MEXCO ENERGY CORP
For the period ended Mar 31, 2024. Filed Jun 27, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Jun 27, 2024
MXC$9.01+1.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Years ended March 31,
| 2024 | 2023 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | $1,344,952 | $4,662,702 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Deferred income tax expense | 311,661 | - |
| Stock-based compensation | 229,799 | 142,783 |
| Depreciation, depletion and amortization | 1,969,742 | 1,854,047 |
| Accretion of asset retirement obligations | 29,869 | 30,532 |
| Amortization of debt issuance costs | 4,309 | 12,570 |
| Changes in operating assets and liabilities: | ||
| Decrease (increase) in accounts receivable | 362,920 | (63,678) |
| Decrease in right-of-use asset | 56,366 | 54,294 |
| Decrease (increase) in prepaid expenses | 309 | (8,866) |
| Increase (decrease) in accounts payable and accrued expenses | 16,198 | (33,475) |
| Decrease in operating lease liability | (56,366) | (54,294) |
| Increase in income tax payable | 189,254 | - |
| Settlement of asset retirement obligations | (25,078) | (80,720) |
| Net cash provided by operating activities | 4,433,935 | 6,515,895 |
| Cash flows from investing activities: | ||
| Additions to oil and gas properties | (3,349,326) | (5,310,036) |
| Additions to other property and equipment | - | (1,718) |
| Drilling refund | 26,194 | 295,679 |
| Investment in limited liability companies at cost | (400,000) | (425,000) |
| Proceeds from sale of oil and gas properties and equipment | 306,633 | - |
| Net cash used in investing activities | (3,416,499) | (5,441,075) |
| Cash flows from financing activities: | ||
| Proceeds from exercise of stock options | 19,662 | 16,700 |
| Profits from purchase of stock by insider | - | 30,179 |
| Proceeds from long-term debt | 275,000 | 675,000 |
| Debt issuance costs | (750) | (12,200) |
| Dividends paid | (213,600) | - |
| Acquisition of treasury stock | (585,035) | (244,494) |
| Reduction of long-term debt | (275,000) | (675,000) |
| Net cash used in financing activities | (779,723) | (209,815) |
| Net increase in cash and cash equivalents | 237,713 | 865,005 |
| Cash and cash equivalents at beginning of year | 2,235,771 | 1,370,766 |
| Cash and cash equivalents at end of year | $2,473,484 | $2,235,771 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $925 | $528 |
| Accrued capital expenditures included in accounts payable | $21,693 | $28,186 |
| Non-cash investing and financing activities: | ||
| Asset retirement obligations | $7,617 | $23,492 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.