Tue, Jan 14, 4:50 PM (31 days ago)
Norris Industries, Inc. (NRIS) reported its Q3 2024 results, reflecting a decline in revenues to $81,744 from $87,112 in Q3 2023, primarily due to decreased production. For the nine months ended November 30, 2024, revenues increased slightly to $259,018 compared to $251,070 in the prior year. Operating expenses decreased overall, with specific reductions in general and administrative costs attributed to management's cost-cutting efforts. However, net losses widened to $156,461 for Q3 2024 from $143,007 in Q3 2023, and total losses for the nine-month period were $443,354, slightly down from $448,355 in 2023. As of November 30, 2024, cash stood at $78,963, with negative working capital of approximately $9,400. The company utilized $275,254 in operating activities but secured $300,000 from related party loans to support operations. Future operations are uncertain, with potential disruptions from geopolitical tensions and economic conditions impacting oil prices. The company plans to focus on existing fields and consider acquisitions to enhance cash flow amidst the need for additional financing to sustain operations.