PetroGas Co Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>PetroGas Co has filed its quarterly report (10-Q) for the period ending December 31, 2023, providing an update on its financial performance in the Crude Petroleum & Natural Gas sector.</b>

AI Summary

PetroGas Co (PTCO) filed a Quarterly Report (10-Q) with the SEC on January 23, 2024. PetroGas Co reported financial results for the period ending December 31, 2023. The company's fiscal year ends on March 31. PetroGas Co is incorporated in Nevada. The company's principal business is Crude Petroleum & Natural Gas extraction. The filing is a 10-Q, indicating a quarterly report.

Why It Matters

For investors and stakeholders tracking PetroGas Co, this filing contains several important signals. This 10-Q filing provides investors with crucial, up-to-date financial information for PetroGas Co, enabling informed investment decisions. Understanding the company's performance in the Crude Petroleum & Natural Gas sector is key to assessing its current market position and future prospects.

Risk Assessment

Risk Level: low — PetroGas Co shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor PetroGas Co's subsequent filings for detailed financial performance and operational updates within the Crude Petroleum & Natural Gas industry.

Key Numbers

• 2023-12-31 — Reporting Period End Date (Conformed period of report)
• 2024-01-23 — Filing Date (Filed as of date)
• 0331 — Fiscal Year End (Fiscal year end)
• 1311 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• PetroGas Co (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-01-23 (date) — Filed as of date
• NV (state) — State of incorporation
• 1311 (sic_code) — Standard Industrial Classification
• America Resources Exploration Inc. (company) — Former company name
• Alazzio Entertainment Corp (company) — Former company name
• HOUSTON (city) — Business address city

Forward-Looking Statements

• PetroGas Co. will continue to report net losses in the next fiscal quarter. (PetroGas Co.) — high confidence, target: 2024-03-31
• The company's stock price will likely remain volatile or decline due to ongoing financial struggles. (PetroGas Co.) — medium confidence, target: 2024-06-30

FAQ

Industry Context

PetroGas Co operates within the Crude Petroleum & Natural Gas industry, a sector characterized by volatile commodity prices and significant regulatory oversight.

Regulatory Implications

As a company in the energy sector, PetroGas Co is subject to various environmental, safety, and operational regulations enforced by federal and state agencies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze PetroGas Co's operational performance and any disclosed risks within the Crude Petroleum & Natural Gas sector.
3. Compare PetroGas Co's reported period results with previous quarters and industry benchmarks.

Key Dates

• 2023-12-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-23: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, representing a quarterly update. A comparison to the previous filing would require access to the prior period's 10-Q.

Key Financial Figures

• $5,700 — May 1, 2019, total principal amount of $5,700 of the three $1,900 convertible notes w
• $1,900 — principal amount of $5,700 of the three $1,900 convertible notes was converted to 570,

Filing Documents

• ptco_10q.htm (10-Q) — 434KB
• ptco_ex311.htm (EX-31.1) — 10KB
• ptco_ex321.htm (EX-32.1) — 4KB
• 0001640334-24-000128.txt (&nbsp;) — 1950KB
• ptco-20231231.xsd (EX-101.SCH) — 21KB
• ptco-20231231_lab.xml (EX-101.LAB) — 124KB
• ptco-20231231_cal.xml (EX-101.CAL) — 22KB
• ptco-20231231_pre.xml (EX-101.PRE) — 105KB
• ptco-20231231_def.xml (EX-101.DEF) — 53KB
• ptco_10q_htm.xml (XML) — 181KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition or Plan of Operation

Management's Discussion and Analysis of Financial Condition or Plan of Operation 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 17

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 19

SIGNATURES

SIGNATURES 20 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PETROGAS COMPANY BALANCE SHEETS (Unaudited) December 31, March 31, 2023 2023 ASSETS Total Current Assets $ - $ - TOTAL ASSETS $ - $ - LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Bank indebtedness $ 322 $ 322 Accounts payable and accrued liabilities 13,818 28,195 Accrued interest 285,543 245,439 Advances from related party 137,141 101,174 Convertible promissory notes, net of debt discount 200,286 219,768 Promissory note 6,962 6,962 Promissory note - related party 42,683 42,683 Total Current Liabilities 686,755 644,543 Asset retirement obligations 83,580 83,580 83,580 83,580 TOTAL LIABILITIES 770,335 728,123 SHAREHOLDERS' DEFICIT Common stock: 300,000,000 authorized; $ 0.001 par value 22,996,680 shares and 21,048,440 shares issued and outstanding, respectively 22,997 21,048 Additional paid in capital 141,469,948 141,452,414 Accumulated deficit ( 142,263,280 ) ( 142,201,585 ) TOTAL SHAREHOLDERS' DEFICIT ( 770,335 ) ( 728,123 ) TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $ - $ - The accompanying notes are an integral part of these unaudited financial statements. 3 Table of Contents PETROGAS COMPANY (Unaudited) Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 OPERATING EXPENSES Professional fees $ 5,300 $ 4,750 $ 21,590 $ 24,400 General and administrative expense - - - 50 Total operating expenses 5,300 4,750 21,590 24,450 Loss from Operations ( 5,300 ) ( 4,750 ) ( 21,590 ) ( 24,450 ) OTHER EXPENSE Interest expense 12,580 14,776 40,105 44,169 Total other expense 12,580 14,776 40,105 44,169 NET LOSS $ ( 17,880 ) $ ( 19,526 ) $ ( 61,695 ) $ ( 68,619 ) NET LOSS PER SHARE, BASIC AND DILUTED $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) WEIGHTED AVERAGE SHARES

View Full Filing

View this 10-Q filing on SEC EDGAR