Norris Industries Files Q1 2025 10-Q

TL;DR

Norris Industries (NRIS) filed its Q1 2025 10-Q, covering operations through May 31, 2024.

AI Summary

Norris Industries, Inc. filed its 10-Q for the period ending May 31, 2024. The company, formerly known as INTERNATIONAL WESTERN PETROLEUM, INC., operates in the Crude Petroleum & Natural Gas sector. The filing covers the first quarter of fiscal year 2025, with financial data reported as of May 31, 2024.

Why It Matters

This filing provides investors with an update on Norris Industries' financial performance and operational status for the first quarter of their fiscal year 2025.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes.

Key Numbers

• 0228 — Fiscal Year End (Indicates the end of the company's annual financial reporting cycle.)
• 20240531 — Reporting Period End Date (Marks the end of the financial quarter being reported.)

Key Players & Entities

• Norris Industries, Inc. (company) — Filer of the 10-Q
• INTERNATIONAL WESTERN PETROLEUM, INC. (company) — Former name of Norris Industries, Inc.
• CRUDE PETROLEUM & NATURAL GAS (industry) — Standard Industrial Classification
• 0001603793 (company) — Central Index Key for Norris Industries, Inc.
• 20240531 (date) — End of reporting period
• 20240712 (date) — Filing date

FAQ

Filing Documents

• form10-q.htm (10-Q) — 383KB
• ex31-1.htm (EX-31) — 16KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-027122.txt ( ) — 2236KB
• nris-20240531.xsd (EX-101.SCH) — 20KB
• nris-20240531_cal.xml (EX-101.CAL) — 27KB
• nris-20240531_def.xml (EX-101.DEF) — 75KB
• nris-20240531_lab.xml (EX-101.LAB) — 166KB
• nris-20240531_pre.xml (EX-101.PRE) — 129KB
• form10-q_htm.xml (XML) — 208KB

Financial Statements (unaudited)

Financial Statements (unaudited) F-1 Consolidated Balance Sheets F-1 Consolidated Statements of Operations F-2 Consolidated F-3 Consolidated Statements of Cash Flows F-4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F-5 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 7

- 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 8

SIGNATURES

SIGNATURES 9 2 NORRIS INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS MAY 31, 2024 AND FEBRUARY 29, 2024 May 31, 2024 (unaudited) February 29, 2024 ASSETS Current Assets Cash $ 68,939 $ 54,217 Account receivable - oil & gas 23,936 17,011 Total Current Assets 92,875 71,228 Oil and Gas Property - Full Cost Method Properties subject to amortization 3,330,331 3,330,331 Less: accumulated depletion and impairment ( 2,967,096 ) ( 2,943,821 ) Total Oil and Gas Property, net 363,235 386,510 Total Assets $ 456,110 $ 457,738 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued expenses $ 142,853 $ 121,039 Total Current Liabilities 142,853 121,039 Convertible note payable - related party 4,300,000 4,200,000 Accounts payable and accrued expenses - related parties-long term 619,245 585,341 Asset retirement obligations 497,024 485,333 Total Liabilities 5,559,122 5,391,713 Commitments and Contingencies (see Note 6) - - 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 value 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 ( 11,481,294 ) ( 11,312,257 ) Total Stockholder's Deficit ( 5,103,012 ) ( 4,933,975 ) Total Liabilities and Stockholders' Deficit $ 456,110 $ 457,738 The accompanying notes are an integral part of these interim unaudited consolidated financial statements. F-1 NORRIS INDUSTRIES, INC. CONSOLIDATED FOR THE THREE MONTHS ENDED MAY 31, 2024 AND 2023 (UNAUDITED) 2024 2023 Revenues

financial statements with available borrowings under its line of credit with a related party of $ 500,000

financial statements with available borrowings under its line of credit with a related party of $ 500,000 . In the event that the Company requires additional capital to fund higher operational losses or oil and gas property lease purchases for the next 12 months, the Company expects to seek additional capital from one or more sources via restricted private 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. F-5 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. 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. Significant Accounting Policies During the three months ended May 31, 2024, there have been no material changes to the Company's significant accounting policies as described in its 2024 Form 10-K. Net Loss per Common Share Basic net loss per common share amounts are computed by dividing the net loss available to Norris Industries, Inc. sharehol

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