2016 Form 10-K Financial Statement

#000114420417018156 Filed on March 31, 2017

View on sec.gov

Income Statement

Concept 2016 2015 Q4 2015
Revenue $2.462M $770.0K $4.879M
YoY Change -49.54% -71.27% -65.87%
Cost Of Revenue $2.661M $1.190M $4.502M
YoY Change -40.89% -33.89% -33.43%
Gross Profit -$199.5K -$430.0K $376.8K
YoY Change -152.96% -148.86% -95.0%
Gross Profit Margin -8.11% -55.84% 7.72%
Selling, General & Admin $2.493M $750.0K $3.245M
YoY Change -23.18% -22.68% -0.39%
% of Gross Profit 861.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $414.0K $110.0K $1.311M
YoY Change -68.43% -89.52% -63.05%
% of Gross Profit 348.07%
Operating Expenses $2.907M $860.0K $4.556M
YoY Change -36.21% -57.43% -33.06%
Operating Profit -$11.14M -$1.290M -$53.11M
YoY Change -79.03% 13.16% -7431.68%
Interest Expense $1.912M -$1.320M $1.293M
YoY Change 47.82% -128.27% -0.9%
% of Operating Profit
Other Income/Expense, Net -$2.037M $1.680M $1.188M
YoY Change -271.5% 950.0% -69.14%
Pretax Income -$13.18M -$12.31M -$51.92M
YoY Change -74.62% -433.6% -1235.25%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.18M -$12.31M -$51.92M
YoY Change -74.62% -433.6% -1235.25%
Net Earnings / Revenue -535.22% -1598.7% -1064.25%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.92 -$36.21M -$6.50
COMMON SHARES
Basic Shares Outstanding 8.424M shares 8.424M shares 8.266M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $339.0K $3.310M $3.313M
YoY Change -89.77% 81.87% 81.61%
Cash & Equivalents $3.102M
Short-Term Investments $211.0K $210.0K $211.0K
Other Short-Term Assets $554.0K $2.780M $2.779M
YoY Change -80.06% -31.53% 402.32%
Inventory $185.7K $144.3K $144.3K
Prepaid Expenses
Receivables $600.3K $977.5K $977.5K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.679M $7.213M $7.213M
YoY Change -76.72% -2.67% -2.67%
LONG-TERM ASSETS
Property, Plant & Equipment $5.514M $13.70M $13.70M
YoY Change -59.76% -79.45% -79.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $798.8K $919.2K $919.2K
YoY Change -13.1% -7.45% 10.2%
Total Long-Term Assets $6.313M $14.62M $14.62M
YoY Change -56.82% -78.7% -78.7%
TOTAL ASSETS
Total Short-Term Assets $1.679M $7.213M $7.213M
Total Long-Term Assets $6.313M $14.62M $14.62M
Total Assets $7.992M $21.83M $21.83M
YoY Change -63.4% -71.29% -71.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $294.2K $1.143M $1.143M
YoY Change -74.25% -62.44% -62.44%
Accrued Expenses $1.535M $1.131M $1.131M
YoY Change 35.73% 6.61% 3.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.93M $1.987M $1.987M
YoY Change 802.27% 5481.29%
Total Short-Term Liabilities $19.75M $4.261M $4.261M
YoY Change 363.66% 2.93% 2.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $16.63M $16.63M
YoY Change -100.0% -27.75% -27.75%
Other Long-Term Liabilities $6.715M $390.9K $3.482M
YoY Change 92.84% 15.03%
Total Long-Term Liabilities $6.715M $20.11M $20.11M
YoY Change -66.6% -22.42% -22.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.75M $4.261M $4.261M
Total Long-Term Liabilities $6.715M $20.11M $20.11M
Total Liabilities $26.47M $24.37M $24.37M
YoY Change 8.63% -18.93% -18.93%
SHAREHOLDERS EQUITY
Retained Earnings -$71.39M
YoY Change 313.13%
Common Stock $8.424K
YoY Change 10.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$18.48M -$2.534M -$2.534M
YoY Change
Total Liabilities & Shareholders Equity $7.992M $21.83M $21.83M
YoY Change -63.4% -71.29% -71.29%

Cashflow Statement

Concept 2016 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$13.18M -$12.31M -$51.92M
YoY Change -74.62% -433.6% -1235.25%
Depreciation, Depletion And Amortization $414.0K $110.0K $1.311M
YoY Change -68.43% -89.52% -63.05%
Cash From Operating Activities -$2.099M $530.0K -$148.7K
YoY Change 1311.52% 140.91% -105.63%
INVESTING ACTIVITIES
Capital Expenditures -$258.8K -$30.00K -$259.7K
YoY Change -0.36% -98.49% -96.49%
Acquisitions
YoY Change
Other Investing Activities -$50.00K $0.00 $4.261M
YoY Change -101.17% 330.72%
Cash From Investing Activities -$308.8K -$30.00K $4.001M
YoY Change -107.72% -98.5% -162.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -566.2K -640.0K -1.556M
YoY Change -63.61% -131.84% -147.72%
NET CHANGE
Cash From Operating Activities -2.099M 530.0K -148.7K
Cash From Investing Activities -308.8K -30.00K 4.001M
Cash From Financing Activities -566.2K -640.0K -1.556M
Net Change In Cash -2.974M -140.0K 2.296M
YoY Change -229.51% -160.87% -556.79%
FREE CASH FLOW
Cash From Operating Activities -$2.099M $530.0K -$148.7K
Capital Expenditures -$258.8K -$30.00K -$259.7K
Free Cash Flow -$1.840M $560.0K $111.0K
YoY Change -1757.25% -74.66% -98.89%

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CY2015 enrj Effective Income Tax Rate Reconciliation Oil Costs And Long Lived Assets
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CY2016 us-gaap Effective Income Tax Rate Continuing Operations
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CY2016Q4 enrj Deferred Tax Assets Oil Costs And Long Lived Assets
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CY2015Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2016Q4 us-gaap Operating Loss Carryforwards
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OtherNonoperatingIncome
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us-gaap Impairment Of Oil And Gas Properties
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CY2016 enrj Oil Price Per Barrel
OilPricePerBarrel
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us-gaap Impairment Of Oil And Gas Properties
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CY2016Q4 enrj Oil And Natural Gas Properties Cost Method Subject To Amortization
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CY2015Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
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CY2016 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
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CY2015 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
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CY2015 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
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CostsIncurredDevelopmentCosts
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CY2015 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
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CY2016 enrj Costs Incurred Acquisition Of Oil And Gas Properties Net
CostsIncurredAcquisitionOfOilAndGasPropertiesNet
17089 USD
CY2015 enrj Costs Incurred Acquisition Of Oil And Gas Properties Net
CostsIncurredAcquisitionOfOilAndGasPropertiesNet
251821 USD
CY2015 us-gaap Proved Developed And Undeveloped Reserves Production
ProvedDevelopedAndUndevelopedReservesProduction
133.7 bbl
CY2015 enrj Percentage Of Decrease Proved Developed And Undeveloped Reserves Production
PercentageOfDecreaseProvedDevelopedAndUndevelopedReservesProduction
0.073 pure
CY2015 enrj Percentage Of Oil For Proved Developed Reserves
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0.71 pure
CY2015 enrj Percentage Of Natural Gas For Proved Developed Reserves
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0.29 pure
CY2016 enrj Percentage Of Oil For Proved Developed Reserves
PercentageOfOilForProvedDevelopedReserves
0.42 pure
CY2016 enrj Percentage Of Natural Gas For Proved Developed Reserves
PercentageOfNaturalGasForProvedDevelopedReserves
0.58 pure
CY2016Q4 enrj Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Production Revenue
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FutureNetCashFlowsRelatingToProvedOilAndGasReservesProductionCosts
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CY2015Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Ten Percent Annual Discount For Estimated Timing Of Cash Flows
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13400180 USD
CY2016Q4 enrj Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserve Standardized Measure
DiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserveStandardizedMeasure
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CY2016 us-gaap Sales And Transfers Of Oil And Gas Produced Net Of Production Costs
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-199531 USD
CY2015 us-gaap Sales And Transfers Of Oil And Gas Produced Net Of Production Costs
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491055 USD
CY2016 us-gaap Net Increase Decrease In Sales And Transfer Prices And Production Costs
NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts
-2012883 USD
CY2015 us-gaap Net Increase Decrease In Sales And Transfer Prices And Production Costs
NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts
-51184718 USD
CY2016 us-gaap Increase Decrease In Estimated Future Development Costs
IncreaseDecreaseInEstimatedFutureDevelopmentCosts
-1198430 USD
CY2015 us-gaap Increase Decrease In Estimated Future Development Costs
IncreaseDecreaseInEstimatedFutureDevelopmentCosts
7834840 USD
CY2016 us-gaap Increase Due To Purchases Of Minerals In Place
IncreaseDueToPurchasesOfMineralsInPlace
0 USD
CY2015 us-gaap Increase Due To Purchases Of Minerals In Place
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CY2016 us-gaap Extensions Discoveries Additions And Improved Recovery Less Related Costs
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0 USD
CY2015 us-gaap Extensions Discoveries Additions And Improved Recovery Less Related Costs
ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts
0 USD
CY2016 us-gaap Decrease Due To Sales Of Minerals In Place
DecreaseDueToSalesOfMineralsInPlace
0 USD
CY2015 us-gaap Decrease Due To Sales Of Minerals In Place
DecreaseDueToSalesOfMineralsInPlace
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CY2015 us-gaap Revisions Of Previous Quantity Estimates
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8448569 USD
CY2016 us-gaap Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
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2217015 USD
CY2016Q4 us-gaap Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves
3437030 USD
CY2015 us-gaap Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
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-15668019 USD
CY2016 us-gaap Revisions Of Previous Quantity Estimates
RevisionsOfPreviousQuantityEstimates
4538106 USD
CY2015 us-gaap Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount
StandardizedMeasureOfDiscountedFutureNetCashFlowRelatingToProvedOilAndGasReservesAccretionOfDiscount
16770190 USD
CY2016 dei Document Type
DocumentType
10-K
CY2016 dei Amendment Flag
AmendmentFlag
false
CY2016 dei Document Period End Date
DocumentPeriodEndDate
2016-12-31
CY2016 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2016 dei Entity Registrant Name
EntityRegistrantName
EnerJex Resources, Inc.
CY2016 dei Entity Central Index Key
EntityCentralIndexKey
0000008504
CY2016 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2016 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2016Q2 dei Entity Public Float
EntityPublicFloat
2400000 USD
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8423936 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2016 dei Trading Symbol
TradingSymbol
ENRJ
CY2017Q1 dei Entity Common Stock Shares Outstanding
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8423936 shares
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2015Q4 us-gaap Commitments And Contingencies
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USD
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CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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1817711 USD
CY2015Q4 us-gaap Mineral Properties Accumulated Depletion
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14935386 USD
CY2016Q4 us-gaap Mineral Properties Accumulated Depletion
MineralPropertiesAccumulatedDepletion
15189716 USD
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2016 us-gaap Use Of Estimates
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Use of Estimates in the Preparation of Financial Statements</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;Significant estimates included in the consolidated financial statements are: (1) oil and gas revenues and reserves; (2) depreciation, depletion and amortization; (3) valuation allowances associated with income taxes (4) accrued assets and liabilities; (5) stock-based compensation; (6) asset retirement obligations, (7) valuation of derivative instruments and (8) impairment of oil and gas assets.&#160;&#160;Although management believes these estimates are reasonable, changes in facts and circumstances or discovery of new information may result in revised estimates.&#160;&#160;Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015 us-gaap Asset Impairment Charges
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355886 USD
CY2016 us-gaap Asset Impairment Charges
AssetImpairmentCharges
2720247 USD
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312016 USD
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
195172 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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12493 shares
CY2014Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
2906093 USD
CY2016 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0 USD
CY2016Q1 enrj Oil And Natural Gas Properties In Pretax Write Down
OilAndNaturalGasPropertiesInPretaxWriteDown
4500000 USD
CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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795563 shares
CY2016Q4 enrj Future Capital Expenditures Relating To Proved Undeveloped Oil And Gas Reserves In Next Twelve Months
FutureCapitalExpendituresRelatingToProvedUndevelopedOilAndGasReservesInNextTwelveMonths
0 USD
CY2016Q4 enrj Future Capital Expenditures Relating To Proved Undeveloped Oil And Gas Reserves In Year Two
FutureCapitalExpendituresRelatingToProvedUndevelopedOilAndGasReservesInYearTwo
2194.2 USD
CY2016Q4 enrj Future Capital Expenditures Relating To Proved Undeveloped Oil And Gas Reserves In Year Three
FutureCapitalExpendituresRelatingToProvedUndevelopedOilAndGasReservesInYearThree
1664.0 USD
CY2016Q4 enrj Future Capital Expenditures Relating To Proved Undeveloped Oil And Gas Reserves In Year Four
FutureCapitalExpendituresRelatingToProvedUndevelopedOilAndGasReservesInYearFour
182.0 USD
CY2016Q4 enrj Future Capital Expenditures Relating To Proved Undeveloped Oil And Gas Reserves In Year Five
FutureCapitalExpendituresRelatingToProvedUndevelopedOilAndGasReservesInYearFive
288.0 USD
CY2016Q4 enrj Future Proved Undeveloped Oil And Gas Reserves Expected To Be Developed In Next Twelve Months
FutureProvedUndevelopedOilAndGasReservesExpectedToBeDevelopedInNextTwelveMonths
0 bbl
CY2016Q4 enrj Future Proved Undeveloped Oil And Gas Reserves Expected To Be Developed In Year Two
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50.4 bbl
CY2016Q4 enrj Future Proved Undeveloped Oil And Gas Reserves Expected To Be Developed In Year Three
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126.2 bbl
CY2016Q4 enrj Future Proved Undeveloped Oil And Gas Reserves Expected To Be Developed In Year Four
FutureProvedUndevelopedOilAndGasReservesExpectedToBeDevelopedInYearFour
232.9 bbl
CY2015 us-gaap Proved Developed And Undeveloped Reserves Net Period Increase Decrease
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1825.3 bbl
CY2015 enrj Proved Developed And Undeveloped Reserves Revisions Of Previous Estimates And Sales Of Minerals
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1691.6 bbl
CY2014 us-gaap Proved Developed And Undeveloped Reserves Net Period Increase Decrease
ProvedDevelopedAndUndevelopedReservesNetPeriodIncreaseDecrease
1404.4 bbl
CY2015Q4 us-gaap Common Stock Shares Authorized
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CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2016 enrj Loan Sale Agreement Synthetic Equity Interest
LoanSaleAgreementSyntheticEquityInterest
0.1 pure
CY2016 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Reclassifications</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Certain reclassifications have been made to prior periods to conform to current presentations<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016 enrj Proceeds From Financing Costs
ProceedsFromFinancingCosts
120430 USD
CY2015 enrj Proceeds From Financing Costs
ProceedsFromFinancingCosts
73968 USD
CY2016Q4 enrj Future Proved Undeveloped Oil And Gas Reserves Expected To Be Developed In Year Five
FutureProvedUndevelopedOilAndGasReservesExpectedToBeDevelopedInYearFive
298.3 bbl
CY2016 us-gaap Proved Developed And Undeveloped Reserves Net Period Increase Decrease
ProvedDevelopedAndUndevelopedReservesNetPeriodIncreaseDecrease
987.1 bbl
CY2016 us-gaap Proved Developed And Undeveloped Reserves Production
ProvedDevelopedAndUndevelopedReservesProduction
66.6 bbl
CY2016 enrj Percentage Of Decrease Proved Developed And Undeveloped Reserves Production
PercentageOfDecreaseProvedDevelopedAndUndevelopedReservesProduction
0.067 pure
CY2016 enrj Proved Developed And Undeveloped Reserves Revisions Of Previous Estimates And Sales Of Minerals
ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesAndSalesOfMinerals
920.6 bbl
CY2016 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
50000 USD
CY2016 enrj Loan Sale Agreement Aggregate Payments Made
LoanSaleAgreementAggregatePaymentsMade
5000000 USD
CY2016 enrj Loan Sale Agreement Return Distribution Description
LoanSaleAgreementReturnDistributionDescription
after Buyer's realization of 150% return on the Cash Purchase Price within five (5) years of the Closing Date, with payment being distributed 65.78947368% to TCB and 34.21052632% to IberiaBank, and (iii) at any time prior to February 10, 2022

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