0001493152-26-012070
SEC filingAbundia Global Impact Group, Inc., formerly Houston American Energy Corp., reported a net loss of $29.5 million for FY 2025 ended December 31, 2025, compared to a $3.6 million net loss in FY 2024, driven by one-time charges including a $12.4 million success fee on the Share Exchange and $3.3 million shares issued as ELOC commitment fee, alongside $10.6 million in general and administrative expenses and impairments totaling $1.5 million. Oil and gas revenue was $411 thousand from legacy assets, with no revenue from the pre-commercial Renewables segment focused on low-carbon fuels from waste plastics and biomass. Total operating expenses reached $29.2 million, yielding a $28.7 million operating loss. Other expenses included $714 thousand net, leading to basic and diluted EPS of -$1 on 32.8 million weighted average shares. Balance sheet showed $31.9 million total assets, including $4.6 million cash, $9.9 million property and equipment, and $13.0 million goodwill; liabilities $12.8 million; equity $19.0 million. Cash flow: operating use $8.1 million, investing use $3.1 million, financing provide $15.2 million, net cash increase $4.1 million. The company, post-July 2025 Share Exchange, emphasizes Renewables development at Cedar Port site but faces going concern doubts due to losses and funding needs for commercialization.
Abundia Global Impact Group, Inc. posted a FY 2025 net loss of $29.5 million attributable to the company, up from $3.6 million in 2024, primarily due to the July 2025 Share Exchange treated as reverse acquisition with AGIG as accounting acquirer. Key drivers included $12.4 million success fee, $3.3 million ELOC commitment shares, $10.6 million G&A, $752K R&D, and $1.5 million impairments. Oil and gas revenue was $411K from legacy segment. Loss from operations was $28.7M on $29.2M total operating expenses. Other net expense $714K included interest $626K offset by grant income $738K. Comprehensive loss $29.4M. Shares issued/outstanding 36.9M at year-end vs 31.8M prior; weighted average 32.8M. Going concern qualification noted due to recurring losses and capital needs.
Revenue solely from Legacy Oil and Gas segment at $411K ($410,632 per MD&A), sold on spot markets; no prior year comparable post-Share Exchange as legacy HUSA pre-acquisition. Renewables segment generated $0 revenue, in development stage focused on waste plastics/biomass to fuels/chemicals via licensed pyrolysis and upgrading tech. No geographic breakdown disclosed. Growth drivers absent as Renewables pre-commercial; legacy not strategic focus, minimal capital allocation. Contractual agreements for future crude pyrolysis oil sales in Europe noted, but no 2025 sales.
No gross profit or margins disclosed; oil/gas lease expenses $221K exceeded $411K revenue. Operating loss $28.7M on minimal revenue reflects high fixed/development costs: G&A 10.6M (36% of op exp), one-time fees 15.7M (54%), impairments/depreciation ~1.8M. Prior year losses lower at $3.6M with reduced G&A $2.4M and R&D $1.7M. Profitability challenged by pre-revenue Renewables; equity compensation $1.5M added to costs.
Operating cash use $8.1M driven by $29.5M net loss adjusted for non-cash items like $12.4M success fee, $3.3M shares, impairments $1.5M. Investing use $3.1M: fixed assets $8.7M (Cedar Port site), offset by $7.0M cash from Share Exchange. Financing provided $15.2M: ELOC $3.9M, share issuances $7.4M, notes $5.0M, related party advances $4.4M. Net cash +$4.1M to $4.6M. BS: assets $31.9M (current $5.4M, PP&E $9.9M, goodwill $13.0M); liabilities $12.8M (current $6.4M incl $5.9M conv note, LT $6.4M); equity $19.0M on $65.0M APIC offset by -$46.1M deficit.
Development-stage Renewables requires capital for Cedar Port facility engineering, permitting, construction; no sustained commercial production yet. Legacy oil/gas maintained minimally. Substantial financing needed; ELOC up to $100M available, recent offerings post-year end. Risks: going concern, competition, regulatory (environmental, GHG), IP disputes, feedstock supply. Management highlights modular design, off-take potential; expects losses until commercialization.