$NRIS
Norris Industries, Inc.

2024 Q3 Form 10-Q Financial Statement

#000149315224027122 Filed on July 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $77.01K $100.3K $81.35K
YoY Change -6.78% 23.25% -46.7%
Cost Of Revenue $127.9K $139.0K
YoY Change -7.99% -14.0%
Gross Profit -$27.59K -$57.62K
YoY Change -52.12% 543.08%
Gross Profit Margin -27.52% -70.83%
Selling, General & Admin $72.58K $83.13K
YoY Change -12.69% -4.43%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.28K $9.840K
YoY Change 136.59% -39.63%
% of Gross Profit
Operating Expenses $160.4K $235.4K $92.97K
YoY Change -8.32% 153.2% -9.98%
Operating Profit -$83.37K -$135.1K -$150.6K
YoY Change -9.7% -10.26% 34.17%
Interest Expense -$33.90K -$30.75K
YoY Change 10.24% 7.97%
% of Operating Profit
Other Income/Expense, Net -$34.48K -$33.90K -$30.75K
YoY Change 8.84% 10.25% 7.97%
Pretax Income -$169.0K -$181.3K
YoY Change -6.78% 28.87%
Income Tax
% Of Pretax Income
Net Earnings -$117.9K -$169.0K -$181.3K
YoY Change -4.96% -6.78% 28.87%
Net Earnings / Revenue -153.05% -168.59% -222.91%
Basic Earnings Per Share $0.00 $0.00 -$0.02
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 90.88M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.94K $43.67K
YoY Change 57.87% -20.19%
Cash & Equivalents $71.74K $68.94K $43.67K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $13.45K $23.94K $32.33K
Other Receivables $0.00 $0.00
Total Short-Term Assets $85.19K $92.88K $76.00K
YoY Change -32.3% 22.2% -33.45%
LONG-TERM ASSETS
Property, Plant & Equipment $363.2K $149.4K
YoY Change 143.12% -16.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $315.4K $363.2K $149.4K
YoY Change 116.6% 143.11% -16.36%
TOTAL ASSETS
Total Short-Term Assets $85.19K $92.88K $76.00K
Total Long-Term Assets $315.4K $363.2K $149.4K
Total Assets $400.6K $456.1K $225.4K
YoY Change 47.58% 102.35% -23.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.9K $166.5K
YoY Change -14.21% 19.77%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $102.3K $142.9K $166.5K
YoY Change 13.09% -14.21% 19.77%
LONG-TERM LIABILITIES
Long-Term Debt $4.300M $3.900M
YoY Change 10.26% 8.33%
Other Long-Term Liabilities $1.116M $630.9K
YoY Change 76.94% 31.38%
Total Long-Term Liabilities $5.416M $4.531M
YoY Change 19.54% 11.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $102.3K $142.9K $166.5K
Total Long-Term Liabilities $5.416M $4.531M
Total Liabilities $5.621M $5.559M $4.697M
YoY Change 15.49% 18.34% 11.33%
SHAREHOLDERS EQUITY
Retained Earnings -$11.60M -$11.48M -$10.85M
YoY Change 5.69% 5.82%
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 -$5.221M -$5.103M -$4.472M
YoY Change
Total Liabilities & Shareholders Equity $400.6K $456.1K $225.4K
YoY Change 47.58% 102.35% -23.03%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$117.9K -$169.0K -$181.3K
YoY Change -4.96% -6.78% 28.87%
Depreciation, Depletion And Amortization $23.28K $9.840K
YoY Change 136.59% -39.63%
Cash From Operating Activities -$85.00K -$108.1K
YoY Change -21.34% 27.35%
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
YoY Change
NET CHANGE
Cash From Operating Activities -$85.00K -108.1K
Cash From Investing Activities
Cash From Financing Activities $100.0K
Net Change In Cash $14.72K -108.1K
YoY Change -113.62% 27.35%
FREE CASH FLOW
Cash From Operating Activities -$85.00K -$108.1K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2024Q2 dei Entity File Number
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CY2024Q2 dei Entity Registrant Name
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Norris Industries, Inc.
CY2024Q2 dei Entity Incorporation State Country Code
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NV
CY2024Q2 dei Entity Tax Identification Number
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CY2024Q2 dei Entity Address Address Line1
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CY2024Q2 dei Entity Address State Or Province
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CY2024Q2 dei City Area Code
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CY2024Q2 dei Security12b Title
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Common Stock, $.01 Par Value
CY2024Q2 dei Trading Symbol
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CY2024Q2 us-gaap Use Of Estimates
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<p id="xdx_841_eus-gaap--UseOfEstimates_zBJggpfDVdzb" 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_zi5PD1GDM1Xi">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"> </span></p>
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CY2024Q2 us-gaap Concentration Risk Credit Risk
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<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zsWsFuAbkEH7" 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_86A_zA0zJ1KV46Sj">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 May 31, 2024, <span id="xdx_908_eus-gaap--CashUninsuredAmount_iI_dn_c20240531_zhea10qTTgHb" title="Cash uninsured amount">none</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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivitiesAddition
23275 usd
CY2024Q2 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
2967096 usd
CY2024Q2 NRIS Costs Incurred Acquisition Of Oil And Gas Properties Addtion
CostsIncurredAcquisitionOfOilAndGasPropertiesAddtion
-23275 usd
CY2024Q2 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
363235 usd
CY2024Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
23275 usd
CY2023Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
9609 usd
CY2024Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2023Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2024Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
485333 usd
CY2024Q2 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
11691 usd
CY2024Q2 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
497024 usd
CY2024Q2 us-gaap Accretion Expense
AccretionExpense
11691 usd
CY2023Q2 us-gaap Accretion Expense
AccretionExpense
226 usd
CY2024Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
33904 usd
CY2023Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
30751 usd
CY2024Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
585341 usd
CY2024Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
619245 usd
CY2024Q1 us-gaap Notes Payable
NotesPayable
4200000 usd
CY2024Q2 us-gaap Notes Payable
NotesPayable
4300000 usd
CY2018Q3 us-gaap Payments For Rent
PaymentsForRent
950 usd
CY2024Q2 us-gaap Payments For Rent
PaymentsForRent
2850 usd

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0001493152-24-027122.txt Edgar Link pending
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