Home / Going-concern warnings / EMPIRE PETROLEUM CORP
Filed 2026-03-13 · Form 10-K · Accession 0001104659-26-027675 micro
Price before filing: $3.1 (2026-03-12 close, split/dividend-adjusted)
Market cap at flag: $111.3M (2026-03-13) · Latest: $132.9M (2026-10-16)
| Window | EP | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -6.5% | +3.3% | -9.7% | 2026-04-13 |
| 90 days | -9.0% | +11.1% | -20.1% | 2026-06-11 |
| 180 days | -25.8% | +15.1% | -40.9% | 2026-09-09 |
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 $37K (5 purchases)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-12-29 | Mulacek Phil E Director, 10% owner | Purchase | 5,367 | $3.00 | $16K | no | Form 4 |
| 2025-12-30 | Mulacek Phil E Director, 10% owner | Purchase | 84 | $3.00 | $252 | no | Form 4 |
| 2025-12-31 | Mulacek Phil E Director, 10% owner | Purchase | 5,000 | $3.00 | $15K | no | Form 4 |
| 2025-12-31 | Mulacek Phil E Director, 10% owner | Purchase | 732 | $2.95 | $2K | no | Form 4 |
| 2026-01-02 | Mulacek Phil E Director, 10% owner | Purchase | 1,068 | $3.00 | $3K | no | Form 4 |
| 2026-03-13: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-12-13 to 2026-04-12. 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. ​ ​ 29 Table of Contents Empire has committed financial support from Phil Mulacek who owns approximately 24.5% of our common stock outstanding as of December 31, 2025, and Energy Evolution, our largest stockholder, who owns approximately 30.8% of our..."
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-K (period 2025-12-31)
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
The week's most serious auditor changes, restatements, late filings and going-concern warnings, in plain English. Free. Unsubscribe anytime.
Subscribe to the newsletter →
The signup form didn't load here (often an ad or privacy blocker). This opens beehiiv's secure signup page.
Form not showing? Subscribe on beehiiv →
Newsletter delivered by beehiiv. See our privacy policy.