Discovery Energy Corp.

2022 Q4 Form 10-K Financial Statement

#000149315222034621 Filed on December 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q1 2022

Balance Sheet

Concept 2022 Q4 2022 Q1 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.240K $5.240K
YoY Change -46.26% -46.26%
Cash & Equivalents $5.242K
Short-Term Investments
Other Short-Term Assets $17.85K $17.85K
YoY Change 125.66% 125.66%
Inventory
Prepaid Expenses $17.85K
Receivables
Other Receivables
Total Short-Term Assets $23.12K $23.12K
YoY Change 30.74% 30.77%
LONG-TERM ASSETS
Property, Plant & Equipment $2.884M $2.884M
YoY Change 0.0% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.91K $35.91K
YoY Change -8.28% -8.28%
Total Long-Term Assets $2.920M $2.920M
YoY Change -0.11% -0.11%
TOTAL ASSETS
Total Short-Term Assets $23.12K $23.12K
Total Long-Term Assets $2.920M $2.920M
Total Assets $2.943M $2.943M
YoY Change 0.07% 0.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.399M $1.988M
YoY Change 245.54% 56.18%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.130K $4.130K
YoY Change
Total Short-Term Liabilities $6.391M $6.391M
YoY Change 39.08% 39.08%
LONG-TERM LIABILITIES
Long-Term Debt $6.038M $6.038M
YoY Change 9.51% 9.51%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $6.038M $6.038M
YoY Change 9.51% 9.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.391M $6.391M
Total Long-Term Liabilities $6.038M $6.038M
Total Liabilities $12.43M $12.43M
YoY Change 22.95% 22.95%
SHAREHOLDERS EQUITY
Retained Earnings -$34.00M
YoY Change 7.38%
Common Stock $154.4K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.486M -$9.486M
YoY Change
Total Liabilities & Shareholders Equity $2.943M $2.943M
YoY Change 0.07% 0.07%

Cashflow Statement

Concept 2022 Q4 2022 Q1 2022

Facts In Submission

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DISCOVERY ENERGY CORP.
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<p id="xdx_84B_eus-gaap--UseOfEstimates_zGVESzyswZU2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of Estimates</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of these financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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the Company is required to drill 7 exploratory wells rather than 12, as originally required. The 7 required wells must be drilled in years 3, 4, and 5 (2, 2, and 3 wells, respectively). The amount of required 2D seismic was also reduced to 62 miles (100 km.) in year 3 from 155 miles (250 km.) in year 2 but the total 3D seismic work guarantee increased to 193 sq. miles (500 sq. km.) from 154 sq. miles (400 sq. km.). However, the 3D seismic survey requirement is spread over three years with 39 sq. miles (100 sq. km.) in year 2, 77 sq. miles (200 sq. km.) in year 3 and 77 sq. miles (200 sq. km.) in year 4
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193
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500
CY2014Q2 DENR Oil And Gas Commitments And Contracts3 D Seismic Survey Work Required To Be Completed Miles
OilAndGasCommitmentsAndContracts3DSeismicSurveyWorkRequiredToBeCompletedMiles
154
CY2014Q2 DENR Oil And Gas Commitments And Contracts3 D Seismic Survey Work Required To Be Completed Kilometers
OilAndGasCommitmentsAndContracts3DSeismicSurveyWorkRequiredToBeCompletedKilometers
400
CY2016Q2 DENR Area In Terminated License Suspension Description
AreaInTerminatedLicenseSuspensionDescription
the Company terminated the February 2016 License suspension in preparation for a 3D seismic survey (the “Nike Survey”) that was comprised of approximately 69 sq. miles (179 sq. km.) on the southwest portion of the Prospect
CY2022Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
1988230 usd
CY2021Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
1273030 usd
CY2022 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
The Maturity Date of the Debentures was extended to December 31, 2023
CY2022Q1 DENR Debt Discount From Warrant Grant From Debt Modification
DebtDiscountFromWarrantGrantFromDebtModification
942812 usd
CY2022Q1 DENR Amortized Of Debt Discount
AmortizedOfDebtDiscount
6204925 usd
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
6850000 usd
CY2021Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1455404 usd
CY2021Q1 us-gaap Convertible Debt
ConvertibleDebt
5394596 usd
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
448149 usd
CY2022Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
6925000 usd
CY2022Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1007255 usd
CY2022Q1 us-gaap Convertible Debt
ConvertibleDebt
5917745 usd
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
448149 usd
CY2021 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1592604 usd
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
795991 usd
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
733681 usd
CY2022 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.08 pure
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
8623 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
8602 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-490375 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1240198 usd
CY2022 DENR Income Tax Reconciliation Paycheck Protection Program Loan Forgiveness
IncomeTaxReconciliationPaycheckProtectionProgramLoanForgiveness
-21362 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
46 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
3947 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
569135 usd
CY2021 DENR Income Tax Reconciliation Trueup Of Prior Year Permanent Items
IncomeTaxReconciliationTrueupOfPriorYearPermanentItems
417242 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
511691 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
249874 usd
CY2022Q1 DENR Deferred Tax Assets Capitalized Geological Geophysical
DeferredTaxAssetsCapitalizedGeologicalGeophysical
2848 usd
CY2021Q1 DENR Deferred Tax Assets Capitalized Geological Geophysical
DeferredTaxAssetsCapitalizedGeologicalGeophysical
8285 usd
CY2022Q1 DENR Deferred Tax Assets Debt Discount Related Amortization
DeferredTaxAssetsDebtDiscountRelatedAmortization
744577 usd
CY2021Q1 DENR Deferred Tax Assets Debt Discount Related Amortization
DeferredTaxAssetsDebtDiscountRelatedAmortization
486060 usd
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
1967758 usd
CY2021Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
1709147 usd
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2715183 usd
CY2022 DENR Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
2032
CY2022 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
the CARES Act a portion can be carried back up to five years but also, can be carried forward indefinitely, limited to 80% of a given year’s taxable income
CY2022Q1 DENR Indefinite Operating Loss Carryforwards Amount
IndefiniteOperatingLossCarryforwardsAmount
5431958 usd
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
27877058 shares
CY2021Q1 DENR Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageExercisePrice
0.20
CY2022 DENR Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageRemainingContractualTerm1
P2Y10M2D
CY2022Q1 DENR Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding And Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingAndExercisableNumber
27877058 shares
CY2022Q1 DENR Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding And Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingAndExercisableWeightedAverageExercisePrice
0.20
CY2022 DENR Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding And Exercisable Weighted Average Remaining Contractual Term2
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingAndExercisableWeightedAverageRemainingContractualTerm2
P1Y9M18D
CY2022Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 usd
CY2021Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 usd

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