P2 Solar, Inc. 10-Q: Assets and Liabilities Balance

TL;DR

P2 Solar's 10-Q shows assets and liabilities perfectly balanced at $67.9M for Q2 2024. Directors changed.

AI Summary

P2 Solar, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $67,946,513 and total liabilities of $67,946,513 for the quarter. The filing also indicates changes in director and officer roles and details convertible note activity.

Why It Matters

This filing provides a snapshot of P2 Solar's financial health as of June 30, 2024, showing a balance between its assets and liabilities, which is crucial for investors to assess its financial stability.

Risk Assessment

Risk Level: medium — The company's assets and liabilities are exactly balanced, which could indicate financial strain or a specific accounting treatment requiring further investigation.

Key Numbers

• $67.9B — Total Assets (As of June 30, 2024, indicating the company's total resources.)
• $67.9B — Total Liabilities (As of June 30, 2024, showing the company's total obligations.)

Key Players & Entities

• P2 Solar, Inc. (company) — Filer of the 10-Q
• 67946513 (dollar_amount) — Total assets as of June 30, 2024
• 67946513 (dollar_amount) — Total liabilities as of June 30, 2024
• Azariah Zemarium (person) — Director and Officer
• NATCO INTERNATIONAL INC. (company) — Former company name
• SPECTRUM INTERNATIONAL INC (company) — Former company name

FAQ

Filing Documents

• ptos_10q.htm (10-Q) — 506KB
• ptos_ex311.htm (EX-31.1) — 12KB
• ptos_ex312.htm (EX-31.2) — 12KB
• ptos_ex321.htm (EX-32.1) — 4KB
• ptos_ex322.htm (EX-32.2) — 4KB
• 0001640334-24-001325.txt ( ) — 2614KB
• ptos-20240630.xsd (EX-101.SCH) — 30KB
• ptos-20240630_lab.xml (EX-101.LAB) — 158KB
• ptos-20240630_cal.xml (EX-101.CAL) — 33KB
• ptos-20240630_pre.xml (EX-101.PRE) — 131KB
• ptos-20240630_def.xml (EX-101.DEF) — 58KB
• ptos_10q_htm.xml (XML) — 323KB

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. 4

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

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION. 15 Background and Overview. 15 Results of Operation. 15 Liquidity and Capital Resources. 15 Commitments and Obligations. 17 Off Balance Sheet Arrangements. 17 Emerging Growth Company. 17

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 18

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES. 18 Disclosure Controls and Procedures. 18 Changes in Internal Control over Financial Reporting. 18

– OTHER INFORMATION

PART II – OTHER INFORMATION. 19

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS. 19

RISK FACTORS

ITEM 1A. RISK FACTORS. 19

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 19

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 19

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. 19

OTHER INFORMATION

ITEM 5. OTHER INFORMATION. 19

EXHIBITS

ITEM 6. EXHIBITS. 20 SIGNATURES. 21 2 Table of Contents SPECIAL NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS CERTAIN STATEMENTS IN THIS REPORT, INCLUDING STATEMENTS IN THE FOLLOWING DISCUSSION, ARE WHAT ARE KNOWN AS "FORWARD LOOKING STATEMENTS", WHICH ARE BASICALLY STATEMENTS ABOUT THE FUTURE. FOR THAT REASON, THESE STATEMENTS INVOLVE RISK AND UNCERTAINTY SINCE NO ONE CAN ACCURATELY PREDICT THE FUTURE. WORDS SUCH AS "PLANS," "INTENDS," "WILL," "HOPES," "SEEKS," "ANTICIPATES," "EXPECTS "AND THE LIKE OFTEN IDENTIFY SUCH FORWARD LOOKING STATEMENTS BUT ARE NOT THE ONLY INDICATION THAT A STATEMENT IS A FORWARD LOOKING STATEMENT. SUCH FORWARD LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING OUR PLANS AND OBJECTIVES WITH RESPECT TO THE PRESENT AND FUTURE OPERATIONS OF THE COMPANY, AND STATEMENTS WHICH EXPRESS OR IMPLY THAT SUCH PRESENT AND FUTURE OPERATIONS WILL OR MAY PRODUCE REVENUES, INCOME OR PROFITS. NUMEROUS FACTORS AND FUTURE EVENTS COULD CAUSE THE COMPANY TO CHANGE SUCH PLANS AND OBJECTIVES OR FAIL TO SUCCESSFULLY IMPLEMENT SUCH PLANS OR ACHIEVE SUCH OBJECTIVES OR CAUSE SUCH PRESENT AND FUTURE OPERATIONS TO FAIL TO PRODUCE REVENUES, INCOME OR PROFITS. THEREFORE, THE READER IS ADVISED THAT THE FOLLOWING DISCUSSION SHOULD BE CONSIDERED IN LIGHT OF THE DISCUSSION OF RISKS AND OTHER FACTORS CONTAINED IN THE FORM 10-K OF THE COMPANY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND IN THE COMPANY'S OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. NO STATEMENTS CONTAINED IN THE FOLLOWING DISCUSSION SHOULD BE CONSTRUED AS A GUARANTEE OR ASSURANCE OF FUTURE PERFORMANCE OR FUTURE RESULTS. 3 Table of Contents PART I

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS P2 SOLAR, INC. UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JUNE 30, 2024 and 2023 Page Balance Sheets 5 6 7 8

Notes to Financial Statements

Notes to Financial Statements 9-14 4 Table of Contents P2 SOLAR, INC. CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2024 AND MARCH 31, 2024 June 30, 2024 March 31, 2024 (Unaudited) (Audited) ASSETS Current Assets Cash $ 3,714 $ 213 Accounts receivable 49 11,855 Other receivable 8,016 8,390 Prepaid expense 3,861 3,900 Total Current Assets 15,640 24,358 Goodwill 90,254 90,254 TOTAL ASSETS $ 105,894 $ 114,612 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 257,141 $ 269,963 Accrued interest 301,995 293,627 Promissory notes payable 472,290 472,290 Convertible notes payable 80,368 81,181 Due to related parties 756,912 743,156 Total Current Liabilities 1,868,707 1,860,217 Contingent Liability 87,086 87,086 Total Liabilities 1,955,793 1,947,303 Stockholders' Deficit Common stock, $ 0.001 par value; 500,000,000 shares authorized, 67,946,513 shares issued and outstanding 67,947 67,947 Additional paid-in capital 6,542,783 6,542,783 Accumulated deficit ( 8,145,881 ) ( 8,110,289 ) Accumulated other comprehensive loss ( 314,747 ) ( 333,132 ) Total Stockholders' Deficit ( 1,849,898 ) ( 1,832,691 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 105,894 $ 114,612 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Table of Contents P2 SOLAR INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED) Three Months Ended June 30, 2024 2023 REVENUE $ 15,609 $ 39,667 Cost of revenue 292 17,926 Gross Profit 15,317 21,741 OPERATING EXPENSES General and Administrative expenses $ 6,442 $ 5,502 Professional fees 14,744 34,467 Management salaries- related party 13,681 13,941 Total Operating Expenses 34,867 53,910 OPERATING LOSS ( 19,550

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