Epsilon Energy Ltd
For the period ended Mar 31, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
EPSN$5.20+0.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| · | |||
|---|---|---|---|
| Contents · | |||
| · · | |||
| FORWARD-LOOKING STATEMENTS | | 4 | |
| PART I-FINANCIAL INFORMATION | | 5 | |
| ITEM 1. FINANCIAL STATEMENTS | | 5 | |
| Unaudited Condensed Consolidated Balance Sheets | | 5 | |
| Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | | 5 | |
| Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity | | 7 | |
| Unaudited Condensed Consolidated Statements of Cash Flows | | 8 | |
| Notes to the Unaudited Condensed Consolidated Financial Statements | | | |
| 1. | Description of Business | | 9 |
| 2. | Basis of Preparation | | 9 |
| | Interim Financial Statements | | 9 |
| | Principles of Consolidation | | 9 |
| | Use of Estimates | | 9 |
| | Recently Issued Accounting Standards | | 9 |
| 3. | Cash, Cash Equivalents, and Restricted Cash | | 11 |
| 4. | Short Term Investments | | 11 |
| 5. | Property and Equipment | | 12 |
| | Property Impairment | | 12 |
| 6. | Revolving Line of Credit | | 12 |
| 7. | Shareholders’ Equity | | 13 |
| 8. | Revenue Recognition | | 16 |
| 9. | Income Taxes | | 17 |
| 10. | Commitments and Contingencies | | 17 |
| | Litigation | | 18 |
| 11. | Leases | | 18 |
| 12. | Net Income Per Share | | 19 |
| 13. | Operating Segments | | 20 |
| 14. | Commodity Risk Management Activities | | 22 |
| | Commodity Price Risks | | 22 |
| | Commodity Derivative Contracts | | 22 |
| 15. | Asset Retirement Obligations | | 23 |
| 16. | Fair Value Measurements | | 23 |
| 17. | Current Expected Credit Loss | | 24 |
| ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | | 25 | |
| | Overview | | 25 |
| | Business Strategy | | 25 |
| | Operational Highlights | | 26 |
| | Non-GAAP Financial Measures-Adjusted EBITDA | | 26 |
| | Net Operating Revenues | | 28 |
| | Operating Costs | | 29 |
| | Depletion, Depreciation, Amortization and Accretion | | 29 |
| | General and Administrative | | 30 |
| | Loss on Derivative Contracts | | 30 |
| | Capital Resources and Liquidity | | 31 |
| | Cash Flow | | 31 |
|---|---|---|---|
| | Credit Agreement | | 31 |
| | Repurchase Transactions | | 32 |
| | Derivative Transactions | | 32 |
| | Contractual Obligations | | 32 |
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | | 33 | |
| | Gathering System Revenue Risk | | 33 |
| | Interest Rate Risk | | 33 |
| | Derivative Contracts | | 33 |
| ITEM 4. CONTROLS AND PROCEDURES | | 33 | |
| | Disclosure Controls and Procedures | | 33 |
| | Changes in Internal Control Over Financial Reporting | | 34 |
| | Inherent Limitations on Effectiveness of Controls | | 34 |
| PART II OTHER INFORMATION | | 34 | |
| ITEM 1. LEGAL PROCEEDINGS | | 34 | |
| ITEM 1A. RISK FACTORS | | 34 | |
| ITEM 2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS | | 34 | |
| ITEM 3. DEFAULTS UPON SENIOR SECURITIES | | 34 | |
| ITEM 4. MINE SAFETY DISCLOSURES | | 34 | |
| ITEM 5. OTHER INFORMATION | | 35 | |
| ITEM 6. EXHIBITS | | 36 | |
| SIGNATURES | | 36 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.