Wed, May 15, 4:46 PM (267 days ago)
Truleum, Inc. (formerly Alpha Energy, Inc.) filed an unaudited Form 10-Q for the quarter ended March 31, 2024. The report highlights a significant net loss of $515,280, compared to $459,822 in the same quarter of 2023, primarily due to increased Board of Directors fees and professional services. Revenue dropped sharply to $8,458 from $71,716 year-over-year, while lease operating expenses decreased to $36,361 from $179,441. The company's cash position remains precarious, with cash and cash equivalents of $5,530 and total current liabilities of $3.65 million, indicating substantial liquidity challenges. The company’s going concern status is questionable, relying heavily on additional capital to sustain operations. Financing activities provided $241,872, primarily from related party advances, while investing activities saw no expenditure, unlike the $82,140 spent in the same period last year. The balance sheet reflects a stockholders' deficit of $3.02 million. Future operations are uncertain, with ongoing legal proceedings and the need for financial restructuring. The company is actively seeking to engage an independent accounting firm to review financial statements, as required by the SEC.