2023 Q2 Form 10-Q Financial Statement
#000107261323000339 Filed on May 15, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
Revenue | $9.710M | $10.05M | $13.05M |
YoY Change | -41.29% | -22.95% | 521.67% |
Cost Of Revenue | $7.820M | $7.278M | $6.092M |
YoY Change | 17.75% | 19.47% | 283.68% |
Gross Profit | $1.890M | $2.774M | $6.954M |
YoY Change | -80.91% | -60.11% | 1261.64% |
Gross Profit Margin | 19.46% | 27.6% | 53.3% |
Selling, General & Admin | $2.715M | $3.613M | $2.455M |
YoY Change | -17.29% | 47.14% | 171.0% |
% of Gross Profit | 143.66% | 130.24% | 35.31% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $54.00K | $563.0K | $434.5K |
YoY Change | -88.15% | 29.59% | 140.64% |
% of Gross Profit | 2.86% | 20.3% | 6.25% |
Operating Expenses | $12.01M | $12.27M | $3.220M |
YoY Change | 12.09% | 281.23% | 134.84% |
Operating Profit | -$2.302M | -$2.223M | $3.734M |
YoY Change | -139.52% | -159.53% | -534.01% |
Interest Expense | -$184.9K | -$237.3K | -$110.7K |
YoY Change | 65.39% | 114.46% | -19.13% |
% of Operating Profit | -2.96% | ||
Other Income/Expense, Net | -$184.9K | -$237.3K | -$110.6K |
YoY Change | 65.4% | 114.46% | |
Pretax Income | -$2.465M | -$2.460M | $3.623M |
YoY Change | -144.54% | -167.88% | -463.37% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$2.465M | -$2.460M | $3.623M |
YoY Change | -144.54% | -167.88% | -463.37% |
Net Earnings / Revenue | -25.38% | -24.47% | 27.77% |
Basic Earnings Per Share | -$0.11 | -$0.11 | $0.18 |
Diluted Earnings Per Share | -$0.11 | -$0.11 | $150.9K |
COMMON SHARES | |||
Basic Shares Outstanding | 22.10M shares | 22.44M shares | 19.87M shares |
Diluted Shares Outstanding | 22.11M shares | 22.10M shares | 24.02M shares |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.295M | $6.764M | $5.354M |
YoY Change | -89.59% | 26.34% | 36.76% |
Cash & Equivalents | $1.295M | $6.764M | $5.354M |
Short-Term Investments | |||
Other Short-Term Assets | $1.491M | $1.507M | $620.0K |
YoY Change | 104.09% | 142.98% | 186.57% |
Inventory | $1.538M | $2.261M | $975.7K |
Prepaid Expenses | $1.465M | $1.413M | |
Receivables | $7.693M | $6.504M | $8.491M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $12.02M | $17.04M | $15.44M |
YoY Change | -48.21% | 10.33% | 148.28% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $50.18M | $46.90M | $30.64M |
YoY Change | 49.57% | 53.08% | 275.39% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $746.9K | $746.9K | $6.742M |
YoY Change | -89.82% | -88.92% | 148.57% |
Total Long-Term Assets | $50.92M | $47.65M | $37.38M |
YoY Change | 24.55% | 27.47% | 243.76% |
TOTAL ASSETS | |||
Total Short-Term Assets | $12.02M | $17.04M | $15.44M |
Total Long-Term Assets | $50.92M | $47.65M | $37.38M |
Total Assets | $62.94M | $64.68M | $52.82M |
YoY Change | -1.8% | 22.46% | 209.02% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $4.159M | $5.733M | $2.675M |
YoY Change | 25.07% | 114.32% | 27.05% |
Accrued Expenses | $5.816M | $6.280M | $6.466M |
YoY Change | -22.8% | -2.86% | 156.18% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $2.316M | $3.595M | $1.553M |
YoY Change | 64.7% | 131.4% | -81.51% |
Total Short-Term Liabilities | $12.60M | $14.75M | $10.69M |
YoY Change | 1.02% | 37.94% | -19.39% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $4.055M | $4.668M | $6.620M |
YoY Change | -40.43% | -29.49% | 959.53% |
Other Long-Term Liabilities | $27.97M | $25.66M | $21.57M |
YoY Change | 27.3% | 18.96% | 33.54% |
Total Long-Term Liabilities | $32.02M | $30.33M | $28.19M |
YoY Change | 11.28% | 7.58% | 68.03% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $12.60M | $14.75M | $10.69M |
Total Long-Term Liabilities | $32.02M | $30.33M | $28.19M |
Total Liabilities | $44.62M | $45.08M | $38.89M |
YoY Change | 8.18% | 15.93% | 29.43% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$57.07M | -$54.61M | |
YoY Change | 13.98% | ||
Common Stock | $81.65K | $81.63K | |
YoY Change | 0.66% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $18.32M | $19.60M | $13.93M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $62.94M | $64.68M | $52.82M |
YoY Change | -1.8% | 22.46% | 209.02% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.465M | -$2.460M | $3.623M |
YoY Change | -144.54% | -167.88% | -463.37% |
Depreciation, Depletion And Amortization | $54.00K | $563.0K | $434.5K |
YoY Change | -88.15% | 29.59% | 140.64% |
Cash From Operating Activities | -$2.918M | -$5.067M | $3.061M |
YoY Change | -136.55% | -265.54% | -588.84% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $1.714M | $2.237M | -$433.7K |
YoY Change | -154.98% | -615.86% | 138.32% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$117.6K | $2.692M | -$522.8K |
YoY Change | -43.59% | -614.98% | -70.63% |
Cash From Investing Activities | -$1.831M | $455.3K | -$956.5K |
YoY Change | -44.93% | -147.6% | -51.25% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | $569.1K | $460.0K | |
YoY Change | 23.74% | ||
Cash From Financing Activities | -719.8K | -$569.1K | -362.5K |
YoY Change | -129.69% | 57.02% | -105.71% |
NET CHANGE | |||
Cash From Operating Activities | -2.918M | -$5.067M | 3.061M |
Cash From Investing Activities | -1.831M | $455.3K | -956.5K |
Cash From Financing Activities | -719.8K | -$569.1K | -362.5K |
Net Change In Cash | -5.469M | -$5.181M | 1.742M |
YoY Change | -177.21% | -397.44% | -53.64% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$2.918M | -$5.067M | $3.061M |
Capital Expenditures | $1.714M | $2.237M | -$433.7K |
Free Cash Flow | -$4.632M | -$7.304M | $3.494M |
YoY Change | -141.73% | -309.02% | -886.77% |
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|
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CY2023Q1 | empr |
Natural Gas Liquids Sales
NaturalGasLiquidsSales
|
504954 | usd |
CY2022Q1 | empr |
Natural Gas Liquids Sales
NaturalGasLiquidsSales
|
1215494 | usd |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
10099704 | usd |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
12515818 | usd |
CY2023Q1 | empr |
Other Revenue
OtherRevenue
|
19364 | usd |
CY2022Q1 | empr |
Other Revenue
OtherRevenue
|
24043 | usd |
CY2023Q1 | us-gaap |
Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
|
-66823 | usd |
CY2022Q1 | us-gaap |
Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
|
-112321 | usd |
CY2023Q1 | us-gaap |
Revenues
Revenues
|
10052245 | usd |
CY2022Q1 | us-gaap |
Revenues
Revenues
|
12427540 | usd |
CY2023Q1 | empr |
Operating
Operating
|
6520163 | usd |
CY2022Q1 | empr |
Operating
Operating
|
4572401 | usd |
CY2023Q1 | empr |
Production Taxes
ProductionTaxes
|
758114 | usd |
CY2022Q1 | empr |
Production Taxes
ProductionTaxes
|
901238 | usd |
CY2023Q1 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
622489 | usd |
CY2022Q1 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
434446 | usd |
CY2023Q1 | empr |
Accretion Of Asset Retirement Obligation
AccretionOfAssetRetirementObligation
|
-401275 | usd |
CY2022Q1 | empr |
Accretion Of Asset Retirement Obligation
AccretionOfAssetRetirementObligation
|
-330000 | usd |
CY2023Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
3972918 | usd |
CY2022Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2455380 | usd |
CY2023Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
12274959 | usd |
CY2022Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
8693465 | usd |
CY2023Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2222714 | usd |
CY2022Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
3734075 | usd |
CY2023Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-237299 | usd |
CY2022Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-110648 | usd |
CY2023Q1 | empr |
Other Expense
OtherExpense
|
-422 | usd |
CY2023Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-2459591 | usd |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
3623427 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2459591 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3623427 | usd |
CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.11 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.18 | |
CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.11 | |
CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.15 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
22096796 | shares |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
19866687 | shares |
CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
22096796 | shares |
CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
24018453 | shares |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23235881 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2459591 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
-2126131 | usd |
CY2023Q1 | empr |
Stock Issued During Period Value Stock Compensation Expense
StockIssuedDuringPeriodValueStockCompensationExpense
|
949639 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
19599798 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
9834153 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3623427 | usd |
CY2022Q1 | empr |
Preferred Stock Issued During Period Value New Issues
PreferredStockIssuedDuringPeriodValueNewIssues
|
6 | usd |
CY2022Q1 | empr |
Stock Issued During Period Value Shares And Warrants Issued
StockIssuedDuringPeriodValueSharesAndWarrantsIssued
|
97500 | usd |
CY2022Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
376278 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
13931364 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2459591 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3623427 | usd |
CY2023Q1 | empr |
Stock Compensation Expense
StockCompensationExpense
|
949639 | usd |
CY2022Q1 | empr |
Stock Compensation Expense
StockCompensationExpense
|
376284 | usd |
CY2023Q1 | empr |
Amortization Of Right Of Use Assets
AmortizationOfRightOfUseAssets
|
-76225 | usd |
CY2022Q1 | empr |
Amortization Of Right Of Use Assets
AmortizationOfRightOfUseAssets
|
-39706 | usd |
CY2023Q1 | empr |
Depreciation Depletion Amortization
DepreciationDepletionAmortization
|
622489 | usd |
CY2022Q1 | empr |
Depreciation Depletion Amortization
DepreciationDepletionAmortization
|
434446 | usd |
CY2023Q1 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
401275 | usd |
CY2022Q1 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
330000 | usd |
CY2023Q1 | empr |
Unrealized Gain On Derivative Instruments
UnrealizedGainOnDerivativeInstruments
|
66823 | usd |
CY2022Q1 | empr |
Unrealized Gain On Derivative Instruments
UnrealizedGainOnDerivativeInstruments
|
112321 | usd |
CY2023Q1 | empr |
Settlement On Or Purchases Of Derivative Instruments
SettlementOnOrPurchasesOfDerivativeInstruments
|
-41187 | usd |
CY2022Q1 | empr |
Settlement On Or Purchases Of Derivative Instruments
SettlementOnOrPurchasesOfDerivativeInstruments
|
-83260 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
849909 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
757466 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
420859 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-62202 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-89812 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-137010 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
213611 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-110053 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1654437 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-3177767 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
440471 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5066714 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
3060704 | usd |
CY2023Q1 | empr |
Additions To Oil And Natural Gas Properties
AdditionsToOilAndNaturalGasProperties
|
2210004 | usd |
CY2022Q1 | empr |
Additions To Oil And Natural Gas Properties
AdditionsToOilAndNaturalGasProperties
|
424651 | usd |
CY2023Q1 | empr |
Payments For Purchase Of Other Assets2
PaymentsForPurchaseOfOtherAssets2
|
27170 | usd |
CY2022Q1 | empr |
Payments For Purchase Of Other Assets2
PaymentsForPurchaseOfOtherAssets2
|
9030 | usd |
CY2023Q1 | empr |
Cash Paid For Right Of Use Assets
CashPaidForRightOfUseAssets
|
86545 | usd |
CY2022Q1 | empr |
Cash Paid For Right Of Use Assets
CashPaidForRightOfUseAssets
|
42833 | usd |
CY2023Q1 | empr |
Sinking Fund Deposit
SinkingFundDeposit
|
-2779000 | usd |
CY2022Q1 | empr |
Sinking Fund Deposit
SinkingFundDeposit
|
480000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
455281 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-956514 | usd |
CY2023Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
569136 | usd |
CY2022Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
459952 | usd |
CY2022Q1 | empr |
Proceeds From Stock And Warrant Issuances
ProceedsFromStockAndWarrantIssuances
|
97500 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-569136 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-362452 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-5180569 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
1741738 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
11944442 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
3611871 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
6763873 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
5353609 | usd |
CY2023Q1 | us-gaap |
Interest Paid Capitalized
InterestPaidCapitalized
|
136761 | usd |
CY2022Q1 | us-gaap |
Interest Paid Capitalized
InterestPaidCapitalized
|
104981 | usd |
CY2023Q1 | empr |
Organization And Basis Of Presentation
OrganizationAndBasisOfPresentation
|
<p id="xdx_806_ecustom--OrganizationAndBasisOfPresentation_zJef77SbzQuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 1 - <span id="xdx_826_z89XaQZgwUcf">Organization and Basis of Presentation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Empire Petroleum Corporation (the “Company”, collectively with its subsidiaries) is an independent energy company operator engaged in optimizing developed production by employing field management methods to maximize reserve recovery while minimizing costs. Empire operates the following wholly-owned subsidiaries in its areas of operations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="4" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt">●</span></td> <td colspan="5" style="text-align: justify"><span style="font-size: 10pt">Empire New Mexico, LLC (“Empire New Mexico”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt">●</span></td> <td colspan="5" style="text-align: justify"><span style="font-size: 10pt">Empire Rockies Region</span></td></tr> <tr style="vertical-align: top"> <td colspan="4"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt">o</span></td> <td colspan="2" style="text-align: justify"><span style="font-size: 10pt"> Empire North Dakota LLC (“Empire North Dakota”)</span></td></tr> <tr style="vertical-align: top"> <td colspan="4"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt">o</span></td> <td colspan="2" style="text-align: justify"><span style="font-size: 10pt"> Empire North Dakota Acquisition LLC (“Empire NDA”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt">●</span></td> <td colspan="5" style="text-align: justify"><span style="font-size: 10pt">Empire Texas (“Empire Texas”), consisting of the following entities:</span></td></tr> <tr style="vertical-align: top"> <td colspan="3"><span style="font-size: 10pt"> </span></td> <td colspan="3"><span style="font-size: 10pt">o</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Empire Texas LLC</span></td></tr> <tr style="vertical-align: top"> <td colspan="3"><span style="font-size: 10pt"> </span></td> <td colspan="3"><span style="font-size: 10pt">o</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Empire Texas Operating LLC</span></td></tr> <tr style="vertical-align: top"> <td colspan="3"><span style="font-size: 10pt"> </span></td> <td colspan="3"><span style="font-size: 10pt">o</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Empire Texas GP LLC</span></td></tr> <tr style="vertical-align: top"> <td colspan="3"><span style="font-size: 10pt"> </span></td> <td colspan="2"><span style="font-size: 10pt">o</span></td> <td colspan="2" style="text-align: justify"><span style="font-size: 10pt"> Pardus Oil & Gas Operating, LP (owned 1% by Empire Texas GP LLC and 99% by Empire Texas LLC)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt">●</span></td> <td colspan="5" style="text-align: justify"><span style="font-size: 10pt">Empire Louisiana LLC (“Empire Louisiana”)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Empire was incorporated in the State of Delaware in 1985. The consolidated financial statements of Empire Petroleum Corporation and subsidiaries include the accounts of the Company and its wholly-owned subsidiaries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, the results of operations, and the cash flows for the interim period are included. All adjustments are of a normal, recurring nature. Certain amounts in prior periods have been reclassified to conform to current presentation. Operating results for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information contained in this Form 10-Q should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2022 which are contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2023.</p> | |
CY2023Q1 | empr |
Fair Value Measurements
FairValueMeasurements
|
<p id="xdx_84D_ecustom--FairValueMeasurements_zY9SPKQShglc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_867_zzmZP59qYmha">Fair Value Measurements</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Financial Accounting Standards Board (“FASB”) ASC Topic 820, <i>Fair Value Measurement</i> (ASC Topic 820)<i>, </i>defines fair value, establishes a consistent framework for measuring fair value and establishes a fair value hierarchy based on the observability of inputs used to measure fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 5.9pt 0 0; text-align: justify">The three-level fair value hierarchy for disclosure of fair value measurements defined by ASC Topic 820 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 5.9pt 0 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 5.9pt 0 0; text-align: justify"><b>Level 1</b> – Unadjusted, quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is defined as a market where transactions for the financial instrument occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.7pt 6pt 0 0; text-align: justify"><b>Level 2</b> – Inputs, other than quoted prices within Level 1, that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.05pt 6.5pt 0 0; text-align: justify"><b>Level 3</b> – Prices or valuations that require unobservable inputs that are both significant to the fair value measurement and unobservable. Valuation under Level 3 generally involves a significant degree of judgment from management.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.1pt 0 0; text-align: justify">A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve a degree of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. There were no transfers between fair value hierarchy levels for the period ended March 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0.3in 0 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0.3in 0; text-align: justify"><i>Financial instruments and other </i>– The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the carrying value due to their short-term nature.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0.3in 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0.3in 0; text-align: justify"><i>Derivatives</i> – Derivative financial instruments are carried at fair value and measured on a recurring basis. The Company’s commodity price hedges are valued based on discounted future cash flow models that are primarily based on published forward commodity price curves; thus, these inputs are designated as Level 2 within the valuation hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0.3in 0 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0.3in 0; text-align: justify">The fair values of derivative instruments in asset positions include measures of counterparty nonperformance risk, and the fair values of derivative instruments in liability positions include measures of the Company’s nonperformance risk. These measurements were not material to the Condensed Consolidated Financial Statements.</p> | |
CY2023Q1 | empr |
Fair Value On A Nonrecurring Basis
FairValueOnANonrecurringBasis
|
<p id="xdx_849_ecustom--FairValueOnANonrecurringBasis_zUqY2FLJqY7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><b><span id="xdx_86D_zg4pPxK0lCOd">Fair Value on a Nonrecurring Basis</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The Company applies the provisions of fair value measurement on a non-recurring basis to its non-financial assets and liabilities, including oil and gas properties and asset retirement obligations. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments if events or changes in certain circumstances indicate that adjustments may be necessary. No triggering events that require assessment of such items were observed during the three months ended March 31, 2023.</p> | |
CY2023Q1 | empr |
Related Party Transactions
RelatedPartyTransactions
|
<p id="xdx_842_ecustom--RelatedPartyTransactions_zFt5XRCiJL87" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-size: 10pt"><b><span id="xdx_864_zDXHCoVnWQpl">Related Party Transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-size: 10pt">Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, <i>Related Party Disclosures</i> requires that transactions with related parties that would have influence in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees; principal owners of the entity and members of their immediate families; management of the entity and members of their immediate families; and other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.</span></p> | |
CY2023Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zokQSd8HhhQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-size: 10pt"><b><span id="xdx_868_z5v4OLln0ns2">Concentrations of Credit Risk</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-size: 10pt">The Company’s accounts receivable are primarily receivables from oil and natural gas purchasers and joint interest owners. The purchasers of the Company’s oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies. Historically, the Company has not experienced any significant losses from uncollectible accounts from its oil and natural gas purchasers. The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. Joint operating agreements govern the operations of an oil or natural gas well and, in most instances, provide for offsetting of amounts payable or receivable between the Company and its joint interest owners. The Company’s joint interest partners consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general was adversely affected, the ability of the Company’s joint interest partners to reimburse the Company could be adversely affected. </span></p> | |
CY2023Q1 | us-gaap |
Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
|
58651754 | usd |
CY2022Q4 | us-gaap |
Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
|
52831131 | usd |
CY2023Q1 | us-gaap |
Capitalized Costs Unproved Properties
CapitalizedCostsUnprovedProperties
|
2901047 | usd |
CY2022Q4 | us-gaap |
Capitalized Costs Unproved Properties
CapitalizedCostsUnprovedProperties
|
2865556 | usd |
CY2023Q1 | empr |
Capitalized Costs Work In Process
CapitalizedCostsWorkInProcess
|
4574733 | usd |
CY2022Q4 | empr |
Capitalized Costs Work In Process
CapitalizedCostsWorkInProcess
|
8289652 | usd |
CY2023Q1 | us-gaap |
Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
|
66127534 | usd |
CY2022Q4 | us-gaap |
Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
|
63986339 | usd |
CY2023Q1 | us-gaap |
Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
|
20679739 | usd |
CY2022Q4 | us-gaap |
Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
|
20116696 | usd |
CY2023Q1 | us-gaap |
Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
|
45447795 | usd |
CY2022Q4 | us-gaap |
Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
|
43869643 | usd |
CY2023Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
563000 | usd |
CY2022Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
401000 | usd |
CY2023Q1 | empr |
Schedule Of Operating Lease Tabletextblock
ScheduleOfOperatingLeaseTabletextblock
|
<p id="xdx_892_ecustom--ScheduleOfOperatingLeaseTabletextblock_z026FuZHvBj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_8BE_zgGI7JyqsZ6d">Other property and equipment consists of operating lease assets, vehicles, office furniture, and equipment with lives ranging from three to five years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 9.5pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt"> </td><td style="font-size: 9.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9.5pt; font-weight: bold; text-align: center">March 31, 2023</td><td style="padding-bottom: 1pt; font-size: 9.5pt; font-weight: bold"> </td><td style="font-size: 9.5pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9.5pt; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1pt; font-size: 9.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left">Other property and equipment, at cost</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--PropertyPlantAndEquipmentOther_iI_c20230331_zvuBWF076Mg1" style="width: 12%; text-align: right" title="Other property and equipment, at cost">1,812,095</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%; font-size: 9.5pt"> </td> <td style="width: 1%; font-size: 9.5pt; text-align: left">$</td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentOther_iI_c20221231_zWGpa1e5j2He" style="width: 12%; font-size: 9.5pt; text-align: right" title="Other property and equipment, at cost">1,878,325</td><td style="width: 1%; font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_c20230331_zVM3X0Pw53Z" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(359,958</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-size: 9.5pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: left"> </td><td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_c20221231_zLqtDAyNovYh" style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: right" title="Less: accumulated depreciation">(436,796</td><td style="padding-bottom: 1pt; font-size: 9.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Other property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_c20230331_znl9uvOzgeA4" style="border-bottom: Black 2.5pt double; text-align: right" title="Other Property and Equipment, Net">1,452,137</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_c20221231_zQMNk1yDBW4j" style="border-bottom: Black 2.5pt double; text-align: right" title="Other Property and Equipment, Net">1,441,529</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> | |
CY2023Q1 | us-gaap |
Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
|
1812095 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
|
1878325 | usd |
CY2023Q1 | us-gaap |
Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
|
359958 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
|
436796 | usd |
CY2023Q1 | us-gaap |
Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
|
1452137 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
|
1441529 | usd |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
59000 | usd |
CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
34000 | usd |
CY2022Q4 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
25000740 | usd |
CY2021Q4 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
20640599 | usd |
CY2023Q1 | us-gaap |
Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
|
-68809 | usd |
CY2023Q1 | us-gaap |
Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
|
190375 | usd |
CY2023Q1 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
401275 | usd |
CY2022Q1 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
330000 | usd |
CY2023Q1 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
25142831 | usd |
CY2022Q1 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
20970599 | usd |
CY2023Q1 | us-gaap |
Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
|
-66823 | usd |
CY2022Q1 | us-gaap |
Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
|
-112321 | usd |
CY2023Q1 | us-gaap |
Oil And Gas Joint Interest Billing Receivables
OilAndGasJointInterestBillingReceivables
|
2957597 | usd |
CY2022Q4 | us-gaap |
Oil And Gas Joint Interest Billing Receivables
OilAndGasJointInterestBillingReceivables
|
3060341 | usd |
CY2023Q1 | empr |
Joint Interest Billing Receivables
JointInterestBillingReceivables
|
3422417 | usd |
CY2022Q4 | empr |
Joint Interest Billing Receivables
JointInterestBillingReceivables
|
2057719 | usd |
CY2022Q4 | empr |
Receivable From Former Ceo
ReceivableFromFormerCEO
|
2130614 | usd |
CY2023Q1 | us-gaap |
Other Receivables
OtherReceivables
|
124003 | usd |
CY2022Q4 | us-gaap |
Other Receivables
OtherReceivables
|
531565 | usd |
CY2023Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
6504017 | usd |
CY2022Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
7780239 | usd |
CY2023Q1 | us-gaap |
Recorded Third Party Environmental Recoveries Discount
RecordedThirdPartyEnvironmentalRecoveriesDiscount
|
3862829 | usd |
CY2022Q4 | us-gaap |
Recorded Third Party Environmental Recoveries Discount
RecordedThirdPartyEnvironmentalRecoveriesDiscount
|
4415311 | usd |
CY2023Q1 | us-gaap |
Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
|
957634 | usd |
CY2022Q4 | us-gaap |
Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
|
3299785 | usd |
CY2023Q1 | us-gaap |
Accrued Income Taxes
AccruedIncomeTaxes
|
650043 | usd |
CY2022Q4 | us-gaap |
Accrued Income Taxes
AccruedIncomeTaxes
|
500481 | usd |
CY2023Q1 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
208898 | usd |
CY2022Q4 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
208898 | usd |
CY2023Q1 | us-gaap |
Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
|
601058 | usd |
CY2022Q4 | us-gaap |
Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
|
1036535 | usd |
CY2023Q1 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
6280462 | usd |
CY2022Q4 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
9461010 | usd |
CY2023Q1 | empr |
Schedule Of Unamortize Expense Table Textblock
ScheduleOfUnamortizeExpenseTableTextblock
|
<p id="xdx_89E_ecustom--ScheduleOfUnamortizeExpenseTableTextblock_ziGIoalIgTDl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_8B1_zbYmHVGKoUC4">The following table represents the Company’s outstanding debt as of March 31, 2023 and December 31, 2022:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 9.5pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom; font-weight: bold"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As of<br/> March 31, 2023</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As of<br/> December 31, 2022</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; font-weight: bold"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; font-weight: bold"> <td style="width: 56%; text-align: left"><span style="font-style: normal; font-weight: normal">Senior Revolver Loan Agreement</span></td><td style="width: 8%"><span style="font-style: normal; font-weight: normal"> </span></td> <td style="width: 1%; text-align: left"><span style="font-style: normal; font-weight: normal">$</span></td><td id="xdx_98F_ecustom--NotesPayableCurrentNonCurrent_iI_c20230331__us-gaap--PlanNameAxis__custom--SeniorRevolverLoanAgreementMember_zpShyUpUaTF7" style="width: 12%; text-align: right" title="Notes payable current non current"><span style="font-style: normal; font-weight: normal">5,369,500</span></td><td style="width: 1%; text-align: left"><span style="font-style: normal; font-weight: normal"> </span></td><td style="width: 8%"><span style="font-style: normal; font-weight: normal"> </span></td> <td style="width: 1%; text-align: left"><span style="font-style: normal; font-weight: normal">$</span></td><td id="xdx_988_ecustom--NotesPayableCurrentNonCurrent_iI_c20221231__us-gaap--PlanNameAxis__custom--SeniorRevolverLoanAgreementMember_zKeEarbhWIr6" style="width: 12%; text-align: right" title="Notes payable current non current"><span style="font-style: normal; font-weight: normal">5,869,500</span></td><td style="width: 1%; text-align: left"><span style="font-style: normal; font-weight: normal"> </span></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Long Term Note Payable – Related Party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--LongTermDebtCurrent_iI_c20230331__us-gaap--PlanNameAxis__custom--LongTermNotePayableMember_zk8YOANcneZf" style="text-align: right" title="Long term debt">1,073,376</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtCurrent_iI_c20221231__us-gaap--PlanNameAxis__custom--LongTermNotePayableMember_zkrKag7gNAPh" style="text-align: right" title="Long term debt">1,076,987</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Equipment and vehicle notes, <span id="xdx_906_ecustom--EquipmentAndVehicleNotes_iI_pid_dp_uPure_c20230331__srt--RangeAxis__srt--MinimumMember_zjTTCyyuERn8">0</span>% to <span id="xdx_907_ecustom--EquipmentAndVehicleNotes_iI_pid_dp_uPure_c20230331__srt--RangeAxis__srt--MaximumMember_zxtmqnAqIeBi" title="Equipment and vehicle notes">9.0</span>% interest rates, due in 2025 to 2027 with monthly payments ranging from $<span id="xdx_90E_ecustom--MonthlyPayments_iI_c20230331__srt--RangeAxis__srt--MinimumMember_zifheA6DsYTe" title="Monthly payments">400</span> to $<span id="xdx_90C_ecustom--MonthlyPayments_iI_c20230331__srt--RangeAxis__srt--MaximumMember_zNItrJgcsFTi" title="Monthly payments">1,400</span> per month</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--NotesPayableCurrentNonCurrent_iI_c20230331__us-gaap--PlanNameAxis__custom--VariousVehicleandEquipmentLoansMember_zLRDJYkxOYK8" style="text-align: right" title="Notes payable current non current">296,994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--NotesPayableCurrentNonCurrent_iI_c20221231__us-gaap--PlanNameAxis__custom--VariousVehicleandEquipmentLoansMember_zIcI1hSV6XMe" style="text-align: right" title="Notes payable current non current">252,924</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Note Payable to insurance provider, bears <span id="xdx_903_ecustom--NotePayableToInsuranceProvider_iI_pid_dp_uPure_c20230331_zI6WMhI1Ur5g" title="Note payable to insurance provider">5.78</span>% <br/> interest, matures January 2024, monthly payments <br/> of principal and interest of $<span id="xdx_908_ecustom--MonthlyPaymentsOfPrincipalAndInterest_iI_c20230331_zc7QFFCuW29" title="Monthly payments of principal and interest">46,928</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--NotesPayableCurrentNonCurrent_iI_c20230331__us-gaap--PlanNameAxis__custom--NotePayableToInsuranceMember_zAKk5iJTDTTa" style="border-bottom: Black 1pt solid; text-align: right" title="Notes payable current non current">409,242</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--NotesPayableCurrentNonCurrent_iI_c20221231__us-gaap--PlanNameAxis__custom--NotePayableToInsuranceMember_zxxCIthoj9n" style="border-bottom: Black 1pt solid; text-align: right" title="Notes payable current non current"><span style="-sec-ix-hidden: xdx2ixbrl0661">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Total debt</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--TotalDebtCurrentnoncurrent_iI_c20230331_zEc8BK6oSXZg" style="text-align: right" title="Total Debt">7,149,112</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--TotalDebtCurrentnoncurrent_iI_c20221231_zvoSDZ5nEFE" style="text-align: right" title="Total Debt">7,199,411</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Less: Current maturities</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--NotesPayableCurrentMaturities_iI_c20230331_zfgaWxRVwL4c" style="text-align: right" title="Less Current maturities">(2,481,236</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--NotesPayableCurrentMaturities_iI_c20221231_zrkcQHDFpqt5" style="text-align: right" title="Less Current maturities">(2,059,309</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less: Long Term Note Payable – Related Party</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermNotesPayable_iNI_di_c20230331_z4yb2eGhh0Bb" style="border-bottom: Black 1pt solid; text-align: right" title="Less Long Term Note Payable Related Party">(1,073,376</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermNotesPayable_iNI_di_c20221231_zap5klfjLbTc" style="border-bottom: Black 1pt solid; text-align: right" title="Less Long Term Note Payable Related Party">(1,076,987</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Long-Term debt</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--LongTermDebtCurrent_iI_c20230331_zRtOUjY7utnj" style="border-bottom: Black 2.5pt double; text-align: right" title="Long Term Debt">3,594,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iI_c20221231_zNSUakJDW0D3" style="border-bottom: Black 2.5pt double; text-align: right" title="Long Term Debt">4,063,115</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> | |
CY2023Q1 | empr |
Note Payable To Insurance Provider
NotePayableToInsuranceProvider
|
0.0578 | pure |
CY2023Q1 | empr |
Monthly Payments Of Principal And Interest
MonthlyPaymentsOfPrincipalAndInterest
|
46928 | usd |
CY2023Q1 | empr |
Total Debt Currentnoncurrent
TotalDebtCurrentnoncurrent
|
7149112 | usd |
CY2022Q4 | empr |
Total Debt Currentnoncurrent
TotalDebtCurrentnoncurrent
|
7199411 | usd |
CY2023Q1 | empr |
Notes Payable Current Maturities
NotesPayableCurrentMaturities
|
-2481236 | usd |
CY2022Q4 | empr |
Notes Payable Current Maturities
NotesPayableCurrentMaturities
|
-2059309 | usd |
CY2023Q1 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
1073376 | usd |
CY2022Q4 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
1076987 | usd |
CY2023Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
3594500 | usd |
CY2022Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
4063115 | usd |
CY2023Q1 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
77600 | usd |
CY2022Q1 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
60000 | usd |
CY2023Q1 | empr |
Cash Paid
CashPaid
|
78400 | usd |
CY2022Q1 | empr |
Cash Paid
CashPaid
|
59000 | usd |
CY2023Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
821024 | usd |
CY2022Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
978548 | usd |
CY2023Q1 | us-gaap |
Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
|
256975 | usd |
CY2022Q4 | us-gaap |
Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
|
256975 | usd |
CY2023Q1 | us-gaap |
Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
|
519852 | usd |
CY2022Q4 | us-gaap |
Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
|
547692 | usd |
CY2023Q1 | empr |
Total Right Of Use Lease Liabilities
TotalRightOfUseLeaseLiabilities
|
776827 | usd |
CY2022Q4 | empr |
Total Right Of Use Lease Liabilities
TotalRightOfUseLeaseLiabilities
|
804667 | usd |
CY2023Q1 | us-gaap |
Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
|
323959 | usd |
CY2023Q1 | us-gaap |
Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
|
311849 | usd |
CY2023Q1 | us-gaap |
Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
|
187852 | usd |
CY2023Q1 | empr |
Capital Leases Future Minimum Payments Due In Six Years
CapitalLeasesFutureMinimumPaymentsDueInSixYears
|
37200 | usd |
CY2023Q1 | empr |
Capital Leases Future Minimum Payments Due In Seven Years
CapitalLeasesFutureMinimumPaymentsDueInSevenYears
|
3100 | usd |
CY2023Q1 | us-gaap |
Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
|
863960 | usd |
CY2023Q1 | us-gaap |
Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
|
87133 | usd |
CY2023Q1 | us-gaap |
Capital Lease Obligations
CapitalLeaseObligations
|
776827 | usd |
CY2023Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
190000000 | shares |
CY2023Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
CY2023Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q1 | us-gaap |
Preferred Stock Voting Rights
PreferredStockVotingRights
|
the voting rights of the Series A Voting Preferred Stock are contingent upon the Initial Holder and Permitted Transferees (collectively, the “Series A Holders”) holding together at least 3,000,000 shares of the Company’s outstanding common stock. | |
CY2022Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
2348009 | shares |
CY2022Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
224288 | shares |
CY2022Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
15.42 | |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
11089 | shares |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
|
11.82 | |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
|
36701 | shares |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
|
15.32 | |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
176498 | shares |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
15.66 | |
CY2022Q4 | empr |
Outstanding At Beginning
OutstandingAtBeginning
|
2379700 | shares |
CY2022Q4 | empr |
Weighted Average Exercise Price Beginning
WeightedAverageExercisePriceBeginning
|
3.31 | |
CY2023Q1 | empr |
Options Cancelled
OptionsCancelled
|
-373234 | shares |
CY2023Q1 | empr |
Weighted Average Exercise Price Cancelled
WeightedAverageExercisePriceCancelled
|
3.29 | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
2006466 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.91 | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
2006466 | shares |
CY2023Q1 | empr |
Options Exercisable Weighted Average Exercise Price
OptionsExercisableWeightedAverageExercisePrice
|
2.91 | |
CY2023Q1 | empr |
Options Exercisable Ending
OptionsExercisableEnding
|
1828960 | shares |
CY2023Q1 | empr |
Options Exercisable Weighted Average Exercise Price Ending
OptionsExercisableWeightedAverageExercisePriceEnding
|
2.18 | |
CY2023Q1 | empr |
Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount1
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount1
|
-516514 | usd |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2022Q1 | empr |
Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount1
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount1
|
760920 | usd |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2023Q1 | us-gaap |
Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
|
-118333 | usd |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.048 | pure |
CY2022Q1 | us-gaap |
Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
|
175736 | usd |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.049 | pure |
CY2023Q1 | us-gaap |
Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
|
-2460 | usd |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
|
0.001 | pure |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
|
0.000 | pure |
CY2023Q1 | empr |
Income Tax Reconciliation Valuation Allowance
IncomeTaxReconciliationValuationAllowance
|
637307 | usd |
CY2023Q1 | empr |
Valuation Allowance
ValuationAllowance
|
-0.259 | pure |
CY2022Q1 | empr |
Income Tax Reconciliation Valuation Allowance
IncomeTaxReconciliationValuationAllowance
|
-936656 | usd |
CY2022Q1 | empr |
Valuation Allowance
ValuationAllowance
|
-0.259 | pure |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0 | pure |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0 | pure |
CY2023Q1 | empr |
Percentage Of Ownership
PercentageOfOwnership
|
0.24 | pure |