Royale Energy Inc
For the period ended Dec 31, 2023. Filed Apr 12, 2024.
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FY2023 · Filed Apr 12, 2024
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2023 | 2022 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net Loss | $(1,832,187) | $(145,594) |
| Adjustments to Reconcile Net Loss to Net Cash Used by Operating Activities: | ||
| Depreciation, Depletion, and Amortization | 346,866 | 575,909 |
| Impairment | 1,599,001 | - |
| (Gain) Loss on Turnkey Drilling Programs | (2,107,500) | (1,726,414) |
| Gain on Settlement of Accounts Payable | - | (422,614) |
| Other Gain | (112,728) | (163,571) |
| Well Equipment Write Down | 22,690 | - |
| Stock-Based Compensation | 180,001 | 395,006 |
| Right of Use Asset Depreciation | 11,006 | 10,989 |
| (Increase) Decrease in: | ||
| Other & Revenue Receivables | (269,209) | (867,287) |
| Prepaid Expenses and Other Assets | 1,491,740 | (1,613,641) |
| Increase (Decrease) in: | ||
| Accounts Payable and Accrued Expenses | (99,599) | 1,157,909 |
| Royalties Payable | - | (10,480) |
| Net Cash Used in Operating Activities | (769,919) | (2,809,788) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Expenditures for Oil and Gas Properties | (5,450,709) | (4,723,629) |
| Proceeds from Turnkey Drilling Programs | 7,860,000 | 7,332,500 |
| Net Cash Provided by Investing Activities | 2,409,291 | 2,608,871 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Principal Payments on Long-Term Debt | (11,985) | (121,753) |
| Net Used in Financing Activities | (11,985) | (121,753) |
| Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 1,627,387 | (322,670) |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 3,900,134 | 4,222,804 |
| Cash, Cash Equivalents, and Restricted Cash at End of Year | $5,527,521 | $3,900,134 |
| Cash Paid for Interest | $1,970 | $2,452 |
| Cash Paid for Taxes | $10,427 | $6,850 |
| Supplemental Schedule of Non-Cash Investing and Financing Transactions: | ||
| Asset Retirement Obligation Addition | $37,260 | $29,338 |
| Increase (Decrease) in Capital Accrued Balance | $165,572 | $(206,806) |
| Series B Paid-In-Kind Dividends | $844,700 | $815,772 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.