2017 Q2 Form 10-K Financial Statement

#000100665518000045 Filed on September 10, 2018

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2017
Revenue $8.836M $9.525M $34.48M
YoY Change 22.03% 86.53% 30.87%
Cost Of Revenue $3.390M $2.810M $10.84M
YoY Change 67.0% 27.73% 18.64%
Gross Profit $5.450M $6.710M $23.65M
YoY Change 4.61% 131.38% 37.36%
Gross Profit Margin 61.68% 70.44% 68.58%
Selling, General & Admin $1.230M $1.280M $4.985M
YoY Change -59.41% -44.35% -45.09%
% of Gross Profit 22.57% 19.08% 21.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.630M $1.523M $5.719M
YoY Change 33.61% 20.07% 10.73%
% of Gross Profit 29.91% 22.7% 24.18%
Operating Expenses $2.860M $5.632M $21.60M
YoY Change -32.86% -2.69% -12.48%
Operating Profit $2.584M $3.893M $12.88M
YoY Change 170.62% -671.57% 673.49%
Interest Expense -$10.00K $20.32K $81.76K
YoY Change -98.48% 44.75% 15.24%
% of Operating Profit -0.39% 0.52% 0.63%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $2.570M $3.937M $12.88M
YoY Change -90.95% -2049.71% -62.36%
Income Tax $1.070M $1.518M $4.841M
% Of Pretax Income 41.63% 38.56% 37.57%
Net Earnings $1.500M $2.419M $8.044M
YoY Change -92.81% -1966.51% -67.38%
Net Earnings / Revenue 16.98% 25.4% 23.33%
Basic Earnings Per Share $0.05 $0.07 $0.21
Diluted Earnings Per Share $0.07 $0.07 $0.21
COMMON SHARES
Basic Shares Outstanding 33.06M shares 33.06M shares 33.03M shares
Diluted Shares Outstanding 33.12M shares 33.11M shares

Balance Sheet

Concept 2017 Q2 2017 Q1 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.03M $20.22M $23.03M
YoY Change -32.42% 44.33% -32.42%
Cash & Equivalents $23.03M $20.22M $23.03M
Short-Term Investments
Other Short-Term Assets $390.0K $230.0K $387.7K
YoY Change 5.41% -8.0% 4.44%
Inventory
Prepaid Expenses
Receivables $2.723M $3.354M $2.723M
Other Receivables $3.822K $7.821K $3.820K
Total Short-Term Assets $26.14M $24.34M $26.14M
YoY Change -29.51% 45.2% -29.51%
LONG-TERM ASSETS
Property, Plant & Equipment $61.83M $62.82M $61.83M
YoY Change 3.05% 17.03% 3.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $110.0K $110.0K $108.8K
YoY Change 0.0% 0.0% 0.0%
Other Assets $295.4K $110.0K $98.47K
YoY Change -19.18% 450.0% -36.48%
Total Long-Term Assets $62.13M $63.13M $62.13M
YoY Change 2.92% 17.1% 2.92%
TOTAL ASSETS
Total Short-Term Assets $26.14M $24.34M $26.14M
Total Long-Term Assets $62.13M $63.13M $62.13M
Total Assets $88.27M $87.47M $88.27M
YoY Change -9.42% 23.76% -9.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.994M $1.707M $1.994M
YoY Change -65.67% -77.13% -65.67%
Accrued Expenses $724.6K $694.1K $580.9K
YoY Change -65.46% -43.38% -78.64%
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 $2.719M $2.859M $2.719M
YoY Change -68.12% -67.68% -68.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.250M $810.0K $1.254M
YoY Change 64.47% 15.71% 64.89%
Total Long-Term Liabilities $1.250M $810.0K $1.254M
YoY Change 64.47% 15.71% 64.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.719M $2.859M $2.719M
Total Long-Term Liabilities $1.250M $810.0K $1.254M
Total Liabilities $19.80M $18.48M $19.80M
YoY Change -6.3% -9.33% -6.3%
SHAREHOLDERS EQUITY
Retained Earnings $27.47M $28.29M
YoY Change -5.64% 181.66%
Common Stock $33.09K $33.06K
YoY Change 0.55% 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.47M $68.98M $68.47M
YoY Change
Total Liabilities & Shareholders Equity $88.27M $87.47M $88.27M
YoY Change -9.42% 23.76% -9.42%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2017
OPERATING ACTIVITIES
Net Income $1.500M $2.419M $8.044M
YoY Change -92.81% -1966.51% -67.38%
Depreciation, Depletion And Amortization $1.630M $1.523M $5.719M
YoY Change 33.61% 20.07% 10.73%
Cash From Operating Activities $5.140M $5.500M $16.49M
YoY Change -79.34% 336.51% -46.2%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$2.120M -$10.19M
YoY Change -99.33% -40.11% -51.71%
Acquisitions
YoY Change
Other Investing Activities $50.00K $0.00 $0.00
YoY Change -58.33% -100.0% -100.0%
Cash From Investing Activities -$10.00K -$2.120M -$10.46M
YoY Change -99.89% 33.33% -40.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $459.9K
YoY Change -66.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.320M -2.310M -$17.08M
YoY Change -158.29% 16.08% -1925.54%
NET CHANGE
Cash From Operating Activities 5.140M 5.500M $16.49M
Cash From Investing Activities -10.00K -2.120M -$10.46M
Cash From Financing Activities -2.320M -2.310M -$17.08M
Net Change In Cash 2.810M 1.070M -$11.05M
YoY Change -86.0% -146.12% -179.16%
FREE CASH FLOW
Cash From Operating Activities $5.140M $5.500M $16.49M
Capital Expenditures -$60.00K -$2.120M -$10.19M
Free Cash Flow $5.200M $7.620M $26.68M
YoY Change -84.61% 58.75% -48.45%

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CY2017 srt Proved Developed And Undeveloped Reserve Revision Of Previous Estimate Energy
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CY2018 srt Proved Developed And Undeveloped Reserve Revision Of Previous Estimate Energy
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CY2016 srt Proved Developed And Undeveloped Reserves Sale Of Mineral In Place Energy
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0 Boe
CY2017 srt Proved Developed And Undeveloped Reserves Sale Of Mineral In Place Energy
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0 Boe
CY2018 srt Proved Developed And Undeveloped Reserves Sale Of Mineral In Place Energy
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CY2016Q2 srt Proved Developed Reserves Boe1
ProvedDevelopedReservesBOE1
7168249 Boe
CY2017Q2 srt Proved Developed Reserves Boe1
ProvedDevelopedReservesBOE1
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CY2018Q2 srt Proved Developed Reserves Boe1
ProvedDevelopedReservesBOE1
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CY2016Q2 srt Proved Undeveloped Reserve Boe1
ProvedUndevelopedReserveBOE1
3655172 Boe
CY2017Q2 srt Proved Undeveloped Reserve Boe1
ProvedUndevelopedReserveBOE1
2108186 Boe
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-18821014 USD
CY2017 srt Revisions Of Previous Quantity Estimates
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23649087 USD
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29087710 USD
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622141 USD
CY2017 srt Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Other
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4966981 USD
CY2018 srt Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Other
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-10019979 USD
CY2016 srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
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21870650 USD
CY2017 srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
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10086904 USD
CY2018 srt Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
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11089455 USD
CY2015Q2 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
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CY2016Q2 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
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CY2018Q2 srt Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
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CY2017Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2018 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
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19093200 USD
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7554579 USD
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5429985 USD
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0 USD
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0 USD
CY2018 us-gaap Costs Incurred Exploration Costs
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CY2016 us-gaap Current Federal Tax Expense Benefit
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CY2016 us-gaap Current State And Local Tax Expense Benefit
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264254 USD
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CY2018 us-gaap Current State And Local Tax Expense Benefit
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0 USD
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1371 USD
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23824 USD
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23172865 USD
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OperatingIncomeLoss
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250990 USD
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250990 USD
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0 USD
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33 USD
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32 USD
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0 USD
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112816 USD
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40689 USD
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2751289 USD
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0 USD
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0 USD
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11089 USD
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34484896 USD
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10249566 USD
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1180618 USD
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ShareBasedCompensation
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0.033
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0.035
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0.349
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0.378
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0.0146
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0103
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P3Y9M29D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P2Y9M29D
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
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32 USD
CY2018 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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0 USD
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StockIssuedDuringPeriodValueStockOptionsExercised
127500 USD
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32810375 shares
CY2017 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
77156 USD
CY2017 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
7932975 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
48576577 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
76321150 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
68469855 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
77289479 USD
CY2017Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
CY2018Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
122760 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1263402 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
537014 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
571083 USD
CY2016 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
124106 USD
CY2017 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-14132 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
50856 shares
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
76080 shares
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
52066 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32861231 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33110560 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33178535 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33034480 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33126469 shares
CY2016 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
50414 USD
CY2017 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2018 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative assets and liabilities, (e) income taxes and the valuation of deferred tax assets and (f) commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.</font></div></div>

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