0001493152-19-001780.txt : 20190212 0001493152-19-001780.hdr.sgml : 20190212 20190212173152 ACCESSION NUMBER: 0001493152-19-001780 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20181231 FILED AS OF DATE: 20190212 DATE AS OF CHANGE: 20190212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEXCO ENERGY CORP CENTRAL INDEX KEY: 0000066418 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 840627918 STATE OF INCORPORATION: CO FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31785 FILM NUMBER: 19592219 BUSINESS ADDRESS: STREET 1: 214 W TEXAS AVENUE STREET 2: SUITE 1101 CITY: MIDLAND STATE: TX ZIP: 79701 BUSINESS PHONE: 9156821119 MAIL ADDRESS: STREET 1: 214 W TEXAS AVENUE STREET 2: SUITE 1101 CITY: MIDLAND STATE: TX ZIP: 79701 FORMER COMPANY: FORMER CONFORMED NAME: MILLER OIL CO DATE OF NAME CHANGE: 19800702 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2018

 

OR

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from               to              

 

Commission File No. 1-31785

 

MEXCO ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

 

Colorado   84-0627918
(State or other jurisdiction of   (IRS Employer
incorporation or organization)   Identification Number)

 

415 West Wall Street, Suite 475    
Midland, Texas   79701
(Address of principal executive offices)   (Zip code)

 

(432) 682-1119

(Registrant’s telephone number, including area code)

 

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 and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company as defined in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer [  ] Accelerated Filer [  ]
   
Non-Accelerated Filer [  ] Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES [  ] NO [X]

 

The number of shares outstanding of the registrant’s common stock, par value $.50 per share, as of February 12, 2019 was 2,040,166.

 

 

 

 

 

 

MEXCO ENERGY CORPORATION

 

Table of Contents

 

  Page
PART I. FINANCIAL INFORMATION  
   
Item 1. Consolidated Balance Sheets as of December 31, 2018 (Unaudited) and March 31, 2018 3
     
  Consolidated Statements of Operations (Unaudited) for the three months and nine months ended December 31, 2018 and December 31, 2017 4
     
 

Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) for the three months and nine months ended December 31, 2018 and December 31, 2017

 5
     
  Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2018 and December 31, 2017 6
     
  Notes to Consolidated Financial Statements (Unaudited) 7
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 15
     
Item 4. Controls and Procedures 15
     
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings 16
     
Item 1A. Risk Factors 16
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16
     
Item 3. Defaults upon Senior Securities 16
     
Item 4. Mine Safety Disclosures 16
     
Item 5. Other Information 16
     
Item 6. Exhibits 16
     
SIGNATURES 17
   
CERTIFICATIONS  18-19

 

2
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Mexco Energy Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

 

   December 31, 2018   March 31, 2018 
   (Unaudited)     
ASSETS          
Current assets          
Cash and cash equivalents  $105,545   $492,610 
Accounts receivable:          
Oil and gas sales   344,967    395,991 
Trade   10,768    436,249 
Note receivable   29,948    - 
Prepaid costs and expenses   21,347    47,583 
Total current assets   512,575    1,372,433 
           
Property and equipment, at cost          
Oil and gas properties, using the full cost method   35,868,353    35,224,784 
Other   107,484    107,484 
Accumulated depreciation, depletion and amortization   (27,070,889)   (26,453,025)
Property and equipment, net   8,904,948    8,879,243 
           
Other noncurrent assets   22,593    149,278 
Total assets  $9,440,116   $10,400,954 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Accounts payable and accrued expenses  $115,942   $446,815 
Total current liabilities   115,942    446,815 
           
Long-term debt   -    700,000 
Asset retirement obligations   866,420    852,553 
Total liabilities   982,362    1,999,368 
           
Commitments and contingencies          
           
Stockholders’ equity          
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding   -    - 
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,107,166 and 2,104,266 shares issued; 2,040,166 and 2,037,266 shares outstanding         
As of December 31, 2018 and March 31, 2018, respectively   1,053,583    1,052,133 
Additional paid-in capital   7,296,944    7,265,601 
Retained earnings   453,228    429,853 
Treasury stock, at cost – (67,000 shares)   (346,001)   (346,001)
Total stockholders’ equity   8,457,754    8,401,586 
Total liabilities and stockholders’ equity  $9,440,116   $10,400,954 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

3
 

 

Mexco Energy Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended   Nine Months Ended 
   December 31   December 31 
   2018   2017   2018   2017 
Operating revenue:                    
Oil sales  $452,695   $434,729   $1,517,989   $1,240,151 
Natural gas sales   187,448    206,739    558,753    663,210 
Other   4,173    13,463    31,093    38,342 
Total operating revenues   644,316    654,931    2,107,835    1,941,703 
                     
Operating expenses:                    
Production   211,788    248,865    721,301    813,570 
Accretion of asset retirement obligation   9,464    8,639    16,870    25,196 
Depreciation, depletion, and amortization   196,206    247,801    617,864    844,566 
General and administrative   234,987    225,528    710,194    765,056 
Total operating expenses   652,445    730,833    2,066,229    2,448,388 
                     
Operating (loss) income   (8,129)   (75,902)   41,606    (506,685)
                     
Other income (expenses):                    
Interest income   4    34    87    45 
Interest expense   (4,951)   (25,360)   (18,318)   (79,310)
Net other expense   (4,947)   (25,326)   (18,231)   (79,265)
                     
(Loss) income before income taxes   (13,076)   (101,228)   23,375    (585,950)
                     
Net (loss) income  $(13,076)  $(101,228)  $23,375   $(585,950)
                     
                     
(Loss) income per common share:                    
Basic:  $(0.01)  $(0.05)  $0.01   $(0.29)
Diluted:  $(0.01)  $(0.05)  $0.01   $(0.29)
                     
Weighted average common shares outstanding:                    
Basic:   2,040,166    2,037,266    2,039,165    2,037,266 
Diluted:   2,040,166    2,037,266    2,039,165    2,037,266 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

4
 

 

Mexco Energy Corporation and Subsidiaries

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

 

   Common Stock Par Value   Additional Paid-In Capital   Retained Earnings   Treasury Stock  

Total

Stockholders’ Equity

 
Balance at April 1, 2018  $1,052,133   $7,265,601   $429,853  $(346,001)  $8,401,586 
Net income   -    -    23,375    -    23,375 
Issuance of stock through Options exercised   1,450    16,791              18,241 
Stock based compensation   -    14,552    -    -    14,552 
Balance at December 31, 2018  $1,053,583   $7,296,944   $453,228  $(346,001)  $8,457,754 

 

   Common Stock Par Value   Additional Paid-In Capital   Retained Earnings   Treasury Stock  

Total

Stockholders’ Equity

 
Balance at September 30, 2018  $1,053,583   $7,288,840   $466,304   $(346,001)  $8,462,726 
Net loss   -    -    (13,076)   -    (13,076)
Stock based compensation   -    8,104    -    -    8,104 
Balance at December 31, 2018  $1,053,583   $7,296,944   $453,228   $(346,001)  $8,457,754 

 

   Common Stock Par Value   Additional Paid-In Capital   Retained Earnings   Treasury Stock   Total
Stockholders’ Equity		 
Balance at March 31, 2017  $1,052,133   $7,244,848   $751,342   $(346,001)  $8,702,322 
Net loss   -    -    (585,950)   -    (585,950)
Stock based compensation   -    17,265    -    -    17,265 
Balance at December 31, 2017  $1,052,133   $7,262,113   $165,392   $(346,001)  $8,133,637 

 

   Common Stock Par Value   Additional Paid-In Capital   Retained Earnings   Treasury Stock   Total
Stockholders’ Equity		 
Balance at September 30, 2017  $1,052,133   $7,258,623   $266,620   $(346,001)  $8,231,375 
Net loss   -    -    (101,228)   -    (101,228)
Stock based compensation   -    3,490    -    -    3,490 
Balance at December 31, 2017  $1,052,133   $7,262,113   $165,392   $(346,001)  $8,133,637 

 

SHARE ACTIVITY    
     
Common stock shares, issued:     
Balance at April 1, 2018   2,104,266 
Issued   2,900 
Balance at Dec. 31, 2018   2,107,166 
      
Common stock shares, held in treasury:     
Balance at April 1, 2018   (67,000)
Acquisitions   - 
Balance at Dec. 31, 2018   (67,000)
      
Common stock shares, outstanding at December 31, 2018   2,040,166 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

5
 

 

Mexco Energy Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended December 31,

(Unaudited)

 

   2018   2017 
Cash flows from operating activities:          
Net income (loss)  $23,375   $(585,950)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Stock-based compensation   14,552    17,265 
Depreciation, depletion and amortization   617,864    844,566 
Accretion of asset retirement obligations   16,870    25,196 
Changes in operating assets and liabilities:          
Decrease (increase) in accounts receivable   476,505    (235,244)
Decrease in prepaid expenses   26,236    17,543 
Increase in other noncurrent assets   (4,729)   - 
(Decrease) increase in accounts payable and accrued expenses   (347,945)   77,024 
Settlement of asset retirement obligations   (2,227)   (7,264)
Net cash provided by operating activities   820,501    153,136 
           
Cash flows from investing activities:          
Additions to oil and gas properties   (632,033)   (802,184)
Drilling refunds   -    74,744 
Proceeds from sale of oil and gas properties and equipment   111,226    2,548,135 
Net cash (used in) provided by investing activities   (520,807)   1,820,695 
           
Cash flows from financing activities:          
Proceeds from exercise of stock options   18,241    - 
Debt issuance costs   (5,000)   - 
Reduction of long-term debt   (700,000)   (1,950,000)
Net cash used in financing activities   (686,759)   (1,950,000)
           
Net (decrease) increase in cash and cash equivalents   (387,065)   23,831 
           
Cash and cash equivalents at beginning of period   492,610    73,451 
           
Cash and cash equivalents at end of period  $105,545   $97,282 
           
Supplemental disclosure of cash flow information:          
Cash paid for interest  $21,120   $81,415 
           
Non-cash investing and financing activities:          
Asset retirement obligations  $5,092   $6,356 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

6
 

 

Mexco Energy Corporation and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

1. Nature of Operations

 

Mexco Energy Corporation (a Colorado corporation) and its wholly owned subsidiaries, Forman Energy Corporation (a New York corporation), Southwest Texas Disposal Corporation (a Texas corporation) and TBO Oil & Gas, LLC (a Texas limited liability company) (collectively, the “Company”) are engaged in the exploration, development and production of natural gas, crude oil, condensate and natural gas liquids (“NGLs”). Most of the Company’s oil and gas interests are centered in the Permian Basin of West Texas; however, the Company owns producing properties and undeveloped acreage in thirteen states. Although the Company’s oil and gas interests predominately are operated by others, the Company operates three wells on a lease in which it owns a 100% working interest.

 

2. Basis of Presentation and Significant Accounting Policies

 

Principles of Consolidation. The consolidated financial statements include the accounts of Mexco Energy Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions associated with the consolidated operations have been eliminated.

 

Estimates and Assumptions. In preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make informed judgments, estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates are used in determining proved oil and gas reserves. Although management believes its estimates and assumptions are reasonable, actual results may differ materially from those estimates. The estimate of the Company’s oil and natural gas reserves, which is used to compute depreciation, depletion, amortization and impairment of oil and gas properties, is the most significant of the estimates and assumptions that affect these reported results.

 

Interim Financial Statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position of the Company as of December 31, 2018, and the results of its operations and cash flows for the interim periods ended December 31, 2018 and 2017. The consolidated financial statements as of December 31, 2018 and for the three and nine month periods ended December 31, 2018 and 2017 are unaudited. The consolidated balance sheet as of March 31, 2018 was derived from the audited balance sheet filed in the Company’s 2018 annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). The results of operations for the periods presented are not necessarily indicative of the results to be expected for a full year. The accounting policies followed by the Company are set forth in more detail in Note 2 of the “Notes to Consolidated Financial Statements” in the Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC. However, the disclosures herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Form 10-K.

 

Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this update are effective for fiscal years and interim periods within those years beginning after December 15, 2017 and supersedes any previous revenue recognition guidance. On April 1, 2018 we adopted ASU 2014-09 using the modified retrospective approach which only applies to contracts that were not completed as of the date of initial application. Recognition of revenue involves a five step approach including identifying the contract, identifying the separate performance obligations, determining the transaction price, allocating the price to the performance obligations and recognizing revenue as the obligations are satisfied.

 

Adoption of this new standard did not have an impact on the Company’s financial statements. When comparing the Company’s historical revenue recognition to the newly applied revenue recognition under Topic 606, there was no change to the amount or timing of revenue recognized. Therefore, no quantitative adjustment was required to be made to the prior periods presented in the unaudited consolidated financial statements after the adoption. Upon adoption the Company had not altered its existing information technology and internal controls outside of the contract review processes in order to identify impacts of future revenue contracts the Company may enter into.

 

7
 

 

Accounting Policy - Revenues from our royalty and non-operated working interest properties are recorded under the cash receipts approach as directly received from the remitters’ statement accompanying the revenue check. Since the revenue checks are generally received two to four months after the production month, the Company accrues for revenue earned but not received by estimating production volumes and product prices. Any identified differences between its revenue estimates and actual revenue received historically have not been significant.

 

The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

 

3. Asset Retirement Obligations

 

The Company’s asset retirement obligations (“ARO”) relate to the plugging of wells, the removal of facilities and equipment, and site restoration on oil and gas properties. The fair value of a liability for an ARO is recorded in the period in which it is incurred, discounted to its present value using the credit adjusted risk-free interest rate, and a corresponding amount capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted each period, and the capitalized cost is depreciated over the useful life of the related asset. The ARO is included in the consolidated balance sheets with the current portion being included in the accounts payable and other accrued expenses.

 

The following table provides a rollforward of the AROs for the first nine months of fiscal 2019:

 

Carrying amount of asset retirement obligations as of April 1, 2018  $862,553 
Liabilities incurred   5,092 
Liabilities settled   (8,095)
Accretion expense   16,870 
Carrying amount of asset retirement obligations as of December 31, 2018   876,420 
Less: Current portion   10,000 
Non-Current asset retirement obligation  $866,420 

 

4. Stock-based Compensation

 

The Company recognized stock-based compensation expense of $8,104 and $3,489 in general and administrative expense in the Consolidated Statements of Operations for the three months ended December 31, 2018 and 2017, respectively. Stock-based compensation expense recognized for the nine months ended December 31, 2018 and 2017 was $14,552 and $17,265, respectively. The total cost related to non-vested awards not yet recognized at December 31, 2018 totals approximately $120,115 which is expected to be recognized over a weighted average of 3.70 years.

 

During the nine months ended December 31, 2018, the Compensation Committee of the Board of Directors approved and the Company granted 40,000 stock options exercisable at $4.84 per share. During the nine months ended December 31, 2017, no stock options were granted. These options are exercisable at a price not less than the fair market value of the stock at the date of grant, have an exercise period of ten years and generally vest over four years.

 

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the nine months ended December 31, 2018 and 2017. All such amounts represent the weighted average amounts.

 

   Nine Months Ended 
   December 31 
   2018   2017 
Grant-date fair value  $3.25    - 
Volatility factor   55.26%   - 
Dividend yield   -    - 
Risk-free interest rate   2.91%   - 
Expected term (in years)   6.25    - 

 

8
 

 

The following table is a summary of activity of stock options for the nine months ended December 31, 2018:

 

   Number of
Shares		   Weighted
Average
Exercise Price		   Weighted Average
Remaining Contract
Life in Years		 
Outstanding at April 1, 2018   148,600   $6.54    4.34 
Granted   40,000    4.84      
Exercised   (2,900)   6.29      
Forfeited or Expired   -    -      
Outstanding at December 31, 2018   185,700   $6.18    4.93 
                
Vested at December 31, 2018   145,700   $6.55    3.62 
Exercisable at December 31, 2018   145,700   $6.55    3.62 

 

During the nine months ended December 31, 2018, stock options covering 2,900 shares were exercised with a total intrinsic value of $6,575. The Company received proceeds of $18,241 from these exercises. During the nine months ended December 30, 2017, no stock options were exercised.

 

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history of these types of awards. There were no stock options forfeited or expired during the nine months ended December 31, 2018 and 2017.

 

Outstanding options at December 31, 2018 expire between August 2020 and September 2028 and have exercise prices ranging from $4.84 to $7.00.

 

5. Credit Facility

 

On December 28, 2018, the Company entered into a loan agreement (the “Agreement”) with West Texas National Bank (“WTNB”) which will provide for a credit facility of $1,000,000. The Agreement has no monthly commitment reduction and a borrowing base to be evaluated annually.

 

Under the Agreement, interest on the facility accrues at a rate equal to the prime rate as quoted in the Wall Street Journal plus one-half of one percent (.5%) floating daily. Interest on the outstanding amount under the Agreement is payable monthly. In addition, the Company will pay an unused commitment fee in an amount equal to one-half of one percent (.5%) times the daily average of the unadvanced amount of the commitment. The unused commitment fee is payable quarterly in arrears on the last day of each calendar quarter.

 

No principal payments are anticipated to be required through the maturity date of the loan, December 28, 2021. Upon closing with WTNB on the Agreement, the Company paid a .5% loan origination fee in the amount of $5,000 plus legal and recording expenses.

 

Amounts borrowed under the Agreement are collateralized by the common stock of the Company’s wholly owned subsidiaries and substantially all of the Company’s oil and gas properties.

 

The Agreement contains customary covenants for credit facilities of this type including limitations on change in control, disposition of assets, mergers and reorganizations. The Company is also obligated to meet certain financial covenants under the Agreement and requires senior debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratios (Senior Debt/EBITDA) less than or equal to 4.00 to 1.00 measured with respect to the four trailing fiscal quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter. The Company is in compliance with all covenants as of December 31, 2018 and believes it will remain in compliance for the next fiscal year.

 

In addition, the Agreement prohibits the Company from paying cash dividends on its common stock without prior written permission of WTNB. The Agreement does not permit the Company to enter into hedge agreements covering crude oil and natural gas prices.

 

There is no balance outstanding on the WTNB line of credit as of December 31, 2018.

 

9
 

 

Prior thereto, the Company had a loan agreement with Bank of America, N.A. which provided for a credit facility of $5,570,000 with no monthly commitment reductions and a borrowing base to be evaluated on July 30 and January 1 of each year or at any additional time in the bank’s discretion. The borrowing base was evaluated on July 31, 2018 and set at $525,000. The Agreement was renewed eleven times with the eleventh amendment effective as of March 8, 2017 with a maturity date of November 30, 2020. Under such renewal agreement, interest on the facility accrued at an annual rate equal to the British Bankers Association London Interbank Offered Rate (“BBA LIBOR”) daily floating rate, plus 3.0 percentage points. Interest on the outstanding amount under the credit agreement was payable monthly. The Company was in compliance with the loan agreement as the date of repayment.

 

On December 28, 2018, in connection with entering into the loan agreement with WTNB described above, the Company repaid in full and terminated its loan agreement with Bank of America, N.A. The $450,000 amount owed was repaid using Company funds and no early termination fees were incurred.

 

The following table is a summary of activity on the Bank of America, N.A. line of credit for the nine months ended December 31, 2018:

 

   Principal 
Balance at April 1, 2018:  $700,000 
Borrowings   - 
Repayments   700,000 
Balance at December 31, 2018:  $- 

 

On December 26, 2018, the Company deposited $26,250 into a Cash Collateral Account at Bank of America, N.A. to collateralize one outstanding letter of credit for $25,000 in lieu of a plugging bond with the Texas Railroad Commission covering the properties the Company operates. This letter of credit renews annually.

 

6. Income Taxes

 

A valuation allowance for deferred tax assets, including net operating losses, is recognized when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. To assess that likelihood, we use estimates and judgment regarding our future taxable income, and we consider the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include our current financial position, our results of operations, both actual and forecasted, the reversal of deferred tax liabilities, and tax planning strategies as well as the current and forecasted business economics of our industry.

 

Based on the material write-downs of the carrying value of our oil and natural gas properties during fiscal 2016, we are in a net deferred tax asset position as of December 31, 2018. Our deferred tax asset is $1,248,620 as of December 31, 2018 with a valuation amount of $1,248,620. We believe it is more likely than not that these deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as future expected growth.

 

7. Related Party Transactions

 

Related party transactions for the Company relate to shared office expenditures in addition to administrative and operating expenses paid on behalf of the principal stockholder. The total billed to and reimbursed by the stockholder for the three months ended December 31, 2018 and 2017 was $12,487 and $11,873, respectively. The total billed to and reimbursed by the stockholder for the nine months ended December 31, 2018 and 2017 was $39,508 and $30,355, respectively.

 

8. Loss (Income) Per Common Share

 

The Company’s basic net (loss) income per share has been computed based on the weighted average number of common shares outstanding during the period. Diluted net (loss) income per share assumes the exercise of all stock options having exercise prices less than the average market price of the common stock during the period using the treasury stock method and is computed by dividing net (loss) income by the weighted average number of common shares and dilutive potential common shares (stock options) outstanding during the period. In periods where losses are reported, the weighted-average number of common shares outstanding excludes potential common shares, because their inclusion would be anti-dilutive.

 

10
 

 

The following is a reconciliation of the number of shares used in the calculation of basic net (loss) income per share and diluted (loss) income per share for the three and nine month periods ended December 31, 2018 and 2017:

 

   Three Months Ended   Nine Months Ended 
   December 31   December 31 
   2018   2017   2018   2017 
Net (loss) income  $(13,076)  $(101,228)  $23,375   $(585,950)
                     
Shares outstanding:                    
Weighted avg. shares outstanding – basic   2,040,166    2,037,266    2,039,165    2,037,266 
Effect of assumed exercise of dilutive stock options   -    -    -    - 
Weighted avg. shares outstanding – dilutive   2,040,166    2,037,266    2,039,165    2,037,266 
                     
(Loss) income per common share:                    
Basic  $(0.01)  $(0.05)  $0.01   $(0.29)
Diluted  $(0.01)  $(0.05)  $0.01   $(0.29)

 

Due to a net loss for the three months ended December 31, 2018 and 2017, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.

 

For the nine months ended December 31, 2018, 185,700 potential common shares relating to stock options were excluded in the computation of diluted net income per share because the price of the options was greater than the average market price of the common shares and therefore, the effect would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $6.18 at December 31, 2018. Due to a net loss for the nine months ended December 31, 2017, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.

 

11
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Unless the context otherwise requires, references to the “Company”, “Mexco”, “we”, “us” or “our” mean Mexco Energy Corporation and its consolidated subsidiaries.

 

Cautionary Statements Regarding Forward-Looking Statements. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains 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”). Forward-looking statements include statements regarding our plans, beliefs or current expectations and may be signified by the words “could”, “should”, “expect”, “project”, “estimate”, “believe”, “anticipate”, “intend”, “budget”, “plan”, “forecast”, “predict” and other similar expressions. Forward-looking statements appear throughout this Form 10-Q with respect to, among other things: profitability; planned capital expenditures; estimates of oil and gas production; future project dates; estimates of future oil and gas prices; estimates of oil and gas reserves; our future financial condition or results of operations; and our business strategy and other plans and objectives for future operations. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement.

 

While we have made assumptions that we believe are reasonable, the assumptions that support our forward-looking statements are based upon information that is currently available and is subject to change. All forward-looking statements in the Form 10-Q are qualified in their entirety by the cautionary statement contained in this section. We do not undertake to update, revise or correct any of the forward-looking information. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Form 10-K.

 

Liquidity and Capital Resources. Historically, we have funded our operations, acquisitions, exploration and development expenditures from cash generated by operating activities, bank borrowings, sales of non-core properties and issuance of common stock. Our primary financial resource is our base of oil and gas reserves. We have pledged our producing oil and gas properties to secure our revolving line of credit. We do not have any delivery commitments to provide a fixed and determinable quantity of its oil and gas under any existing contract or agreement.

 

Due to depressed commodity price environment, we are applying financial discipline to all aspects of our business. In order to meet obligations, we may continue to sell non-core assets.

 

Our long term strategy is on increasing profit margins while concentrating on obtaining reserves with low cost operations by acquiring and developing oil and gas properties with potential for long-lived production. We focus our efforts on the acquisition of royalties and working interests and non-operated properties in areas with significant development potential.

 

For the first nine months of fiscal 2019, cash flow from operations was $820,501, a 436% increase when compared to the corresponding period of fiscal 2018 primarily as a result of a decrease in accounts receivable and an increase in oil and gas revenues. Cash of $700,000 was used to pay off the line of credit, net cash of $520,807 was used for additions to oil and gas properties, cash of $5,000 was used for the issuance of our new loan agreement and cash of $18,241 was received from proceeds from the exercise of employee stock options. Accordingly, net cash decreased $387,065, leaving cash and cash equivalents on hand of $105,545 as of December 31, 2018.

 

At December 31, 2018, we had working capital of $396,633 compared to working capital of $925,618 at March 31, 2018, a decrease of $528,985 primarily due to a decrease in cash for reduction of our long term debt.

 

Oil and Natural Gas Property Development. In addition to an indeterminate number of wells to be drilled by other operators on Mexco’s royalty interests, the Company currently expects to participate in the drilling and completion of approximately 50 horizontal wells at an estimated aggregate cost of approximately $1,300,000 for the fiscal year ending March 31, 2019. The operators of these wells include Apache Corporation, Concho Resources, Inc., Marathon Oil Company, Mewbourne Oil Company, XTO Energy, Inc. and others.

 

During the first nine months of fiscal 2019, Mexco participated with various percentage interests in the drilling of 41 horizontal wells with aggregate costs of approximately $715,000. Of these wells, 35 are in the Delaware Basin located in the western portion of the Permian Basin in Eddy and Lea Counties, New Mexico and 6 are located in Grady County, Oklahoma.

 

12
 

 

The first 13 of these wells have been completed and are currently producing. Another 28 wells are being drilled and completed.

 

During the first nine months of fiscal 2019, the Company received approximately $33,000 in cash from a sale of joint venture leasehold acreage and marginal producing working interest wells in North Dakota and Montana.

 

We are participating in other projects and are reviewing projects in which we may participate. The cost of such projects would be funded, to the extent possible, from existing cash balances and cash flow from operations. The remainder may be funded through borrowings on the credit facility and, if appropriate, sales of non-core properties.

 

Crude oil and natural gas prices generally remained volatile during the last year. The volatility of the energy markets makes it extremely difficult to predict future oil and natural gas price movements with any certainty. For example in the last twelve months, the NYMEX West Texas Intermediate (“WTI”) posted price for crude oil has ranged from a low of $39.25 per bbl in December 2018 to a high of $73.00 per bbl in October 2018. The Henry Hub Spot Market Price (“Henry Hub”) for natural gas has ranged from a low of $2.49 per MMBtu in February 2018 to a high of $6.24 per MMBtu in January 2018. On December 31, 2018 the WTI posted price for crude oil was $42.25 per bbl and the Henry Hub spot price for natural gas was $3.25 per MMBtu. See Results of Operations below for realized prices.

 

Contractual Obligations. We have no off-balance sheet debt or unrecorded obligations and have not guaranteed the debt of any other party. The following table summarizes our future payments we are obligated to make based on agreements in place as of December 31, 2018:

 

   Payments due in: 
   Total   less than 1 year   1 - 3 years   over 3 years 
Contractual obligations:                    
Secured bank line of credit (1)  $-   $-   $-   $- 
Leases (2)  $118,718   $48,610   $70,108   $- 

 

  (1) These amounts represent the balances outstanding under the bank line of credit.
  (2) The lease amount represents the monthly rent amount for our principal office space in Midland, Texas under a three year lease agreement effective May 15, 2018. The total obligation for the remainder of the lease is $157,338 which includes $38,620 billed to and reimbursed by our majority shareholder for his portion of the shared office space.

 

Results of Operations – Three Months Ended December 31, 2018 and 2017. For the quarter ended December 31, 2018, the net loss of $13,076 compared to a net loss of $101,228 for the quarter ended December 31, 2017 was a result of a decrease in operating expenses and interest expense as further explained below.

 

Oil and gas sales. Revenue from oil and gas sales was $640,143 for the third quarter of fiscal 2019, a .2% decrease from $641,468 for the same period of fiscal 2018. This resulted from an increase in oil production offset by a decrease in gas production and a decrease in oil and gas prices.

 

   2018   2017   % Difference 
Oil:               
Revenue  $452,695   $434,729    4.1%
Volume (bbls)   9,210    8,209    12.2%
Average Price (per bbl)  $49.15   $52.96    (7.2%)
                
Gas:               
Revenue  $187,448   $206,739    (9.3%)
Volume (mcf)   72,334    76,033    (4.9%)
Average Price (per mcf)  $2.59   $2.72    (4.8%)

 

Production and exploration. Production costs were $211,788 for the third quarter of fiscal 2019, a 15% decrease from $248,865 for the same period of fiscal 2018. This is primarily the result of a decrease in expenses due to the sale of our marginal operated properties in Loving County, Texas.

 

Depreciation, depletion and amortization. Depreciation, depletion and amortization expense was $196,206 for the third quarter of fiscal 2019, a 21% decrease from $247,801 for the same period of fiscal 2018, primarily due to a decrease in future development costs, gas production and full cost pool amortization base partially offset by a decrease in oil and gas reserves.

 

13
 

 

General and administrative expenses. General and administrative expenses were $234,987 for the third quarter of fiscal 2019, a 4% increase from $225,528 for the same period of fiscal 2018. This was primarily due to an increase in salaries, stock option compensation, legal fees, rent expense partially offset by a decrease in accounting fees and engineering services.

 

Interest expense. Interest expense was $4,951 for the third quarter of fiscal 2019, an 80% decrease from $25,360 for the same period of fiscal 2018, due to a decrease in borrowings partially offset by an increase in interest rate.

 

Income taxes. There was no income tax expense for the quarter ended December 31, 2018 and the quarter ended December 31, 2017. The effective tax rate for the three months ended December 31, 2018 and December 31, 2017 was 0%. We are in a net deferred tax asset position and believe it is more likely than not that these deferred tax assets will not be realized.

 

Results of Operations – Nine Months Ended December 31, 2018 and 2017. For the nine months ended December 31, 2018, the net income of $23,375 compared to a net loss of $585,950 for the nine months ended December 31, 2017 was a result of a decrease in operating expenses and an increase operating revenues that is further explained below.

 

Oil and gas sales. Revenue from oil and gas sales was $2,076,742 for the nine months ended December 31, 2018, a 9% increase from $1,903,361 for the same period of fiscal 2018. This resulted from an increase in oil price and production partially offset by a decrease in gas price and production.

 

   2018   2017   % Difference 
Oil:               
Revenue  $1,517,989   $1,240,151    22.4%
Volume (bbls)   27,090    26,178    3.5%
Average Price (per bbl)  $56.04   $47.37    18.3%
                
Gas:               
Revenue  $558,753   $663,210    (15.8%)
Volume (mcf)   219,204    250,049    (12.3%)
Average Price (per mcf)  $2.55   $2.65    (3.8%)

 

Production and exploration. Production costs were $721,301 for the nine months ended December 31, 2018, an 11% decrease from $813,570 for the nine months ended December 31, 2017. This is primarily the result of a decrease in expenses due to the sale of our operated properties in Loving County, Texas.

 

Depreciation, depletion and amortization. Depreciation, depletion and amortization expense was $617,864 for the nine months ended December 31, 2018, a 27% decrease from $844,566 for the nine months ended December 31, 2017, primarily due to a decrease in future development costs, gas production and full cost pool amortization base partially offset by a decrease in oil and gas reserves.

 

General and administrative expenses. General and administrative expenses were $710,194 for the nine months ended December 31, 2018, a 7% decrease from $765,056 for the nine months ended December 31, 2017. This was primarily due to a decrease in accounting fees partially offset by expenditures due to our office relocation.

 

Interest expense. Interest expense was $18,318 for the nine months ended December 31, 2018, a 77% decrease from $79,310 for the nine months ended December 31, 2017 due to a decrease in borrowings partially offset by an increase in interest rate.

 

Income taxes. There was no income tax for the nine months ended December 31, 2018 and for the nine months ended December 31, 2017. The effective tax rate for the nine months ended December 31, 2018 and December 31, 2017 was 0%. We are in a net deferred tax asset position and believe it is more likely than not that these deferred tax assets will not be realized.

 

14
 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

The primary sources of market risk for us include fluctuations in commodity prices and interest rates. All of our financial instruments are for purposes other than trading.

 

Credit Risk. Credit risk is the risk of loss as a result of nonperformance by other parties of their contractual obligations. Our primary credit risk is related to oil and gas production sold to various purchasers and the receivables are generally not collateralized. At December 31, 2018, our largest credit risk associated with any single purchaser was $145,296 or 42% of our total oil and gas receivables. We have not experienced any significant credit losses.

 

Energy Price Risk. Our most significant market risk is the pricing for natural gas and crude oil. Our financial condition, results of operations, and capital resources are highly dependent upon the prevailing market prices of, and demand for, oil and natural gas. Prices for oil and natural gas fluctuate widely. We cannot predict future oil and natural gas prices with any certainty. Historically, the markets for oil and gas have been volatile, and they are likely to continue to be volatile.

 

Prices for crude oil and natural gas have been adversely effected by temporary pipeline capacity constraints primarily in the Permian Basin. We are unable to predict exactly how long this limitation will continue.

 

Factors that can cause price fluctuations include the level of global demand for petroleum products, foreign and domestic supply of oil and gas, the establishment of and compliance with production quotas by oil-exporting countries, weather conditions, the price and availability of alternative fuels and overall political and economic conditions in oil producing countries.

 

Declines in oil and natural gas prices will materially adversely affect our financial condition, liquidity, ability to obtain financing and operating results. Changes in oil and gas prices impact both estimated future net revenue and the estimated quantity of proved reserves. Any reduction in reserves, including reductions due to price fluctuations, can reduce the borrowing base under our credit facility and adversely affect the amount of cash flow available for capital expenditures and our ability to obtain additional capital for our acquisition, exploration and development activities. In addition, a noncash write-down of our oil and gas properties could be required under full cost accounting rules if prices declined significantly, even if it is only for a short period of time. Lower prices may also reduce the amount of crude oil and natural gas that can be produced economically. Thus, we may experience material increases or decreases in reserve quantities solely as a result of price changes and not as a result of drilling or well performance.

 

Similarly, any improvements in oil and gas prices can have a favorable impact on our financial condition, results of operations and capital resources. Oil and natural gas prices do not necessarily fluctuate in direct relationship to each other. If the average oil price had increased or decreased by ten dollars per barrel for the first nine months of fiscal 2019, pretax income or loss would have changed by $270,900. If the average gas price had increased or decreased by one dollar per mcf for the first nine months of fiscal 2019, pretax income or loss would have changed by $219,204.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures to ensure that the information we must disclose in our filings with the SEC is recorded, processed, summarized and reported on a timely basis. At the end of the period covered by this report, our principal executive officer and principal financial officer reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rules 13a-15(e). Based on such evaluation, such officers concluded that, as of December 31, 2018, our disclosure controls and procedures were effective.

 

Changes in Internal Control over Financial Reporting. No changes in our internal control over financial reporting occurred during the nine months ended December 31, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

15
 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business. We are not aware of any legal or governmental proceedings against us, or contemplated to be brought against us, under various environmental protection statutes or other regulations to which we are subject.

 

Item 1A. Risk Factors

 

There have been no material changes to the information previously disclosed in Item 1A. “Risk Factors” in our 2018 Annual Report on Form 10-K.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

  None

 

Item 3. Defaults Upon Senior Securities

 

  None

 

Item 4. Mine Safety Disclosures
   
  None

 

Item 5. Other Information
   
  None

 

Item 6. Exhibits
   
  The information required by this Item 6 is set forth in the Index to Exhibits accompanying this Form 10-Q and is hereby incorporated by reference.

 

16
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  MEXCO ENERGY CORPORATION
  (Registrant)
   
Dated: February 12, 2019 /s/ Nicholas C. Taylor
  Nicholas C. Taylor
  Chairman of the Board and Chief Executive Officer
   
Dated: February 12, 2019 /s/ Tamala L. McComic
  Tamala L. McComic
  President, Chief Financial Officer, Treasurer and Assistant Secretary

 

17
 

 

INDEX TO EXHIBITS

 

Exhibit  
Number  
   
3.1 Restated Articles of Incorporation of Mexco Energy Corporation filed as Exhibit 3.1 to the Company’s Annual Report on Form 10-K dated June 24, 1998, and incorporated herein by reference.
   
3.2 Amended Bylaws of Mexco Energy Corporation as amended on September 13, 2011 filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated September 14, 2011, and incorporated herein by reference.
   
10.1 2009 Employee Incentive Stock Plan of Mexco Energy Corporation filed as Exhibit A to the Company’s Proxy Statement on Form 14C dated July 15, 2009, and incorporated herein by reference.
   
10.2 Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.2 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.
   
10.3 First Amendment to Loan Agreement dated December 28, 2009 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.3 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.
   
10.4 Second Amendment to Loan Agreement dated March 1, 2010 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.4 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.
   
10.5 Third Amendment to Loan Agreement dated September 30, 2010 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.5 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.
   
10.6 Fourth Amendment to Loan Agreement dated October 22, 2010 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.6 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.
   
10.7 Fifth Amendment to Loan Agreement dated December 28, 2011 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.7 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.
   
10.8 Sixth Amendment to Loan Agreement dated October 22, 2012 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.8 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.
   
10.9 Seventh Amendment to Loan Agreement dated October 25, 2013 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.9 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.
   
10.10 Eighth Amendment to Loan Agreement dated September 10, 2014 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.10 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.

 

18
 

 

10.11 Ninth Amendment to Loan Agreement dated February 13, 2015 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.11 to the Company’s Annual Report on Form 10-K dated June 25, 2015, and incorporated herein by reference.
   
10.12 Tenth Amendment to Loan Agreement dated March 31, 2016 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008 filed as Exhibit 10.12 to the Company’s Annual Report on Form 10-K dated June 27, 2017, and incorporated herein by reference.
   
10.13 Eleventh Amendment to Loan Agreement dated March 8, 2017 to the Loan Agreement between Bank of America, N.A. and Mexco Energy Corporation dated December 31, 2008, and incorporated herein by reference.
   
10.14 Loan Agreement between West Texas National Bank and Mexco Energy Corporation dated December 28, 2018 filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 31, 2018 and incorporated herein by reference.
   
14.1 Code of Business Conduct and Ethics of Mexco Energy Corporation filed with the Company’s Quarterly Report on Form 10-Q filed on November 15, 2004, and incorporated herein by reference.
   
31.1 Certification of the Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
31.2 Certification of the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
32.1 Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

19
 

 

 EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

CHIEF EXECUTIVE OFFICER CERTIFICATION

 

CERTIFICATION

 

I, Nicholas C. Taylor, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Mexco Energy Corporation;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: February 12, 2019 /s/ Nicholas C. Taylor
  Nicholas C. Taylor
  Chairman of the Board and Chief Executive Officer

 

 
 

 

 EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

CHIEF FINANCIAL OFFICER CERTIFICATION

CERTIFICATION

 

I, Tamala L. McComic, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Mexco Energy Corporation;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: February 12, 2019 /s/ Tamala L. McComic
  Tamala L. McComic
  President and Chief Financial Officer

 

 
 

 

 EX-32.1 4 ex32-1.htm

 

Exhibit 32.1

 

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

OF MEXCO ENERGY CORPORATION

PURSUANT TO 18 U.S.C. §1350

 

In connection with the Quarterly Report of Mexco Energy Corporation on Form 10-Q for the quarterly period ended December 31, 2018, as filed with the Securities and Exchange Commission on February 12, 2019 (the “Report”), the undersigned, in the capacities and on the dates indicated below, each hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

 

  1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Mexco Energy Corporation as of the dates and for periods presented as required by such Report.

 

Date: February 12, 2019 /s/ Nicholas C. Taylor
  Nicholas C. Taylor
  Chairman of the Board and Chief Executive Officer
   
   
Date: February 12, 2019 /s/ Tamala L. McComic
  Tamala L. McComic
  President and Chief Financial Officer

 

 
 

 

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description Line of credit commitment fee, percentage Line of credit maturity date Legal and recording expenses Debt instrument covenant description Line of credit borrowing capacity Line of credit facility percentage Line of credit Deposit Outstanding letter of credit Balance at April 1, 2018: Borrowings Repayments Balance at December 31, 2018: Deferred tax asset, net Valuation allowance of deferred tax asset Total billed to and reimbursed expenses Anti diluted excluding common shares Weighted average exercise price Net (loss) income Shares outstanding: Weighted average shares outstanding - basic Shares outstanding: Effect of the assumed exercise of dilutive stock options Shares outstanding: Weighted average shares outstanding - dilutive (Loss) income per common share: Basic (Loss) income per common share: Diluted Bank of America, N.A [Member] January 29, 2016 [Member] Original and Renewed Agreements [Member] Revolving Credit Agreement [Member] Other [Member] Production. Interim Financial Statements [Policy Text Block] Renewel Agreements [Member] July 20 2018 [Member] Drilling refund. Board of Directors [Member] Outstanding options expiration date description. Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term. November 8, 2018 [Member] Directors or Employees [Member] Loan Agreement [Member] West Texas National Bank [Member] Legal and recording expenses. Assets, Current Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Net Assets Liabilities, Current Liabilities Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Costs and Expenses Operating Income (Loss) Interest Expense, Other Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Shares, Outstanding Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense Increase (Decrease) in Other Noncurrent Assets Net Cash Provided by (Used in) Operating Activities Payments to Acquire Oil and Gas Property Net Cash Provided by (Used in) Investing Activities Payments of Debt Issuance Costs Repayments of Long-term Debt Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations Settlement of Asset Retirement Obligations Through Noncash Payments, Amount Asset Retirement Obligation Asset Retirement Obligation, Liabilities Settled Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price EX-101.PRE 10 mxc-20181231_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 9 Months Ended
Dec. 31, 2018
Feb. 12, 2019
Document And Entity Information    
Entity Registrant Name MEXCO ENERGY CORP  
Entity Central Index Key 0000066418  
Document Type 10-Q  
Document Period End Date Dec. 31, 2018  
Amendment Flag false  
Current Fiscal Year End Date --03-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   2,040,166
Trading Symbol MXC  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2019  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Mar. 31, 2018
Current assets    
Cash and cash equivalents $ 105,545 $ 492,610
Accounts receivable:    
Oil and gas sales 344,967 395,991
Trade 10,768 436,249
Note receivable 29,948
Prepaid costs and expenses 21,347 47,583
Total current assets 512,575 1,372,433
Property and equipment, at cost    
Oil and gas properties, using the full cost method 35,868,353 35,224,784
Other 107,484 107,484
Accumulated depreciation, depletion and amortization (27,070,889) (26,453,025)
Property and equipment, net 8,904,948 8,879,243
Other noncurrent assets 22,593 149,278
Total assets 9,440,116 10,400,954
Current liabilities    
Accounts payable and accrued expenses 115,942 446,815
Total current liabilities 115,942 446,815
Long-term debt 700,000
Asset retirement obligations 866,420 852,553
Total liabilities 982,362 1,999,368
Commitments and contingencies
Stockholders' equity    
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,107,166 and 2,104,266 shares issued; 2,040,166 and 2,037,266 shares outstanding As of December 31, 2018 and March 31, 2018, respectively 1,053,583 1,052,133
Additional paid-in capital 7,296,944 7,265,601
Retained earnings 453,228 429,853
Treasury stock, at cost - (67,000 shares) (346,001) (346,001)
Total stockholders' equity 8,457,754 8,401,586
Total liabilities and stockholders' equity $ 9,440,116 $ 10,400,954
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2018
Mar. 31, 2018
Statement of Financial Position [Abstract]    
Preferred stock par value $ 1.00 $ 1.00
Preferred stock shares authorized 10,000,000 10,000,000
Preferred stock shares outstanding
Common stock par value $ 0.50 $ 0.50
Common stock shares authorized 40,000,000 40,000,000
Common stock shares issued 2,107,166 2,104,266
Common stock shares outstanding 2,040,166 2,037,266
Treasury stock, shares 67,000 67,000
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Operating revenue:        
Total operating revenues $ 644,316 $ 654,931 $ 2,107,835 $ 1,941,703
Operating expenses:        
Production 211,788 248,865 721,301 813,570
Accretion of asset retirement obligation 9,464 8,639 16,870 25,196
Depreciation, depletion, and amortization 196,206 247,801 617,864 844,566
General and administrative 234,987 225,528 710,194 765,056
Total operating expenses 652,445 730,833 2,066,229 2,448,388
Operating (loss) income (8,129) (75,902) 41,606 (506,685)
Other income (expenses):        
Interest income 4 34 87 45
Interest expense (4,951) (25,360) (18,318) (79,310)
Net other expense (4,947) (25,326) (18,231) (79,265)
(Loss) income before income taxes (13,076) (101,228) 23,375 (585,950)
Net (loss) income $ (13,076) $ (101,228) $ 23,375 $ (585,950)
(Loss) income per common share:        
Basic: $ (0.01) $ (0.05) $ 0.01 $ (0.29)
Diluted: $ (0.01) $ (0.05) $ 0.01 $ (0.29)
Weighted average common shares outstanding:        
Basic: 2,040,166 2,037,266 2,039,165 2,037,266
Diluted: 2,040,166 2,037,266 2,039,165 2,037,266
Oil [Member]        
Operating revenue:        
Total operating revenues $ 452,695 $ 434,729 $ 1,517,989 $ 1,240,151
Natural Gas [Member]        
Operating revenue:        
Total operating revenues 187,448 206,739 558,753 663,210
Other [Member]        
Operating revenue:        
Total operating revenues $ 4,173 $ 13,463 $ 31,093 $ 38,342
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)
Common Stock Par Value [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Total
Balance at Mar. 31, 2017 $ 1,052,133 $ 7,244,848 $ 751,342 $ (346,001) $ 8,702,322
Net income (loss) (585,950) (585,950)
Stock based compensation 17,265 17,265
Balance at Dec. 31, 2017 1,052,133 7,262,113 165,392 (346,001) 8,133,637
Balance at Sep. 30, 2017 1,052,133 7,258,623 266,620 (346,001) 8,231,375
Net income (loss) (101,228) (101,228)
Stock based compensation 3,490 3,490
Balance at Dec. 31, 2017 1,052,133 7,262,113 165,392 (346,001) 8,133,637
Balance at Mar. 31, 2018 $ 1,052,133 7,265,601 429,853 $ (346,001) 8,401,586
Balance, shares at Mar. 31, 2018 2,104,266     (67,000)  
Net income (loss) 23,375 23,375
Issuance of stock through options exercised 1,450 16,791 18,241
Stock based compensation $ 14,552 $ 14,552
Common stock shares, issued 2,900
Common stock shares, held in treasury, Acquisitions, shares
Balance at Dec. 31, 2018 $ 1,053,583 $ 7,296,944 $ 453,228 $ (346,001) $ 8,457,754
Balance, shares at Dec. 31, 2018 2,107,166     (67,000)  
Common stock shares outstanding at Dec. 31, 2018         2,040,166
Balance at Sep. 30, 2018 $ 1,053,583 7,288,840 466,304 $ (346,001) $ 8,462,726
Net income (loss) (13,076) (13,076)
Stock based compensation 8,104 8,104
Balance at Dec. 31, 2018 $ 1,053,583 $ 7,296,944 $ 453,228 $ (346,001) $ 8,457,754
Balance, shares at Dec. 31, 2018 2,107,166     (67,000)  
Common stock shares outstanding at Dec. 31, 2018         2,040,166
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net income (loss) $ 23,375 $ (585,950)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 14,552 17,265
Depreciation, depletion and amortization 617,864 844,566
Accretion of asset retirement obligations 16,870 25,196
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 476,505 (235,244)
Decrease in prepaid expenses 26,236 17,543
Increase in other noncurrent assets (4,729)
(Decrease) increase in accounts payable and accrued expenses (347,945) 77,024
Settlement of asset retirement obligations (2,227) (7,264)
Net cash provided by operating activities 820,501 153,136
Cash flows from investing activities:    
Additions to oil and gas properties (632,033) (802,184)
Drilling refunds 74,744
Proceeds from sale of oil and gas properties and equipment 111,226 2,548,135
Net cash (used in) provided by investing activities (520,807) 1,820,695
Cash flows from financing activities:    
Proceeds from exercise of stock options 18,241
Debt issuance costs (5,000)
Reduction of long-term debt (700,000) (1,950,000)
Net cash used in financing activities (686,759) (1,950,000)
Net (decrease) increase in cash and cash equivalents (387,065) 23,831
Cash and cash equivalents at beginning of period 492,610 73,451
Cash and cash equivalents at end of period 105,545 97,282
Supplemental disclosure of cash flow information:    
Cash paid for interest 21,120 81,415
Non-cash investing and financing activities:    
Asset retirement obligations $ 5,092 $ 6,356
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of Operations
 9 Months Ended
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

1. Nature of Operations

 

Mexco Energy Corporation (a Colorado corporation) and its wholly owned subsidiaries, Forman Energy Corporation (a New York corporation), Southwest Texas Disposal Corporation (a Texas corporation) and TBO Oil & Gas, LLC (a Texas limited liability company) (collectively, the “Company”) are engaged in the exploration, development and production of natural gas, crude oil, condensate and natural gas liquids (“NGLs”). Most of the Company’s oil and gas interests are centered in the Permian Basin of West Texas; however, the Company owns producing properties and undeveloped acreage in thirteen states. Although the Company’s oil and gas interests predominately are operated by others, the Company operates three wells on a lease in which it owns a 100% working interest.
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation and Significant Accounting Policies
 9 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies

2. Basis of Presentation and Significant Accounting Policies

 

Principles of Consolidation. The consolidated financial statements include the accounts of Mexco Energy Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions associated with the consolidated operations have been eliminated.

 

Estimates and Assumptions. In preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make informed judgments, estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates are used in determining proved oil and gas reserves. Although management believes its estimates and assumptions are reasonable, actual results may differ materially from those estimates. The estimate of the Company’s oil and natural gas reserves, which is used to compute depreciation, depletion, amortization and impairment of oil and gas properties, is the most significant of the estimates and assumptions that affect these reported results.

 

Interim Financial Statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position of the Company as of December 31, 2018, and the results of its operations and cash flows for the interim periods ended December 31, 2018 and 2017. The consolidated financial statements as of December 31, 2018 and for the three and nine month periods ended December 31, 2018 and 2017 are unaudited. The consolidated balance sheet as of March 31, 2018 was derived from the audited balance sheet filed in the Company’s 2018 annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). The results of operations for the periods presented are not necessarily indicative of the results to be expected for a full year. The accounting policies followed by the Company are set forth in more detail in Note 2 of the “Notes to Consolidated Financial Statements” in the Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC. However, the disclosures herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Form 10-K.

 

Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this update are effective for fiscal years and interim periods within those years beginning after December 15, 2017 and supersedes any previous revenue recognition guidance. On April 1, 2018 we adopted ASU 2014-09 using the modified retrospective approach which only applies to contracts that were not completed as of the date of initial application. Recognition of revenue involves a five step approach including identifying the contract, identifying the separate performance obligations, determining the transaction price, allocating the price to the performance obligations and recognizing revenue as the obligations are satisfied.

 

Adoption of this new standard did not have an impact on the Company’s financial statements. When comparing the Company’s historical revenue recognition to the newly applied revenue recognition under Topic 606, there was no change to the amount or timing of revenue recognized. Therefore, no quantitative adjustment was required to be made to the prior periods presented in the unaudited consolidated financial statements after the adoption. Upon adoption the Company had not altered its existing information technology and internal controls outside of the contract review processes in order to identify impacts of future revenue contracts the Company may enter into.

 

Accounting Policy - Revenues from our royalty and non-operated working interest properties are recorded under the cash receipts approach as directly received from the remitters’ statement accompanying the revenue check. Since the revenue checks are generally received two to four months after the production month, the Company accrues for revenue earned but not received by estimating production volumes and product prices. Any identified differences between its revenue estimates and actual revenue received historically have not been significant.

 

The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Asset Retirement Obligations
 9 Months Ended
Dec. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

3. Asset Retirement Obligations

 

The Company’s asset retirement obligations (“ARO”) relate to the plugging of wells, the removal of facilities and equipment, and site restoration on oil and gas properties. The fair value of a liability for an ARO is recorded in the period in which it is incurred, discounted to its present value using the credit adjusted risk-free interest rate, and a corresponding amount capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted each period, and the capitalized cost is depreciated over the useful life of the related asset. The ARO is included in the consolidated balance sheets with the current portion being included in the accounts payable and other accrued expenses.

 

The following table provides a rollforward of the AROs for the first nine months of fiscal 2019:

 

Carrying amount of asset retirement obligations as of April 1, 2018   $ 862,553  
Liabilities incurred     5,092  
Liabilities settled     (8,095 )
Accretion expense     16,870  
Carrying amount of asset retirement obligations as of December 31, 2018     876,420  
Less: Current portion     10,000  
Non-Current asset retirement obligation   $ 866,420  
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation
 9 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

4. Stock-based Compensation

 

The Company recognized stock-based compensation expense of $8,104 and $3,489 in general and administrative expense in the Consolidated Statements of Operations for the three months ended December 31, 2018 and 2017, respectively. Stock-based compensation expense recognized for the nine months ended December 31, 2018 and 2017 was $14,552 and $17,265, respectively. The total cost related to non-vested awards not yet recognized at December 31, 2018 totals approximately $120,115 which is expected to be recognized over a weighted average of 3.70 years.

 

During the nine months ended December 31, 2018, the Compensation Committee of the Board of Directors approved and the Company granted 40,000 stock options exercisable at $4.84 per share. During the nine months ended December 31, 2017, no stock options were granted. These options are exercisable at a price not less than the fair market value of the stock at the date of grant, have an exercise period of ten years and generally vest over four years.

 

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the nine months ended December 31, 2018 and 2017. All such amounts represent the weighted average amounts.

 

    Nine Months Ended  
    December 31  
    2018     2017  
Grant-date fair value   $ 3.25       -  
Volatility factor     55.26 %     -  
Dividend yield     -       -  
Risk-free interest rate     2.91 %     -  
Expected term (in years)     6.25       -  

 

The following table is a summary of activity of stock options for the nine months ended December 31, 2018:

 

    Number of
Shares		     Weighted
Average
Exercise Price		     Weighted Average
Remaining Contract
Life in Years		  
Outstanding at April 1, 2018     148,600     $ 6.54       4.34  
Granted     40,000       4.84          
Exercised     (2,900 )     6.29          
Forfeited or Expired     -       -          
Outstanding at December 31, 2018     185,700     $ 6.18       4.93  
                         
Vested at December 31, 2018     145,700     $ 6.55       3.62  
Exercisable at December 31, 2018     145,700     $ 6.55       3.62  

 

During the nine months ended December 31, 2018, stock options covering 2,900 shares were exercised with a total intrinsic value of $6,575. The Company received proceeds of $18,241 from these exercises. During the nine months ended December 30, 2017, no stock options were exercised.

 

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history of these types of awards. There were no stock options forfeited or expired during the nine months ended December 31, 2018 and 2017.

 

Outstanding options at December 31, 2018 expire between August 2020 and September 2028 and have exercise prices ranging from $4.84 to $7.00.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Credit Facility
 9 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Credit Facility

5. Credit Facility

 

On December 28, 2018, the Company entered into a loan agreement (the “Agreement”) with West Texas National Bank (“WTNB”) which will provide for a credit facility of $1,000,000. The Agreement has no monthly commitment reduction and a borrowing base to be evaluated annually.

 

Under the Agreement, interest on the facility accrues at a rate equal to the prime rate as quoted in the Wall Street Journal plus one-half of one percent (.5%) floating daily. Interest on the outstanding amount under the Agreement is payable monthly. In addition, the Company will pay an unused commitment fee in an amount equal to one-half of one percent (.5%) times the daily average of the unadvanced amount of the commitment. The unused commitment fee is payable quarterly in arrears on the last day of each calendar quarter.

 

No principal payments are anticipated to be required through the maturity date of the loan, December 28, 2021. Upon closing with WTNB on the Agreement, the Company paid a ..5% loan origination fee in the amount of $5,000 plus legal and recording expenses.

 

Amounts borrowed under the Agreement are collateralized by the common stock of the Company’s wholly owned subsidiaries and substantially all of the Company’s oil and gas properties.

 

The Agreement contains customary covenants for credit facilities of this type including limitations on change in control, disposition of assets, mergers and reorganizations. The Company is also obligated to meet certain financial covenants under the Agreement and requires senior debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratios (Senior Debt/EBITDA) less than or equal to 4.00 to 1.00 measured with respect to the four trailing fiscal quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter. The Company is in compliance with all covenants as of December 31, 2018 and believes it will remain in compliance for the next fiscal year.

 

In addition, the Agreement prohibits the Company from paying cash dividends on its common stock without prior written permission of WTNB. The Agreement does not permit the Company to enter into hedge agreements covering crude oil and natural gas prices.

 

There is no balance outstanding on the WTNB line of credit as of December 31, 2018.

 

Prior thereto, the Company had a loan agreement with Bank of America, N.A. which provided for a credit facility of $5,570,000 with no monthly commitment reductions and a borrowing base to be evaluated on July 30 and January 1 of each year or at any additional time in the bank’s discretion. The borrowing base was evaluated on July 31, 2018 and set at $525,000. The Agreement was renewed eleven times with the eleventh amendment effective as of March 8, 2017 with a maturity date of November 30, 2020. Under such renewal agreement, interest on the facility accrued at an annual rate equal to the British Bankers Association London Interbank Offered Rate (“BBA LIBOR”) daily floating rate, plus 3.0 percentage points. Interest on the outstanding amount under the credit agreement was payable monthly. The Company was in compliance with the loan agreement as the date of repayment.

 

On December 28, 2018, in connection with entering into the loan agreement with WTNB described above, the Company repaid in full and terminated its loan agreement with Bank of America, N.A. The $450,000 amount owed was repaid using Company funds and no early termination fees were incurred.

 

The following table is a summary of activity on the Bank of America, N.A. line of credit for the nine months ended December 31, 2018:

 

    Principal  
Balance at April 1, 2018:   $ 700,000  
Borrowings     -  
Repayments     700,000  
Balance at December 31, 2018:   $ -  

 

On December 26, 2018, the Company deposited $26,250 into a Cash Collateral Account at Bank of America, N.A. to collateralize one outstanding letter of credit for $25,000 in lieu of a plugging bond with the Texas Railroad Commission covering the properties the Company operates. This letter of credit renews annually.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes
 9 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

6. Income Taxes

 

A valuation allowance for deferred tax assets, including net operating losses, is recognized when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. To assess that likelihood, we use estimates and judgment regarding our future taxable income, and we consider the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include our current financial position, our results of operations, both actual and forecasted, the reversal of deferred tax liabilities, and tax planning strategies as well as the current and forecasted business economics of our industry.

 

Based on the material write-downs of the carrying value of our oil and natural gas properties during fiscal 2016, we are in a net deferred tax asset position as of December 31, 2018. Our deferred tax asset is $1,248,620 as of December 31, 2018 with a valuation amount of $1,248,620. We believe it is more likely than not that these deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as future expected growth.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
 9 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

7. Related Party Transactions

 

Related party transactions for the Company relate to shared office expenditures in addition to administrative and operating expenses paid on behalf of the principal stockholder. The total billed to and reimbursed by the stockholder for the three months ended December 31, 2018 and 2017 was $12,487 and $11,873, respectively. The total billed to and reimbursed by the stockholder for the nine months ended December 31, 2018 and 2017 was $39,508 and $30,355, respectively.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loss (Income) Per Common Share
 9 Months Ended
Dec. 31, 2018
(Loss) income per common share:  
Loss (Income) Per Common Share

8. Loss (Income) Per Common Share

 

The Company’s basic net (loss) income per share has been computed based on the weighted average number of common shares outstanding during the period. Diluted net (loss) income per share assumes the exercise of all stock options having exercise prices less than the average market price of the common stock during the period using the treasury stock method and is computed by dividing net (loss) income by the weighted average number of common shares and dilutive potential common shares (stock options) outstanding during the period. In periods where losses are reported, the weighted-average number of common shares outstanding excludes potential common shares, because their inclusion would be anti-dilutive.

 

The following is a reconciliation of the number of shares used in the calculation of basic net (loss) income per share and diluted (loss) income per share for the three and nine month periods ended December 31, 2018 and 2017:

 

    Three Months Ended     Nine Months Ended  
    December 31     December 31  
    2018     2017     2018     2017  
Net (loss) income   $ (13,076 )   $ (101,228 )   $ 23,375     $ (585,950 )
                                 
Shares outstanding:                                
Weighted avg. shares outstanding – basic     2,040,166       2,037,266       2,039,165       2,037,266  
Effect of assumed exercise of dilutive stock options     -       -       -       -  
Weighted avg. shares outstanding – dilutive     2,040,166       2,037,266       2,039,165       2,037,266  
                                 
(Loss) income per common share:                                
Basic   $ (0.01 )   $ (0.05 )   $ 0.01     $ (0.29 )
Diluted   $ (0.01 )   $ (0.05 )   $ 0.01     $ (0.29 )

 

Due to a net loss for the three months ended December 31, 2018 and 2017, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.

 

For the nine months ended December 31, 2018, 185,700 potential common shares relating to stock options were excluded in the computation of diluted net income per share because the price of the options was greater than the average market price of the common shares and therefore, the effect would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $6.18 at December 31, 2018. Due to a net loss for the nine months ended December 31, 2017, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation. The consolidated financial statements include the accounts of Mexco Energy Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions associated with the consolidated operations have been eliminated.
Estimates and Assumptions

Estimates and Assumptions. In preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make informed judgments, estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates are used in determining proved oil and gas reserves. Although management believes its estimates and assumptions are reasonable, actual results may differ materially from those estimates. The estimate of the Company’s oil and natural gas reserves, which is used to compute depreciation, depletion, amortization and impairment of oil and gas properties, is the most significant of the estimates and assumptions that affect these reported results.
Interim Financial Statements

Interim Financial Statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position of the Company as of December 31, 2018, and the results of its operations and cash flows for the interim periods ended December 31, 2018 and 2017. The consolidated financial statements as of December 31, 2018 and for the three and nine month periods ended December 31, 2018 and 2017 are unaudited. The consolidated balance sheet as of March 31, 2018 was derived from the audited balance sheet filed in the Company’s 2018 annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). The results of operations for the periods presented are not necessarily indicative of the results to be expected for a full year. The accounting policies followed by the Company are set forth in more detail in Note 2 of the “Notes to Consolidated Financial Statements” in the Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC. However, the disclosures herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Form 10-K.
Revenue from Contracts with Customers

Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this update are effective for fiscal years and interim periods within those years beginning after December 15, 2017 and supersedes any previous revenue recognition guidance. On April 1, 2018 we adopted ASU 2014-09 using the modified retrospective approach which only applies to contracts that were not completed as of the date of initial application. Recognition of revenue involves a five step approach including identifying the contract, identifying the separate performance obligations, determining the transaction price, allocating the price to the performance obligations and recognizing revenue as the obligations are satisfied.

 

Adoption of this new standard did not have an impact on the Company’s financial statements. When comparing the Company’s historical revenue recognition to the newly applied revenue recognition under Topic 606, there was no change to the amount or timing of revenue recognized. Therefore, no quantitative adjustment was required to be made to the prior periods presented in the unaudited consolidated financial statements after the adoption. Upon adoption the Company had not altered its existing information technology and internal controls outside of the contract review processes in order to identify impacts of future revenue contracts the Company may enter into.

 

Accounting Policy - Revenues from our royalty and non-operated working interest properties are recorded under the cash receipts approach as directly received from the remitters’ statement accompanying the revenue check. Since the revenue checks are generally received two to four months after the production month, the Company accrues for revenue earned but not received by estimating production volumes and product prices. Any identified differences between its revenue estimates and actual revenue received historically have not been significant.

 

The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Asset Retirement Obligations (Tables)
 9 Months Ended
Dec. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Rollforward of Asset Retirement Obligations

The following table provides a rollforward of the AROs for the first nine months of fiscal 2019:

 

Carrying amount of asset retirement obligations as of April 1, 2018   $ 862,553  
Liabilities incurred     5,092  
Liabilities settled     (8,095 )
Accretion expense     16,870  
Carrying amount of asset retirement obligations as of December 31, 2018     876,420  
Less: Current portion     10,000  
Non-Current asset retirement obligation   $ 866,420  
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation (Tables)
 9 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binomial Models

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the nine months ended December 31, 2018 and 2017. All such amounts represent the weighted average amounts.

 

    Nine Months Ended  
    December 31  
    2018     2017  
Grant-date fair value   $ 3.25       -  
Volatility factor     55.26 %     -  
Dividend yield     -       -  
Risk-free interest rate     2.91 %     -  
Expected term (in years)     6.25       -  
Summary of Stock Options Activity

The following table is a summary of activity of stock options for the nine months ended December 31, 2018:

 

    Number of
Shares		     Weighted
Average
Exercise Price		     Weighted Average
Remaining Contract
Life in Years		  
Outstanding at April 1, 2018     148,600     $ 6.54       4.34  
Granted     40,000       4.84          
Exercised     (2,900 )     6.29          
Forfeited or Expired     -       -          
Outstanding at December 31, 2018     185,700     $ 6.18       4.93  
                         
Vested at December 31, 2018     145,700     $ 6.55       3.62  
Exercisable at December 31, 2018     145,700     $ 6.55       3.62  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Credit Facility (Tables)
 9 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Summary of Line of Credit Activity

The following table is a summary of activity on the Bank of America, N.A. line of credit for the nine months ended December 31, 2018:

 

    Principal  
Balance at April 1, 2018:   $ 700,000  
Borrowings     -  
Repayments     700,000  
Balance at December 31, 2018:   $ -  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loss (Income) Per Common Share (Tables)
 9 Months Ended
Dec. 31, 2018
(Loss) income per common share:  
Schedule of Reconciliation of Basic Net (Loss) Income Per Share and Diluted (Loss) Income Per Share

The following is a reconciliation of the number of shares used in the calculation of basic net (loss) income per share and diluted (loss) income per share for the three and nine month periods ended December 31, 2018 and 2017:

 

    Three Months Ended     Nine Months Ended  
    December 31     December 31  
    2018     2017     2018     2017  
Net (loss) income   $ (13,076 )   $ (101,228 )   $ 23,375     $ (585,950 )
                                 
Shares outstanding:                                
Weighted avg. shares outstanding – basic     2,040,166       2,037,266       2,039,165       2,037,266  
Effect of assumed exercise of dilutive stock options     -       -       -       -  
Weighted avg. shares outstanding – dilutive     2,040,166       2,037,266       2,039,165       2,037,266  
                                 
(Loss) income per common share:                                
Basic   $ (0.01 )   $ (0.05 )   $ 0.01     $ (0.29 )
Diluted   $ (0.01 )   $ (0.05 )   $ 0.01     $ (0.29 )
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of Operations (Details Narrative)
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Ownership percentage 100.00%
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Assets Retirement Obligations - Schedule of Rollforward of Asset Retirement Obligations (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Mar. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]          
Carrying amount of asset retirement obligations, beginning of year     $ 862,553    
Liabilities incurred     5,092    
Liabilities settled     (8,095)    
Accretion expense $ 9,464 $ 8,639 16,870 $ 25,196  
Carrying amount of asset retirement obligations, end of year 876,420   876,420    
Less: Current portion 10,000   10,000    
Non-Current asset retirement obligation $ 866,420   $ 866,420   $ 852,553
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Stock-based compensation expense $ 8,104 $ 3,489 $ 14,552 $ 17,265
Total cost related to non-vested awards $ 120,115   $ 120,115  
Non-vested awards, weighted average period of recognition     3 years 8 months 12 days  
Number of stock options granted shares     40,000  
Stock options granted exercise price per share     $ 4.84  
Stock option exercised shares     2,900  
Total intrinsic value     $ 6,575  
Proceeds from exercise of stock options     $ 18,241
Stock option forfeited      
Outstanding options expiration date description     Outstanding options at December 31, 2018 expire between August 2020 and September 2028 and have exercise prices ranging from $4.84 to $7.00.  
Stock issued exercise prices ranging, minimum     $ 4.84  
Stock issued exercise prices ranging, maximum     $ 7.00  
Board of Directors [Member]        
Number of stock options granted shares     40,000
Stock options granted exercise price per share     $ 4.84  
Stock option exercise period     10 years  
Stock option vesting period     4 years  
Directors or Employees [Member]        
Stock option forfeited    
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation - Summary of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binomial Models (Details) - $ / shares
 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]    
Grant-date fair value $ 3.25
Volatility factor 55.26% 0.00%
Dividend yield 0.00% 0.00%
Risk-free interest rate 2.91% 0.00%
Expected term (in years) 6 years 2 months 30 days 0 years
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation - Summary of Stock Options Activity (Details)
 9 Months Ended
Dec. 31, 2018
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Number of Shares Outstanding, Beginning Balance | shares 148,600
Number of Shares Outstanding, Granted | shares 40,000
Number of Shares Outstanding, Exercised | shares (2,900)
Number of Shares Outstanding, Forfeited or Expired | shares
Number of Shares Outstanding, Ending Balance | shares 185,700
Number of Shares Outstanding, Vested | shares 145,700
Number of Shares Outstanding, Exercisable | shares 145,700
Weighted Average Exercise Price, Beginning Balance | $ / shares $ 6.54
Weighted Average Exercise Price, Granted | $ / shares 4.84
Weighted Average Exercise Price, Exercised | $ / shares 6.29
Weighted Average Exercise Price, Forfeited or Expired | $ / shares
Weighted Average Exercise Price, Ending Balance | $ / shares 6.18
Weighted Average Exercise Price, Vested | $ / shares 6.55
Weighted Average Exercise Price, Exercisable | $ / shares $ 6.55
Weighted Average Remaining Contract Life in Years, Beginning Balance 4 years 4 months 2 days
Weighted Average Remaining Contract Life in Years, Ending Balance 4 years 11 months 4 days
Weighted Average Remaining Contract Life in Years, Vested 3 years 7 months 13 days
Weighted Average Remaining Contract Life in Years, Exercisable 3 years 7 months 13 days
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Credit Facility (Details Narrative) - USD ($)
 9 Months Ended
Dec. 28, 2018
Mar. 08, 2017
Dec. 31, 2018
Dec. 26, 2018
Jul. 31, 2018
Mar. 31, 2018
Debt instrument covenant description     The Company is also obligated to meet certain financial covenants under the Agreement and requires senior debt to earnings before interest, taxes, depreciation and amortization ("EBITDA") ratios (Senior Debt/EBITDA) less than or equal to 4.00 to 1.00 measured with respect to the four trailing fiscal quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter.      
Line of credit         $ 700,000
BBA LIBOR [Member]            
Line of credit facility percentage     3.00%      
Bank of America, N.A [Member]            
Deposit       $ 26,250    
Outstanding letter of credit       $ 25,000    
Loan Agreement [Member] | West Texas National Bank [Member]            
Credit facility face amount $ 1,000,000          
Accrues variable interest rate 0.50%          
Line of credit commitment fee description The Company will pay an unused commitment fee in an amount equal to one-half of one percent (.5%) times the daily average of the unadvanced amount of the commitment.          
Line of credit commitment fee, percentage 0.50%          
Line of credit maturity date Dec. 28, 2021          
Legal and recording expenses $ 5,000          
Line of credit          
Loan Agreement [Member] | Bank of America, N.A [Member]            
Credit facility face amount     5,570,000      
Line of credit borrowing capacity         $ 525,000  
Line of credit     $ 450,000      
Renewel Agreements [Member]            
Line of credit maturity date   Nov. 30, 2020        
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Credit Facility - Summary of Line of Credit Activity (Details)
 9 Months Ended
Dec. 31, 2018
USD ($)
Debt Disclosure [Abstract]  
Balance at April 1, 2018: $ 700,000
Borrowings
Repayments 700,000
Balance at December 31, 2018:
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details Narrative)
Dec. 31, 2018
USD ($)
Income Tax Disclosure [Abstract]  
Deferred tax asset, net $ 1,248,620
Valuation allowance of deferred tax asset $ 1,248,620
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Related Party Transactions [Abstract]        
Total billed to and reimbursed expenses $ 12,487 $ 11,873 $ 39,508 $ 30,355
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loss (Income) Per Common Share (Details Narrative) - Stock Option [Member]
 9 Months Ended
Dec. 31, 2018
$ / shares
shares
Anti diluted excluding common shares | shares 185,700
Weighted average exercise price | $ / shares $ 6.18
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loss (Income) Per Common Share - Schedule of Reconciliation of Basic Net (Loss) Income Per Share and Diluted (Loss) Income Per Share (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
(Loss) income per common share:        
Net (loss) income $ (13,076) $ (101,228) $ 23,375 $ (585,950)
Shares outstanding: Weighted average shares outstanding - basic 2,040,166 2,037,266 2,039,165 2,037,266
Shares outstanding: Effect of the assumed exercise of dilutive stock options
Shares outstanding: Weighted average shares outstanding - dilutive 2,040,166 2,037,266 2,039,165 2,037,266
(Loss) income per common share: Basic $ (0.01) $ (0.05) $ 0.01 $ (0.29)
(Loss) income per common share: Diluted $ (0.01) $ (0.05) $ 0.01 $ (0.29)
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