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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended May 31, 2024.
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to __________
Commission
File Number: 000-55695
Norris
Industries, Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
46-5034746 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
102
Palo Pinto St, Suite B
Weatherford,
Texas |
|
76086 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(855)
809-6900
(Registrant’s
telephone number, including area code)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Securities
registered pursuant to Section 122(g) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of exchange on which registered |
Common Stock, $.01 Par Value |
|
NRIS |
|
OTCMKTS |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of July 15, 2024, the registrant had 90,883,013 shares of common stock issued and outstanding.
NORRIS
INDUSTRIES, INC.
TABLE
OF CONTENTS
FORM
10-Q REPORT
May
31, 2024
NORRIS
INDUSTRIES, INC.
CONSOLIDATED
BALANCE SHEETS
MAY
31, 2024 AND FEBRUARY 29, 2024
| |
May 31, 2024 (unaudited) | | |
February 29, 2024 | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 68,939 | | |
$ | 54,217 | |
Account receivable - oil & gas | |
| 23,936 | | |
| 17,011 | |
Total Current Assets | |
| 92,875 | | |
| 71,228 | |
| |
| | | |
| | |
Oil and Gas Property - Full Cost Method | |
| | | |
| | |
Properties subject to amortization | |
| 3,330,331 | | |
| 3,330,331 | |
Less: accumulated depletion and impairment | |
| (2,967,096 | ) | |
| (2,943,821 | ) |
Total Oil and Gas Property, net | |
| 363,235 | | |
| 386,510 | |
Total Assets | |
$ | 456,110 | | |
$ | 457,738 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 142,853 | | |
$ | 121,039 | |
Total Current Liabilities | |
| 142,853 | | |
| 121,039 | |
| |
| | | |
| | |
Convertible note payable - related party | |
| 4,300,000 | | |
| 4,200,000 | |
Accounts payable and accrued expenses - related parties-long term | |
| 619,245 | | |
| 585,341 | |
Asset retirement obligations | |
| 497,024 | | |
| 485,333 | |
| |
| | | |
| | |
Total Liabilities | |
| 5,559,122 | | |
| 5,391,713 | |
| |
| | | |
| | |
Commitments and Contingencies (see Note 6) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Deficit | |
| | | |
| | |
Preferred stock, $0.001 par value per share 20,000,000 shares authorized | |
| - | | |
| - | |
Series A Convertible Preferred stock, $0.001 par value per share 1,000,000 shares authorized; 1,000,000 shares issued and outstanding; liquidation preference of $2,250,000 | |
| 1,000 | | |
| 1,000 | |
Preferred stock value | |
| 1,000 | | |
| 1,000 | |
Common stock, $0.001 par value per share, 150,000,000 shares authorized; 90,883,013 shares issued and outstanding | |
| 90,883 | | |
| 90,883 | |
Additional paid-in capital | |
| 6,286,399 | | |
| 6,286,399 | |
Accumulated deficit | |
| (11,481,294 | ) | |
| (11,312,257 | ) |
Total Stockholder’s Deficit | |
| (5,103,012 | ) | |
| (4,933,975 | ) |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Deficit | |
$ | 456,110 | | |
$ | 457,738 | |
The
accompanying notes are an integral part of these interim unaudited consolidated financial statements.
NORRIS
INDUSTRIES, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
FOR
THE THREE MONTHS ENDED MAY 31, 2024 AND 2023
(UNAUDITED)
| |
| | |
| |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
| | | |
| | |
Oil and gas sales | |
$ | 100,267 | | |
| 81,352 | |
Total Revenues | |
| 100,267 | | |
| 81,352 | |
| |
| | | |
| | |
Operating Expenses | |
| | | |
| | |
Lease operating expenses | |
| 127,857 | | |
| 138,972 | |
General and administrative expenses | |
| 72,577 | | |
| 83,132 | |
Depletion, depreciation and accretion | |
| 34,966 | | |
| 9,835 | |
| |
| | | |
| | |
Total Operating Expenses | |
| 235,400 | | |
| 231,939 | |
| |
| | | |
| | |
Loss from Operations | |
| (135,133 | ) | |
| (150,587 | ) |
| |
| | | |
| | |
Other Expenses | |
| | | |
| | |
Interest expense | |
| 33,904 | | |
| 30,751 | |
Total Other Expense | |
| 33,904 | | |
| 30,751 | |
| |
| | | |
| | |
Net Loss | |
$ | (169,037 | ) | |
| (181,338 | ) |
| |
| | | |
| | |
Net loss per common share - basic and diluted | |
$ | (0.002 | ) | |
| (0.002 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding - basic and diluted | |
| 90,883,013 | | |
| 90,883,013 | |
The
accompanying notes are an integral part of these interim unaudited consolidated financial statements.
NORRIS
INDUSTRIES, INC.
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR
THE THREE MONTHS ENDED MAY 31, 2024 AND 2023
(UNAUDITED)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
Series A Convertible Preferred Stock | | |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, March 1, 2024 | |
| 1,000,000 | | |
$ | 1,000 | | |
| 90,883,013 | | |
$ | 90,883 | | |
$ | 6,286,399 | | |
$ | (11,312,257 | ) | |
$ | (4,933,975 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (169,037 | ) | |
| (169,037 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, May 31, 2024 | |
| 1,000,000 | | |
$ | 1,000 | | |
| 90,883,013 | | |
$ | 90,883 | | |
$ | 6,286,399 | | |
$ | (11,481,294 | ) | |
$ | (5,103,012 | ) |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, March 1, 2023 | |
| 1,000,000 | | |
$ | 1,000 | | |
| 90,883,013 | | |
$ | 90,883 | | |
$ | 6,286,399 | | |
$ | (10,668,922 | ) | |
$ | (4,290,640 | ) |
Balance, | |
| 1,000,000 | | |
$ | 1,000 | | |
| 90,883,013 | | |
$ | 90,883 | | |
$ | 6,286,399 | | |
$ | (10,668,922 | ) | |
$ | (4,290,640 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (181,338 | ) | |
| (181,338 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, May 31, 2023 | |
| 1,000,000 | | |
$ | 1,000 | | |
| 90,883,013 | | |
$ | 90,883 | | |
$ | 6,286,399 | | |
$ | (10,850,260 | ) | |
$ | (4,471,978 | ) |
Balance | |
| 1,000,000 | | |
$ | 1,000 | | |
| 90,883,013 | | |
$ | 90,883 | | |
$ | 6,286,399 | | |
$ | (10,850,260 | ) | |
$ | (4,471,978 | ) |
The
accompanying notes are an integral part of these interim unaudited consolidated financial statements.
NORRIS
INDUSTRIES, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR
THE THREE MONTHS ENDED MAY 31, 2024, AND 2023
(UNAUDITED)
| |
| | |
| |
| |
2024 | | |
2023 | |
Cash Flow from Operating Activities | |
| | | |
| | |
Net loss | |
$ | (169,037 | ) | |
$ | (181,338 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depletion, depreciation and accretion | |
| 34,966 | | |
| 9,835 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable - oil & gas | |
| (6,925 | ) | |
| (8,177 | ) |
Accounts payable and accrued expenses | |
| 21,814 | | |
| 40,871 | |
Accounts payable and accrued expenses - related parties | |
| 33,904 | | |
| 30,751 | |
Net Cash Used in Operating Activities | |
| (85,278 | ) | |
| (108,058 | ) |
| |
| | | |
| | |
Cash Flows from Financing Activities | |
| | | |
| | |
Proceeds from related party loans | |
| 100,000 | | |
| - | |
Net Cash provided by Financing Activities | |
| 100,000 | | |
| - | |
| |
| | | |
| | |
Net Increase (Decrease) in Cash | |
| 14,722 | | |
| (108,058 | ) |
Cash – beginning of period | |
| 54,217 | | |
| 151,731 | |
| |
| | | |
| | |
Cash – end of period | |
$ | 68,939 | | |
$ | 43,673 | |
| |
| | | |
| | |
Noncash Investing and Financing Activities | |
| | | |
| | |
Change in estimate of asset retirement obligations | |
$ | - | | |
$ | 3,229 | |
The
accompanying notes are an integral part of these interim unaudited consolidated financial statements.
NORRIS
INDUSTRIES, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note
1 – Organization, Nature of Operations and Summary of Significant Accounting Policies
Norris
Industries, Inc. (“NRIS” or the “Company”), was incorporated on February 19, 2014, as a Nevada corporation. The
Company was formed to conduct operations in the oil and gas industry. The Company’s principal operating properties are in the Ellenberger
formation in Coleman County, and in Jack County and Palo-Pinto County. Texas. The Company’s production operations are all located
in the State of Texas.
On
April 25, 2018, the Company incorporated a Texas registered subsidiary, Norris Petroleum, Inc., as an operating entity.
Basis
of Presentation
The
accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) and should
be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with
the SEC on Form 10-K for the year ended February 29, 2024. In the opinion of management, all adjustments, consisting of normal recurring
adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented
have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected
for the full year. The Company’s consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries
and entities in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have
been eliminated in consolidation.
Liquidity
and Capital Considerations
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following
the issuance date of these consolidated financial statements.
The Company has incurred continuing losses since 2016, including a loss of $643,335 and $169,037 for the fiscal year ended February 29,
2024, and the three-month ended May 31, 2024, respectively. During the three months ended May 31, 2024, the Company incurred cash losses
of approximately $85,000 from its operating activities. As of May 31, 2024, the Company had a cash balance of approximately $69,000 and
negative working capital of approximately $50,000.
The
Company’s principal capital and exploration expenditures during next fiscal year are expected to relate to selected well workovers
on its Jack and Palo Pinto County acreages. The Company believes that it has sufficient cash on hand and available funds from its credit
line to fund its costs for such expenditures as well as other operating costs, for the 12-month period subsequent to issuance of these
financial statements with available borrowings under its line of credit with a related party of $500,000.
In
the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for
the next 12 months, the Company expects to seek additional capital from one or more sources via restricted private placement sales of
equity and debt securities from those other than JBB. However, there can be no assurance that the Company would be able to secure the
necessary capital to fund its costs on acceptable terms, or at all. If, for any reason, the Company is unable to fund its operations,
it would have to undertake other aggressive cost cutting measures and then be subject to possible loss of some of its rights and interests
in prospects to curtail operations and forced to forego opportunities or in worst case, cease operations.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period.
Actual results could differ from those estimates.
Risks
and Uncertainties
The
Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological, and other
risks associated with operating an emerging business, including the potential risk of business failure.
Significant Accounting Policies
During
the three months ended May 31, 2024, there have been no material changes to the Company’s significant accounting policies as described
in its 2024 Form 10-K.
Net
Loss per Common Share
Basic
net loss per common share amounts are computed by dividing the net loss available to Norris Industries, Inc. shareholders by the weighted
average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities
are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. The following table summarizes
the common stock equivalents excluded from the calculation of diluted net loss per common share as the inclusion of these shares would
be anti-dilutive for the three months ended May 31, 2024, and 2023:
Schedule
of Anti-dilutive Securities Excluded from Computation of Earning Per Share
| |
2024 | | |
2023 | |
Series A Convertible Preferred Stock | |
| 66,666,667 | | |
| 66,666,667 | |
Convertible debt | |
| 29,750,000 | | |
| 24,750,000 | |
Total common shares to be issued | |
| 96,416,667 | | |
| 91,416,667 | |
Concentrations
of Credit Risk
Financial
instruments which potentially subject the Company to concentrations of credit risk include cash deposits placed with financial institutions.
The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits as guaranteed by the Federal Deposit
Insurance Corporation (“FDIC”). At May 31, 2024, none of the Company’s cash balances was uninsured. The Company has
not experienced any losses on such accounts.
Note
2 – Revenues from Contracts with Customers
Disaggregation
of Revenues from Contracts with Customers
The
following table disaggregates revenue by significant product types for the three months ended May 31, 2024 and 2023:
Schedule of Disaggregation of Revenue
| |
2024 | | |
2023 | |
Oil sales | |
$ | 86,658 | | |
$ | 53,269 | |
Natural gas sales | |
| 13,609 | | |
| 28,083 | |
Total | |
$ | 100,267 | | |
$ | 81,352 | |
There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of May 31, 2024
and February 29, 2024.
Note
3 – Oil and Gas Properties
The
following table summarizes the Company’s oil and gas activities by classification for the three months ended May 31, 2024:
Summary of Oil and Gas Activities
| |
February 29, 2024 | | |
Additions | | |
Dispositions | | |
May 31, 2024 | |
| |
| | |
| | |
| | |
| |
Oil and gas properties, subject to depletion | |
$ | 2,930,237 | | |
$ | - | | |
$ | - | | |
$ | 2,930,237 | |
Asset retirement costs | |
| 400,094 | | |
| - | | |
| - | | |
| 400,094 | |
Accumulated depletion and impairment | |
| (2,943,821 | ) | |
| (23,275 | ) | |
| - | | |
| (2,967,096 | ) |
Total oil and gas assets | |
$ | 386,510 | | |
| (23,275 | ) | |
$ | - | | |
$ | 363,235 | |
The
depletion recorded for production on proved properties for the three months ended May 31, 2024 and 2023, amounted to $23,275 and $9,609,
respectively. During the three months ended May 31, 2024 and 2023, there were no ceiling test write-downs of the Company’s oil
and gas properties.
Note
4 – Asset Retirement Obligations
The
following table summarizes the change in the Company’s asset retirement obligations during the three months ended May 31, 2024:
Schedule of Asset Retirement Obligations
Asset retirement obligations as of February 29, 2024 | |
$ | 485,333 | |
Additions | |
| - | |
Current year revision of previous estimates | |
| - | |
Accretion adjustment during the three months ended May 31, 2024 | |
| 11,691 | |
Asset retirement obligations as of May 31, 2024 | |
$ | 497,024 | |
During
the three months ended May 31, 2024 and 2023, the Company recognized accretion expense of $11,691 and $226, respectively.
Note
5 – Related Party Transactions
Promissory
Note to JBB
On
December 28, 2017, the Company borrowed $1,550,000 from JBB to complete the purchases of a series of oil and gas leases (the “Loan
Note”). The loan has an interest rate of 3% per annum, a maturity date of December 28, 2018 and is secured by all assets of the
Company. The loan is convertible to the Company’s common stock at the conversion rate of $0.20 per share.
On
June 26, 2018, the Company and JBB entered into a modification of the existing Loan Note, to add provisions to permit the Company to
obtain additional advances under the Loan Note up to a maximum of $1,000,000. The Company may request an advance in increments of $100,000
no more frequently than every 30 days, provided that (i) it provides a description of the use of proceeds for the advance reasonably
acceptable to JBB, and (ii) the Company is not otherwise in default of the Loan Note. The original loan amount and the advances are secured
by all the assets of the Company and are convertible into common stock of the Company at the rate of $0.20 per common share, subject
to adjustment for any reverse and forward stock splits. The Loan Note may be repaid at any time, without penalty, however, any advance
that is repaid before maturity may not be re-borrowed as a further advance.
On
May 21, 2019, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note to September
30, 2020.
On
June 13, 2019, JBB lent the Company $250,000 under a secured promissory note. The funds were used to acquire the remaining working interest
in the Marshall Walden oil and gas property from Odyssey Enterprises LLC. The loan has an interest rate of 5% per annum, a maturity date
of June 30, 2022, and is secured by all assets of the Company. The loan is convertible into the Company’s common stock at a conversion
rate of $0.20 per common share.
On
October 1, 2019, the Company entered into another amendment of its Loan Note with JBB to increase the line of credit by an additional
$500,000, for a total of $1,500,000, and extend the maturity date for the original note and line of credit to December 31, 2020.
On
May 29, 2020, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note to September
30, 2021.
On
December 22, 2020, the Company entered into an extension agreement with JBB to extend the maturity of all its outstanding indebtedness
under credit line and Loan Note to May 31, 2022.
On
May 1, 2021, the Company entered into a new funding agreement with a maturity date of May 31, 2022 and an interest rate of five percent
annual percentage rate (5% APR) with JBB for a further $1 million drawable in $100,000 increments at the discretion of JBB to cover the
Company’s current and projected working capital requirements in near-term. The loan is convertible into common stock of the Company
at the rate of $0.08 per share, subject to adjustment for any reverse and forward stock splits.
On
May 5, 2023, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note to September
30, 2024.
On
September 6, 2023, the Company entered into another amendment of its Loan Note with JBB to increase the line of credit by an additional
$500,000, for a total of $4,300,000 drawn on this loan, and extend the maturity date for the original note and line of credit to September
30, 2025.
During
the three months ended May 31, 2024, $100,000 additional funds advanced to the Company under the Loan Note. As of May 31, 2024, the Company
had availability of $500,000 on its existing credit line with JBB.
The
Company recognized interest expense of $33,904 and $30,751 for the three months ended May 31, 2024 and 2023, respectively. Accrued interest
as of February 29, 2024 and May 31, 2024 was $585,341 and $619,245, respectively, and is due at maturity of the Loan Note Outstanding
borrowings under notes payable to JBB totaled $4,200,000 and $4,300,000 as of February 29, 2024 and May 31, 2024.
Note
6 – Commitments and Contingencies
Office
Lease
In
September 2018, the Company moved to the offices of International Western Oil (“IWO”) in Weatherford, TX that is being rented
on a month-to-month sublease basis at rate of $950 per month from IWO. During the three months ended May 31, 2024, the Company incurred
$2,850 of rent expense under this lease that is included in lease operating expenses on the statement of operations.
Leasehold
Drilling Commitments
The
Company’s oil and gas leasehold acreage is subject to expiration of leases if the Company does not drill and hold such acreage
by production or otherwise exercises options to extend such leases, if available, in exchange for payment of additional cash consideration.
Note
7 - Subsequent Event
There
are no subsequent events.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Cautionary
Notice Regarding Forward Looking Statements
The
information contained in this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may materially differ from those indicated
in the forward-looking statements as a result of certain risks and uncertainties set forth in this report. Although the Company’s
management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no
assurance that the underlying assumptions will, in fact, prove to be correct or that actual results will not be different from expectations
expressed in this report.
This
filing contains a number of forward-looking statements which reflect management’s current views and expectations with respect to
our business, strategies, products, future results and events, and financial performance. All statements made in this filing other than
statements of historical fact, including statements addressing operating performance, events or developments which management expects
or anticipates will or may occur in the future, and non-historical information are forward looking statements. In particular, the words
“believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,”
and variations of those words and similar expressions identify forward-looking statements. The foregoing are not the exclusive means
of identifying forward looking statements, and their absence does not mean that a statement is not forward-looking. These forward-looking
statements are subject to certain risks and uncertainties. Our actual results, performance or achievements could differ materially from
historical results as well as those expressed in, anticipated, or implied by these forward-looking statements.
Readers
should not place undue reliance on these forward-looking statements, which are based on management’s current expectations and projections
about future events, are not guarantees of future performance, are subject to risks, uncertainties and assumptions (including those described
below), and apply only as of the date of this filing. Factors which could cause or contribute to such differences include, but are not
limited to, the risks discussed in our Annual Report on Form 10-K and in the press releases and other communications to shareholders
issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We
undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events,
or otherwise.
Overview
Norris
Industries, Inc. (the “Company”, “we”, or “us”) is an oil and natural gas company that focuses on
the acquisition, development, and exploration of crude oil and natural gas properties in Texas. As of March 1, 2022 the SEC Non-Escalated
Analysis of Estimated Proved Reserve of our various leases in Jack County and Palo-Pinto County, the Ratliff leases, the Marshall-Walden,
and the Bend Arch Lion 1A and Bend Arch Lion 1B leaseholds, is a total of 29 Mbbl in oil net reserves, plus 150 MMcf in natural gas net
reserves being out of total of BOE equivalent of 54 Mbbl in gross reserves, which is down from prior year by 322 Mbbl due to reduction
of expected production as result of well workover issues.
For
near- to medium-term cash flow enhancement, the Company will plan to focus on existing fields and to selectively consider larger-reserve
oil and gas properties with low production to acquire at reasonable cost and then implement effective Enhanced Oil Recovery (“EOR”)
methods to improve its current revenues and assets. For long-term cash flow enhancement, the Company plans to identify other oil-field
related, and niche enterprises to consider for bolt on, or diversified acquisition targets to grow Company revenues. This may be with
use of capital partners to buyout via the Company’s strategic joint venture partnerships, and to raise outside capital to fund
any potential future acquisition.
The
Company’s long-term objective is to increase shareholder value by growing reserves, production, and cash flow. As result we may
seek to identify and consider acquisition opportunities of oilfield services companies and other non-oilfield companies that align with
our operational plan to implement a diversified growth strategy.
Notwithstanding
the above stated objectives, the ramifications of the prior pandemic containment measures and consequent disruptions to the United States
and world economies due to the COVID – 19 viral outbreaks had an adverse impact on the overall business of the Company and the
industry in which it operates. The demand for oil and gas has impacted all producers as commodity prices of oil and gas has increased
substantially, but so has inflation resulting in higher costs for materials, equipment, personnel and service providers which the US
Federal Reserve has taken lead to increase interest rates substantially from prior low levels that has tightened financial conditions.
In addition, in early 2022 the industry faced added complications as result of the Russian Federation invasion of Ukraine and also with
the Hamas terrorist attack on Israel in October 2023, and the war response from Israeli forces on Gaza has created further instability
in the Middle East. As result energy prices have risen; however, we are unable to predict exact supply and demand balances that will
cause energy prices to be highly volatile and thus affect our revenues into the near future. Therefore, we anticipate that we may not
be able to cover operating costs and will have to take cost-cutting measures and seek continued operational financing.
As
a result of the prior COVID-19 pandemic and wars in Ukraine, Middle East conflicts and the various governmental and political responses
and those of our subcontractors, customers and suppliers, we expect continued delays or disruptions and temporary suspensions of operations
due to shortages of labor and increased cost from suppliers. In addition, our financial condition and results of operations have been
and are likely to continue to be adversely affected. Thus, subject to adjustments due the general economic consequences and the more
specific impact on the oil and gas industry, the current general strategic objectives of the Company are set forth below.
Our
Business Strategy
We
are a small Exploration and Production (“E&P”) oil and natural gas company that focuses on the acquisition, development,
and exploration of crude oil and natural gas properties in Texas. The Company is currently managed by business and oil and gas exploration
veterans who specialize in the oil and gas acquisition and exploration markets of the Central West Texas region. The Company’s
goal is to tap into the high potential leases of the Central West Texas region of the United States, aiming to unlock its potential,
specifically in the prolific Bend Arch-Fort Worth region. This area is approximately 120 miles long and 40 miles wide running from Archer
County, Texas in the north to Brown County, Texas in the south. The Company is also looking at other acquisition opportunities in the
Permian Basin, West Texas, East Texas and South Texas region.
Management
believes that focusing on the development of existing small producing fields is one of the key differentiators of the Company. Oil and
natural gas reserve development is a technologically oriented industry. Management believes that the use of current generally available
technology has greatly increased the success rate of finding commercial oil or natural gas deposits. In this context, success means the
ability to make an oil/gas well that produces a commercialized quantity of hydrocarbons.
We
plan to execute the following business strategies:
Develop
and Grow Our Hydrocarbon Resource Acreage Positions Using Outside Development Expertise. We plan to continue to seek and acquire
niche assets in hydrocarbon-rich resource plays to improve our asset quality and expand our drilling inventory. We plan to leverage our
management team’s expertise and apply the latest available EOR technologies to economically develop our existing property portfolio
in Central West and East Texas in addition to any assets in other regions we may acquire. We operate the majority of our acreage, thus
giving us certain control over the planning of capital expenditures, execution and cost reduction. Our operational plan allows us to
adjust our capital spending based on drilling results and the economic environment. As a small producer, we regionally evaluate industry
drilling results to implement simple yet effective operating practices which may increase our initial production rates, ultimate recovery
factors and rate of return on invested capital.
The
Company’s long-term objective is to increase shareholder value by growing reserves, production, and cash flow. As result we may
seek to identify and consider acquisition opportunities of oilfield services companies and other non-oilfield companies to implement
a diversified growth strategy.
Our
management’s time in the petroleum markets and our ability to contract experienced geology expertise, allows us to identify and
secure acreage with potential reserves. Management believes that the Company’s near prospects as a public company could become
attractive as a potential merger candidate for acquisition of a private enterprise.
Our
Competitive Strengths
Management
believes that we have a number of competitive strengths that will allow us to successfully execute our business strategies:
Simple
Capital Structure. We have a simple capital structure and de-risked inventory of quality locations with what we believe is upside
potential to take advantage of the current recovery of oil prices to acquire potential production at reasonable cost. Management believes
there are opportunities for profits to be made now that oil prices appear to have stabilized and if they continue to gradually rise higher.
Moderate
Risk Exploration Practice. Unlike many major oil companies that often drill very deep wells with a high degree of risk, we focus
on shallow well exploration (sub 5,000 feet) that is less expensive and has lower risk factors. The basis for management’s belief
that the wells that can be drilled in the prospective leases will have the capacity to produce a reasonable amount of hydrocarbon and
due to our recent studies of the general areas where we are prospecting the projects. That is our most important exploration practice.
Under
The Radar Asset Base. Management believes our local West Texas E&P team has a special talent in acquiring local “prime
time” hydrocarbon land leases with sub-300 barrels of oil per day (“bopd”) wells that have large hydrocarbon reserves.
Management believes that these “under the radar” prospective leases have multi-year drilling inventory and reasonable production
history with high upside potential and not readily accessible to the public for auctions, thus adding to our competitive advantage on
these “under the radar” opportunities. It is because management also believes that these highly valuable leases are not economically
justifiable for the major oil and gas companies in the region because such companies need the wells they drill to produce at least 300
barrels (“Bbls”) of oil per day per well.
Technologies
Oil
and natural gas reserve development is a technologically oriented industry; many techniques developed by the industry are now used in
other industries, including the space program. Management believes that technological innovations have made it possible for the oil and
natural gas industry to furnish the fuels that power the world economy. Management also believes that technology has greatly increased
the success rate of finding commercial oil or natural gas deposits. In this context, success rate means the ability to make an oil/gas
well that can produce a commercialized quantity of hydrocarbon.
At
NRIS, we focus on core basic field EOR management practices and contract outside experts to provide us the understanding of complex mineralogy
in shale reservoirs to better determine zones prone to fracture stimulation. This technology can suggest where to frack by providing
us with available data to deliver us a greater chance of success. Our field engineers, geologists and petrophysicists work together for
better drilling decisions.
Sales
Strategy
Our
sales strategy in relation to spot pricing will be to produce less when the sales price is lower and produce more when the sales price
is higher. To maintain the lowest production cost, we will aim to have our inventory be as low as possible, in some instances virtually
zero. Our E&P core team has business relationships with BML, Transport Oil, and Lion Oil Trading & Transportation, for oil sales
and WTG Jameson for gas sales. The Company entered into production agreements with BML, Lion Oil and WTG Jameson so that, as our tier
1 buyer, they can handle pick-up and sales of our crude oil stock to refineries and gas via local gas pipelines.
As
such, crude oil will be picked up from our leases as needed during the calendar month. At the end of the month the crude total sales
will be tallied by lease and the 30-day average of the daily closing of oil will be tabulated. On or about the 25th of the following
month the proceeds checks’ will be issued to the financial parties of record.
Operational
Plans
Overall,
we seek to acquire on a selective basis oil and gas reserve concessions with existing production. To maintain our operations and complete
any acquisitions we intend to raise capital via equity or debt, be this from our control owner, or other third-party financing sources,
including the capital markets. The Company is still in the process of assessing the wells it holds, or recently acquired, and is reviewing
its options.
As
result of COVID-19 Pandemic the Company took a pause on any acquisition activity in the past three years. If and when the Company does
review any acquisitions, it will follow model which is based on a concept that has been proven in the past to be an effective and successful
path of development for many other well- known E&P players:
a) |
The
financed acquisition of mature smaller oil fields that have potential for instituting EOR incremental production processes; and |
|
|
b) |
Develop
strategic partnerships with existing operators to share production increases garnered through the implementation of this EOR plan. |
The
Company has plans to limit its operating budget for current wells to basic maintenance and has not determined whether to spend for any
new drill programs in the near future but plans to review and consider other energy related business opportunities in the oilfield to
diversify and increase its sales revenues and income.
Results
of Operations
Comparison
of the Three Months Ended May 31, 2024, with the Three Months Ended May 31, 2023
Revenues
The
Company generated revenues of $100,267 from oil and gas sales for the three months ended May 31, 2024, compared to $81,352 for the three
months ended May 31, 2023. The increase in revenues mainly came from an increase in the market price of the Company’s oil and gas.
Operating
Expenses
Operating
expenses for the three months ended May 31, 2024 and 2023 were $235,400 and $231,939, respectively. Our lease operating expenses decreased
to $127,857 for the three-month period ended May 31, 2024, compared to $138,972 for the three-month period ended May 31, 2023, that was
primarily related to lower variable lease operating expenses as a result of the lower production during the current period. Our general
and administrative expense decreased to $72,577 for the three-month period ended May 31, 2024, compared to $83,132 for the three-month
period ended May 31, 2023, primarily because of implemented cost cutting measures. Our depletion, depreciation and accretion expense
increased by $25,131, primarily related to an increase in depletion expenses recognized during the three-month ended May 31, 2024 than
the same period in 2023, resulting from higher estimates asset retirement obligations.
Other
Income (Expense)
For
the three months ended May 31, 2024 and 2023, the Company recorded interest expense of $33,904 and $30,751, respectively, related to outstanding
debts. The increase in interest expense was the result of additional draws from the line of credit.
Net
Loss
We
had a net loss in the amount of $169,037 for the three months ended May 31, 2024, compared to a net loss of $181,338 for the three months
ended May 31, 2023. The decrease in losses was primarily related to the increase in the market price of the Company’s oil and gas,
which resulting higher revenue recognized in this quarter.
Liquidity
and Capital Resources
As
of May 31, 2024, the Company had cash on-hand of $68,939.
Net
cash used by operating activities during the three months ended May 31, 2024 was $85,278, compared to cash used in operating activities
of $108,058 for the same period in 2023.
Net
cash provided by financing and investing activities for three months ended May 31, 2024 and 2023 was $100,000 and $0, respectively.
The
Company will require additional financing to support its operations and to pursue its acquisition program. As of May 31, 2024, the Company
had availability of $500,000 on its existing credit line with JBB. If the Company requires additional financing beyond what is available
under its existing credit line, it does not have any committed sources of financing at this time. If it is unable to obtain financing,
it will have to reduce or curtail its operations and acquisition program. There is no assurance that it will be able to obtain financing
in the future, and even if financing is available, it may not be on terms acceptable to the Company.
To
date, the funding during the past three fiscal years to support operations and facilitate some acquisitions has been provided by the
largest shareholder of the Company. This individual does not have any legal obligation to continue to provide funding to the Company.
Yet the majority owner has indicated a willingness, and provided some assurances, to selectively review and determine added funding for
certain low risk initiatives on those oil and gas wells in which the Company has either a 100% or a majority working interest in order
to increase its existing production. Our majority shareholder expects, but is not legally obligated, to provide funding for the Company’s
capital expenditure program for fiscal year 2025. Such funding may be provided in the form of loans, issuance of equity or other means.
The
consolidated financial statements of the Company have been prepared on a going concern basis. The Company will either have to increase
its operating revenues to a point to be able to cover its operating expenses or obtain funding from other investors or lenders. There
is no assurance that the Company will be able to increase its revenues or obtain funding. There is no assurance that the Company will
be able to continue its operations. In such instances, investors will suffer a loss in the value of their investment in the Company.
On
September 6, 2023, the Company entered into another amendment of its Loan Note with JBB to increase the line of credit by an additional
$500,000, for a total of $4,300,000, and extend the maturity date for the original note and line of credit to September 30, 2025.
Off-Balance
Sheet Arrangements
As
of May 31, 2024, we did not have any off-balance sheet arrangements as defined in Item 303 (a)(4)(ii) of Regulation S-K promulgated under
the Securities Act of 1934.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information
under this item.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the
Securities and Exchange Act of 1934, as amended (“Exchange Act”) is recorded, processed, summarized and reported, within
the time period specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls
and procedures designed to ensure that information required to be disclosed in the reports filed under the Exchange Act is accumulated
and communicated to management, including the Chief Executive Officer and Chief Financial Officer, which in our case is the same individual.
We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer
and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of May 31,
2024 (the “Evaluation Date”). Based upon the evaluation of our disclosure controls and procedures as of the Evaluation Date,
the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective because
of the identification of material weaknesses in our internal control over financial reporting that were disclosed in Item 9A. Controls
and Procedures in our 2024 annual report on Form 10-K in Internal Control over Financial Reporting.
There
were no changes in our internal control over financial reporting during the three months ended May 31, 2024, that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings.
We
are not currently involved in any litigation that we believe could have a material adverse effect on our financial condition or results
of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency,
self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries,
threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’
officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.
Item
1A. Risk Factors.
You
should carefully consider the risk factors in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May
28, 2024 (the “2024 10-K”), together with all of the other information included in this report, before investing in our common
stock. Those risks and uncertainties encompass many of the risks that could affect our business and the value of our stock. Not all risks
and uncertainties are described. Risks that we do not know about could occur and issues we now view as minor could become more important.
If any of these risks actually occur, our business, financial condition or results of operations could be materially and adversely affected.
In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.
Item
2. Unregistered Sales of Equity Securities
None
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
None.
Item
6. Exhibits.
*
Filed herewith.
+
In accordance with SEC Release 33-8238, Exhibit 32.1 and 32.2 are being furnished and not filed.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
Norris
Industries, Inc. |
|
|
|
Date:
July 12, 2024 |
By: |
/s/
Patrick L. Norris |
|
|
Patrick
L. Norris |
|
|
Chief
Executive Officer, Chief Financial Officer (Principal Executive Office, Principal Financial and Principal Accounting Officer) and
Chairman of Board |
|
|
|
Date:
July 12, 2024 |
By: |
/s/
Ross Henry Ramsey |
|
|
Ross
Henry Ramsey |
|
|
President
of the Oil and Gas Division and Director |
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO SECTION 302 OF THE
SARBANES-OXLEY
ACT OF 2002
I,
Patrick L. Norris, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Norris Industries, Inc.;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this quarterly report;
3.
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this quarterly report;
4.
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
a) |
designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly for the period in which this quarterly report is being prepared; |
|
|
|
|
b) |
designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
|
|
|
|
d) |
disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; |
5.
I have disclosed, based on my most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent function):
|
a) |
all significant deficiencies
in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize
and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and |
|
|
|
|
b) |
any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal controls over
financial reporting. |
|
Norris Industries,
Inc. |
|
|
Date:
July 12, 2024 |
By: |
/s/
Patrick L. Norris |
|
|
Chief Executive Officer, Chief Financial Officer (Principal Executive Office, Principal Financial and Principal Accounting Officer) and
Chairman of Board |
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Patrick L. Norris, certify that:
1. I have reviewed this quarterly
report on Form 10-Q of Norris Industries, Inc.;
2. Based on my knowledge, this
quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the
financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4. I am responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly for the period in which this quarterly report is being prepared; |
|
|
|
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
|
|
|
|
d) |
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5. I have disclosed, based on
my most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent function):
|
a) |
all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and |
|
|
|
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting. |
|
Norris Industries, Inc. |
|
|
Date: July 12, 2024 |
By: |
/s/ Patrick L. Norris |
|
|
Patrick L. Norris |
|
|
Chief Executive Officer, Chief Financial Officer (Principal Executive Office, Principal Financial and Principal Accounting Officer) and
Chairman of Board |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with this Quarterly Report of Norris
Industries, Inc. (the “Company”), on Form 10-Q for the period ended May 31, 2024, as filed with the U.S. Securities and
Exchange Commission on the date hereof, I, Patrick L. Norris, Principal Executive Officer of the Company, certify to the best of my knowledge,
pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
Such Quarterly Report on Form 10-Q for the period ended May 31, 2024, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934: and |
|
|
|
|
(2) |
The information contained in such Quarterly Report on Form 10-Q for the period ended May 31, 2024, fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: July 12, 2024 |
By: |
/s/ Patrick L. Norris |
|
|
Patrick L. Norris |
|
|
Chief Executive Officer, Chief Financial Officer (Principal Executive Office, Principal Financial and Principal Accounting Officer) and
Chairman of Board |
This certification accompanies the Report pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed
filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement required
by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to
the Securities and Exchange Commission or its staff upon request.
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with this Quarterly Report of Norris
Industries, Inc. (the “Company”), on Form 10-Q for the period ended May 31, 2024, as filed with the U.S. Securities and
Exchange Commission on the date hereof, I, Patrick L. Norris, Principal Financial Officer of the Company, certify to the best of my knowledge,
pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
Such Quarterly Report on Form 10-Q for the period ended May 31, 2024, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934: and |
|
|
|
|
(2) |
The information contained in such Quarterly Report on Form 10-Q for the period ended May 31, 2024, fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: July 12, 2024 |
By: |
/s/ Patrick L. Norris |
|
|
Patrick L. Norris |
|
|
Chief Executive Officer, Chief Financial Officer (Principal Executive Office, Principal Financial and Principal Accounting Officer) and
Chairman of Board |
This certification accompanies the Report pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed
filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement required
by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to
the Securities and Exchange Commission or its staff upon request.
v3.24.2
Cover - shares
|
3 Months Ended |
|
May 31, 2024 |
Jul. 15, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
May 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2025
|
|
Current Fiscal Year End Date |
--02-28
|
|
Entity File Number |
000-55695
|
|
Entity Registrant Name |
Norris
Industries, Inc.
|
|
Entity Central Index Key |
0001603793
|
|
Entity Tax Identification Number |
46-5034746
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
102
Palo Pinto St
|
|
Entity Address, Address Line Two |
Suite B
|
|
Entity Address, City or Town |
Weatherford
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
76086
|
|
City Area Code |
(855)
|
|
Local Phone Number |
809-6900
|
|
Title of 12(b) Security |
Common Stock, $.01 Par Value
|
|
Trading Symbol |
NRIS
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
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Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
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v3.24.2
Consolidated Balance Sheets - USD ($)
|
May 31, 2024 |
Feb. 29, 2024 |
Current Assets |
|
|
Cash |
$ 68,939
|
$ 54,217
|
Account receivable - oil & gas |
23,936
|
17,011
|
Total Current Assets |
92,875
|
71,228
|
Oil and Gas Property - Full Cost Method |
|
|
Properties subject to amortization |
3,330,331
|
3,330,331
|
Less: accumulated depletion and impairment |
(2,967,096)
|
(2,943,821)
|
Total Oil and Gas Property, net |
363,235
|
386,510
|
Total Assets |
456,110
|
457,738
|
Current Liabilities |
|
|
Accounts payable and accrued expenses |
142,853
|
121,039
|
Total Current Liabilities |
142,853
|
121,039
|
Asset retirement obligations |
497,024
|
485,333
|
Total Liabilities |
5,559,122
|
5,391,713
|
Commitments and Contingencies (see Note 6) |
|
|
Stockholders’ Deficit |
|
|
Preferred stock value |
|
|
Common stock, $0.001 par value per share, 150,000,000 shares authorized; 90,883,013 shares issued and outstanding |
90,883
|
90,883
|
Additional paid-in capital |
6,286,399
|
6,286,399
|
Accumulated deficit |
(11,481,294)
|
(11,312,257)
|
Total Stockholder’s Deficit |
(5,103,012)
|
(4,933,975)
|
Total Liabilities and Stockholders’ Deficit |
456,110
|
457,738
|
Series A Convertible Preferred Stock [Member] |
|
|
Stockholders’ Deficit |
|
|
Preferred stock value |
1,000
|
1,000
|
Related Party [Member] |
|
|
Current Liabilities |
|
|
Convertible note payable - related party |
4,300,000
|
4,200,000
|
Accounts payable and accrued expenses - related parties-long term |
$ 619,245
|
$ 585,341
|
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v3.24.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
|
May 31, 2024 |
Feb. 29, 2024 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
150,000,000
|
150,000,000
|
Common stock, shares issued |
90,883,013
|
90,883,013
|
Common stock, shares outstanding |
90,883,013
|
90,883,013
|
Series A Convertible Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
1,000,000
|
1,000,000
|
Preferred stock, shares outstanding |
1,000,000
|
1,000,000
|
Preferred stock, liquidation preference |
$ 2,250,000
|
$ 2,250,000
|
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v3.24.2
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
May 31, 2024 |
May 31, 2023 |
Revenues |
|
|
Total Revenues |
$ 100,267
|
$ 81,352
|
Operating Expenses |
|
|
Lease operating expenses |
127,857
|
138,972
|
General and administrative expenses |
72,577
|
83,132
|
Depletion, depreciation and accretion |
34,966
|
9,835
|
Total Operating Expenses |
235,400
|
231,939
|
Loss from Operations |
(135,133)
|
(150,587)
|
Other Expenses |
|
|
Interest expense |
33,904
|
30,751
|
Total Other Expense |
33,904
|
30,751
|
Net Loss |
$ (169,037)
|
$ (181,338)
|
Net loss per common share - basic |
$ (0.002)
|
$ (0.002)
|
Net loss per common share - diluted |
$ (0.002)
|
$ (0.002)
|
Weighted average number of common shares outstanding - basic |
90,883,013
|
90,883,013
|
Weighted average number of common shares outstanding - diluted |
90,883,013
|
90,883,013
|
Oil and Gas [Member] |
|
|
Revenues |
|
|
Total Revenues |
$ 100,267
|
$ 81,352
|
X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
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v3.24.2
Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Series A Convertible Preferred Stock [Member]
Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance, at Feb. 28, 2023 |
$ 1,000
|
$ 90,883
|
$ 6,286,399
|
$ (10,668,922)
|
$ (4,290,640)
|
Balance, shares at Feb. 28, 2023 |
1,000,000
|
90,883,013
|
|
|
|
Net loss |
|
|
|
(181,338)
|
(181,338)
|
Balance at May. 31, 2023 |
$ 1,000
|
$ 90,883
|
6,286,399
|
(10,850,260)
|
(4,471,978)
|
Balance, shares at May. 31, 2023 |
1,000,000
|
90,883,013
|
|
|
|
Balance, at Feb. 29, 2024 |
$ 1,000
|
$ 90,883
|
6,286,399
|
(11,312,257)
|
(4,933,975)
|
Balance, shares at Feb. 29, 2024 |
1,000,000
|
90,883,013
|
|
|
|
Net loss |
|
|
|
(169,037)
|
(169,037)
|
Balance at May. 31, 2024 |
$ 1,000
|
$ 90,883
|
$ 6,286,399
|
$ (11,481,294)
|
$ (5,103,012)
|
Balance, shares at May. 31, 2024 |
1,000,000
|
90,883,013
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
May 31, 2024 |
May 31, 2023 |
Cash Flow from Operating Activities |
|
|
Net loss |
$ (169,037)
|
$ (181,338)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depletion, depreciation and accretion |
34,966
|
9,835
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable - oil & gas |
(6,925)
|
(8,177)
|
Accounts payable and accrued expenses |
21,814
|
40,871
|
Accounts payable and accrued expenses - related parties |
33,904
|
30,751
|
Net Cash Used in Operating Activities |
(85,278)
|
(108,058)
|
Cash Flows from Financing Activities |
|
|
Proceeds from related party loans |
100,000
|
|
Net Cash provided by Financing Activities |
100,000
|
|
Net Increase (Decrease) in Cash |
14,722
|
(108,058)
|
Cash – beginning of period |
54,217
|
151,731
|
Cash – end of period |
68,939
|
43,673
|
Noncash Investing and Financing Activities |
|
|
Change in estimate of asset retirement obligations |
|
$ 3,229
|
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v3.24.2
Organization, Nature of Operations and Summary of Significant Accounting Policies
|
3 Months Ended |
May 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization, Nature of Operations and Summary of Significant Accounting Policies |
Note
1 – Organization, Nature of Operations and Summary of Significant Accounting Policies
Norris
Industries, Inc. (“NRIS” or the “Company”), was incorporated on February 19, 2014, as a Nevada corporation. The
Company was formed to conduct operations in the oil and gas industry. The Company’s principal operating properties are in the Ellenberger
formation in Coleman County, and in Jack County and Palo-Pinto County. Texas. The Company’s production operations are all located
in the State of Texas.
On
April 25, 2018, the Company incorporated a Texas registered subsidiary, Norris Petroleum, Inc., as an operating entity.
Basis
of Presentation
The
accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) and should
be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with
the SEC on Form 10-K for the year ended February 29, 2024. In the opinion of management, all adjustments, consisting of normal recurring
adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented
have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected
for the full year. The Company’s consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries
and entities in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have
been eliminated in consolidation.
Liquidity
and Capital Considerations
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following
the issuance date of these consolidated financial statements.
The Company has incurred continuing losses since 2016, including a loss of $643,335 and $169,037 for the fiscal year ended February 29,
2024, and the three-month ended May 31, 2024, respectively. During the three months ended May 31, 2024, the Company incurred cash losses
of approximately $85,000 from its operating activities. As of May 31, 2024, the Company had a cash balance of approximately $69,000 and
negative working capital of approximately $50,000.
The
Company’s principal capital and exploration expenditures during next fiscal year are expected to relate to selected well workovers
on its Jack and Palo Pinto County acreages. The Company believes that it has sufficient cash on hand and available funds from its credit
line to fund its costs for such expenditures as well as other operating costs, for the 12-month period subsequent to issuance of these
financial statements with available borrowings under its line of credit with a related party of $500,000.
In
the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for
the next 12 months, the Company expects to seek additional capital from one or more sources via restricted private placement sales of
equity and debt securities from those other than JBB. However, there can be no assurance that the Company would be able to secure the
necessary capital to fund its costs on acceptable terms, or at all. If, for any reason, the Company is unable to fund its operations,
it would have to undertake other aggressive cost cutting measures and then be subject to possible loss of some of its rights and interests
in prospects to curtail operations and forced to forego opportunities or in worst case, cease operations.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period.
Actual results could differ from those estimates.
Risks
and Uncertainties
The
Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological, and other
risks associated with operating an emerging business, including the potential risk of business failure.
Significant Accounting Policies
During
the three months ended May 31, 2024, there have been no material changes to the Company’s significant accounting policies as described
in its 2024 Form 10-K.
Net
Loss per Common Share
Basic
net loss per common share amounts are computed by dividing the net loss available to Norris Industries, Inc. shareholders by the weighted
average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities
are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. The following table summarizes
the common stock equivalents excluded from the calculation of diluted net loss per common share as the inclusion of these shares would
be anti-dilutive for the three months ended May 31, 2024, and 2023:
Schedule
of Anti-dilutive Securities Excluded from Computation of Earning Per Share
| |
2024 | | |
2023 | |
Series A Convertible Preferred Stock | |
| 66,666,667 | | |
| 66,666,667 | |
Convertible debt | |
| 29,750,000 | | |
| 24,750,000 | |
Total common shares to be issued | |
| 96,416,667 | | |
| 91,416,667 | |
Concentrations
of Credit Risk
Financial
instruments which potentially subject the Company to concentrations of credit risk include cash deposits placed with financial institutions.
The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits as guaranteed by the Federal Deposit
Insurance Corporation (“FDIC”). At May 31, 2024, none of the Company’s cash balances was uninsured. The Company has
not experienced any losses on such accounts.
|
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v3.24.2
Revenues from Contracts with Customers
|
3 Months Ended |
May 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenues from Contracts with Customers |
Note
2 – Revenues from Contracts with Customers
Disaggregation
of Revenues from Contracts with Customers
The
following table disaggregates revenue by significant product types for the three months ended May 31, 2024 and 2023:
Schedule of Disaggregation of Revenue
| |
2024 | | |
2023 | |
Oil sales | |
$ | 86,658 | | |
$ | 53,269 | |
Natural gas sales | |
| 13,609 | | |
| 28,083 | |
Total | |
$ | 100,267 | | |
$ | 81,352 | |
There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of May 31, 2024
and February 29, 2024.
|
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v3.24.2
Oil and Gas Properties
|
3 Months Ended |
May 31, 2024 |
Extractive Industries [Abstract] |
|
Oil and Gas Properties |
Note
3 – Oil and Gas Properties
The
following table summarizes the Company’s oil and gas activities by classification for the three months ended May 31, 2024:
Summary of Oil and Gas Activities
| |
February 29, 2024 | | |
Additions | | |
Dispositions | | |
May 31, 2024 | |
| |
| | |
| | |
| | |
| |
Oil and gas properties, subject to depletion | |
$ | 2,930,237 | | |
$ | - | | |
$ | - | | |
$ | 2,930,237 | |
Asset retirement costs | |
| 400,094 | | |
| - | | |
| - | | |
| 400,094 | |
Accumulated depletion and impairment | |
| (2,943,821 | ) | |
| (23,275 | ) | |
| - | | |
| (2,967,096 | ) |
Total oil and gas assets | |
$ | 386,510 | | |
| (23,275 | ) | |
$ | - | | |
$ | 363,235 | |
The
depletion recorded for production on proved properties for the three months ended May 31, 2024 and 2023, amounted to $23,275 and $9,609,
respectively. During the three months ended May 31, 2024 and 2023, there were no ceiling test write-downs of the Company’s oil
and gas properties.
|
X |
- DefinitionThe entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.
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v3.24.2
Asset Retirement Obligations
|
3 Months Ended |
May 31, 2024 |
Asset Retirement Obligation Disclosure [Abstract] |
|
Asset Retirement Obligations |
Note
4 – Asset Retirement Obligations
The
following table summarizes the change in the Company’s asset retirement obligations during the three months ended May 31, 2024:
Schedule of Asset Retirement Obligations
Asset retirement obligations as of February 29, 2024 | |
$ | 485,333 | |
Additions | |
| - | |
Current year revision of previous estimates | |
| - | |
Accretion adjustment during the three months ended May 31, 2024 | |
| 11,691 | |
Asset retirement obligations as of May 31, 2024 | |
$ | 497,024 | |
During
the three months ended May 31, 2024 and 2023, the Company recognized accretion expense of $11,691 and $226, respectively.
|
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v3.24.2
Related Party Transactions
|
3 Months Ended |
May 31, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 – Related Party Transactions
Promissory
Note to JBB
On
December 28, 2017, the Company borrowed $1,550,000 from JBB to complete the purchases of a series of oil and gas leases (the “Loan
Note”). The loan has an interest rate of 3% per annum, a maturity date of December 28, 2018 and is secured by all assets of the
Company. The loan is convertible to the Company’s common stock at the conversion rate of $0.20 per share.
On
June 26, 2018, the Company and JBB entered into a modification of the existing Loan Note, to add provisions to permit the Company to
obtain additional advances under the Loan Note up to a maximum of $1,000,000. The Company may request an advance in increments of $100,000
no more frequently than every 30 days, provided that (i) it provides a description of the use of proceeds for the advance reasonably
acceptable to JBB, and (ii) the Company is not otherwise in default of the Loan Note. The original loan amount and the advances are secured
by all the assets of the Company and are convertible into common stock of the Company at the rate of $0.20 per common share, subject
to adjustment for any reverse and forward stock splits. The Loan Note may be repaid at any time, without penalty, however, any advance
that is repaid before maturity may not be re-borrowed as a further advance.
On
May 21, 2019, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note to September
30, 2020.
On
June 13, 2019, JBB lent the Company $250,000 under a secured promissory note. The funds were used to acquire the remaining working interest
in the Marshall Walden oil and gas property from Odyssey Enterprises LLC. The loan has an interest rate of 5% per annum, a maturity date
of June 30, 2022, and is secured by all assets of the Company. The loan is convertible into the Company’s common stock at a conversion
rate of $0.20 per common share.
On
October 1, 2019, the Company entered into another amendment of its Loan Note with JBB to increase the line of credit by an additional
$500,000, for a total of $1,500,000, and extend the maturity date for the original note and line of credit to December 31, 2020.
On
May 29, 2020, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note to September
30, 2021.
On
December 22, 2020, the Company entered into an extension agreement with JBB to extend the maturity of all its outstanding indebtedness
under credit line and Loan Note to May 31, 2022.
On
May 1, 2021, the Company entered into a new funding agreement with a maturity date of May 31, 2022 and an interest rate of five percent
annual percentage rate (5% APR) with JBB for a further $1 million drawable in $100,000 increments at the discretion of JBB to cover the
Company’s current and projected working capital requirements in near-term. The loan is convertible into common stock of the Company
at the rate of $0.08 per share, subject to adjustment for any reverse and forward stock splits.
On
May 5, 2023, the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note to September
30, 2024.
On
September 6, 2023, the Company entered into another amendment of its Loan Note with JBB to increase the line of credit by an additional
$500,000, for a total of $4,300,000 drawn on this loan, and extend the maturity date for the original note and line of credit to September
30, 2025.
During
the three months ended May 31, 2024, $100,000 additional funds advanced to the Company under the Loan Note. As of May 31, 2024, the Company
had availability of $500,000 on its existing credit line with JBB.
The
Company recognized interest expense of $33,904 and $30,751 for the three months ended May 31, 2024 and 2023, respectively. Accrued interest
as of February 29, 2024 and May 31, 2024 was $585,341 and $619,245, respectively, and is due at maturity of the Loan Note Outstanding
borrowings under notes payable to JBB totaled $4,200,000 and $4,300,000 as of February 29, 2024 and May 31, 2024.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2
Commitments and Contingencies
|
3 Months Ended |
May 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 – Commitments and Contingencies
Office
Lease
In
September 2018, the Company moved to the offices of International Western Oil (“IWO”) in Weatherford, TX that is being rented
on a month-to-month sublease basis at rate of $950 per month from IWO. During the three months ended May 31, 2024, the Company incurred
$2,850 of rent expense under this lease that is included in lease operating expenses on the statement of operations.
Leasehold
Drilling Commitments
The
Company’s oil and gas leasehold acreage is subject to expiration of leases if the Company does not drill and hold such acreage
by production or otherwise exercises options to extend such leases, if available, in exchange for payment of additional cash consideration.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2
Organization, Nature of Operations and Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
May 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) and should
be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with
the SEC on Form 10-K for the year ended February 29, 2024. In the opinion of management, all adjustments, consisting of normal recurring
adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented
have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected
for the full year. The Company’s consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries
and entities in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have
been eliminated in consolidation.
|
Liquidity and Capital Considerations |
Liquidity
and Capital Considerations
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following
the issuance date of these consolidated financial statements.
The Company has incurred continuing losses since 2016, including a loss of $643,335 and $169,037 for the fiscal year ended February 29,
2024, and the three-month ended May 31, 2024, respectively. During the three months ended May 31, 2024, the Company incurred cash losses
of approximately $85,000 from its operating activities. As of May 31, 2024, the Company had a cash balance of approximately $69,000 and
negative working capital of approximately $50,000.
The
Company’s principal capital and exploration expenditures during next fiscal year are expected to relate to selected well workovers
on its Jack and Palo Pinto County acreages. The Company believes that it has sufficient cash on hand and available funds from its credit
line to fund its costs for such expenditures as well as other operating costs, for the 12-month period subsequent to issuance of these
financial statements with available borrowings under its line of credit with a related party of $500,000.
In
the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for
the next 12 months, the Company expects to seek additional capital from one or more sources via restricted private placement sales of
equity and debt securities from those other than JBB. However, there can be no assurance that the Company would be able to secure the
necessary capital to fund its costs on acceptable terms, or at all. If, for any reason, the Company is unable to fund its operations,
it would have to undertake other aggressive cost cutting measures and then be subject to possible loss of some of its rights and interests
in prospects to curtail operations and forced to forego opportunities or in worst case, cease operations.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period.
Actual results could differ from those estimates.
|
Risks and Uncertainties |
Risks
and Uncertainties
The
Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological, and other
risks associated with operating an emerging business, including the potential risk of business failure.
|
Significant Accounting Policies |
Significant Accounting Policies
During
the three months ended May 31, 2024, there have been no material changes to the Company’s significant accounting policies as described
in its 2024 Form 10-K.
|
Net Loss per Common Share |
Net
Loss per Common Share
Basic
net loss per common share amounts are computed by dividing the net loss available to Norris Industries, Inc. shareholders by the weighted
average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities
are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. The following table summarizes
the common stock equivalents excluded from the calculation of diluted net loss per common share as the inclusion of these shares would
be anti-dilutive for the three months ended May 31, 2024, and 2023:
Schedule
of Anti-dilutive Securities Excluded from Computation of Earning Per Share
| |
2024 | | |
2023 | |
Series A Convertible Preferred Stock | |
| 66,666,667 | | |
| 66,666,667 | |
Convertible debt | |
| 29,750,000 | | |
| 24,750,000 | |
Total common shares to be issued | |
| 96,416,667 | | |
| 91,416,667 | |
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk
Financial
instruments which potentially subject the Company to concentrations of credit risk include cash deposits placed with financial institutions.
The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits as guaranteed by the Federal Deposit
Insurance Corporation (“FDIC”). At May 31, 2024, none of the Company’s cash balances was uninsured. The Company has
not experienced any losses on such accounts.
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v3.24.2
Organization, Nature of Operations and Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
May 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share |
Schedule
of Anti-dilutive Securities Excluded from Computation of Earning Per Share
| |
2024 | | |
2023 | |
Series A Convertible Preferred Stock | |
| 66,666,667 | | |
| 66,666,667 | |
Convertible debt | |
| 29,750,000 | | |
| 24,750,000 | |
Total common shares to be issued | |
| 96,416,667 | | |
| 91,416,667 | |
|
X |
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v3.24.2
Oil and Gas Properties (Tables)
|
3 Months Ended |
May 31, 2024 |
Extractive Industries [Abstract] |
|
Summary of Oil and Gas Activities |
The
following table summarizes the Company’s oil and gas activities by classification for the three months ended May 31, 2024:
Summary of Oil and Gas Activities
| |
February 29, 2024 | | |
Additions | | |
Dispositions | | |
May 31, 2024 | |
| |
| | |
| | |
| | |
| |
Oil and gas properties, subject to depletion | |
$ | 2,930,237 | | |
$ | - | | |
$ | - | | |
$ | 2,930,237 | |
Asset retirement costs | |
| 400,094 | | |
| - | | |
| - | | |
| 400,094 | |
Accumulated depletion and impairment | |
| (2,943,821 | ) | |
| (23,275 | ) | |
| - | | |
| (2,967,096 | ) |
Total oil and gas assets | |
$ | 386,510 | | |
| (23,275 | ) | |
$ | - | | |
$ | 363,235 | |
|
X |
- DefinitionTabular disclosure of result of operation in oil- and gas-producing activities.
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Asset Retirement Obligations (Tables)
|
3 Months Ended |
May 31, 2024 |
Asset Retirement Obligation Disclosure [Abstract] |
|
Schedule of Asset Retirement Obligations |
The
following table summarizes the change in the Company’s asset retirement obligations during the three months ended May 31, 2024:
Schedule of Asset Retirement Obligations
Asset retirement obligations as of February 29, 2024 | |
$ | 485,333 | |
Additions | |
| - | |
Current year revision of previous estimates | |
| - | |
Accretion adjustment during the three months ended May 31, 2024 | |
| 11,691 | |
Asset retirement obligations as of May 31, 2024 | |
$ | 497,024 | |
|
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v3.24.2
Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share (Details) - shares
|
3 Months Ended |
May 31, 2024 |
May 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common shares to be issued |
96,416,667
|
91,416,667
|
Series A Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common shares to be issued |
66,666,667
|
66,666,667
|
Convertible Debt [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common shares to be issued |
29,750,000
|
24,750,000
|
X |
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v3.24.2
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|
|
3 Months Ended |
12 Months Ended |
Oct. 01, 2019 |
May 31, 2024 |
May 31, 2023 |
Feb. 29, 2024 |
Net income loss available to common stock holders |
|
$ 169,037
|
|
$ 643,335
|
Net cash provided by operating activities |
|
85,278
|
$ 108,058
|
|
Cash |
|
69,000
|
|
|
Working capital |
|
50,000
|
|
|
Cash uninsured amount |
|
0
|
|
|
JBB Partners Inc [Member] |
|
|
|
|
Increments of line of credit |
$ 500,000
|
$ 500,000
|
|
|
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v3.24.2
Schedule of Disaggregation of Revenue (Details) - USD ($)
|
3 Months Ended |
May 31, 2024 |
May 31, 2023 |
Oil and Gas, Proved Reserve, Quantity [Line Items] |
|
|
Total |
$ 100,267
|
$ 81,352
|
Oil [Member] |
|
|
Oil and Gas, Proved Reserve, Quantity [Line Items] |
|
|
Total |
86,658
|
53,269
|
Natural Gas [Member] |
|
|
Oil and Gas, Proved Reserve, Quantity [Line Items] |
|
|
Total |
$ 13,609
|
$ 28,083
|
X |
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v3.24.2
Summary of Oil and Gas Activities (Details)
|
3 Months Ended |
May 31, 2024
USD ($)
|
Extractive Industries [Abstract] |
|
Oil and gas properties, subject to depletion |
$ 2,930,237
|
Oil and gas properties, subject to depletion, additions |
|
Oil and gas properties, subject to depletion, dispositions |
|
Oil and gas properties, subject to depletion |
2,930,237
|
Asset retirement costs |
400,094
|
Asset retirement costs, addtions |
|
Asset retirement costs, dispositions |
|
Asset retirement costs |
400,094
|
Accumulated depletion and impairment |
(2,943,821)
|
Accumulated depletion and impairment, additions |
(23,275)
|
Accumulated depletion and impairment, dispositions |
|
Accumulated depletion and impairment |
(2,967,096)
|
Total oil and gas assets |
386,510
|
Total oil and gas assets, additions |
(23,275)
|
Total oil and gas assets, dispositions |
|
Total oil and gas assets |
$ 363,235
|
X |
- DefinitionCapitalized costs accumulated depreciation depletion amortization and valuation allowance for relating to oil and gas producing activities addition.
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v3.24.2
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
|
Sep. 06, 2023 |
May 05, 2023 |
May 01, 2021 |
Dec. 22, 2020 |
May 29, 2020 |
Oct. 01, 2019 |
Jun. 13, 2019 |
May 21, 2019 |
Jun. 26, 2018 |
Dec. 28, 2017 |
May 31, 2024 |
May 31, 2023 |
Feb. 29, 2024 |
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from advances |
|
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
33,904
|
$ 30,751
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
619,245
|
|
$ 585,341
|
Notes payable, outstanding |
|
|
|
|
|
|
|
|
|
|
4,300,000
|
|
$ 4,200,000
|
JBB Partners Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan bears interest rate |
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
Debt conversion price per share |
|
|
$ 0.08
|
|
|
|
|
|
|
|
|
|
|
Maximum of amount permitted to obtain advances |
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
Increments of line of credit |
|
|
|
|
|
$ 500,000
|
|
|
|
|
500,000
|
|
|
Loan maturity date |
|
|
May 31, 2022
|
|
|
|
|
|
|
|
|
|
|
Proceeds from advances |
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
Line of credit borrowing capacity total |
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
Repayments of related party debt |
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
Availability of existing credit line |
|
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
|
Promissory Note [Member] | JBB Partners Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceed from loan payable |
|
|
|
|
|
|
|
|
|
$ 1,550,000
|
|
|
|
Loan bears interest rate |
|
|
|
|
|
|
|
|
|
3.00%
|
|
|
|
Debt conversion price per share |
|
|
|
|
|
|
|
|
|
$ 0.20
|
|
|
|
Promissory Note [Member] | JBB Partners Inc [Member] | Modification of Existing Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion price per share |
|
|
|
|
|
|
|
|
$ 0.20
|
|
|
|
|
Maximum of amount permitted to obtain advances |
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
Increments of line of credit |
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
Loan Note [Member] | JBB Partners Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date description |
|
the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note
|
|
the Company entered into an extension agreement with JBB to extend the maturity of all its outstanding indebtedness
under credit line and Loan Note
|
the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note
|
|
|
the Company entered into an extension agreement with JBB to extend the maturity of its outstanding Loan Note
|
|
|
|
|
|
Loan maturity date |
Sep. 30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in line of credit |
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit |
$ 4,300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Note [Member] | JBB Partners Inc [Member] | Extended Maturity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan maturity date |
|
Sep. 30, 2024
|
|
May 31, 2022
|
Sep. 30, 2021
|
|
|
Sep. 30, 2020
|
|
|
|
|
|
Secured Promissory Note [Member] | Odyssey Enterprises LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan bears interest rate |
|
|
|
|
|
|
5.00%
|
|
|
|
|
|
|
Debt conversion price per share |
|
|
|
|
|
|
$ 0.20
|
|
|
|
|
|
|
Loan maturity date |
|
|
|
|
|
|
Jun. 30, 2022
|
|
|
|
|
|
|
Proceeds from advances |
|
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
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Norris Industries (QB) (USOTC:NRIS)
過去 株価チャート
から 8 2024 まで 9 2024
Norris Industries (QB) (USOTC:NRIS)
過去 株価チャート
から 9 2023 まで 9 2024