$NRIS
Norris Industries, Inc.

2023 Q1 Form 10-Q Financial Statement

#000149315223001517 Filed on January 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $61.33K $105.7K $105.0K
YoY Change -58.95% 0.6% 75.11%
Cost Of Revenue $165.7K $166.6K $160.5K
YoY Change 9.49% 3.8% -25.59%
Gross Profit -$104.3K -$60.94K -$55.47K
YoY Change 5420.63% 9.86% -64.38%
Gross Profit Margin -170.13% -57.68% -52.81%
Selling, General & Admin $62.45K $25.23K $58.82K
YoY Change -57.11% 307.62%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.60K $19.26K $14.66K
YoY Change -395.8% 31.38% -61.73%
% of Gross Profit
Operating Expenses $80.05K $211.1K $73.47K
YoY Change -800.96% 187.32% 39.28%
Operating Profit -$184.4K -$105.4K -$128.9K
YoY Change -2034.84% -18.23% -38.15%
Interest Expense -$29.50K $29.21K -$27.40K
YoY Change 8.66% -206.6% 15.71%
% of Operating Profit
Other Income/Expense, Net -$29.21K -$27.40K
YoY Change 6.59%
Pretax Income -$213.9K -$134.6K -$156.3K
YoY Change 1113.22% -13.88% -32.65%
Income Tax
% Of Pretax Income
Net Earnings -$213.9K -$134.6K -$156.3K
YoY Change 1113.22% -13.88% -32.65%
Net Earnings / Revenue -348.75% -127.43% -148.85%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$1.720K
COMMON SHARES
Basic Shares Outstanding 90.88M shares 90.88M shares 90.88M shares
Diluted Shares Outstanding 90.88M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $151.7K $177.4K $96.88K
YoY Change 8.71% 83.09% -10.52%
Cash & Equivalents $151.7K $177.4K $96.88K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $24.15K $52.60K $52.24K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $175.9K $230.0K $149.1K
YoY Change -16.45% 54.23% 13.16%
LONG-TERM ASSETS
Property, Plant & Equipment $162.3K $171.7K $162.8K
YoY Change -8.1% 5.47% -68.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $162.2K $171.7K $162.8K
YoY Change -8.1% 5.47% -68.61%
TOTAL ASSETS
Total Short-Term Assets $175.9K $230.0K $149.1K
Total Long-Term Assets $162.2K $171.7K $162.8K
Total Assets $338.1K $401.7K $311.9K
YoY Change -12.64% 28.78% -52.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.7K $540.3K $494.9K
YoY Change -9.86% 9.17%
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 $3.500M
YoY Change 8.57%
Total Short-Term Liabilities $125.6K $4.340M $3.995M
YoY Change -9.87% 8.65% 1155.32%
LONG-TERM LIABILITIES
Long-Term Debt $3.900M $0.00 $0.00
YoY Change 8.33% -100.0%
Other Long-Term Liabilities $603.1K $138.1K $85.04K
YoY Change 39.19% 62.42% 0.11%
Total Long-Term Liabilities $4.503M $138.1K $85.04K
YoY Change 11.65% 62.42% -97.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.6K $4.340M $3.995M
Total Long-Term Liabilities $4.503M $138.1K $85.04K
Total Liabilities $4.629M $4.478M $4.080M
YoY Change 10.93% 9.77% 16.46%
SHAREHOLDERS EQUITY
Retained Earnings -$10.67M -$10.46M
YoY Change 4.97%
Common Stock $90.88K $90.88K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.291M -$4.077M -$3.768M
YoY Change
Total Liabilities & Shareholders Equity $338.1K $401.7K $311.9K
YoY Change -12.64% 28.78% -52.05%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$213.9K -$134.6K -$156.3K
YoY Change 1113.22% -13.88% -32.65%
Depreciation, Depletion And Amortization $17.60K $19.26K $14.66K
YoY Change -395.8% 31.38% -61.73%
Cash From Operating Activities -$125.6K -$89.42K -$87.62K
YoY Change 119.25% 2.05% -52.1%
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% -50.0%
NET CHANGE
Cash From Operating Activities -125.6K -89.42K -87.62K
Cash From Investing Activities
Cash From Financing Activities 100.0K 100.0K 100.0K
Net Change In Cash -25.65K 10.58K 12.38K
YoY Change -160.08% -14.54% -27.56%
FREE CASH FLOW
Cash From Operating Activities -$125.6K -$89.42K -$87.62K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_841_eus-gaap--UseOfEstimates_ziYbw75QAN08" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zE0hOPaEB6w6">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CapitalizedCostsOilAndGasProducingActivitiesNet
176553 usd
NRIS Costs Incurred Acquisition Of Oil And Gas Properties Addtion
CostsIncurredAcquisitionOfOilAndGasPropertiesAddtion
-26202 usd
CY2022Q4 NRIS Oil And Gas Property Addition Disposition
OilAndGasPropertyAdditionDisposition
21368 usd
CY2022Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
171719 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
50133 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_zFQQyYkpI1I3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zr3Jz4dofsIg">Concentrations of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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 November 30, 2022, none of the Company’s cash balances were uninsured. The Company has not experienced any losses on such accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
105661 usd
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
105030 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
465117 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
302868 usd
CY2022Q1 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
2930237 usd
CY2022Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
2930237 usd
CY2022Q1 us-gaap Capitalized Costs Asset Retirement Costs
CapitalizedCostsAssetRetirementCosts
52218 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-21368 usd
CY2022Q4 us-gaap Capitalized Costs Asset Retirement Costs
CapitalizedCostsAssetRetirementCosts
73586 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
47952 usd
CY2022Q4 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
19264 usd
CY2021Q4 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
12834 usd
CY2022Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
92822 usd
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
21368 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
23931 usd
CY2022Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
138121 usd
CY2022Q4 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
10510 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
23931 usd
CY2021Q4 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1820 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
894 usd
CY2022Q4 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
100000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
200000 usd
us-gaap Interest Expense
InterestExpense
86879 usd
us-gaap Interest Expense
InterestExpense
79838 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
29208 usd
CY2021Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
27403 usd
CY2018Q3 us-gaap Payments For Rent
PaymentsForRent
950 usd
CY2022Q4 us-gaap Payments For Rent
PaymentsForRent
2850 usd
us-gaap Payments For Rent
PaymentsForRent
8550 usd

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