$MXC
MEXCO ENERGY CORP

2023 Q3 Form 10-Q Financial Statement

#000149315223027632 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $1.407M $1.748M $2.450M
YoY Change -39.5% -28.64% 93.8%
Cost Of Revenue $392.7K $349.4K $435.0K
YoY Change -0.45% -19.68% 57.06%
Gross Profit $1.014M $1.399M $2.015M
YoY Change -47.47% -30.57% 104.1%
Gross Profit Margin 72.08% 80.02% 82.24%
Selling, General & Admin $305.5K $341.0K $318.5K
YoY Change -5.38% 7.04% 3.36%
% of Gross Profit 30.13% 24.37% 15.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $382.2K $486.2K $387.1K
YoY Change -0.57% 25.59% 46.46%
% of Gross Profit 37.69% 34.75% 19.21%
Operating Expenses $1.088M $1.184M $1.148M
YoY Change -1.95% 3.11% 34.05%
Operating Profit $318.7K $564.5K $1.302M
YoY Change -73.78% -56.64% 219.32%
Interest Expense $1.079K $1.081K $3.131K
YoY Change -69.7% -65.47% -75.38%
% of Operating Profit 0.34% 0.19% 0.24%
Other Income/Expense, Net $25.29K $22.61K -$3.096K
YoY Change -821.81% -830.43% -75.55%
Pretax Income $344.0K $587.1K $1.299M
YoY Change -71.61% -54.79% 228.77%
Income Tax $74.53K $121.5K
% Of Pretax Income 21.67% 20.69%
Net Earnings $269.4K $465.6K $1.299M
YoY Change -77.76% -64.15% 228.77%
Net Earnings / Revenue 19.15% 26.63% 53.01%
Basic Earnings Per Share $0.13 $0.22 $0.60
Diluted Earnings Per Share $0.12 $0.21 $0.59
COMMON SHARES
Basic Shares Outstanding 2.127M shares 2.137M shares 2.149M shares
Diluted Shares Outstanding 2.175M shares 2.183M shares 2.217M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.585M $3.376M $537.0K
YoY Change 357.09% 528.77% 565.02%
Cash & Equivalents $2.585M $3.376M $537.0K
Short-Term Investments
Other Short-Term Assets $84.52K $77.50K $38.37K
YoY Change 1249.51% 101.98% 2.68%
Inventory
Prepaid Expenses $47.27K $43.97K $38.37K
Receivables $1.875K $10.72K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.472M $4.358M $2.108M
YoY Change 66.77% 106.76% 151.51%
LONG-TERM ASSETS
Property, Plant & Equipment $13.79M $13.07M $12.04M
YoY Change 3.29% 8.52% 20.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $900.0K $700.0K $300.0K
YoY Change 200.0% 133.33% 50.0%
Other Assets $10.75K $11.83K $114.0K
YoY Change -89.63% 128.97%
Total Long-Term Assets $14.75M $13.84M $12.57M
YoY Change 7.23% 10.09% 22.57%
TOTAL ASSETS
Total Short-Term Assets $3.472M $4.358M $2.108M
Total Long-Term Assets $14.75M $13.84M $12.57M
Total Assets $18.22M $18.20M $14.68M
YoY Change 15.06% 23.97% 32.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.8K $210.3K $283.9K
YoY Change 10.33% -25.93% 80.59%
Accrued Expenses $47.71K $56.90K $54.81K
YoY Change -13.76% 3.81% 1.58%
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 $226.5K $267.2K $338.7K
YoY Change 4.19% -21.12% 60.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $697.6K $702.5K $793.9K
YoY Change -12.01% -11.52% -5.57%
Total Long-Term Liabilities $847.4K $791.1K $793.9K
YoY Change 6.89% -0.35% -50.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $226.5K $267.2K $338.7K
Total Long-Term Liabilities $847.4K $791.1K $793.9K
Total Liabilities $1.074M $1.058M $1.133M
YoY Change 6.31% -6.56% -38.11%
SHAREHOLDERS EQUITY
Retained Earnings $8.513M $8.243M $4.627M
YoY Change 45.79% 78.15%
Common Stock $1.111M $1.111M $1.108M
YoY Change 0.25% 0.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $915.8K $590.5K $346.0K
YoY Change 164.67% 70.66%
Treasury Stock Shares 67.00K shares
Shareholders Equity $17.15M $17.14M $13.55M
YoY Change
Total Liabilities & Shareholders Equity $18.22M $18.20M $14.68M
YoY Change 15.06% 23.97% 32.31%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $269.4K $465.6K $1.299M
YoY Change -77.76% -64.15% 228.77%
Depreciation, Depletion And Amortization $382.2K $486.2K $387.1K
YoY Change -0.57% 25.59% 46.46%
Cash From Operating Activities $814.2K $1.616M $1.496M
YoY Change -57.65% 8.06% 124.55%
INVESTING ACTIVITIES
Capital Expenditures $1.108M $542.8K -$2.323M
YoY Change -157.58% -123.37% 666.61%
Acquisitions
YoY Change
Other Investing Activities -$172.2K $278.8K -$6.670K
YoY Change -4279.16% -213.82%
Cash From Investing Activities -$1.280M -$264.1K -$2.329M
YoY Change -33.46% -88.66% 684.0%
FINANCING ACTIVITIES
Cash Dividend Paid $213.6K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -325.3K -$211.4K
YoY Change -1177.7%
NET CHANGE
Cash From Operating Activities 814.2K $1.616M $1.496M
Cash From Investing Activities -1.280M -$264.1K -$2.329M
Cash From Financing Activities -325.3K -$211.4K
Net Change In Cash -791.3K $1.141M -$833.8K
YoY Change -2868.72% -236.82% -3734.39%
FREE CASH FLOW
Cash From Operating Activities $814.2K $1.616M $1.496M
Capital Expenditures $1.108M $542.8K -$2.323M
Free Cash Flow -$293.8K $1.073M $3.818M
YoY Change -107.64% -71.89% 294.03%

Facts In Submission

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StockIssuedDuringPeriodSharesNewIssues
500 shares
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2221916 shares
CY2023Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
85416 shares
CY2023Q2 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
85416 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2136500 shares
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
465614 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
1298672 usd
CY2023Q2 MXC Deferred Income Tax Expense
DeferredIncomeTaxExpense
88683 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
54975 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
25571 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
486186 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
387128 usd
CY2023Q2 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
7356 usd
CY2022Q2 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
7519 usd
CY2023Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1081 usd
CY2022Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3131 usd
CY2023Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-469846 usd
CY2022Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
222248 usd
CY2023Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-12528 usd
CY2022Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-14266 usd
CY2023Q2 MXC Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-13894 usd
CY2022Q2 MXC Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-13384 usd
CY2023Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2022Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-12364 usd
CY2023Q2 us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-2185 usd
CY2022Q2 us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-6077 usd
CY2023Q2 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-13894 usd
CY2022Q2 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-13384 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1616195 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1495598 usd
CY2023Q2 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
542840 usd
CY2022Q2 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
2320974 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
CY2023Q2 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
278749 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-264091 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2329363 usd
CY2023Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2962 usd
CY2023Q2 MXC Dividends Paid
DividendsPaid
-213600 usd
CY2023Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
750 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-211388 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1140716 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-833765 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2235771 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1370766 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3376487 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
537001 usd
CY2023Q2 us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
1080 usd
CY2022Q2 us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
14668 usd
CY2023Q2 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80B_eus-gaap--NatureOfOperations_ziWHMAJnn9ue" style="font: 10pt Times New Roman, Times, Serif; color: #1F3763; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; color: Black"><b>1. <span id="xdx_824_zptm9TAFmMOe">Nature of Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_z00vvthz4509" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zPeb30mPwLkk">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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
61734 usd
CY2023Q2 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p id="xdx_84E_eus-gaap--ComparabilityOfPriorYearFinancialData_zu2EFibVHh49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_znRM7WmCecth">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, 2023, and the results of its operations and cash flows for the interim periods ended June 30, 2023 and 2022. The consolidated financial statements as of June 30, 2023 and for the three-month periods ended June 30, 2023 and 2022 are unaudited. The consolidated balance sheet as of March 31, 2023 was derived from the audited balance sheet filed in the Company’s 2023 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2023Q2 MXC Cost Method Investments Percentage Description
CostMethodInvestmentsPercentageDescription
The Company accounts for investments of less than 3% of any limited liability companies at cost
CY2023Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zHiDujuImP0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_z4Nl11gAZdt8">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>
CY2023Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
730276 usd
CY2023Q2 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
1080 usd
CY2023Q2 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
21105 usd
CY2023Q2 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
7356 usd
CY2023Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
717607 usd
CY2023Q2 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
20000 usd
CY2023Q2 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
697607 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
677185 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M6D
CY2023Q2 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
8.73
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.565 pure
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0344 pure
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2023Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
500 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2416 usd
CY2023Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2962 usd
CY2022Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2023Q2 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 Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
3.34
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
18.05
CY2023Q2 us-gaap Area Of Land
AreaOfLand
4160 sqft
CY2023Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P36M
CY2023Q2 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
CY2023Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0375 pure
CY2023Q2 MXC Operating Lease Rightofuse Asset Gross
OperatingLeaseRightofuseAssetGross
75629 usd
CY2023Q2 MXC Operating Lease Amortization
OperatingLeaseAmortization
13895 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
61734 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
56896 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4838 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
43680 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
19413 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
63093 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1359 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
61734 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
56896 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4838 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
10667 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
10667 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
3893 usd
CY2022Q3 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The IRA 2022, among other tax provisions, imposes a 15% corporate alternative minimum tax on corporations with book financial statement income in excess of $1.0 billion, effective for tax years beginning after December 31, 2022. The IRA 2022 also establishes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, effective for stock repurchases in excess of an annual limit of $1.0 million after December 31, 2022
CY2023Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
32818 usd
CY2022Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
28287 usd
CY2023Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
32818 usd
CY2022Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
28287 usd
CY2023Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
88683 usd
CY2023Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
88683 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
121501 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28287 usd
CY2023Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
88683 usd
CY2023Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
116402 usd
CY2022Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
272721 usd
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
63000 shares
CY2023Q2 us-gaap Income Tax Reconciliation Nondeductible Expense Depletion
IncomeTaxReconciliationNondeductibleExpenseDepletion
-36015 usd
CY2022Q2 us-gaap Income Tax Reconciliation Nondeductible Expense Depletion
IncomeTaxReconciliationNondeductibleExpenseDepletion
-50738 usd
CY2023Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-3578 usd
CY2022Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-226644 usd
CY2023Q2 MXC Income Tax Reconciliation Income Tax Rate Permanent Differences
IncomeTaxReconciliationIncomeTaxRatePermanentDifferences
11874 usd
CY2022Q2 MXC Income Tax Reconciliation Income Tax Rate Permanent Differences
IncomeTaxReconciliationIncomeTaxRatePermanentDifferences
4661 usd
CY2023Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
32818 usd
CY2022Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
28287 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
121501 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28287 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
20.7 pure
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.1 pure
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q2 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3893 usd
CY2022Q2 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3893 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
465614 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
1298672 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2136165 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2149416 shares
CY2023Q2 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
46635 usd
CY2022Q2 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
67326 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2182800 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2216742 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.60
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.59
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Net Income Per Outstanding Unit Amount
AntidilutiveSecuritiesExcludedFromComputationOfNetIncomePerOutstandingUnitAmount
15.32
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2022Q3 MXC Excise Tax Percentage
ExciseTaxPercentage
0.01 pure
CY2022Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000 usd
CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2022Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2023Q2 MXC Dividends Paid
DividendsPaid
213600 usd

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