Company Quick10K Filing
Panhandle Oil & Gas
Price13.94 EPS-2
Shares17 P/E-6
MCap233 P/FCF11
Net Debt29 EBIT-52
TEV263 TEV/EBIT-5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-08
10-K 2020-09-30 Filed 2020-12-10
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-03-31 Filed 2020-05-07
10-Q 2019-12-31 Filed 2020-02-05
10-K 2019-09-30 Filed 2019-12-13
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-07
10-K 2018-09-30 Filed 2018-12-11
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-Q 2017-12-31 Filed 2018-02-08
10-K 2017-09-30 Filed 2017-12-12
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-05
10-Q 2016-12-31 Filed 2017-02-06
10-K 2016-09-30 Filed 2016-12-12
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-10
10-Q 2015-12-31 Filed 2016-02-08
10-K 2015-09-30 Filed 2015-12-10
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-07
10-Q 2014-12-31 Filed 2015-02-09
10-K 2014-09-30 Filed 2014-12-10
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-Q 2013-12-31 Filed 2014-02-06
10-K 2013-09-30 Filed 2013-12-11
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-Q 2012-12-31 Filed 2013-02-07
10-K 2012-09-30 Filed 2012-12-11
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-07
10-Q 2011-12-31 Filed 2012-02-08
10-K 2011-09-30 Filed 2011-12-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-12-31 Filed 2011-02-08
10-K 2010-09-30 Filed 2010-12-09
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-Q 2009-12-31 Filed 2010-02-08
8-K 2020-10-08
8-K 2020-10-08
8-K 2020-08-28
8-K 2020-08-27
8-K 2020-08-24
8-K 2020-08-13
8-K 2020-07-23
8-K 2020-06-24
8-K 2020-05-18
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-03-31
8-K 2020-03-09
8-K 2020-03-03
8-K 2020-02-25
8-K 2020-02-05
8-K 2020-01-16
8-K 2019-12-12
8-K 2019-08-26
8-K 2019-03-31
8-K 2019-03-05
8-K 2018-12-18
8-K 2018-11-30
8-K 2018-11-02
8-K 2018-07-18
8-K 2018-07-16
8-K 2018-07-02
8-K 2018-06-29
8-K 2018-05-24
8-K 2018-04-05
8-K 2018-03-07
8-K 2018-03-07
8-K 2018-03-06
8-K 2018-01-03

PHX 10Q Quarterly Report

Part I Financial Information
Item 1 Condensed Financial Statements
Note 1: Basis of Presentation and Accounting Principles
Note 2: Leases
Note 3: Revenues
Note 4: Income Taxes
Note 5: Basic and Diluted Earnings (Loss) per Common Share
Note 6: Long - Term Debt
Note 7: Deferred Compensation Plan for Non - Employee Directors
Note 8: Restricted Stock Plan
Note 9: Properties and Equipment
Note 10: Derivatives
Note 11: Fair Value Measurements
Note 12: Commitments and Contingencies
Note 13: Subsequent Events
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 Quantitative and Qualitative Disclosures About Market Risk
Item 4 Controls and Procedures
Part II Other Information
Item 1 Legal Proceedings
Item 1A Risk Factors
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 Exhibits
EX-3.1 phx-ex31_210.htm
EX-31.1 phx-ex311_7.htm
EX-31.2 phx-ex312_9.htm
EX-32.1 phx-ex321_6.htm
EX-32.2 phx-ex322_8.htm

Panhandle Oil & Gas Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
0.30.20.20.10.10.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the period ended  December 31, 2020

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                        

Commission File Number 001-31759

PHX MINERALS INC.

(Exact name of registrant as specified in its charter)

 

OKLAHOMA

73-1055775

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Valliance Bank Tower, Suite 1100, 1601 NW Expressway, Oklahoma City, Oklahoma  73118

(Address of principal executive offices)

Registrant's telephone number including area code (405) 948-1560

Securities registered pursuant in Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, $0.01666 par value

 

PHX

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☑    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  ☐  

Accelerated filer

  ☐  

Non-accelerated filer

  ☑  

Smaller reporting company

    

Emerging growth company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Outstanding shares of Class A Common stock (voting) at February 8, 2021: 22,434,403 shares


INDEX

 

 

Part I

 

Financial Information

Page

 

 

 

 

 

 

 

 

Item 1

 

Condensed Financial Statements

1

 

 

 

 

 

 

 

 

 

 

Condensed Balance Sheets – December 31, 2020, and September 30, 2020

1

 

 

 

 

 

 

 

 

 

 

Condensed Statements of Operations – Three months ended December 31, 2020 and 2019

2

 

 

 

 

 

 

 

 

 

 

Statements of Stockholders’ Equity – Three months ended December 31, 2020 and 2019

3

 

 

 

 

 

 

 

 

 

 

Condensed Statements of Cash Flows – Three months ended December 31, 2020 and 2019

4

 

 

 

 

 

 

 

 

 

 

Notes to Condensed Financial Statements

5

 

 

 

 

 

 

 

 

Item 2

 

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

13

 

 

 

 

 

 

 

 

Item 3

 

Quantitative and Qualitative Disclosures about Market Risk

20

 

 

 

 

 

 

 

 

Item 4

 

Controls and Procedures

21

 

 

 

 

 

 

Part II

 

Other Information

 

 

 

 

 

 

 

 

 

Item 1

 

Legal Proceedings

21

 

 

 

 

 

 

 

 

Item 1A

 

Risk Factors

21

 

 

 

 

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

21

 

 

 

 

 

 

 

 

Item 6

 

Exhibits

22

 

 

 

 

 

 

 

 

Signatures

22

 



Special Note Regarding Forward Looking Statements

This Quarterly Report on Form 10-Q (“Form 10-Q”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements in this Form 10-Q by words such as “anticipate,” “project,” “intend,” “estimate,” “expect,” “believe,” “predict,” “budget,” “projection,” “goal,” “plan,” “forecast,” “target” or similar expressions.

All statements, other than statements of historical facts, included in this report that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to: our ability to execute our business strategies; the volatility of realized natural gas and oil prices; the level of production on our properties; estimates of quantities of natural gas, oil and NGL reserves and their values; general economic or industry conditions; public health crises, such as the COVID-19 pandemic, and any related actions taken by businesses and governments; legislation or regulatory requirements; conditions of the securities markets; our ability to raise capital; changes in accounting principles, policies or guidelines; financial or political instability; acts of war or terrorism; title defects in the properties in which we invest; and other economic, competitive, governmental, regulatory or technical factors affecting our properties, operations or prices.

We caution you that the forward-looking statements contained in this Form 10-Q are subject to risks and uncertainties, many of which are beyond our control, incident to the exploration for and development, production and sale of natural gas, oil, and NGLs. These risks include, but are not limited to, the risks described in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020 (“Annual Report”), and all quarterly reports on Form 10-Q filed subsequently thereto, including the risks described in Item 1A of this Form 10-Q. Investors should also read the other information in this Form 10-Q and the Annual Report where risk factors are presented and further discussed.

Should one or more of the risks or uncertainties described above or elsewhere in this Form 10-Q occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. Any forward-looking statement speaks only as of the date of which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except required by applicable law.

Except as required by applicable law, all forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. This cautionary statement should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.



Glossary of Certain Terms

 

The following is a glossary of certain accounting, oil and natural gas industry and other defined terms used in this Form 10-Q:

 

ASC

Accounting Standards Codification.

ASU

Accounting Standards Update.

Bbl

barrel.

Board

board of directors of the Company.

BTU

British Thermal Units.

completion

the process of treating a drilled well followed by the installation of permanent equipment for the production of crude oil and/or natural gas.

DD&A

depreciation, depletion and amortization.

EBITDA

earnings before interest, taxes, depreciation and amortization (including impairment). This is a Non-GAAP measure.

ESOP

the Panhandle Oil and Gas Inc. Employee Stock Ownership and 401(k) Plan, a tax qualified, defined contribution plan.

FASB

the Financial Accounting Standards Board.

field

an area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.

G&A

general and administrative costs.

GAAP

generally accepted accounting principles.

Independent Consulting Petroleum Engineer(s)

DeGolyer and MacNaughton of Dallas, Texas.

LOE

lease operating expense.

Mcf

thousand cubic feet.

Mcfe

natural gas stated on an Mcf basis and crude oil and natural gas liquids converted to a thousand cubic feet of natural gas equivalent by using the ratio of one Bbl of crude oil or natural gas liquids to six Mcf of natural gas.

Mmbtu

million BTU.

minerals, mineral acres or mineral interests

fee mineral acreage owned in perpetuity by the Company.

NGL

natural gas liquids.

NYMEX

New York Mercantile Exchange.

play

term applied to identified areas with potential oil and/or natural gas reserves.

proved reserves

the quantities of crude oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates renewal is reasonably certain.

royalty interest

well interests in which the Company does not pay a share of the costs to drill, complete and operate a well, but receives a smaller proportionate share (as compared to a working interest) of production.

SEC

the United States Securities and Exchange Commission.

undeveloped acreage

acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of crude oil and/or natural gas.

working interest

well interests in which the Company pays a share of the costs to drill, complete and operate a well and receives a proportionate share of production.

WTI

West Texas Intermediate.

 

Fiscal year references

All references to years in this Form 10-Q, unless otherwise noted, refer to the Company’s fiscal year end of September 30. For example, references to 2021 mean the fiscal year ended September 30, 2021.

Fiscal quarter references

All references to quarters in this Form 10-Q, unless otherwise noted, refer to the Company’s fiscal quarter based on a fiscal year end of September 30. For example, references to first quarter mean the quarter of October 1 through December 31.

References to natural gas and oil properties

References to natural gas and oil properties in this Form 10-Q inherently include NGL associated with such properties.

 


 

 

 

PART I FINANCIAL INFORMATION

 

ITEM 1 CONDENSED FINANCIAL STATEMENTS

 

PHX MINERALS INC.

CONDENSED BALANCE SHEETS

 

 

 

December 31, 2020

 

 

September 30, 2020

 

Assets

 

(unaudited)

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,163,818

 

 

$

10,690,395

 

Natural gas, oil, and NGL sales receivables (net of allowance for uncollectable accounts)

 

 

3,793,159

 

 

 

2,943,220

 

Refundable income taxes

 

 

3,817,772

 

 

 

3,805,227

 

Other

 

 

1,195,774

 

 

 

351,088

 

Total current assets

 

 

9,970,523

 

 

 

17,789,930

 

 

 

 

 

 

 

 

 

 

Properties and equipment at cost, based on successful efforts accounting:

 

 

 

 

 

 

 

 

Producing natural gas and oil properties

 

 

329,648,805

 

 

 

324,886,491

 

Non-producing natural gas and oil properties

 

 

22,101,506

 

 

 

18,993,814

 

Other

 

 

582,444

 

 

 

582,444

 

 

 

 

352,332,755

 

 

 

344,462,749

 

Less accumulated depreciation, depletion and amortization

 

 

(265,704,923

)

 

 

(263,590,801

)

Net properties and equipment

 

 

86,627,832

 

 

 

80,871,948

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

670,065

 

 

 

690,316

 

Other, net

 

 

630,429

 

 

 

669,641

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

97,898,849

 

 

$

100,021,835

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

536,972

 

 

$

997,637

 

Derivative contracts, net

 

 

1,189,277

 

 

 

281,942

 

Current portion of operating lease liability

 

 

149,922

 

 

 

127,108

 

Accrued liabilities and other

 

 

1,254,061

 

 

 

1,297,363

 

Short-term debt

 

 

-

 

 

 

1,750,000

 

Total current liabilities

 

 

3,130,232

 

 

 

4,454,050

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

27,000,000

 

 

 

27,000,000

 

Deferred income taxes, net

 

 

1,260,007

 

 

 

1,329,007

 

Asset retirement obligations

 

 

2,919,495

 

 

 

2,897,522

 

Derivative contracts, net

 

 

385,720

 

 

 

425,705

 

Operating lease liability, net of current portion

 

 

867,509

 

 

 

921,625

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Class A voting common stock, $0.01666 par value; 24,000,500 shares authorized;

  22,800,681 issued at December 31, 2020, and 22,647,306 issued at September 30, 2020

 

 

379,859

 

 

 

377,304

 

Capital in excess of par value

 

 

10,678,906

 

 

 

10,649,611

 

Deferred directors' compensation

 

 

1,918,534

 

 

 

1,874,007

 

Retained earnings

 

 

55,192,444

 

 

 

56,244,100

 

 

 

 

68,169,743

 

 

 

69,145,022

 

Less treasury stock, at cost; 390,267 shares at December 31, 2020, and 411,487 shares

   at September 30, 2020

 

 

(5,833,857

)

 

 

(6,151,096

)

Total stockholders' equity

 

 

62,335,886

 

 

 

62,993,926

 

Total liabilities and stockholders' equity

 

$

97,898,849

 

 

$

100,021,835

 

 

(The accompanying notes are an integral part of these condensed financial statements.)

(1)


 

PHX MINERALS INC.

CONDENSED STATEMENTS OF OPERATIONS

 

 

 

Three Months Ended December 31,

 

 

 

2020

 

 

2019

 

Revenues:

 

(unaudited)

 

Natural gas, oil and NGL sales

 

$

6,424,979

 

 

$

7,593,838

 

Lease bonuses and rental income

 

 

1,433

 

 

 

527,699

 

Gains (losses) on derivative contracts

 

 

(254,036

)

 

 

(817,894

)

Gain on asset sales

 

 

20,268

 

 

 

3,272,888

 

 

 

 

6,192,644

 

 

 

10,576,531

 

Costs and expenses:

 

 

 

 

 

 

 

 

Lease operating expenses

 

 

1,004,412

 

 

 

1,181,671

 

Transportation, gathering and marketing

 

 

1,280,965

 

 

 

1,383,001

 

Production taxes

 

 

276,026

 

 

 

327,281

 

Depreciation, depletion and amortization

 

 

2,260,649

 

 

 

2,955,701

 

Interest expense

 

 

301,898

 

 

 

370,665

 

General and administrative

 

 

1,731,097

 

 

 

2,223,028

 

Other expense (income)

 

 

3,317

 

 

 

(10,930

)

 

 

 

6,858,364

 

 

 

8,430,417

 

Income (loss) before provision (benefit) for income taxes

 

 

(665,720

)

 

 

2,146,114

 

 

 

 

 

 

 

 

 

 

Provision (benefit) for income taxes

 

 

(69,000

)

 

 

254,000

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(596,720

)

 

$

1,892,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per common share (Note 5)

 

$

(0.03

)

 

$

0.11

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding:

 

 

 

 

 

 

 

 

Common shares

 

 

22,378,146

 

 

 

16,339,673

 

Unissued, directors' deferred compensation shares

 

 

178,090

 

 

 

180,864

 

 

 

 

22,556,236

 

 

 

16,520,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share of common stock and paid in period

 

$

0.01

 

 

$

0.04

 

 

 

 

 

 

 

 

 

 

Dividends declared per share of

 

 

 

 

 

 

 

 

common stock and to be paid in quarter ended March 31

 

$

0.01

 

 

$

0.04

 

 

(The accompanying notes are an integral part of these condensed financial statements.)

(2)


 

PHX MINERALS INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

Three Months Ended December 31, 2020

 

 

 

Class A voting

 

 

Capital in

 

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Excess of

 

 

Directors'

 

 

Retained

 

 

Treasury

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Par Value

 

 

Compensation

 

 

Earnings

 

 

Shares

 

 

Stock

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at September 30, 2020

 

 

22,647,306

 

 

$

377,304

 

 

$

10,649,611

 

 

$

1,874,007

 

 

$

56,244,100

 

 

 

(411,487

)

 

$

(6,151,096

)

 

$

62,993,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(596,720

)

 

 

-

 

 

 

-

 

 

 

(596,720

)

Equity Offering

 

 

153,375

 

 

 

2,555

 

 

 

223,203

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

225,758

 

Restricted stock awards

 

 

-

 

 

 

-

 

 

 

122,978

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

122,978

 

Dividends ($0.02 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(454,936

)

 

 

-

 

 

 

-

 

 

 

(454,936

)

Distribution of restricted stock

   to officers and directors

 

 

-

 

 

 

-

 

 

 

(316,886

)

 

 

-

 

 

 

-

 

 

 

21,220

 

 

 

317,239

 

 

 

353

 

Increase in deferred directors'

   compensation charged to

   expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

44,527

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

44,527

 

Balances at December 31, 2020

 

 

22,800,681

 

 

$

379,859

 

 

$

10,678,906

 

 

$

1,918,534

 

 

$

55,192,444

 

 

 

(390,267

)

 

$

(5,833,857

)

 

$

62,335,886

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2019

 

 

 

Class A voting

 

 

Capital in

 

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Excess of

 

 

Directors'

 

 

Retained

 

 

Treasury

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Par Value

 

 

Compensation

 

 

Earnings

 

 

Shares

 

 

Stock

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at September 30, 2019

 

 

16,897,306

 

 

$

281,509

 

 

$

2,967,984

 

 

$

2,555,781

 

 

$

81,848,301

 

 

 

(558,051

)

 

$

(8,344,042

)

 

$

79,309,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,892,114

 

 

 

-

 

 

 

-

 

 

 

1,892,114

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(632

)

 

 

(7,635

)

 

 

(7,635

)

Restricted stock awards

 

 

-

 

 

 

-

 

 

 

148,515

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

148,515

 

Dividends ($0.08 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,319,899

)

 

 

-

 

 

 

-

 

 

 

(1,319,899

)

Distribution of restricted stock

   to officers and directors

 

 

-

 

 

 

-

 

 

 

(82,821

)

 

 

-

 

 

 

-

 

 

 

5,546

 

 

 

82,914

 

 

 

93

 

Increase in deferred directors'

   compensation charged to

   expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

86,212

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

86,212

 

Balances at December 31, 2019

 

 

16,897,306

 

 

$

281,509

 

 

$

3,033,678

 

 

$

2,641,993

 

 

$

82,420,516

 

 

 

(553,137

)

 

$

(8,268,763

)

 

$

80,108,933

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(The accompanying notes are an integral part of these condensed financial statements.)

(3)


 

PHX MINERALS INC.

CONDENSED STATEMENTS OF CASH FLOWS

 

 

 

Three months ended December 31,

 

 

 

2020

 

 

2019

 

Operating Activities

 

(unaudited)

 

Net income (loss)

 

$

(596,720

)

 

$

1,892,114

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities: