Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2023 | Nov. 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 1-31785 | |
Entity Registrant Name | MEXCO ENERGY CORPORATION | |
Entity Central Index Key | 0000066418 | |
Entity Tax Identification Number | 84-0627918 | |
Entity Incorporation, State or Country Code | CO | |
Entity Address, Address Line One | 415 West Wall Street | |
Entity Address, Address Line Two | Suite 475 | |
Entity Address, City or Town | Midland | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 79701 | |
City Area Code | (432) | |
Local Phone Number | 682-1119 | |
Title of 12(b) Security | Common Stock, par value $0.50 per share | |
Trading Symbol | MXC | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,104,500 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 2,585,192 | $ 2,235,771 |
Accounts receivable: | ||
Oil and natural gas sales | 800,051 | 1,366,784 |
Trade | 1,875 | 7,031 |
Prepaid costs and expenses | 47,273 | 56,502 |
Prepaid drilling | 37,247 | 67,951 |
Total current assets | 3,471,638 | 3,734,039 |
Property and equipment, at cost | ||
Oil and gas properties, using the full cost method | 46,750,776 | 45,391,634 |
Other | 121,926 | 121,926 |
Accumulated depreciation, depletion and amortization | (33,083,461) | (32,215,095) |
Property and equipment, net | 13,789,241 | 13,298,465 |
Investments – cost basis | 900,000 | 700,000 |
Operating lease, right-of-use asset | 47,709 | 75,629 |
Other noncurrent assets | 10,747 | 12,156 |
Total assets | 18,219,335 | 17,820,289 |
Current liabilities | ||
Accounts payable and accrued expenses | 178,749 | 201,897 |
Operating lease liability, current | 47,709 | 56,366 |
Total current liabilities | 226,458 | 258,263 |
Long-term liabilities | ||
Operating lease liability, long-term | 19,263 | |
Asset retirement obligations | 697,552 | 710,276 |
Deferred income tax liabilities | 149,862 | |
Total long-term liabilities | 847,414 | 729,539 |
Total liabilities | 1,073,872 | 987,802 |
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;2,221,916 and 2,221,416 shares issued; and, 2,110,500 and 2,136,000 shares outstanding as of September 30, 2023 and March 31, 2023, respectively | 1,110,958 | 1,110,708 |
Additional paid-in capital | 8,437,680 | 8,321,145 |
Retained earnings | 8,512,576 | 7,991,129 |
Treasury stock, at cost (111,416 and 85,416 shares, respectively) | (915,751) | (590,495) |
Total stockholders’ equity | 17,145,463 | 16,832,487 |
Total liabilities and stockholders’ equity | $ 18,219,335 | $ 17,820,289 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Jun. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 2,221,916 | 2,221,416 |
Common stock, shares outstanding | 2,110,500 | 2,136,000 |
Treasury stock, shares | 111,416 | 85,416 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating revenues: | ||||
Total operating revenues | $ 1,406,610 | $ 2,324,792 | $ 3,155,029 | $ 4,774,765 |
Operating expenses: | ||||
Production | 392,674 | 394,445 | 742,081 | 829,473 |
Accretion of asset retirement obligations | 7,540 | 7,830 | 14,896 | 15,349 |
Depreciation, depletion, and amortization | 382,180 | 384,379 | 868,366 | 771,507 |
General and administrative | 305,543 | 297,956 | 646,512 | 588,199 |
Total operating expenses | 1,087,937 | 1,084,610 | 2,271,855 | 2,204,528 |
Operating income | 318,673 | 1,240,182 | 883,174 | 2,570,237 |
Other income (expenses): | ||||
Interest income | 26,364 | 58 | 50,059 | 93 |
Interest expense | (1,079) | (3,561) | (2,160) | (6,692) |
Net other income (expense) | 25,285 | (3,503) | 47,899 | (6,599) |
Income before provision for income taxes | 343,958 | 1,236,679 | 931,073 | 2,563,638 |
Income tax expense: | ||||
Current | 13,346 | 24,963 | 46,164 | 53,250 |
Deferred | 61,179 | 149,862 | ||
Total income tax expense | 74,525 | 24,963 | 196,026 | 53,250 |
Net income | $ 269,433 | $ 1,211,716 | $ 735,047 | $ 2,510,388 |
Income per common share: | ||||
Basic: | $ 0.13 | $ 0.56 | $ 0.35 | $ 1.17 |
Diluted: | $ 0.12 | $ 0.55 | $ 0.34 | $ 1.13 |
Weighted average common shares outstanding: | ||||
Basic: | 2,122,336 | 2,149,416 | 2,129,213 | 2,149,416 |
Diluted: | 2,174,713 | 2,218,511 | 2,178,719 | 2,217,627 |
Oil Sales [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 1,099,806 | $ 1,397,875 | $ 2,529,484 | $ 2,957,196 |
Natural Gas Sales [Member] | ||||
Operating revenues: | ||||
Total operating revenues | 280,904 | 884,020 | 566,316 | 1,740,812 |
Other [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 25,900 | $ 42,897 | $ 59,229 | $ 76,757 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance at Mar. 31, 2022 | $ 1,108,208 | $ 8,133,982 | $ 3,328,427 | $ (346,001) | $ 12,224,616 |
Net income | 1,298,672 | 1,298,672 | |||
Stock based compensation | 25,571 | 25,571 | |||
Balance at Jun. 30, 2022 | 1,108,208 | 8,159,553 | 4,627,099 | (346,001) | 13,548,859 |
Balance at Mar. 31, 2022 | 1,108,208 | 8,133,982 | 3,328,427 | (346,001) | 12,224,616 |
Net income | 2,510,388 | ||||
Balance at Sep. 30, 2022 | 1,108,208 | 8,224,163 | 5,838,815 | (346,001) | 14,825,185 |
Balance at Jun. 30, 2022 | 1,108,208 | 8,159,553 | 4,627,099 | (346,001) | 13,548,859 |
Net income | 1,211,716 | 1,211,716 | |||
Stock based compensation | 34,431 | 34,431 | |||
Profit from purchase of stock by insider | 30,179 | 30,179 | |||
Balance at Sep. 30, 2022 | 1,108,208 | 8,224,163 | 5,838,815 | (346,001) | 14,825,185 |
Balance at Mar. 31, 2023 | 1,110,708 | 8,321,145 | 7,991,129 | (590,495) | $ 16,832,487 |
Balance, shares at Mar. 31, 2023 | 2,221,416 | ||||
Balance, held in treasury, shares at Mar. 31, 2023 | (85,416) | ||||
Net income | 465,614 | $ 465,614 | |||
Dividends paid | (213,600) | (213,600) | |||
Issuance of stock through options exercised | 250 | 2,712 | 2,962 | ||
Stock based compensation | 54,975 | 54,975 | |||
Balance at Jun. 30, 2023 | 1,110,958 | 8,378,832 | 8,243,143 | (590,495) | $ 17,142,438 |
Balance, shares at Jun. 30, 2023 | 2,221,416 | ||||
Balance, held in treasury, shares at Jun. 30, 2023 | (85,416) | ||||
Common stock shares, outstanding at Jun. 30, 2023 | 2,136,000 | ||||
Balance at Mar. 31, 2023 | 1,110,708 | 8,321,145 | 7,991,129 | (590,495) | $ 16,832,487 |
Balance, shares at Mar. 31, 2023 | 2,221,416 | ||||
Balance, held in treasury, shares at Mar. 31, 2023 | (85,416) | ||||
Net income | $ 735,047 | ||||
Purchase of stock | $ (325,256) | ||||
Common stock shares, issued | 500 | ||||
Common stock shares, held in treasury, Acquisitions, shares | (26,000) | ||||
Balance at Sep. 30, 2023 | 1,110,958 | 8,437,680 | 8,512,576 | (915,751) | $ 17,145,463 |
Balance, shares at Sep. 30, 2023 | 2,221,916 | ||||
Balance, held in treasury, shares at Sep. 30, 2023 | (111,416) | ||||
Common stock shares, outstanding at Sep. 30, 2023 | 2,110,500 | ||||
Balance at Jun. 30, 2023 | 1,110,958 | 8,378,832 | 8,243,143 | (590,495) | $ 17,142,438 |
Balance, shares at Jun. 30, 2023 | 2,221,416 | ||||
Balance, held in treasury, shares at Jun. 30, 2023 | (85,416) | ||||
Net income | 269,433 | $ 269,433 | |||
Stock based compensation | 58,848 | 58,848 | |||
Purchase of stock | (325,256) | (325,256) | |||
Balance at Sep. 30, 2023 | $ 1,110,958 | $ 8,437,680 | $ 8,512,576 | $ (915,751) | $ 17,145,463 |
Balance, shares at Sep. 30, 2023 | 2,221,916 | ||||
Balance, held in treasury, shares at Sep. 30, 2023 | (111,416) | ||||
Common stock shares, outstanding at Sep. 30, 2023 | 2,110,500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 735,047 | $ 2,510,388 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred income tax expense | 149,862 | |
Stock-based compensation | 113,823 | 60,002 |
Depreciation, depletion and amortization | 868,366 | 771,507 |
Accretion of asset retirement obligations | 14,896 | 15,349 |
Amortization of debt issuance costs | 2,159 | 6,263 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 571,889 | 124,486 |
Decrease in right-of-use asset | 27,920 | 26,893 |
Decrease in prepaid expenses | 9,229 | 9,540 |
Decrease in accounts payable and accrued expenses | (27,933) | (63,588) |
Settlement of asset retirement obligations | (6,975) | (15,860) |
Decrease in operating lease liability | (27,919) | (26,893) |
Net cash provided by operating activities | 2,430,364 | 3,418,087 |
Cash flows from investing activities: | ||
Additions to oil and gas properties | (1,650,812) | (4,245,064) |
Drilling refund | 18,329 | |
Investments in limited liability companies at cost | (200,000) | (25,000) |
Proceeds from sale of oil and gas properties and equipment | 306,513 | |
Additions to other property and equipment | (1,718) | |
Net cash used in investing activities | (1,544,299) | (4,253,453) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 2,962 | |
Profits from purchase of stock by insider | 30,179 | |
Acquisition of treasury stock | (325,256) | |
Dividends paid | (213,600) | |
Debt issuance costs | (750) | |
Proceeds from long-term debt | 500,000 | |
Reduction of long-term debt | (500,000) | |
Net cash (used in) provided by financing activities | (536,644) | 30,179 |
Net increase (decrease) in cash and cash equivalents | 349,421 | (805,187) |
Cash and cash equivalents at beginning of period | 2,235,771 | 1,370,766 |
Cash and cash equivalents at end of period | 2,585,192 | 565,579 |
Non-cash investing and financing activities: | ||
Asset retirement obligations | $ 2,495 | $ 21,197 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Sep. 30, 2023 | |
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 acquisition, exploration, development and production of crude oil, natural gas, condensate and natural gas liquids (“NGLs”). Most of the Company’s oil and gas interests are centered in the West Texas and Southeastern New Mexico; however, the Company owns producing properties and undeveloped acreage in fourteen states. All of the Company’s oil and gas interests are operated by others. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Principles of Consolidation Estimates and Assumptions Interim Financial Statements Investments The Company accounts for investments of less than 3% in any limited liability companies at cost Reclassifications |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Sep. 30, 2023 | |
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 until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our oil and natural gas properties. The ARO is included on 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 six months of fiscal 2024: Schedule of Rollforward of Asset Retirement Obligations Carrying amount of asset retirement obligations as of April 1, 2023 $ 730,276 Liabilities incurred 2,495 Liabilities settled (30,115 ) Accretion expense 14,896 Carrying amount of asset retirement obligations as of September 30, 2023 717,552 Less: Current portion 20,000 Non-Current asset retirement obligation $ 697,552 |
Long Term Debt
Long Term Debt | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 4. Long Term Debt On December 28, 2018, the Company entered into a loan agreement (the “Agreement”) with West Texas National Bank (“WTNB”), which originally provided for a credit facility of $ 1,000,000 December 28, 2021 On February 28, 2020, the Agreement was amended to increase the credit facility to $ 2,500,000 1,500,000 March 28, 2026 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 ( 0.5% the Company will pay an unused commitment fee in an amount equal to one-half of one percent (0.5%) times the daily average of the unadvanced amount of the commitment 1,500,000 No principal payments are anticipated to be required through the maturity date of the credit facility, March 28, 2026 9,000 12,950 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 quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter. In addition, this Agreement prohibits the Company from paying cash dividends on its common stock without written permission of WTNB. The Company obtained written permission from WTNB prior to declaring the special dividend on April 10, 2023 as discussed in Note 10. The Agreement does not permit the Company to enter into hedge agreements covering crude oil and natural gas prices without prior WTNB approval. There was no |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 5. Stock-based Compensation The Company recognized stock-based compensation expense of $ 58,848 34,431 113,823 60,002 618,338 2.64 During the six months ended September 30, 2023, the Compensation Committee of the Board of Directors approved and the Company granted 32,000 12.68 279,360 31,000 18.05 385,640 ten years 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 six months ended September 30, 2023 and 2022. All such amounts represent the weighted average amounts. Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models Six Months Ended September 30 2023 2022 Grant-date fair value $ 8.73 $ 18.05 Volatility factor 56.5 % 57.3 % Dividend yield - - Risk-free interest rate 3.44 % 3.15 % Expected term (in years) 6.25 6.25 The following table is a summary of activity of stock options for the six months ended September 30, 2023: Summary of Activity of Stock Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Life in Years Intrinsic Value Outstanding at April 1, 2023 139,250 $ 8.36 7.04 $ 419,853 Granted 32,000 12.68 Exercised (500 ) 5.93 Forfeited or Expired - - Outstanding at September 30, 2023 170,750 $ 9.18 7.10 $ 375,525 Vested at September 30, 2023 90,500 $ 6.42 5.72 $ 448,753 Exercisable at September 30, 2023 90,500 $ 6.42 5.72 $ 448,753 During the six months ended September 30, 2023, stock options covering 500 2,416 2,962 no There were no Outstanding options at September 30, 2023 expire between August 2024 April 2033 3.34 18.05 |
Leases
Leases | 6 Months Ended |
Sep. 30, 2023 | |
Leases | |
Leases | 6. Leases The Company leases approximately 4,160 1,112 36 In June 2020, in exchange for a reduction in rent for the months of June and July 2020, the Company agreed to a 2-month extension to its current lease agreement at the regular monthly rate extending its current lease expiration date to July 2021 the Company agreed to extend its current lease at a flat (unescalated) rate for 36 months July 31, 2024 The Company determines an arrangement is a lease at inception. Operating leases are recorded in operating lease right-of-use asset, operating lease liability, current, and operating lease liability, long-term on the consolidated balance sheets. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s lease does not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used at adoption was 3.75 The balance sheets classification of lease assets and liabilities was as follows: Schedule of Operating Lease Assets and Liabilities September 30, 2023 Assets Operating lease right-of-use asset, beginning balance $ 75,629 Current period amortization (27,920 ) Total operating lease right-of-use asset $ 47,709 Liabilities Operating lease liability, current $ 47,709 Operating lease liability, long term - Total lease liabilities $ 47,709 Future minimum lease payments as of September 30, 2023 under non-cancellable operating leases are as follows: Schedule of Future Minimum Lease Payments Lease Obligation Fiscal Year Ended March 31, 2024 $ 29,120 Fiscal Year Ended March 31, 2025 19,413 Total lease payments $ 48,533 Less: imputed interest (824 ) Operating lease liability 47,709 Less: operating lease liability, current (47,709 ) Operating lease liability, long term $ - Net cash paid for our operating lease for the six months ended September 30, 2023 and 2022 was $ 21,334 7,786 |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA 2022”). The IRA 2022, among other tax provisions, imposes a 15% corporate alternative minimum tax on corporations with book financial statement income in excess of $1.0 billion, effective for tax years beginning after December 31, 2022. The IRA 2022 also establishes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, effective for stock repurchases in excess of an annual limit of $1.0 million after December 31, 2022 The income tax provision consists of the following for the six months ended September 30, 2023 and 2022: Schedule of Income Tax Provision 2023 2022 Six Months Ended September 30 2023 2022 Current income tax expense: Federal $ - $ - State 46,164 53,250 Total current income tax expense 46,164 53,250 Deferred income tax expense: Federal 149,862 - State - - Total deferred income tax expense 149,862 - Total income tax expense: $ 196,026 $ 53,250 Federal income tax for the six months ended September 30, 2023 was $ 149,862 no A reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for the six months ended September 30 follows: Schedule of Reconciliation of Provision for Income Taxes 2023 2022 Tax expense at federal statutory rate (1) $ 195,525 $ 527,182 Statutory depletion carryforward (65,011 ) (98,658 ) Change in valuation allowance (3,578 ) (439,909 ) U. S. tax reform, corporate rate reduction - - Permanent differences 22,926 11,385 State income expense 46,164 53,250 Other - - Total income tax $ 196,026 $ 53,250 Effective income tax rate 21.1 % 2.1 % (1) The federal statutory rate was 21 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Related party transactions for the Company primarily 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 quarters ended September 30, 2023 and 2022 was $ 8,612 13,649 17,994 23,735 3,893 7,786 |
Income Per Common Share
Income Per Common Share | 6 Months Ended |
Sep. 30, 2023 | |
Income per common share: | |
Income Per Common Share | 9. Income Per Common Share The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three and six month periods ended September 30, 2023 and 2022. Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share 2023 2022 2023 2022 Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Net income $ 269,433 $ 1,211,716 $ 735,047 $ 2,510,388 Shares outstanding: Weighted avg. shares outstanding – basic 2,122,336 2,149,416 2,129,213 2,149,416 Effect of assumed exercise of dilutive stock options 52,377 69,095 49,506 68,211 Weighted avg. shares outstanding – dilutive 2,174,713 2,218,511 2,178,719 2,217,627 Income per common share: Basic $ 0.13 $ 0.56 $ .35 $ 1.17 Diluted $ 0.12 $ 0.55 $ .34 $ 1.13 For the three and six months ended September 30, 2023, 63,000 15.32 31,000 18.05 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | 10. Stockholders’ Equity In June 2023, the Board of Directors authorized the use of up to $ 1,000,000 0.50 On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA 2022”). The IRA 2022, among other tax provisions, establishes a 1 1,000,000 During the six months ended September 30, 2023 there were 26,000 325,256 no 6,000 75,477 On April 10, 2023, the Board of Directors declared a special dividend of $ 0.10 213,600 Dividends declared by the Board and stock repurchased during the period are presented in the Company’s consolidated statements of changes in stockholders’ equity as dividends paid and purchases of treasury stock, respectively. Dividends paid and stock repurchased during the period are presented as cash used in financing activities in the Company’s consolidated statements of cash flows. Stock repurchases are included as treasury stock in the consolidated balance sheets. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events In October 2023, the Company signed a Letter of Intent regarding a 3 98% 200 5,000 980,000 The Company will retain the remaining 2% leasehold interest as a participating interest in the full unit at approximately .625% working interest 5% In October 2023, the Company entered into an agreement, pending completion of title search, to purchase small producing and non-producing mineral interests in 1,280 60,500 The Company completed a review and analysis of all events that occurred after the consolidated balance sheet date to determine if any such events must be reported and has determined that there are no other subsequent events to be disclosed. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Estimates and Assumptions | Estimates and Assumptions |
Interim Financial Statements | Interim Financial Statements |
Investments | Investments The Company accounts for investments of less than 3% in any limited liability companies at cost |
Reclassifications | Reclassifications |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Rollforward of Asset Retirement Obligations | The following table provides a rollforward of the AROs for the first six months of fiscal 2024: Schedule of Rollforward of Asset Retirement Obligations Carrying amount of asset retirement obligations as of April 1, 2023 $ 730,276 Liabilities incurred 2,495 Liabilities settled (30,115 ) Accretion expense 14,896 Carrying amount of asset retirement obligations as of September 30, 2023 717,552 Less: Current portion 20,000 Non-Current asset retirement obligation $ 697,552 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal 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 six months ended September 30, 2023 and 2022. All such amounts represent the weighted average amounts. Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models Six Months Ended September 30 2023 2022 Grant-date fair value $ 8.73 $ 18.05 Volatility factor 56.5 % 57.3 % Dividend yield - - Risk-free interest rate 3.44 % 3.15 % Expected term (in years) 6.25 6.25 |
Summary of Activity of Stock Options | The following table is a summary of activity of stock options for the six months ended September 30, 2023: Summary of Activity of Stock Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Life in Years Intrinsic Value Outstanding at April 1, 2023 139,250 $ 8.36 7.04 $ 419,853 Granted 32,000 12.68 Exercised (500 ) 5.93 Forfeited or Expired - - Outstanding at September 30, 2023 170,750 $ 9.18 7.10 $ 375,525 Vested at September 30, 2023 90,500 $ 6.42 5.72 $ 448,753 Exercisable at September 30, 2023 90,500 $ 6.42 5.72 $ 448,753 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Leases | |
Schedule of Operating Lease Assets and Liabilities | The balance sheets classification of lease assets and liabilities was as follows: Schedule of Operating Lease Assets and Liabilities September 30, 2023 Assets Operating lease right-of-use asset, beginning balance $ 75,629 Current period amortization (27,920 ) Total operating lease right-of-use asset $ 47,709 Liabilities Operating lease liability, current $ 47,709 Operating lease liability, long term - Total lease liabilities $ 47,709 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of September 30, 2023 under non-cancellable operating leases are as follows: Schedule of Future Minimum Lease Payments Lease Obligation Fiscal Year Ended March 31, 2024 $ 29,120 Fiscal Year Ended March 31, 2025 19,413 Total lease payments $ 48,533 Less: imputed interest (824 ) Operating lease liability 47,709 Less: operating lease liability, current (47,709 ) Operating lease liability, long term $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The income tax provision consists of the following for the six months ended September 30, 2023 and 2022: Schedule of Income Tax Provision 2023 2022 Six Months Ended September 30 2023 2022 Current income tax expense: Federal $ - $ - State 46,164 53,250 Total current income tax expense 46,164 53,250 Deferred income tax expense: Federal 149,862 - State - - Total deferred income tax expense 149,862 - Total income tax expense: $ 196,026 $ 53,250 |
Schedule of Reconciliation of Provision for Income Taxes | A reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for the six months ended September 30 follows: Schedule of Reconciliation of Provision for Income Taxes 2023 2022 Tax expense at federal statutory rate (1) $ 195,525 $ 527,182 Statutory depletion carryforward (65,011 ) (98,658 ) Change in valuation allowance (3,578 ) (439,909 ) U. S. tax reform, corporate rate reduction - - Permanent differences 22,926 11,385 State income expense 46,164 53,250 Other - - Total income tax $ 196,026 $ 53,250 Effective income tax rate 21.1 % 2.1 % (1) The federal statutory rate was 21 |
Income Per Common Share (Tables
Income Per Common Share (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Income per common share: | |
Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share | The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three and six month periods ended September 30, 2023 and 2022. Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share 2023 2022 2023 2022 Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Net income $ 269,433 $ 1,211,716 $ 735,047 $ 2,510,388 Shares outstanding: Weighted avg. shares outstanding – basic 2,122,336 2,149,416 2,129,213 2,149,416 Effect of assumed exercise of dilutive stock options 52,377 69,095 49,506 68,211 Weighted avg. shares outstanding – dilutive 2,174,713 2,218,511 2,178,719 2,217,627 Income per common share: Basic $ 0.13 $ 0.56 $ .35 $ 1.17 Diluted $ 0.12 $ 0.55 $ .34 $ 1.13 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Details Narrative) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Cost method investments, percentage description | The Company accounts for investments of less than 3% in any limited liability companies at cost |
Schedule of Rollforward of Asse
Schedule of Rollforward of Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Asset Retirement Obligation, Beginning Balance | $ 730,276 | ||||
Asset Retirement Obligation, Liabilities Incurred | 2,495 | ||||
Asset Retirement Obligation, Liabilities Settled | (30,115) | ||||
Asset Retirement Obligation, Accretion Expense | $ 7,540 | $ 7,830 | 14,896 | $ 15,349 | |
Asset Retirement Obligation, Ending Balance | 717,552 | 717,552 | |||
Asset Retirement Obligation, Current | 20,000 | 20,000 | |||
Asset Retirement Obligations, Noncurrent | $ 697,552 | $ 697,552 | $ 710,276 |
Long Term Debt (Details Narrati
Long Term Debt (Details Narrative) - USD ($) | 6 Months Ended | ||
Feb. 28, 2020 | Dec. 28, 2018 | Sep. 30, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Line of credit | $ 0 | ||
Loan Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Debt instrument covenant description | 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 quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter. | ||
Loan Agreement [Member] | West Texas National Bank [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Credit facility | $ 2,500,000 | $ 1,000,000 | |
Line of credit facility, maturity date | Mar. 28, 2026 | Dec. 28, 2021 | |
Line of credit, increase in borrowing base amount | $ 1,500,000 | ||
Debt instrument rate | 0.50% | ||
Commitment fee description | the Company will pay an unused commitment fee in an amount equal to one-half of one percent (0.5%) times the daily average of the unadvanced amount of the commitment | ||
Line of credit available for borrowing | $ 1,500,000 | ||
Loan origination fee | $ 9,000 | ||
Legal fees | $ 12,950 |
Schedule of Grant-date Fair Val
Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models (Details) - $ / shares | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Grant-date fair value | $ 8.73 | $ 18.05 |
Volatility factor | 56.50% | 57.30% |
Dividend yield | ||
Risk-free interest rate | 3.44% | 3.15% |
Expected term (in years) | 6 years 3 months | 6 years 3 months |
Summary of Activity of Stock Op
Summary of Activity of Stock Options (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of Shares, Exercised | (500) | 0 | |
Number of Shares, Forfeited or Expired | 0 | 0 | |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of Shares, Beginning Balance | 139,250 | ||
Weighted Average Exercise Price Per Share, Beginning Balance | $ 8.36 | ||
Weighted Average Remaining Contract Life in Years, Ending Balance | 7 years 1 month 6 days | 7 years 14 days | |
Intrinsic Value, Beginning Balance | $ 419,853 | ||
Number of Shares, Granted | 32,000 | ||
Weighted Average Exercise Price Per Share, Granted | $ 12.68 | ||
Number of Shares, Exercised | (500) | ||
Weighted Average Exercise Price Per Share, Exercised | $ 5.93 | ||
Number of Shares, Forfeited or Expired | |||
Weighted Average Exercise Price Per Share, Forfeited or Expired | |||
Number of Shares, Ending Balance | 170,750 | ||
Weighted Average Exercise Price Per Share, Ending Balance | $ 9.18 | ||
Intrinsic Value, Ending Balance | $ 375,525 | ||
Number of Shares, Vested | 90,500 | ||
Weighted Average Exercise Price Per Share, Vested | $ 6.42 | ||
Weighted Aggregate Average Remaining Contract Life in Years, Vested | 5 years 8 months 19 days | ||
Intrinsic Value, Vested | $ 448,753 | ||
Number of Shares, Exercisable | 90,500 | ||
Weighted Average Exercise Price Per Share, Exercisable | $ 6.42 | ||
Weighted Aggregate Average Remaining Contract Life in Years, Exercisable | 5 years 8 months 19 days | ||
Intrinsic Value, Exercisable | $ 448,753 |
Stock-based Compensation (Detai
Stock-based Compensation (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expenses | $ 113,823 | $ 60,002 | ||
Total cost related to non-vested awards | $ 618,338 | $ 618,338 | ||
Non-vested awards, weighted average period of recognition | 2 years 7 months 20 days | |||
Number of shares, exercised | 500 | 0 | ||
Stock options intrinsic value exercised | $ 2,416 | |||
Proceeds from exercise of stock options | $ 2,962 | |||
Number of shares, forfeited or expired | 0 | 0 | ||
Outstanding options exercise price, lower range | $ 3.34 | |||
Outstanding options exercise price, upper range | $ 18.05 | |||
Minimum [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Outstanding options expiration month and year | 2024-08 | |||
Maximum [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Outstanding options expiration month and year | 2033-04 | |||
Board of Directors [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Number of Shares, granted | 32,000 | 31,000 | ||
Exercisable price per share | $ 12.68 | $ 18.05 | ||
Fair value of stock option exercisable | $ 279,360 | $ 385,640 | ||
Weighted average remaining contractual term exercise period | 10 years | |||
Award vesting period | 4 years | |||
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | $ 58,848 | $ 34,431 |
Schedule of Operating Lease Ass
Schedule of Operating Lease Assets and Liabilities (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Leases | ||
Operating lease right-of-use asset, beginning balance | $ 75,629 | |
Current period amortization | (27,920) | |
Total operating lease right-of-use asset | 47,709 | $ 75,629 |
Operating lease liability, current | 47,709 | 56,366 |
Operating lease liability, long term | $ 19,263 | |
Total lease liabilities | $ 47,709 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Leases | ||
Fiscal Year Ended March 31, 2024 | $ 29,120 | |
Fiscal Year Ended March 31, 2025 | 19,413 | |
Total lease payments | 48,533 | |
Less: imputed interest | (824) | |
Operating lease liability | 47,709 | |
Less: operating lease liability, current | (47,709) | $ (56,366) |
Operating lease liability, long term | $ 19,263 |
Leases (Details Narrative)
Leases (Details Narrative) | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2023 USD ($) ft² | Sep. 30, 2022 USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Area of lease | ft² | 4,160 | ||
Lease term | 36 months | ||
Lease term extension, description | the Company agreed to extend its current lease at a flat (unescalated) rate for 36 months | In June 2020, in exchange for a reduction in rent for the months of June and July 2020, the Company agreed to a 2-month extension to its current lease agreement at the regular monthly rate extending its current lease expiration date to July 2021 | |
Lease expiration date | Jul. 31, 2024 | ||
Incremental borrowing rate | 3.75% | ||
Net cash paid for operating lease | $ | $ 21,334 | $ 21,334 | |
Sublease income | $ | $ 7,786 | ||
Shareholder [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Area of lease | ft² | 1,112 |
Schedule of Income Tax Provisio
Schedule of Income Tax Provision (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Federal | ||||
State | 46,164 | 53,250 | ||
Total current income tax expense | $ 13,346 | $ 24,963 | 46,164 | 53,250 |
Federal | 149,862 | |||
State | ||||
Total deferred income tax expense | 61,179 | 149,862 | ||
Total income tax expense | $ 74,525 | $ 24,963 | $ 196,026 | $ 53,250 |
Schedule of Reconciliation of P
Schedule of Reconciliation of Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Income Tax Disclosure [Abstract] | |||||
Tax expense at federal statutory rate | [1] | $ 195,525 | $ 527,182 | ||
Statutory depletion carryforward | (65,011) | (98,658) | |||
Change in valuation allowance | (3,578) | (439,909) | |||
U. S. tax reform, corporate rate reduction | |||||
Permanent differences | 22,926 | 11,385 | |||
State income expense | 46,164 | 53,250 | |||
Other | |||||
Total income tax expense | $ 74,525 | $ 24,963 | $ 196,026 | $ 53,250 | |
Effective income tax rate | 21.10% | 2.10% | |||
[1]The federal statutory rate was 21 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Provision for Income Taxes (Details) (Parenthetical) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax rate | 21% | 21% |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 16, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Income tax examination, description | The IRA 2022, among other tax provisions, imposes a 15% corporate alternative minimum tax on corporations with book financial statement income in excess of $1.0 billion, effective for tax years beginning after December 31, 2022. The IRA 2022 also establishes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, effective for stock repurchases in excess of an annual limit of $1.0 million after December 31, 2022 | ||||
Fedral income tax | $ 61,179 | $ 149,862 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Due to related party | $ 3,893 | $ 3,893 | $ 7,786 | $ 7,786 |
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Reimbursement expenses | $ 8,612 | $ 13,649 | $ 17,994 | $ 23,735 |
Schedule of Reconciliation of B
Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income per common share: | ||||||
Net income | $ 269,433 | $ 465,614 | $ 1,211,716 | $ 1,298,672 | $ 735,047 | $ 2,510,388 |
Weighted avg. shares outstanding – basic | 2,122,336 | 2,149,416 | 2,129,213 | 2,149,416 | ||
Effect of assumed exercise of dilutive stock options | $ 52,377 | $ 69,095 | $ 49,506 | $ 68,211 | ||
Weighted avg. shares outstanding – dilutive | 2,174,713 | 2,218,511 | 2,178,719 | 2,217,627 | ||
Basic | $ 0.13 | $ 0.56 | $ 0.35 | $ 1.17 | ||
Diluted | $ 0.12 | $ 0.55 | $ 0.34 | $ 1.13 |
Income Per Common Share (Detail
Income Per Common Share (Details Narrative) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income per common share: | ||||
Antidilutive securities excluded from computation of earnings per share | 63,000 | 31,000 | 63,000 | 31,000 |
Anti-dilutive stock options have a weighted average exercise price | $ 15.32 | $ 18.05 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Apr. 10, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Aug. 16, 2022 | |
Stock authorized repurchased shares for treasury | $ 1,000,000 | |||||||
Common stock, par value | $ 0.50 | $ 0.50 | $ 0.50 | |||||
Excise tax percentage | 1% | |||||||
Stock repurchased during the period, shares | 26,000 | 0 | ||||||
Stock repurchased during the period, value | $ 325,256 | $ 325,256 | ||||||
Dividend | $ 213,600 | $ 213,600 | ||||||
Subsequent Event [Member] | ||||||||
Stock repurchased during the period, shares | 6,000 | |||||||
Stock repurchased during the period, value | $ 75,477 | |||||||
Board of Directors [Member] | ||||||||
Common stock, par value | $ 0.10 | $ 0.50 | ||||||
Maximum [Member] | Board of Directors [Member] | ||||||||
Stock authorized repurchased shares for treasury | $ 1,000,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | 1 Months Ended | |
Oct. 31, 2023 USD ($) a | Sep. 30, 2023 ft² | |
Subsequent Event [Line Items] | ||
Term assignment | 36 months | |
Area of land | ft² | 4,160 | |
Subsequent Event [Member] | Loving And Ward Counties Texas [Member] | ||
Subsequent Event [Line Items] | ||
Term assignment | 3 years | |
Leasehold interest | 98% | |
Area of land | a | 200 | |
Leasehold per net, value | $ 5,000 | |
Purchase of land | $ 980,000 | |
Leasehold interest description | The Company will retain the remaining 2% leasehold interest as a participating interest in the full unit at approximately .625% working interest | |
Royalty interest | 5% | |
Subsequent Event [Member] | Ector Midland And Upton Conties Texas [Member] | ||
Subsequent Event [Line Items] | ||
Area of land | a | 1,280 | |
Purchase price | $ 60,500 |