Innovative Energy Group Limited (ENERGY )

Unaudited financials for the first quarter ended August 31, 2024 :

Innovative Energy Group Limited  (ENERGY ) for the first quarter ended August 31, 2024  reported Total Revenue of $0, no change relative to the same period last year.

Group Operating Expenses closed the first quarter at $1.61 million, a 2272% increase from the $68,000 recorded in 2023.

Operating Loss closed the period under review at $1.61 million (2023: operating profit of $432,000).

Loss after tax closed at $1.61 million relative to operating profit of $432,000 recorded in 2023. Management highlighted that this loss was related to the business development expenses incurred in the quarter and related professional fees for corporate governance restructuring, which were financed by advances from Innovative Energy Company, DBA IEC SPEI Limited.

Consequently, Earnings Per Share for the three months amounted to $0.003 (2023: EPS: $0.001). The twelve month trailing LPS was $0.004 and the number of shares used in these calculations was 546,000,000. Notably, ENERGY ‘s stock price closed the trading period on October 15, 2024 at a price of $1.14.

Balance Sheet Highlights

The company’s assets totaled $3.49 million (2023: $171,000). The increase in the company’s asset base was attributed to an increase in ‘Receivables’ amounting to $3 million, 85% increase in ‘Cash and cash equivalents’ closing the quarter at $144,000 (2023: $78,000)  Shareholder’s deficit was $ 23.21 million (2023: shareholder’s deficit of $10.19 million), representing a shareholders’ deficit per share of $0.04 (2023: shareholders’ deficit per share of $0.02).

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