$REI
RING ENERGY, INC.

2018 Q4 Form 10-Q Financial Statement

#000114420418057622 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $27.56M $32.69M $16.64M
YoY Change 18.25% 96.39% 112.77%
Cost Of Revenue $9.389M $7.218M $4.262M
YoY Change 42.47% 69.36% 56.69%
Gross Profit $18.17M $25.47M $12.38M
YoY Change 8.69% 105.7% 142.78%
Gross Profit Margin 65.94% 77.92% 74.39%
Selling, General & Admin $3.425M $3.205M $2.370M
YoY Change 16.51% 35.24% 26.06%
% of Gross Profit 18.85% 12.58% 19.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.45M $10.93M $83.45K
YoY Change 47.37% 12999.12% 16.44%
% of Gross Profit 57.5% 42.92% 0.67%
Operating Expenses $28.16M $14.30M $7.300M
YoY Change 176.89% 95.93% 59.74%
Operating Profit -$9.987M $9.615M $4.292M
YoY Change -252.46% 124.02% -147.06%
Interest Expense $1.529M $40.94K $0.00
YoY Change -137.2% -100.0%
% of Operating Profit 0.43% 0.0%
Other Income/Expense, Net -$3.324M $151.4K
YoY Change -2296.09% -269.24%
Pretax Income -$8.458M $6.291M $4.443M
YoY Change -446.63% 41.57% -148.24%
Income Tax -$1.379M $596.9K $1.370M
% Of Pretax Income 9.49% 30.83%
Net Earnings -$7.079M $5.694M $3.074M
YoY Change 56.97% 85.23% -151.71%
Net Earnings / Revenue -25.69% 17.42% 18.47%
Basic Earnings Per Share -$0.12 $0.09 $0.06
Diluted Earnings Per Share -$0.12 $0.09 $0.06
COMMON SHARES
Basic Shares Outstanding 60.54M shares 60.41M 53.01M shares
Diluted Shares Outstanding 61.83M 54.37M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.364M $3.771M $40.90M
YoY Change -77.58% -90.78% 1759.09%
Cash & Equivalents $10.00M $3.771M $40.88M
Short-Term Investments
Other Short-Term Assets $258.9K $379.2K $300.0K
YoY Change 29.45% 26.39% 0.0%
Inventory
Prepaid Expenses $258.9K $379.2K
Receivables $12.64M $11.58M $7.600M
Other Receivables $578.1K $1.878M $900.0K
Total Short-Term Assets $16.84M $17.60M $49.70M
YoY Change -42.16% -64.58% 701.61%
LONG-TERM ASSETS
Property, Plant & Equipment $542.0M $509.1M $321.9M
YoY Change 45.07% 58.17% 61.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.211M $6.903M $18.40M
YoY Change -27.98% -62.49% -17.86%
Total Long-Term Assets $550.2M $516.1M $340.4M
YoY Change 42.92% 51.6% 53.96%
TOTAL ASSETS
Total Short-Term Assets $16.84M $17.60M $49.70M
Total Long-Term Assets $550.2M $516.1M $340.4M
Total Assets $567.1M $533.7M $390.1M
YoY Change 36.94% 36.8% 71.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.91M $42.49M $21.20M
YoY Change 16.72% 100.4% 186.49%
Accrued Expenses $0.00 $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $51.91M $48.91M $21.64M
YoY Change 7.16% 126.02% 192.43%
LONG-TERM LIABILITIES
Long-Term Debt $39.50M $17.00M $0.00
YoY Change
Other Long-Term Liabilities $13.06M $10.16M $8.200M
YoY Change 43.47% 23.84% 2.5%
Total Long-Term Liabilities $52.56M $27.16M $8.200M
YoY Change 477.54% 231.16% 2.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.91M $48.91M $21.64M
Total Long-Term Liabilities $52.56M $27.16M $8.200M
Total Liabilities $104.5M $76.07M $29.85M
YoY Change 81.68% 154.87% 93.8%
SHAREHOLDERS EQUITY
Retained Earnings -$32.36M -$25.28M -$36.85M
YoY Change -21.76% -31.4% -16.69%
Common Stock $63.23K $60.49K $54.15K
YoY Change 16.61% 11.72% 29.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $462.6M $457.6M $360.3M
YoY Change
Total Liabilities & Shareholders Equity $567.1M $533.7M $390.1M
YoY Change 36.94% 36.79% 71.6%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$7.079M $5.694M $3.074M
YoY Change 56.97% 85.23% -151.71%
Depreciation, Depletion And Amortization $10.45M $10.93M $83.45K
YoY Change 47.37% 12999.12% 16.44%
Cash From Operating Activities $18.35M $18.72M $10.18M
YoY Change 26.48% 83.93% 29.35%
INVESTING ACTIVITIES
Capital Expenditures -$41.37M -$45.38M -$40.71M
YoY Change 2.67% 11.47% 192.25%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$4.460K
YoY Change
Cash From Investing Activities -$41.37M -$45.39M -$40.71M
YoY Change 2.67% 11.48% 192.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.61M 17.00M 59.26M
YoY Change -32394.46% -71.32% -592700.0%
NET CHANGE
Cash From Operating Activities 18.35M 18.72M 10.18M
Cash From Investing Activities -41.37M -45.39M -40.71M
Cash From Financing Activities 22.61M 17.00M 59.26M
Net Change In Cash -407.1K -9.666M 28.73M
YoY Change -98.43% -133.64% -573.31%
FREE CASH FLOW
Cash From Operating Activities $18.35M $18.72M $10.18M
Capital Expenditures -$41.37M -$45.38M -$40.71M
Free Cash Flow $59.72M $64.10M $50.89M
YoY Change 8.98% 25.97% 133.44%

Facts In Submission

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P2Y
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
9.91
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
509116 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-102735 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2989645 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
7126520 USD
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-452468 USD
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-605432 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
52004346 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28302596 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
4090642 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
26915783 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
158069999 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
87576052 USD
rei Proceeds From Disposal Of Fixed Assets Subject To Depreciation
ProceedsFromDisposalOfFixedAssetsSubjectToDepreciation
105536 USD
rei Proceeds From Disposal Of Fixed Assets Subject To Depreciation
ProceedsFromDisposalOfFixedAssetsSubjectToDepreciation
0 USD
rei Payments To Acquire Inventory For Development
PaymentsToAcquireInventoryForDevelopment
0 USD
rei Payments To Acquire Inventory For Development
PaymentsToAcquireInventoryForDevelopment
2816165 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-162055105 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-117617217 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
81815022 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
59104393 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
98815022 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
59104393 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-11235737 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-30210228 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15006581 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
71086381 USD
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3770844 USD
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
40876153 USD
us-gaap Interest Paid Net
InterestPaidNet
54652 USD
us-gaap Interest Paid Net
InterestPaidNet
0 USD
us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
1058763 USD
us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
846868 USD
rei Use Of Inventory In Property Development
UseOfInventoryInPropertyDevelopment
0 USD
rei Use Of Inventory In Property Development
UseOfInventoryInPropertyDevelopment
3364786 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
24000000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5000000 USD
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
0 USD
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
309217 USD
CY2018Q3 rei Oil Revenue
OilRevenue
31633777 USD
CY2017Q3 rei Oil Revenue
OilRevenue
16015298 USD
rei Oil Revenue
OilRevenue
89736822 USD
rei Oil Revenue
OilRevenue
41603909 USD
CY2018Q3 rei Natural Gas Revenue
NaturalGasRevenue
1053402 USD
CY2017Q3 rei Natural Gas Revenue
NaturalGasRevenue
628632 USD
rei Natural Gas Revenue
NaturalGasRevenue
2766631 USD
rei Natural Gas Revenue
NaturalGasRevenue
1787123 USD
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2018Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2018Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
60491142 shares
CY2018Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
60491142 shares
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
54224029 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
54224029 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> &#8211; 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, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company&#8217;s future results of operations.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
rei Adjustment To Deferred Tax Asset For Change In Effective Tax Rate
AdjustmentToDeferredTaxAssetForChangeInEffectiveTaxRate
84981 USD
rei Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
12.46 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.25
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
The annual interest rate on each Base Rate Loan is (a) the greatest of (i) the Administrative Agent&#8217;s prime lending rate, (ii) the federal funds rate plus 0.5% per annum or the (iii) adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (b) a margin between 2.75% and 3.75% (depending on the then-current level of borrowing base usage).
rei Leverage Ratio Total
LeverageRatioTotal
4.0 to 1.0
rei Minimum Leverage Ratio Current
MinimumLeverageRatioCurrent
1.0 to 1.0
CY2018Q2 us-gaap Debt Instrument Redemption Description
DebtInstrumentRedemptionDescription
The Borrowing Base will be redetermined semi-annually on each May 1 and November 1.
rei Share Based Compensation Arrangement By Share Based Payment Award Options Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercised
143000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
103113 shares
rei Stock Option Exercised Shares Retained
StockOptionExercisedSharesRetained
39887 shares
rei Stock Option Exercised Value Of Shares Retained
StockOptionExercisedValueOfSharesRetained
470750 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.29
CY2018Q3 us-gaap Share Price
SharePrice
11.80
rei Share Based Compensation Arrangement By Share Based Payment Award Options Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercised
66400 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
55180 shares
rei Stock Option Exercised Shares Retained
StockOptionExercisedSharesRetained
11220 shares
rei Stock Option Exercised Value Of Shares Retained
StockOptionExercisedValueOfSharesRetained
149285 shares
CY2017Q3 us-gaap Share Price
SharePrice
13.31
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk and Major Customer</div></div></div><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> &#8211; The Company had cash in excess of federally insured limits at September 30, 2018. During the nine months ended September 30, 2018, sales to two customers represented 84% and 12%, respectively, of the Company&#8217;s oil and gas revenues. At September 30, 2018, these two customers made up 88% and 7%, respectively, of the Company&#8217;s accounts receivable.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Approximately 86% of the Company&#8217;s accounts and joint interest billing receivables are from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts and joint interest billing receivables are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at September 30, 2018. The Company also has a joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q3 us-gaap Line Of Credit
LineOfCredit
17000000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
17000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2018Q3 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
2722774 USD
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
6600226 USD

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