Norris Industries, Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Norris Industries, Inc. filed its quarterly report (10-Q) for the period ending November 30, 2023, detailing its financial status and operations.</b>

AI Summary

Norris Industries, Inc. (NRIS) filed a Quarterly Report (10-Q) with the SEC on January 11, 2024. Norris Industries, Inc. filed a 10-Q report for the period ending November 30, 2023. The company's fiscal year end is February 28. The filing covers the third quarter of the fiscal year 2024. The company was formerly known as INTERNATIONAL WESTERN PETROLEUM, INC. The business and mailing address is 102 Palo Pinto St., Suite B, Weatherford, TX 76086.

Why It Matters

For investors and stakeholders tracking Norris Industries, Inc., this filing contains several important signals. This filing provides investors with an update on Norris Industries' financial performance and operational status for the third quarter of fiscal year 2024. Understanding the details within this 10-Q is crucial for stakeholders to assess the company's current financial health, potential risks, and future outlook in the crude petroleum and natural gas sector.

Risk Assessment

Risk Level: low — Norris Industries, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate indicators of significant risk or opportunity.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any changes in debt levels to assess the company's financial trajectory.

Key Numbers

• 2023-11-30 — Reporting Period End Date (Conformed Period of Report)
• 2024-01-11 — Filing Date (Filed as of date)
• 0228 — Fiscal Year End (Fiscal Year End)
• 2023-09-01 to 2023-11-30 — Q3 Fiscal Year 2024 Period (Filing period for Q3)
• 2022-09-01 to 2022-11-30 — Q3 Fiscal Year 2023 Period (Comparative period for Q3)

Key Players & Entities

• Norris Industries, Inc. (company) — Filer name
• 2023-11-30 (date) — Conformed period of report
• 2024-01-11 (date) — Filed as of date
• 102 Palo Pinto St., Suite B, Weatherford, TX 76086 (address) — Business address
• INTERNATIONAL WESTERN PETROLEUM, INC. (company) — Former company name
• 2014-03-27 (date) — Date of name change
• 0001603793 (company) — Central Index Key
• CRUDE PETROLEUM & NATURAL GAS (industry) — Standard Industrial Classification

Forward-Looking Statements

• Norris Industries will continue to focus on its core Crude Petroleum & Natural Gas operations. (Norris Industries, Inc.) — high confidence, target: 2024-11-30

FAQ

Key Dates

• 2023-11-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-11: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-02-28: Previous Fiscal Year End — Marks the end of the prior fiscal year, relevant for year-over-year comparisons.

Filing Documents

• form10-q.htm (10-Q) — 518KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-002052.txt (&nbsp;) — 2563KB
• nris-20231130.xsd (EX-101.SCH) — 19KB
• nris-20231130_cal.xml (EX-101.CAL) — 26KB
• nris-20231130_def.xml (EX-101.DEF) — 84KB
• nris-20231130_lab.xml (EX-101.LAB) — 173KB
• nris-20231130_pre.xml (EX-101.PRE) — 134KB
• form10-q_htm.xml (XML) — 296KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) F-1 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 3 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 7 Item 4.

Controls and Procedures

Controls and Procedures 8

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 8 Item 1A.

Risk Factors

Risk Factors 8 Item 2. Unregistered Sales of Equity Securities 8 Item 3. Defaults Upon Senior Securities 8 Item 4. Mine Safety Disclosures 8 Item 5. Other Information 8 Item 6. Exhibits 9

SIGNATURES

SIGNATURES 10 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements. NORRIS INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS AS OF NOVEMBER 30, 2023 AND FEBRUARY 28, 2023 (UNAUDITED) November 30, 2023 February 28, 2023 ASSETS Current Assets Cash $ 34,441 $ 151,731 Accounts receivable - oil & gas 23,044 24,151 Total Current Assets 57,485 175,882 Oil and Gas Property - Full Cost Method Properties subject to depletion 3,011,980 3,006,271 Less: accumulated depletion and impairment ( 2,869,500 ) ( 2,844,022 ) Total Oil and Gas Property, net 142,480 162,249 Total Assets $ 199,965 $ 338,131 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued expenses $ 119,577 $ 125,647 Total Current Liabilities 119,577 125,647 Convertible note payable - related party 4,100,000 3,900,000 Accounts payable and accrued expenses - related party 552,722 456,879 Asset retirement obligations 166,661 146,245 Total Liabilities 4,938,960 4,628,771 Stockholders' Deficit Preferred stock, $ 0.001 par value per share, 20,000,000 shares authorized: - - Series A Convertible Preferred stock, $ 0.001 par value per share 1,000,000 shares authorized; 1,000,000 shares issued and outstanding; liquidation preference of $ 2,250,000 1,000 1,000 Preferred stock 1,000 1,000 Common stock, $ 0.001 par value per share, 150,000,000 shares authorized, 90,883,013 shares issued and outstanding 90,883 90,883 Additional paid-in capital 6,286,399 6,286,399 Accumulated deficit ( 11,117,277 ) ( 10,668,922 ) Total Stockholders' Deficit ( 4,738,995 ) ( 4,290,640 ) Total Liabilities and Stockholders' Deficit $ 199,965 $ 338,131 The accompanying notes are an integral part of these unaudited interim consolidated financial statements. F-1 NORRIS INDUSTRIES, INC. CONSOLIDATED FOR THE THREE AND NINE MONTHS ENDED NOVEMBER 30, 2023 AND 2022 (UNAUDITED

financial statements

financial statements. In the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for placement sales of equity and debt securities from those other than JBB. However, there can be no assurance that the Company would be able to secure the necessary capital to fund its costs on acceptable terms, or at all. If, for any reason, the Company is unable to fund its operations, it would have to undertake other aggressive cost cutting measures and then be subject to possible loss of some of its rights and interests in prospects to curtail operations and forced to forego opportunities or in worst case, cease operations. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. F-5 Risks and Uncertainties The Company's operations are subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating an emerging business, including the potential risk of business failure. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of the year or less to be cash equivalents. The Company has not experienced any losses on its deposits of cash and cash equivalents. Oil and Gas Properties, Full Cost Method The Company follows the full cost method of accounting for its oil gas properties, whereby all costs incurred in connection wi

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View this 10-Q filing on SEC EDGAR