2020 Q1 Form 10-K Financial Statement
#000143774920003742 Filed on February 27, 2020
Income Statement
| Concept | 2020 Q1 | 2019 Q1 | 2018 Q4 |
|---|---|---|---|
| Revenue | $15.48M | $19.03M | $22.33M |
| YoY Change | -18.68% | 19.82% | 14.36% |
| Cost Of Revenue | $1.440M | $1.612M | $1.543M |
| YoY Change | -10.67% | 28.34% | 20.55% |
| Gross Profit | $14.04M | $17.42M | $20.79M |
| YoY Change | -19.42% | 19.09% | 13.92% |
| Gross Profit Margin | 90.7% | 91.53% | 93.09% |
| Selling, General & Admin | $1.918M | $1.133M | $1.407M |
| YoY Change | 69.29% | -23.45% | 20.26% |
| % of Gross Profit | 13.66% | 6.5% | 6.77% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $3.357M | $2.307M | $2.083M |
| YoY Change | 45.51% | 5.63% | -27.17% |
| % of Gross Profit | 23.92% | 13.24% | 10.02% |
| Operating Expenses | $5.275M | $3.440M | $3.490M |
| YoY Change | 53.34% | -6.01% | -13.18% |
| Operating Profit | $8.761M | $13.98M | $17.30M |
| YoY Change | -37.33% | 27.46% | 21.58% |
| Interest Expense | |||
| YoY Change | |||
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | $8.761M | $13.98M | $17.30M |
| YoY Change | -37.33% | 27.55% | 21.58% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | $8.761M | $13.98M | $17.30M |
| YoY Change | -37.33% | 27.51% | 21.58% |
| Net Earnings / Revenue | 56.61% | 73.45% | 77.46% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | $252.6K | $432.0K | $536.0K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 34.68M | 32.28M | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2020 Q1 | 2019 Q1 | 2018 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $20.23M | $19.91M | $18.29M |
| YoY Change | 1.61% | 29.25% | 32.5% |
| Cash & Equivalents | $20.23M | $19.91M | $18.29M |
| Short-Term Investments | |||
| Other Short-Term Assets | |||
| YoY Change | |||
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $3.914M | $7.105M | $11.83M |
| Other Receivables | $4.041M | $4.976M | $0.00 |
| Total Short-Term Assets | $28.18M | $31.99M | $30.12M |
| YoY Change | -11.9% | 21.83% | 18.79% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $85.18M | $100.2M | $57.81M |
| YoY Change | -14.99% | 55.11% | -13.34% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $85.18M | $100.2M | $57.81M |
| YoY Change | -14.99% | 55.17% | -13.33% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $28.18M | $31.99M | $30.12M |
| Total Long-Term Assets | $85.18M | $100.2M | $57.81M |
| Total Assets | $113.4M | $132.2M | $87.92M |
| YoY Change | -14.24% | 45.53% | -4.48% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $2.803M | $2.257M | $421.0K |
| YoY Change | 24.19% | 61.21% | -29.83% |
| Accrued Expenses | $308.0K | $301.0K | $0.00 |
| YoY Change | 2.33% | ||
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $3.111M | $2.558M | $486.0K |
| YoY Change | 21.62% | 81.42% | -23.7% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $2.109M | $2.417M | $790.0K |
| YoY Change | -12.74% | 302.83% | 12.86% |
| Total Long-Term Liabilities | $2.109M | $2.417M | $790.0K |
| YoY Change | -12.74% | 302.83% | 12.86% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $3.111M | $2.558M | $486.0K |
| Total Long-Term Liabilities | $2.109M | $2.417M | $790.0K |
| Total Liabilities | $5.220M | $4.975M | $1.276M |
| YoY Change | 4.92% | 141.74% | -1.92% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | |||
| YoY Change | |||
| Common Stock | |||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $108.1M | $127.2M | $86.65M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $113.4M | $132.2M | $87.92M |
| YoY Change | -14.24% | 45.53% | -4.48% |
Cashflow Statement
| Concept | 2020 Q1 | 2019 Q1 | 2018 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $8.761M | $13.98M | $17.30M |
| YoY Change | -37.33% | 27.51% | 21.58% |
| Depreciation, Depletion And Amortization | $3.357M | $2.307M | $2.083M |
| YoY Change | 45.51% | 5.63% | -27.17% |
| Cash From Operating Activities | $17.84M | $17.69M | $15.84M |
| YoY Change | 0.85% | 22.12% | 24.13% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $0.00 | |
| YoY Change | -100.0% | -100.0% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $1.169M | $6.000K |
| YoY Change | -100.0% | 2238.0% | |
| Cash From Investing Activities | $0.00 | $1.169M | $6.000K |
| YoY Change | -100.0% | 6394.44% | -100.63% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -12.95M | -17.24M | -13.26M |
| YoY Change | -24.86% | 33.21% | 39.03% |
| NET CHANGE | |||
| Cash From Operating Activities | $17.84M | 17.69M | 15.84M |
| Cash From Investing Activities | 0.000 | 1.169M | 6.000K |
| Cash From Financing Activities | -12.95M | -17.24M | -13.26M |
| Net Change In Cash | $4.887M | 18.86M | 2.582M |
| YoY Change | -74.09% | 30.03% | 13.74% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $17.84M | $17.69M | $15.84M |
| Capital Expenditures | $0.00 | $0.00 | |
| Free Cash Flow | $17.69M | $15.84M | |
| YoY Change | 21.87% | 15.53% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2019 | dei |
Entity Current Reporting Status
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Yes | |
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Entity Filer Category
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Accelerated Filer | |
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Entity Registrant Name
EntityRegistrantName
|
Dorchester Minerals, L.P. | |
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Entity Central Index Key
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2019 | |
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2019-12-31 | |
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10-K | |
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">Concentration of Credit Risks—</div>Our<div style="display: inline; font-style: italic;"> </div>Partnership, as a royalty and NPI owner, has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> control over the volumes or method of sale of oil and natural gas produced and sold from the Royalty Properties and NPIs. It is believed that the loss of any single customer would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material adverse effect on the consolidated results of our operations.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div> | |
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| CY2019Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
356000 | |
| CY2019Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
350000 | |
| CY2019Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
344000 | |
| CY2019Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
338000 | |
| CY2018Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
486000 | |
| CY2019Q4 | us-gaap |
Limited Partners Capital Account
LimitedPartnersCapitalAccount
|
111108000 | |
| CY2018Q4 | us-gaap |
Limited Partners Capital Account
LimitedPartnersCapitalAccount
|
84821000 | |
| CY2019Q3 | us-gaap |
Limited Partners Capital Account Units Authorized
LimitedPartnersCapitalAccountUnitsAuthorized
|
20000000 | |
| CY2019 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
1845000 | |
| CY2018 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-60000 | |
| CY2019 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
66109000 | |
| CY2018 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
62524000 | |
| CY2019 | us-gaap |
Net Income Loss
NetIncomeLoss
|
52765000 | |
| CY2018 | us-gaap |
Net Income Loss
NetIncomeLoss
|
53907000 | |
| CY2019 | us-gaap |
Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
|
1733000 | |
| CY2018 | us-gaap |
Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
|
1966000 | |
| CY2019 | us-gaap |
Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
|
51032000 | |
| CY2018 | us-gaap |
Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
|
51941000 | |
| CY2019Q4 | us-gaap |
Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
|
27 | |
| CY2019Q4 | us-gaap |
Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
|
319544000 | |
| CY2018Q4 | us-gaap |
Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
|
306335000 | |
| CY2019Q4 | us-gaap |
Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
|
405670000 | |
| CY2018Q4 | us-gaap |
Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
|
363205000 | |
| CY2019Q4 | us-gaap |
Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
|
86126000 | |
| CY2018Q4 | us-gaap |
Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
|
56870000 | |
| CY2019 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
3604000 | |
| CY2018 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
2762000 | |
| CY2019Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
2495000 | |
| CY2019Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
2700000 | |
| CY2019Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
310000 | |
| CY2018Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
||
| CY2019Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
2185000 | |
| CY2018Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
||
| CY2019 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
254000 | |
| CY2019Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
1900000 | |
| CY2019Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
1632000 | |
| CY2018Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
||
| CY2019Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.05 | |
| CY2019Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P9Y60D | |
| CY2019 | us-gaap |
Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
|
43824000 | |
| CY2018 | us-gaap |
Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
|
||
| CY2019Q4 | us-gaap |
Partners Capital
PartnersCapital
|
112336000 | |
| CY2018Q4 | us-gaap |
Partners Capital
PartnersCapital
|
86647000 | |
| CY2017Q4 | us-gaap |
Partners Capital
PartnersCapital
|
90746000 | |
| CY2019 | us-gaap |
Partners Capital Account Acquisitions
PartnersCapitalAccountAcquisitions
|
43824000 | |
| CY2018 | us-gaap |
Partners Capital Account Distributions
PartnersCapitalAccountDistributions
|
58006000 | |
| CY2019 | us-gaap |
Partners Capital Account Distributions
PartnersCapitalAccountDistributions
|
70900000 | |
| CY2019 | us-gaap |
Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
|
||
| CY2018 | us-gaap |
Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
|
41000 | |
| CY2019 | us-gaap |
Production Tax Expense
ProductionTaxExpense
|
3043000 | |
| CY2018 | us-gaap |
Production Tax Expense
ProductionTaxExpense
|
2749000 | |
| CY2019 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
78799000 | |
| CY2018 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
73278000 | |
| CY2019 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;"><div style="display: inline; font-style: italic;">Estimates</div><div style="display: inline; font-style: italic;"> </div><div style="display: inline; font-style: italic;">—</div><div style="display: inline; font-style: italic;"> </div>The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. For example, estimates of uncollected revenues and unpaid expenses from Royalty Properties and net profits overriding royalty interests (referred to as the Net Profits Interests, or “NPIs”) operated by non-affiliated entities are particularly subjective due to our inability to gain accurate and timely information. Therefore, actual results could differ from those estimates.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;">The discounted present value of our proved oil and natural gas reserves is a major component of the ceiling test calculation and requires many subjective judgments. Estimates of reserves are forecasts based on engineering and geological analyses. Different reserve engineers could reach different conclusions as to estimated quantities of oil and natural gas reserves based on the same information. The passage of time provides more qualitative and quantitative information regarding reserve estimates, and revisions are made to prior estimates based on updated information. However, there can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurance that more significant revisions will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be necessary in the future. Significant downward revisions could result in an impairment representing a non-cash charge to income. In addition to the impact on the calculation of the ceiling test, estimates of proved reserves are also a major component of the calculation of depletion. See the discussion under <div style="display: inline; font-style: italic;">Oil and Natural Gas Properties</div>.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div> | |
| CY2019 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
34126 | |
| CY2018 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
32280 |
