PetroGas Company, as of September 30, 2024, reported total current liabilities of $755,569, an increase from $715,648 as of March 31, 2024. Total liabilities rose from $799,228 to $839,149 during the same period. The company's accumulated deficit slightly increased to $(142,332,094) from $(142,292,173), while total shareholders' deficit also grew from $(799,228) to $(839,149).
For the three months ending September 30, 2024, PetroGas recorded operating expenses of $7,550, up from $5,640 in the same period of 2023. The net loss for this quarter was $(20,130), compared to $(18,549) in the prior year, reflecting an increase in professional fees. However, for the six months ended September 30, 2024, operating expenses decreased to $14,898 from $16,290, and the net loss improved to $(39,921) from $(43,815) in 2023, attributed to lower professional fees and note interest expenses.
The company reported net cash used in operating activities of $(23,898) for the six months ended September 30, 2024, an improvement from $(32,667) in the same period of 2023. This change was supported by net changes in operating liabilities amounting to $16,023, compared to $11,148 in the previous year. Net cash provided by financing activities decreased to $23,898 from $32,667 year-over-year.
PetroGas has not generated significant revenues since its inception, and there is substantial doubt regarding its ability to continue as a going concern due to the need for additional working capital. The management strategy includes pursuing equity funding and various financing options to address operational shortfalls.
The company has maintained its asset retirement obligations at $83,580, consistent with the previous reporting period. As of September 30, 2024, the company had no significant changes in its convertible notes, with a total payable of $200,286 and accrued interest of $285,941.
PetroGas Company, incorporated in Nevada on January 24, 2014, has undergone several strategic developments, including a name change and various acquisitions of oil and gas properties. The company continues to focus on its operational strategies while navigating financial challenges.
About PetroGas Co
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