10-Q Filing

HighPeak Energy, Inc. CIK: 1792849 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-012508`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	hpk-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 42 Cash Flow Statement 67 Stockholders Equity 10

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.64M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.55M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$16.91M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$7.72M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Subscription receivable	`SubscriptionReceivableCurrent`	$3.60M	USD	Point-in-time
Subscription receivable	`SubscriptionReceivableCurrent`	-	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$816.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.25M	USD	Point-in-time
Inventory	`InventoryNet`	$109.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Inventory	`InventoryNet`	$121.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Deposits	`DepositsAssetsCurrent`	$50.00K	USD	Point-in-time
Deposits	`DepositsAssetsCurrent`	$50.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	91.97M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	92.68M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$33.30M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	92.68M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$27.53M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	91.97M	shares	Point-in-time
Proved properties	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$433.69M	USD	Point-in-time
Proved properties	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$367.37M	USD	Point-in-time
Unproved properties	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$152.74M	USD	Point-in-time
Unproved properties	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$131.71M	USD	Point-in-time
Accumulated depletion, depreciation and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	$30.39M	USD	Point-in-time
Accumulated depletion, depreciation and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	$17.48M	USD	Point-in-time
Total oil and natural gas properties, net	`OilAndGasPropertySuccessfulEffortMethodNet`	$502.64M	USD	Point-in-time
Total oil and natural gas properties, net	`OilAndGasPropertySuccessfulEffortMethodNet`	$535.01M	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.09M	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.04M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$907.00K	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$745.00K	USD	Point-in-time
Total assets	`Assets`	$537.93M	USD	Point-in-time
Total assets	`Assets`	$564.33M	USD	Point-in-time
Accounts payable - trade	`AccountsPayableTradeCurrent`	$7.58M	USD	Point-in-time
Accounts payable - trade	`AccountsPayableTradeCurrent`	$12.76M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$20.52M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$12.37M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.48M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.52M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.80M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$38.90M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$40.01M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.29M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.48M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$78.00K	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$52.00K	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 600,000,000 shares authorized, 92,675,898 and 91,967,565 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, $0.0001 par value, 600,000,000 shares authorized, 92,675,898 and 91,967,565 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$581.43M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$589.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-102.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-107.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$486.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$474.23M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$537.93M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$564.33M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Operating revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$25.72M	USD	1 Quarter
Operating revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$4.62M	USD	1 Quarter
Oil and natural gas production	`OperatingLeaseExpense`	$2.39M	USD	1 Quarter
Oil and natural gas production	`OperatingLeaseExpense`	$2.23M	USD	1 Quarter
Production and ad valorem taxes	`ProductionTaxExpense`	$308.00K	USD	1 Quarter
Production and ad valorem taxes	`ProductionTaxExpense`	$1.66M	USD	1 Quarter
Exploration and abandonments	`ExplorationExpense`	$191.00K	USD	1 Quarter
Exploration and abandonments	`ExplorationExpense`	$3.00K	USD	1 Quarter
Depletion, depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.96M	USD	1 Quarter
Depletion, depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.36M	USD	1 Quarter
Accretion of discount on asset retirement obligations	`AssetRetirementObligationAccretionExpense`	$35.00K	USD	1 Quarter
Accretion of discount on asset retirement obligations	`AssetRetirementObligationAccretionExpense`	$34.00K	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$1.76M	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$2.86M	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$966.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	-	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$302.00K	USD	Point-in-time
Total operating costs and expenses	`CostsAndExpenses`	$19.80M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$8.95M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-4.33M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$5.91M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.00K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$54.00K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$76.50M	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	-	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.86M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-80.83M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.11M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	7 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.74M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-80.83M	USD	1 Quarter
Basic net income (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic net income (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Diluted net income (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted net income (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	92.59M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	-	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	-	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.48M	shares	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$4.74M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-80.83M	USD	1 Quarter
Exploration and abandonment expense	`ExplorationAbandonmentAndImpairmentExpense`	$3.00K	USD	1 Quarter
Exploration and abandonment expense	`ExplorationAbandonmentAndImpairmentExpense`	$49.00K	USD	1 Quarter
Depletion, depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.96M	USD	1 Quarter
Depletion, depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.36M	USD	1 Quarter
Accretion expense	`AccretionExpenseIncludingAssetRetirementObligations`	$35.00K	USD	1 Quarter
Accretion expense	`AccretionExpenseIncludingAssetRetirementObligations`	$34.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$966.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$29.00K	USD	1 Quarter
Loss on terminated acquisition	`LossOnTerminatedAcquisition`	-	USD	1 Quarter
Loss on terminated acquisition	`LossOnTerminatedAcquisition`	$76.50M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-1.11M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.02M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.19M	USD	1 Quarter
Inventory and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$834.00K	USD	1 Quarter
Inventory and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$12.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$677.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$6.78M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.37M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.03M	USD	1 Quarter
Additions to oil and natural gas properties	`PaymentsToExploreAndDevelopOilAndGasProperties`	$44.88M	USD	1 Quarter
Additions to oil and natural gas properties	`PaymentsToExploreAndDevelopOilAndGasProperties`	$47.66M	USD	1 Quarter
Changes in working capital associated with oil and natural gas property additions	`IncreaseDecreaseInWorkingCapitalAssociatedWithOilAndNaturalGasPropertyAdditions`	$8.93M	USD	1 Quarter
Changes in working capital associated with oil and natural gas property additions	`IncreaseDecreaseInWorkingCapitalAssociatedWithOilAndNaturalGasPropertyAdditions`	$13.26M	USD	1 Quarter
Acquisitions of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$309.00K	USD	1 Quarter
Acquisitions of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$3.33M	USD	1 Quarter
Issuance of notes receivable	`PaymentsToAcquireNotesReceivable`	-	USD	1 Quarter
Issuance of notes receivable	`PaymentsToAcquireNotesReceivable`	$3.98M	USD	1 Quarter
Other property additions	`PaymentsToAcquireOtherProductiveAssets`	-	USD	1 Quarter
Other property additions	`PaymentsToAcquireOtherProductiveAssets`	$50.00K	USD	1 Quarter
Extension payment on acquisition	`OtherPaymentsToAcquireBusinesses`	-	USD	1 Quarter
Extension payment on acquisition	`OtherPaymentsToAcquireBusinesses`	$11.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-31.92M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-57.09M	USD	1 Quarter
Proceeds from exercises of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from exercises of warrants	`ProceedsFromWarrantExercises`	$5.47M	USD	1 Quarter
Proceeds from exercises of warrants	`ProceedsFromWarrantExercises`	$3.60M	USD	Point-in-time
Proceeds from subscription receivable from exercises of warrants	`ProceedsFromSubscriptionReceivableFromExercisesOfWarrants`	$3.60M	USD	1 Quarter
Proceeds from subscription receivable from exercises of warrants	`ProceedsFromSubscriptionReceivableFromExercisesOfWarrants`	-	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromStockOptionsExercised`	$1.57M	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$2.00K	USD	1 Quarter
Contributions from partners	`ProceedsFromPartnershipContribution`	-	USD	1 Quarter
Contributions from partners	`ProceedsFromPartnershipContribution`	$54.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.63M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$54.00M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.91M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.94M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.64M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.55M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$25.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$22.71M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.64M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.55M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$25.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$22.71M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$4.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Additions to asset retirement obligations	`IncreaseDecreaseInAssetRetirementObligations`	$97.00K	USD	1 Quarter
Additions to asset retirement obligations	`IncreaseDecreaseInAssetRetirementObligations`	$153.00K	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$486.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$474.23M	USD	Point-in-time
Exercise of warrants	`StockIssuedDuringPeriodValueExerciseOfWarrants`	$5.47M	USD	1 Quarter
Shares issued upon options being exercised (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	154,268.00	shares	1 Quarter
Shares issued upon options being exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.57M	USD	1 Quarter
Compensation costs included in net income	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$966.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.74M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-80.83M	USD	1 Quarter
Balance	`StockholdersEquity`	$486.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$474.23M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.