Wed, Jan 22, 3:41 PM (26 days ago)
PetroGas Company (PTCO) reported a net loss of $16,080 for Q3 2024, a slight improvement from $17,880 in Q3 2023, attributed to reduced operating expenses. For the nine months ending December 31, 2024, the net loss was $56,001, down from $61,695 in the prior year, reflecting lower accounting fees and interest expenses. The company has no significant revenues and an accumulated deficit of $142,348,174 as of December 31, 2024. Current liabilities increased to $771,649 from $715,648, indicating ongoing financial strain. Cash flow from operations showed a reduction in negative cash flow to $25,398 from $35,967, balanced by financing activities of the same amount. The company maintains a working capital deficiency and relies on related party advances for operational financing. Future operations depend on acquiring additional leases and raising capital to explore drilling opportunities amid challenging market conditions. The financial statements raise substantial doubts about the company's ability to continue as a going concern without additional capital.