Item 1. Financial Statements
Item 1.
FINANCIAL STATEMENTS
PRIMEENERGY RESOURCES CORPORATION
C ONDENSED
C ONSOLIDATED
B ALANCE
S HEETS
– Unaudited
(Thousands of dollars)
September 30,
2021
December 31,
2020
ASSETS
Current Assets
Cash and cash equivalents
$
3,624
$
996
Accounts receivable, net
14,341
7,221
Prepaid obligations
781
590
Other current assets
568
104
Total Current Assets
19,314
8,911
Property and Equipment, at cost
Oil and gas properties (successful efforts method), net
176,497
185,098
Field and office equipment, net
5,774
5,955
Total Property and Equipment, Net
182,271
191,053
Other assets
593
520
Total Assets
$
202,178
$
200,484
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable
$
11,387
$
5,217
Accrued liabilities
6,896
6,787
Due to Related Parties
34
38
Current portion of long-term debt
1,365
487
Current portion of asset retirement and other long-term obligations
816
867
Derivative liability short-term
6,177
724
Total Current Liabilities
26,675
14,120
Long-Term Bank Debt
32,164
38,267
Asset Retirement Obligations
13,281
12,891
Derivative Liability Long-Term
1,657
44
Deferred Income Taxes
34,667
36,367
Other Long-Term Obligations
759
797
Total Liabilities
109,203
102,486
Commitments and Contingencies
Equity
Common stock, $. 10 par value; Authorized: 2,810,000 shares; Outstanding: 1,994,177 shares
281
281
Paid-in
capital
7,560
7,541
Retained earnings
121,783
126,804
Treasury stock, at cost; 815,823 shares
( 37,502
)
( 37,502
)
Total Stockholders’ Equity – PrimeEnergy Resources
92,122
97,124
Non-controlling
interest
853
874
Total Equity
92,975
97,998
Total Liabilities and Equity
$
202,178
$
200,484
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements
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PRIMEENERGY RESOURCES CORPORATION
C ONDENSED
C ONSOLIDATED
S TATEMENTS
OF
O PERATIONS
– Unaudited
Three and nine months ended September 30, 2021 and 2020
(Thousands of dollars, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021
2020
2021
2020
Revenues
Oil sales
$
10,442
$
6,339
$
30,376
$
20,663
Natural gas sales
3,998
1,052
7,948
3,212
Natural gas liquids sales
3,632
1,474
7,781
2,441
Realized (loss) gain on derivative instruments, net
( 1,983
)
222
( 2,896
)
6,176
Field service income
2,975
2,567
8,138
9,248
Administrative overhead fees
1,164
1,066
3,455
3,260
Unrealized (loss) on derivative instruments, net
( 1,194
)
( 1,003
)
( 7,162
)
( 62
)
Other income
1
75
30
240
Total Revenues
19,035
11,792
47,670
45,178
Costs and Expenses
Lease operating expense
7,248
3,804
17,820
16,378
Field service expense
3,413
1,974
7,744
7,448
Depreciation, depletion, amortization and accretion on discounted liabilities
6,883
9,431
19,990
24,524
General and administrative expense
2,368
2,571
7,475
12,877
Total Costs and Expenses
19,912
17,780
53,029
61,227
Gain on Sale and Exchange of Assets
5
14,773
111
14,967
(Loss) Income from Operations
( 872
)
8,785
( 5,248
)
( 1,082
)
Other Income (Expense)
Interest Income
—
1
—
1
Interest Expense
( 462
)
( 470
)
( 1,469 )
( 1,629
)
(Loss) Income Before Income Taxes
( 1,334
)
8,316
( 6,717
)
( 2,710
)
Income Taxes Expense (Benefit)
( 186
)
1,372
( 1,700
)
( 2,664
)
Net (Loss) Income
( 1,148
)
6,944
( 5,017
)
( 46
)
Less: Net Income (Loss) Attributable to Non-Controlling Interests
15
443
4
( 111
)
Net (Loss) Income Attributable to PrimeEnergy
$
( 1,163
)
$
6,501
$
( 5,021
)
$
65
Basic (Loss) Income Per Common Share
$
( 0.58
)
$
3.26
$
( 2.52
)
$
0.03
Diluted (Loss) Income Per Common Share
$
( 0.58
)
$
2.36
$
( 2.52
)
$
0.02
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements
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PRIMEENERGY RESOURCES CORPORATION
C ONDENSED
C ONSOLIDATED
S TATEMENT
OF
E QUITY
– Unaudited
Nine months Ended September 30, 2021 and 2020
(Thousands of dollars)
Common Stock
Shares
Amount
Additional
Paid-In
Capital
Retained
Earnings
Treasury
Stock
Total
Stockholders’
Equity –
PrimeEnergy
Non-
Controlling
Interest
Total
Equity
Balance at December 31, 2020
1,994,177
$
281
$
7,541
$
126,804
$
( 37,502
)
$
97,124
$
874
$
97,998
Net Income (Loss)
( 5,021
)
( 5,021
)
4
( 5,017
)
Purchase of non- controlling interest
—
—
19
—
—
19
( 25
)
( 6
)
Balance at September 30, 2021
1,994,177
$
281
$
7,560
$
121,783
$
( 37,502
)
$
92,122
$
853
$
92,975
Balance at December 31, 2019
1,998,978
$
281
$
7,505
$
129,120
$
( 36,792
)
$
100,114
$
3,249
$
103,363
Purchase 4,801 shares of common stock
( 4,801
)
—
—
—
( 709
)
( 709
)
—
( 709
)
Net Income (Loss)
—
—
—
65
—
65
( 111
)
( 46
)
Balance at September 30, 2020
1,994,177
$
281
$
7,505
$
129,185
$
( 37,501
)
$
99,470
$
3,138
$
102,608
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements
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PRIMEENERGY RESOURCES CORPORATION
C ONDENSED
C ONSOLIDATED
S TATEMENTS
OF
C ASH
F LOWS
–
Unaudited
Nine months ended September 30, 2021 and 2020
(Thousands of dollars)
2021
2020
Cash Flows from Operating Activities:
Net (Loss)
$
( 5,017
)
$
( 46
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion on discounted liabilities
19,990
24,524
Gain on sale of properties
( 111
)
( 14,967
)
Unrealized loss (gain) on derivative instruments, net
7,162
( 62
)
Provision for deferred income taxes
( 1,700
)
676
Changes in operating assets and liabilities:
Accounts receivable
( 7,120
)
9,073
Due to related parties
( 4
)
—
Other assets
( 655
)
422
Accounts payable
6,170
( 438
)
Accrued liabilities
109
( 1,293
)
Net Cash Provided by Operating Activities
18,824
17,889
Cash Flows from Investing Activities:
Capital expenditures
( 11,301
)
( 13,142
)
Proceeds from sale of properties and equipment
111
10,777
Net Cash (Used in) Investing Activities
( 11,190
)
( 2,365
)
Cash Flows from Financing Activities:
Purchase of stock for treasury
—
( 709
)
Purchase of non-controlling
interests
( 6
)
—
Proceeds from long-term bank debt and other long-term obligations
3,000
6,756
Repayment of long-term bank debt and other long-term obligations
( 8,000
)
( 18,500
)
Net Cash (Used in) Financing Activities
( 5,006
)
( 12,453
)
Net Increase in Cash and Cash Equivalents
2,628
3,071
Cash and Cash Equivalents at the Beginning of the Period
996
1,015
Cash and Cash Equivalents at the End of the Period
$
3,624
$
4,086
Supplemental Disclosures:
Income taxes paid
$
—
$
1
Interest paid
$
1,384
$
1,653
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements
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PRIMEENERGY RESOURCES CORPORATION
N OTES
TO
C ONDENSED
C ONSOLIDATED
F INANCIAL
S TATEMENTS
September 30, 2021
(1) Basis of Presentation:
The accompanying condensed consolidated financial statements of PrimeEnergy Resources Corporation (“PrimeEnergy” or the “Company”) have not been audited by independent public accountants. Pursuant to applicable Securities and Exchange Commission (“SEC”) rules and regulations, the accompanying interim financial statements do not include all disclosures presented in annual financial statements and the reader should refer to the Company’s Form 10-K
for the year ended December 31, 2020. In the opinion of management, the accompanying interim condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, the condensed consolidated results of operations, cash flows and equity for the nine months ended September 30, 2021 and 2020.
As of September 30, 2021, PrimeEnergy’s significant accounting policies are consistent with those discussed in Note 1—Description of Operations and Significant Accounting Policies of its consolidated financial statements contained in PrimeEnergy’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2020. Certain amounts presented in prior period financial statements have been reclassified for consistency with current period presentation. The results for interim periods are not necessarily indicative of annual results. For purposes of disclosure in the condensed consolidated financial statements, subsequent events have been evaluated through the date the statements were issued.
(2) Acquisitions and Dispositions:
Historically the Company has repurchased the interests of the partners and trust unit holders in the oil and gas limited partnerships (the “Partnerships”) and the asset and business income trusts (the “Trusts”) managed by the Company as general partner and as managing trustee, respectively. The Company repurchased $ 6,000 of such
non-controlling
interests during the nine months ended September 30, 2021.
(3) Additional Balance Sheet Information:
Certain balance sheet amounts are comprised of the following:
(Thousands of dollars)
September,
30, 2021
December 31,
2020
Accounts Receivable:
Joint interest billing
$
2,589
$
2,475
Trade receivables
1,866
1,073
Oil and gas sales
10,084
3,469
Other
400
802
14,939
7,819
Less: Allowance for doubtful accounts
( 598
)
( 598
)
Total
$
14,341
$
7,221
Accounts Payable:
Trade
$
7,011
$
876
Royalty and other owners
3,724
3,569
Partner advances
223
193
Other
429
579
Total
$
11,387
$
5,217
Accrued Liabilities:
Compensation and related expenses
$
3,259
$
3,331
Property costs
2,533
2,056
Taxes
866
1,016
Other
238
384
Total
$
6,896
$
6,787
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(4) Property and Equipment:
Property and equipment at September 30, 2021 and December 31, 2020 consisted of the following:
(Thousands of dollars)
September
30,
2021
December 31,
2020
Proved oil and gas properties, at cost
$
531,475
$
520,488
Less: Accumulated depletion and depreciation
( 354,978
)
( 335,390
)
Oil and Gas Properties, Net
$
176,497
$
185,098
Field and office equipment
$
27,018
$
26,797
Less: Accumulated depreciation
( 21,244
)
( 20,842
)
Field and Office Equipment, Net
$
5,774
$
5,955
Total Property and Equipment, Net
$
182,271
$
191,053
(5) Long-Term Debt:
Bank Debt:
On February 15, 2017 , the Company and its lenders entered into a Third Amended and Restated Credit Agreement (the “2017 Credit Agreement”) with a maturity date of February 15, 2021 . Under the 2017 Credit Agreement, the Company has a revolving line of credit and letter of credit facility of up to $ 300 million subject to a borrowing base that is determined semi-annually by the lenders based upon the Company’s financial statements and the estimated value of the Company’s oil and gas properties, in accordance with the Lenders’ customary practices for oil and gas loans. The credit facility is secured by substantially all of the Company’s oil and gas properties. The 2017 Credit Agreement includes terms and covenants that require the Company to maintain a minimum current ratio and total indebtedness to EBITDAX (earnings before depreciation, depletion, amortization, taxes, interest expense and exploration costs) ratio, as defined, and restrictions are placed on the payment of dividends, the amount of treasury stock the Company may purchase, commodity hedge agreements, and loans and investments in its consolidated subsidiaries and limited partnerships.
During 2020, the 2017 Credit Agreement was amended to add loans under the Paycheck Protection Program to the Permitted loans, as defined in the agreement.
On February 11, 2021, the Company and its lenders entered into a Sixth Amendment to the 2017 Credit Agreement. Under this amendment the Company’s borrowing base is $ 40 million. Borrowings under the 2017 Credit Agreement will bear interest at a base rate plus an applicable margin ranging from 2.00 % to 3.00 % or at the Company’s option, at LIBOR plus an applicable margin ranging from 3.00 % to 4.00 %. The 2017 Credit Agreement will mature on February 11, 2023 . The Company’s borrowings under this credit facility approximates fair value because the interest rates are variable and reflective of market rates.
On September
30, 2021, the Company had a total of $ 31.5 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 5.35 % and $
8.5 million was available for future borrowings. The combined weighted average interest rate paid on outstanding bank borrowings subject to base rate and LIBO interest was 5.31 % for the
nine
months ended September
30, 2021 as compared to 3.94 % for nine
months ended September
30, 2020.
Paycheck Protection Program Loans
During May 2020, Prime Operating Company and Eastern Oil Well Services Corporation, subsidiaries of the Company received loan proceeds in the amount of $ 1.28 million and $ 0.47 million, respectively, under the Paycheck Protection Program (the “PPP”) of the CARES Act, which was enacted March 27, 2020. The PPP Loans are evidenced by a promissory note in favor of the Lender, which bears interest at the rate of 1.00 % per annum. No payments of principal or interest are due under the note until the date on which the amount of loan forgiveness (if any) under the CARES Act, which can be up to 10 months after the end of the related notes covered period (which is defined as 24 weeks after the date of the loan) (the “Deferral Period”). The note may be prepaid at any time prior to maturity with no prepayment penalties. Funds from the PPP Loans may be used only for payroll and related costs, costs used to continue group health care benefits, mortgage payments, rent, utilities, and interest on other debt obligations that were incurred prior to February 15, 2020 (the “Qualifying Expenses”). Under the terms of the PPP Loans, certain amounts thereunder may be forgiven if they are used for Qualifying Expenses as described in and in compliance with the CARES Act. The Company utilized the PPP Loan proceeds exclusively for Qualifying Expenses during the 24-week
coverage period and has submitted its application for forgiveness in accordance with the terms of the CARES Act and related guidance. In the event the PPP Loan or any portion thereof is forgiven, the amount forgiven is applied to the outstanding principal.
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To the extent, if any, that any or all of the PPP loans are not forgiven, beginning one month following expi
ration of the Deferral Period, and continuing monthly until 24 months from the date of each applicable Note (the “Maturity Date”), the Company is obligated to make monthly payments of principal and interest to the Lender with respect to any unforgiven portion of the Note, in such equal amounts required to fully amortize the principal amount outstanding on such Note as of the last day of the applicable Deferral Period by the applicable Maturity Date. The Company accounts for these loans on the balance sheet as financial liabilities reported within the following lines: Current portion of long-term debt in the amount of $ 1. 37 million and included as part of the long-term bank debt in the amount of $ 323 thousand.
(6) Other Long-Term Obligations and Commitments:
Operating Leases:
The Company leases office facilities under operating leases and recognizes lease expense on a straight-line basis over the lease term. Leases assets and liabilities are initially recorded at commencement date based on the present value of lease payments over the lease term. A new finance lease for office equipment is included in property and equipment, other current liabilities and other long-term liabilities this quarter. As
most of the Company’s lease contracts do not provide an implicit discount rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted average discount rate used was 5.5 %. Certain leases may contain variable costs above the minimum required payments and are not included in the right-of-use
assets or liabilities. Leases may include renewal, purchase or termination options that can extend or shorten the term of the lease. The exercise of those options is at the Company’s sole discretion and is evaluated at inception and throughout the contract to determine if a modification of the lease term is required. Leases with an initial term of 12 months or less are not recorded on the balance sheet.
Operating lease costs for the nine months ended September 30, 2021 were
$ 450,000 . Cash payments included in the operating lease cost for nine months ended September 30, 2021 were
$ 433,000 . The weighted-average remaining operating lease terms is
11.5 months.
The Company amended certain leases for office space in Texas providing for payments of $ 299,000 in 2021, $ 158,000 in 2022 and $ 17,000 in 2023.
Rent expense for office space for the nine months ended September 30, 2021 and 2020 was $ 441,000 and $ 496,000 , respectively.
The payment schedule for the Company’s operating lease obligations as of September 30, 2021 is as follows:
(Thousands of dollars)
Operating
Leases
2021
$
144
2022
158
2023
17
Total undiscounted lease payments
$
319
Less: Amount associated with discounting
( 11
)
Net operating lease liabilities
$
308
Asset Retirement Obligation:
A reconciliation of the liability for plugging and abandonment costs for the nine
months ended September 30, 2021
is as follows:
(Thousands of dollars)
September
30,
2021
Asset retirement obligation at December 31, 2020
$
13,660
Liabilities incurred
721
Liabilities settled
( 1,047
)
Accretion expense
487
Asset retirement obligation at September
30, 2021
$
13,821
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(7) Contingent Liabilities:
The Company, as managing general partner of the affiliated Partnerships, is responsible for all Partnership activities, including the drilling of development wells and the production and sale of oil and gas from productive wells. The Company also provides the administration, accounting and tax preparation work for the Partnerships, and is liable for all debts and liabilities of the affiliated Partnerships, to the extent that the assets of a given limited Partnership are not sufficient to satisfy its obligations.
The Company is subject to environmental laws and regulations. Management believes that future expenses, before recoveries from third parties, if any, will not have a material effect on the Company’s financial condition. This opinion is based on expenses incurred to date for remediation and compliance with laws and regulations, which have not been material to the Company’s results of operations.
From time to time, the Company is party to certain legal actions arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not expect these matters to have a materially adverse effect on the financial position or results of operations of the Company.
(8) Stock Options and Other Compensation:
In May 1989, non-statutory
stock options were granted by the Company to four key executive officers for the purchase of shares of common stock. At September 30, 2021 and 2020, remaining options held by two key executive officers on 767,500 shares were outstanding and exercisable at prices ranging from $ 1.00 to $ 1.25 . According to their terms, the options have no expiration date.
(9) Related Party Transactions:
The Company, as managing general partner or managing trustee, makes an annual offer to repurchase the interests of the partners and trust unit holders in certain of the Partnerships or Trusts. The Company repurchased $ 6,000 of such
non-controlling
interests during the nine months ending September 30, 2021. Payables owed to related parties primarily represent receipts collected by the Company as agent for the joint venture partners, which may include members of the Company’s Board of Directors, for oil and gas sales net of expenses.
(10) Financial Instruments
Fair Value Measurements:
Authoritative guidance on fair value measurements defines fair value, establishes a framework for measuring fair value and stipulates the related disclosure requirements. The Company follows a three-level hierarchy, prioritizing and defining the types of inputs used to measure fair value. The fair values of the Company’s interest rate swaps, natural gas and crude oil price collars and swaps are designated as Level 3. The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020:
September 30, 2021
Quoted Prices in
Active Markets
For Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Balance at
September 30,
2021
(Thousands of dollars)
Liabilities
Commodity derivative contracts
$
—
$
—
$
( 7,834
)
$
( 7,834
)
Total liabilities
$
—
$
—
$
( 7,834
)
$
( 7,834
)
December 31, 2020
Quoted Prices in
Active Markets
For Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Balance at
December 31,
2020
(Thousands of dollars)
Assets
Commodity derivative contracts
$
—
$
—
$
97
$
97
Total assets
$
—
$
—
$
97
$
97
Liabilities
Commodity derivative contract
$
—
$
—
$
( 768
)
$
( 768
)
Total liabilities
$
—
$
—
$
( 768
)
$
( 768
)
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The derivative contracts were measured based on quotes from the Company’s counterparties. Such quotes have been derived using valuation models that consider various inputs including current market and contractual prices for the underlying instruments, quoted forward prices for natural gas and crude oil, volatility factors and interest rates, such as a LIBOR curve for a similar length of time as the derivative contract term as applicable. These estimates are verified using comparable NYMEX futures contracts or are compared to multiple quotes obtained from counterparties for reasonableness.
The significant unobservable inputs for Level 3 derivative contracts include basis differentials and volatility factors. An increase (decrease) in these unobservable inputs would result in an increase (decrease) in fair value, respectively. The Company does not have access to the specific assumptions used in its counterparties’ valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided.
The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the quarter ended September 30, 2021.
(Thousands of dollars)
Net Liabilities – December 31, 2020
$
( 671
)
Total realized and unrealized (gains) losses:
Included in earnings (a)
( 10,058
)
Purchases, sales, issuances and settlements
2,895
Net Liabilities — September 30, 2021
$
( 7,834
)
(a)
Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments.
Derivative Instruments:
The Company is exposed to commodity price and interest rate risk, and management considers periodically the Company’s exposure to cash flow variability resulting from the commodity price changes and interest rate fluctuations. Futures, swaps and options are used to manage the Company’s exposure to commodity price risk inherent in the Company’s oil and gas production operations. The Company does not apply hedge accounting to any of its commodity-based derivatives. Both realized and unrealized gains and losses associated with commodity derivative instruments are recognized in earnings.
The following table sets forth the effect of derivative instruments on the consolidated balance sheets at September 30, 2021 and December 31, 2020:
Fair Value
(Thousands of dollars)
Balance Sheet Location
September
30,
2021
December 31,
2020
Asset Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Natural gas commodity contracts
Derivative asset long-term and
other assets
—
$
97
Total
$
—
$
97
Liability Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts
Derivative liability short-term
$
( 3,994
)
$
( 428
)
Natural gas commodity contracts
Derivative liability short-term
( 2,183
)
( 296
)
Crude oil commodity contracts
Derivative liability long-term
( 1,178
)
—
Natural gas commodity contracts
Derivative liability long-term
( 479
)
( 44
)
Total
$
( 7,834
)
$
( 768
)
Total derivative instruments
$
( 7,834
)
$
( 671
)
1 1
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The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the nine months ended September 30, 2021 and 2020:
Amount of gain/loss
recognized in income
(Thousands of dollars)
Location of gain/loss recognized in income
2021
2020
Derivatives not designated as cash-flow hedge instruments:
Natural gas commodity contracts
Unrealized
gain
(loss)
on
derivative
instruments,
net
( 2,418
)
( 576
)
Crude oil commodity contracts
Unrealized
(loss)
gain
on
derivative
instruments,
net
( 4,744
)
514
Natural gas commodity contracts
Realized gain (loss) on derivative instruments, net
( 1,009
)
533
Crude oil commodity contracts
Realized (loss) on derivative instruments, net
( 1,887
)
5,643
$
( 10,058 )
$
6,114
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(11) Earnings Per Share:
Basic earnings per share are computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect per share amounts that would have resulted if dilutive potential common stock had been converted to common stock in gain periods. The following reconciles amounts reported in the financial statements:
Nine Months Ended September 30,
2021
2020
Net Loss
(In
000’s)
Weighted
Average
Number of
Shares
Outstanding
Per
Share
Amount
Net
Income
(In
000’s)
Weighted
Average
Number of
Shares
Outstanding
Per
Share
Amount
Basic
$
( 5,021
)
1,994,177
$
( 2.52
$
65
1,994,175
$
0.03
Effect of dilutive securities:
Options (a)
758,367
Diluted
$
( 5,021
)
1,994,177
$
( 2.52
)
$
65
2,752,542
$
0.02
Three Months Ended September 30,
2021
2020
Net Loss
(In
000’s)
Weighted
Average
Number of
Shares
Outstanding
Per
Share
Amount
Net
Income
(In
000’s)
Weighted
Average
Number of
Shares
Outstanding
Per
Share
Amount
Basic
$
( 1,163
)
1,994,177
$
( 0.58
)
$
6,501
1,994,177
$
3.26
Effect of dilutive securities:
Options (a)
—
756,154
Diluted
$
( 1,163
)
1,994,177
$
( 0.58
)
$
6,501
2,750,331
$
2.36
(a)
The effect of the 767,500 outstanding stock options is antidilutive for the nine and three months ended September 30, 2021 due to net loss for these periods.
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Table of Contents
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.