the Company raised a total, net of offering costs, of $4,434,169 in its ATM offering. As of June 30, 2020, there were no remaining funds available under the ATM Offering.

 

The Company believes that it has the ability to fund, from cash on hand (as a result of the ATM funding received in the current period), its operating costs and anticipated drilling operations, as well as mitigate the immediate impact of COVID-19, for at least the next twelve months following the issuance of these financial statements.

 

The actual timing and number of wells drilled during 2020 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. With the steep decline in energy prices beginning in March 2020, due at least in part to the economic effects of the coronavirus, drilling and development operations were deferred during the first half of 2020. With modest price improvements since the initial COVID-19 related price decline and lower rig and related costs, the Company and its operators are planning to resume select drilling and development operations in the Permian Basin beginning in the third quarter of 2020.

 

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, 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 and any marketable securities (if any). The Company had cash deposits of $2,371,821 in excess of the FDIC’s current insured limit on interest bearing accounts of $250,000 as of June 30, 2020. The Company also had cash deposits of $2,350 in Colombian banks at June 30, 2020 that are not insured by the FDIC. The Company has not experienced any losses on its deposits of cash and cash equivalents.

 

Loss per Share

 

Basic 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. All per share calculations are adjusted to give retroactive effect to the Reverse Split.

 

For the three and six months ended June 30, 2020 and 2019, the following convertible preferred stock and warrants and options to purchase shares of common stock were excluded from the computation of diluted net loss per share, as the inclusion of such shares would be anti-dilutive:

 

    Six Months Ended June 30,     Three Months Ended June 30,  
    2020     2019     2020     2019  
Series A Convertible Preferred Stock     434,000       434,000       434,000       434,000  
Series B Convertible Preferred Stock     185,644       185,644       185,644       185,644  
Stock warrants     98,400       4,000       98,400       4,000  
Stock options     480,973       484,973       480,973       484,973  
Total     1,199,017       1,199,017       1,199,017       1,199,017  

 

Recently Issued Accounting Pronouncements

 

The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.

 

Subsequent Events

 

The Company has evaluated all transactions from June 30, 2020 through the financial statement issuance date for subsequent event disclosure consideration.
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2020
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, 2020 and 2019:

 

   

Three Months

Ended
June 30, 2020

    

Three Months Ended

June 30, 2019

    

Six Months Ended

June 30, 2020

    

Six Months Ended

June 30, 2019

  
Oil sales   $ 57,099     $ 177,649     $ 171,950     $ 351,426  
Natural gas sales     12,603       1,143       22,661       28,930  
Natural gas liquids sales     8,226       30,401       30,453       79,557  
Total revenue from customers   $ 77,928     $ 209,193     $ 225,064     $ 459,913  

 

There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of June 30, 2020 or 2019.
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Oil and Gas Properties
 6 Months Ended
Jun. 30, 2020
Oil and Gas Property [Abstract]  
Oil and Gas Properties

NOTE 3 – OIL AND GAS PROPERTIES

 

During the six months ended June 30, 2020, the Company invested $533,271 for the acquisition and development of oil and gas properties, consisting of cost of development of U.S. properties of $533,271 principally attributable to acreage in Yoakum County, Texas. Of the amount invested, the Company capitalized $533,271 to oil and gas properties subject to amortization and capitalized none to oil and gas properties not subject to amortization. The Company also invested $42,791 in Hupecol Meta relating to drilling operations in Colombia, reflected in the cost method investment asset.

 

During the three and six months ended June 30, 2020, the Company recorded depletion expense of $51,323 and $142,145, respectively. During the three and six months ended June 30, 2019, the Company recorded depletion expense of $91,617 and $184,146, respectively.

 

During the three and six months ended June 30, 2020, the Company recorded an impairment of oil and gas properties of $0 and $429,116 and none during the three and six months ended June 30, 2019. Impairment was due to a full cost ceiling test write-down primarily relating to a decline in energy prices.

 

Geographical Information

 

The Company currently has properties in two geographical areas, the United States and Colombia. Revenues for the six months ended June 30, 2020 and long lived assets (net of depletion, amortization, and impairments) as of June 30, 2020 attributable to each geographical area are presented below:

 

    Six Months Ended June 30, 2020    

 

As of June 30, 2020

  
    Revenues     Long Lived Assets, Net  
United States   $ 225,064     $ 3,988,439  
Colombia     —       2,343,126  
Total   $ 225,064     $ 6,331,565  
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable - Related Party
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Notes Payable - Related Party

NOTE 4 – NOTES PAYABLE – RELATED PARTY

 

In September 2019, the Company issued promissory notes (the “Bridge Loan Notes”) with a total principal amount of $621,052, an original issue discount of 5%, warrants (the “Bridge Loan Warrants”) to purchase 1,180,000 shares of the Company’s common stock, and a term of 120 days. The net proceeds received by the Company for the Bridge Loan Notes and Warrants was $590,000.

 

The Bridge Loan Notes were recorded net of debt discount that consists of (i) $31,052 of original issue discount on the Bridge Loan Notes and (ii) the relative fair value of the Bridge Loan Warrants of $144,948. The debt discount is amortized over the life of the Bridge Loan Notes as additional interest expense. During the six months ended June 30, 2020, interest expense paid in cash totaled $3,350 and interest expense attributable to amortization of debt discount totaled $23,467. The Bridge Loan Note was repaid in full as of June 30, 2020.

 

The holders of the Bridge Loan Notes were the CEO and a 10% shareholder of the Company.
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation Expense
 6 Months Ended
Jun. 30, 2020
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” and, together with the 2008 Plan, the “Plans”). 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. 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 six months ended June 30, 2020 is presented below:

 

    Options     Weighted-
Average
Exercise Price		    

 

 

Aggregate Intrinsic Value

  
                   
Outstanding at January 1, 2020     480,973     $ 8.50          
Granted     —       —          
Exercised     —       —          
Forfeited     —       —          
Outstanding at June 30, 2020     480,973     $ 8.40     $      —  
Exercisable at June 30, 2020     381,240     $ 8.53     $ —  

 

During the six months ended June 30, 2020, the Company recognized $96,765 of stock-based compensation expense attributable to the amortization of stock options. As of June 30, 2020, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $19,961. 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, 2020 is 5.52 years and 4.55 years, respectively.

 

Shares available for issuance under the 2008 Plan as of June 30, 2020 totaled 0. Shares available for issuance under the 2017 Plan, as of June 30, 2020, totaled 255,334.

 

Stock-Based Compensation Expense

 

The following table reflects total stock-based compensation recorded by the Company for the six months ended June 30, 2020 and 2019:

 

   

Six Months Ended

June 30,

  
    2020     2019  
             
Stock-based compensation expense included in general and administrative expense   $ 96,765     $ 41,544  
Earnings per share effect of share-based compensation expense – basic and diluted   $ (0.01 )   $ (0.00 )
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Capital Stock
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Capital Stock

NOTE 6 – CAPITAL STOCK

 

Common Stock - At-the-Market Offering

 

In May 2019, the Company entered into an At-the-Market Issuance Sales Agreement (the “Sales Agreement”) with WestPark Capital, Inc. (“WestPark Capital”) pursuant to which the Company could sell, at its option, up to an aggregate of $5.2 million in shares of its common stock through WestPark Capital, as sales agent. Sales of shares under the Sales Agreement (the “2019 ATM Offering”) were made, in accordance with one or more placement notices delivered by the Company to WestPark Capital, which notices set parameters under which shares could be sold. The 2019 ATM Offering was made pursuant to a shelf registration statement by methods deemed to be “at the market,” as defined in Rule 415 promulgated under the Securities Act of 1933. The Company paid WestPark a commission in cash equal to 3% of the gross proceeds from the sale of shares in the 2019 ATM Offering. Additionally, the Company reimbursed WestPark Capital for $18,000 of expenses incurred in connection with the 2019 ATM Offering.

 

During the six months ended June 30, 2020, in connection with the 2019 ATM Offering, the Company (1) sold an aggregate of 1,684,760 shares of its common stock and received net proceeds of $4,375,594, net of commissions, and expenses, and (2) collected $58,575 of subscriptions receivable attributable to shares sold under the 2019 ATM Offering during 2019.

 

Series A Convertible Preferred Stock

 

During the six months ended June 30, 2020 and 2019, the Company paid dividends on Series A Convertible Preferred Stock in the amount of $65,100 and $65,100, respectively. At June 30, 2020, there were 1,085 shares of Series A Convertible Preferred Stock issued and outstanding.

 

Series B Convertible Preferred Stock

 

During the six months ended June 30, 2020 and 2019, the Company paid dividends on Series B Convertible Preferred Stock in the amount of $38,100 and $50,100, respectively. At June 30, 2020, there were 835 shares of Series B Convertible Preferred Stock issued and outstanding.

 

Warrants

 

A summary of warrant activity and related information for 2020 is presented below:

 

    Warrants     Weighted-
Average
Exercise Price		     Aggregate
Intrinsic Value		  
                   
Outstanding at January 1, 2020     98,400     $ 2.63          
Issued     —       —          
Exercised     —       —          
Expired     —       —          
Outstanding at June 30, 2020     98,400     $ 2.63     $ —  
Exercisable at June 30, 2020     98,400     $ 2.63     $      —  
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 7 – COMMITMENTS AND CONTINGENCIES

 

Lease Commitment

 

The Company leases office facilities under an operating lease agreement that expires October 31, 2022. During the six months ended June 30, 2020, the operating cash outflows related to operating lease liabilities of $65,151 and the expense for the right of use asset for operating leases was $42,227. As of June 30, 2020, the Company’s operating lease had a weighted-average remaining term of 2.25 years and a weighted average discount rate of 12%. As of June 30, 2020, the lease agreement requires future payments as follows:

 

Year   Amount  
2020   $ 65,556  
2021     133,087  
2022     112,551  
2023     —  
Total future lease payments     311,194  
Less: imputed interest     (41,186 )
Present value of future operating lease payments     270,008  
Less: current portion of operating lease liabilities     (105,127 )
Operating lease liabilities, net of current portion   $ 164,881  
Right of use assets   $ 239,262  

 

Total base rental expense was $60,096 and $62,223 for the six months ended June 30, 2020 and June 30, 2019, respectively, and $30,048 and $30,048 for the three months ended June 30, 2020 and June 30, 2019, respectively. The Company does not have any capital leases or other operating lease commitments.
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events
 6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

NOTE 8 – SUBSEQUENT EVENTS

 

Oil and Gas Properties – Hockley County

 

In July 2020, the Company acquired, for $33,228, a 20% working interest in a 466-acre (gross) block within the 20,367-acre (gross) area of mutual interest associated with its existing Northern Shelf of the Permian Basin acreage in Hockley County, Texas.

 

Stock Option Grants

 

In July 2020, the Company granted to its non-employee directors options to purchase an aggregate of 8,000 shares of the Company’s common stock. The options have a ten year life, are exercisable at $1.605 per common share, and vest 20% on the date of grant and 80% nine months from the date of grant.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Basis of Presentation and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Consolidation

Consolidation

 

The accompanying consolidated financial statements include all accounts of the Company and its subsidiaries (HAEC Louisiana E&P, Inc., HAEC Oklahoma E&P, Inc., and HAEC Caddo Lake E&P, Inc.). All significant inter-company balances and transactions have been eliminated in consolidation.
Reverse Stock Split

Reverse Stock Split

 

In July 2020, the Company’s shareholders approved a reverse split of the Company’s common stock in a ratio to be determined, within a specified range, by the Company’s board of directors. The Company’s board of directors approved, and, effective at the close of business on July 31, 2020, the Company’s Certificate of Incorporation was amended to affect a 1-for-12.5 reverse split (the “Reverse Split”) of the Company’s common stock. Fractional shares otherwise issuable pursuant to the Reverse Split were rounded up to the next highest whole number of shares. As a result of the Reverse Split, the shares of common stock outstanding immediately prior to the Reverse Split decreased from 87,007,145 to 6,960,575 shares and the shares of common stock authorized for issuance decreased from 150,000,000 shares to 12,000,000 shares. Similarly, all shares of common stock issuable under outstanding options, warrants and shares of convertible preferred stock were adjusted, and applicable conversion or exercise prices were proportionately adjusted, to reflect the Reverse Split. The par value of the Company’s common stock remained unchanged at $0.001 per share.

 

All references to shares of common stock and per share data for all periods in the financial statements and notes thereto have been adjusted to reflect the Reverse Split on a retroactive basis.
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, including a loss of $1,187,492 for the six months ended June 30, 2020. Additionally, as a result of the steep global economic slowdown that began in March 2020 as the coronavirus pandemic (“COVID-19”) spread, prices realized from oil and gas sales declined sharply beginning late in the quarter ended March 31, 2020 and only partially recovering during the quarter ended June 30, 2020, with such price declines expected to persist until governments worldwide are confident that the pandemic is adequately contained to permit renewed economic activity. Depending upon the duration of the pandemic and the resulting global economic slowdown, the Company may incur continuing declines in revenues and increased losses, associated from lower demand for energy and resulting depressed oil and gas prices. However, during the three months ended March 31, 2020, the Company raised a total, net of offering costs, of $4,434,169 in its ATM offering. As of June 30, 2020, there were no remaining funds available under the ATM Offering.

 

The Company believes that it has the ability to fund, from cash on hand (as a result of the ATM funding received in the current period), its operating costs and anticipated drilling operations, as well as mitigate the immediate impact of COVID-19, for at least the next twelve months following the issuance of these financial statements.

 

The actual timing and number of wells drilled during 2020 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. With the steep decline in energy prices beginning in March 2020, due at least in part to the economic effects of the coronavirus, drilling and development operations were deferred during the first half of 2020. With modest price improvements since the initial COVID-19 related price decline and lower rig and related costs, the Company and its operators are planning to resume select drilling and development operations in the Permian Basin beginning in the third quarter of 2020.

 

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, 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 and any marketable securities (if any). The Company had cash deposits of $2,371,821 in excess of the FDIC’s current insured limit on interest bearing accounts of $250,000 as of June 30, 2020. The Company also had cash deposits of $2,350 in Colombian banks at June 30, 2020 that are not insured by the FDIC. The Company has not experienced any losses on its deposits of cash and cash equivalents.
Loss Per Share

Loss per Share

 

Basic 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. All per share calculations are adjusted to give retroactive effect to the Reverse Split.

 

For the three and six months ended June 30, 2020 and 2019, the following convertible preferred stock and warrants and options to purchase shares of common stock were excluded from the computation of diluted net loss per share, as the inclusion of such shares would be anti-dilutive:

 

    Six Months Ended June 30,     Three Months Ended June 30,  
    2020     2019     2020     2019  
Series A Convertible Preferred Stock     434,000       434,000       434,000       434,000  
Series B Convertible Preferred Stock     185,644       185,644       185,644       185,644  
Stock warrants     98,400       4,000       98,400       4,000  
Stock options     480,973       484,973       480,973       484,973  
Total     1,199,017       1,199,017       1,199,017       1,199,017  
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.
Subsequent Events

Subsequent Events

 

The Company has evaluated all transactions from June 30, 2020 through the financial statement issuance date for subsequent event disclosure consideration.
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Basis of Presentation and Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Schedule of Computation of Diluted Net Loss Per Share

For the three and six months ended June 30, 2020 and 2019, the following convertible preferred stock and warrants and options to purchase shares of common stock were excluded from the computation of diluted net loss per share, as the inclusion of such shares would be anti-dilutive:

 

    Six Months Ended June 30,     Three Months Ended June 30,  
    2020     2019     2020     2019  
Series A Convertible Preferred Stock     434,000       434,000       434,000       434,000  
Series B Convertible Preferred Stock     185,644       185,644       185,644       185,644  
Stock warrants     98,400       4,000       98,400       4,000  
Stock options     480,973       484,973       480,973       484,973  
Total     1,199,017       1,199,017       1,199,017       1,199,017  
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2020
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, 2020 and 2019:

 

   

Three Months

Ended
June 30, 2020

    

Three Months Ended

June 30, 2019

    

Six Months Ended

June 30, 2020

    

Six Months Ended

June 30, 2019

  
Oil sales   $ 57,099     $ 177,649     $ 171,950     $ 351,426  
Natural gas sales     12,603       1,143       22,661       28,930  
Natural gas liquids sales     8,226       30,401       30,453       79,557  
Total revenue from customers   $ 77,928     $ 209,193     $ 225,064     $ 459,913  
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Oil and Gas Properties (Tables)
 6 Months Ended
Jun. 30, 2020
Oil and Gas Property [Abstract]  
Schedule of Revenues and Long Lived Assets Attributable to Geographical Area

The Company currently has properties in two geographical areas, the United States and Colombia. Revenues for the six months ended June 30, 2020 and long lived assets (net of depletion, amortization, and impairments) as of June 30, 2020 attributable to each geographical area are presented below:

 

    Six Months Ended June 30, 2020    

 

As of June 30, 2020

  
    Revenues     Long Lived Assets, Net  
United States   $ 225,064     $ 3,988,439  
Colombia     —       2,343,126  
Total   $ 225,064     $ 6,331,565  
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

A summary of stock option activity and related information for the six months ended June 30, 2020 is presented below:

 

    Options     Weighted-
Average
Exercise Price		    

 

 

Aggregate Intrinsic Value

  
                   
Outstanding at January 1, 2020     480,973     $ 8.50          
Granted     —       —          
Exercised     —       —          
Forfeited     —       —          
Outstanding at June 30, 2020     480,973     $ 8.40     $      —  
Exercisable at June 30, 2020     381,240     $ 8.53     $ —  
Schedule of Stock-based Compensation

The following table reflects total stock-based compensation recorded by the Company for the six months ended June 30, 2020 and 2019:

 

   

Six Months Ended

June 30,

  
    2020     2019  
             
Stock-based compensation expense included in general and administrative expense   $ 96,765     $ 41,544  
Earnings per share effect of share-based compensation expense – basic and diluted   $ (0.01 )   $ (0.00 )
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Capital Stock (Tables)
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Summary of Warrant Activity

A summary of warrant activity and related information for 2020 is presented below:

 

    Warrants     Weighted-
Average
Exercise Price		     Aggregate
Intrinsic Value		  
                   
Outstanding at January 1, 2020     98,400     $ 2.63          
Issued     —       —          
Exercised     —       —          
Expired     —       —          
Outstanding at June 30, 2020     98,400     $ 2.63     $ —  
Exercisable at June 30, 2020     98,400     $ 2.63     $      —  
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Payments Under Lease Agreement

As of June 30, 2020, the lease agreement requires future payments as follows:

 

Year   Amount  
2020   $ 65,556  
2021     133,087  
2022     112,551  
2023     —  
Total future lease payments     311,194  
Less: imputed interest     (41,186 )
Present value of future operating lease payments     270,008  
Less: current portion of operating lease liabilities     (105,127 )
Operating lease liabilities, net of current portion   $ 164,881  
Right of use assets   $ 239,262  
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Basis of Presentation and Significant Accounting Policies (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Common stock, shares authorized   12,000,000       12,000,000   12,000,000
Preferred stock, par value   $ 0.001       $ 0.001   $ 0.001
Net loss   $ (336,502) $ (850,990) $ (482,423) $ (239,620) $ (1,187,492) $ (722,043)  
Proceeds from ATM offering           4,434,169 $ 56,070  
Cash deposits   2,371,821       2,371,821    
Current insured limit on interest bearing accounts   250,000       250,000    
Colombian Banks [Member]                
Cash deposits   $ 2,350       $ 2,350    
Subsequent Event [Member]                
Reverse split, description 1-for-12.5 reverse split              
Common stock, shares authorized 150,000,000              
Preferred stock, par value $ 0.001              
Subsequent Event [Member] | Minimum [Member]                
Number of reverse split, shares 87,007,145              
Subsequent Event [Member] | Maximum [Member]                
Number of reverse split, shares 6,960,575              
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Basis of Presentation and Significant Accounting Policies - Schedule of Computation of Diluted Net Loss Per Share (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Total 1,199,017 1,199,017 1,199,017 1,199,017
Series A Convertible Preferred Stock [Member]        
Total 434,000 434,000 434,000 434,000
Series B Convertible Preferred Stock [Member]        
Total 185,644 185,644 185,644 185,644
Stock Warrants [Member]        
Total 98,400 4,000 98,400 4,000
Stock Options [Member]        
Total 480,973 484,973 480,973 484,973
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue from Contracts with Customers (Details Narrative) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]    
Remaining performance obligations
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue from Contracts with Customers - Schedule of Disaggregates Revenue by Significant Product (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Total revenue from customers $ 77,928 $ 209,193 $ 225,064 $ 459,913
Oil Sales [Member]        
Total revenue from customers 57,099 177,649 171,950 351,426
Natural Gas Sales [Member]        
Total revenue from customers 12,603 1,143 22,661 28,930
Natural Gas Liquids Sales [Member]        
Total revenue from customers $ 8,226 $ 30,401 $ 30,453 $ 79,557
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Oil and Gas Properties (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Investment in development of oil and gas properties     $ 533,271  
Depletion expense $ 142,145 $ 184,146 51,323 $ 91,617
Impairment of oil and gas properties 429,116
Yoakum County, Texas [Member]        
Acquisition and development cost of oil and gas properties     533,271  
Hupecol Meta [Member]        
Acquisition and development cost of oil and gas properties     $ 42,791  
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Schedule of Revenues and Long Lived Assets Attributable to Geographical Area (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]        
Revenues $ 77,928 $ 209,193 $ 225,064 $ 459,913
Long Lived Assets, Net 6,331,565   6,331,565  
United States [Member]        
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]        
Revenues     225,064  
Long Lived Assets, Net 3,988,439   3,988,439  
Colombia [Member]        
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]        
Revenues      
Long Lived Assets, Net $ 2,343,126   $ 2,343,126  
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable - Related Party (Details Narrative) - USD ($)
 1 Months Ended 6 Months Ended
Sep. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Amortization of debt discount   $ 23,467
Bridge Loan Notes [Member]      
Note, face amount $ 621,052    
Original issue discount, percent 5.00%    
Bridge loan, debt discount   31,052  
Fair value of warrants   144,948  
Interest expense   3,350  
Amortization of debt discount   $ 23,467  
Bridge Loan Notes [Member] | Shareholder [Member]      
Ownership percentage   10.00%  
Bridge Loan Warrants [Member]      
Number of warrant issued to purchase common stock 1,180,000    
Bridge Loan Notes and Warrants [Member]      
Consideration received from warrants $ 590,000    
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation Expense (Details Narrative) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2017
Dec. 31, 2008
Stock-based compensation $ 96,765 $ 41,544    
Unrecognized share-based compensation expense related to non-vested stock options $ 19,961      
Weighted average period for unrecognition of compensation expense 8 months 19 days      
Weighted average remaining contractual term of the outstanding options 5 years 6 months 7 days      
Weighted average remaining contractual term of the exercisable options 4 years 6 months 18 days      
2008 Equity Incentive Plan [Member]        
Issuance of common stock, shares 0      
2008 Equity Incentive Plan [Member] | Maximum [Member]        
Number of options authorized to purchase shares of common stock       480,000
2017 Equity Incentive Plan [Member]        
Issuance of common stock, shares 255,334      
2017 Equity Incentive Plan [Member] | Maximum [Member]        
Number of options authorized to purchase shares of common stock     400,000  
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation Expense - Summary of Stock Option Activity (Details)
 6 Months Ended
Jun. 30, 2020
USD ($)
$ / shares
shares
Share-based Payment Arrangement [Abstract]  
Options Outstanding at beginning of the period | shares 480,973
Options Granted | shares
Options Exercised | shares
Options Forfeited | shares
Options Outstanding at end of the period | shares 480,973
Options Outstanding Exercisable at end of the period | shares 381,240
Weighted-Average Exercise Price Outstanding at beginning of the period | $ / shares $ 8.50
Weighted-Average Exercise Price Granted | $ / shares
Weighted-Average Exercise Price Exercised | $ / shares
Weighted-Average Exercise Price Forfeited | $ / shares
Weighted-Average Exercise Price Outstanding at end of the period | $ / shares 8.40
Weighted-Average Exercise Price Outstanding Exercisable at end of the period | $ / shares $ 8.53
Aggregate Intrinsic Value Outstanding at end of the period | $
Aggregate Intrinsic Value Outstanding Exercisable at end of the period | $
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation Expense - Schedule of Stock-based Compensation (Details) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]    
Stock-based compensation expense included in general and administrative expense $ 96,765 $ 41,544
Earnings per share effect of share-based compensation expense - basic and diluted $ (0.01) $ (0.00)
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Capital Stock (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2019
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Subscription receivable           $ 58,575
Dividends paid   $ 45,600 $ 57,600 $ 57,600 $ 57,600 103,200 $ 115,200  
Series A Convertible Preferred Stock [Member]                
Dividends paid           $ 65,100 65,100  
Preferred stock, shares issued   1,085       1,085   1,085
Preferred stock, shares outstanding   1,085       1,085   1,085
Series B Convertible Preferred Stock [Member]                
Dividends paid           $ 38,100 $ 38,100  
Preferred stock, shares issued   835       835   835
Preferred stock, shares outstanding   835       835   835
Sales Agreement (2019 ATM Offering) [Member]                
Subscription receivable               $ 58,575
Sales Agreement (2019 ATM Offering) [Member] | WestPark Capital, Inc [Member]                
Sale of stock shares of common stock value $ 5,200,000              
Commission percentage 3.00%              
Reimbursement of expenses connection with offering $ 18,000              
Number shares sold           1,684,760    
Commissions and expenses           $ 4,375,594    
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Capital Stock - Summary of Warrant Activity (Details)
 6 Months Ended
Jun. 30, 2020
USD ($)
$ / shares
shares
Equity [Abstract]  
Warrants Outstanding, Beginning 98,400
Warrants Outstanding, Issued
Warrants Outstanding, Exercised
Warrants Outstanding, Expired
Warrants Outstanding, Ending 98,400
Warrants Outstanding, Exercisable 98,400
Weighted-Average Exercise Price Outstanding, Beginning | $ / shares $ 2.63
Weighted-Average Exercise Price, Issued | $ / shares
Weighted-Average Exercise Price, Exercised | $ / shares
Weighted-Average Exercise Price, Expired | $ / shares
Weighted-Average Exercise Price Outstanding, Ending | $ / shares $ 2.63
Weighted-Average Exercise Price Outstanding, Exercisable 2.63
Aggregate Intrinsic Value, Ending | $
Aggregate Intrinsic Value, Exercisable | $
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]        
Operating lease agreement expire date     Oct. 31, 2022  
Operating cash outflows related to operating lease liabilities     $ 65,151  
Amortization of right of use asset     $ 42,227 $ 36,989
Operating lease, weighted average remaining lease term 2 years 2 months 30 days   2 years 2 months 30 days  
Weighted average discount rate 12.00%   12.00%  
Rental expense $ 30,048 $ 30,048 $ 60,096 $ 62,223
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies - Schedule of Future Payments Under Lease Agreement (Details) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]    
2020 $ 65,556  
2021 133,087  
2022 112,551  
2023  
Total future lease payments 311,194  
Less: imputed interest (41,186)  
Present value of future operating lease payments 270,008  
Less: current portion of operating lease liabilities (105,127) $ (97,890)
Operating lease liabilities, net of current portion 164,882 219,410
Right of use assets $ 239,262 $ 281,489
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events (Details Narrative)
 1 Months Ended 6 Months Ended
Jul. 31, 2020
USD ($)
a
$ / shares
shares
Jun. 30, 2020
USD ($)
$ / shares
shares
Jun. 30, 2019
USD ($)
Payment for acquired oil and gas properties | $   $ 533,271 $ 51,967
Number of option granted | shares    
Numbe of option exercisable | $ / shares   $ 8.53  
Subsequent Event [Member] | Non-Employee Directors [Member]      
Number of option granted | shares 8,000    
Option expiration date 10 years    
Numbe of option exercisable | $ / shares $ 1.605    
Vesting percentage 20.00%    
Vesting, description Vest 20% on the date of grant and 80% nine months from the date of grant.    
Subsequent Event [Member] | Hockley County [Member]      
Payment for acquired oil and gas properties | $ $ 33,228    
Percentage of working interest 20.00%    
Area of land | a 20,367    
Description for oil and gas properties The Company acquired, for $33,228, a 20% working interest in a 466-acre (gross) block within the 20,367-acre (gross) area of mutual interest associated with its existing Northern Shelf of the Permian Basin acreage in Hockley County, Texas.    
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