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P2 Solar, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $7,353 from $92,399 in the same quarter the previous year. This decrease is attributed to the company's limited sales from rooftop solar system installations.
Operating expenses for the quarter were $38,027, down from $59,403 in the same quarter of the previous year, primarily due to reduced professional fees and subcontractor costs.
The company reported a net loss of $31,968 for the quarter, compared to a net loss of $41,440 in the previous year. The comprehensive loss for the quarter was $58,107, compared to $4,803 in the previous year, influenced by foreign currency adjustments.
P2 Solar's working capital deficiency increased to $1,921,924 as of September 30, 2024, from $1,842,424 as of March 31, 2024, due to increased liabilities and decreased accounts receivable.
Cash used in operating activities was $24,686, while cash provided by financing activities was $26,472, primarily from related party advances.
The company does not have sufficient assets or capital resources to cover ongoing expenses beyond March 31, 2024, and is seeking additional financing to continue operations.
P2 Solar is classified as an emerging growth company under the JOBS Act, allowing it to rely on certain exemptions from disclosure requirements.
The filing also details related party transactions, including advances and repayments to directors and officers, and management salaries.
P2 Solar's management acknowledges the company's dependence on raising additional capital and implementing its business plan to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the P2 Solar Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.