Tue, Nov 19, 4:54 PM (55 days ago)
P2 Solar, Inc. (OTC: PTOS) reported a significant decline in quarterly performance for the period ending September 30, 2024. Revenue fell to $7,353, an 83% decrease from $132,066 in the same period last year, primarily due to decreased sales from rooftop solar installations following the acquisition of Futricity Solar, Inc. Operating expenses also decreased by 36% to $38,027, yet the company still posted a net loss of $31,968, improved from a loss of $41,440 year-over-year. Current assets decreased by 47% to $12,795, while current liabilities rose to $1,934,719, resulting in a working capital deficiency of $1,921,924. The company’s ability to continue operations remains uncertain, heavily reliant on securing additional capital and financing due to ongoing cash flow challenges. Management anticipates potential funding from Futricity’s operations but acknowledges significant risks in achieving future profitability. The company’s future operations hinge on successful capital raising efforts and the revocation of a cease trade order. The financial statements indicate substantial reliance on related party loans, and the company's liquidity concerns may impact its operational viability moving forward.