Royale Energy, Inc. Files Quarterly Report (10-Q) for Period Ended March 31, 2024

Ticker: ROYL · Form: 10-Q · Filed: 2024-05-15T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, Royale Energy, Quarterly Report, SEC Filing, Financials

TL;DR

<b>Royale Energy, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial condition and operational results.</b>

AI Summary

Royale Energy, Inc. (ROYL) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Royale Energy, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The company is incorporated in Delaware and has its principal executive offices in El Cajon, California. As of May 6, 2024, 71,863,829 shares of common stock were outstanding. Royale Energy, Inc. is classified as a smaller reporting company and an emerging growth company. The filing covers the period required by Section 13 or 15(d) of the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking Royale Energy, Inc., this filing contains several important signals. This 10-Q filing provides investors and stakeholders with an update on Royale Energy's financial performance and operational status for the first quarter of 2024. As a smaller reporting company, this filing is crucial for understanding the company's current financial health and its compliance with SEC regulations.

Risk Assessment

Risk Level: low — Royale Energy, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine operational update.

Analyst Insight

Monitor future filings for specific financial performance metrics and operational updates related to Royale Energy's business in the crude petroleum and natural gas sector.

Key Numbers

Key Players & Entities

FAQ

When did Royale Energy, Inc. file this 10-Q?

Royale Energy, Inc. filed this Quarterly Report (10-Q) with the SEC on May 15, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Royale Energy, Inc. (ROYL).

Where can I read the original 10-Q filing from Royale Energy, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Royale Energy, Inc..

What are the key takeaways from Royale Energy, Inc.'s 10-Q?

Royale Energy, Inc. filed this 10-Q on May 15, 2024. Key takeaways: Royale Energy, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024.. The company is incorporated in Delaware and has its principal executive offices in El Cajon, California.. As of May 6, 2024, 71,863,829 shares of common stock were outstanding..

Is Royale Energy, Inc. a risky investment based on this filing?

Based on this 10-Q, Royale Energy, Inc. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine operational update.

What should investors do after reading Royale Energy, Inc.'s 10-Q?

Monitor future filings for specific financial performance metrics and operational updates related to Royale Energy's business in the crude petroleum and natural gas sector. The overall sentiment from this filing is neutral.

How does Royale Energy, Inc. compare to its industry peers?

Royale Energy, Inc. operates in the Crude Petroleum & Natural Gas industry, as indicated by its SIC code 1311.

Are there regulatory concerns for Royale Energy, Inc.?

The company is subject to reporting requirements under Section 13 or 15(d) of the Securities Exchange Act of 1934, including the filing of quarterly reports (10-Q).

Industry Context

Royale Energy, Inc. operates in the Crude Petroleum & Natural Gas industry, as indicated by its SIC code 1311.

Regulatory Implications

The company is subject to reporting requirements under Section 13 or 15(d) of the Securities Exchange Act of 1934, including the filing of quarterly reports (10-Q).

What Investors Should Do

  1. Review the full 10-Q filing for detailed financial statements and management's discussion.
  2. Track future SEC filings for updates on Royale Energy's operational performance and financial health.
  3. Analyze industry trends in crude petroleum and natural gas that may impact Royale Energy.

Key Dates

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, and no prior period comparison data is available within this specific document.

Filing Stats: 4,428 words · 18 min read · ~15 pages · Grade level 16.1 · Accepted 2024-05-15 12:35:08

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

OTHER INFORMATION

PART II. OTHER INFORMATION 21

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 21

Signatures

Signatures 22

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ROYALE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (unaudited) ASSETS Current Assets Cash and Cash Equivalents $ 1,898,987 $ 2,202,521 Restricted Cash 2,407,800 3,325,000 Other Receivables, net 1,021,854 1,036,401 Revenue Receivables 547,006 878,378 Prepaid Expenses 604,510 558,169 Deferred Drilling Costs 2,670,773 1,669,149 Total Current Assets 9,150,930 9,669,618 Right of Use Assets - Leases 232,214 254,008 Other Assets 589,865 589,865 Oil and Gas Properties (Successful Efforts Basis), Equipment and Fixtures, net 5,286,533 2,401,902 Total Assets $ 15,259,542 $ 12,915,393 See notes to unaudited condensed consolidated financial statements. 3 Table of Contents ROYALE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts Payable and Accrued Expenses $ 6,038,704 $ 5,482,074 Royalties Payable 612,925 612,925 Due to RMX Resources, LLC 23,087 23,087 Accrued Liabilities 215,221 215,693 Asset Retirement Obligation - Current 675,000 675,000 Deferred Drilling Obligation 10,911,927 9,761,927 Operating Leases - Current 81,696 83,230 Total Current Liabilities 18,558,560 16,853,936 Noncurrent Liabilities: Accrued Liabilities - Long Term 1,306,605 1,306,605 Accrued Unpaid Guaranteed Payments 1,616,205 1,616,205 Notes Payable 1,400,000 - Operating Leases - Long-Term 150,819 171,439 Asset Retirement Obligation 4,145,631 4,151,847 Total Liabilities 27,177,820 24,100,032 Mezzanine Equity: Convertible Preferred Stock, Series B, $ 10 par value, 3.5 % annual dividend, 2,466,455 and 2,444,885 shares issued and outstanding as of March 31, 2024 and December 31, 2023 respectively. 24,664,543 24,448,850 Stockholders' Equity (Deficit):

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