$RSRV
Reserve Petroleum Co

2021 Q1 Form 10-Q Financial Statement

#000143774921012377 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.600M $1.278M
YoY Change 25.18% -20.11%
Cost Of Revenue $526.6K $550.6K
YoY Change -4.36% -1.46%
Gross Profit $1.074M $727.9K
YoY Change 47.53% -30.11%
Gross Profit Margin 67.1% 56.94%
Selling, General & Admin $573.7K $452.1K
YoY Change 26.88% -0.16%
% of Gross Profit 53.42% 62.11%
Research & Development $16.19K $43.47K
YoY Change -62.76% 1250.0%
% of Gross Profit 1.51% 5.97%
Depreciation & Amortization $245.1K $213.7K
YoY Change 14.72% -9.01%
% of Gross Profit 22.83% 29.36%
Operating Expenses $835.0K $709.3K
YoY Change 17.73% -43.24%
Operating Profit $238.9K -$1.294M
YoY Change -118.47% -468.98%
Interest Expense $88.03K -$36.60K
YoY Change -340.52% -126.28%
% of Operating Profit 36.85%
Other Income/Expense, Net $86.94K $9.699K
YoY Change 796.42% -15.95%
Pretax Income $326.9K -$1.308M
YoY Change -124.99% -366.32%
Income Tax $67.47K -$166.1K
% Of Pretax Income 20.64%
Net Earnings $259.5K -$1.142M
YoY Change -122.72% -443.62%
Net Earnings / Revenue 16.21% -89.32%
Basic Earnings Per Share $1.66
Diluted Earnings Per Share $1.657M -$7.291M
COMMON SHARES
Basic Shares Outstanding 156.6K 156.6K
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.13M $21.83M
YoY Change -21.54% -3.96%
Cash & Equivalents $17.13M $3.245M
Short-Term Investments $18.58M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $800.1K $639.4K
Other Receivables $593.4K $58.85K
Total Short-Term Assets $21.45M $23.00M
YoY Change -6.74% -5.71%
LONG-TERM ASSETS
Property, Plant & Equipment $7.926M $8.022M
YoY Change -1.2% -29.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $616.1K $720.1K
YoY Change -14.45% -11.24%
Other Assets $106.6K $666.5K
YoY Change -84.0%
Total Long-Term Assets $11.06M $11.31M
YoY Change -2.16% -18.49%
TOTAL ASSETS
Total Short-Term Assets $21.45M $23.00M
Total Long-Term Assets $11.06M $11.31M
Total Assets $32.52M $34.31M
YoY Change -5.23% -10.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $187.1K $152.4K
YoY Change 22.78% -9.32%
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 $211.7K $263.9K
YoY Change -19.77% 10.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.929M $2.490M
YoY Change -22.53% -11.95%
Total Long-Term Liabilities $2.661M $3.061M
YoY Change -13.06% -26.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $211.7K $263.9K
Total Long-Term Liabilities $2.661M $3.061M
Total Liabilities $2.873M $3.325M
YoY Change -13.59% -24.42%
SHAREHOLDERS EQUITY
Retained Earnings $31.18M $32.52M
YoY Change -4.11% -8.03%
Common Stock $157.4K $157.4K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.694M $1.690M
YoY Change 0.25% 2.87%
Treasury Stock Shares $28.14K
Shareholders Equity $29.64M $30.99M
YoY Change
Total Liabilities & Shareholders Equity $32.52M $34.31M
YoY Change -5.23% -10.35%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $259.5K -$1.142M
YoY Change -122.72% -443.62%
Depreciation, Depletion And Amortization $245.1K $213.7K
YoY Change 14.72% -9.01%
Cash From Operating Activities $408.7K $689.9K
YoY Change -40.76% -0.37%
INVESTING ACTIVITIES
Capital Expenditures -$637.2K -$54.24K
YoY Change 1074.85% -90.49%
Acquisitions
YoY Change
Other Investing Activities $1.170M -$129.5K
YoY Change -1003.24% -96.25%
Cash From Investing Activities $532.5K -$183.7K
YoY Change -389.78% -95.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.585K $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.585K
YoY Change
NET CHANGE
Cash From Operating Activities $408.7K 689.9K
Cash From Investing Activities $532.5K -183.7K
Cash From Financing Activities -$1.585K
Net Change In Cash $939.6K 506.2K
YoY Change 85.62% -114.87%
FREE CASH FLOW
Cash From Operating Activities $408.7K $689.9K
Capital Expenditures -$637.2K -$54.24K
Free Cash Flow $1.046M $744.1K
YoY Change 40.55% -41.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q1 rsrv Impairment Of Oil And Gas Cost Properties
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CY2021Q1 rsrv Proceeds From Sale Of Trading Securities Operating Activities
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CY2021Q1 rsrv Change In Present Value Percent
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CY2021Q1 us-gaap Basis Of Accounting
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Note <div style="display: inline; font-style: italic; font: inherit;">1</div> &#x2013; BASIS OF PRESENTATION</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 27pt;">In these notes the term &#x201c;Company&#x201d; refers to The Reserve Petroleum Company and its consolidated wholly owned subsidiary, Trinity Water Services, LLC, an Oklahoma limited liability company formed in <div style="display: inline; font-style: italic; font: inherit;"> March 2021 </div>to provide initial capital, including the purchase of water well drilling equipment and startup costs, for a joint venture with TWS South, LLC, a Texas limited liability company. The Company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of The Reserve Petroleum Company and its subsidiaries, after elimination of all material intercompany balances and transactions.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 27pt;">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;">2020,</div> which has been derived from audited financial statements, the unaudited interim consolidated 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 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 <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;">2020</div> as filed with the Securities and Exchange Commission (hereinafter, the <div style="display: inline; font-style: italic; font: inherit;">&#x201c;2020</div> Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K&#x201d;).</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 27pt;">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 <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of the operating results for the full year.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 27pt;"><div style="display: inline; text-decoration: underline;">Reclassifications</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 27pt;">Certain amounts in the <div style="display: inline; font-style: italic; font: inherit;">2020</div> financial statements have been reclassified to conform to the <div style="display: inline; font-style: italic; font: inherit;">2021</div> presentation. The amounts were <div style="display: inline; font-style: italic; font: inherit;">not</div> material to the financial statements and had <div style="display: inline; font-style: italic; font: inherit;">no</div> effect on previously reported net income.</div></div>
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ProvedOilAndGasPropertySuccessfulEffortMethod
55095961
CY2021Q1 us-gaap Results Of Operations Depreciation Depletion And Amortization And Valuation Provisions
ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions
245125
CY2020Q1 us-gaap Results Of Operations Depreciation Depletion And Amortization And Valuation Provisions
ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions
1526004
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
31180303
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
30920837
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1600454
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1196262
CY2021Q1 us-gaap Revenues
Revenues
1600454
CY2020Q1 us-gaap Revenues
Revenues
1278483
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
29385312
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
29643193
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
32127244
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
30985288
CY2021Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
31337671
CY2020Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
31078205
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
29643193
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
29385312
CY2021Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1694478
CY2020Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1692893
CY2021Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1585
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
CY2021Q1 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
1981299
CY2020Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
1883055
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
156583
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
156615

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