Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. HOLLOMAN ENERGY CORP (1324736) 10-Q published on May 13, 2016 at 4:19 pm
Reporting Period: Mar 30, 2016
On May 4th, 2016 the Company filed Form 15 to delist and deregister from the OTCQB Venture Marketplace which immediately suspended Holloman’s obligation to file reports with the SEC.
PEL 112 is comprised of 1,086 square kilometers (268,356 gross acres, 130,155 net acres), and PEL 444 is comprised of 1,166 square kilometers (288,117 gross acres, net acres). We originally held a 66.667% working interest in both licenses.
Our combined consulting, management and professional fees for the three months ended March 31, 2016, increased by approximately $11,000 or 40% (from $26,403 to $36,982) when compared to the same period during the prior fiscal year. This increase relates entirely to professional fees incurred. The change in office, travel and administrative expenses for the three month period ended March 31, 2016 was immaterial ($1K).
The Australian dollar increased from 0.730 to 0.767, and decreased from 0.816 to 0.769 US dollars during the three month period ended March 31, 2016 and 2015, respectively. As a result, we recognized a foreign exchange loss of approximately $237,000 and a gain of $268,000, respectively, during those periods. Substantially all of our non-cash foreign exchange gains and losses relate to the measurement of US dollars required to settle deferred taxes payable to the Australian Government in connection with our acquisition and ongoing investment in PEL 112 and PEL 444.
The total drilling expenditures impaired for the Baikal #1 for year ended December 2015, have been adjusted to reflect a recovery of USD$267,204 (AUD $348,466) identified as at March 31, 2016.