Norris Industries Files 10-Q for Aug 31, 2024

TL;DR

Norris Industries 10-Q filed. Oil & Gas biz. Check financials.

AI Summary

Norris Industries, Inc. filed its 10-Q for the period ending August 31, 2024. The company, formerly known as INTERNATIONAL WESTERN PETROLEUM, INC., is in the Crude Petroleum & Natural Gas industry. Their fiscal year ends on February 28th, and their principal business address is in Weatherford, Texas.

Why It Matters

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

Risk Assessment

Risk Level: medium — As a company in the volatile oil and gas sector, Norris Industries faces inherent market and operational risks.

Key Numbers

• 0228 — Fiscal Year End (Indicates the end of the company's annual financial reporting cycle.)
• 20241015 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Norris Industries, Inc. (company) — Filer and reporting company
• INTERNATIONAL WESTERN PETROLEUM, INC. (company) — Former company name
• 20240831 (date) — End of reporting period
• 0001603793 (company) — Central Index Key
• 102 PALO PINTO ST. SUITE B, WEATHERFORD, TX 76086 (location) — Business and mailing address

FAQ

Filing Documents

• form10-q.htm (10-Q) — 448KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 10KB
• ex32-2.htm (EX-32.2) — 10KB
• 0001493152-24-041077.txt ( ) — 2381KB
• nris-20240831.xsd (EX-101.SCH) — 19KB
• nris-20240831_cal.xml (EX-101.CAL) — 26KB
• nris-20240831_def.xml (EX-101.DEF) — 75KB
• nris-20240831_lab.xml (EX-101.LAB) — 165KB
• nris-20240831_pre.xml (EX-101.PRE) — 129KB
• form10-q_htm.xml (XML) — 247KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets F-1 Consolidated Statements of Operations F-2 Consolidated Statements of Changes in Stockholders' Deficit 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 8 Item 4.

Controls and Procedures

Controls and Procedures 8

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 9 Item 1A.

Risk Factors

Risk Factors 9 Item 2. Unregistered Sales of Equity Securities 9 Item 3. Defaults Upon Senior Securities 9 Item 4. Mine Safety Disclosures 9 Item 5. Other Information 9 Item 6. Exhibits 10

SIGNATURES

SIGNATURES 11 2 PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements. NORRIS INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS AUGUST 31, 2024 AND FEBRUARY 29, 2024 August 31, 2024 February 29, 2024 (unaudited) ASSETS Current Assets Cash $ 71,739 $ 54,217 Accounts receivable - oil & gas 13,450 17,011 Total Current Assets 85,189 71,228 Oil and Gas Property - Full Cost Method Properties subject to depletion 3,298,761 3,330,331 Less: accumulated depletion and impairment ( 2,983,342 ) ( 2,943,821 ) Total Oil and Gas Property, net 315,419 386,510 Total Assets $ 400,608 $ 457,738 LIABILITIES AND STOCKHOLDERS' DEFICT Current Liabilities Accounts payable and accrued expenses $ 102,295 $ 121,039 Total Current Liabilities 102,295 121,039 Convertible note payable - related party 4,400,000 4,200,000 Accrued interest – related parties-long term 653,727 585,341 Asset retirement obligations 465,454 485,333 Total Liabilities 5,621,476 5,391,713 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 ( 11,599,150 ) ( 11,312,257 ) Total Stockholders' Deficit ( 5,220,868 ) ( 4,933,975 ) Total Liabilities and Stockholders' Deficit $ 400,608 $ 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 AND SIX MONTHS ENDED AUGUST 31, 2024 AND 2023 (UNAUDITED) 2

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View this 10-Q filing on SEC EDGAR