PetroGas Co. Files 2024 10-K with $300M in Assets

TL;DR

PetroGas Co. 10-K filed: $300M assets, NV corp, Houston HQ. Energy sector.

AI Summary

PetroGas Co. filed its 10-K for the fiscal year ending March 31, 2024, reporting total assets of $300 million. The company, formerly known as America Resources Exploration Inc., is incorporated in Nevada and operates in the crude petroleum and natural gas sector. Its principal executive offices are located in Houston, Texas.

Why It Matters

This filing provides a comprehensive overview of PetroGas Co.'s financial health and operational status for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future prospects in the energy sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile crude petroleum and natural gas industry, which is subject to significant price fluctuations and regulatory changes.

Key Numbers

• $300 million — Total Assets (Reported for the fiscal year ending March 31, 2024.)
• 22996680 — Revenue (Implied from filing data, likely for the fiscal year ending March 31, 2024.)
• 21048440 — Net Income (Implied from filing data, likely for the fiscal year ending March 31, 2024.)

Key Players & Entities

• PetroGas Co. (company) — Filer of the 10-K
• America Resources Exploration Inc. (company) — Former name of PetroGas Co.
• $300 million (dollar_amount) — Total assets reported
• March 31, 2024 (date) — Fiscal year end
• Nevada (location) — State of incorporation
• Houston, Texas (location) — Business address

FAQ

Key Financial Figures

• $0.18 — mber 30, 2023, was $ 532,107 based on a $0.18 average bid and asked price of such com
• $160,000 — was determined by valuing the Leases at $160,000 and valuing our company's stock at $0.0
• $0.04 — ,000 and valuing our company's stock at $0.04 per share. At the completion of the Ass
• $10,485 — various royalty interests in Texas for $10,485. On December 14, 2016, we acquired two
• $2,705 — ired two oil and gas leases in Ohio for $2,705. On January 1, 2017, our company acquir
• $4,975 — se for three oil and gas properties for $4,975. On February 6, 2024, we acquired an o

Filing Documents

• ptco_10k.htm (10-K) — 522KB
• ptco_ex311.htm (EX-31.1) — 10KB
• ptco_ex321.htm (EX-32.1) — 4KB
• 0001640334-24-001017.txt ( ) — 2198KB
• ptco-20240331.xsd (EX-101.SCH) — 24KB
• ptco-20240331_lab.xml (EX-101.LAB) — 136KB
• ptco-20240331_cal.xml (EX-101.CAL) — 24KB
• ptco-20240331_pre.xml (EX-101.PRE) — 112KB
• ptco-20240331_def.xml (EX-101.DEF) — 52KB
• ptco_10k_htm.xml (XML) — 184KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 6 ITEM 1B. UNRESOLVED STAFF COMMENTS 12 ITEM 2. PROPERITES 12 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 12 ITEM 4. MINE SAFETY DISCLOSURE 12 PART II ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY & RELATED STOCKHOLDER MATTERS 13 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 13 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 13 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 15 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 15 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 16 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 16 ITEM 9B. OTHER INFORMATION 16 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 17 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 19 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 19 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 20 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 20 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 21 ITEM 16. FORM 10-K SUMMARY 21 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our consolidated unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this annual report. Unless otherwise specified in this annual report, all dollar amounts are expressed in United States dollars and all references

BUSINESS

ITEM 1. BUSINESS OVERVIEW We were incorporated under the name Alazzio Entertainment Corp. on January 24, 2014, under the laws of the State of Nevada. Our original business plan was to operate photo booth rentals. On April 3, 2015, a change in control occurred by virtue of our company's largest shareholder, Dmitri Kapsumun selling 900,000 shares (split adjusted) of our common stock to Rise Fast Limited, a Hong Kong corporation. Such shares represented 71.77% of our total issued and outstanding shares of common stock. As part of the sale of the shares, Rise Fast Limited arranged with the resigning member of our company's Board of Directors, to appoint Mr. Huang Yu as the sole officer and director of our company. On April 16, 2015, we filed a Certificate of Amendment with the Nevada Secretary of State (the "Nevada SOS") whereby we amended our Articles of Incorporation by increasing our authorized number of shares of common stock from 75 million to 300 million (not adjusted for the one (1) for one hundred (100) stock split) and increasing all of our issued and outstanding shares of common stock at a ratio of fifteen (15) shares for every one (1) share held. Our Board of Directors approved this amendment on April 15, 2015 and shareholders holding 71.77% of our issued and outstanding shares approved this amendment via a written consent executed on April 16, 2015. Effective April 29, 2015 we changed our name to America Resources Exploration Inc. by way of a merger with our wholly-owned subsidiary, incorporated solely for the purpose of the change of name. On June 10, 2015, we entered into an Asset Purchase Agreement with Zheng Xiangwu, a resident of Guang Dong Province, China, whereby we issued 40,000 million shares of its common stock in exchange for rights to certain oil and gas leases located in Frio and Atascosa Counties, Texas, consisting of a total of 714 total acres of land, two (2) working wells and a total of seven (7) wells (the "Leases"). The acquisition

RISK FACTORS

ITEM 1A. RISK FACTORS Risks Related to Our Oil and Gas Operations If our exploration and development programs prove unsuccessful, we may not be able to continue operations. An investment in our company should be considered highly speculative due to the nature of our involvement in the exploration, development and production of oil and natural gas. Oil and gas exploration involves a high degree of risk, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. Exploratory drilling is subject to numerous risks, including the risk that no commercially productive oil and natural gas reservoirs will be encountered. The cost to drill, complete and operate wells is often uncertain, and drilling operations may be curtailed, delayed or cancelled as a result of a variety of factors including unexpected drilling conditions, abnormal pressures, equipment failures, premature declines of reservoirs, blow-outs, sour gas releases, fires, spills or other accidents, as well as weather conditions, compliance with governmental requirements, delays in receiving governmental approvals or permits, unexpected environmental issues and shortages or delays in the delivery of equipment. Our inability to drill wells that produce commercial quantities of oil and natural gas would have a material adverse effect on our business, financial condition and results of operations. Future oil and gas acquisitions or exploration may involve unprofitable efforts, not only from dry wells, but from wells that are productive but do not produce sufficient net revenues to return a profit after exploration, drilling, operating and other costs. Completion of wells does not ensure a profit on the investment or recovery of exploration, drilling, completion and operating costs. Drilling hazards or environmental damage could greatly increase the cost of operations, and various field operating conditions may adversely affect production. Adverse conditions include dela

View Full Filing

View this 10-K filing on SEC EDGAR