Business Context and Reporting Period
This Form 8-K is a current report filed by Houston American Energy Corp. (not Abundia Global Impact Group, Inc.) on February 7, 2017, covering events occurring on February 6, 2017. The filing addresses a regulatory notice regarding the company's continued listing status on the NYSE MKT.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. However, it explicitly states the company is in non-compliance with listing standards due to:
- Stockholders' Equity: Failure to meet the $6.0 million minimum requirement for companies reporting losses from continuing operations or net losses in the five most recent fiscal years.
- Stock Price: Failure to maintain a minimum price per share for a substantial period of time.
Material Changes
The primary material event is the receipt of a Deficiency Letter from NYSE MKT LLC on February 6, 2017. This notification confirms the company's continued non-compliance with Section 1003(a)(iii) (equity) and Section 1003(f)(v) (stock price) of the NYSE MKT Company Guide.
Outlook, Risks, and Contingencies
Compliance Extension: NYSE Regulation has granted an extension to the cure period for the stock price deficiency through February 28, 2017.
Delisting Risk: If the company fails to regain compliance by the February 28, 2017 deadline, or fails to demonstrate progress consistent with its plan to regain compliance, the NYSE Regulation staff may initiate delisting proceedings.
Management Commentary: The company issued a press release on February 7, 2017, acknowledging the receipt of the Deficiency Letter.
Investor Verification Checklist
- Verify the company's current stock price relative to the NYSE MKT minimum listing requirement.
- Review the most recent audited financial statements to confirm stockholders' equity levels and loss history.
- Monitor for any subsequent filings regarding the company's plan to regain compliance before the February 28, 2017 deadline.
- Check for any announcements regarding potential delisting proceedings if the cure period expires without compliance.