Thu, Jun 20, 10:10 AM (123 days ago)
Phoenix Plus Corp.'s Form 10-Q for the quarter ended April 30, 2024, reveals significant financial challenges. The company reported a net loss of $212,310 for the three months and $369,057 for the nine months, mainly due to high general and administrative expenses. Revenues increased to $140,901 for the quarter and $1,073,259 for the nine months, primarily from solar PV system installation and consultancy services. However, cost of revenue exceeded revenue, resulting in gross losses of $128,216 and $76,349 for the respective periods. Cash and cash equivalents decreased to $561,363 from $1,108,039 at the beginning of the year, reflecting negative cash flow from operations. The company faces liquidity issues and uncertainties about its ability to continue as a going concern. Future performance depends on improving profitability and securing additional financing, which remains uncertain.