$MXC
MEXCO ENERGY CORP

2023 Q1 Form 10-Q Financial Statement

#000149315223004184 Filed on February 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $2.201M $2.581M $1.595M
YoY Change 1.22% 61.8% 127.94%
Cost Of Revenue $411.6K $478.7K $291.1K
YoY Change 9.04% 64.45% 23.36%
Gross Profit $1.790M $2.103M $1.304M
YoY Change -0.42% 61.2% 181.14%
Gross Profit Margin 81.3% 81.46% 81.75%
Selling, General & Admin $244.0K $288.5K $272.6K
YoY Change -4.88% 5.87% 41.01%
% of Gross Profit 13.63% 13.72% 20.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $586.0K $496.5K $268.0K
YoY Change 9.94% 85.25% 12.87%
% of Gross Profit 32.74% 23.61% 20.55%
Operating Expenses $837.6K $1.271M $547.9K
YoY Change 5.17% 132.03% 25.13%
Operating Profit $952.1K $1.310M $756.4K
YoY Change -4.87% 73.19% 2801.3%
Interest Expense $4.680K $3.230K -$3.070K
YoY Change -260.27% -205.21% -78.87%
% of Operating Profit 0.49% 0.25% -0.41%
Other Income/Expense, Net -$3.171K -$3.077K
YoY Change 3.05%
Pretax Income $956.8K $1.307M $753.3K
YoY Change -4.12% 73.47% 835.78%
Income Tax $49.27K $61.99K $32.79K
% Of Pretax Income 5.15% 4.74% 4.35%
Net Earnings $907.5K $1.245M $753.3K
YoY Change -9.06% 65.24% 835.78%
Net Earnings / Revenue 41.23% 48.22% 47.22%
Basic Earnings Per Share $0.58 $0.36
Diluted Earnings Per Share $0.41 $0.56 $346.1K
COMMON SHARES
Basic Shares Outstanding 2.142M shares 2.149M shares 2.121M shares
Diluted Shares Outstanding 2.206M shares 2.176M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.236M $631.0K $880.2K
YoY Change 63.1% -28.31% 2045.76%
Cash & Equivalents $2.236M $631.0K $880.2K
Short-Term Investments
Other Short-Term Assets $124.5K $3.132K $21.16K
YoY Change 136.42% -85.2% 141.83%
Inventory
Prepaid Expenses $56.50K $21.39K
Receivables $7.031K $2.049M $750.7K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.734M $2.715M $1.652M
YoY Change 36.6% 64.37% 284.88%
LONG-TERM ASSETS
Property, Plant & Equipment $13.30M $13.66M $10.16M
YoY Change 31.24% 34.48% 5.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K $500.0K $250.0K
YoY Change 154.55% 100.0% 42.86%
Other Assets $12.16K $15.66K
YoY Change -7.6%
Total Long-Term Assets $14.09M $14.25M $10.42M
YoY Change 33.51% 36.71% 6.81%
TOTAL ASSETS
Total Short-Term Assets $3.734M $2.715M $1.652M
Total Long-Term Assets $14.09M $14.25M $10.42M
Total Assets $17.82M $16.96M $12.07M
YoY Change 34.14% 40.49% 18.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $201.9K $191.2K $154.6K
YoY Change -3.61% 23.72%
Accrued Expenses $56.37K $55.84K $53.79K
YoY Change 3.83% 3.81% 39.93%
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 $258.3K $247.1K $208.4K
YoY Change -2.09% 18.58% 56.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $729.5K $755.0K $826.9K
YoY Change -8.37% -8.68% 9.13%
Total Long-Term Liabilities $729.5K $755.0K $0.00
YoY Change -8.37% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $258.3K $247.1K $208.4K
Total Long-Term Liabilities $729.5K $755.0K $0.00
Total Liabilities $987.8K $1.002M $1.035M
YoY Change -6.8% -3.2% -47.25%
SHAREHOLDERS EQUITY
Retained Earnings $7.991M $7.084M
YoY Change 140.09%
Common Stock $1.111M $1.111M
YoY Change 0.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $590.5K $514.3K
YoY Change 70.66%
Treasury Stock Shares 79.42K shares
Shareholders Equity $16.83M $15.96M $11.04M
YoY Change
Total Liabilities & Shareholders Equity $17.82M $16.96M $12.07M
YoY Change 34.14% 40.49% 18.52%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income $907.5K $1.245M $753.3K
YoY Change -9.06% 65.24% 835.78%
Depreciation, Depletion And Amortization $586.0K $496.5K $268.0K
YoY Change 9.94% 85.25% 12.87%
Cash From Operating Activities $2.165M $932.8K $1.144M
YoY Change 113.13% -18.44% 448.26%
INVESTING ACTIVITIES
Capital Expenditures $549.2K $515.8K -$556.3K
YoY Change -181.35% -192.72% 79.44%
Acquisitions
YoY Change
Other Investing Activities $77.35K -$200.0K $89.25K
YoY Change -690.46% -324.09% 4.54%
Cash From Investing Activities -$471.8K -$715.8K -$467.1K
YoY Change -31.44% 53.26% 107.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -88.44K -151.6K 109.9K
YoY Change -154.28% -237.89% -2048.76%
NET CHANGE
Cash From Operating Activities 2.165M 932.8K 1.144M
Cash From Investing Activities -471.8K -715.8K -467.1K
Cash From Financing Activities -88.44K -151.6K 109.9K
Net Change In Cash 1.605M 65.45K 786.6K
YoY Change 227.11% -91.68% -3730.0%
FREE CASH FLOW
Cash From Operating Activities $2.165M $932.8K $1.144M
Capital Expenditures $549.2K $515.8K -$556.3K
Free Cash Flow $1.616M $417.0K $1.700M
YoY Change -4.44% -75.47% 227.79%

Facts In Submission

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CY2022Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
41460 usd
CY2022Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
168260 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
15959870 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
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
708828 usd
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
151732 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
22568 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
10149406 usd
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
753302 usd
CY2021Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
109908 usd
CY2021Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
25570 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
11038186 usd
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2216416 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2221416 shares
CY2022Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
67000 shares
us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
12416 shares
CY2022Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
79416 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2142000 shares
us-gaap Net Income Loss
NetIncomeLoss
3755173 usd
us-gaap Net Income Loss
NetIncomeLoss
1857136 usd
us-gaap Share Based Compensation
ShareBasedCompensation
101462 usd
us-gaap Share Based Compensation
ShareBasedCompensation
62003 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1268016 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
812398 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
22902 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
21630 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
9394 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
9394 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
738558 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
98901 usd
MXC Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-40529 usd
MXC Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-42687 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-31249 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-26736 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-81236 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
42034 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-17482 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-2741 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-40529 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-43790 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4350920 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2728586 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
4760880 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
1213618 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
1718 usd
MXC Proceeds From Drilling Refunds
ProceedsFromDrillingRefunds
18329 usd
MXC Proceeds From Drilling Refunds
ProceedsFromDrillingRefunds
229800 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
225000 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
50000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
11969 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4969269 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1021849 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16700 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
295640 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30179 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
675000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
275000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
675000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1455000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
168260 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-121381 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-884360 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-739730 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
822377 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
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
631036 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
880190 usd
us-gaap Interest Paid Net
InterestPaidNet
528 usd
us-gaap Interest Paid Net
InterestPaidNet
14834 usd
us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
21554 usd
us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
12499 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
165007 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80B_eus-gaap--NatureOfOperations_zdbNaaH3dPH5" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. <span id="xdx_826_zH5EfdnB2mXi">Nature of Operations</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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 &amp; Gas, LLC (a Texas limited liability company) (collectively, the “Company”) are engaged in the exploration, development and production of natural gas, crude oil, 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 the Company’s oil and gas interests are operated by others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
721489 usd
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
498285 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M17D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zXqha3pNQy6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zJ36paSJ3gX5">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 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p id="xdx_844_eus-gaap--ComparabilityOfPriorYearFinancialData_zmAuIuKuJrf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_znrtTKZr7wEg">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 December 31, 2022, and the results of its operations and cash flows for the interim periods ended December 31, 2022 and 2021. The consolidated financial statements as of December 31, 2022 and for the three and nine month periods ended December 31, 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 financial statements be read in conjunction with the financial statements and notes thereto included in the Form 10-K.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
MXC Cost Method Investments Percentage Description
CostMethodInvestmentsPercentageDescription
The Company accounts for investments of less than 3% of any limited liability companies at cost
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84A_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zwCY68v7G6Tk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zc9RIkziKqZ3">Reclassifications</span>. </b>Certain amounts in prior periods’ consolidated financial statements have been reclassified to conform with the current period’s presentation. These reclassifications had no effect on previously reported results of operations, retained earnings or net cash flows.</span></p>
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
735512 usd
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
21554 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
43479 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
22902 usd
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
736489 usd
CY2022Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
15000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.44
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.05
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.573 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6538 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0315 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0092 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
5000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
47575 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16700 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
45000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
241226 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
295640 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
3.34
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
18.05
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
675000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
675000 usd
CY2022Q4 us-gaap Area Of Land
AreaOfLand
4160 sqft
CY2022Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P36M
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
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
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000 shares
CY2022Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0375 pure
us-gaap Antidilutive Securities Excluded From Computation Of Net Income Per Outstanding Unit Amount
AntidilutiveSecuritiesExcludedFromComputationOfNetIncomePerOutstandingUnitAmount
8.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
CY2022Q4 MXC Operating Lease Rightofuse Asset Gross
OperatingLeaseRightofuseAssetGross
129923 usd
CY2022Q4 MXC Operating Lease Amortization
OperatingLeaseAmortization
40529 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
89394 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
55841 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
33553 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
89394 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
14560 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
58240 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
19413 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
92213 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2819 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
89394 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
55841 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
33553 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
32001 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
31570 usd
us-gaap Sublease Income
SubleaseIncome
11679 usd
us-gaap Sublease Income
SubleaseIncome
14662 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
202543 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
202543 usd
CY2022Q4 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
11598 usd
CY2021Q4 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
12276 usd
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
35333 usd
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
35332 usd
CY2022Q4 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3893 usd
CY2021Q4 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3893 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
11679 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
11882 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
1244785 usd
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
753302 usd
us-gaap Net Income Loss
NetIncomeLoss
3755173 usd
us-gaap Net Income Loss
NetIncomeLoss
1857136 usd
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2147750 shares
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2120912 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2148859 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2096433 shares
CY2022Q4 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
57956 usd
CY2021Q4 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
55328 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
64793 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
50284 usd
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2205706 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2176240 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2213652 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2146717 shares
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.58
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.75
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.70
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.89
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000 shares
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Net Income Per Outstanding Unit Amount
AntidilutiveSecuritiesExcludedFromComputationOfNetIncomePerOutstandingUnitAmount
18.05
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000 shares
CY2022Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
12416 shares
CY2022Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
168260 usd
CY2021Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares

Files In Submission

Name View Source Status
mxc-20221231_cal.xml Edgar Link unprocessable
mxc-20221231_pre.xml Edgar Link unprocessable
0001493152-23-004184-index-headers.html Edgar Link pending
0001493152-23-004184-index.html Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
0001493152-23-004184.txt Edgar Link pending
0001493152-23-004184-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
mxc-20221231.xsd Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
mxc-20221231_def.xml Edgar Link unprocessable
mxc-20221231_lab.xml Edgar Link unprocessable
form10-q_htm.xml Edgar Link completed
Show.js Edgar Link pending