Mexco Energy Corp. Files Q2 2025 10-Q

TL;DR

Mexco Energy Q2 10-Q filed. Financials for Sept 30, 2024 period out.

AI Summary

Mexco Energy Corp. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the second quarter and the first six months of its fiscal year. Specific financial figures and operational details for these periods are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Mexco Energy Corp., crucial for assessing the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As an oil and gas company, Mexco Energy is subject to inherent commodity price volatility and regulatory risks.

Key Players & Entities

• MEXCO ENERGY CORP (company) — Filer
• 0001493152-24-044084 (other) — Accession Number
• 20241107 (date) — Filing Date
• 20240930 (date) — Period End Date
• MIDLAND (location) — Business Address City
• TX (location) — Business Address State

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

Filing Documents

• form10-q.htm (10-Q) — 616KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001493152-24-044084.txt ( ) — 3661KB
• mxc-20240930.xsd (EX-101.SCH) — 28KB
• mxc-20240930_cal.xml (EX-101.CAL) — 54KB
• mxc-20240930_def.xml (EX-101.DEF) — 108KB
• mxc-20240930_lab.xml (EX-101.LAB) — 273KB
• mxc-20240930_pre.xml (EX-101.PRE) — 211KB
• form10-q_htm.xml (XML) — 390KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and March 31, 2024 3 Consolidated Statements of Operations (Unaudited) for the three months and six months ended September 30, 2024 and September 30, 2023 4 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the three and six months ended September 30, 2024 and September 30, 2023 5 Consolidated Statements of Cash Flows (Unaudited) for the six months ended September 30, 2024 and September 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 17 Item 4.

Controls and Procedures

Controls and Procedures 17

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 6. Exhibits 18

SIGNATURES

SIGNATURES 19 CERTIFICATIONS 18 Page 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements Mexco Energy Corporation and Subsidiaries CONSOLIDATED BALANCE SHEETS September 30, March 31, 2024 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 1,578,357 $ 2,473,484 Accounts receivable: Oil and natural gas sales 918,204 1,001,709 Trade 4,213 9,186 Prepaid costs and expenses 50,413 56,193 Prepaid drilling 16,560 148,748 Total current assets 2,567,747 3,689,320 Property and equipment, at cost Oil and gas properties, using the full cost method 50,288,295 48,304,585 Other 121,926 121,926 Accumulated depreciation, depletion and amortization ( 35,308,822 ) ( 34,184,837 ) Property and equipment, net 15,101,399 14,241,674 Investments – cost basis 1,500,000 1,100,000 Operating lease, right-of-use asset 150,362 19,263 Other noncurrent assets 6,448 8,597 Total assets $ 19,325,956 $ 19,058,854 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 419,001 $ 221,603 Income tax payable 125,946 189,254 Operating lease liability, current 48,767 19,263 Total current liabilities 593,714 430,120 Long-term liabilities Operating lease liability, long-term 101,595 - Asset retirement obligations 693,329 688,808 Deferred income tax liabilities 431,322 311,661 Total long-term liabilities 1,226,246 1,000,469 Total liabilities 1,819,960 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, 2,046,000 and 2,091,399 shares outstanding as of September 30, 2024 and March 31, 2024, respectively 1,119,641 1,113,458 Additional paid-in capital 8,743,383 8,567,856 Retained earnings 9,521,718 9

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View this 10-Q filing on SEC EDGAR