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EX-32.2 - EX-32.2 - PANHANDLE OIL & GAS INCphx-ex322_7.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the period ended  June 30, 2020

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                        

Commission File Number 001-31759

PANHANDLE OIL AND GAS INC.

(Exact name of registrant as specified in its charter)

 

OKLAHOMA

73-1055775

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Valliance Bank Tower, Suite 1100, 1601 NW Expressway, Oklahoma City, Oklahoma  73118

(Address of principal executive offices)

Registrant's telephone number including area code (405) 948-1560

Securities registered pursuant in Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, $0.01666 par value

 

PHX

 

New York Stock Exchange

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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☑    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

  ☐  

Accelerated filer

  ☐  

Non-accelerated filer

  ☑  

Smaller reporting company

  ☑  

Emerging growth company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Outstanding shares of Class A Common stock (voting) at August 13, 2020: 16,413,718


INDEX

 

 

Part I

 

Financial Information

Page

 

 

 

 

 

 

 

 

Item 1

 

Condensed Financial Statements

1

 

 

 

 

 

 

 

 

 

 

Condensed Balance Sheets – June 30, 2020, and September 30, 2019

1

 

 

 

 

 

 

 

 

 

 

Condensed Statements of Operations – Three and nine months ended June 30, 2020 and 2019

2

 

 

 

 

 

 

 

 

 

 

Statements of Stockholders’ Equity – Nine months ended June 30, 2020 and 2019

3

 

 

 

 

 

 

 

 

 

 

Condensed Statements of Cash Flows – Nine months ended June 30, 2020 and 2019

5

 

 

 

 

 

 

 

 

 

 

Notes to Condensed Financial Statements

6

 

 

 

 

 

 

 

 

Item 2

 

Management's discussion and analysis of financial condition and results of operations

19

 

 

 

 

 

 

 

 

Item 3

 

Quantitative and qualitative disclosures about market risk

27

 

 

 

 

 

 

 

 

Item 4

 

Controls and procedures

27

 

 

 

 

 

 

Part II

 

Other Information

 

 

 

 

 

 

 

 

 

Item 1A

 

Risk Factors

28

 

 

 

 

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

29

 

 

 

 

 

 

 

 

Item 6

 

Exhibits

29

 

 

 

 

 

 

 

 

Signatures

29

 



Special Note Regarding Forward Looking Statements

This Quarterly Report on Form 10-Q (“Form 10-Q”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”), as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements in this Form 10-Q by words such as “anticipate,” “project,” “intend,” “estimate,” “expect,” “believe,” “predict,” “budget,” “projection,” “goal,” “plan,” “forecast,” “target” or similar expressions.

All statements, other than statements of historical facts, included in this report that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements may include, but are not limited to statements relating to: our ability to execute our business strategies; the volatility of realized oil and natural gas prices; the level of production on our properties; estimates of quantities of oil, NGL and natural gas reserves and their values; general economic or industry conditions; public health crises, such as the COVID-19 pandemic, and any related actions taken by businesses and governments; legislation or regulatory requirements; conditions of the securities markets; our ability to raise capital; changes in accounting principles, policies or guidelines; financial or political instability; acts of war or terrorism; title defects in the properties in which we invest; and other economic, competitive, governmental, regulatory or technical factors affecting our properties, operations or prices.

We caution you that the forward-looking statements contained in this Form 10-Q are subject to risks and uncertainties, many of which are beyond our control, incident to the exploration for and development, production and sale of oil, natural gas liquids and natural gas. These risks include, but are not limited to, the risks described in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 (“Annual Report”), and all quarterly reports on Form 10-Q filed subsequently hereto, including the risks described in Item 1A of this Form 10-Q. Investors should also read the other information in this Form 10-Q and the Company’s Annual Report where risk factors are presented and further discussed.

Should one or more of the risks or uncertainties described above or elsewhere in this Form 10-Q occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. Any forward-looking statement speaks only as of the date of which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except required by applicable law.

Except as required by applicable law, all forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.



Glossary of Certain Terms

 

The following is a glossary of certain accounting, oil and natural gas industry and other defined terms used in this Form 10-Q:

 

ASU

Accounting Standards Update.

Bbl

barrel.

Board

board of directors of the Company.

BTU

British Thermal Units.

completion

the process of treating a drilled well followed by the installation of permanent equipment for the production of crude oil and/or natural gas.

DD&A

depreciation, depletion and amortization.

EBITDA

earnings before interest, taxes, depreciation and amortization (including impairment). This is a Non-GAAP measure.

ESOP

the Panhandle Oil and Gas Inc. Employee Stock Ownership and 401(k) Plan, a tax qualified, defined contribution plan.

FASB

the Financial Accounting Standards Board.

field

an area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.

G&A

general and administrative costs.

GAAP

generally accepted accounting principles.

Independent Consulting Petroleum Engineer(s)

DeGolyer and MacNaughton of Dallas, Texas.

LOE

lease operating expense.

Mcf

thousand cubic feet.

Mcfe

natural gas stated on an Mcf basis and crude oil and natural gas liquids converted to a thousand cubic feet of natural gas equivalent by using the ratio of one Bbl of crude oil or natural gas liquids to six Mcf of natural gas.

Mmbtu

million BTU.

minerals, mineral acres or mineral interests

fee mineral acreage owned in perpetuity by the Company.

NGL

natural gas liquids.

NYMEX

New York Mercantile Exchange.

play

term applied to identified areas with potential oil and/or natural gas reserves.

proved reserves

the quantities of crude oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates renewal is reasonably certain.

royalty interest

well interests in which the Company does not pay a share of the costs to drill, complete and operate a well, but receives a smaller proportionate share (as compared to a working interest) of production.

SEC

the United States Securities and Exchange Commission.

undeveloped acreage

acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of crude oil and/or natural gas.

working interest

well interests in which the Company pays a share of the costs to drill, complete and operate a well and receives a proportionate share of production.

WTI

West Texas Intermediate.

 

Fiscal year references

All references to years in this Form 10-Q, unless otherwise noted, refer to the Company’s fiscal year end of September 30. For example, references to 2020 mean the fiscal year ended September 30, 2020.

Fiscal quarter references

All references to quarters in this Form 10-Q, unless otherwise noted, refer to the Company’s fiscal quarter based on a fiscal year end of September 30. For example, references to first quarter mean the quarter of October 1 through December 31.

References to oil and natural gas properties

References to oil and natural gas properties in this Form 10-Q inherently include natural gas liquids associated with such properties.

 


 

 

PART 1. FINANCIAL INFORMATION

PANHANDLE OIL AND GAS INC.

CONDENSED BALANCE SHEETS

 

 

 

June 30, 2020

 

 

September 30, 2019

 

Assets

 

(unaudited)

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,025,081

 

 

$

6,160,691

 

Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts)

 

 

2,183,216

 

 

 

4,377,646

 

Refundable income taxes

 

 

1,640,350

 

 

 

1,505,442

 

Derivative contracts, net

 

 

1,819,977

 

 

 

2,256,639

 

Other

 

 

490,697

 

 

 

177,037

 

Total current assets

 

 

8,159,321

 

 

 

14,477,455

 

 

 

 

 

 

 

 

 

 

Net properties and equipment, based on successful efforts method of accounting

 

 

83,038,001

 

 

 

111,427,021

 

Investments

 

 

113,408

 

 

 

205,076

 

Derivative contracts, net

 

 

-

 

 

 

237,505

 

Deferred income taxes, net

 

 

181,993

 

 

 

-

 

Other, net

 

 

231,387

 

 

 

297,890

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

91,724,110

 

 

$

126,644,947

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

724,289

 

 

$

665,160

 

Accrued liabilities and other

 

 

1,485,708

 

 

 

2,433,466

 

Short-term debt

 

 

2,000,000

 

 

 

-

 

Total current liabilities

 

$

4,209,997

 

 

$

3,098,626

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

28,000,000

 

 

 

35,425,000

 

Deferred income taxes, net

 

 

-

 

 

 

5,976,007

 

Asset retirement obligations

 

 

2,871,603

 

 

 

2,835,781

 

Derivative contracts, net

 

 

140,466

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Class A voting common stock, $0.01666 par value; 24,000,500 shares authorized;

  16,897,306 issued at June 30, 2020, and Class A voting common stock, $0.01666 par

  value; 24,000,000 shares authorized; 16,897,306 issued at September 30, 2019

 

 

281,509

 

 

 

281,509

 

Capital in excess of par value

 

 

3,375,400

 

 

 

2,967,984

 

Deferred directors' compensation

 

 

1,829,786

 

 

 

2,555,781

 

Retained earnings

 

 

58,244,355

 

 

 

81,848,301

 

 

 

 

63,731,050

 

 

 

87,653,575

 

Less treasury stock, at cost; 483,588 shares at June 30, 2020, and 558,051 shares

   at September 30, 2019

 

 

(7,229,006

)

 

 

(8,344,042

)

Total stockholders' equity

 

 

56,502,044

 

 

 

79,309,533

 

Total liabilities and stockholders' equity

 

$

91,724,110

 

 

$

126,644,947

 

 

(See accompanying notes)

(1)


 

PANHANDLE OIL AND GAS INC.

CONDENSED STATEMENTS OF OPERATIONS

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

(unaudited)

 

 

(unaudited)

 

Oil, NGL and natural gas sales

 

$

3,517,561

 

 

$

9,782,337

 

 

$

18,329,017

 

 

$

31,214,375

 

Lease bonuses and rental income

 

 

22,996

 

 

 

229,075

 

 

 

572,787

 

 

 

952,378

 

Gains (losses) on derivative contracts

 

 

(838,282

)

 

 

2,313,195

 

 

 

2,415,401

 

 

 

5,026,123

 

Gain on asset sales

 

 

3,108

 

 

 

4,017,787

 

 

 

3,275,996

 

 

 

13,114,725

 

 

 

 

2,705,383

 

 

 

16,342,394

 

 

 

24,593,201

 

 

 

50,307,601

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

 

1,147,948

 

 

 

1,619,690

 

 

 

3,871,818

 

 

 

4,639,749

 

Transportation, gathering and marketing

 

 

956,653

 

 

 

1,529,270

 

 

 

3,696,282

 

 

 

4,601,959

 

Production taxes

 

 

134,249

 

 

 

488,779

 

 

 

835,284

 

 

 

1,565,038

 

Depreciation, depletion and amortization

 

 

2,464,568

 

 

 

4,383,043

 

 

 

8,793,787

 

 

 

11,820,705

 

Provision for impairment

 

 

358,826

 

 

 

-

 

 

 

29,904,528

 

 

 

-

 

Interest expense

 

 

241,191

 

 

 

526,677

 

 

 

958,429

 

 

 

1,551,831

 

General and administrative

 

 

1,908,790

 

 

 

1,809,439

 

 

 

6,306,479

 

 

 

5,881,432

 

Other expense (income)

 

 

(73,687

)

 

 

66,260

 

 

 

(44,551

)

 

 

82,045

 

 

 

 

7,138,538

 

 

 

10,423,158

 

 

 

54,322,056

 

 

 

30,142,759

 

Income (loss) before provision (benefit) for income taxes

 

 

(4,433,155

)

 

 

5,919,236

 

 

 

(29,728,855

)

 

 

20,164,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision (benefit) for income taxes

 

 

(877,940

)

 

 

1,315,000

 

 

 

(7,610,940

)

 

 

4,756,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(3,555,215

)

 

$

4,604,236

 

 

$

(22,117,915

)

 

$

15,408,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per common share (Note 5)

 

$

(0.21

)

 

$

0.28

 

 

$

(1.34

)

 

$

0.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

16,403,243

 

 

 

16,515,498

 

 

 

16,375,736

 

 

 

16,646,828

 

Unissued, directors' deferred compensation shares

 

 

141,799

 

 

 

170,066

 

 

 

152,500

 

 

 

183,206

 

 

 

 

16,545,042

 

 

 

16,685,564

 

 

 

16,528,236

 

 

 

16,830,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share of common stock and paid in period

 

$

0.01

 

 

$

0.04

 

 

$

0.09

 

 

$

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(See accompanying notes)

(2)


 

PANHANDLE OIL AND GAS INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

Nine Months Ended June 30, 2020

 

 

 

Class A voting

 

 

Capital in

 

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Excess of

 

 

Directors'

 

 

Retained

 

 

Treasury

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Par Value

 

 

Compensation

 

 

Earnings

 

 

Shares

 

 

Stock

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at September 30, 2019

 

 

16,897,306

 

 

$

281,509

 

 

$

2,967,984

 

 

$

2,555,781

 

 

$

81,848,301

 

 

 

(558,051

)

 

$

(8,344,042

)

 

$

79,309,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,892,114

 

 

 

-

 

 

 

-

 

 

 

1,892,114

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(632

)

 

 

(7,635

)

 

 

(7,635

)

Restricted stock awards

 

 

-

 

 

 

-

 

 

 

148,515

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

148,515

 

Dividends ($0.08 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,319,899

)

 

 

-

 

 

 

-

 

 

 

(1,319,899

)

Distribution of restricted stock

   to officers and directors

 

 

-

 

 

 

-

 

 

 

(82,821

)

 

 

-

 

 

 

-

 

 

 

5,546

 

 

 

82,914

 

 

 

93

 

Increase in deferred directors'

   compensation charged to

   expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

86,212

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

86,212

 

Balances at December 31, 2019

 

 

16,897,306

 

 

$

281,509

 

 

$

3,033,678

 

 

$

2,641,993

 

 

$

82,420,516

 

 

 

(553,137

)

 

$

(8,268,763

)

 

$

80,108,933

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(20,454,814

)

 

 

-

 

 

 

-

 

 

 

(20,454,814

)

Restricted stock awards

 

 

-

 

 

 

-

 

 

 

343,101

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

343,101

 

Distribution of deferred

   directors' compensation

 

 

-

 

 

 

-

 

 

 

(112,396

)

 

 

(603,485

)

 

 

-

 

 

 

47,885

 

 

 

715,880

 

 

 

(1

)

Increase in deferred directors'

   compensation charged to

   expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

53,918

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

53,918

 

Balances at March 31, 2020

 

 

16,897,306

 

 

$

281,509

 

 

$

3,264,383

 

 

$

2,092,426

 

 

$

61,965,702

 

 

 

(505,252

)

 

$

(7,552,883

)

 

$

60,051,137

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,555,215

)

 

 

-

 

 

 

-

 

 

 

(3,555,215

)

Restricted stock awards

 

 

-

 

 

 

-

 

 

 

128,196

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

128,196

 

Dividends ($0.01 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(166,132

)

 

 

-

 

 

 

-

 

 

 

(166,132

)

Distribution of deferred

   directors' compensation

 

 

-

 

 

 

-

 

 

 

(17,179

)

 

 

(306,698

)

 

 

-

 

 

 

21,664

 

 

 

323,877

 

 

 

-

 

Increase in deferred directors'

   compensation charged to

   expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

44,058

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

44,058

 

Balances at June 30, 2020

 

 

16,897,306

 

 

$

281,509

 

 

$

3,375,400

 

 

$

1,829,786

 

 

$

58,244,355

 

 

 

(483,588

)

 

$

(7,229,006

)

 

$

56,502,044

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(See accompanying notes)


(3)


 

PANHANDLE OIL AND GAS INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)

 

Nine Months Ended June 30, 2019

 

 

 

Class A voting

 

 

Capital in

 

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Excess of

 

 

Directors'

 

 

Retained

 

 

Treasury

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Par Value

 

 

Compensation

 

 

Earnings

 

 

Shares

 

 

Stock

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at September 30, 2018

 

 

16,896,881

 

 

$

281,502

 

 

$

2,824,691

 

 

$

2,950,405

 

 

$

125,266,945

 

 

 

(145,467

)

 

$

(2,558,338

)

 

 

128,765,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,735,940

 

 

 

-

 

 

 

-

 

 

 

12,735,940

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(74,457

)

 

 

(1,140,559

)

 

 

(1,140,559

)

Restricted stock awards

 

 

-

 

 

 

-

 

 

 

159,469

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

159,469

 

Dividends ($0.08 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,347,789

)

 

 

-

 

 

 

-

 

 

 

(1,347,789

)

Distribution of restricted stock

   to officers and directors

 

 

425

 

 

 

7

 

 

 

(159,869

)

 

 

-

 

 

 

-

 

 

 

9,194

 

 

 

160,022

 

 

 

160

 

Distribution of deferred

   directors' compensation

 

 

-

 

 

 

-

 

 

 

(8

)

 

 

8

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Increase in deferred directors'

   compensation charged to

   expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

80,287

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

80,287

 

Balances at December 31, 2018

 

 

16,897,306

 

 

$

281,509

 

 

$

2,824,283

 

 

$

3,030,700

 

 

$

136,655,096

 

 

 

(210,730

)

 

$

(3,538,875

)

 

$

139,252,713

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,931,334

)

 

 

-

 

 

 

-

 

 

 

(1,931,334

)

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(175,175

)

 

 

(2,827,126

)

 

 

(2,827,126

)

Restricted stock awards

 

 

-

 

 

 

-

 

 

 

286,852

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

286,852

 

Dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(381

)

 

 

-

 

 

 

-