2022 Q3 Form 10-Q Financial Statement
#000149315222022498 Filed on August 15, 2022
Income Statement
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
Revenue | $2.325M | $2.450M | $2.175M |
YoY Change | 49.65% | 93.8% | 99.04% |
Cost Of Revenue | $394.5K | $435.0K | $377.5K |
YoY Change | 17.54% | 57.06% | 52.69% |
Gross Profit | $1.930M | $2.015M | $1.797M |
YoY Change | 58.5% | 104.1% | 112.6% |
Gross Profit Margin | 83.03% | 82.24% | 82.64% |
Selling, General & Admin | $322.9K | $318.5K | $256.5K |
YoY Change | 50.73% | 3.36% | 28.94% |
% of Gross Profit | 16.73% | 15.81% | 14.27% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $384.4K | $387.1K | $533.0K |
YoY Change | 37.25% | 46.46% | 155.46% |
% of Gross Profit | 19.91% | 19.21% | 29.66% |
Operating Expenses | $1.110M | $1.148M | $796.4K |
YoY Change | 121.23% | 34.05% | 92.11% |
Operating Profit | $1.215M | $1.302M | $1.001M |
YoY Change | 69.64% | 219.32% | 132.32% |
Interest Expense | $3.561K | $3.131K | -$2.920K |
YoY Change | -147.35% | -75.38% | -78.75% |
% of Operating Profit | 0.29% | 0.24% | -0.29% |
Other Income/Expense, Net | -$3.503K | -$3.096K | |
YoY Change | -53.41% | -75.55% | |
Pretax Income | $1.212M | $1.299M | $997.9K |
YoY Change | 70.95% | 228.77% | 139.27% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | $1.212M | $1.299M | $997.9K |
YoY Change | 70.95% | 228.77% | 139.27% |
Net Earnings / Revenue | 52.12% | 53.01% | 45.89% |
Basic Earnings Per Share | $0.56 | $0.60 | |
Diluted Earnings Per Share | $0.55 | $0.59 | $455.2K |
COMMON SHARES | |||
Basic Shares Outstanding | 2.149M shares | 2.149M shares | |
Diluted Shares Outstanding | 2.219M shares | 2.217M shares |
Balance Sheet
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $565.6K | $537.0K | $1.371M |
YoY Change | 504.45% | 565.02% | 2271.16% |
Cash & Equivalents | $565.6K | $537.0K | $1.371M |
Short-Term Investments | |||
Other Short-Term Assets | $6.263K | $38.37K | $52.64K |
YoY Change | -85.52% | 2.68% | 9.9% |
Inventory | |||
Prepaid Expenses | $43.10K | $38.37K | $52.64K |
Receivables | $1.186M | ||
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $2.082M | $2.108M | $2.734M |
YoY Change | 124.3% | 151.51% | 260.87% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $13.35M | $12.04M | $10.13M |
YoY Change | 33.62% | 20.33% | 3.5% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $300.0K | $300.0K | $275.0K |
YoY Change | 33.33% | 50.0% | 37.5% |
Other Assets | $114.0K | $13.16K | |
YoY Change | 128.97% | -84.22% | |
Total Long-Term Assets | $13.75M | $12.57M | $10.55M |
YoY Change | 34.32% | 22.57% | 4.74% |
TOTAL ASSETS | |||
Total Short-Term Assets | $2.082M | $2.108M | $2.734M |
Total Long-Term Assets | $13.75M | $12.57M | $10.55M |
Total Assets | $15.84M | $14.68M | $13.28M |
YoY Change | 41.8% | 32.31% | 22.66% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $162.0K | $283.9K | $209.5K |
YoY Change | 24.75% | 80.59% | 79.69% |
Accrued Expenses | $55.32K | $54.81K | $54.29K |
YoY Change | 3.81% | 1.58% | 147.11% |
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 | $217.3K | $338.7K | $263.8K |
YoY Change | 18.66% | 60.4% | 90.4% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
Other Long-Term Liabilities | $792.8K | $793.9K | $796.1K |
YoY Change | -5.05% | -5.57% | 11.54% |
Total Long-Term Liabilities | $792.8K | $793.9K | $796.1K |
YoY Change | -50.96% | -57.4% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $217.3K | $338.7K | $263.8K |
Total Long-Term Liabilities | $792.8K | $793.9K | $796.1K |
Total Liabilities | $1.010M | $1.133M | $1.060M |
YoY Change | -0.79% | -38.11% | -47.2% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $5.839M | $4.627M | $3.328M |
YoY Change | |||
Common Stock | $1.108M | $1.108M | $1.108M |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $346.0K | $346.0K | $346.0K |
YoY Change | |||
Treasury Stock Shares | 67.00K shares | 67.00K shares | 67.00K shares |
Shareholders Equity | $14.83M | $13.55M | $12.22M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $15.84M | $14.68M | $13.28M |
YoY Change | 41.8% | 32.31% | 22.66% |
Cashflow Statement
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $1.212M | $1.299M | $997.9K |
YoY Change | 70.95% | 228.77% | 139.27% |
Depreciation, Depletion And Amortization | $384.4K | $387.1K | $533.0K |
YoY Change | 37.25% | 46.46% | 155.46% |
Cash From Operating Activities | $1.922M | $1.496M | $1.016M |
YoY Change | 109.25% | 124.55% | 201.26% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$1.924M | -$2.323M | -$675.1K |
YoY Change | 443.02% | 666.61% | 18.87% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | -$6.670K | -$13.10K |
YoY Change | -100.0% | -213.82% | 1080.18% |
Cash From Investing Activities | -$1.924M | -$2.329M | -$688.2K |
YoY Change | 646.7% | 684.0% | 20.94% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 30.18K | 162.9K | |
YoY Change | -104.66% | -34.47% | |
NET CHANGE | |||
Cash From Operating Activities | 1.922M | $1.496M | 1.016M |
Cash From Investing Activities | -1.924M | -$2.329M | -688.2K |
Cash From Financing Activities | 30.18K | 162.9K | |
Net Change In Cash | 28.58K | -$833.8K | 490.6K |
YoY Change | 122.93% | -3734.39% | 2818.38% |
FREE CASH FLOW | |||
Cash From Operating Activities | $1.922M | $1.496M | $1.016M |
Capital Expenditures | -$1.924M | -$2.323M | -$675.1K |
Free Cash Flow | $3.847M | $3.818M | $1.691M |
YoY Change | 202.14% | 294.03% | 86.82% |
Facts In Submission
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CY2022Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-3096 | usd |
CY2021Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-12660 | usd |
CY2022Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
1298672 | usd |
CY2021Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
395006 | usd |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1298672 | usd |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
395006 | usd |
CY2022Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.60 | |
CY2021Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.19 | |
CY2022Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.59 | |
CY2021Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.19 | |
CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
2149416 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
2076756 | shares |
CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
2216742 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
2119955 | shares |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
12224616 | usd |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1298672 | usd |
CY2022Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
25571 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
13548859 | usd |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
8823407 | usd |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
395006 | usd |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
34000 | usd |
CY2021Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
13865 | usd |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
9266278 | usd |
CY2022Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
2216416 | shares |
CY2022Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
2216416 | shares |
CY2022Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
67000 | shares |
CY2022Q2 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
67000 | shares |
CY2022Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
2149416 | shares |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1298672 | usd |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
395006 | usd |
CY2022Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
25571 | usd |
CY2021Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
13865 | usd |
CY2022Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
387128 | usd |
CY2021Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
264320 | usd |
CY2022Q2 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
7519 | usd |
CY2021Q2 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
7058 | usd |
CY2022Q2 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
3131 | usd |
CY2021Q2 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
3131 | usd |
CY2022Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
222248 | usd |
CY2021Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
68135 | usd |
CY2022Q2 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-14266 | usd |
CY2021Q2 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-10530 | usd |
CY2022Q2 | MXC |
Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
|
-13384 | usd |
CY2021Q2 | MXC |
Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
|
148881 | usd |
CY2022Q2 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-12364 | usd |
CY2021Q2 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
40918 | usd |
CY2022Q2 | us-gaap |
Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
|
-6077 | usd |
CY2021Q2 | us-gaap |
Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
|
-291 | usd |
CY2022Q2 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-13384 | usd |
CY2021Q2 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
148533 | usd |
CY2022Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
1495598 | usd |
CY2021Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
666054 | usd |
CY2022Q2 | us-gaap |
Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
|
2320974 | usd |
CY2021Q2 | us-gaap |
Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
|
302976 | usd |
CY2022Q2 | us-gaap |
Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
|
1718 | usd |
CY2022Q2 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
25000 | usd |
CY2022Q2 | MXC |
Proceeds From Drilling Refunds
ProceedsFromDrillingRefunds
|
18329 | usd |
CY2021Q2 | MXC |
Proceeds From Sale Of Oil And Gas Property And Equipments
ProceedsFromSaleOfOilAndGasPropertyAndEquipments
|
-5863 | usd |
CY2022Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-2329363 | usd |
CY2021Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-297113 | usd |
CY2021Q2 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
34000 | usd |
CY2021Q2 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
480000 | usd |
CY2021Q2 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
100000 | usd |
CY2021Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-346000 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-833765 | usd |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
22941 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1370766 | usd |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
57813 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
537001 | usd |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
80754 | usd |
CY2021Q2 | us-gaap |
Interest Paid Net
InterestPaidNet
|
10040 | usd |
CY2022Q2 | us-gaap |
Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
|
14668 | usd |
CY2021Q2 | us-gaap |
Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
|
3329 | usd |
CY2021Q2 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
165007 | usd |
CY2022Q2 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_80D_eus-gaap--NatureOfOperations_zphie5uujYk9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_826_zf8zc425eQj3">Nature of Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mexco Energy Corporation (a Colorado corporation) and its wholly owned subsidiaries, Forman Energy Corporation (a New York corporation), Southwest Texas Disposal Corporation (a Texas corporation) and TBO Oil & Gas, LLC (a Texas limited liability company) (collectively, the “Company”) are engaged in the acquisition, exploration, development and production of crude oil, natural gas, condensate and natural gas liquids (“NGLs”). Most of the Company’s oil and gas interests are centered in West Texas and Southeastern New Mexico; however, the Company owns producing properties and undeveloped acreage in fourteen states. All of Company’s oil and gas interests are operated by others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q2 | us-gaap |
Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
|
10557 | usd |
CY2022Q2 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
7519 | usd |
CY2022Q2 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
747142 | usd |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
CY2021Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
CY2022Q2 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares |
CY2021Q2 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
5000 | shares |
CY2021Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
15036 | usd |
CY2022Q2 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_842_eus-gaap--UseOfEstimates_z2G3efZprKa3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zzaqS7ltF6ph">Estimates and Assumptions</span></b>. In preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make informed judgments, estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and affect the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates are used in determining proved oil and gas reserves. Although management believes its estimates and assumptions are reasonable, actual results may differ materially from those estimates. The estimate of the Company’s oil and natural gas reserves, which is used to compute depreciation, depletion, amortization and impairment of oil and gas properties, is the most significant of the estimates and assumptions that affect these reported results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q2 | us-gaap |
Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
|
<p id="xdx_842_eus-gaap--ComparabilityOfPriorYearFinancialData_zVuuemNgvHab" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zJhRC3ypSr7e">Interim Financial Statements</span>. </b>In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position of the Company as of June 30, 2022, and the results of its operations and cash flows for the interim periods ended June 30, 2022 and 2021. The consolidated financial statements as of June 30, 2022 and for the three-month periods ended June 30, 2022 and 2021 are unaudited. The consolidated balance sheet as of March 31, 2022 was derived from the audited balance sheet filed in the Company’s 2022 annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). The results of operations for the periods presented are not necessarily indicative of the results to be expected for a full year. The accounting policies followed by the Company are set forth in more detail in Note 2 of the “Notes to Consolidated Financial Statements” in the Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC. However, the disclosures herein are adequate to make the information presented not misleading. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Form 10-K.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> | |
CY2022Q2 | MXC |
Cost Method Investments Percentage Description
CostMethodInvestmentsPercentageDescription
|
The Company accounts for investments of less than 1% in limited liability companies at cost. | |
CY2022Q1 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
735512 | usd |
CY2022Q2 | us-gaap |
Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
|
14668 | usd |
CY2022Q2 | us-gaap |
Asset Retirement Obligation Current
AssetRetirementObligationCurrent
|
15000 | usd |
CY2022Q2 | us-gaap |
Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
|
732142 | usd |
CY2022Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
188537 | usd |
CY2022Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y1M20D | |
CY2021Q2 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
34000 | usd |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
0 | shares |
CY2021Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
0 | shares |
CY2022Q2 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
|
3.34 | |
CY2022Q2 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
|
8.51 | |
CY2022Q2 | us-gaap |
Area Of Land
AreaOfLand
|
4160 | sqft |
CY2022Q2 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P36M | |
CY2022Q2 | us-gaap |
Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
|
In June 2020, in exchange for a reduction in rent for the months of June and July 2020, the Company agreed to a 2-month extension to its current lease agreement at the regular monthly rate extending its current lease expiration date to July 2021. | |
CY2021Q2 | us-gaap |
Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
|
In June 2021, the Company agreed to extend its current lease at a flat (unescalated) rate for 36 months. | |
CY2021Q2 | us-gaap |
Lease Expiration Date1
LeaseExpirationDate1
|
2024-07-31 | |
CY2022Q2 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.0375 | pure |
CY2022Q2 | MXC |
Operating Lease Rightofuse Asset Gross
OperatingLeaseRightofuseAssetGross
|
129923 | usd |
CY2022Q2 | MXC |
Operating Lease Amortization
OperatingLeaseAmortization
|
13383 | usd |
CY2022Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
116540 | usd |
CY2022Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
54806 | usd |
CY2022Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
61734 | usd |
CY2022Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
116540 | usd |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
43680 | usd |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
58240 | usd |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
19413 | usd |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
121333 | usd |
CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
4793 | usd |
CY2022Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
116540 | usd |
CY2022Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
54806 | usd |
CY2022Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
61734 | usd |
CY2022Q2 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
10667 | usd |
CY2021Q2 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
10929 | usd |
CY2022Q2 | us-gaap |
Sublease Income
SubleaseIncome
|
3893 | usd |
CY2021Q2 | us-gaap |
Sublease Income
SubleaseIncome
|
5200 | usd |
CY2022Q2 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
526846 | usd |
CY2022Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
526846 | usd |
CY2022Q2 | us-gaap |
Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
|
10085 | usd |
CY2021Q2 | us-gaap |
Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
|
12768 | usd |
CY2022Q2 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
3893 | usd |
CY2021Q2 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
4045 | usd |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1298672 | usd |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
395006 | usd |
CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
2149416 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
2076756 | shares |
CY2022Q2 | us-gaap |
Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
|
67326 | usd |
CY2021Q2 | us-gaap |
Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
|
43199 | usd |
CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
2216742 | shares |
CY2021Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
2119955 | shares |
CY2022Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.60 | |
CY2021Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.19 | |
CY2022Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.59 | |
CY2021Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.19 | |
CY2022Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | shares |
CY2021Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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