10-Q - Norris Industries, Inc. (0001603793) (Filer)

Fri, Jul 12, 9:02 PM (57 days ago)

Norris Industries, Inc. reported a net loss of $169,037 for the quarter ended May 31, 2024, an improvement from the $181,338 loss in the same period in 2023. Revenues increased to $100,267 from $81,352, primarily due to higher market prices for oil and gas. Operating expenses were relatively stable, with a slight increase from $231,939 to $235,400, driven by higher depletion expenses. Interest expense rose to $33,904 from $30,751 due to additional draws on the line of credit. Cash flow from operating activities showed a reduced outflow of $85,278 compared to $108,058 in the previous year. Financing activities provided $100,000, maintaining a cash balance of $68,939 at quarter-end. The company has $500,000 available on its credit line but will need additional financing to support operations and acquisitions. The company continues to face uncertainties due to fluctuating oil prices and geopolitical tensions, which could impact future revenues and operational costs. Management plans to focus on existing fields and consider acquisitions to enhance cash flow and reserves.