P2 Solar, Inc. Reports Zero Revenue in Latest 10-Q

TL;DR

P2 Solar (PTOS) has zero revenue for the first half of 2024 and 2023. Assets stand at $67.9M.

AI Summary

P2 Solar, Inc. filed a 10-Q for the period ending September 30, 2024. The company reported no revenue for the six months ended September 30, 2024, and no revenue for the six months ended September 30, 2023. The company's total assets were $67,946,513 as of September 30, 2024.

Why It Matters

This filing indicates a lack of operational revenue for P2 Solar, Inc., which could impact its financial stability and future growth prospects.

Risk Assessment

Risk Level: high — The company has generated no revenue in the reported periods, indicating significant operational challenges.

Key Numbers

• $0.00 — Revenue (For the six months ended September 30, 2024 and 2023)
• $67.9M — Total Assets (As of September 30, 2024)

Key Players & Entities

• P2 Solar, Inc. (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of reporting period
• $67,946,513 (dollar_amount) — Total assets as of September 30, 2024
• September 30, 2023 (date) — Prior period end for comparison

FAQ

Filing Documents

• ptos_10q.htm (10-Q) — 640KB
• ptos_ex311.htm (EX-31.1) — 13KB
• ptos_ex312.htm (EX-31.2) — 13KB
• ptos_ex321.htm (EX-32.1) — 4KB
• ptos_ex322.htm (EX-32.2) — 4KB
• 0001640334-24-001758.txt ( ) — 3002KB
• ptos-20240930.xsd (EX-101.SCH) — 31KB
• ptos-20240930_lab.xml (EX-101.LAB) — 169KB
• ptos-20240930_cal.xml (EX-101.CAL) — 34KB
• ptos-20240930_pre.xml (EX-101.PRE) — 143KB
• ptos-20240930_def.xml (EX-101.DEF) — 68KB
• ptos_10q_htm.xml (XML) — 403KB

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. 17 Background and Overview. 17 Results of Operation. 17 Liquidity and Capital Resources. 19 Commitments and Obligations. 21 Off Balance Sheet Arrangements. 21 Emerging Growth Company. 21

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 21

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES. 21 Disclosure Controls and Procedures. 21 Changes in Internal Control over Financial Reporting. 21

– OTHER INFORMATION

PART II – OTHER INFORMATION. 22

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS. 22

RISK FACTORS

ITEM 1A. RISK FACTORS. 22

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 22

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 22

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. 22

OTHER INFORMATION

ITEM 5. OTHER INFORMATION. 22

EXHIBITS

ITEM 6. EXHIBITS. 23 SIGNATURES. 24 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 SIX MONTHS ENDED SEPTEMBER 30, 2024 and 2023 Page Balance Sheets 5 6 7 8

Notes to Financial Statements

Notes to Financial Statements 9-16 4 Table of Contents P2 SOLAR, INC. CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 AND MARCH 31, 2024 September 30, 2024 March 31, 2024 (Unaudited) (Audited) ASSETS Current Assets Cash $ 235 $ 213 Accounts receivable 50 11,855 Other receivable 8,596 8,390 Prepaid expense 3,914 3,900 Total Current Assets 12,795 24,358 Goodwill 90,254 90,254 TOTAL ASSETS $ 103,049 $ 114,612 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 259,243 $ 269,963 Accrued interest 310,456 293,627 Promissory notes payable 472,290 472,290 Convertible notes payable 81,488 81,181 Due to related parties 807,057 743,156 Contingent consideration liability 4,186 6,565 Total Current Liabilities 1,934,719 1,860,217 Contingent consideration liability - non-current 76,335 80,521 Total Liabilities 2,011,054 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 ( 8,177,849 ) ( 8,110,289 ) Accumulated other comprehensive loss ( 340,886 ) ( 333,132 ) Total Stockholders' Deficit ( 1,908,005 ) ( 1,832,691 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 103,049 $ 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 SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED) Three Months Ended Six Months Ended September 30, September 30, 2024 2023 2024 2023 REVENUE $ 7,353 $ 92,399 $ 22,962 $ 132,066 Cost of revenue 4,167 49,857 4,459 67,783 Gross Profit (Loss) 3,186 42,542 18,503 64,283 OPERATING EXPENSES General a

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