$NRIS
Norris Industries, Inc.

2023 Q4 Form 10-Q Financial Statement

#000149315223037003 Filed on October 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $87.11K $82.61K $206.8K
YoY Change -17.56% -60.06% 190.47%
Cost Of Revenue $152.6K $120.1K $155.5K
YoY Change -8.39% -22.71% 43.05%
Gross Profit -$65.51K -$37.53K $51.37K
YoY Change 7.5% -173.06% -237.1%
Gross Profit Margin -75.2% -45.43% 24.84%
Selling, General & Admin $31.96K $38.08K $23.33K
YoY Change 26.67% 63.22% -44.92%
% of Gross Profit 45.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.63K $16.72K $14.57K
YoY Change -29.23% 14.76% -199.32%
% of Gross Profit 28.36%
Operating Expenses $198.2K $174.9K $193.4K
YoY Change -6.11% -9.52% 267.94%
Operating Profit -$111.1K -$92.33K $13.46K
YoY Change 5.37% -785.81% -114.96%
Interest Expense $31.91K $31.68K $29.19K
YoY Change 9.26% 8.53% -209.08%
% of Operating Profit 216.81%
Other Income/Expense, Net -$31.91K -$31.68K -$29.19K
YoY Change 9.26% 8.53% 9.06%
Pretax Income -$143.0K -$124.0K -$15.73K
YoY Change 6.22% 688.37% -86.53%
Income Tax
% Of Pretax Income
Net Earnings -$143.0K -$124.0K -$15.73K
YoY Change 6.21% 688.57% -86.53%
Net Earnings / Revenue -164.16% -150.12% -7.6%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$173.10
COMMON SHARES
Basic Shares Outstanding 90.88M shares 90.88M shares 90.88M shares
Diluted Shares Outstanding 90.88M shares 90.88M shares 90.88M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.44K $91.29K $166.8K
YoY Change -80.58% -45.27% 97.4%
Cash & Equivalents $34.44K $91.29K $166.8K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $23.04K $34.54K $39.94K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $57.49K $125.8K $206.7K
YoY Change -75.0% -39.13% 70.43%
LONG-TERM ASSETS
Property, Plant & Equipment $142.5K $145.6K $170.9K
YoY Change -17.03% -14.81% -3.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $142.5K $145.6K $170.9K
YoY Change -17.03% -14.81% -3.11%
TOTAL ASSETS
Total Short-Term Assets $57.49K $125.8K $206.7K
Total Long-Term Assets $142.5K $145.6K $170.9K
Total Assets $200.0K $271.5K $377.7K
YoY Change -50.22% -28.12% 26.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $119.6K $90.46K $103.5K
YoY Change -77.87% -12.62% -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
YoY Change
Total Short-Term Liabilities $119.6K $90.46K $103.5K
YoY Change -97.24% -12.63% -97.29%
LONG-TERM LIABILITIES
Long-Term Debt $4.100M $4.100M $3.700M
YoY Change 10.81%
Other Long-Term Liabilities $719.4K $677.0K $516.2K
YoY Change 420.84% 31.14% 514.64%
Total Long-Term Liabilities $4.819M $4.777M $4.216M
YoY Change 3389.27% 13.3% 4919.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $119.6K $90.46K $103.5K
Total Long-Term Liabilities $4.819M $4.777M $4.216M
Total Liabilities $4.939M $4.867M $4.320M
YoY Change 10.28% 12.68% 10.5%
SHAREHOLDERS EQUITY
Retained Earnings -$11.12M -$10.97M -$10.32M
YoY Change 6.33% 6.34%
Common Stock $90.88K $90.88K $90.88K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.739M -$4.596M -$3.942M
YoY Change
Total Liabilities & Shareholders Equity $200.0K $271.5K $377.7K
YoY Change -50.22% -28.12% 26.85%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$143.0K -$124.0K -$15.73K
YoY Change 6.21% 688.57% -86.53%
Depreciation, Depletion And Amortization $13.63K $16.72K $14.57K
YoY Change -29.23% 14.76% -199.32%
Cash From Operating Activities -$56.85K -$152.4K $12.08K
YoY Change -36.42% -1361.42% -111.94%
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 0.000 200.0K 100.0K
YoY Change -100.0% 100.0% 0.0%
NET CHANGE
Cash From Operating Activities -56.85K -152.4K 12.08K
Cash From Investing Activities
Cash From Financing Activities 0.000 200.0K 100.0K
Net Change In Cash -56.85K 47.62K 112.1K
YoY Change -637.33% -57.51% -9598.31%
FREE CASH FLOW
Cash From Operating Activities -$56.85K -$152.4K $12.08K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_84C_eus-gaap--UseOfEstimates_zbW1xCEBjugb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_z75H3o7LC1wf">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zbdhDwJXDvl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_z9szEZ8NkHu4">Concentrations of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 August 31, 2023, the Company had <span id="xdx_905_eus-gaap--CashFDICInsuredAmount_iI_do_c20230831_zxNq8MBpV7Hh" 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82606 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
206815 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
163958 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
359456 usd
CY2023Q1 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
2930237 usd
CY2023Q3 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
2930237 usd
CY2023Q1 us-gaap Capitalized Costs Asset Retirement Costs
CapitalizedCostsAssetRetirementCosts
76034 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-1888 usd
CY2023Q3 us-gaap Capitalized Costs Asset Retirement Costs
CapitalizedCostsAssetRetirementCosts
77922 usd
CY2023Q1 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
2844022 usd
NRIS Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities Addition
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivitiesAddition
18515 usd
CY2023Q3 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
2862537 usd
CY2023Q1 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
162249 usd
NRIS Costs Incurred Acquisition Of Oil And Gas Properties Addition
CostsIncurredAcquisitionOfOilAndGasPropertiesAddition
-18515 usd
CY2023Q3 NRIS Oil And Gas Property Addition Disposition
OilAndGasPropertyAdditionDisposition
1888 usd
CY2023Q3 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
145622 usd
CY2023Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
146245 usd
NRIS Asset Retirement Obligation Accretion
AssetRetirementObligationAccretion
8043 usd
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
1888 usd
CY2023Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
156176 usd
CY2023Q2 us-gaap Accretion Expense
AccretionExpense
7817 usd
us-gaap Accretion Expense
AccretionExpense
8043 usd
CY2022Q2 us-gaap Accretion Expense
AccretionExpense
4462 usd
us-gaap Accretion Expense
AccretionExpense
13421 usd
us-gaap Interest Expense
InterestExpense
62431 usd
us-gaap Interest Expense
InterestExpense
57671 usd
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
456879 usd
CY2023Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
520810 usd
CY2023Q1 us-gaap Notes Payable
NotesPayable
3900000 usd
CY2023Q3 us-gaap Notes Payable
NotesPayable
4100000 usd
CY2018Q3 us-gaap Payments For Rent
PaymentsForRent
950 usd
CY2023Q3 us-gaap Payments For Rent
PaymentsForRent
2850 usd
us-gaap Payments For Rent
PaymentsForRent
5700 usd

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