$EPSN
Epsilon Energy Ltd

2024 Q3 Form 10-Q Financial Statement

#000155837024012054 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $7.288M $7.308M
YoY Change 15.49% 12.43%
Cost Of Revenue $2.300M
YoY Change 14.34%
Gross Profit $5.008M
YoY Change 11.57%
Gross Profit Margin 68.53%
Selling, General & Admin $1.792M
YoY Change 0.87%
% of Gross Profit 35.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.048M
YoY Change 26.78%
% of Gross Profit 40.9%
Operating Expenses $3.840M
YoY Change 13.21%
Operating Profit $240.6K $1.168M
YoY Change -67.78% -430.54%
Interest Expense $8.759K
YoY Change -74.55%
% of Operating Profit 0.75%
Other Income/Expense, Net $493.8K $106.9K
YoY Change 40.23% -89.62%
Pretax Income $734.4K $1.275M
YoY Change -33.17% 88.36%
Income Tax $368.4K $459.0K
% Of Pretax Income 50.16% 36.01%
Net Earnings $366.0K $815.7K
YoY Change -5.85% 89.43%
Net Earnings / Revenue 5.02% 11.16%
Basic Earnings Per Share $0.02 $0.04
Diluted Earnings Per Share $0.02 $0.04
COMMON SHARES
Basic Shares Outstanding 21.96M 21.92M
Diluted Shares Outstanding 22.16M 22.03M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.305M $8.581M
YoY Change -73.52% -76.35%
Cash & Equivalents $8.305M $8.581M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $865.8K $414.7K
YoY Change -5.91% 6.07%
Inventory
Prepaid Expenses
Receivables $4.470M $4.945M
Other Receivables $0.00
Total Short-Term Assets $14.81M $14.98M
YoY Change -61.28% -65.62%
LONG-TERM ASSETS
Property, Plant & Equipment $106.1M $103.9M
YoY Change 36.74% 35.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.827M
YoY Change 269.06%
Total Long-Term Assets $107.0M $106.2M
YoY Change 31.23% 36.82%
TOTAL ASSETS
Total Short-Term Assets $14.81M $14.98M
Total Long-Term Assets $107.0M $106.2M
Total Assets $121.8M $121.1M
YoY Change 1.69% -0.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.220M $2.386M
YoY Change 19.66% 78.86%
Accrued Expenses $2.214M
YoY Change 44.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.325M $6.056M
YoY Change 40.32% 38.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $3.944M
YoY Change 19.61%
Total Long-Term Liabilities $16.11M $15.44M
YoY Change 6.72% 9.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.325M $6.056M
Total Long-Term Liabilities $16.11M $15.44M
Total Liabilities $23.44M $21.50M
YoY Change 15.36% 16.08%
SHAREHOLDERS EQUITY
Retained Earnings -$39.37M -$38.37M
YoY Change 0.55% 0.54%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $98.36M $99.65M
YoY Change
Total Liabilities & Shareholders Equity $121.8M $121.1M
YoY Change 1.69% -0.01%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $366.0K $815.7K
YoY Change -5.85% 89.43%
Depreciation, Depletion And Amortization $2.048M
YoY Change 26.78%
Cash From Operating Activities $5.384M
YoY Change 105.22%
INVESTING ACTIVITIES
Capital Expenditures $9.157M
YoY Change -28.29%
Acquisitions
YoY Change
Other Investing Activities $11.40M
YoY Change 208.77%
Cash From Investing Activities $2.238M
YoY Change -124.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.372M
YoY Change -57.7%
NET CHANGE
Cash From Operating Activities 5.384M
Cash From Investing Activities 2.238M
Cash From Financing Activities -1.372M
Net Change In Cash 6.251M
YoY Change -164.44%
FREE CASH FLOW
Cash From Operating Activities $5.384M
Capital Expenditures $9.157M
Free Cash Flow -$3.773M
YoY Change -62.81%

Facts In Submission

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us-gaap Payments To Acquire Held To Maturity Securities
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epsn Prepaid Drilling Costs
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us-gaap Net Cash Provided By Used In Financing Activities
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epsn Change In Gathering System Accrued In Accounts Payable And Accrued Liabilities
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epsn Asset Retirement Obligation Asset Additions
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;">1. Description of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin: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, pursuant to the ABCA. 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. 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.”</p>
dei Entity Incorporation Date Of Incorporation
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2005-03-14
us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;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 and oil reserves and related cash flow estimates used in impairment tests of natural gas and oil, 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>
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Land
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us-gaap Impairment Of Oil And Gas Properties
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Current Foreign Tax Expense Benefit
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us-gaap Current Foreign Tax Expense Benefit
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us-gaap Current Federal Tax Expense Benefit
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us-gaap Current Federal Tax Expense Benefit
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us-gaap Current State And Local Tax Expense Benefit
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us-gaap Current Income Tax Expense Benefit
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us-gaap Current Income Tax Expense Benefit
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us-gaap Deferred Federal Income Tax Expense Benefit
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us-gaap Deferred Federal Income Tax Expense Benefit
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-152891
us-gaap Deferred State And Local Income Tax Expense Benefit
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-409121
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epsn Asset Retirement Obligation Liabilities Acquired Or Disposed Of
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us-gaap Asset Retirement Obligation Liabilities Settled
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us-gaap Asset Retirement Obligation Revision Of Estimate
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CY2024Q2 us-gaap Financing Receivable Allowance For Credit Losses
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false

Files In Submission

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epsn-20240630.xsd Edgar Link pending
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