$MXC
MEXCO ENERGY CORP

2023 Q4 Form 10-Q Financial Statement

#000149315223039929 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $1.656M $1.407M $2.325M
YoY Change -35.83% -39.5% 49.65%
Cost Of Revenue $401.0K $392.7K $394.5K
YoY Change -16.22% -0.45% 17.54%
Gross Profit $1.255M $1.014M $1.930M
YoY Change -40.29% -47.47% 58.5%
Gross Profit Margin 75.79% 72.08% 83.03%
Selling, General & Admin $335.2K $305.5K $322.9K
YoY Change 16.15% -5.38% 50.73%
% of Gross Profit 26.7% 30.13% 16.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $400.3K $382.2K $384.4K
YoY Change -19.37% -0.57% 37.25%
% of Gross Profit 31.89% 37.69% 19.91%
Operating Expenses $1.144M $1.088M $1.110M
YoY Change -10.03% -1.95% 121.23%
Operating Profit $512.7K $318.7K $1.215M
YoY Change -60.86% -73.78% 69.64%
Interest Expense $1.075K $1.079K $3.561K
YoY Change -66.72% -69.7% -147.35%
% of Operating Profit 0.21% 0.34% 0.29%
Other Income/Expense, Net $35.86K $25.29K -$3.503K
YoY Change -1230.91% -821.81% -53.41%
Pretax Income $548.6K $344.0K $1.212M
YoY Change -58.02% -71.61% 70.95%
Income Tax $202.9K $74.53K
% Of Pretax Income 37.0% 21.67%
Net Earnings $345.6K $269.4K $1.212M
YoY Change -72.24% -77.76% 70.95%
Net Earnings / Revenue 20.86% 19.15% 52.12%
Basic Earnings Per Share $0.16 $0.13 $0.56
Diluted Earnings Per Share $0.16 $0.12 $0.55
COMMON SHARES
Basic Shares Outstanding 2.105M shares 2.127M shares 2.149M shares
Diluted Shares Outstanding 2.152M shares 2.175M shares 2.219M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.579M $2.585M $565.6K
YoY Change 467.15% 357.09% 504.45%
Cash & Equivalents $3.579M $2.585M $565.6K
Short-Term Investments
Other Short-Term Assets $53.53K $84.52K $6.263K
YoY Change 1609.13% 1249.51% -85.52%
Inventory
Prepaid Expenses $20.48K $47.27K $43.10K
Receivables $8.427K $1.875K $1.186M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.552M $3.472M $2.082M
YoY Change 67.64% 66.77% 124.3%
LONG-TERM ASSETS
Property, Plant & Equipment $13.19M $13.79M $13.35M
YoY Change -3.41% 3.29% 33.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $900.0K $900.0K $300.0K
YoY Change 80.0% 200.0% 33.33%
Other Assets $9.672K $10.75K
YoY Change
Total Long-Term Assets $14.13M $14.75M $13.75M
YoY Change -0.78% 7.23% 34.32%
TOTAL ASSETS
Total Short-Term Assets $4.552M $3.472M $2.082M
Total Long-Term Assets $14.13M $14.75M $13.75M
Total Assets $18.69M $18.22M $15.84M
YoY Change 10.17% 15.06% 41.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $221.4K $178.8K $162.0K
YoY Change 15.79% 10.33% 24.75%
Accrued Expenses $33.55K $47.71K $55.32K
YoY Change -39.92% -13.76% 3.81%
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 $255.0K $226.5K $217.3K
YoY Change 3.2% 4.19% 18.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $692.2K $697.6K $792.8K
YoY Change -8.32% -12.01% -5.05%
Total Long-Term Liabilities $1.012M $847.4K $792.8K
YoY Change 34.04% 6.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $255.0K $226.5K $217.3K
Total Long-Term Liabilities $1.012M $847.4K $792.8K
Total Liabilities $1.267M $1.074M $1.010M
YoY Change 26.43% 6.31% -0.79%
SHAREHOLDERS EQUITY
Retained Earnings $8.858M $8.513M $5.839M
YoY Change 25.05% 45.79%
Common Stock $1.111M $1.111M $1.108M
YoY Change 0.02% 0.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.046M $915.8K $346.0K
YoY Change 103.33% 164.67%
Treasury Stock Shares 67.00K shares
Shareholders Equity $17.42M $17.15M $14.83M
YoY Change
Total Liabilities & Shareholders Equity $18.69M $18.22M $15.84M
YoY Change 10.17% 15.06% 41.8%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $345.6K $269.4K $1.212M
YoY Change -72.24% -77.76% 70.95%
Depreciation, Depletion And Amortization $400.3K $382.2K $384.4K
YoY Change -19.37% -0.57% 37.25%
Cash From Operating Activities $944.4K $814.2K $1.922M
YoY Change 1.24% -57.65% 109.25%
INVESTING ACTIVITIES
Capital Expenditures -$179.3K $1.108M -$1.924M
YoY Change -134.75% -157.58% 443.02%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$172.2K $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $179.3K -$1.280M -$1.924M
YoY Change -125.04% -33.46% 646.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -129.9K -325.3K 30.18K
YoY Change -14.3% -1177.7% -104.66%
NET CHANGE
Cash From Operating Activities 944.4K 814.2K 1.922M
Cash From Investing Activities 179.3K -1.280M -1.924M
Cash From Financing Activities -129.9K -325.3K 30.18K
Net Change In Cash 993.8K -791.3K 28.58K
YoY Change 1418.33% -2868.72% 122.93%
FREE CASH FLOW
Cash From Operating Activities $944.4K $814.2K $1.922M
Capital Expenditures -$179.3K $1.108M -$1.924M
Free Cash Flow $1.124M -$293.8K $3.847M
YoY Change 169.45% -107.64% 202.14%

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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2122336 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2149416 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2129213 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2149416 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2174713 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2218511 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2178719 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2217627 shares
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
16832487 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
465614 usd
CY2023Q2 us-gaap Dividends
Dividends
213600 usd
CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2962 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
54975 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
17142438 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
269433 usd
CY2023Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
325256 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
58848 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
17145463 usd
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
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
13548859 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
1211716 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
30179 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
34431 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
14825185 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
14825185 usd
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2221416 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
500 shares
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2221916 shares
CY2023Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
85416 shares
us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
26000 shares
CY2023Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
111416 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2110500 shares
us-gaap Net Income Loss
NetIncomeLoss
735047 usd
us-gaap Net Income Loss
NetIncomeLoss
2510388 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
149862 usd
us-gaap Share Based Compensation
ShareBasedCompensation
113823 usd
us-gaap Share Based Compensation
ShareBasedCompensation
60002 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
868366 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
771507 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
14896 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
15349 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2159 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
6263 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-571889 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-124486 usd
MXC Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-27920 usd
MXC Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-26893 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-9229 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-9540 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-27933 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-63588 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-6975 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-15860 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-27919 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-26893 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2430364 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3418087 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
1650812 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
4245064 usd
MXC Proceeds From Drilling Refunds
ProceedsFromDrillingRefunds
18329 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
200000 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
25000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
306513 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
1718 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1544299 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4253453 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2962 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30179 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
325256 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
213600 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
750 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
500000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
500000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-536644 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30179 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
349421 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-805187 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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2585192 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
565579 usd
us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
2495 usd
us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
21197 usd
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
500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2416 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80B_eus-gaap--NatureOfOperations_zbd9BBuuKU9f" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. <span id="xdx_82E_zYxD1ctkZqFb">Nature of Operations</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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 the 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_z5ooWjaAaNMc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zUcPGgvjGCjh">Estimates and Assumptions</span></b>. In preparing consolidated 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-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; 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_84E_eus-gaap--ComparabilityOfPriorYearFinancialData_zRflJJBnrGB8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zTxdoZTWk289">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 September 30, 2023, and the results of its operations and cash flows for the interim periods ended September 30, 2023 and 2022. The consolidated financial statements as of September 30, 2023 and for the three and six month periods ended September 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-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; 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% in any limited liability companies at cost
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2962 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z2YmFazlMQd6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zPDLNqqip3K1">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
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
2495 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
30115 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
14896 usd
CY2023Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
717552 usd
CY2023Q3 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
20000 usd
CY2023Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
697552 usd
CY2023Q3 us-gaap Line Of Credit
LineOfCredit
0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
113823 usd
us-gaap Share Based Compensation
ShareBasedCompensation
60002 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
618338 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M20D
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
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
18.05
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.565 pure
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 Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0344 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 Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
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
CY2023Q3 us-gaap Area Of Land
AreaOfLand
4160 sqft
CY2023Q3 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
CY2023Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0375 pure
CY2023Q3 MXC Operating Lease Rightofuse Asset Gross
OperatingLeaseRightofuseAssetGross
75629 usd
CY2023Q3 MXC Operating Lease Amortization
OperatingLeaseAmortization
27920 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
47709 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
47709 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
47709 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
29120 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
19413 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
48533 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
824 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
47709 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
47709 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
21334 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
21334 usd
us-gaap Sublease Income
SubleaseIncome
7786 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
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
46164 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
53250 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
46164 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
53250 usd
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
149862 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
149862 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
196026 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
53250 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
149862 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
195525 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
527182 usd
us-gaap Income Tax Reconciliation Nondeductible Expense Depletion
IncomeTaxReconciliationNondeductibleExpenseDepletion
-65011 usd
us-gaap Income Tax Reconciliation Nondeductible Expense Depletion
IncomeTaxReconciliationNondeductibleExpenseDepletion
-98658 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-3578 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-439909 usd
MXC Income Tax Reconciliation Income Tax Rate Permanent Differences
IncomeTaxReconciliationIncomeTaxRatePermanentDifferences
22926 usd
MXC Income Tax Reconciliation Income Tax Rate Permanent Differences
IncomeTaxReconciliationIncomeTaxRatePermanentDifferences
11385 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
46164 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
53250 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
196026 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
53250 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.211 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.021 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
325256 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2023Q2 us-gaap Dividends
Dividends
213600 usd
CY2023Q3 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3893 usd
CY2022Q3 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3893 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
7786 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
7786 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
269433 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
1211716 usd
us-gaap Net Income Loss
NetIncomeLoss
735047 usd
us-gaap Net Income Loss
NetIncomeLoss
2510388 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2122336 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2149416 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2129213 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2149416 shares
CY2023Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
52377 usd
CY2022Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
69095 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
49506 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
68211 usd
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2174713 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2218511 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2178719 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2217627 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.17
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.55
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.13
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
63000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
63000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Net Income Per Outstanding Unit Amount
AntidilutiveSecuritiesExcludedFromComputationOfNetIncomePerOutstandingUnitAmount
15.32
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Net Income Per Outstanding Unit Amount
AntidilutiveSecuritiesExcludedFromComputationOfNetIncomePerOutstandingUnitAmount
18.05
CY2022Q3 MXC Excise Tax Percentage
ExciseTaxPercentage
0.01 pure
CY2022Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
26000 shares

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0001493152-23-039929.txt Edgar Link pending
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