Wed, Nov 20, 11:11 AM (54 days ago)
Pioneer Green Farms, Inc. (Ticker: PGF) reported its Q3 2024 results, revealing minimal revenue of $43, up from $0 in Q3 2023, and total revenues of $54,267 for the nine months ended September 30, 2024, compared to $9,295 in the prior year. The gross profit for the nine-month period increased to $28,890 from $3,845, primarily due to a shift in product mix and reduced costs. However, the company experienced a significant net loss of $1,627,370 for Q3, a 1,098% increase from the prior year, driven by debt settlement costs and rising administrative expenses. Total assets rose to $619,367, bolstered by increased inventory and cash, while total liabilities decreased to $1,117,072. Cash flow from operations improved, with a net cash used of $193,528 compared to $360,161 in 2023. The company continues to face uncertainties regarding its ability to generate sufficient revenue to sustain operations, as indicated by its accumulated losses of $4,506,479. Management plans to raise additional capital to support ongoing operations and expansion efforts.