Houston American Energy (US:HUSA)2025-05-09 19:48Revenue and Production - Total oil and gas revenues decreased by 31% to $102,345 for the three months ended March 31, 2025, compared to $147,686 for the same period in 2024[59] - Net oil production decreased to 935 Bbl from 1,393 Bbl year-over-year, while net gas production fell to 7,765 Mcf from 12,686 Mcf[60] Expenses - Lease operating expenses decreased by 47% to $76,025 during the three months ended March 31, 2025, from $163,030 in the same period of 2024[62] - General and administrative expenses increased to $1,052,361 in Q1 2025 from $307,140 in Q1 2024, primarily due to professional fees related to the proposed acquisition of Abundia Global Impact Group, LLC[64] Cash Flow and Financing - Cash balance increased to $5,308,416 at March 31, 2025, compared to $4,059,182 at December 31, 2024, mainly due to the sale of 2,600,000 shares of common stock[66] - Operating activities used $1,311,230 of cash in Q1 2025, compared to cash provided of $122,770 in Q1 2024, attributed to increased prepaid expenses and acquisition-related fees[67] - Financing activities provided $3,819,495 in Q1 2025, compared to $901,500 in Q1 2024, primarily from common stock sales[69] Liabilities and Acquisitions - Long-term liabilities decreased to $62,470 at March 31, 2025, from $114,685 at December 31, 2024[70] - The company anticipates closing the acquisition of Abundia Global Impact Group, LLC in the second quarter of 2025[64] - The company has no off-balance sheet arrangements or guarantees of third-party obligations as of March 31, 2025[72]