$NRIS
Norris Industries, Inc.

2024 Q1 Form 10-Q Financial Statement

#000149315224002052 Filed on January 11, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $78.54K $87.11K $105.7K
YoY Change 28.06% -17.56% 0.6%
Cost Of Revenue $118.6K $152.6K $166.6K
YoY Change -28.39% -8.39% 3.8%
Gross Profit -$40.10K -$65.51K -$60.94K
YoY Change -61.57% 7.5% 9.86%
Gross Profit Margin -51.06% -75.2% -57.68%
Selling, General & Admin $47.62K $31.96K $25.23K
YoY Change -23.75% 26.67% -57.11%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $74.64K $13.63K $19.26K
YoY Change 324.09% -29.23% 31.38%
% of Gross Profit
Operating Expenses $122.3K $198.2K $211.1K
YoY Change 52.73% -6.11% 187.32%
Operating Profit -$162.4K -$111.1K -$105.4K
YoY Change -11.95% 5.37% -18.23%
Interest Expense -$32.62K $31.91K $29.21K
YoY Change 10.58% 9.26% -206.6%
% of Operating Profit
Other Income/Expense, Net -$31.91K -$29.21K
YoY Change 9.26% 6.59%
Pretax Income -$195.0K -$143.0K -$134.6K
YoY Change -8.84% 6.22% -13.88%
Income Tax
% Of Pretax Income
Net Earnings -$195.0K -$143.0K -$134.6K
YoY Change -8.84% 6.21% -13.88%
Net Earnings / Revenue -248.26% -164.16% -127.43%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
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 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.22K $34.44K $177.4K
YoY Change -64.27% -80.58% 83.09%
Cash & Equivalents $54.22K $34.44K $177.4K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $17.01K $23.04K $52.60K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $71.23K $57.49K $230.0K
YoY Change -59.5% -75.0% 54.23%
LONG-TERM ASSETS
Property, Plant & Equipment $386.5K $142.5K $171.7K
YoY Change 138.22% -17.03% 5.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $386.5K $142.5K $171.7K
YoY Change 138.22% -17.03% 5.47%
TOTAL ASSETS
Total Short-Term Assets $71.23K $57.49K $230.0K
Total Long-Term Assets $386.5K $142.5K $171.7K
Total Assets $457.7K $200.0K $401.7K
YoY Change 35.37% -50.22% 28.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $121.0K $119.6K $540.3K
YoY Change -3.67% -77.87% 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
YoY Change 8.57%
Total Short-Term Liabilities $121.0K $119.6K $4.340M
YoY Change -3.67% -97.24% 8.65%
LONG-TERM LIABILITIES
Long-Term Debt $4.200M $4.100M $0.00
YoY Change 7.69%
Other Long-Term Liabilities $1.071M $719.4K $138.1K
YoY Change 77.52% 420.84% 62.42%
Total Long-Term Liabilities $5.271M $4.819M $138.1K
YoY Change 17.04% 3389.27% 62.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.0K $119.6K $4.340M
Total Long-Term Liabilities $5.271M $4.819M $138.1K
Total Liabilities $5.392M $4.939M $4.478M
YoY Change 16.48% 10.28% 9.77%
SHAREHOLDERS EQUITY
Retained Earnings -$11.31M -$11.12M -$10.46M
YoY Change 6.03% 6.33%
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 -$4.934M -$4.739M -$4.077M
YoY Change
Total Liabilities & Shareholders Equity $457.7K $200.0K $401.7K
YoY Change 35.37% -50.22% 28.78%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income -$195.0K -$143.0K -$134.6K
YoY Change -8.84% 6.21% -13.88%
Depreciation, Depletion And Amortization $74.64K $13.63K $19.26K
YoY Change 324.09% -29.23% 31.38%
Cash From Operating Activities -$80.22K -$56.85K -$89.42K
YoY Change -36.16% -36.42% 2.05%
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 0.000 100.0K
YoY Change 0.0% -100.0% 0.0%
NET CHANGE
Cash From Operating Activities -80.22K -56.85K -89.42K
Cash From Investing Activities
Cash From Financing Activities 100.0K 0.000 100.0K
Net Change In Cash 19.78K -56.85K 10.58K
YoY Change -177.12% -637.33% -14.54%
FREE CASH FLOW
Cash From Operating Activities -$80.22K -$56.85K -$89.42K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_843_eus-gaap--UseOfEstimates_z8p901shwDi2" 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; color: Black"><i><span id="xdx_862_z88WFmp6PkQ5">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; color: Black"> </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; color: Black">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; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i> </i></span></p>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zP3pqXr2o6A7" 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; color: Black"><i><span id="xdx_86D_zg4Z37g4Vc6f">Concentrations of Credit Risk</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; color: Black"> </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; color: Black">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, 2023, <span id="xdx_908_eus-gaap--CashUninsuredAmount_iI_dn_c20231130_zDXZO8W7coT1" title="Cash uninsured amount">none</span> 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p>
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
87112 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
105661 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
251070 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
465117 usd
CY2023Q1 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
2930237 usd
CY2023Q4 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
-5709 usd
CY2023Q4 us-gaap Capitalized Costs Asset Retirement Costs
CapitalizedCostsAssetRetirementCosts
81743 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
25478 usd
CY2023Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
2869500 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
-25478 usd
CY2023Q4 NRIS Oil And Gas Property Addition Disposition
OilAndGasPropertyAdditionDisposition
5709 usd
CY2023Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
142480 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
25478 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
50133 usd
CY2023Q4 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
6963 usd
CY2022Q4 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
19264 usd
CY2023Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
146245 usd
NRIS Asset Retirement Obligation Accretion
AssetRetirementObligationAccretion
14707 usd
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
5709 usd
CY2023Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
166661 usd
CY2023Q4 us-gaap Accretion Expense
AccretionExpense
6664 usd
us-gaap Accretion Expense
AccretionExpense
14707 usd
CY2022Q4 us-gaap Accretion Expense
AccretionExpense
10510 usd
us-gaap Accretion Expense
AccretionExpense
23931 usd
us-gaap Interest Expense
InterestExpense
94343 usd
us-gaap Interest Expense
InterestExpense
86879 usd
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
456879 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
552722 usd
CY2023Q1 us-gaap Notes Payable
NotesPayable
3900000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
4100000 usd
CY2018Q3 us-gaap Payments For Rent
PaymentsForRent
950 usd
CY2023Q4 us-gaap Payments For Rent
PaymentsForRent
2850 usd
us-gaap Payments For Rent
PaymentsForRent
8550 usd

Files In Submission

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nris-20231130_cal.xml Edgar Link unprocessable
nris-20231130_pre.xml Edgar Link unprocessable
nris-20231130_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
nris-20231130_lab.xml Edgar Link unprocessable
0001493152-24-002052-index-headers.html Edgar Link pending
0001493152-24-002052-index.html Edgar Link pending
0001493152-24-002052.txt Edgar Link pending
0001493152-24-002052-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
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ex32-1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
nris-20231130.xsd Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
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form10-q_htm.xml Edgar Link completed