$NRIS
Norris Industries, Inc.

2023 Q3 Form 10-Q Financial Statement

#000149315223024546 Filed on July 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $82.61K $81.35K $152.6K
YoY Change -60.06% -46.7% 20.53%
Cost Of Revenue $120.1K $139.0K $161.6K
YoY Change -22.71% -14.0% -9.71%
Gross Profit -$37.53K -$57.62K -$8.960K
YoY Change -173.06% 543.08% -82.88%
Gross Profit Margin -45.43% -70.83% -5.87%
Selling, General & Admin $38.08K $83.13K $86.98K
YoY Change 63.22% -4.43% -19.45%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.72K $9.840K $16.30K
YoY Change 14.76% -39.63% -65.37%
% of Gross Profit
Operating Expenses $174.9K $92.97K $103.3K
YoY Change -9.52% -9.98% -20.67%
Operating Profit -$92.33K -$150.6K -$112.2K
YoY Change -785.81% 34.17% -38.51%
Interest Expense $31.68K -$30.75K -$28.48K
YoY Change 8.53% 7.97% 10.95%
% of Operating Profit
Other Income/Expense, Net -$31.68K -$30.75K -$28.48K
YoY Change 8.53% 7.97%
Pretax Income -$124.0K -$181.3K -$140.7K
YoY Change 688.37% 28.87% -32.41%
Income Tax
% Of Pretax Income
Net Earnings -$124.0K -$181.3K -$140.7K
YoY Change 688.57% 28.87% -32.41%
Net Earnings / Revenue -150.12% -222.91% -92.19%
Basic Earnings Per Share $0.00 -$0.02 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$1.548K
COMMON SHARES
Basic Shares Outstanding 90.88M shares 90.88M shares 90.88M shares
Diluted Shares Outstanding 90.88M shares 90.88M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.29K $43.67K $54.72K
YoY Change -45.27% -20.19% -36.14%
Cash & Equivalents $91.29K $43.67K $54.72K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $34.54K $32.33K $59.49K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $125.8K $76.00K $114.2K
YoY Change -39.13% -33.45% -11.09%
LONG-TERM ASSETS
Property, Plant & Equipment $145.6K $149.4K $178.6K
YoY Change -14.81% -16.36% 0.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $145.6K $149.4K $178.6K
YoY Change -14.81% -16.36% 0.88%
TOTAL ASSETS
Total Short-Term Assets $125.8K $76.00K $114.2K
Total Long-Term Assets $145.6K $149.4K $178.6K
Total Assets $271.5K $225.4K $292.8K
YoY Change -28.12% -23.03% -4.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.46K $166.5K $139.0K
YoY Change -12.62% 19.77% -67.36%
Accrued Expenses
YoY Change
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 $90.46K $166.5K $139.0K
YoY Change -12.63% 19.77% -96.0%
LONG-TERM LIABILITIES
Long-Term Debt $4.100M $3.900M $3.600M
YoY Change 10.81% 8.33% 1340.0%
Other Long-Term Liabilities $677.0K $630.9K $480.2K
YoY Change 31.14% 31.38% 383.48%
Total Long-Term Liabilities $4.777M $4.531M $4.080M
YoY Change 13.3% 11.05% 1068.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.46K $166.5K $139.0K
Total Long-Term Liabilities $4.777M $4.531M $4.080M
Total Liabilities $4.867M $4.697M $4.219M
YoY Change 12.68% 11.33% 10.3%
SHAREHOLDERS EQUITY
Retained Earnings -$10.97M -$10.85M
YoY Change 6.34%
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 -$4.596M -$4.472M -$3.926M
YoY Change
Total Liabilities & Shareholders Equity $271.5K $225.4K $292.8K
YoY Change -28.12% -23.03% -4.15%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$124.0K -$181.3K -$140.7K
YoY Change 688.57% 28.87% -32.41%
Depreciation, Depletion And Amortization $16.72K $9.840K $16.30K
YoY Change 14.76% -39.63% -65.37%
Cash From Operating Activities -$152.4K -$108.1K -$84.85K
YoY Change -1361.42% 27.35% -51.5%
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 200.0K
YoY Change 100.0%
NET CHANGE
Cash From Operating Activities -152.4K -108.1K -84.85K
Cash From Investing Activities
Cash From Financing Activities 200.0K
Net Change In Cash 47.62K -108.1K -84.85K
YoY Change -57.51% 27.35% 13.21%
FREE CASH FLOW
Cash From Operating Activities -$152.4K -$108.1K -$84.85K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_84F_eus-gaap--UseOfEstimates_zmUhbYsFR88a" 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_86A_zQmtLSiL7RBf">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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<p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_z5LuSHH2LYs3" 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_860_z9pLCTrjamz9">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 May 31, 2023, $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_iI_c20230531_zBP90xSd2z48" title="Cash, FDIC insured amount">0</span> of the Company’s cash balances was 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>
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CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivitiesAddition
9609 usd
CY2023Q2 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
2853631 usd
CY2023Q1 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
162249 usd
CY2023Q2 NRIS Costs Incurred Acquisition Of Oil And Gas Properties Addition
CostsIncurredAcquisitionOfOilAndGasPropertiesAddition
-9609 usd
CY2023Q2 NRIS Oil And Gas Property Addition Disposition
OilAndGasPropertyAdditionDisposition
-3229 usd
CY2023Q2 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
149411 usd
CY2023Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
9609 usd
CY2022Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
7338 usd
CY2023Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
146245 usd
CY2023Q2 NRIS Asset Retirement Obligation Additions
AssetRetirementObligationAdditions
226 usd
CY2023Q2 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
-3229 usd
CY2023Q2 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
143242 usd
CY2023Q2 us-gaap Accretion Expense
AccretionExpense
226 usd
CY2022Q2 us-gaap Accretion Expense
AccretionExpense
8959 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
30751 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
28482 usd
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
456879 usd
CY2023Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
487630 usd
CY2023Q1 us-gaap Notes Payable
NotesPayable
3900000 usd
CY2023Q2 us-gaap Notes Payable
NotesPayable
3900000 usd
CY2018Q3 us-gaap Payments For Rent
PaymentsForRent
950 usd
CY2023Q2 us-gaap Payments For Rent
PaymentsForRent
2850 usd
CY2023Q2 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
In the King County, Texas lease acreage, 640 acres were due to expire in June 2021

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