Wed, Jun 26, 5:29 PM (73 days ago)
PetroGas Company, for the fiscal year ending March 31, 2024, reported a net loss of $90,588, an improvement from the prior year's loss of $102,575. The company did not generate any revenue in either fiscal year. Operating expenses decreased to $38,040 from $43,950, primarily due to reduced professional fees. Other expenses, mainly interest, also decreased slightly. The company's working capital deficiency increased to $715,648, driven by higher liabilities, including amounts due to the director and accrued interest. Cash flow from operations was negative, offset by financing activities from director advances. Future strategies involve acquiring distressed oil & gas leases and drilling new wells, contingent on raising additional capital. Key risks include fluctuating oil prices, regulatory compliance, and competition from larger firms. The company remains a going concern, dependent on securing further financing.