2022 Q4 Form 10-Q Financial Statement

#000149315222031398 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $10.37M $11.83M $1.784M
YoY Change 416.89% 562.89% 346.0%
Cost Of Revenue $7.838M $8.695M $870.0K
YoY Change 633.21% 899.43% 117.5%
Gross Profit $2.536M $3.131M $914.0K
YoY Change 170.36% 242.56%
Gross Profit Margin 24.45% 26.48% 51.23%
Selling, General & Admin $2.861M $2.708M $686.0K
YoY Change 19.11% 294.75% 12.46%
% of Gross Profit 112.82% 86.49% 75.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.622M $2.528M $0.00
YoY Change 1406.9%
% of Gross Profit 103.39% 80.74% 0.0%
Operating Expenses $2.861M $11.40M $686.0K
YoY Change 19.11% 1562.24% 12.46%
Operating Profit -$325.0K $423.0K $228.0K
YoY Change -77.8% 85.53% -137.38%
Interest Expense -$985.0K $3.793M -$30.00K
YoY Change 1101.22% -12743.33% 0.0%
% of Operating Profit 896.69% -13.16%
Other Income/Expense, Net -$2.000K $3.716M -$3.000K
YoY Change -123966.67% -115.0%
Pretax Income -$1.312M $4.139M $81.00K
YoY Change -11.47% 5009.88% -104.74%
Income Tax $499.0K $29.00K
% Of Pretax Income 0.7%
Net Earnings -$1.811M $4.110M $81.00K
YoY Change 22.2% 4974.07% -104.74%
Net Earnings / Revenue -17.46% 34.75% 4.54%
Basic Earnings Per Share $0.16 $0.02
Diluted Earnings Per Share -$0.07 $0.16 $17.16K
COMMON SHARES
Basic Shares Outstanding 25.02M shares 24.92M shares 4.676M shares
Diluted Shares Outstanding 24.68M shares 4.721M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.518M $3.199M $7.203M
YoY Change -2.06% -55.59% 554.82%
Cash & Equivalents $4.411M $3.093M $6.955M
Short-Term Investments $107.0K $106.0K $248.0K
Other Short-Term Assets $558.0K $553.0K $532.0K
YoY Change 30.07% 3.95% -51.64%
Inventory
Prepaid Expenses $138.0K
Receivables $3.193M $4.520M $1.084M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.444M $8.272M $8.819M
YoY Change 41.32% -6.2% 267.46%
LONG-TERM ASSETS
Property, Plant & Equipment $651.0K $634.0K $8.738M
YoY Change 246.28% -92.74% 23.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $354.0K $375.0K $40.00K
YoY Change 168.18% 837.5% -60.0%
Total Long-Term Assets $109.9M $110.7M $8.778M
YoY Change 840.08% 1161.36% 21.92%
TOTAL ASSETS
Total Short-Term Assets $8.444M $8.272M $8.819M
Total Long-Term Assets $109.9M $110.7M $8.778M
Total Assets $118.3M $119.0M $17.60M
YoY Change 569.87% 576.22% 83.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.832M $8.196M $734.0K
YoY Change 441.26% 1016.62% -18.44%
Accrued Expenses $1.300M $865.0K $379.0K
YoY Change 1.88% 128.23% 26.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.49M $13.23M $1.423M
YoY Change 319.18% 829.94% -11.06%
LONG-TERM LIABILITIES
Long-Term Debt $12.00M $12.50M $0.00
YoY Change
Other Long-Term Liabilities $6.000K $6.000K $1.496M
YoY Change 0.0% -99.6% -0.27%
Total Long-Term Liabilities $28.47M $6.000K $1.496M
YoY Change 474433.33% -99.6% -0.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.49M $13.23M $1.423M
Total Long-Term Liabilities $28.47M $6.000K $1.496M
Total Liabilities $39.97M $38.67M $2.919M
YoY Change 845.27% 1224.87% -5.84%
SHAREHOLDERS EQUITY
Retained Earnings -$138.6M -$136.2M
YoY Change 1.99%
Common Stock $216.9M $216.5M
YoY Change 45.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.35M $80.32M $14.68M
YoY Change
Total Liabilities & Shareholders Equity $118.3M $119.0M $17.60M
YoY Change 569.87% 576.22% 83.3%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$1.811M $4.110M $81.00K
YoY Change 22.2% 4974.07% -104.74%
Depreciation, Depletion And Amortization $2.622M $2.528M $0.00
YoY Change 1406.9%
Cash From Operating Activities $2.401M $4.835M $572.0K
YoY Change -1891.79% 745.28% -815.0%
INVESTING ACTIVITIES
Capital Expenditures -$11.72M -$12.55M -$565.0K
YoY Change 10359.82% 2121.06% 1030.0%
Acquisitions
YoY Change
Other Investing Activities -$11.56M $611.0K $440.0K
YoY Change 422.66% 38.86% -189.8%
Cash From Investing Activities $159.0K -$11.94M -$125.0K
YoY Change -106.84% 9450.4% -76.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.242M 7.729M -74.00K
YoY Change 1534.21% -10544.59% -108.51%
NET CHANGE
Cash From Operating Activities 2.401M 4.835M 572.0K
Cash From Investing Activities 159.0K -11.94M -125.0K
Cash From Financing Activities -1.242M 7.729M -74.00K
Net Change In Cash 1.318M 626.0K 373.0K
YoY Change -152.03% 67.83% 49.2%
FREE CASH FLOW
Cash From Operating Activities $2.401M $4.835M $572.0K
Capital Expenditures -$11.72M -$12.55M -$565.0K
Free Cash Flow $14.12M $17.38M $1.137M
YoY Change -64263.64% 1428.94% -3890.0%

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OtherNonoperatingIncomeExpense
-8000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
49000 usd
CY2022Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-187000 usd
CY2021Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
1000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-295000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-57000 usd
CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3716000 usd
CY2021Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-147000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5407000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-317000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4139000 usd
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
81000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1544000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-288000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2392000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
4110000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
81000 usd
us-gaap Net Income Loss
NetIncomeLoss
848000 usd
us-gaap Net Income Loss
NetIncomeLoss
-288000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
24390193 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
4676301 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
24548385 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
4429870 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24682476 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4721301 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24891148 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4429870 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
8567000 usd
CY2021Q1 USEG Stock Issuing Period Value In Underwritten Offering Net Of Offering Costs
StockIssuingPeriodValueInUnderwrittenOfferingNetOfOfferingCosts
5283000 usd
CY2021Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
438000 usd
CY2021Q1 USEG Stock Issued During Period Value For Settlement Of Related Party Legal Costs
StockIssuedDuringPeriodValueForSettlementOfRelatedPartyLegalCosts
406000 usd
CY2021Q1 USEG Stock Issued During Period Value Withheld To Settle Tax Withholding Obligations For Restricted Stock Awards
StockIssuedDuringPeriodValueWithheldToSettleTaxWithholdingObligationsForRestrictedStockAwards
-38000 usd
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
79000 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-162000 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
14573000 usd
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
116000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-207000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
14482000 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
115000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
81000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
14678000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
13435000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
64694000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
1500000 usd
CY2022Q1 USEG Stock Issued During Period Value Withheld To Settle Tax Withholding Obligations For Restricted Stock Awards
StockIssuedDuringPeriodValueWithheldToSettleTaxWithholdingObligationsForRestrictedStockAwards
-307000 usd
CY2022Q1 USEG Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
213000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-3384000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
76151000 usd
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.02
CY2022Q2 us-gaap Dividends Cash
DividendsCash
578000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
609000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
122000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
76304000 usd
CY2022Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.02
CY2022Q3 us-gaap Dividends Cash
DividendsCash
578000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
485000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
4110000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
80321000 usd
us-gaap Net Income Loss
NetIncomeLoss
848000 usd
us-gaap Net Income Loss
NetIncomeLoss
-288000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6985000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
415000 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-2460000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1155000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-116000 usd
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-85000 usd
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
67000 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
75000 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
141000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
32000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-2000 usd
USEG Loss On Related Party Debt Conversion And Settlement Of Legal Costs
LossOnRelatedPartyDebtConversionAndSettlementOfLegalCosts
76000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2594000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
310000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
140000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
66000 usd
us-gaap Increase Decrease In Unproved Oil And Gas Property
IncreaseDecreaseInUnprovedOilAndGasProperty
3587000 usd
us-gaap Increase Decrease In Unproved Oil And Gas Property
IncreaseDecreaseInUnprovedOilAndGasProperty
570000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-320000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-130000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
5456000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-215000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-479000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-43000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-68000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-66000 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-289000 usd
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-22000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8497000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-19000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
12610000 usd
USEG Payment To Oil And Natural Gas Capital Expenditures
PaymentToOilAndNaturalGasCapitalExpenditures
5369000 usd
USEG Payment To Oil And Natural Gas Capital Expenditures
PaymentToOilAndNaturalGasCapitalExpenditures
1399000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
379000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
93000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
1250000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
30000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
440000 usd
us-gaap Proceeds From Sale And Collection Of Notes Receivable
ProceedsFromSaleAndCollectionOfNotesReceivable
20000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17108000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1002000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5283000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
15200000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
6047000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
207000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
396000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
122000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
195000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
307000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
39000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
1156000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7282000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5122000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1329000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4101000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4422000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2854000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3093000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6955000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_z1SGfMMWXThg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zOwq1Mh1LPCh">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the fair value of oil and gas properties acquired, oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization and impairment of the carrying value of evaluated oil and natural gas properties; realizability of unevaluated properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; future prices of commodities used in the valuation of commodity derivative contracts; and the cost of future asset retirement obligations. The Company evaluates its estimates on an on-going basis and bases its estimates on historical experience and on various other assumptions the Company believes to be reasonable. Due to inherent uncertainties, including the future prices of oil and natural gas, these estimates could change in the near term and such changes could be material.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11826000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1784000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34178000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4651000 usd
us-gaap Sublease Income
SubleaseIncome
54000 usd
us-gaap Sublease Income
SubleaseIncome
48000 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
933000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
120000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
182000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
114000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
837000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
19000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1019000 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
133000 usd
CY2022Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P67M
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
77000 usd
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
31000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
177000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
95000 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000 usd
CY2021Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
6000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
7000 usd
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
21000 usd
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
16000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
58000 usd
CY2021Q3 us-gaap Lease Cost
LeaseCost
17000 usd
us-gaap Lease Cost
LeaseCost
129000 usd
us-gaap Lease Cost
LeaseCost
54000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0447 pure
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0926 pure
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
47000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
225000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
213000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
218000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
224000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
210000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1137000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
118000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1019000 usd
CY2021Q3 USEG Loss On Rental Property
LossOnRentalProperty
15000 usd
USEG Rental Income Net Of Rental Property
RentalIncomeNetOfRentalProperty
8000 usd
USEG Discount Rate
DiscountRate
0.10 pure
CY2022Q1 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
3100000 usd
CY2022Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1991000 usd
CY2022Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
6000 usd
CY2022Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
1997000 usd
CY2022Q3 USEG Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-1612000 usd
CY2021Q3 USEG Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-80000 usd
USEG Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-6099000 usd
USEG Derivative Settlement Gain Loss
DerivativeSettlementGainLoss
-119000 usd
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
4025000 usd
CY2021Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-25000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-4944000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-235000 usd
CY2021Q4 us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
375000 usd
CY2021Q4 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
427000 usd
CY2022Q3 USEG Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding And Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingAndExercisableNumber
28122 shares
CY2022Q3 USEG Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding And Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingAndExercisableWeightedAverageExercisePrice
54.03
CY2021Q4 USEG Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding And Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingAndExercisableNumber
31035 shares
CY2021Q4 USEG Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding And Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingAndExercisableWeightedAverageExercisePrice
62.79
CY2022Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
28122 shares
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
7.20
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
226.20
CY2022Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
54.03
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
12047000 usd
CY2021 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
45000 usd
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
131000 usd
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y7M6D
CY2022Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
28122 shares
CY2022Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
54.03
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
174000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
4.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
986500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.70
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
473500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
3.95
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
687000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
3.79
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1300000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y3M18D
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
9900000 usd
CY2022Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
500000 usd
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1461000 usd
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1408000 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
289000 usd
CY2021 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
70000 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
706000 usd
CY2021 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
78000 usd
CY2022Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
14056000 usd
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1461000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.55 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2400000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
4110000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
81000 usd
us-gaap Net Income Loss
NetIncomeLoss
848000 usd
us-gaap Net Income Loss
NetIncomeLoss
-288000 usd
CY2022Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
101000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4009000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
81000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-308000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-288000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24390000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4676000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24548000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4430000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
292000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
43000 shares
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
343000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24682000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4721000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24891000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4430000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
239000 shares
USEG Fair Valueof Asset Acquisitions Percentage
FairValueofAssetAcquisitionsPercentage
0.10 pure
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
7300000 usd
us-gaap Interest Paid Net
InterestPaidNet
259000 usd
us-gaap Interest Paid Net
InterestPaidNet
3000 usd
USEG Change In Capital Expenditure Accruals
ChangeInCapitalExpenditureAccruals
244000 usd
USEG Change In Capital Expenditure Accruals
ChangeInCapitalExpenditureAccruals
-30000 usd
us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
546000 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
64694000 usd
USEG Assumption Of Commodity Derivative Liability In Acquisition Of Properties
AssumptionOfCommodityDerivativeLiabilityInAcquisitionOfProperties
3152000 usd
USEG Assumption Of Debt In Acquisition Of Properties
AssumptionOfDebtInAcquisitionOfProperties
3347000 usd
USEG Assumption Of Suspense Accounts In Acquisition Of Properties
AssumptionOfSuspenseAccountsInAcquisitionOfProperties
1619000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
953000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
82000 usd
USEG Prepaid Rent Liability Netted With Proceeds On Sale Of Real Estate
PrepaidRentLiabilityNettedWithProceedsOnSaleOfRealEstate
143000 usd
USEG Asset Retirement Obligations
AssetRetirementObligations
11889000 usd
USEG Asset Retirement Obligations
AssetRetirementObligations
26000 usd
us-gaap Stock Issued1
StockIssued1
438000 usd
USEG Issuance Of Stock For Settlement Of Related Party Legal Costs
IssuanceOfStockForSettlementOfRelatedPartyLegalCosts
406000 usd
USEG Financing Of Insurance Premiums With Note Payable
FinancingOfInsurancePremiumsWithNotePayable
588000 usd
USEG Financing Of Insurance Premiums With Note Payable
FinancingOfInsurancePremiumsWithNotePayable
223000 usd

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