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Norris Industries, Inc. has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $81,744 from oil and gas sales, compared to $87,112 in the same quarter the previous year. The decrease in revenues is attributed to a reduction in production.
Operating expenses for the quarter were $188,536, compared to $198,207 in the same quarter of the previous year. Lease operating expenses decreased slightly to $147,192 from $152,622, while general and administrative expenses decreased to $26,851 from $31,958.
The company reported a net loss of $156,461 for the quarter, compared to a net loss of $143,007 in the previous year. The increase in losses was primarily related to higher lease operating expenses due to well repairs and maintenance.
Net cash used in operating activities during the nine months ended November 30, 2024, was $275,254, compared to $317,290 for the same period in 2023. Net cash provided by financing activities was $300,000, related to proceeds from the company’s line of credit with JBB.
Norris Industries had cash on-hand of $78,963 as of November 30, 2024. The company will require additional financing to support its operations and acquisition program. It had availability of $500,000 on its existing credit line with JBB.
The company’s long-term objective is to increase shareholder value by growing reserves, production, and cash flow. Norris Industries is actively seeking acquisition opportunities in oilfield services and other non-oilfield companies to implement a diversified growth strategy.
The filing also details various financial agreements, including a line of credit with JBB, which has been extended to September 30, 2026. The company recognizes the need for additional capital to fund its operations and acquisition program.
Norris Industries does not have any off-balance sheet arrangements as of November 30, 2024. The company is not currently involved in any litigation that could have a material adverse effect on its financial condition or results of operations.
The management acknowledges the impact of prior COVID-19 pandemic and geopolitical events on the company’s operations and financial condition, and the potential need for cost-cutting measures and operational financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Norris Industries Inc quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.