Mexco Energy Corp. Files 10-Q for Q1 2025

TL;DR

Mexco Energy (MXC) filed its Q1 2025 10-Q. Check financials.

AI Summary

Mexco Energy Corp. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, based in Midland, TX, operates in the crude petroleum and natural gas sector. Specific financial details and operational highlights for this quarter are not detailed in the provided header information.

Why It Matters

This filing provides investors with an update on Mexco Energy Corp.'s financial health and operational status for the first quarter of fiscal year 2025.

Risk Assessment

Risk Level: medium — As an oil and gas company, Mexco Energy is subject to the inherent volatility and regulatory risks associated with the energy sector.

Key Numbers

• Q1 2025 — Fiscal Quarter (Reporting period for the 10-Q filing.)
• 2024-06-30 — Period End Date (The end date of the reporting period.)
• 2024-08-08 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• MEXCO ENERGY CORP (company) — Filer
• Midland, TX (location) — Business Address
• 20240630 (date) — Reporting Period End Date
• 20240808 (date) — Filing Date

FAQ

Key Financial Figures

• $0.50 — ch registered Common Stock, par value $0.50 per share MXC NYSE American Indi
• $1.0 b — financial statement income in excess of $1.0 billion, effective for tax years beginnin
• $1.0 million — rchases in excess of an annual limit of $1.0 million after December 31, 2022. The IRA 2022 d

Filing Documents

• form10-q.htm (10-Q) — 485KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001493152-24-030787.txt ( ) — 3222KB
• mxc-20240630.xsd (EX-101.SCH) — 25KB
• mxc-20240630_cal.xml (EX-101.CAL) — 53KB
• mxc-20240630_def.xml (EX-101.DEF) — 96KB
• mxc-20240630_lab.xml (EX-101.LAB) — 255KB
• mxc-20240630_pre.xml (EX-101.PRE) — 198KB
• form10-q_htm.xml (XML) — 314KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and March 31, 2024 3 Consolidated Statements of Operations (Unaudited) for the three months ended June 30, 2024 and June 30, 2023 4 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the three months ended June 30, 2024 and June 30, 2023 5 Consolidated Statements of Cash Flows (Unaudited) for the three months ended June 30, 2024 and June 30, 2023 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4.

Controls and Procedures

Controls and Procedures 16

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 17 Item 1A.

Risk Factors

Risk Factors 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 6. Exhibits 17

SIGNATURES

SIGNATURES 18 CERTIFICATIONS Page 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements Mexco Energy Corporation and Subsidiaries CONSOLIDATED BALANCE SHEETS June 30, March 31, 2024 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 2,514,715 $ 2,473,484 Accounts receivable: Oil and natural gas sales 955,899 1,001,709 Trade 9,955 9,186 Prepaid drilling 23,066 148,748 Prepaid costs and expenses 51,447 56,193 Total current assets 3,555,082 3,689,320 Property and equipment, at cost Oil and gas properties, using the full cost method 48,930,971 48,304,585 Other 121,926 121,926 Accumulated depreciation, depletion and amortization ( 34,724,533 ) ( 34,184,837 ) Property and equipment, net 14,328,364 14,241,674 Investments – cost basis 1,300,000 1,100,000 Operating lease, right-of-use asset 162,911 19,263 Other noncurrent assets 7,522 8,597 Total assets $ 19,353,879 $ 19,058,854 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 266,512 $ 221,603 Income tax payable 201,159 189,254 Operating lease liability, current 48,711 19,263 Total current liabilities 516,382 430,120 Long-term liabilities Operating lease liability, long-term 114,200 - Asset retirement obligations 685,274 688,808 Deferred income tax liabilities 386,276 311,661 Total long-term liabilities 1,185,750 1,000,469 Total liabilities 1,702,132 1,430,589 Commitments and contingencies - - Stockholders' equity Preferred stock - $ 1.00 par value; 10,000,000 shares authorized; none outstanding - - Common stock - $ 0.50 par value; 40,000,000 shares authorized; 2,239,283 and 2,226,916 shares issued; and, 2,090,000 and 2,091,399 shares outstanding as of June 30, 2024 and March 31, 2024, respectively 1,119,641 1,113,458 Additional paid-in capital 8,691,753 8,567,856 Retained earnings 9,204,520 9,122,481 Trea

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View this 10-Q filing on SEC EDGAR