Norris Industries Files 10-Q for Q3 2024

TL;DR

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

AI Summary

Norris Industries, Inc. filed a 10-Q for the period ending November 30, 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 in the oil and gas sector for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas industry, which carries inherent risks.

Key Numbers

• 20241130 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20250114 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0228 — Fiscal Year End (Defines the end of the company's annual accounting period.)

Key Players & Entities

• Norris Industries, Inc. (company) — Filer
• INTERNATIONAL WESTERN PETROLEUM, INC. (company) — Former Company Name
• CRUDE PETROLEUM & NATURAL GAS (industry) — Standard Industrial Classification
• Weatherford, TX (location) — Business Address

FAQ

Filing Documents

• form10-q.htm (10-Q) — 614KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-25-002066.txt ( ) — 2694KB
• nris-20241130.xsd (EX-101.SCH) — 20KB
• nris-20241130_cal.xml (EX-101.CAL) — 27KB
• nris-20241130_def.xml (EX-101.DEF) — 80KB
• nris-20241130_lab.xml (EX-101.LAB) — 170KB
• nris-20241130_pre.xml (EX-101.PRE) — 134KB
• form10-q_htm.xml (XML) — 304KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) F-1 C onsolidated Balance Sheets F-1 Consolidated F-2 Consolidated F-3 Consolidated F-4 Notes to Consolidated Financial Statements F-5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 3 Item 3. Quantitative and Qualitative Disclosures About Market Risk 9 Item 4. Controls and Procedures 9 PART II - OTHER INFORMATION Item 1. Legal Proceedings 10 Item 1A. Risk Factors 10 Item 2. Unregistered Sales of Equity Securities 10 Item 3. Defaults Upon Senior Securities 10 Item 4. Mine Safety Disclosures 10 Item 5. Other Information 10 Item 6. Exhibits 10

SIGNATURES

SIGNATURES 11 2 PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements. NORRIS INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS NOVEMBER 30, 2024 AND FEBRUARY 29, 2024 November 30, 2024 February 29, 2024 (unaudited) ASSETS Current Assets Cash $ 78,963 $ 54,217 Accounts receivable - oil & gas 31,128 17,011 Total Current Assets 110,091 71,228 Oil and Gas Property - Full Cost Method Properties subject to depletion 3,312,323 3,330,331 Less: accumulated depletion and impairment ( 2,997,835 ) ( 2,943,821 ) Total Oil and Gas Property, net 314,488 386,510 Total Assets $ 424,579 $ 457,738 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued expenses $ 119,496 $ 121,039 Total Current Liabilities 119,496 121,039 Convertible note payable - related party 3,200,000 4,200,000 Accrued interest – related parties-long term 614,382 585,341 Asset retirement obligations 479,016 485,333 Total Liabilities 4,412,894 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, 108,245,688 and 90,883,013 shares issued and outstanding at November 30, 2024 and February 29, 2024, respectively. 108,246 90,883 Additional paid-in capital 7,658,050 6,286,399 Accumulated deficit ( 11,755,611 ) ( 11,312,257 ) Total Stockholders' Deficit ( 3,988,315 ) ( 4,933,975 ) Total Liabilities and Stockholders' Deficit $ 424,579 $ 457,738 The accompanying notes are an integral part of these interim unaudited consolidated financial statements. F-1 NORRIS INDUSTRIES, INC. CONSOLIDATED

View Full Filing

View this 10-Q filing on SEC EDGAR