2024 Q4 - Annual Report

UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 FORM10-K oANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedMarch31,2024 ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 CommissionFileNo.1-31785 MEXCOENERGYCORPORATION (Exactnameofregistrantasspecifiedinitscharter) Colorado84-0627918 (Stateorotherjurisdictionofincorporationororganization)(I.R.S.EmployerIdentificationNo.) 415W.Wall,Suite475(432)682-1119 Midland,Texas79701(Registrant’stelephonenumber,includingareacode)(Addressofprincipalexecutiveoffices,ZipCode) SecuritiesregisteredpursuanttoSection12(b)oftheAct:None SecuritiesregisteredpursuanttoSection12(g)oftheAct: Titleofeachclass TradingSymbol(s) Nameofeachexchangeonwhichregistered CommonStock,parvalue$0.50pershare MXC NYSEAmerican Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes☐No☒ IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.☐ Indicatebycheck-markwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringtheprecedingtwelve(12)months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports)and(2)hasbeensubjecttosuchfilingrequirementsforthepastninety(90)days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyandpostedonitscorporateWebsite,ifany,everyInteractiveDataFilerequiredtobesubmittedandpostedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitandpostsuchfiles).Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,orandemerginggrowthcompany.Seedefinitionsof“largeacceleratedfiler”,“acceleratedfiler”,“smallerreportingcompany”,and“emerginggrowthcompany”inRule12b-2oftheExchangeAct: LargeAcceleratedFiler☐AcceleratedFiler☐Non-AcceleratedFiler☒SmallerReportingCompany☒EmergingGrowthCompany☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☐ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.1D-1(b).☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes☐No☒ Theaggregatemarketvalueofthevotingstockheldbynon-affiliatesoftheRegistrantasofSeptember30,2023(thelastbusinessdayoftheRegistrant’smostrecentlycompletedsecondquarter)was$14,672,667ascomputedbyreferencetothelastreportedsale. Therewere2,090,000sharesoftheregistrant’scommonstockoutstandingasofJune27,2024. DOCUMENTSINCORPORATEDBYREFERENCE PortionsoftheRegistrant’sProxyStatementrelatingtothe2024AnnualMeetingofShareholderstobeheldonSeptember10,2024,havebeenincorporatedbyreferenceinPartIIIofthisForm10-K.SuchProxyStatementwillbefiledwiththeCommissionnotlaterthan120daysafterMarch31,2024,theendofthefiscalyearcoveredbythisreport. TABLEOFCONTENTS CautionaryNoteRegardingForward-LookingStatements3 PARTI Item1.Business3 Item1A.RiskFactors10 Item2.Properties16 Item1B.UnresolvedStaffComments15 Item1C.Cybersecurity15 Item4.MineSafetyDisclosures20 Item3.LegalProceedings20 Item7.Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations23 Item5.MarketfortheRegistrant’sCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquitySecurities21 PARTII Item6.Reserved22 Item8.FinancialStatementsandSupplementaryData31 Item7A.QuantitativeandQualitativeDisclosuresAboutMarketRisk30 Item9A.ControlsandProcedures31 Item9.ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosures31 Item9C.DisclosureRegardingForeignJurisdictionsthatPreventInspection32 Item9B.OtherInformation32 PARTIII Item11.ExecutiveCompensation32 Item10.Directors,ExecutiveOfficersandCorporateGovernance32 Item13.CertainRelationshipsandRelatedTransactions,andDirectorIndependence32 Item12.SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters32 Item14.PrincipalAccountingFeesandServices32 PARTIV Item15.ExhibitsandFinancialStatementSchedules33 Item16.Form10-KSummary33 Signatures34 GlossaryofAbbreviationsandTerms35 2 Asusedinthisdocument,“theCompany”,“