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PetroGas Company (PTCO0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, indicating a net loss of $16,080, compared to a net loss of $17,880 in the same quarter the previous year. The decrease in net loss is attributed to reduced accounting and review fees.
For the nine months ended December 31, 2024, the company reported a net loss of $56,001, down from $61,695 in the same period the previous year. This reduction is due to decreased operating expenses and interest expenses.
PetroGas Company had a working capital deficiency of $771,649 as of December 31, 2024, compared to $715,648 as of March 31, 2024. The increase in deficiency is due to advances from related parties and accrued interest.
The company did not use any funds for investing activities during the nine months ended December 31, 2024 and 2023. Net cash used in operating activities was $25,398, offset by net cash provided by financing activities of the same amount from director advancements.
PetroGas Company continues to focus on acquiring oil and gas leases and exploring new drilling opportunities. The company aims to raise capital through private placements to fund these activities.
The filing notes that PetroGas Company has not declared bankruptcy, been in receivership, or involved in any legal proceedings. The company has no off-balance sheet arrangements that may affect its financial condition.
Management has identified that the company's disclosure controls and procedures were not effective as of December 31, 2024, and there were no changes in internal control over financial reporting during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PetroGas Company quarterly 10-Q report dated January 22, 2025. To report an error, please email earnings@qz.com.