$RSRV
RESERVE PETROLEUM CO

2020 Q2 Form 10-Q Financial Statement

#000143774920010847 Filed on May 15, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $600.6K $1.278M $1.600M
YoY Change -68.84% -20.11% -7.24%
Cost Of Revenue $387.7K $550.6K $558.7K
YoY Change -37.98% -1.46% -7.92%
Gross Profit $212.9K $727.9K $1.042M
YoY Change -83.65% -30.11% -6.87%
Gross Profit Margin 35.45% 56.94% 65.09%
Selling, General & Admin $436.9K $452.1K $452.9K
YoY Change 8.23% -0.16% 0.64%
% of Gross Profit 205.2% 62.11% 43.48%
Research & Development $31.71K $43.47K $3.220K
YoY Change -23.87% 1250.0% -95.98%
% of Gross Profit 14.89% 5.97% 0.31%
Depreciation & Amortization $90.92K $213.7K $234.8K
YoY Change -63.54% -9.01% -28.84%
% of Gross Profit 42.71% 29.36% 22.55%
Operating Expenses $559.5K $709.3K $1.250M
YoY Change -59.65% -43.24% -14.48%
Operating Profit -$346.6K -$1.294M $350.6K
YoY Change -164.1% -468.98% 32.88%
Interest Expense $260.2K -$36.60K $139.3K
YoY Change 118.75% -126.28% 98.93%
% of Operating Profit 39.72%
Other Income/Expense, Net $10.83K $9.699K $11.54K
YoY Change -6.17% -15.95% -3.24%
Pretax Income -$78.22K -$1.308M $491.2K
YoY Change -111.79% -366.32% 38.65%
Income Tax -$150.1K -$166.1K $158.8K
% Of Pretax Income 32.34%
Net Earnings $71.87K -$1.142M $332.3K
YoY Change -90.05% -443.62% 22.82%
Net Earnings / Revenue 11.97% -89.32% 20.77%
Basic Earnings Per Share
Diluted Earnings Per Share $458.9K -$7.291M $2.115M
COMMON SHARES
Basic Shares Outstanding 156.6K 156.6K
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.15M $21.83M $22.73M
YoY Change -2.62% -3.96% 7.95%
Cash & Equivalents $14.58M $3.245M $3.026M
Short-Term Investments $6.564M $18.58M $19.70M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $268.7K $639.4K $904.7K
Other Receivables $154.6K $58.85K $218.1K
Total Short-Term Assets $22.27M $23.00M $24.39M
YoY Change -7.35% -5.71% 5.81%
LONG-TERM ASSETS
Property, Plant & Equipment $7.995M $8.022M $11.37M
YoY Change -29.26% -29.46% 2.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $716.8K $720.1K $811.4K
YoY Change -11.04% -11.24% -18.25%
Other Assets $1.095M $666.5K
YoY Change
Total Long-Term Assets $11.71M $11.31M $13.87M
YoY Change -15.18% -18.49% 0.61%
TOTAL ASSETS
Total Short-Term Assets $22.27M $23.00M $24.39M
Total Long-Term Assets $11.71M $11.31M $13.87M
Total Assets $33.97M $34.31M $38.27M
YoY Change -10.2% -10.35% 3.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.4K $152.4K $168.0K
YoY Change -25.36% -9.32% -56.83%
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 $187.6K $263.9K $238.5K
YoY Change -25.85% 10.67% -44.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.923M $2.490M $2.828M
YoY Change 0.86% -11.95% -4.8%
Total Long-Term Liabilities $3.510M $3.061M $4.160M
YoY Change -15.0% -26.43% 3.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $187.6K $263.9K $238.5K
Total Long-Term Liabilities $3.510M $3.061M $4.160M
Total Liabilities $3.697M $3.325M $4.399M
YoY Change -15.62% -24.42% -1.5%
SHAREHOLDERS EQUITY
Retained Earnings $31.81M $32.52M $35.36M
YoY Change -9.08% -8.03% 4.7%
Common Stock $157.4K $157.4K $157.4K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.690M $1.690M $1.643M
YoY Change 0.02% 2.87% 6.3%
Treasury Stock Shares
Shareholders Equity $30.27M $30.99M $33.87M
YoY Change
Total Liabilities & Shareholders Equity $33.97M $34.31M $38.27M
YoY Change -10.2% -10.35% 3.86%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $71.87K -$1.142M $332.3K
YoY Change -90.05% -443.62% 22.82%
Depreciation, Depletion And Amortization $90.92K $213.7K $234.8K
YoY Change -63.54% -9.01% -28.84%
Cash From Operating Activities $103.1K $689.9K $692.5K
YoY Change -87.14% -0.37% -18.11%
INVESTING ACTIVITIES
Capital Expenditures -$110.4K -$54.24K -$570.3K
YoY Change -83.97% -90.49% -30.46%
Acquisitions
YoY Change
Other Investing Activities $12.13M -$129.5K -$3.455M
YoY Change 2312.82% -96.25% 6810.16%
Cash From Investing Activities $12.02M -$183.7K -$4.025M
YoY Change -6563.79% -95.44% 364.11%
FINANCING ACTIVITIES
Cash Dividend Paid $24.44K
YoY Change -51.34%
Common Stock Issuance & Retirement, Net $0.00 $45.59K
YoY Change -100.0% 251.95%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -783.1K -70.03K
YoY Change -29.11% 10.85%
NET CHANGE
Cash From Operating Activities 103.1K 689.9K 692.5K
Cash From Investing Activities 12.02M -183.7K -4.025M
Cash From Financing Activities -783.1K -70.03K
Net Change In Cash 11.34M 506.2K -3.403M
YoY Change -2418.45% -114.87% 3910.37%
FREE CASH FLOW
Cash From Operating Activities $103.1K $689.9K $692.5K
Capital Expenditures -$110.4K -$54.24K -$570.3K
Free Cash Flow $213.5K $744.1K $1.263M
YoY Change -85.67% -41.07% -24.19%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:left;">Note <div style="display: inline; font-style: italic; font: inherit;">1</div> &#x2013; BASIS OF PRESENTATION</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:27pt;margin-right:1.8pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:27pt;margin-right:1.8pt;margin-top:0pt;text-align:justify;">The accompanying balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> December&nbsp;</div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2019,</div> which has been derived from audited financial statements, the unaudited interim financial statements and these notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain disclosures normally included in financial statements prepared in accordance with the accounting principles generally accepted in the United States of America (&#x201c;GAAP&#x201d;) have been omitted. The accompanying financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December&nbsp;</div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2019</div> as filed with the Securities and Exchange Commission (hereinafter, the <div style="display: inline; font-style: italic; font: inherit;">&#x201c;2019</div> Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K&#x201d;).</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:27pt;margin-right:1.8pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:27pt;margin-right:1.8pt;margin-top:0pt;text-align:justify;">In the opinion of management, the accompanying 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 <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of the operating results for the full year.</div></div>
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CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1196262
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1592711
CY2020Q1 us-gaap Revenues
Revenues
1278483
CY2019Q1 us-gaap Revenues
Revenues
1600239
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
32127244
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
30985288
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
33583413
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
33870157
CY2020Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
32675581
CY2019Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
33817537
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
30985288
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
32127244
CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1690293
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1690293
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
45591
CY2020Q1 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
2749480
CY2019Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
2727857
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
156615
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
157114

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