Royale Energy Files Q2 2024 10-Q
Ticker: ROYL · Form: 10-Q · Filed: 2024-08-14T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, oil-and-gas, sec-filing
TL;DR
Royale Energy filed its Q2 10-Q on 8/14. Check financials.
AI Summary
Royale Energy, Inc. filed its 10-Q for the quarterly period ended June 30, 2024. The company, incorporated in Delaware, operates in the Crude Petroleum & Natural Gas sector. Its principal executive offices are located at 1530 Hilton Head Rd, El Cajon, CA. The filing was made on August 14, 2024, under SEC file number 000-55912.
Why It Matters
This filing provides an update on Royale Energy's financial performance and operational status for the second quarter of 2024, which is crucial for investors to assess the company's current standing in the oil and gas industry.
Risk Assessment
Risk Level: medium — As a company in the volatile oil and gas sector, Royale Energy faces inherent risks related to commodity prices, regulatory changes, and operational challenges.
Key Players & Entities
- Royale Energy, Inc. (company) — Registrant
- June 30, 2024 (date) — Quarterly Period End Date
- August 14, 2024 (date) — Filing Date
- 000-55912 (other) — SEC File Number
- Delaware (other) — State of Incorporation
- 1530 Hilton Head Rd, El Cajon, CA (other) — Principal Executive Offices Address
FAQ
What is the SEC file number for Royale Energy, Inc.'s 10-Q filing?
The SEC file number for Royale Energy, Inc.'s 10-Q filing is 000-55912.
What period does this 10-Q report cover?
This 10-Q report covers the quarterly period ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed with the SEC on August 14, 2024.
In which state was Royale Energy, Inc. incorporated?
Royale Energy, Inc. was incorporated in Delaware.
What is the primary business of Royale Energy, Inc. according to the filing?
According to the filing, Royale Energy, Inc. operates in the Crude Petroleum & Natural Gas sector.
Filing Stats: 4,444 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-08-14 14:42:05
Filing Documents
- royaleinc20240630_10q.htm (10-Q) — 719KB
- ex_712300.htm (EX-31.1) — 7KB
- ex_712301.htm (EX-31.2) — 8KB
- ex_712302.htm (EX-32.1) — 4KB
- ex_712303.htm (EX-32.2) — 4KB
- 0001185185-24-000806.txt ( ) — 3779KB
- royl-20240630.xsd (EX-101.SCH) — 28KB
- royl-20240630_cal.xml (EX-101.CAL) — 38KB
- royl-20240630_def.xml (EX-101.DEF) — 134KB
- royl-20240630_lab.xml (EX-101.LAB) — 235KB
- royl-20240630_pre.xml (EX-101.PRE) — 135KB
- royaleinc20240630_10q_htm.xml (XML) — 505KB
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 20
Controls and Procedures
Item 4. Controls and Procedures 20
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 June 30, 2024 December 31, 2023 ASSETS (unaudited) Current Assets Cash and Cash Equivalents $ 1,449,068 $ 2,202,521 Restricted Cash 4,182,800 3,325,000 Other Receivables, net 698,006 1,036,401 Revenue Receivables 394,383 878,378 Prepaid Expenses 620,600 558,169 Deferred Drilling Costs 644,443 1,669,149 Total Current Assets 7,989,300 9,669,618 Right of Use Assets - Leases 210,421 254,008 Other Assets 589,865 589,865 Oil and Gas Properties, (Successful Efforts Basis), Equipment and Fixtures, net 4,967,971 2,401,902 Total Assets $ 13,757,557 $ 12,915,393 See notes to unaudited condensed consolidated financial statements. 3 Table of Contents ROYALE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) (unaudited) Current Liabilities: Accounts Payable and Accrued Expenses $ 6,116,199 $ 5,482,074 Royalties Payable 611,833 612,925 Due to RMX Resources, LLC 23,087 23,087 Accrued Liabilities 432,320 215,693 Asset Retirement Obligation - Current 675,000 675,000 Deferred Drilling Obligation 9,465,832 9,761,927 Operating Leases - Current 80,118 83,230 Total Current Liabilities 17,404,389 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 Note Payable to Related Parties 1,400,000 - Operating Leases - Long-Term 130,200 171,439 Asset Retirement Obligation 4,146,151 4,151,847 Total Liabilities 26,003,550 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 June 30, 2024 and December 31, 2023 respectively. 24,664,543 24,448,850 Stockholders' Equity