Oklahoma corporation Propellus Inc (OTCMKTS:PRPS) on August 22, 2022, filed the Unaudited Consolidated Financial Statements for the previous financial year till 2022.
Trading Data
On Monday, PRPS stock moved up 20% to $1.80 with 281 shares, compared to a volume of 54 shares. The stock moved within a range of $1.8000 – 1.8000 after opening trade at $1.80.
Propellus Reorganizes and its OTCIQ Application is Approved
The company, which specializes in alternative finance, assists small businesses with cash flow requirements. For the year ending March 31, 2022, the firm had revenues of $1,627,927 vis-à-vis $237,247 in the corresponding period, a surge of 700%. The company’s Operating Expenses were reduced by about 50% to $4,033,700. Propellus Inc had net loss of $2,405,773 or $(0.27) per share.
Ralph Johnson, CEO expressed excitement about the progress made in the last year as it made the change from a private to a public entity. Johnson added that the significant majority of the losses in the last two years were due to non-cash items. The CEO believes that the company has left the same behind and is moving towards a path of profitability in the coming financial year.
Propellus Reports Fiscal 2022 Results
In August 2021, the company announced completing reorganization with Sunvalley Solar Inc. This entailed Propellus becoming a Public Company with Sunvalley Solar moving its domicile.
Ralph Johnson became the Director and CEO and Kelvin Joseph became the CFO and Michael Colombo joined the Board of Directors. With over three decades of experience, Johnson became responsible for daily operations.
Key Quote
“We are excited by the progress that we have made over the past year, as we transitioned from a private company to a public entity,” stated Ralph Johnson, CEO. “The vast majority of our losses over the previous two years were as a result of non-cash items, and we believe that we have those behind us, and Propellus is positioned to be profitable in the coming fiscal year.”
