Financial Performance - For the three months ended March 31, 2022, total revenue was CAD 5,248,774, an increase of 27.5% compared to CAD 4,114,361 for the same period in 2021[13] - The company reported a net income of CAD 2,999,200 for the first quarter of 2022, compared to a net loss of CAD 2,841,753 in the first quarter of 2021[13] - Total revenue for the three months ended March 31, 2022, was CAD 6,363,985, up from CAD 4,954,287 in the prior year, indicating a year-over-year increase of 28.4%[68] - Revenue from the sale of natural gas, natural gas liquids, and condensate reached CAD 5,810,291 for the three months ended March 31, 2022, compared to CAD 4,598,459 for the same period in 2021, representing a growth of 26.3%[68] - The company reported a total financing cost of CAD 899,431 for the three months ended March 31, 2022, down from CAD 1,240,523 in the same period of 2021, reflecting a decrease of 27.5%[74] - The effective tax rate for the three months ended March 31, 2022, was 23%, down from 24% in 2021[16] - The company reported a net income of 2,999,200 CAD for the three months ended March 31, 2022, compared to a loss of 2,841,753 CAD in the same period of 2021[79] Assets and Liabilities - The total assets as of March 31, 2022, amounted to CAD 57,762,565, up from CAD 52,982,177 as of March 31, 2021, reflecting a growth of approximately 9.5%[10] - The company’s total liabilities were CAD 49,736,955, an increase from CAD 47,968,368 year-over-year, reflecting a growth of approximately 3.7%[11] - Current liabilities totaled CAD 23,656,874, a decrease from CAD 26,127,802 in the previous year, indicating a reduction of about 10.5%[10] - The company had a working capital deficit of CAD 18 million as of March 31, 2022[23] - The company’s total liabilities, including trade payables and other payables, are expected to be settled within one year or as required[49] - As of March 31, 2022, total liabilities amounted to CAD 5,121,415, a significant increase from CAD 598,850 as of December 31, 2021[57] - The company’s long-term debt as of March 31, 2022, was CAD 23,231,148, down from CAD 25,354,961 as of December 31, 2021, representing a reduction of 8.4%[52] Cash Flow and Working Capital - The company reported a net cash flow from operating activities of CAD 0.8 million for the three months ended March 31, 2022[23] - The total cash and cash equivalents at the end of the period were CAD 496,502, a decrease from CAD 587,933 at the end of December 31, 2021[27] - Non-cash working capital changes resulted in a cash inflow of CAD 1,054,166 for the three months ended March 31, 2022, compared to CAD 2,209,558 for the same period in 2021[29] - The company’s net working capital as of March 31, 2022, included CAD 0.7 million in shareholder debt due by December 31, 2021[135] - The company reported a net working capital deficit of 17,942 thousand CAD as of March 31, 2022, compared to 22,740 thousand CAD in the previous year[188] Production and Operational Metrics - For Q1 2022, the average daily natural gas production was 11,470 thousand cubic feet per day, a decrease of 2.8% from Q4 2021[123] - The total production for Q1 2022 was 2,054 barrels of oil equivalent per day, down 3.9% from 2,137 barrels per day in Q4 2021[124] - The average daily sales volume for Q1 2022 was 2,085 barrels of oil equivalent per day, slightly down from 2,159 barrels per day in Q4 2021[128] - The company’s natural gas production decreased by 15% year-over-year to 11,470 thousand cubic feet per day, while total production dropped by 15% to 2,054 barrels of oil equivalent per day[138] - Production revenue for Q1 2022 was CAD 6,364 thousand, a decrease of 3.1% compared to CAD 6,566 thousand in Q4 2021[130] Capital Expenditures and Investments - Capital expenditures for Q1 2022 were CAD 193 thousand, significantly lower than CAD 5,489 thousand in Q4 2021[130] - Capital expenditures included total spending on property, plant, and equipment, plus exploration and evaluation assets[132] - The company’s capital expenditures on property, plant, and equipment were not detailed in the provided documents[19] Market and Strategic Outlook - The company plans to continue exploring new market opportunities and enhancing its product offerings in the upcoming quarters[12] - The company anticipates continued strong demand for natural gas, benefiting from the highest prices in a decade in Western Canada[119] - The company is evaluating additional drilling targets with plans to start drilling between 2022 and 2023, depending on funding availability[119] - The company plans to complete an equity placement in the first half of 2022 to facilitate the repayment of CAD 2.5 million due by December 2022 and CAD 1.0 million due by March 2023[196] Shareholder and Equity Information - The company had 3,780,000 stock options outstanding with an exercise price of CAD 0.52 as of March 31, 2022[65] - As of March 31, 2022, the company had a total of 397,886,520 common shares issued and outstanding[61] - The company completed a share placement on April 29, 2022, issuing 35 million shares at a price of HKD 0.80 per share, raising a total of HKD 28 million (approximately CAD 4.48 million)[109] - The company proposed a name change from "Persta Resources Inc." to "JX Energy Ltd." to better reflect its strategic direction and future business development[110] Risk Management and Financial Health - The company has no financial derivatives in place to manage commodity price risk as of March 31, 2022[95] - The company’s ability to continue as a going concern depends on generating positive cash flow from operations and obtaining financing[198] - The company aims to ensure sufficient liquidity to meet its financial obligations, with a focus on managing cash flow and operational funding[90] - The company has a capital management policy aimed at maintaining financial flexibility and providing appropriate returns to shareholders[99]
吉星新能源(03395) - 2022 Q1 - 季度财报