Prairie Operating Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Prairie Operating Co. has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

Prairie Operating Co. (PROP) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Prairie Operating Co. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Crude Petroleum & Natural Gas. Prairie Operating Co. was formerly known as Creek Road Miners, Inc., Wizard Brands, Inc., and Wizard Entertainment, Inc. The company's principal executive offices are located in Houston, Texas.

Why It Matters

For investors and stakeholders tracking Prairie Operating Co., this filing contains several important signals. This filing provides investors with the latest financial data for Prairie Operating Co., enabling them to assess the company's performance and make informed investment decisions. Understanding the company's historical name changes and current business segment is crucial for contextualizing its operations and market position within the energy sector.

Risk Assessment

Risk Level: low — Prairie Operating Co. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate red flags.

Analyst Insight

Monitor future filings for specific financial performance metrics and operational updates from Prairie Operating Co.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report)
• 2024-05-13 — Filing Date (Date the report was filed)
• 1311 — SIC Code (Crude Petroleum & Natural Gas)
• 2021-07-15 — Name Change Date (Date of change from Creek Road Miners, Inc.)

Key Players & Entities

• Prairie Operating Co. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-13 (date) — Filed as of date
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas
• DE (state) — State of incorporation
• 77007 (zip_code) — Business address zip code
• Creek Road Miners, Inc. (company) — Former company name
• Wizard Brands, Inc. (company) — Former company name

FAQ

Industry Context

Prairie Operating Co. operates in the Crude Petroleum & Natural Gas industry, a sector focused on the exploration, extraction, and production of oil and gas resources.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Track future SEC filings for updates on Prairie Operating Co.'s operational and financial performance.
3. Research the company's historical performance and industry trends in crude petroleum and natural gas.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize the company's primary business activity, which is Crude Petroleum & Natural Gas.)

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from previous filings.

Key Financial Figures

• $0.01 — nge on which registered Common stock, $0.01 par value PROP The Nasdaq Stock Mar
• $0.0001 — tanding on May 10, 2024 Common Stock, $0.0001 par value 12,190,077 TABLE OF CONTE

Filing Documents

• form10-q.htm (10-Q) — 1017KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-018911.txt (&nbsp;) — 5671KB
• prop-20240331.xsd (EX-101.SCH) — 50KB
• prop-20240331_cal.xml (EX-101.CAL) — 68KB
• prop-20240331_def.xml (EX-101.DEF) — 190KB
• prop-20240331_lab.xml (EX-101.LAB) — 422KB
• prop-20240331_pre.xml (EX-101.PRE) — 319KB
• form10-q_htm.xml (XML) — 780KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29 PART II OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

SIGNATURES

SIGNATURES 32 2 PART 1 — FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Prairie Operating Co. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 4,047,773 $ 13,036,950 Note and other receivable 951,760 7,095 Prepaid expenses 175,647 164,391 Deferred financing costs 1,019,222 — Current assets – discontinued operations — 322,655 Total current assets 6,194,402 13,531,091 Property and equipment: Oil and natural gas properties, successful efforts method of accounting including $ 30,397,183 at March 31, 2024 and $ 28,705,404 at December 31, 2023 excluded from amortization 30,754,390 28,705,404 Less: Accumulated depreciation, depletion and amortization — — Total property and equipment, net 30,754,390 28,705,404 Deposits on E&P assets 9,000,000 — Operating lease assets 396,011 155,253 Deferred transaction costs 186,534 108,956 Noncurrent assets – discontinued operations — 3,182,307 Total assets $ 46,531,337 $ 45,683,011 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 8,486,571 $ 5,374,494 Operating lease liabilities, current 162,829 41,890 Total current liabilities 8,649,400 5,416,384 Long-term liabilities: Operating lease liabilities, long-term 218,069 93,816 Total long-term liabilities 218,069 93,816 Total liabilities 8,867,469 5,510,200 Commitments and contingencies (Note 10) - - Stockholders' equity: Series D convertible preferred stock; $ 0.01 par value; 50,000 shares authorized and 19,402 shares issued and outstanding at March 31, 2024; 50,000 shares authorized and 20,627 issued and outstanding at December 31, 2023 194 206 Series E convertible preferred stock; $ 0.01 par value; 50,000 shares authorized and 20,000 shares issued and outstanding at March 31, 2024 and December

View Full Filing

View this 10-Q filing on SEC EDGAR