$RSRV
RESERVE PETROLEUM CO

2020 Q2 Form 10-Q Financial Statement

#000143774920017888 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $600.6K $1.927M $1.600M
YoY Change -68.84% -26.92% -7.24%
Cost Of Revenue $387.7K $625.1K $558.7K
YoY Change -37.98% 2.07% -7.92%
Gross Profit $212.9K $1.302M $1.042M
YoY Change -83.65% -35.68% -6.87%
Gross Profit Margin 35.45% 67.56% 65.09%
Selling, General & Admin $436.9K $403.7K $452.9K
YoY Change 8.23% -3.89% 0.64%
% of Gross Profit 205.2% 31.0% 43.48%
Research & Development $31.71K $41.65K $3.220K
YoY Change -23.87% -30.58% -95.98%
% of Gross Profit 14.89% 3.2% 0.31%
Depreciation & Amortization $90.92K $249.4K $234.8K
YoY Change -63.54% -60.42% -28.84%
% of Gross Profit 42.71% 19.15% 22.55%
Operating Expenses $559.5K $1.387M $1.250M
YoY Change -59.65% -19.38% -14.48%
Operating Profit -$346.6K $540.7K $350.6K
YoY Change -164.1% -41.04% 32.88%
Interest Expense $260.2K $119.0K $139.3K
YoY Change 118.75% 1089.6% 98.93%
% of Operating Profit 22.0% 39.72%
Other Income/Expense, Net $10.83K $11.54K $11.54K
YoY Change -6.17% -3.25% -3.24%
Pretax Income -$78.22K $663.2K $491.2K
YoY Change -111.79% -56.77% 38.65%
Income Tax -$150.1K -$59.41K $158.8K
% Of Pretax Income -8.96% 32.34%
Net Earnings $71.87K $722.6K $332.3K
YoY Change -90.05% -47.74% 22.82%
Net Earnings / Revenue 11.97% 37.49% 20.77%
Basic Earnings Per Share
Diluted Earnings Per Share $458.9K $4.610M $2.115M
COMMON SHARES
Basic Shares Outstanding 156.6K
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.15M $21.72M $22.73M
YoY Change -2.62% -0.19% 7.95%
Cash & Equivalents $14.58M $2.537M $3.026M
Short-Term Investments $6.564M $19.18M $19.70M
Other Short-Term Assets $428.4K
YoY Change
Inventory
Prepaid Expenses
Receivables $268.7K $1.126M $904.7K
Other Receivables $154.6K $218.2K $218.1K
Total Short-Term Assets $22.27M $24.03M $24.39M
YoY Change -7.35% 0.53% 5.81%
LONG-TERM ASSETS
Property, Plant & Equipment $7.995M $11.30M $11.37M
YoY Change -29.26% 4.37% 2.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $716.8K $805.8K $811.4K
YoY Change -11.04% -16.16% -18.25%
Other Assets $1.095M
YoY Change
Total Long-Term Assets $11.71M $13.80M $13.87M
YoY Change -15.18% 2.41% 0.61%
TOTAL ASSETS
Total Short-Term Assets $22.27M $24.03M $24.39M
Total Long-Term Assets $11.71M $13.80M $13.87M
Total Assets $33.97M $37.83M $38.27M
YoY Change -10.2% 1.2% 3.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.4K $174.7K $168.0K
YoY Change -25.36% -45.12% -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 $253.0K $238.5K
YoY Change -25.85% -31.36% -44.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.923M $2.898M $2.828M
YoY Change 0.86% 27.1% -4.8%
Total Long-Term Liabilities $3.510M $4.129M $4.160M
YoY Change -15.0% 1.96% 3.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $187.6K $253.0K $238.5K
Total Long-Term Liabilities $3.510M $4.129M $4.160M
Total Liabilities $3.697M $4.382M $4.399M
YoY Change -15.62% -0.82% -1.5%
SHAREHOLDERS EQUITY
Retained Earnings $31.81M $34.98M $35.36M
YoY Change -9.08% 1.8% 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% 8.48% 6.3%
Treasury Stock Shares
Shareholders Equity $30.27M $33.45M $33.87M
YoY Change
Total Liabilities & Shareholders Equity $33.97M $37.83M $38.27M
YoY Change -10.2% 1.2% 3.86%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $71.87K $722.6K $332.3K
YoY Change -90.05% -47.74% 22.82%
Depreciation, Depletion And Amortization $90.92K $249.4K $234.8K
YoY Change -63.54% -60.42% -28.84%
Cash From Operating Activities $103.1K $801.5K $692.5K
YoY Change -87.14% -9.94% -18.11%
INVESTING ACTIVITIES
Capital Expenditures -$110.4K -$688.6K -$570.3K
YoY Change -83.97% 3342.95% -30.46%
Acquisitions
YoY Change
Other Investing Activities $12.13M $502.7K -$3.455M
YoY Change 2312.82% -8.61% 6810.16%
Cash From Investing Activities $12.02M -$185.9K -$4.025M
YoY Change -6563.79% -135.08% 364.11%
FINANCING ACTIVITIES
Cash Dividend Paid $24.44K
YoY Change -51.34%
Common Stock Issuance & Retirement, Net $45.59K
YoY Change 251.95%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -783.1K -1.105M -70.03K
YoY Change -29.11% 45.35% 10.85%
NET CHANGE
Cash From Operating Activities 103.1K 801.5K 692.5K
Cash From Investing Activities 12.02M -185.9K -4.025M
Cash From Financing Activities -783.1K -1.105M -70.03K
Net Change In Cash 11.34M -489.0K -3.403M
YoY Change -2418.45% -174.1% 3910.37%
FREE CASH FLOW
Cash From Operating Activities $103.1K $801.5K $692.5K
Capital Expenditures -$110.4K -$688.6K -$570.3K
Free Cash Flow $213.5K $1.490M $1.263M
YoY Change -85.67% 63.75% -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's Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the fiscal 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 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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OperatingLeasesIncomeStatementLeaseRevenue
89347
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1094579
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
687048
CY2020Q2 us-gaap Other Expenses
OtherExpenses
11602
CY2019Q2 us-gaap Other Expenses
OtherExpenses
11539
us-gaap Other Expenses
OtherExpenses
23156
us-gaap Other Expenses
OtherExpenses
23079
CY2020Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
57174
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
25243
CY2020Q2 us-gaap Other Long Term Investments
OtherLongTermInvestments
1900213
CY2019Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
1898347
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
268377
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
122508
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
253988
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
263067
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
92339
us-gaap Payments Of Dividends
PaymentsOfDividends
783077
us-gaap Payments Of Dividends
PaymentsOfDividends
1082334
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
6564302
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
19178476
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
164641
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
1258854
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
12415
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
23351
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
18517910
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
16249414
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
10898
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
469929
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
466728
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7994690
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9514398
CY2020Q2 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
54319903
CY2019Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
54451862
CY2020Q2 us-gaap Results Of Operations Depreciation Depletion And Amortization And Valuation Provisions
ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions
90920
CY2019Q2 us-gaap Results Of Operations Depreciation Depletion And Amortization And Valuation Provisions
ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions
316160
us-gaap Results Of Operations Depreciation Depletion And Amortization And Valuation Provisions
ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions
1616924
us-gaap Results Of Operations Depreciation Depletion And Amortization And Valuation Provisions
ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions
551002
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
31807004
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
33660169
CY2020Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
600631
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1845498
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1796893
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3438209
CY2020Q2 us-gaap Revenues
Revenues
600631
CY2019Q2 us-gaap Revenues
Revenues
1927318
us-gaap Revenues
Revenues
1879114
us-gaap Revenues
Revenues
3527556
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
30985288
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
30274079
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
33870157
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
33449301
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
32127244
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
33583413
CY2020Q2 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
31964372
CY2019Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
33817537
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
30274079
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
32127244
CY2020Q2 us-gaap Treasury Stock Value
TreasuryStockValue
1690293
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1690293
CY2020Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
46748
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
92339
CY2020Q2 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
2762086
CY2019Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
2727857
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
156615
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
156736
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
156615
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
156924

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