Tue, Oct 15, 2:35 PM (17 days ago)
Norris Industries, Inc. (NRIS) reported a net loss of $117,856 for Q2 2024, a slight improvement from a loss of $124,010 in Q2 2023. Revenue from oil and gas sales decreased to $77,007, down from $82,606, primarily due to lower production levels. Operating expenses also decreased to $160,381 from $174,936, reflecting cost-cutting measures. For the six months ended August 31, 2024, revenues increased to $177,274, attributed to higher market prices, despite a net loss of $286,893 compared to $305,348 in the prior year. As of August 31, 2024, cash on hand was $71,739, with a negative working capital of approximately $17,000. The company relies heavily on a related party loan, increasing to $4,400,000, and anticipates needing additional financing to sustain operations and potential acquisitions. The ongoing geopolitical tensions and economic conditions pose significant uncertainties for future operations, impacting revenue stability and operational costs. The company remains focused on enhancing cash flow through existing fields and strategic acquisitions while navigating a challenging market environment.