Innovative Energy Group Limited (ENERGY) for the year ended May 31, 2024, reported other income of $500,000 relative to the nil reported for the prior financial year. ENERGY highlighted this was, “contribution towards prior year audit fees by party to sale agreement dated June 29, 2023”.

Group Operating Expenses closed the year at $11.48 million, a 209% increase from the $3.72 million recorded in 2023. Within the fourth quarter, the group’s Group Operating Expenses closed at $3.21 million (2023: $1.67 million).

Operating Loss closed the period under review at $10.98 million (2023: $3.72 million). While Operating Loss for the quarter amounted to $2.52 million versus an operating loss of $1.67 million for the similar quarter of 2023.

Net loss for year closed at $10.98 million, a 196% increase from the loss of $3.72 million recorded in 2023. Management highlighted that the losses for the year were due to restructuring and regulatory requirements being taken to transition Ciboney Group from a state of dormancy consequent on the acquisition of most of its shares.

Within the quarter, the group’s net loss closed at $2.52 million (2023: Net loss of $1.67 million). ENERGY noted, “this was related to the business development expenses incurred in the quarter, related professional fees for corporate governance restructuring and project bids, which were financed by advances from IEC.”

Consequently, Loss Per Share for the year amounted to $0.02 (2023: LPS: $0.01), while Loss Per Share for the quarter totaled $0.005 (2023: LPS: $0.003). The twelve-month trailing LPS was $0.02, and the number of shares used in these calculations was 546,000,000.

Notably, ENERGY’s stock price closed the trading period on August 28, 2024, at a price of $1.01.

Balance Sheet Highlights

The company’s assets totalled $244,776 (2023: $155,826). The uptick in assets resulted from a 136% jump in ‘cash and cash equivalents’ closing at $149,022.

Shareholder’s deficit was $21.60 million (2023: Shareholder’s deficit of $10.62 million), representing a shareholder’s deficit per share of $0.04 (2023: Shareholder’s deficit per share of $0.02).

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