Wed, Jun 26, 12:01 PM (73 days ago)
Pineapple Express Cannabis Company reported its financial results for the quarter ended April 30, 2024. Key financial metrics include a revenue of $1,964, marking an improvement from $0 in the same period last year, primarily due to management fee revenue. However, the company incurred a net loss of $3,616 compared to a net income of $179,594 the previous year, impacted by the absence of income from equity-investment method gains. Operating expenses were reduced to $5,580 from $29,706, reflecting lower legal and audit fees. The balance sheet shows total assets of $5,003,689, significantly up from $1,870, driven by a $5 million investment in intangible assets. Liabilities rose to $4,978,232, primarily due to a $4.97 million related party loan. The company’s stockholders' equity improved to $25,457 from a deficit of $15,927. Cash flow from operations was negative at $11,744, offset by financing activities providing $11,714. The company holds no cash reserves, relying on additional investment capital for operations. The financial health remains precarious with substantial doubt on going concern due to a significant accumulated deficit. Future operations depend on successful capital raising and market conditions.