$RSRV
RESERVE PETROLEUM CO

2024 Q3 Form 10-Q Financial Statement

#000008335024000023 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $3.875M $3.837M
YoY Change 28.8% 41.71%
Cost Of Revenue $1.107M
YoY Change -4.35%
Gross Profit $2.775M
YoY Change 67.04%
Gross Profit Margin 72.33%
Selling, General & Admin $635.4K
YoY Change -9.51%
% of Gross Profit 22.9%
Research & Development $168.9K
YoY Change -15.23%
% of Gross Profit 6.09%
Depreciation & Amortization $846.0K
YoY Change 122.28%
% of Gross Profit 30.49%
Operating Expenses $1.650M
YoY Change 28.73%
Operating Profit $1.579M $1.125M
YoY Change 137.16% 196.54%
Interest Expense $843.8K
YoY Change 4835.6%
% of Operating Profit 75.03%
Other Income/Expense, Net $433.4K $186.7K
YoY Change 368.62% -1.05%
Pretax Income $1.329M
YoY Change 129.92%
Income Tax $250.5K $279.5K
% Of Pretax Income 21.04%
Net Earnings $1.750M $1.049M
YoY Change 183.38% 118.77%
Net Earnings / Revenue 45.16% 27.34%
Basic Earnings Per Share $11.39 $6.83
Diluted Earnings Per Share $6.83
COMMON SHARES
Basic Shares Outstanding 154.6K shares 154.8K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.937M
YoY Change -46.85%
Cash & Equivalents $3.730M $3.153M
Short-Term Investments $3.784M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.342M $2.828M
Other Receivables $306.5K
Total Short-Term Assets $10.63M $10.07M
YoY Change -26.14% -33.44%
LONG-TERM ASSETS
Property, Plant & Equipment $19.84M $18.78M
YoY Change 10.5% 22.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.769M $2.792M
YoY Change -2.09% -1.25%
Other Assets
YoY Change
Total Long-Term Assets $27.83M $26.80M
YoY Change 7.17% 14.51%
TOTAL ASSETS
Total Short-Term Assets $10.63M $10.07M
Total Long-Term Assets $27.83M $26.80M
Total Assets $38.46M $36.87M
YoY Change -4.71% -4.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.09K $564.2K
YoY Change -96.76% 82.74%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $145.2K
YoY Change 4.24%
Total Short-Term Liabilities $256.8K $766.0K
YoY Change -87.05% -6.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.085M
YoY Change -11.8%
Other Long-Term Liabilities $2.262M
YoY Change -20.36%
Total Long-Term Liabilities $5.610M $5.285M
YoY Change -7.25% -11.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $256.8K $766.0K
Total Long-Term Liabilities $5.610M $5.285M
Total Liabilities $5.867M $6.051M
YoY Change -26.96% -10.92%
SHAREHOLDERS EQUITY
Retained Earnings $34.22M $32.46M
YoY Change 1.27% -2.14%
Common Stock $157.4K $157.4K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.38M $30.63M
YoY Change
Total Liabilities & Shareholders Equity $38.46M $36.87M
YoY Change -4.71% -4.32%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $1.750M $1.049M
YoY Change 183.38% 118.77%
Depreciation, Depletion And Amortization $846.0K
YoY Change 122.28%
Cash From Operating Activities $1.312M
YoY Change 15.05%
INVESTING ACTIVITIES
Capital Expenditures $2.304M
YoY Change 121.95%
Acquisitions
YoY Change
Other Investing Activities -$52.00K
YoY Change -118.65%
Cash From Investing Activities -$2.356M
YoY Change 210.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.617M
YoY Change 2.03%
NET CHANGE
Cash From Operating Activities 1.312M
Cash From Investing Activities -2.356M
Cash From Financing Activities -1.617M
Net Change In Cash -2.660M
YoY Change 121.1%
FREE CASH FLOW
Cash From Operating Activities $1.312M
Capital Expenditures $2.304M
Free Cash Flow -$991.7K
YoY Change -1067.05%

Facts In Submission

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<div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1 – BASIS OF PRESENTATION</span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Reserve Petroleum Company, a Delaware corporation, is an independent oil and gas company engaged in oil and natural gas exploration, development and minerals management with areas of concentration in Arkansas, Kansas, Oklahoma, South Dakota, Texas and Wyoming, a single business segment. The Company is also engaged in investments that are not significant business segments. The Company’s consolidated entities consist of Grand Woods Development, LLC (“Grand Woods”), an Oklahoma limited liability company and wholly owned Trinity Water Services, LLC ("TWS"), an Oklahoma limited liability company. Unless otherwise specified or the context otherwise requires, all references in these notes to “the Company,” “its,” “our,” and “we” are to The Reserve Petroleum Company and its consolidated subsidiaries. </span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of The Reserve Petroleum Company and variable interest entities (“VIEs”) in which the Company holds a controlling interest, reflecting ownership of a majority of the voting interest, as of the financial statement date. Additionally, the Company consolidates VIEs under certain criteria discussed further below. All intercompany accounts and transactions have been eliminated in consolidation. </span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the period ended September 30, 2023, the Company changed its presentation method on the statement of cash flows from the direct method to the indirect method. The indirect method is predominantly used in practice, provides a useful link to income statements and balance sheets, is more familiar to financial statement users and is the less costly approach to prepare. The Company has recast the Consolidated Statements of Cash Flows and related disclosures for the period ended June 30, 2023, to conform to the indirect presentation method in the current period. </span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When necessary, reclassifications that are not material to the consolidated financial statements are made to prior period financial information to conform to the current year presentation. These reclassifications had no impact on net income or retained earnings.</span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “2023 Form 10-K”).</span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals), which are necessary for a fair statement of the results of the interim periods presented. The results of operations for the current interim periods are not necessarily indicative of the operating results for the full year.</span></div><div style="padding-left:27pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Variable Interest Entities</span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company decides at the inception of each arrangement whether an entity in which an investment is made or in which we have other variable interests is considered a VIE. Generally, an entity is a VIE if (1) the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, (2) the entity’s investors lack any characteristics of a controlling financial interest or (3) the entity was established with non-substantive voting rights. The Company consolidates VIEs when the Company is deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that both: (1) has the power to make decisions that most significantly affect the economic performance of the VIE and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. If the Company is not deemed to be the primary beneficiary of a VIE, the Company accounts for the investment or other variable interests in such VIEs in accordance with applicable GAAP.</span></div><div style="padding-left:9pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Non-Controlling Interests</span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When the Company consolidates an entity, 100% of the assets, liabilities, revenues and expenses of the subsidiary are included in the consolidated financial statements. For those consolidated entities in which the Company’s ownership is less than 100%, the Company records a non-controlling interest as a component of equity on the consolidated balance sheets, which represents the third-party ownership in the net assets of the respective consolidated subsidiary. Additionally, the portion of the net income or loss attributable to the non-controlling interest is reported as net income (loss) attributable to non-controlling interest on the consolidated statements of income. Changes in ownership interests in an entity that do not result in deconsolidation are generally recognized within equity. See Note 5 for additional details on non-controlling interests.</span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">New Accounting Pronouncements</span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. The Company does not anticipate the adoption of this update to have a material impact on the Company’s financial position, results of operations or cash flow.</span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segments Disclosures. Under this ASU, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s “Chief Operating Decision Maker.” This ASU is effective for annual reporting periods beginning after December 15, 2024 and interim periods beginning in 2025. The Company does not anticipate the adoption of this update to have a material impact on the Company’s financial position, results of operations or cash flow.</span></div><div style="padding-left:9pt;text-align:justify"><span><br/></span></div><div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2023, the FASB issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. This ASU is effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. This ASU applies to the formation of entities that meet the definition of a joint venture (or a corporate joint venture) as defined in the FASB Accounting Standards Codification Master Glossary. While joint ventures are defined in the Master Glossary, there has been no specific guidance in the Codification that applies to the formation accounting by a joint venture in its separate financial statements. The amendments in the ASU require that a joint venture apply a new basis of accounting upon formation. As a result, a newly formed joint venture, upon formation, would initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The Company does not anticipate the adoption of this update to have a material impact on the Company’s financial position, results of operations or cash flow.</span></div>
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CY2023Q2 us-gaap Equity Securities Fv Ni Gain Loss
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54596 usd
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