$MXC
MEXCO ENERGY CORP

2024 Q1 Form 10-Q Financial Statement

#000149315224005543 Filed on February 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $1.793M $1.656M $2.581M
YoY Change -18.53% -35.83% 61.8%
Cost Of Revenue $383.4K $401.0K $478.7K
YoY Change -6.86% -16.22% 64.45%
Gross Profit $1.410M $1.255M $2.103M
YoY Change -21.21% -40.29% 61.2%
Gross Profit Margin 78.62% 75.79% 81.46%
Selling, General & Admin $261.9K $335.2K $288.5K
YoY Change 7.35% 16.15% 5.87%
% of Gross Profit 18.57% 26.7% 13.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $701.0K $400.3K $496.5K
YoY Change 19.63% -19.37% 85.25%
% of Gross Profit 49.72% 31.89% 23.61%
Operating Expenses $970.7K $1.144M $1.271M
YoY Change 15.89% -10.03% 132.03%
Operating Profit $439.4K $512.7K $1.310M
YoY Change -53.85% -60.86% 73.19%
Interest Expense $46.48K $1.075K $3.230K
YoY Change 893.16% -66.72% -205.21%
% of Operating Profit 10.58% 0.21% 0.25%
Other Income/Expense, Net $35.86K -$3.171K
YoY Change -1230.91% 3.05%
Pretax Income $485.9K $548.6K $1.307M
YoY Change -49.22% -58.02% 73.47%
Income Tax $221.6K $202.9K $61.99K
% Of Pretax Income 45.6% 37.0% 4.74%
Net Earnings $264.3K $345.6K $1.245M
YoY Change -70.88% -72.24% 65.24%
Net Earnings / Revenue 14.74% 20.86% 48.22%
Basic Earnings Per Share $0.16 $0.58
Diluted Earnings Per Share $0.12 $0.16 $0.56
COMMON SHARES
Basic Shares Outstanding 2.098M shares 2.105M shares 2.149M shares
Diluted Shares Outstanding 2.152M shares 2.206M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.473M $3.579M $631.0K
YoY Change 10.63% 467.15% -28.31%
Cash & Equivalents $2.473M $3.579M $631.0K
Short-Term Investments
Other Short-Term Assets $204.9K $53.53K $3.132K
YoY Change 64.68% 1609.13% -85.2%
Inventory
Prepaid Expenses $56.19K $20.48K $21.39K
Receivables $9.186K $8.427K $2.049M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.689M $4.552M $2.715M
YoY Change -1.2% 67.64% 64.37%
LONG-TERM ASSETS
Property, Plant & Equipment $14.24M $13.19M $13.66M
YoY Change 7.09% -3.41% 34.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.100M $900.0K $500.0K
YoY Change 57.14% 80.0% 100.0%
Other Assets $8.597K $9.672K
YoY Change -29.28%
Total Long-Term Assets $15.37M $14.13M $14.25M
YoY Change 9.11% -0.78% 36.71%
TOTAL ASSETS
Total Short-Term Assets $3.689M $4.552M $2.715M
Total Long-Term Assets $15.37M $14.13M $14.25M
Total Assets $19.06M $18.69M $16.96M
YoY Change 6.95% 10.17% 40.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $221.6K $221.4K $191.2K
YoY Change 9.76% 15.79% 23.72%
Accrued Expenses $19.26K $33.55K $55.84K
YoY Change -65.83% -39.92% 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 $430.1K $255.0K $247.1K
YoY Change 66.54% 3.2% 18.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $688.8K $692.2K $755.0K
YoY Change -5.58% -8.32% -8.68%
Total Long-Term Liabilities $1.000M $1.012M $755.0K
YoY Change 37.14% 34.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $430.1K $255.0K $247.1K
Total Long-Term Liabilities $1.000M $1.012M $755.0K
Total Liabilities $1.431M $1.267M $1.002M
YoY Change 44.83% 26.43% -3.2%
SHAREHOLDERS EQUITY
Retained Earnings $9.122M $8.858M $7.084M
YoY Change 14.16% 25.05%
Common Stock $1.113M $1.111M $1.111M
YoY Change 0.25% 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.176M $1.046M $514.3K
YoY Change 99.08% 103.33%
Treasury Stock Shares 79.42K shares
Shareholders Equity $17.63M $17.42M $15.96M
YoY Change
Total Liabilities & Shareholders Equity $19.06M $18.69M $16.96M
YoY Change 6.95% 10.17% 40.49%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income $264.3K $345.6K $1.245M
YoY Change -70.88% -72.24% 65.24%
Depreciation, Depletion And Amortization $701.0K $400.3K $496.5K
YoY Change 19.63% -19.37% 85.25%
Cash From Operating Activities $1.059M $944.4K $932.8K
YoY Change -51.07% 1.24% -18.44%
INVESTING ACTIVITIES
Capital Expenditures $1.878M -$179.3K $515.8K
YoY Change 241.94% -134.75% -192.72%
Acquisitions
YoY Change
Other Investing Activities -$173.7K $0.00 -$200.0K
YoY Change -324.54% -100.0% -324.09%
Cash From Investing Activities -$2.051M $179.3K -$715.8K
YoY Change 334.81% -125.04% 53.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -113.2K -129.9K -151.6K
YoY Change 28.0% -14.3% -237.89%
NET CHANGE
Cash From Operating Activities 1.059M 944.4K 932.8K
Cash From Investing Activities -2.051M 179.3K -715.8K
Cash From Financing Activities -113.2K -129.9K -151.6K
Net Change In Cash -1.105M 993.8K 65.45K
YoY Change -168.89% 1418.33% -91.68%
FREE CASH FLOW
Cash From Operating Activities $1.059M $944.4K $932.8K
Capital Expenditures $1.878M -$179.3K $515.8K
Free Cash Flow -$818.6K $1.124M $417.0K
YoY Change -150.66% 169.45% -75.47%

Facts In Submission

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CY2023Q4 us-gaap Earnings Per Share Diluted
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0.16
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.70
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2103503 shares
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2147750 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2120611 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2148859 shares
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2151783 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2205706 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2169708 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2213652 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
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
345610 usd
CY2023Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
58847 usd
CY2023Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
129876 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
17420044 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
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
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
1244785 usd
CY2022Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
16700 usd
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
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
15959870 usd
us-gaap Net Income Loss
NetIncomeLoss
1080657 usd
us-gaap Net Income Loss
NetIncomeLoss
3755173 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
319848 usd
us-gaap Share Based Compensation
ShareBasedCompensation
172670 usd
us-gaap Share Based Compensation
ShareBasedCompensation
101462 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1268703 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1268016 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
22121 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
22902 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3235 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
9394 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-454133 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
738558 usd
MXC Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-42076 usd
MXC Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-40529 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-36023 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-31249 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
32042 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-81236 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-14715 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-17482 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-42076 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-40529 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3374717 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4350920 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
1471543 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
4760880 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
1718 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
225000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
306513 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1365030 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4969269 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2962 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16700 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30179 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
750 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
675000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
675000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
213600 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
455132 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
168260 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-666520 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-121381 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1343167 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-739730 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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3578938 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
631036 usd
us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
2838 usd
us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
21554 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80B_eus-gaap--NatureOfOperations_zWX2Ey6QJ2fi" 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_827_zsQi0mWyDLs">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 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 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>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_zEMM2Wb4xxja" 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_86D_zy8kMCzWgKmi">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_84D_eus-gaap--ComparabilityOfPriorYearFinancialData_zGz7uk75L3Wf" 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_zQYcTrd9Wm8e">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, 2023, and the results of its operations and cash flows for the interim periods ended December 31, 2023 and 2022. The consolidated financial statements as of December 31, 2023 and for the three and nine month periods ended December 31, 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 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_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zn2Cyy9BFHZk" 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_86D_zS0wyGlSkED">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
2838 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
43050 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
22121 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
712185 usd
CY2023Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
20000 usd
CY2023Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
692185 usd
us-gaap Share Based Compensation
ShareBasedCompensation
172670 usd
us-gaap Share Based Compensation
ShareBasedCompensation
101462 usd
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
559490 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M20D
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
12.44
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 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 Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2962 usd
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 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
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q4 us-gaap Area Of Land
AreaOfLand
4160 sqft
CY2023Q4 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
CY2023Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0375 pure
CY2023Q4 MXC Operating Lease Rightofuse Asset Gross
OperatingLeaseRightofuseAssetGross
75629 usd
CY2023Q4 MXC Operating Lease Amortization
OperatingLeaseAmortization
42076 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
33553 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
33553 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
33553 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
14560 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
19413 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33973 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
420 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
33553 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
33553 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
32001 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
32001 usd
us-gaap Sublease Income
SubleaseIncome
11679 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
79123 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
115236 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
79123 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
115236 usd
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
319848 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
319848 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
398971 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
115236 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
319848 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
294106 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
788586 usd
us-gaap Income Tax Reconciliation Nondeductible Expense Depletion
IncomeTaxReconciliationNondeductibleExpenseDepletion
-5694 usd
us-gaap Income Tax Reconciliation Nondeductible Expense Depletion
IncomeTaxReconciliationNondeductibleExpenseDepletion
-257509 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
-550947 usd
MXC Income Tax Reconciliation Income Tax Rate Permanent Differences
IncomeTaxReconciliationIncomeTaxRatePermanentDifferences
35014 usd
MXC Income Tax Reconciliation Income Tax Rate Permanent Differences
IncomeTaxReconciliationIncomeTaxRatePermanentDifferences
19812 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
79123 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
115236 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
58 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
398971 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
115236 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.27 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.03 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
CY2023Q4 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3893 usd
CY2022Q4 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
11679 usd
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
345610 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
1244785 usd
us-gaap Net Income Loss
NetIncomeLoss
1080657 usd
us-gaap Net Income Loss
NetIncomeLoss
3755173 usd
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2103503 shares
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2147750 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2120611 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2148859 shares
CY2023Q4 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
48280 usd
CY2022Q4 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
57956 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
49097 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
64793 usd
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2151783 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2205706 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2169708 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2213652 shares
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.58
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.75
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.70
CY2023Q4 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
CY2022Q4 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
37161 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
455133 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
12416 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
168260 usd
CY2023Q2 us-gaap Dividends
Dividends
213600 usd

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