Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 1-32955 | |
Entity Registrant Name | HOUSTON AMERICAN ENERGY CORP. | |
Entity Central Index Key | 0001156041 | |
Entity Tax Identification Number | 76-0675953 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 801 Travis Street | |
Entity Address, Address Line Two | Suite 1425 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | (713) | |
Local Phone Number | 222-6966 | |
Title of 12(b) Security | Common Stock, | |
Trading Symbol | HUSA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,923,338 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 5,118,740 | $ 1,242,560 |
Accounts receivable – oil and gas sales | 160,587 | 95,763 |
Prepaid expenses and other current assets | 194,737 | 35,845 |
TOTAL CURRENT ASSETS | 5,474,064 | 1,374,168 |
Oil and gas properties, full cost method | ||
Costs subject to amortization | 61,120,685 | 61,089,737 |
Costs not being amortized | 3,981,805 | 3,981,805 |
Office equipment | 90,004 | 90,004 |
Total | 65,192,494 | 65,161,546 |
Accumulated depletion, depreciation, amortization, and impairment | (60,209,622) | (60,150,988) |
PROPERTY AND EQUIPMENT, NET | 4,982,872 | 5,010,558 |
Cost method investment | 396,406 | 260,405 |
Right of use asset | 298,264 | 194,123 |
Other assets | 3,167 | 3,167 |
TOTAL ASSETS | 11,154,773 | 6,842,421 |
CURRENT LIABILITIES | ||
Accounts payable | 52,923 | 120,140 |
Accrued expenses | 939 | |
Current portion of lease liability | 66,982 | 110,577 |
TOTAL CURRENT LIABILITIES | 119,905 | 231,656 |
LONG-TERM LIABILITIES | ||
Lease liability, net of current portion | 255,508 | 107,862 |
Reserve for plugging and abandonment costs | 68,209 | 63,929 |
TOTAL LONG-TERM LIABILITIES | 323,717 | 171,791 |
TOTAL LIABILITIES | 443,622 | 403,447 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, par value $0.001; 12,000,000 shares authorized 9,923,338 and 6,977,718 shares issued and outstanding, respectively | 9,923 | 6,977 |
Additional paid-in capital | 83,036,959 | 78,453,906 |
Accumulated deficit | (72,335,731) | (72,021,911) |
TOTAL SHAREHOLDERS’ EQUITY | 10,711,151 | 6,438,974 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 11,154,773 | 6,842,421 |
Series A Convertible Preferred Stock [Member] | ||
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, | 1 | |
Series B Convertible Preferred Stock [Member] | ||
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, | $ 1 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 9,923,338 | 6,977,718 |
Common stock, shares outstanding | 9,923,338 | 6,977,718 |
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 | 0 | 1,085 |
Preferred stock, shares outstanding | 0 | 1,085 |
Liquidation preference value | $ 0 | $ 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 | 0 | 835 |
Preferred stock, shares outstanding | 0 | 835 |
Liquidation preference value | $ 0 | $ 835,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
OIL AND GAS REVENUE | $ 303,999 | $ 77,928 | $ 632,487 | $ 225,064 |
EXPENSES OF OPERATIONS | ||||
Lease operating expense and severance tax | 92,531 | 98,916 | 258,745 | 180,150 |
General and administrative expense | 231,328 | 269,543 | 640,088 | 643,605 |
Depreciation and depletion | 26,271 | 51,323 | 58,635 | 142,145 |
Impairment of oil and gas properties | 429,116 | |||
Total operating expenses | 350,130 | 419,782 | 957,468 | 1,395,016 |
Loss from operations | (46,131) | (341,854) | (324,981) | (1,169,952) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 787 | 5,352 | 11,457 | 9,277 |
Interest expense | (296) | (26,817) | ||
Total other income (expense) | 787 | 5,352 | 11,161 | (17,540) |
Net loss before taxes | (45,344) | (336,502) | (313,820) | (1,187,492) |
Income tax expense | ||||
Net loss | (45,344) | (336,502) | (313,820) | (1,187,492) |
Dividends to Series A and B preferred stockholders | (45,600) | (37,201) | (103,200) | |
Net loss attributable to common shareholders | $ (45,344) | $ (382,102) | $ (351,021) | $ (1,290,692) |
Basic and diluted loss per common share | $ 0 | $ (0.06) | $ (0.04) | $ (0.19) |
Based and diluted weighted average number of common shares outstanding | 9,923,338 | 6,903,576 | 9,412,722 | 6,903,296 |
Consolidated Statements of Chan
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 [Member] | Total |
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 | ||||
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 | |||||
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 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 | ||||
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 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 Dec. 31, 2020 | $ 2 | $ 6,977 | 78,453,906 | (72,021,911) | 6,438,974 | |
Balance, shares at Dec. 31, 2020 | 1,920 | 6,977,718 | ||||
Issuance of common stock for cash, net | $ 2,922 | 6,572,967 | 6,575,889 | |||
Issuance of common stock for cash, net, shares | 2,921,620 | |||||
Stock-based compensation | 15,109 | 15,109 | ||||
Conversion of Series A Preferred Stock to common stock | $ 24 | (24) | ||||
Conversion of Series A Preferred Stock to common stock, shares | (60) | 24,000 | ||||
Redemption of Series A and Series B Preferred Stock | $ (2) | (1,967,798) | (1,967,800) | |||
Redemption of Series A and Series B Preferred Stock, shares | (1,860) | |||||
Series A and Series B Preferred Stock dividends paid | (37,201) | (37,201) | ||||
Net loss | (268,476) | (268,476) | ||||
Balance at Mar. 31, 2021 | $ 9,923 | 83,036,959 | (72,290,387) | 10,756,495 | ||
Balance, shares at Mar. 31, 2021 | 9,923,338 | |||||
Balance at Dec. 31, 2020 | $ 2 | $ 6,977 | 78,453,906 | (72,021,911) | 6,438,974 | |
Balance, shares at Dec. 31, 2020 | 1,920 | 6,977,718 | ||||
Series A and Series B Preferred Stock dividends paid | (37,201) | |||||
Net loss | (313,820) | |||||
Balance at Jun. 30, 2021 | $ 9,923 | 83,036,959 | (72,335,731) | 10,711,151 | ||
Balance, shares at Jun. 30, 2021 | 9,923,338 | |||||
Balance at Mar. 31, 2021 | $ 9,923 | 83,036,959 | (72,290,387) | 10,756,495 | ||
Balance, shares at Mar. 31, 2021 | 9,923,338 | |||||
Series A and Series B Preferred Stock dividends paid | ||||||
Net loss | (45,344) | (45,344) | ||||
Balance at Jun. 30, 2021 | $ 9,923 | $ 83,036,959 | $ (72,335,731) | $ 10,711,151 | ||
Balance, shares at Jun. 30, 2021 | 9,923,338 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (313,820) | $ (1,187,492) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and depletion | 58,635 | 142,145 |
Impairment of oil and gas properties | 429,116 | |
Accretion of asset retirement obligation | 4,280 | 24,752 |
Stock-based compensation | 15,109 | 96,765 |
Amortization of right of use asset | 48,279 | 42,227 |
Amortization of debt discount | 23,467 | |
Changes in operating assets and liabilities: | ||
(Increase)/decrease in accounts receivable | (64,824) | 62,763 |
Increase in prepaid expenses and other current assets | (158,892) | (64,698) |
Decrease in accounts payable and accrued expenses | (111,752) | (81,956) |
Decrease in operating lease liability | (4,774) | (54,528) |
Net cash used in operating activities | (527,759) | (567,439) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payments for the acquisition and development of oil and gas properties | (30,948) | (533,271) |
Payments for capital contribution for cost method investment | (136,001) | (42,791) |
Net cash used in investing activities | (166,949) | (576,062) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of notes payable – related party | (621,052) | |
Proceeds from the issuance of common stock, net of expenses | 6,575,889 | 4,434,169 |
Redemption of Series A and Series B Preferred Stock | (1,967,800) | |
Payment of preferred stock dividends | (37,201) | (103,200) |
Net cash provided by financing activities | 4,570,888 | 3,709,917 |
Increase in cash | 3,876,180 | 2,566,416 |
Cash, beginning of period | 1,242,560 | 97,915 |
Cash, end of period | 5,118,740 | 2,664,331 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest paid | 3,350 | |
Taxes paid | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Conversion of Series A preferred stock to common stock | $ 24 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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, 2020. 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. 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 $ 313,820 During January and February 2021, the Company raised $ 6.5 With those funds, the Company believes that it has the ability to fund, from cash on hand, its operating costs and anticipated drilling operations for at least the next twelve months following the issuance of these financial statements. The actual timing and number of wells drilled during 2021 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. 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 $ 4,668,878 250,000 7,840 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. For the three and six months ended June 30, 2021 and 2020, 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: SCHEDULE OF COMPUTATION OF DILUTED NET LOSS PER SHARE Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Series A Convertible Preferred Stock — 434,000 — 434,000 Series B Convertible Preferred Stock — 185,644 — 185,644 Stock warrants 98,400 98,400 98,400 98,400 Stock options 726,177 480,973 726,177 480,973 Total 824,577 1,199,017 824,577 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, 2021 through the financial statement issuance date for subsequent event disclosure consideration. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020: SCHEDULE OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Oil sales $ 246,950 $ 57,099 $ 475,793 $ 171,950 Natural gas sales 29,738 12,603 99,824 22,661 Natural gas liquids sales 27,311 8,226 56,870 30,453 Total revenue from customers $ 303,999 $ 77,928 $ 632,487 $ 225,064 There were no |
OIL AND GAS PROPERTIES
OIL AND GAS PROPERTIES | 6 Months Ended |
Jun. 30, 2021 | |
Extractive Industries [Abstract] | |
OIL AND GAS PROPERTIES | NOTE 3 – OIL AND GAS PROPERTIES During the six months ended June 30, 2021, the Company invested $ 30,948 136,001 During the three and six months ended June 30, 2021, the Company recorded depletion expense of $ 26,271 and $ 58,635 , respectively. During the three and six months ended June 30, 2020, the Company recorded depletion expense of $ 51,323 and $ 142,145 During the three and six months ended June 30, 2020, the Company recorded an impairment of oil and gas properties of $ 0 429,116 Geographical Information The Company currently has properties in two geographical areas, the United States and Colombia. Revenues for the six months ended June 30, 2021 and long lived assets (net of depletion, amortization, and impairments) as of June 30, 2021 attributable to each geographical area are presented below: SCHEDULE OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA Six Months Ended June 30, 2021 As of June 30, 2021 Revenues Long Lived Assets, Net United States $ 632,487 $ 2,639,746 Colombia — 2,343,126 Total $ 632,487 $ 4,982,872 |
STOCK-BASED COMPENSATION EXPENS
STOCK-BASED COMPENSATION EXPENSE | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION EXPENSE | NOTE 4 – 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 In 2017, the Company adopted the Houston American Energy Corp. 2017 Equity Incentive Plan (the “2017 Plan”). The terms of the 2017 Plan, allow for the issuance of up to 400,000 In 2021, the Company adopted the Houston American Energy 2021 Equity Incentive Plan (the “2021 Plan” and, together with the 2008 Plan and the 2017 Plan, the “Plans”). The terms of the 2021 Plan allow for the issuance of up to 500,000 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, 2021 is presented below: SUMMARY OF STOCK OPTION ACTIVITY Options Weighted- Average Exercise Price Aggregate Intrinsic Value Outstanding at January 1, 2021 (1) 730,973 $ 5.07 Granted — — Exercised — — Forfeited (4,800 ) 167.81 Outstanding at June 30, 2021 726,173 $ 3.99 $ 260,340 Exercisable at June 30, 2021 726,173 $ 3.99 $ 260,340 (1) Excludes 54,000 During the six months ended June 30, 2021, the Company recognized $ 15,109 73,279 0.1 6.27 As of June 30, 2021, there were 446,553 446,000 Stock-Based Compensation Expense The following table reflects total stock-based compensation recorded by the Company for the six months ended June 30, 2021 and 2020: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Six Months Ended June 30, 2021 2020 Stock-based compensation expense included in general and administrative expense $ 15,109 $ 96,765 Earnings per share effect of share-based compensation expense – basic and diluted $ (0.00 ) $ (0.01 ) |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 5 – CAPITAL STOCK Common Stock - At-the-Market Offerings In January 2021, the Company entered into a Sales Agreement with Univest Securities, LLC (“Univest”) pursuant to which the Company could sell (the “2021 ATM Offering”), at its option, up to an aggregate of $ 4.768 3 18,000 In January 2021, the Company sold an aggregate of 2,108,520 4.6 In February 2021, the Company entered into another Sales Agreement with Univest pursuant to which the Company could sell (the “2021 Supplemental ATM Offering”), at its option, up to an aggregate of $ 2.03 3 18,000 In February 2021, the Company sold an aggregate of 813,100 2.0 Series A Convertible Preferred Stock During the six months ended June 30, 2021 and 2020, the Company paid dividends on Series A Convertible Preferred Stock in the amount of $ 20,501 32,550 In February 2021, 60 24,000 1.07 Series B Convertible Preferred Stock During the six months ended June 30, 2021 and 2020, the Company paid dividends on Series B Convertible Preferred Stock in the amount of $ 16,700 25,050 In February 2021, the Company redeemed all remaining shares of Series B Preferred Stock for cash paid of $ 0.9 Warrants A summary of warrant activity and related information for 2021 is presented below: SUMMARY OF WARRANT ACTIVITY Warrants Weighted-Average Exercise Price Aggregate Intrinsic Value Outstanding at January 1, 2021 98,400 $ 2.63 Issued — — Exercised — — Expired — — Outstanding at June 30, 2021 98,400 $ 2.63 $ 1,888 Exercisable at June 30, 2021 98,400 $ 2.63 $ 1,888 |
NOTES PAYABLE _ RELATED PARTY
NOTES PAYABLE – RELATED PARTY | 6 Months Ended |
Jun. 30, 2021 | |
Notes Payable Related Party | |
NOTES PAYABLE – RELATED PARTY | NOTE 6 – NOTES PAYABLE – RELATED PARTY During the six months ended June 30, 2020, interest expense paid in cash totaled $ 3,350 23,467 The holders of the Bridge Loan Notes were the CEO and a 10 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
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, which lease agreement was renegotiated in July 2021. The new agreement began August 1, 2021 33,173 66,346 24,546 48,279 4.33 12 SCHEDULE OF FUTURE PAYMENTS UNDER LEASE AGREEMENT Year Amount 2021 46,613 2022 86,373 2023 87,288 2024 88,801 2025 75,051 Total future lease payments 384,126 Less: imputed interest (61,636 ) Present value of future operating lease payments 322,490 Less: current portion of operating lease liabilities (66,982 ) Operating lease liabilities, net of current portion $ 255,508 Right of use assets $ 298,264 The Company does not have any capital leases or other operating lease commitments. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS In July 2021, the Company granted stock options to purchase an aggregate of 210,000 150,000 60,000 ten-year life 1.77 20 80 In July 2021, the Company approved a grant of 5,000 7,169 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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. |
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 $ 313,820 During January and February 2021, the Company raised $ 6.5 With those funds, the Company believes that it has the ability to fund, from cash on hand, its operating costs and anticipated drilling operations for at least the next twelve months following the issuance of these financial statements. The actual timing and number of wells drilled during 2021 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. 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 $ 4,668,878 250,000 7,840 |
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. For the three and six months ended June 30, 2021 and 2020, 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: SCHEDULE OF COMPUTATION OF DILUTED NET LOSS PER SHARE Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Series A Convertible Preferred Stock — 434,000 — 434,000 Series B Convertible Preferred Stock — 185,644 — 185,644 Stock warrants 98,400 98,400 98,400 98,400 Stock options 726,177 480,973 726,177 480,973 Total 824,577 1,199,017 824,577 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, 2021 through the financial statement issuance date for subsequent event disclosure consideration. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF COMPUTATION OF DILUTED NET LOSS PER SHARE | For the three and six months ended June 30, 2021 and 2020, 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: SCHEDULE OF COMPUTATION OF DILUTED NET LOSS PER SHARE Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Series A Convertible Preferred Stock — 434,000 — 434,000 Series B Convertible Preferred Stock — 185,644 — 185,644 Stock warrants 98,400 98,400 98,400 98,400 Stock options 726,177 480,973 726,177 480,973 Total 824,577 1,199,017 824,577 1,199,017 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020: SCHEDULE OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Oil sales $ 246,950 $ 57,099 $ 475,793 $ 171,950 Natural gas sales 29,738 12,603 99,824 22,661 Natural gas liquids sales 27,311 8,226 56,870 30,453 Total revenue from customers $ 303,999 $ 77,928 $ 632,487 $ 225,064 |
OIL AND GAS PROPERTIES (Tables)
OIL AND GAS PROPERTIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Extractive Industries [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, 2021 and long lived assets (net of depletion, amortization, and impairments) as of June 30, 2021 attributable to each geographical area are presented below: SCHEDULE OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA Six Months Ended June 30, 2021 As of June 30, 2021 Revenues Long Lived Assets, Net United States $ 632,487 $ 2,639,746 Colombia — 2,343,126 Total $ 632,487 $ 4,982,872 |
STOCK-BASED COMPENSATION EXPE_2
STOCK-BASED COMPENSATION EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 is presented below: SUMMARY OF STOCK OPTION ACTIVITY Options Weighted- Average Exercise Price Aggregate Intrinsic Value Outstanding at January 1, 2021 (1) 730,973 $ 5.07 Granted — — Exercised — — Forfeited (4,800 ) 167.81 Outstanding at June 30, 2021 726,173 $ 3.99 $ 260,340 Exercisable at June 30, 2021 726,173 $ 3.99 $ 260,340 (1) Excludes 54,000 |
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE | The following table reflects total stock-based compensation recorded by the Company for the six months ended June 30, 2021 and 2020: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Six Months Ended June 30, 2021 2020 Stock-based compensation expense included in general and administrative expense $ 15,109 $ 96,765 Earnings per share effect of share-based compensation expense – basic and diluted $ (0.00 ) $ (0.01 ) |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SUMMARY OF WARRANT ACTIVITY | A summary of warrant activity and related information for 2021 is presented below: SUMMARY OF WARRANT ACTIVITY Warrants Weighted-Average Exercise Price Aggregate Intrinsic Value Outstanding at January 1, 2021 98,400 $ 2.63 Issued — — Exercised — — Expired — — Outstanding at June 30, 2021 98,400 $ 2.63 $ 1,888 Exercisable at June 30, 2021 98,400 $ 2.63 $ 1,888 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE AGREEMENT | SCHEDULE OF FUTURE PAYMENTS UNDER LEASE AGREEMENT Year Amount 2021 46,613 2022 86,373 2023 87,288 2024 88,801 2025 75,051 Total future lease payments 384,126 Less: imputed interest (61,636 ) Present value of future operating lease payments 322,490 Less: current portion of operating lease liabilities (66,982 ) Operating lease liabilities, net of current portion $ 255,508 Right of use assets $ 298,264 |
SCHEDULE OF COMPUTATION OF DILU
SCHEDULE OF COMPUTATION OF DILUTED NET LOSS PER SHARE (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 824,577 | 1,199,017 | 824,577 | 1,199,017 |
Series A Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 434,000 | 434,000 | ||
Series B Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 185,644 | 185,644 | ||
Stock Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 98,400 | 98,400 | 98,400 | 98,400 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 726,177 | 480,973 | 726,177 | 480,973 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Feb. 28, 2021 | Jan. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Net Income (Loss) Attributable to Parent | $ 45,344 | $ 268,476 | $ 336,502 | $ 850,990 | $ 313,820 | $ 1,187,492 | ||
Proceeds from sale of common stock | $ 6,500,000 | $ 6,500,000 | 6,575,889 | $ 4,434,169 | ||||
Cash deposits | 4,668,878 | 4,668,878 | ||||||
Current insured limit on interest bearing accounts | 250,000 | 250,000 | ||||||
Colombian Banks [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Cash deposits | $ 7,840 | $ 7,840 |
SCHEDULE OF DISAGGREGATES REVEN
SCHEDULE OF DISAGGREGATES REVENUE BY SIGNIFICANT PRODUCT (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from customers | $ 303,999 | $ 77,928 | $ 632,487 | $ 225,064 |
Oil Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from customers | 246,950 | 57,099 | 475,793 | 171,950 |
Natural Gas Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from customers | 29,738 | 12,603 | 99,824 | 22,661 |
Natural Gas Liquids Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from customers | $ 27,311 | $ 8,226 | $ 56,870 | $ 30,453 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details Narrative) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligations | $ 0 | $ 0 |
SCHEDULE OF REVENUES AND LONG L
SCHEDULE OF REVENUES AND LONG LIVED ASSETS ATTRIBUTABLE TO GEOGRAPHICAL AREA (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reserve Quantities [Line Items] | ||||
Revenues | $ 303,999 | $ 77,928 | $ 632,487 | $ 225,064 |
Long Lived Assets, Net | 4,982,872 | 4,982,872 | ||
UNITED STATES | ||||
Reserve Quantities [Line Items] | ||||
Revenues | 632,487 | |||
Long Lived Assets, Net | 2,639,746 | 2,639,746 | ||
COLOMBIA | ||||
Reserve Quantities [Line Items] | ||||
Revenues | ||||
Long Lived Assets, Net | $ 2,343,126 | $ 2,343,126 |
OIL AND GAS PROPERTIES (Details
OIL AND GAS PROPERTIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reserve Quantities [Line Items] | ||||
Depletion | $ 26,271 | $ 51,323 | $ 58,635 | $ 142,145 |
Impairment of oil and gas properties | $ 429,116 | |||
Yoakum County, Texas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Acquisition and development cost of oil and gas properties | 30,948 | |||
COLOMBIA | ||||
Reserve Quantities [Line Items] | ||||
Acquisition and development cost of oil and gas properties | $ 136,001 |
SUMMARY OF STOCK OPTION ACTIVIT
SUMMARY OF STOCK OPTION ACTIVITY (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($)$ / sharesshares | ||
Share-based Payment Arrangement [Abstract] | ||
Options Outstanding at beginning of the period | shares | 730,973 | [1] |
Weighted-Average Exercise Price Outstanding at beginning of the period | $ / shares | $ 5.07 | [1] |
Options Granted | shares | ||
Weighted-Average Exercise Price Granted | $ / shares | ||
Options Exercised | shares | ||
Weighted-Average Exercise Price Exercised | $ / shares | ||
Options Forfeited | shares | (4,800) | |
Weighted-Average Exercise Price Forfeited | $ / shares | $ 167.81 | |
Options Outstanding at end of the period | shares | 726,173 | |
Weighted-Average Exercise Price Outstanding at end of the period | $ / shares | $ 3.99 | |
Aggregate Intrinsic Value Outstanding at end of the period | $ | $ 260,340 | |
Options Outstanding Exercisable at end of the period | shares | 726,173 | |
Weighted-Average Exercise Price Outstanding Exercisable at end of the period | $ / shares | $ 3.99 | |
Aggregate Intrinsic Value Outstanding Exercisable at end of the period | $ | $ 260,340 | |
[1] | Excludes 54,000 |
SUMMARY OF STOCK OPTION ACTIV_2
SUMMARY OF STOCK OPTION ACTIVITY (Details) (Parenthetical) - shares | 1 Months Ended | 6 Months Ended |
Nov. 30, 2020 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted | ||
2021 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted | 54,000 | 446,553 |
SCHEDULE OF STOCK-BASED COMPENS
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-based compensation expense included in general and administrative expense | $ 15,109 | $ 96,765 |
Earnings per share effect of share-based compensation expense - basic and diluted | $ 0 | $ (0.01) |
STOCK-BASED COMPENSATION EXPE_3
STOCK-BASED COMPENSATION EXPENSE (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Nov. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2017 | Dec. 31, 2008 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 15,109 | $ 96,765 | |||
Unrecognized share-based compensation expense related to non-vested stock options | $ 73,279 | ||||
Weighted average period for unrecognition of compensation expense | 1 month 6 days | ||||
Weighted average remaining contractual term of the outstanding options | 6 years 3 months 7 days | ||||
Number of stock option granted | |||||
2008 Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options authorized to purchase shares of common stock | 480,000 | ||||
2017 Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options authorized to purchase shares of common stock | 400,000 | ||||
2021 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock option granted | 54,000 | 446,553 | |||
Issuance of common stock, shares | 446,000 | ||||
2021 Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options authorized to purchase shares of common stock | 500,000 |
SUMMARY OF WARRANT ACTIVITY (De
SUMMARY OF WARRANT ACTIVITY (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Equity [Abstract] | |
Warrants Outstanding, Beginning | 98,400 |
Weighted-Average Exercise Price Outstanding, Beginning | $ / shares | $ 2.63 |
Warrants Outstanding, Issued | |
Weighted-Average Exercise Price, Issued | $ / shares | |
Warrants Outstanding, Exercised | |
Weighted-Average Exercise Price, Exercised | $ / shares | |
Warrants Outstanding, Expired | |
Weighted-Average Exercise Price, Expired | $ / shares | |
Warrants Outstanding, Ending | 98,400 |
Weighted-Average Exercise Price Outstanding, Ending | $ / shares | $ 2.63 |
Aggregate Intrinsic Value, Ending | $ | $ 1,888 |
Warrants Outstanding, Exercisable | 98,400 |
Weighted-Average Exercise Price Outstanding, Exercisable | 2.63 |
Aggregate Intrinsic Value, Exercisable | $ | $ 1,888 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Feb. 28, 2021 | Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Series A Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Accrued dividends | $ 20,501 | $ 32,550 | ||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares converted | 60 | |||
Conversion of stock, shares converted | 24,000 | |||
Redeemed preferred stock value | $ 1,070,000 | |||
Series B Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Accrued dividends | $ 16,700 | $ 25,050 | ||
Series B Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Redeemed preferred stock value | 900,000 | |||
Sales Agreement (2021 ATM Offering) [Member] | Univest Securities, LLC [Member] | Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock shares of common stock value | $ 4,768,000 | |||
Commission percentage from gross proceeds of sale of share | 3.00% | |||
Reimbursement of expenses connection with offering | $ 18,000 | |||
ATM Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock shares of common stock value | $ 4,600,000 | |||
Number shares sold | 2,108,520 | |||
Sales Agreement (2021 Supplemental ATM Offering) [Member] | Univest Securities, LLC [Member] | Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock shares of common stock value | $ 2,030,000 | |||
Commission percentage from gross proceeds of sale of share | 3.00% | |||
Reimbursement of expenses connection with offering | $ 18,000 | |||
Supplemental ATM Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock shares of common stock value | $ 2,000,000 | |||
Number shares sold | 813,100 |
NOTES PAYABLE _ RELATED PARTY (
NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Amortization of debt discount | $ 23,467 | |
Bridge Loan Notes [Member] | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Interest expense | 3,350 | |
Amortization of debt discount | $ 23,467 | |
Bridge Loan Notes [Member] | Shareholder [Member] | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Ownership percentage | 10.00% |
SCHEDULE OF FUTURE PAYMENTS UND
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE AGREEMENT (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 46,613 | |
2022 | 86,373 | |
2023 | 87,288 | |
2024 | 88,801 | |
2025 | 75,051 | |
Total future lease payments | 384,126 | |
Less: imputed interest | (61,636) | |
Present value of future operating lease payments | 322,490 | |
Less: current portion of operating lease liabilities | (66,982) | $ (110,577) |
Operating lease liabilities, net of current portion | 255,508 | 107,862 |
Right of use assets | $ 298,264 | $ 194,123 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease agreement expire date | Aug. 1, 2021 | ||
Operating leases liability | $ 33,173 | $ 66,346 | |
Right-of-use asset | $ 24,546 | $ 48,279 | $ 42,227 |
Operating lease, weighted average remaining lease term | 4 years 3 months 29 days | 4 years 3 months 29 days | |
Weighted average discount rate | 12.00% | 12.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | [1] | |
Subsequent Event [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 726,173 | 730,973 | |||
Number of stock option granted | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | |||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | ten-year life | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.77 | ||||
Vesting percentage | 80.00% | ||||
Deferred compensation arrangement with individual, fair value of shares issued | $ 7,169 | ||||
Subsequent Event [Member] | Officer [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of stock option granted | 150,000 | ||||
Subsequent Event [Member] | Non Employee [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of stock option granted | 60,000 | ||||
Vesting percentage | 20.00% | ||||
Subsequent Event [Member] | Non Officer Employee [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of stock option granted | 5,000 | ||||
Common Stock [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 210,000 | 210,000 | |||
[1] | Excludes 54,000 |