Fri, Aug 16, 5:31 PM (151 days ago)
For the quarter ended June 30, 2024, Pioneer Green Farms, Inc. reported significant revenue growth, generating $23,463 compared to $9,295 in the same quarter of the previous year. Gross profit surged to $22,088, reflecting improved cost management. However, the company incurred a net loss of $306,314, a substantial increase from $131,965, primarily due to a $235,470 loss on debt settlement and ongoing high administrative expenses. Over the first half of 2024, revenues reached $54,224, contrasting sharply with $9,295 in 2023, yet the net loss escalated to $1,255,619 from $227,443, driven by increased operational costs. As of June 30, 2024, total assets increased to $607,352, primarily due to higher inventory levels, while total liabilities slightly decreased to $1,196,022. Cash flow from operations showed a net usage of $196,187, with financing activities providing $212,278, indicating reliance on external funding. The company continues to face uncertainties, including reliance on additional capital for operations and the impact of macroeconomic factors. Despite recent product launches, the ability to achieve sustainable revenue remains in question, highlighting the need for strategic financial management moving forward.