Norris Industries, Inc. (NRIS) Form 10-K — May 29, 2026
Norris Industries reported a net loss of $661,431 for the fiscal year ended February 28, 2026, driven by declining oil and gas production and increased operating costs. Revenue fell 13% year-over-year to $286,086, while lease operating expenses rose to $553,023, resulting in a significant operating deficit. The company faces substantial liquidity risks, holding only $45,376 in cash against $4.45 million in total liabilities, primarily related-party debt. Management explicitly states that financial statements are prepared on a going-concern basis and that the company is dependent on continued funding from its principal shareholder, Patrick Norris, to avoid ceasing operations.
Key figures
- Revenue
- 286086
- Cash Position
- 45376
- Interest Expense
- 117151
- Related Party Debt
- 3700000
- Shares Outstanding
- 108245688
- Credit Line Availability
- 1000000
- Lease Operating Expenses
- 553023
- Plug And Abandonment Loss
- 83647
- Market Value Non Affiliates
- 2873432
- Related Party Accrued Interest
- 756683
- General And Administrative Expenses
- 145136
AI analysis
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