$EPSN
Epsilon Energy Ltd.

2024 Q1 Form 10-K Financial Statement

#000155837024003645 Filed on March 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $7.987M $8.563M $30.73M
YoY Change -14.64% -43.72% -56.08%
Cost Of Revenue $2.321M $2.606M $8.865M
YoY Change 12.91% 26.0% -5.86%
Gross Profit $5.666M $5.957M $21.86M
YoY Change -22.39% -54.69% -63.89%
Gross Profit Margin 70.94% 69.56% 71.15%
Selling, General & Admin $1.881M $1.352M $7.312M
YoY Change -14.66% -27.25% -0.48%
% of Gross Profit 33.19% 22.69% 33.44%
Research & Development $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit 0.0% 0.0%
Depreciation & Amortization $2.380M $2.905M $7.685M
YoY Change 34.26% 88.7% 19.36%
% of Gross Profit 42.01% 48.77% 35.15%
Operating Expenses $4.261M $4.256M $15.00M
YoY Change 7.15% 25.18% 8.71%
Operating Profit $1.405M $1.701M $5.418M
YoY Change -57.74% -82.55% -88.47%
Interest Expense $8.760K $1.813M $80.38K
YoY Change -69.2% 8.62% 58.28%
% of Operating Profit 0.62% 106.62% 1.48%
Other Income/Expense, Net $156.3K -$810.00 $4.727M
YoY Change -89.8% -288.37% 777.53%
Pretax Income $1.561M $3.513M $10.15M
YoY Change -67.86% -69.23% -78.65%
Income Tax $54.05K $917.2K $3.200M
% Of Pretax Income 3.46% 26.11% 31.55%
Net Earnings $1.507M $2.596M $6.945M
YoY Change -57.31% -72.26% -80.36%
Net Earnings / Revenue 18.87% 30.32% 22.6%
Basic Earnings Per Share $0.07 $0.31
Diluted Earnings Per Share $0.07 $0.12 $0.31
COMMON SHARES
Basic Shares Outstanding 21.91M 22.16M 22.50M
Diluted Shares Outstanding 21.99M 22.51M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.55M $32.18M $32.18M
YoY Change -70.46% -28.87% -28.87%
Cash & Equivalents $2.309M $13.40M $13.40M
Short-Term Investments $12.24M $18.78M $18.78M
Other Short-Term Assets $619.5K $763.3K $2.935M
YoY Change 24.72% 20.74% -3.01%
Inventory
Prepaid Expenses
Receivables $5.062M $6.015M $6.015M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.60M $41.13M $41.13M
YoY Change -59.99% -25.85% -25.85%
LONG-TERM ASSETS
Property, Plant & Equipment $101.2M $80.19M $80.63M
YoY Change 50.44% 18.22% 18.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $2.284M $2.284M
YoY Change 57.53% 300.42% 300.42%
Total Long-Term Assets $102.5M $82.91M $82.91M
YoY Change 49.93% 21.22% 21.22%
TOTAL ASSETS
Total Short-Term Assets $22.60M $41.13M $41.13M
Total Long-Term Assets $102.5M $82.91M $82.91M
Total Assets $125.1M $124.0M $124.0M
YoY Change 0.2% 0.15% 0.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.215M $3.149M $3.149M
YoY Change 69.14% 85.76% 85.77%
Accrued Expenses $4.415M $3.205M $3.205M
YoY Change 158.26% 39.28% 39.28%
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 $9.668M $7.896M $7.896M
YoY Change 69.47% 26.95% 26.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.009M $3.980M $3.980M
YoY Change 19.93% 43.15% 43.15%
Total Long-Term Liabilities $15.54M $15.53M $3.980M
YoY Change 11.41% 15.94% 43.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.668M $7.896M $7.896M
Total Long-Term Liabilities $15.54M $15.53M $3.980M
Total Liabilities $25.21M $23.43M $23.43M
YoY Change 28.27% 19.44% 19.44%
SHAREHOLDERS EQUITY
Retained Earnings -$37.81M -$37.95M
YoY Change 1.71% -3.42%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.86M $100.6M $100.6M
YoY Change
Total Liabilities & Shareholders Equity $125.1M $124.0M $124.0M
YoY Change 0.2% 0.15% 0.15%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.507M $2.596M $6.945M
YoY Change -57.31% -72.26% -80.36%
Depreciation, Depletion And Amortization $2.380M $2.905M $7.685M
YoY Change 34.26% 88.7% 19.36%
Cash From Operating Activities $3.691M $3.828M $18.19M
YoY Change -51.29% -55.43% -52.14%
INVESTING ACTIVITIES
Capital Expenditures $20.34M $2.666M $18.65M
YoY Change 2500.56% 22.73% 131.05%
Acquisitions
YoY Change
Other Investing Activities $8.562M $1.402M -$19.74M
YoY Change -128.41% -9969.15%
Cash From Investing Activities -$11.78M -$1.264M -$38.38M
YoY Change -61.89% -41.8% 387.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.056M
YoY Change -2.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.574M -1.683M -11.73M
YoY Change -7.4% 16.96% 3.38%
NET CHANGE
Cash From Operating Activities 3.691M 3.828M 18.19M
Cash From Investing Activities -11.78M -1.264M -38.38M
Cash From Financing Activities -2.574M -1.683M -11.73M
Net Change In Cash -10.66M 880.6K -31.93M
YoY Change -59.18% -82.31% -270.39%
FREE CASH FLOW
Cash From Operating Activities $3.691M $3.828M $18.19M
Capital Expenditures $20.34M $2.666M $18.65M
Free Cash Flow -$16.65M $1.162M -$457.8K
YoY Change -345.06% -81.89% -101.53%

Facts In Submission

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CY2022 us-gaap Payments To Acquire Oil And Gas Equipment
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CY2023 epsn Payments To Acquire Land Buildings And Other Property Plant And Equipment
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CY2022 epsn Payments To Acquire Land Buildings And Other Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Held To Maturity Securities
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CY2022 us-gaap Proceeds From Sale Of Short Term Investments
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CY2022 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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CY2022 epsn Prepaid Drilling Costs
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 epsn Change In Gathering System Accrued In Accounts Payable And Accrued Liabilities
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CY2022 epsn Asset Retirement Obligation Asset Additions
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CY2023 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">1. Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Epsilon Energy Ltd. (the “Company” or “Epsilon” or “we”) was incorporated under the laws of the Province of Alberta, Canada on March 14, 2005. On February 14, 2019, Epsilon’s registration statement on Form 10 was declared effective by the United States Securities and Exchange Commission and on February 19, 2019, we began trading in the United States on the NASDAQ Global Market under the trading symbol “EPSN.” Epsilon is a North American on-shore focused independent natural gas and oil company engaged in the acquisition, development, gathering and production of natural gas and oil reserves.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p>
CY2023 dei Entity Incorporation Date Of Incorporation
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2005-03-14
CY2023 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved natural gas reserves and related cash flow estimates used in impairment tests of oil and natural gas and gathering system properties, asset retirement obligations, accrued natural gas and oil revenues and operating expenses, accrued gathering system revenues and operating expenses, as well as the valuation of commodity derivative instruments. Actual results could differ from those estimates.</p>
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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45806947
CY2023 epsn Asset Development Costs Capitalization Percentage
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short term investments, accounts receivable and derivative contracts. Exposure to credit risk associated with these instruments is controlled by (i) placing assets and other financial interests with credit-worthy financial institutions, (ii) maintaining policies over credit extension that include the evaluation of customers’ financial condition and monitoring paying history, although the Company does not have collateral requirements and (iii) netting derivative assets and liabilities for counterparties with a legal right of offset. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">At December 31, 2023 and 2022, the cash and cash equivalents and short term investments were primarily concentrated in one financial institution the U.S. We currently have $15.6 million in excess of the federally insured limits. The Company periodically assesses the financial condition of these institutions and believe that any possible credit risk is minimal. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">For the year ended December 31, 2023, the Company had four customers that accounted for 90.7% of the total trade accounts receivable. For the year ended December 31, 2022, the Company had three customers that accounted for 95.7% of the total trade accounts receivable.</p>
CY2022Q4 epsn Number Of Financial Institutions
NumberOfFinancialInstitutions
1
CY2023Q4 epsn Number Of Financial Institutions
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1
CY2023Q4 us-gaap Cash Uninsured Amount
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CY2023 epsn Geographic Locations Of Operations Policy Policy Text Bock
GeographicLocationsOfOperationsPolicyPolicyTextBock
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Geographic Locations of Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Approximately 77% and 88% of our revenue during fiscal years 2023 and 2022, respectively, was derived from natural gas production and gathering system revenues in the state of Pennsylvania. As a result of prolonged weak pricing in Zone 4 of the Tennessee Gas Pipeline and, therefore, a reduced pace of development, Epsilon’s management is striving to allocate capital to additional upstream opportunities outside of the Marcellus Shale. More specifically, the Company has allocated capital to the Permian Basin through its investments in New Mexico and Texas. Epsilon’s management expects to continue to seek opportunities outside of the Marcellus Shale in order to provide the Company the flexibility to respond to market conditions by allocating capital across multiple basins and commodities. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As a result of this geographic concentration, we may be disproportionately exposed to the effect of regional supply and demand factors, delays or interruptions of production from wells in this area caused by governmental regulation, processing or transportation capacity constraints, market limitations, weather events or interruption of the processing or transportation of crude oil or natural gas.</p>
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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CY2022Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
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CY2022Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
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Land
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CY2022Q4 us-gaap Land
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CY2023Q4 epsn Property Plant And Equipment Excluding Land
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CY2022Q4 epsn Property Plant And Equipment Excluding Land
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q4 epsn Number Of Asset Acquisitions
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2022 us-gaap Current Income Tax Expense Benefit
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Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023 dei Auditor Firm
AuditorFirmId
243

Files In Submission

Name View Source Status
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0001558370-24-003645-index.html Edgar Link pending
0001558370-24-003645.txt Edgar Link pending
0001558370-24-003645-xbrl.zip Edgar Link pending
epsn-20231231.xsd Edgar Link pending
epsn-20231231x10k.htm Edgar Link pending
epsn-20231231xex10d8.htm Edgar Link pending
epsn-20231231xex10d8001.jpg Edgar Link pending
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epsn-20231231xex99d1.htm Edgar Link pending
epsn-20231231x10k_htm.xml Edgar Link completed
Financial_Report.xlsx Edgar Link pending
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epsn-20231231_def.xml Edgar Link unprocessable
epsn-20231231_lab.xml Edgar Link unprocessable
epsn-20231231_pre.xml Edgar Link unprocessable
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report.css Edgar Link pending
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epsn-20231231_cal.xml Edgar Link unprocessable