10-Q Filing

PERMEX PETROLEUM CORP CIK: 1922639 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-018580`
Period End Date	20230331
Filing Date	20230522
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 72 Cash Flow Statement 62 Stockholders Equity 24

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.30M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.93M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.93M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$176.37K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.93M	shares	Point-in-time
Trade and other receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$137.21K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.93M	shares	Point-in-time
Trade and other receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$156.09K	USD	Point-in-time
Prepaid expenses and deposits	`PrepaidExpensesAndDepositsCurrent`	$317.28K	USD	Point-in-time
Prepaid expenses and deposits	`PrepaidExpensesAndDepositsCurrent`	$179.40K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$511.86K	USD	Point-in-time
Reclamation deposits	`ReclamationDeposits`	$145.00K	USD	Point-in-time
Reclamation deposits	`ReclamationDeposits`	$145.00K	USD	Point-in-time
Property and equipment, net of accumulated depreciation and depletion	`PropertyPlantAndEquipmentNet`	$8.43M	USD	Point-in-time
Property and equipment, net of accumulated depreciation and depletion	`PropertyPlantAndEquipmentNet`	$10.31M	USD	Point-in-time
Right of use asset, net	`OperatingLeaseRightOfUseAsset`	$240.80K	USD	Point-in-time
Right of use asset, net	`OperatingLeaseRightOfUseAsset`	$188.96K	USD	Point-in-time
Total assets	`Assets`	$11.15M	USD	Point-in-time
Total assets	`Assets`	$12.57M	USD	Point-in-time
Trade and other payables	`AccountsPayableOtherCurrent`	$2.66M	USD	Point-in-time
Trade and other payables	`AccountsPayableOtherCurrent`	$1.56M	USD	Point-in-time
Convertible debenture	`ConvertibleDebtCurrent`	$38.29K	USD	Point-in-time
Convertible debenture	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Lease liability current portion	`OperatingLeaseLiabilityCurrent`	$104.22K	USD	Point-in-time
Lease liability current portion	`OperatingLeaseLiabilityCurrent`	$84.51K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.75M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$236.41K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$252.40K	USD	Point-in-time
Lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$140.68K	USD	Point-in-time
Lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$112.13K	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	$1.07K	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	$23.50K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.11M	USD	Point-in-time
Common stock, no par value per share; unlimited shares authorized, 1,932,604 shares* issued and outstanding as of March 31, 2023 and September 30, 2022	`CommonStockValue`	$14.34M	USD	Point-in-time
Common stock, no par value per share; unlimited shares authorized, 1,932,604 shares* issued and outstanding as of March 31, 2023 and September 30, 2022	`CommonStockValue`	$14.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.51M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.51M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-127.41K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-127.41K	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-10.68M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-8.26M	USD	Point-in-time
Total equity	`StockholdersEquity`	$5.78M	USD	Point-in-time
Total equity	`StockholdersEquity`	$12.35M	USD	Point-in-time
Total equity	`StockholdersEquity`	$8.04M	USD	Point-in-time
Total equity	`StockholdersEquity`	$10.46M	USD	Point-in-time
Total equity	`StockholdersEquity`	$9.15M	USD	Point-in-time
Total equity	`StockholdersEquity`	$5.99M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$12.57M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$11.15M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$384.74K	USD	2 Qtrs
Oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$170.99K	USD	1 Quarter
Oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$318.49K	USD	2 Qtrs
Oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$228.50K	USD	1 Quarter
Royalty income	`RevenueNotFromContractWithCustomerExcludingInterestIncome`	$13.39K	USD	1 Quarter
Royalty income	`RevenueNotFromContractWithCustomerExcludingInterestIncome`	$29.85K	USD	2 Qtrs
Royalty income	`RevenueNotFromContractWithCustomerExcludingInterestIncome`	$17.84K	USD	2 Qtrs
Royalty income	`RevenueNotFromContractWithCustomerExcludingInterestIncome`	$9.65K	USD	1 Quarter
Total revenues	`RevenuesNetOfInterestExpense`	$241.89K	USD	1 Quarter
Total revenues	`RevenuesNetOfInterestExpense`	$348.33K	USD	2 Qtrs
Total revenues	`RevenuesNetOfInterestExpense`	$402.58K	USD	2 Qtrs
Total revenues	`RevenuesNetOfInterestExpense`	$180.64K	USD	1 Quarter
Lease operating expense	`OperatingLeaseExpense`	$234.48K	USD	1 Quarter
Lease operating expense	`OperatingLeaseExpense`	$115.00K	USD	1 Quarter
Lease operating expense	`OperatingLeaseExpense`	$527.16K	USD	2 Qtrs
Lease operating expense	`OperatingLeaseExpense`	$196.88K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.23M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.01M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$204.37K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.01M	USD	2 Qtrs
Depletion and depreciation	`DepreciationDepletionAndAmortization`	$42.98K	USD	1 Quarter
Depletion and depreciation	`DepreciationDepletionAndAmortization`	$83.17K	USD	2 Qtrs
Depletion and depreciation	`DepreciationDepletionAndAmortization`	$88.89K	USD	2 Qtrs
Depletion and depreciation	`DepreciationDepletionAndAmortization`	$56.88K	USD	1 Quarter
Accretion on asset retirement obligations	`AccretionExpenseIncludingAssetRetirementObligations`	$15.99K	USD	2 Qtrs
Accretion on asset retirement obligations	`AccretionExpenseIncludingAssetRetirementObligations`	$16.48K	USD	2 Qtrs
Accretion on asset retirement obligations	`AccretionExpenseIncludingAssetRetirementObligations`	$8.22K	USD	1 Quarter
Accretion on asset retirement obligations	`AccretionExpenseIncludingAssetRetirementObligations`	$7.99K	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-8.61K	USD	2 Qtrs
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-4.38K	USD	2 Qtrs
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-3.64K	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.07K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.86M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$388.12K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.32M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.30M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.45M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-146.23K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.12M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-976.50K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	-	USD	2 Qtrs
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$2.00	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$2.00	USD	1 Quarter
Other income	`OtherIncome`	$12.00K	USD	2 Qtrs
Other income	`OtherIncome`	$12.00K	USD	1 Quarter
Other income	`OtherIncome`	$6.00K	USD	1 Quarter
Other income	`OtherIncome`	$12.00K	USD	2 Qtrs
Finance expense	`FinanceLeaseInterestExpense`	$24.65K	USD	2 Qtrs
Finance expense	`FinanceLeaseInterestExpense`	-	USD	1 Quarter
Finance expense	`FinanceLeaseInterestExpense`	$1.18K	USD	1 Quarter
Finance expense	`FinanceLeaseInterestExpense`	$1.18K	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-80.03K	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$22.52K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$900.00	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-22.43K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$5.10K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$33.25K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-11.70K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$67.39K	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-157.93K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-2.42M	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-909.12K	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-1.11M	USD	1 Quarter
Basic and diluted loss per common share	`EarningsPerShareBasic`	$-0.57	USD	1 Quarter
Basic and diluted loss per common share	`EarningsPerShareBasic`	$-0.13	USD	1 Quarter
Basic and diluted loss per common share	`EarningsPerShareBasic`	$-1.25	USD	2 Qtrs
Basic and diluted loss per common share	`EarningsPerShareBasic`	$-0.79	USD	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	1.17M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	1.15M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	1.93M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	1.93M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-157.93K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.42M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-909.12K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.11M	USD	1 Quarter
Accretion on asset retirement obligations	`AccretionExpenseIncludingAssetRetirementObligations`	$15.99K	USD	2 Qtrs
Accretion on asset retirement obligations	`AccretionExpenseIncludingAssetRetirementObligations`	$16.48K	USD	2 Qtrs
Accretion on asset retirement obligations	`AccretionExpenseIncludingAssetRetirementObligations`	$8.22K	USD	1 Quarter
Accretion on asset retirement obligations	`AccretionExpenseIncludingAssetRetirementObligations`	$7.99K	USD	1 Quarter
Depletion and depreciation	`DepreciationAndAmortization`	$88.89K	USD	2 Qtrs
Depletion and depreciation	`DepreciationAndAmortization`	$83.17K	USD	2 Qtrs
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossRealized`	$-2.71K	USD	2 Qtrs
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossRealized`	-	USD	2 Qtrs
Finance expense	`FinanceLeaseRightOfUseAssetAmortization`	$12.36K	USD	2 Qtrs
Finance expense	`FinanceLeaseRightOfUseAssetAmortization`	-	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-80.03K	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$22.52K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$900.00	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-22.43K	USD	2 Qtrs
Share-based payments	`AllocatedShareBasedCompensationExpense`	$318.00	USD	2 Qtrs
Share-based payments	`AllocatedShareBasedCompensationExpense`	$604.68K	USD	2 Qtrs
Trade and other receivables	`IncreaseDecreaseInOtherReceivables`	$133.42K	USD	2 Qtrs
Trade and other receivables	`IncreaseDecreaseInOtherReceivables`	$18.88K	USD	2 Qtrs
Prepaid expenses and deposits	`IncreaseDecreaseInPrepaidExpense`	$-137.88K	USD	2 Qtrs
Prepaid expenses and deposits	`IncreaseDecreaseInPrepaidExpense`	$35.09K	USD	2 Qtrs
Trade and other payables	`IncreaseDecreaseInOtherAccountsPayable`	$303.26K	USD	2 Qtrs
Trade and other payables	`IncreaseDecreaseInOtherAccountsPayable`	$179.86K	USD	2 Qtrs
Amounts due to related parties	`AmountsDueToRelatedPartiesCurrent`	$-18.96K	USD	2 Qtrs
Amounts due to related parties	`AmountsDueToRelatedPartiesCurrent`	-	USD	2 Qtrs
Right of use asset and lease liability	`IncreaseDecreaseInRightOfUseAssetAndLeaseLiability`	$261.00	USD	2 Qtrs
Right of use asset and lease liability	`IncreaseDecreaseInRightOfUseAssetAndLeaseLiability`	$-3.58K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.92M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-271.90K	USD	2 Qtrs
Capital expenditures on property and equipment	`PaymentsToAcquireProductiveAssets`	$90.22K	USD	2 Qtrs
Capital expenditures on property and equipment	`PaymentsToAcquireProductiveAssets`	$1.17M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.17M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-90.22K	USD	2 Qtrs
Proceeds from issuance of private placement units	`ProceedsFromIssuanceOfPrivatePlacement`	$8.11M	USD	2 Qtrs
Proceeds from issuance of private placement units	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	2 Qtrs
Share issuance costs	`PaymentsOfStockIssuanceCosts`	$1.05M	USD	2 Qtrs
Share issuance costs	`PaymentsOfStockIssuanceCosts`	-	USD	2 Qtrs
Convertible debenture repayment	`RepaymentsOfConvertibleDebt`	-	USD	2 Qtrs
Convertible debenture repayment	`RepaymentsOfConvertibleDebt`	$38.29K	USD	2 Qtrs
Loan from related party	`ProceedsFromRelatedPartyDebt`	$800.00	USD	2 Qtrs
Loan from related party	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.06M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-38.29K	USD	2 Qtrs
Change in cash and cash equivalents during the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.70M	USD	2 Qtrs
Change in cash and cash equivalents during the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.12M	USD	2 Qtrs
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$176.37K	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.73M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.30M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.81K	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$176.37K	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.73M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.30M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.81K	USD	Point-in-time
Share purchase warrants issued in connection with private placements	`SharePurchaseWarrantsIssuedInConnectionWithPrivatePlacements`	$1.69M	USD	2 Qtrs
Share purchase warrants issued in connection with private placements	`SharePurchaseWarrantsIssuedInConnectionWithPrivatePlacements`	-	USD	2 Qtrs
Trade and other payables related to property and equipment	`TradeAndOtherPayablesRelatedToPropertyAndEquipment`	$82.05K	USD	2 Qtrs
Trade and other payables related to property and equipment	`TradeAndOtherPayablesRelatedToPropertyAndEquipment`	$1.44M	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$1.18K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$18.96K	USD	2 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.99M	USD	Point-in-time
Share-based payments	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$143.00	USD	1 Quarter
Share-based payments	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-2.65K	USD	1 Quarter
Share-based payments	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$604.68K	USD	2 Qtrs
Share-based payments	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$318.00	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-157.93K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.42M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-909.12K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.11M	USD	1 Quarter
Balance	`StockholdersEquity`	$5.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.99M	USD	Point-in-time
Private placements	`StockIssuedDuringPeriodValueOther`	$7.91M	USD	2 Qtrs
Private placements	`StockIssuedDuringPeriodValueOther`	$7.54M	USD	1 Quarter
Share issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$-1.03M	USD	1 Quarter
Share issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$-1.04M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.