Mexco Energy Corporation (MXC)
Chart Events
Performance Outlook
| Previous Close | 6.14 |
| Open | 5.89 |
| Bid | 5.57 x 1200 |
| Ask | 6.80 x 2200 |
| Day's Range | 5.70 - 6.07 |
| 52 Week Range | 1.53 - 14.63 |
| Volume | 31,719 |
| Avg. Volume | 257,467 |
| Market Cap | 11.952M |
| Beta (5Y Monthly) | 1.85 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -0.15 |
| Earnings Date | Nov 05, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | N/A |
Fair Value
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- GlobeNewswire
Mexco Energy Corporation Reports Financial Results for Second Quarter and Development of Properties
MIDLAND, TX, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Mexco Energy Corporation (NYSE American: MXC) today reported operating revenues, in the second quarter of fiscal 2021 of $636,042, an increase of 2% from $625,884 for the second quarter of fiscal 2020. This is the result of a 30% increase in oil production, 22% increase in gas production and a 9% increase in gas price partially offset by a 27% decrease in oil price. Mexco recorded a net loss of $41,970 for the quarter ending September 30, 2020, the Company’s second quarter of fiscal 2021 compared to a net loss of $82,787 for the quarter ending September 30, 2019. The average sales price of oil and natural gas respectively for the quarter ending September 30, 2020 was $38.42 per barrel compared to $52.61 per barrel and $1.41 per Mcf compared to $1.30 per Mcf, respectively for the quarter ending September 30, 2019.For the six months ended September 30, 2020, the Company reported a net loss of $341,640 compared to a net loss of $136,973 for the six months ended September 30, 2019. Operating revenues were $1,006,498 for the six months ended September 30, 2020, a 24% decrease from $1,325,475 for the September 30, 2019 six month period resulting primarily from problems created by the COVID-19 pandemic.The Company plans to participate in the drilling and completion of 20 horizontal wells for the fiscal year ending March 31, 2021 at an estimated aggregate cost of approximately $1,200,000 of which $538,000 already has been expended.During the first six months of fiscal 2021, Mexco participated in the drilling and completion of two horizontal wells in the Wolfcamp formation of the Delaware Basin located in the western portion of the Permian Basin in Lea County, New Mexico with aggregate costs of approximately $233,000. These wells were completed in September 2020 with initial average production rates of 1,224 barrels of oil, 4,881 barrels of water and 3,422,000 cubic feet of gas per day, or 1,794 barrels of oil equivalent per well per day. Mexco’s working interest in these wells is 1.2%.Currently Mexco is participating in 12 oil and gas wells that are now being drilled and/or completed.The President and Chief Financial Officer of the Company said, “Mexco’s increase in oil and gas production in the current quarter resulted from completions of 13 oil and gas wells out of 22 wells drilled and uncompleted prior to the fiscal year end. Also, Mexco participated in drilling and completing two wells in the Delaware Basin this same quarter.”Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com.In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company's actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherit risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Form 10-K for the fiscal year ended March 31, 2020. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.For additional information, please contact: Nicholas C. Taylor, Chairman and Chief Executive Officer or Tammy L. McComic, President and Chief Financial Officer, both of Mexco Energy Corporation, (432) 682-1119.
- ACCESSWIRE
Lightbridge Corp. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / November 5, 2020 / Lightbridge Corp.
- GlobeNewswire
Lightbridge Provides Business Update and Announces Third Quarter 2020 Financial Results
Conference Call on Thursday, November 5, 2020 at 4pm ETRESTON, Va., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, today announced financial results for the third quarter ended September 30, 2020, as well as the Company's corporate progress and other meaningful developments. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “I’m pleased with the progress that Lightbridge has made in the third quarter, particularly in our performance under our CRADA agreement with Idaho National Laboratory (INL), in collaboration with the U.S. Department of Energy (DOE). Our team has worked diligently with INL to navigate this initial process, and we are optimistic about the prospects for the success of this program. We expect that this GAIN voucher that provides over $600,000 from DOE is the first of a series of U.S. government funding opportunities. DOE notes that funding awards over $500,000, are made ‘in cases with a clear need and involving a truly exceptional technology or innovation.’“In addition, Lightbridge continues to be well positioned financially. Our strong cash position of $17.4 million as of September 30, 2020 and no debt, provides us the financial resources to fund our ongoing fuel development efforts throughout 2021, while pursuing additional opportunities towards commercializing Lightbridge Fuel™.“This is an exciting time for Lightbridge, as well as for the U.S. nuclear power industry. We are seeing increasing bipartisan governmental support for advanced nuclear technologies. The U.S. government is taking concrete steps to assure that nuclear innovations being developed by American companies compete and win in the global market, particularly in competition with Chinese and Russian state-owned enterprises. We are working towards being one of the companies that will help implement these long-term strategic goals.”Financial HighlightsThe Company maintains a strong working capital position of $15.8 million at September 30, 2020 and has no debt.Cash Flows Summary * Total cash used for the nine months ended September 30, 2020 was $0.6 million compared to $4.1 million for the nine months ended September 30, 2019. This decrease consisted of the following: * Cash used in operating activities increased approximately $1.5 million for the nine months ended September 30, 2020 as compared to the nine months ended September 30, 2019, primarily due to an increase in general and administrative expenses (see operations summary below) offset by a decrease in our research and development expenses, as Lightbridge is no longer conducting its research and development activities through Enfission. * Cash used in investing activities decreased by approximately $3.6 million for the nine months ended September 30, 2020 as compared to the nine months ended September 30, 2019, primarily due to the inactive status of the Enfission joint venture resulting in no capital contributions being made to Enfission in 2020. * Cash provided by financing activities increased by approximately $1.4 million for the nine months ended September 30, 2020 compared to the nine months ended September 30, 2019, primarily due to the increase in the net proceeds from issuance of common stock in 2020, which was $5.2 million for the nine months ended September 30, 2020 as compared to $3.8 million net proceeds for the nine months ended September 30, 2019. Balance Sheet Summary * Cash and cash equivalents were $17.4 million at September 30, 2020, as compared to $18 million at December 31, 2019, a decrease of $0.6 million in cash and cash equivalents for the nine months ended September 30, 2020. * Total assets were $19.4 million and total liabilities were $1.8 million at September 30, 2020. Working capital was $15.8 million at September 30, 2020 versus $18.1 million at December 31, 2019. This decrease of $2.3 million in working capital was due primarily to the factors stated above in the cash flows summary. * Stockholders’ equity was $17.6 million at September 30, 2020 versus $19.9 million at December 31, 2019. This decrease of $2.3 million was primarily due to the net loss reported for the nine months ended September 30, 2020 of $7.5 million, offset by the increase in capital related to the sale of common stock of approximately $5.2 million. Operations Summary * General and administrative expenses increased by approximately $1.4 million for the three months ended September 30, 2020, as compared to the three months ended September 30, 2019. There was an increase in professional fees of approximately $1.3 million primarily due to legal fees relating to the Framatome arbitration and a net increase in employee compensation and employee benefits of approximately $0.1 million. * Research and development expenses decreased by approximately $0.5 million for the three months ended September 30, 2020, as compared to the three months ended September 30, 2019, due to the transitioning from work relating to Enfission to developing a new fuel development strategy with U.S. Department of Energy national laboratories. There was a decrease in allocated employee compensation and employee benefits of approximately $0.4 million and a decrease in consulting fees of $0.1 million. * There was a decrease in other operating income (loss) of approximately $0.3 million, due a decrease in the equity in loss recorded from the Enfission joint venture of $0.6 million, which consisted primarily of research and development expenses, offset by no consulting services performed by Lightbridge on behalf of Enfission for the three months ended September 30, 2020, as compared to $0.3 million for the three months ended September 30, 2019. * There was a decrease in other income of approximately $0.1 million due to a decrease in interest income generated from the interest earned from the purchase of treasury bills and from our bank savings account for the three months ended September 30, 2020, as compared to the three months ended September 30, 2019. * Net loss for the three months ended September 30, 2020 was $3.1 million compared to $2.4 million for the three months ended September 30, 2019. This increase of $0.7 million was primarily due to the factors stated above in this operations summary. THIRD QUARTER CONFERENCE CALL & WEBCASTLightbridge will host a conference call on Thursday, November 5th at 4:00 p.m. Eastern Time to discuss the Company's financial results for the third quarter ended September 30, 2020, as well as the Company's corporate progress and other meaningful developments.Interested parties can access the conference call by calling 833-519-1295 for U.S. callers, or +1-914-800-3866 for international callers. Please reference Conference ID: 8391229. The call will be available on the Company’s website via webcast at https://edge.media-server.com/mmc/p/6678p764. The conference call will be led by Seth Grae, President and Chief Executive Officer, and other Lightbridge executives will also be available to answer questions.A webcast will also be archived on the Company’s website and a telephone replay of the call will be available approximately two hours following the call and can be accessed by dialing 855-859-2056 from the U.S. or +1-404-537-3406 for international callers. Please reference Conference ID: 8391229.About Lightbridge CorporationLightbridge (NASDAQ: LTBR) is an advanced nuclear fuel technology development company based in Reston, Virginia, United States. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for current and future reactors, which significantly enhances the economics, safety, and proliferation resistance of nuclear power. Lightbridge invented, patented, and has independently validated its technology, with goals of preventing climate change and enhancing national security. The Company has assembled a world-class development team. Four large electric utilities that generate about half of America’s nuclear power advise Lightbridge on fuel development and deployment. The Company plans to operate under a licensing and royalty model and based on the increased power generated by Lightbridge-designed fuel, expects to offer high ROI for operators of existing and new reactors. For more information please visit: www.ltbridge.com.To receive Lightbridge Corporation updates via e-mail, subscribe at https://www.ltbridge.com/investors/news-events/email-alertsLightbridge is on Twitter. Sign up to follow @LightbridgeCorp at http://twitter.com/lightbridgecorp.Forward Looking StatementsWith the exception of historical matters, the matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing and outcome of research and development activities, other steps to commercialize Lightbridge Fuel™ and future governmental support and funding for nuclear energy. These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates. The risks include, but are not limited to: the Company’s ability to commercialize its nuclear fuel technology; the degree of market adoption of the Company's product and service offerings; market competition; dependence on strategic partners; demand for fuel for nuclear reactors; the Company's ability to manage its business effectively in a rapidly evolving market; changes in the political environment; risks associated with the further spread of COVID-19, including the ultimate impact of COVID-19 on people, economies, and the Company’s ability to access capital markets; the outcome of the arbitration with the Company’s former joint venture partner and dissolution of the Enfission joint venture; as well as other factors described in Lightbridge's filings with the U.S. Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.A further description of risks and uncertainties can be found in Lightbridge’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at http://www.sec.gov/ and www.ltbridge.com.Investor Relations Contact: Matthew Abenante, IRC Director of Investor Relations Tel: +1 (646) 828-8710 ir@ltbridge.com*** tables follow *** LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2020 2019 ASSETS Current Assets Cash and cash equivalents$17,410,899 $17,958,989 Other receivable from joint venture — 400,000 Prepaid expenses and other current assets 164,652 47,371 Total Current Assets 17,575,551 18,406,360 Other Assets Patent costs 1,825,326 1,798,484 Total Assets$19,400,877 $20,204,844 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable and accrued liabilities$1,815,791 $350,299 Total Current Liabilities 1,815,791 350,299 Commitments and contingencies Stockholders’ Equity Preferred stock, $0.001 par value, 10,000,000 authorized shares: Convertible Series A preferred shares, 712,126 and 757,770 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively (liquidation preference $2,612,802 and $2,636,764 at September 30, 2020 and December 31, 2019, respectively) 712 757 Convertible Series B preferred shares, 2,666,667 issued and outstanding at September 30, 2020 and December 31, 2019, (liquidation preference $4,813,284 and $4,569,180 at September 30, 2020 and December 31, 2019, respectively) 2,667 2,667 Common stock, $0.001 par value, 8,333,333 authorized, 4,416,961 and 3,252,371 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively 4,417 3,252 Additional paid-in capital 139,121,290 133,932,615 Accumulated deficit (121,544,000) (114,084,746) Total Stockholders’ Equity 17,585,086 19,854,545 Total Liabilities and Stockholders’ Equity$19,400,877 $20,204,844 LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenue$— $— $— $— Operating Expenses General and administrative 2,835,471 1,463,568 6,800,892 4,051,484 Research and development 261,898 751,473 767,498 2,218,826 Total Operating Expenses 3,097,369 2,215,041 7,568,390 6,270,310 Other Operating Income and (Loss) Grant income 29,662 — 29,662 — Other income from joint venture — 247,568 — 908,224 Equity in loss from joint venture — (555,113) — (3,812,463) Total Other Operating Income and (Loss) 29,662 (307,545) 29,662 (2,904,239) Operating Loss (3,067,707) (2,522,586) (7,538,728) (9,174,549) Other Income Interest income 4,645 81,172 79,474 315,691 Total Other Income 4,645 81,172 79,474 315,691 Loss before income taxes (3,063,062) (2,441,414) (7,459,254) (8,858,858) Income taxes — — — — Net Loss$(3,063,062) $(2,441,414) $(7,459,254) $(8,858,858) Accumulated preferred stock dividend (128,937) (123,455) (383,086) (365,973) Deemed additional dividend on preferred stock dividend due the beneficial conversion feature (55,940) (53,047) (165,551) (156,232) Net loss attributable to common stockholders$(3,247,939) $(2,617,916) $(8,007,891) $(9,381,063) Net Loss Per Common Share Basic and Diluted$(0.80) $(0.81) $(2.22) $(3.07) Weighted Average Number of Common Shares Outstanding 4,053,644 3,222,226 3,613,349 3,058,797 LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2020 2019 Operating Activities Net Loss$(7,459,254) $(8,858,858) Adjustments to reconcile net loss from operations to net cash used in operating activities Common stock issued for services and stock-based compensation 25,110 591,663 Patent write-off 111,850 — Equity in loss from joint venture — 3,812,463 Changes in operating working capital items: Other receivable from joint venture 400,000 (540,155) Prepaid expenses and other current assets (117,281) (60,288) Accounts payable and accrued liabilities 1,465,492 937,836 Net Cash Used in Operating Activities (5,574,083) (4,117,339) Investing Activities Investment in joint venture — (3,540,000) Patent costs (138,692) (148,432) Net Cash Used in Investing Activities (138,692) (3,688,432) Financing Activities Net proceeds from issuances of common stock and exercise of stock options 5,164,685 3,750,454 Net Cash Provided by Financing Activities 5,164,685 3,750,454 Net Decrease in Cash and Cash Equivalents (548,090) (4,055,317) Cash and Cash Equivalents, Beginning of Period 17,958,989 24,637,295 Cash and Cash Equivalents, End of Period$17,410,899 $20,581,978 Supplemental Disclosure of Cash Flow Information Cash paid during the period Interest paid$— $— Income taxes paid$— $— Non-Cash Financing Activities Accumulated preferred stock dividend$548,637 $522,205 Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder$38,071 $91,635 Common stock issued for services$17,000 $—
