$NRIS
Norris Industries, Inc.

2022 Q4 Form 10-Q Financial Statement

#000149315222028411 Filed on October 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q1
Revenue $105.7K $206.8K $149.4K
YoY Change 0.6% 190.47% 53.14%
Cost Of Revenue $166.6K $155.5K $151.3K
YoY Change 3.8% 43.05% 187.5%
Gross Profit -$60.94K $51.37K -$1.890K
YoY Change 9.86% -237.1% -104.21%
Gross Profit Margin -57.68% 24.84% -1.26%
Selling, General & Admin $25.23K $23.33K
YoY Change -57.11% -44.92%
% of Gross Profit 45.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.26K $14.57K -$5.950K
YoY Change 31.38% -199.32% -105.28%
% of Gross Profit 28.36%
Operating Expenses $211.1K $193.4K -$11.42K
YoY Change 187.32% 267.94% -104.42%
Operating Profit -$105.4K $13.46K $9.530K
YoY Change -18.23% -114.96% -104.46%
Interest Expense $29.21K $29.19K -$27.15K
YoY Change -206.6% -209.08% 12.28%
% of Operating Profit 216.81% -284.89%
Other Income/Expense, Net -$29.21K -$29.19K
YoY Change 6.59% 9.06%
Pretax Income -$134.6K -$15.73K -$17.63K
YoY Change -13.88% -86.53% -95.94%
Income Tax
% Of Pretax Income
Net Earnings -$134.6K -$15.73K -$17.63K
YoY Change -13.88% -86.53% -95.94%
Net Earnings / Revenue -127.43% -7.6% -11.8%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$173.10 -$194.00
COMMON SHARES
Basic Shares Outstanding 90.88M shares 90.88M shares
Diluted Shares Outstanding 90.88M shares 90.88M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $177.4K $166.8K $139.6K
YoY Change 83.09% 97.4% -13.11%
Cash & Equivalents $177.4K $166.8K $139.6K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $52.60K $39.94K $70.95K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $230.0K $206.7K $210.5K
YoY Change 54.23% 70.43% 8.78%
LONG-TERM ASSETS
Property, Plant & Equipment $171.7K $170.9K $176.6K
YoY Change 5.47% -3.11% -20.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $171.7K $170.9K $176.6K
YoY Change 5.47% -3.11% -20.06%
TOTAL ASSETS
Total Short-Term Assets $230.0K $206.7K $210.5K
Total Long-Term Assets $171.7K $170.9K $176.6K
Total Assets $401.7K $377.7K $387.1K
YoY Change 28.78% 26.85% -6.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $540.3K $103.5K $139.4K
YoY Change 9.17% -75.66%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.800M
YoY Change 8.57%
Total Short-Term Liabilities $4.340M $103.5K $139.4K
YoY Change 8.65% -97.29% -65.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $3.700M $3.600M
YoY Change 12.5%
Other Long-Term Liabilities $138.1K $516.2K $433.3K
YoY Change 62.42% 514.64% 351.33%
Total Long-Term Liabilities $138.1K $4.216M $4.033M
YoY Change 62.42% 4919.93% 22.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.340M $103.5K $139.4K
Total Long-Term Liabilities $138.1K $4.216M $4.033M
Total Liabilities $4.478M $4.320M $4.173M
YoY Change 9.77% 10.5% 12.74%
SHAREHOLDERS EQUITY
Retained Earnings -$10.46M -$10.32M -$10.16M
YoY Change
Common Stock $90.88K $90.88K $90.88K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.077M -$3.942M -$3.786M
YoY Change
Total Liabilities & Shareholders Equity $401.7K $377.7K $387.1K
YoY Change 28.78% 26.85% -6.59%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q1
OPERATING ACTIVITIES
Net Income -$134.6K -$15.73K -$17.63K
YoY Change -13.88% -86.53% -95.94%
Depreciation, Depletion And Amortization $19.26K $14.57K -$5.950K
YoY Change 31.38% -199.32% -105.28%
Cash From Operating Activities -$89.42K $12.08K -$57.31K
YoY Change 2.05% -111.94% 20.3%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 100.0K 100.0K
YoY Change 0.0% 0.0% 0.0%
NET CHANGE
Cash From Operating Activities -89.42K 12.08K -57.31K
Cash From Investing Activities
Cash From Financing Activities 100.0K 100.0K 100.0K
Net Change In Cash 10.58K 112.1K 42.69K
YoY Change -14.54% -9598.31% -18.47%
FREE CASH FLOW
Cash From Operating Activities -$89.42K $12.08K -$57.31K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_845_eus-gaap--UseOfEstimates_zAY960AF0hU1" 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"><i><span id="xdx_865_z8yfizIgp5rb">Use of Estimates</span></i></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">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates.</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>
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us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
11828 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
13421 usd
CY2022Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
118071 usd
CY2021Q3 us-gaap Accretion Expense
AccretionExpense
2316 usd
us-gaap Accretion Expense
AccretionExpense
2714 usd
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
88916667 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
88916667 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
85166667 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
85166667 shares
NRIS Costs Incurred Acquisition Of Oil And Gas Properties Addtion
CostsIncurredAcquisitionOfOilAndGasPropertiesAddtion
-17448 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zfgAAsKifJ2b" 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"><i><span><span id="xdx_868_z6bUpZ2VK8c6">Concentrations of Credit Risk</span></span></i></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">Financial instruments which potentially subject the Company to concentrations of credit risk include cash deposits placed with financial institutions. The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits as guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). At August 31, 2022, the Company had <span id="xdx_901_eus-gaap--CashFDICInsuredAmount_iI_do_c20220831_ziOH708hKwBa" title="Cash, FDIC insured amount">no</span> uninsured cash balances. The Company has not experienced any losses on such accounts.</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>
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
CY2022Q3 us-gaap Accretion Expense
AccretionExpense
4462 usd
us-gaap Accretion Expense
AccretionExpense
13421 usd
CY2022Q3 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
206815 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71197 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
359456 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
197838 usd
CY2022Q1 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
2930237 usd
CY2022Q3 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
2930237 usd
CY2022Q3 NRIS Oil And Gas Property Addition Disposition
OilAndGasPropertyAdditionDisposition
11828 usd
CY2022Q3 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
170933 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
17448 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
35118 usd
CY2022Q3 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
10110 usd
CY2021Q3 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
10592 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
100000 usd
us-gaap Interest Expense
InterestExpense
57671 usd
CY2018Q3 us-gaap Payments For Rent
PaymentsForRent
950 usd
CY2022Q3 us-gaap Payments For Rent
PaymentsForRent
2850 usd
us-gaap Payments For Rent
PaymentsForRent
5700 usd
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
In the King County, Texas lease acreage, 640 acres expired in June 2021
CY2022Q3 us-gaap Area Of Land
AreaOfLand
640 acre

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