2019 Q2 Form 10-K Financial Statement

#000100665520000015 Filed on September 10, 2020

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2019
Revenue $10.37M $9.501M $43.23M
YoY Change -9.22% -7.3% 6.02%
Cost Of Revenue $3.563M $3.793M $14.27M
YoY Change 23.29% 16.35% 22.09%
Gross Profit $6.810M $5.708M $28.96M
YoY Change -18.93% -17.16% -0.43%
Gross Profit Margin 65.65% 60.08% 67.0%
Selling, General & Admin $1.312M $1.197M $5.073M
YoY Change -22.81% -34.95% -25.11%
% of Gross Profit 19.27% 20.97% 17.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.547M $1.558M $6.253M
YoY Change 0.43% 12.65% 2.47%
% of Gross Profit 22.71% 27.3% 21.59%
Operating Expenses $2.855M $6.548M $25.59M
YoY Change -11.33% 0.93% 4.2%
Operating Profit $3.955M $2.953M $17.64M
YoY Change -23.68% -19.39% 8.79%
Interest Expense $37.82K $28.79K $116.5K
YoY Change -478.2% -5.69% 5.2%
% of Operating Profit 0.96% 0.97% 0.66%
Other Income/Expense, Net
YoY Change
Pretax Income $3.993M $2.990M $18.86M
YoY Change -22.91% -18.17% 16.51%
Income Tax $715.2K $591.1K $3.500M
% Of Pretax Income 17.91% 19.77% 18.56%
Net Earnings $3.278M $2.399M $15.38M
YoY Change -27.64% -21.82% -21.62%
Net Earnings / Revenue 31.6% 25.25% 35.57%
Basic Earnings Per Share $0.10 $0.07 $0.46
Diluted Earnings Per Share $0.10 $0.07 $0.46
COMMON SHARES
Basic Shares Outstanding 33.19M shares 33.19M shares 33.16M shares
Diluted Shares Outstanding 33.20M shares 33.17M shares

Balance Sheet

Concept 2019 Q2 2019 Q1 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.55M $29.55M $31.55M
YoY Change 26.56% 8.68% 26.57%
Cash & Equivalents $31.55M $29.55M $31.55M
Short-Term Investments
Other Short-Term Assets $458.3K $679.9K $458.3K
YoY Change -85.99% -1.47% -86.01%
Inventory
Prepaid Expenses $458.3K
Receivables $3.168M $3.687M $3.168M
Other Receivables $0.00 $47.00 $0.00
Total Short-Term Assets $35.18M $33.92M $35.18M
YoY Change 9.43% 6.59% 9.43%
LONG-TERM ASSETS
Property, Plant & Equipment $60.37M $61.35M $60.37M
YoY Change -1.46% 2.9% -1.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $108.8K $108.8K $108.8K
YoY Change -1.14% -1.14% 0.0%
Other Assets $210.0K $30.83K $27.05K
YoY Change -14.21% -48.62% -35.9%
Total Long-Term Assets $60.58M $61.57M $60.58M
YoY Change -1.52% 2.85% -1.52%
TOTAL ASSETS
Total Short-Term Assets $35.18M $33.92M $35.18M
Total Long-Term Assets $60.58M $61.57M $60.58M
Total Assets $95.76M $95.49M $95.76M
YoY Change 2.24% 4.15% 2.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.084M $2.124M $2.084M
YoY Change -39.28% -23.78% -39.28%
Accrued Expenses $537.8K $571.0K $517.8K
YoY Change -38.53% -9.17% -40.64%
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 $2.753M $2.795M $2.753M
YoY Change -37.87% -18.17% -37.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.561M $1.533M $1.561M
YoY Change 12.27% 16.14% 12.48%
Total Long-Term Liabilities $1.561M $1.533M $1.561M
YoY Change 12.27% 16.14% 12.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.753M $2.795M $2.753M
Total Long-Term Liabilities $1.561M $1.533M $1.561M
Total Liabilities $15.64M $15.52M $15.64M
YoY Change -4.5% 0.18% -4.5%
SHAREHOLDERS EQUITY
Retained Earnings $37.60M $37.64M
YoY Change 5.93% 9.83%
Common Stock $33.18K $33.19K
YoY Change 0.31% 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.13M $79.97M $80.13M
YoY Change
Total Liabilities & Shareholders Equity $95.76M $95.49M $95.76M
YoY Change 2.24% 4.15% 2.24%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2019
OPERATING ACTIVITIES
Net Income $3.278M $2.399M $15.38M
YoY Change -27.64% -21.82% -21.62%
Depreciation, Depletion And Amortization $1.547M $1.558M $6.253M
YoY Change 0.43% 12.65% 2.47%
Cash From Operating Activities $5.725M $4.189M $24.06M
YoY Change -4.9% -22.71% 17.15%
INVESTING ACTIVITIES
Capital Expenditures -$386.0K -$1.321M -$6.758M
YoY Change -80.99% 103.18% 82.7%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$386.0K -$1.321M -$6.758M
YoY Change -81.17% 103.18% 81.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $156.8K
YoY Change -72.54%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.337M -3.319M -$13.43M
YoY Change -4.39% -0.04% 10.38%
NET CHANGE
Cash From Operating Activities 5.725M 4.189M $24.06M
Cash From Investing Activities -386.0K -1.321M -$6.758M
Cash From Financing Activities -3.337M -3.319M -$13.43M
Net Change In Cash 2.002M -450.4K $3.871M
YoY Change 317.11% -131.06% -16.8%
FREE CASH FLOW
Cash From Operating Activities $5.725M $4.189M $24.06M
Capital Expenditures -$386.0K -$1.321M -$6.758M
Free Cash Flow $6.111M $5.510M $30.82M
YoY Change -24.09% -9.23% 27.15%

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0 USD
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0 USD
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0 USD
CY2020 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
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CY2019 us-gaap Operating Income Loss
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84978 USD
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CY2020Q2 us-gaap Operating Lease Right Of Use Asset
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CY2020Q2 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
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11556 USD
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210033 USD
CY2020Q2 us-gaap Other Assets Noncurrent
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291618 USD
CY2019 us-gaap Other Operating Activities Cash Flow Statement
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15156 USD
CY2020 us-gaap Other Operating Activities Cash Flow Statement
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39783 USD
CY2019 us-gaap Payments For Repurchase Of Common Stock
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CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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CY2019 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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CY2020 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
10740754 USD
CY2019 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
0 USD
CY2020 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
9337716 USD
CY2019 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
11509 USD
CY2020 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
0 USD
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
458278 USD
CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
491686 USD
CY2019Q2 us-gaap Prepaid Insurance
PrepaidInsurance
206198 USD
CY2020Q2 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2019Q2 us-gaap Prepaid Taxes
PrepaidTaxes
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CY2020Q2 us-gaap Prepaid Taxes
PrepaidTaxes
86208 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60372884 USD
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
66529920 USD
CY2019Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
154731 USD
CY2020Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
154731 USD
CY2019Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
128313 USD
CY2020Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
137092 USD
CY2019Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
26418 USD
CY2020Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
17639 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
37603762 USD
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
32800080 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2018Q3 us-gaap Revenues
Revenues
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CY2018Q4 us-gaap Revenues
Revenues
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CY2019Q1 us-gaap Revenues
Revenues
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CY2019Q2 us-gaap Revenues
Revenues
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CY2019Q3 us-gaap Revenues
Revenues
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CY2019Q4 us-gaap Revenues
Revenues
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CY2020Q1 us-gaap Revenues
Revenues
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CY2020Q2 us-gaap Revenues
Revenues
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
161125 USD
CY2019Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
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CY2020Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
108000 USD
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
888162 USD
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
1285663 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
77289479 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
80125858 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
74124482 USD
CY2019Q2 us-gaap Taxes Payable Current
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130799 USD
CY2020Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2019 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
8.51
CY2020 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
5.52
CY2019 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
18424 shares
CY2020 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
449921 shares
CY2019 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
156791 USD
CY2020 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2483357 USD
CY2019 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
0 USD
CY2020 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1911343 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33169718 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33033091 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33160283 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33031149 shares
CY2020 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;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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