Mon, Oct 21, 10:02 AM (73 days ago)
Permex Petroleum Corporation (CSE: OIL) reported significant financial challenges for the quarter ended March 31, 2024. The company generated revenues of $30,870, down from $180,638 year-over-year, primarily due to reduced oil and gas production stemming from financial constraints. Operating expenses also decreased to $451,842 from $1,295,991, reflecting management's cost-cutting measures. The net loss improved to $415,355 from $1,111,323 in the same period last year, indicating a reduction in operational losses. As of March 31, 2024, cash reserves dwindled to $4,715, with a working capital deficiency of $4,181,211, raising concerns about the company's ability to continue as a going concern. The company has initiated efforts to raise capital through private placements and has reported subsequent financing of $3.715 million. The company faced a cease trade order from the British Columbia Securities Commission due to filing delays, which was resolved in September 2024. The overall operational outlook remains uncertain, heavily reliant on securing additional funding and resuming production activities.