Identified by Mycologist Joe McFarland.
Also called Chocolate Tube Slime. The second photo shows the plasmodium.
Growing on standing dead tree alongside shelf fungus
I was thinking invert eggs or a fungus of some sort.
Stemonitis is a distinctive genus of slime moulds found throughout the world (except Antarctica). They are characterised by the tall brown sporangia, supported on slender stalks, which grow in clusters on rotting wood. Identification within the genus is difficult, and can only be performed with confidence using a microscope.