PetroGas Co. Files Q2 2024 10-Q

TL;DR

PetroGas Co. 10-Q filed. Financials for Q2 2024 out.

AI Summary

PetroGas Co. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as America Resources Exploration Inc., reported financial results for the quarter. Key financial data and operational details are included in the filing.

Why It Matters

This filing provides investors with an update on PetroGas Co.'s financial performance and operational status for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in the volatile crude petroleum and natural gas sector.

Key Numbers

• 300000000 — Total Assets (Indicates the company's total resources as of the reporting period.)
• 22996680 — Total Liabilities (Represents the company's total obligations.)
• 22996680 — Total Equity (Shows the net worth of the company.)
• 1948240 — Net Income (Indicates the company's profitability for the period.)

Key Players & Entities

• PetroGas Co. (company) — Filer
• America Resources Exploration Inc. (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240731 (date) — Filing date
• 0001609258 (company) — Central Index Key
• CRUDE PETROLEUM & NATURAL GAS [1311] (industry) — Standard Industrial Classification
• NV (state) — State of Incorporation
• 0331 (date) — Fiscal year end
• 2800 POST OAK BOULEVARD SUITE 4100 HOUSTON TX 77056 (address) — Business and Mail Address
• (806) 375-3338 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $174,000 — 2017, four individual holders that have $174,000 of convertible promissory notes, conver
• $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) — 358KB
• ptco_ex311.htm (EX-31.1) — 12KB
• ptco_ex321.htm (EX-32.1) — 5KB
• 0001640334-24-001177.txt ( ) — 1837KB
• ptco-20240630.xsd (EX-101.SCH) — 21KB
• ptco-20240630_lab.xml (EX-101.LAB) — 120KB
• ptco-20240630_cal.xml (EX-101.CAL) — 22KB
• ptco-20240630_pre.xml (EX-101.PRE) — 101KB
• ptco-20240630_def.xml (EX-101.DEF) — 51KB
• ptco_10q_htm.xml (XML) — 162KB

- 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 June 30, March 31, 2024 2024 (Unaudited) (Audited) ASSETS Total Current Assets $ - $ - TOTAL ASSETS $ - $ - LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Bank indebtedness $ 322 $ 322 Accounts payable and accrued liabilities 22,385 24,068 Accrued interest 310,430 297,986 Advances from related party 152,371 143,341 Convertible promissory notes, net of debt discount 200,286 200,286 Promissory note 6,962 6,962 Promissory note - related party 42,683 42,683 Total Current Liabilities 735,439 715,648 Asset retirement obligations 83,580 83,580 83,580 83,580 TOTAL LIABILITIES 819,019 799,228 SHAREHOLDERS' DEFICIT Common stock: 300,000,000 authorized; $ 0.001 par value 22,996,680 shares issued and outstanding 22,997 22,997 Additional paid in capital 141,469,948 141,469,948 Accumulated deficit ( 142,311,964 ) ( 142,292,173 ) TOTAL SHAREHOLDERS' DEFICIT ( 819,019 ) ( 799,228 ) TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $ - $ - The accompanying notes are an integral part of these unaudited condensed financial statements. 3 Table of Contents PETROGAS COMPANY (Unaudited) Three Months Ended June 30, 2024 2023 OPERATING EXPENSES Professional fees $ 7,348 $ 10,650 Total operating expenses 7,348 10,650 Loss from Operations ( 7,348 ) ( 10,650 ) OTHER EXPENSE Interest expense 12,443 14,616 Total other expense 12,443 14,616 NET LOSS $ ( 19,791 ) $ ( 25,266 ) NET LOSS PER SHARE, BASIC AND DILUTED $ ( 0.00 ) $ ( 0.00 ) WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED 22,996,680 21,048,440 The accompanying notes are an integral part of these unaudited condensed financial statements. 4 Table of Contents PETROGAS COMPANY FOR THE THREE MONTHS ENDED JUNE 30, 2024 AN

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View this 10-Q filing on SEC EDGAR