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Pioneer Green Farms, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $43 for the three months ended September 30, 2024, compared to $0 for the same period in 2023. The gross profit for the quarter was $30, compared to $0 in the previous year.
The company reported a net loss of $1,627,370 for the quarter, an increase from the net loss of $135,810 in the same period of the previous year. The increase in net loss is attributed to a charge for settlement of debt, derivative liability, and increases in general and administrative expenses.
For the nine months ended September 30, 2024, the company generated revenues of $54,267, compared to $9,295 for the same period in 2023. The gross profit for the nine months was $28,890, compared to $3,845 in the previous year.
The company reported a net loss of $2,882,989 for the nine months ended September 30, 2024, compared to a net loss of $332,550 for the same period in 2023. The increase in net loss is due to increases in general and administrative expenses, professional fees, and losses on settlement of debt and derivative loss.
As of September 30, 2024, Pioneer Green Farms had total assets of $619,367, including cash and cash equivalents of $6,026. Total liabilities were $1,942,868, including accounts payable, related party loans, notes payable, and lease liabilities.
The company has extended the term for the repayment of its notes until February 2025, when it expects to have income from product sales or raise funds from investors.
The filing also discusses the impact of COVID-19 and other macroeconomic factors on the company's business operations, highlighting potential risks and uncertainties.
The company acknowledges a material weakness in its internal controls over financial reporting, which it attributes to limited resources and lack of a separate audit committee.
Pioneer Green Farms continues to focus on expanding its operations, including the purchase of farmland and the launch of new products, with the expectation of generating additional revenue streams.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PIONEER GREEN FARMS INC. quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.