Home / Going-concern warnings / EMPIRE PETROLEUM CORP
Filed 2025-08-13 路 Form 10-Q 路 Accession 0001072613-25-000553 micro
Price before filing: $4.84 (2025-08-12 close, split/dividend-adjusted)
Market cap at flag: $169.2M (2025-08-13) 路 Latest: $132.9M (2026-10-16)
| Window | EP | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -16.1% | +2.3% | -18.4% | 2025-09-12 |
| 90 days | -31.0% | +6.6% | -37.6% | 2025-11-11 |
| 180 days | -33.9% | +8.6% | -42.5% | 2026-02-09 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 1 insider bought $335K (5 purchases)
30 days after: 1 insider sold $23K (4 sales); 1 insider bought $65K (3 purchases)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-05-19 | Mulacek Phil E Director, 10% owner | Purchase | 4,482 | $4.00 | $18K | no | Form 4 |
| 2025-05-20 | Mulacek Phil E Director, 10% owner | Purchase | 18,616 | $4.04 | $75K | no | Form 4 |
| 2025-05-21 | Mulacek Phil E Director, 10% owner | Purchase | 6,384 | $4.05 | $26K | no | Form 4 |
| 2025-05-22 | Mulacek Phil E Director, 10% owner | Purchase | 16,317 | $4.05 | $66K | no | Form 4 |
| 2025-05-23 | Mulacek Phil E Director, 10% owner | Purchase | 36,917 | $4.05 | $150K | no | Form 4 |
| 2025-08-13: red flag filed | |||||||
| 2025-09-04 | Watson Matthew E. Chief Accounting Officer | Sale | 457 | $4.86 | $2K | no | Form 4 |
| 2025-09-04 | Watson Matthew E. Chief Accounting Officer | Sale | 109 | $4.86 | $530 | no | Form 4 |
| 2025-09-04 | Watson Matthew E. Chief Accounting Officer | Sale | 1,057 | $4.87 | $5K | no | Form 4 |
| 2025-09-08 | Watson Matthew E. Chief Accounting Officer | Sale | 3,377 | $4.51 | $15K | no | Form 4 |
| 2025-09-10 | Mulacek Phil E Director, 10% owner | Purchase | 7,012 | $4.09 | $29K | no | Form 4 |
| 2025-09-11 | Mulacek Phil E Director, 10% owner | Purchase | 2,971 | $4.10 | $12K | no | Form 4 |
| 2025-09-12 | Mulacek Phil E Director, 10% owner | Purchase | 6,000 | $4.08 | $24K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-05-15 to 2025-09-12. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"Given the negative working capital and insufficient expected operating cash flow there is substantial doubt about the Company's ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-06-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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