SEC Filing Summary: Houston American Energy Corp.
Business Context and Reporting Period
This Form 8-K was filed on March 21, 2017, by Houston American Energy Corp. (Note: The request metadata lists "Abundia Global Impact Group, Inc.", but the filing text explicitly identifies the registrant as Houston American Energy Corp.). The report addresses a notice of non-compliance with NYSE MKT listing standards received on March 21, 2017.
Key Financial Metrics
- Stockholders' Equity: $2.86 million as of December 31, 2016.
- Compliance Thresholds: The company failed to meet the required equity of $4.0 million (for four years of losses) or $6.0 million (for five years of losses).
- Revenue, Profit, Cash Flow, Debt: The filing text does not provide specific values for revenue, profit, cash flow, margins, or debt levels.
Material Changes and Listing Status
The company received a Deficiency Letter from NYSE MKT LLC stating it is in non-compliance with Section 1003(a)(iii) and Section 1003(a)(ii) of the NYSE MKT Company Guide due to insufficient stockholders' equity. The company has reported losses in its recent fiscal years, triggering these specific equity requirements.
Outlook, Risks, and Management Commentary
- Compliance Plan: The company has submitted a plan to regain compliance with listing standards.
- Delisting Risk: If the company does not regain compliance by September 18, 2017, or fails to make progress consistent with its plan, the NYSE MKT staff may commence delisting proceedings.
- Current Status: Common stock remains listed on the NYSE MKT during the plan period.
Investor Verification Checklist
- Verify the exact date and terms of the compliance plan submitted to NYSE MKT.
- Confirm the company's progress toward the September 18, 2017, compliance deadline.
- Review the full financial statements for the most recent fiscal year to assess the extent of reported losses.
- Monitor for any subsequent filings regarding the status of the delisting proceedings.