SUMMER ENERGY HOLDINGS, INC. SUMMER ENERGY HOLDINGS, INC.
State of Incorporation: Nevada
5847 San Felipe St. Suite 3700
Houston, TX 77057
713-375-2760
www.summerenergy.com
SIC Code: 4911
AMENDED QUARTERLY REPORT
For the quarterly period ended March 31, 2022
(the "Reporting Period")
The number of shares outstanding of our Common Stock is 32,307,298 and 32,256,714 as of March 31, 2022 and March 31, 2021, respectively.
Indicate by check mark whether the company is a shell company (as defined in Rule 405 of the Securities Act of
1933 and Rule 12b-2 of the Exchange Act of 1934):
Yes: ☐ No: ☒ (Double-click and select "Default Value" to check)
Indicate by check mark whether the company's shell status has changed since the previous reporting period:
Yes: ☐ No: ☒
Indicate by check mark whether a Change in Control of the company has occurred over this reporting period:
Yes: ☐ No: ☒
For more information:
www.OTCQB.com Ticker: SUME
or www.summerenergy.com
SUMMER ENERGY HOLDINGS, INC. | ||
AMENDED QUARTERLY REPORT | ||
FOR FIRST QUARTER ENDED MARCH 31, 2022 | ||
TABLE OF CONTENTS | ||
Item 1. Exact Name of the Issuer and the Address of its Principal Executive Offices | ||
Item 3. Condensed Consolidated Financial Statements ...................................................................... | 3 | |
Item 4. Management's Discussion and Analysis or Plan of Operation ............................................ | 25 | |
Item 5. | Legal Proceedings ................................................................................................................ | 41 |
Item 6. Defaults upon senior securities............................................................................................. | 41 | |
Item 7. | Other information ................................................................................................................. | 41 |
Item 8. | Exhibits................................................................................................................................. | 41 |
Item 9. | Certifications ........................................................................................................................ | 42 |
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FORWARD-LOOKING STATEMENTS
Certain statements made in this Quarterly Report are "forward-looking statements" regarding the plans and objectives of management for future operations and market trends and expectations. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Our plans and objectives are based, in part, on assumptions involving the continued expansion of our business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this report will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.
These forward-looking statements rely on assumptions, estimates and predictions that could be inaccurate and that are subject to risks and uncertainties that could cause actual results to differ materially from expected results. We cannot guarantee future results, outcomes, levels of activity, performance, or achievements, and there can be no assurance that our expectations, intentions, anticipations, beliefs, or projections will result or be achieved or accomplished. Forward-looking statements speak only as of the date of this report. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, or to update the reasons actual results could differ significantly from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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Item 1. Exact Name of the Issuer and the Address of its Principal Executive Offices
Exact name of issuer: | Summer Energy Holdings, Inc. |
Predecessor entities in the past five years and the dates of name changes: N/A | |
Principal Executive Offices: | 3847 San Felipe St., Suite 3700 |
Houston, Texas 77057 | |
Telephone: 713-375-2700 | |
Website: www.summerenergy.com |
Check box if principal executive office and principal place of business are the same address: ☑
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Item 2. Shares Outstanding
The following table sets forth the number of shares outstanding for each class of securities authorized as of the dates set forth below:
Common Stock
March 31, 2022 | December 31, 2021 | December 31, 2020 | |
Number of Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Number of Shares Outstanding | 32,307,298 | 32,307,298 | 31,969,158 |
Freely Tradable shares (Public Float) | 3,655,379 | 3,655,379 | 3,655,479 |
Number of Beneficial Shareholders owning at least 100 Shares | 144 | 144 | 144 |
Total Number of Stockholder of Record | 144 | 144 | 144 |
Preferred Stock | |||||
March 31, 2022 | December 31, 2021 | December 31, 2020 | |||
Number of Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||
Number of Shares Outstanding | - | - | - | ||
Freely Tradable shares (Public Float) | - | - | - | ||
Number of Beneficial Shareholders owning at Least 100 Shares | - | - | - | ||
Total Number of Shareholders of Record | - | - | - |
The following sets forth the list of the holders of 5% or more of outstanding Warrants exercisable as of March 31, 2022, or within 60 days of such date, together with their percentage ownership of the total outstanding vested Warrants and the expiration dates of such Warrants. As of March 31, 2022, the Company had 660,999 vested Warrants outstanding. Each Warrant is exercisable for one (1) share of common stock of the Company.
Percentage of | ||||||
Number of | Total | |||||
Warrants | Expiration | Warrants | ||||
Name | Address | Held | Dates | Owned | ||
Humberto David Sirvent | 6860 | Shady Lane, Fulshear, Texas 77406 | 264,000 | 3/2/2025 | 39.95% | |
Infinity Power Partners, LLC(1) | 2603 | August Dr. Houston, Texas 77057 | 43,772 | 1/25/2024 | 6.62% | |
Strodes Mills Partners(2) | 595 | Birmingham Road, West Chester, PA. 19382 | 80,000 | 5/22/2024 | 12.10% | |
Digital Lending Services(3) | 885 | 3rd Avenue, Suite 2610, New York, NY 10022 | 250,000 | 3/12/2025 | 37.83% |
- The control person of Infinity Power Partners, LLC, is Nick Altman.
- The control person of Strodes Mills Partners is Robert Powers.
- The control person of Digital Lending Services is Karrie Truglia.
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Summer Energy Holdings Inc. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 17:04:04 UTC.
