Norris Industries (Norris Industries) Long-Term Capital Lease Obligation : $0.00 Mil (As of Feb. 2024)

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What is Norris Industries Long-Term Capital Lease Obligation?

Norris Industries's Long-Term Capital Lease Obligation for the quarter that ended in Feb. 2024 was $0.00 Mil.

Norris Industries Long-Term Capital Lease Obligation Historical Data

The historical data trend for Norris Industries's Long-Term Capital Lease Obligation can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Norris Industries Long-Term Capital Lease Obligation Chart

Norris Industries Annual Data

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Long-Term Capital Lease Obligation

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Norris Industries Quarterly Data
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Norris Industries (OTCPK:NRIS) Long-Term Capital Lease Obligation Explanation

Long-Term Capital Lease Obligation are the amount due for long-term asset lease agreements that are nearly equivalent to asset purchases. Capital lease obligations are installment payments that constitute a payment of principal plus interest for the capital lease. The Short-Term Capital Lease Obligation is the portion of a Long-Term Capital Lease Obligation that is due over the next year.

Under US Generally Accepted Accounting Principles (GAAP), a capital lease is essentially equivalent to a purchase by the lessee if it meets the following criteria:

1. Ownership of the asset is transferred to the lessee at the end of the lease term;
2. The lease contains a bargain purchase option to buy the equipment at less than fair market value;
3. The lease term equals or exceeds 75% of the asset's estimated useful life;
4. The present value of the lease payments equals or exceeds 90% of the total original cost of the equipment.

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Norris Industries (Norris Industries) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Norris Industries Inc (OTCPK:NRIS) » Definitions » Long-Term Capital Lease Obligation

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Traded in Other Exchanges

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Address

102 Palo Pinto Street, Suite B, Weatherford, TX, USA, 76086

Website

http://www.iwpetroleum.com

Norris Industries Inc is an oil and gas exploration company managed by business and oil and gas exploration veterans specializing in the oil and gas acquisition and exploration markets of the Central West Texas region. The company is engaged in the acquisition, development, and exploration of crude oil and natural gas properties. Its projects include Dawson in Permian Basin, Bend Arch Tiger in Central West Texas, Guadalupe in South Texas, Bend Arch Lion 1A, and Bend Arch Lion 1B in Central West Texas, and Marshall Walden in East Texas.

Executives

Patrick L. Norris	director, 10 percent owner, officer: CEO, Pres, Sec, Treasurer	409 TERRELL CRT, NEW IBERIA LA 90563
Ross Henry Ramsey	director, officer: President, CEO, CFO	401 BOYD DR #3116, GRAPEVINE TX 76051
Benjamin B Tran	director	49 MONTEREY PINE DR., NEWPORT COAST CA 92657

Norris Industries (Norris Industries) Headlines

From GuruFocus

Norris Industries Releases Shareholder Update with Expansion Plan

By Marketwired Marketwired • 07-24-2019