Tue, May 28, 6:31 PM (291 days ago)
Norris Industries, Inc.'s Form 10-K for the fiscal year ended February 29, 2024, highlights several key points: 1. **Financial Performance**: - **Revenue**: $329,610, down from $526,447 in 2023 due to lower oil and gas prices and production. - **Net Loss**: Increased to $643,335 from $504,980 in 2023. - **Operating Expenses**: Decreased to $845,983 from $915,050 in 2023. 2. **Assets and Liabilities**: - **Total Assets**: $457,738, up from $338,131. - **Total Liabilities**: $5,391,713, up from $4,628,771. - **Stockholders' Deficit**: Increased to $4,933,975 from $4,290,640. 3. **Strategic Overview**: - Focus on developing existing oil and gas properties in Texas. - Plans to leverage Enhanced Oil Recovery (EOR) methods. - Potential acquisitions in the Permian Basin and other Texas regions. 4. **Risk Factors**: - Impact of COVID-19, geopolitical tensions, and economic conditions on operations. - Dependence on capital availability and potential dilution from future equity issuances. 5. **Future Outlook**: - Seeking additional capital for operations and acquisitions. - Plans to enhance production and explore new opportunities in the oil and gas sector. This summary provides a concise overview of Norris Industries' financial condition, strategic initiatives, and risk factors, relevant for portfolio managers, traders, and finance professionals.