2023 Q2 Form 10-Q Financial Statement

#000149315223017395 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $204.4K $230.0K $423.8K
YoY Change -55.85% -45.73% 29.02%
Cost Of Revenue $101.7K $113.7K $161.3K
YoY Change -32.41% -29.5% -2.97%
Gross Profit $102.7K $116.3K $262.6K
YoY Change -67.14% -55.69% 61.79%
Gross Profit Margin 50.24% 50.57% 61.95%
Selling, General & Admin $716.6K $329.8K $370.1K
YoY Change 176.79% -10.88% -9.46%
% of Gross Profit 697.92% 283.52% 140.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.94K $46.96K $58.24K
YoY Change -12.74% -19.38% 79.98%
% of Gross Profit 43.77% 40.36% 22.18%
Operating Expenses $863.3K $490.5K $428.3K
YoY Change 87.31% 14.5% -2.9%
Operating Profit -$658.9K -$260.4K -$165.8K
YoY Change -31371.0% 57.09% -40.55%
Interest Expense $44.14K $30.50K
YoY Change
% of Operating Profit
Other Income/Expense, Net $358.5K $364.6K $0.00
YoY Change 15776.84% -100.0%
Pretax Income -$300.4K $104.2K -$165.6K
YoY Change -6981.58% -162.92% -38.33%
Income Tax
% Of Pretax Income
Net Earnings -$300.4K $104.2K -$165.6K
YoY Change -6981.58% -162.92% -38.33%
Net Earnings / Revenue -146.96% 45.29% -39.06%
Basic Earnings Per Share -$0.03 $0.01 -$0.02
Diluted Earnings Per Share -$0.03 $0.01 -$16.68K
COMMON SHARES
Basic Shares Outstanding 10.91M shares 10.62M shares 9.928M shares
Diluted Shares Outstanding 10.90M shares 10.78M shares 9.928M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.533M $5.246M $4.767M
YoY Change 20.21% 10.05% -9.57%
Cash & Equivalents $5.533M $5.246M $4.767M
Short-Term Investments
Other Short-Term Assets $181.5K $345.2K $165.0K
YoY Change 81.75% 109.16% 5.68%
Inventory
Prepaid Expenses
Receivables $278.5K $104.3K $279.2K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.993M $5.695M $5.211M
YoY Change 20.59% 9.29% -6.95%
LONG-TERM ASSETS
Property, Plant & Equipment $4.513M $4.557M $5.022M
YoY Change -4.22% -9.26% -3.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.584M $2.357M $472.5K
YoY Change 267.03% 398.91% 26.19%
Other Assets $3.167K $3.167K $3.170K
YoY Change 0.0% -0.09% 0.0%
Total Long-Term Assets $7.280M $7.113M $5.498M
YoY Change 28.58% 29.39% -1.64%
TOTAL ASSETS
Total Short-Term Assets $5.993M $5.695M $5.211M
Total Long-Term Assets $7.280M $7.113M $5.498M
Total Assets $13.27M $12.81M $10.71M
YoY Change 24.85% 19.61% -4.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.68K $52.26K $156.7K
YoY Change 102.41% -66.65% -8.5%
Accrued Expenses $17.35K $93.80K $66.35K
YoY Change 2.43% 41.37% -43.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $167.2K $213.7K $223.0K
YoY Change 42.43% -4.18% -22.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $170.6K $188.0K $253.8K
YoY Change -32.34% -25.95% 74.81%
Total Long-Term Liabilities $170.6K $188.0K $253.8K
YoY Change -32.33% -25.95% 74.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $167.2K $213.7K $223.0K
Total Long-Term Liabilities $170.6K $188.0K $253.8K
Total Liabilities $337.8K $401.7K $476.9K
YoY Change -8.58% -15.77% 10.07%
SHAREHOLDERS EQUITY
Retained Earnings -$74.00M -$73.70M
YoY Change 1.09%
Common Stock $10.91K $10.62K
YoY Change 9.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.93M $12.41M $10.23M
YoY Change
Total Liabilities & Shareholders Equity $13.27M $12.81M $10.71M
YoY Change 24.85% 19.61% -4.3%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$300.4K $104.2K -$165.6K
YoY Change -6981.58% -162.92% -38.33%
Depreciation, Depletion And Amortization $44.94K $46.96K $58.24K
YoY Change -12.74% -19.38% 79.98%
Cash From Operating Activities -$236.7K $19.24K -$96.81K
YoY Change -450.94% -119.88% -73.49%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$14.16K
YoY Change -100.0% -77.52%
Acquisitions
YoY Change
Other Investing Activities -$226.7K -$222.2K -$16.73K
YoY Change -2.1% 1228.27% -85.33%
Cash From Investing Activities -$226.7K -$222.2K -$30.89K
YoY Change -2.1% 619.39% -82.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 750.5K $901.5K
YoY Change
NET CHANGE
Cash From Operating Activities -236.7K $19.24K -96.81K
Cash From Investing Activities -226.7K -$222.2K -30.89K
Cash From Financing Activities 750.5K $901.5K
Net Change In Cash 287.1K $698.5K $0.00
YoY Change -274.95% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$236.7K $19.24K -$96.81K
Capital Expenditures $0.00 $0.00 -$14.16K
Free Cash Flow -$236.7K $19.24K -$82.65K
YoY Change -450.94% -123.28% -72.65%

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CY2022Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
14161 usd
CY2023Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
222219 usd
CY2022Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
16732 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-222219 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-30893 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
901500 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
901500 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
698524 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-127700 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4547210 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4897577 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5245734 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4766877 usd
CY2023Q1 us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
1969 usd
CY2023Q1 HUSA Changes In Accrued Equity Investment Contributions And Distributions
ChangesInAccruedEquityInvestmentContributionsAndDistributions
33038 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-73700000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_z7agZCVUdVP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_z9wIKuTqzoX2">Accounting Principles and Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zmDBvIJZz3n4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_zsm4rH22anO2">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to a concentration of credit risk include cash, cash equivalents (if any) and any marketable securities (if any). The Company had cash deposits of $<span id="xdx_90B_eus-gaap--Deposits_iI_c20230331_zBDuGgBSqHIg" title="Cash deposits">4,948,389</span> in excess of the FDIC’s current insured limit on interest bearing accounts of $<span id="xdx_909_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20230331_zllVgqgSZ5nl" title="Cash FDIC insured amount">250,000</span> as of March 31, 2023. The Company also had cash deposits of $<span id="xdx_900_eus-gaap--Deposits_iI_pp0p0_c20230331__us-gaap--CreditFacilityAxis__custom--ColombianBankMember_zJ6YbHDmg5Hk" title="Cash deposits">8,024</span> in Colombian banks at March 31, 2023 that are not insured by the FDIC. The Company has not experienced any losses on its deposits of cash and cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Deposits
Deposits
4948389 usd
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
230024 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
423820 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
46955 usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
58239 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
230024 usd
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
4557136 usd
CY2023Q1 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
CostsIncurredAcquisitionOfOilAndGasProperties
222219 usd
CY2023Q1 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
334111 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
944177 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.08
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
944177 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.48
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
522640 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
896177 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.40
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
522640 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
84445 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
85485 usd
CY2023Q1 HUSA Earnings Per Share Effect Of Share Based Compensation Expense Basic And Diluted
EarningsPerShareEffectOfShareBasedCompensationExpenseBasicAndDiluted
-0.01
CY2022Q1 HUSA Earnings Per Share Effect Of Share Based Compensation Expense Basic And Diluted
EarningsPerShareEffectOfShareBasedCompensationExpenseBasicAndDiluted
-0.01
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
94400 shares
CY2022Q4 HUSA Share Based Compensation Arrangement By Share Based Payment Award Non Option Outstanding Exercise Price Rage Number Of Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionOutstandingExercisePriceRageNumberOfShare
2.46
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
94400 shares
CY2023Q1 HUSA Share Based Compensation Arrangement By Share Based Payment Award Non Option Outstanding Exercise Price Rage Number Of Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionOutstandingExercisePriceRageNumberOfShare
2.46
CY2023Q1 HUSA Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Warrant Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWarrantIntrinsicValue
6032 usd
CY2023Q1 HUSA Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber
94400 shares
CY2023Q1 HUSA Share Based Compensation Arrangement By Share Based Payment Award Non Option Outstanding Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionOutstandingExercisableWeightedAverageExercisePrice
2.46 shares
CY2023Q1 HUSA Sharebased Compensation Arrangement By Sharebased Payment Award Options Warrants Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsWarrantsExercisableIntrinsicValue1
6240 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
104175 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-165560 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
104175 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-165560 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10415358 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9928338 shares
CY2023Q1 HUSA Options And Warrants
OptionsAndWarrants
360322 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10775680 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9928338 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
221363 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1084577 shares
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
65529 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
88801 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
75051 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
229381 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
33298 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
196083 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
67648 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
128435 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
195800 usd
CY2023Q1 us-gaap Payments For Rent
PaymentsForRent
22161 usd
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
22161 usd
CY2023Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
739874 usd

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