Pioneer Green Farms Reports Significant Financial Developments, Net Loss Increases 767% in Latest 10-Q Filing

Pioneer Green Farms, Inc., an agricultural company focused on hemp cultivation, reported significant financial developments in its latest 10-Q filing for the nine months ended September 30, 2024. The company experienced a net loss of $2,882,989, a substantial increase of 767% compared to a net loss of $332,550 for the same period in 2023. This increase in losses was attributed to rising general administration costs, which surged by $41,406 due to higher rents and interest expenses.

Revenue for the nine months ended September 30, 2024, reached $54,267, a notable increase from $9,295 in the same period of the previous year. The gross profit also improved, totaling $28,890 compared to $3,845 in 2023. The sales mix shifted, with 2024 revenues including $2,427 from retail products and $51,865 from wholesale products, while 2023 revenues were primarily from wholesale CBD oil.

For the three months ended September 30, 2024, the company reported revenues of $43, compared to $0 for the same period in 2023, marking the first revenue generation since inception. The gross profit for this quarter was $30, also a first for the company. However, the net loss for this quarter was $1,627,370, an increase of 1,098% from a net loss of $135,810 in the same quarter of 2023.

Pioneer Green Farms' total assets as of September 30, 2024, were $619,367, up from $592,606 at the end of 2023. Cash and cash equivalents decreased to $6,026 from $627. Total liabilities increased significantly to $1,942,868, compared to $1,204,777 a year earlier, primarily due to an increase in related party loans, which amounted to $566,360.

The company has been actively pursuing growth strategies, including the launch of new products such as Ink Bomb Tattoo Healing Spray and Big Banana Organic Libido Enhancer in November 2023, aimed at creating new revenue streams. Additionally, Pioneer Green Farms has entered into various lease agreements, including a six-month lease for indoor growing space and a 25-year lease for a 5-acre orange grove.

Despite the ongoing challenges posed by macroeconomic factors such as inflation and rising interest rates, the company remains focused on expanding its operations and expects to generate income from product sales or raise funds from investors by February 2025.