Propellus, an alternative finance company, has released its financial results for the fiscal year ending March 31, 2024. The company reported total revenues of $598,629, a significant decrease from $1,408,915 the previous year. Total expenses rose to $4,820,115 from $2,082,492, leading to a net loss of $4,221,486, up from $673,577 in the prior year. The loss per share increased to ($0.39) from ($0.06).
Despite these challenges, Propellus's funding activity in Q1 reached its highest level in over a year, with a 40% increase in collections. The company also reduced its outstanding common shares by 13% year over year and 38% since December 31, 2023, following a capital restructure. Additionally, Propellus wrote down $3,159,221 of predominantly pre-Covid non-performing transactions.
The company has introduced a new corporate dividend policy to distribute 50% of free monthly cash flow to shareholders. Propellus is exploring options to expand its capital base by up to $20,000,000 to meet growing market demand.
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Propellus Inc. (OTC PINK: PRPS) reported impressive financial growth for the fiscal year ending March 31, 2022, with revenues soaring to $1,627,927, a nearly 700% increase from $237,247 the previous year. Operating expenses decreased by 50%, totaling $4,033,700. Despite these positive changes, the company reported a net loss of $2,405,773, resulting in an earnings per share (EPS) of $(0.27), an improvement from $(0.89) the prior year. CEO Ralph Johnson expressed optimism about future profitability following a successful transition to public status.
Propellus Inc. (OTC PINK: PRPS) has completed a reorganization with Sunvalley Solar Inc., making itself the Parent/Public Company. Sunvalley Solar will now operate as a subsidiary named Sunvalley Solar Tech, Inc. The share exchange agreement removed Sunvalley Solar from PRPS operations. Ralph Johnson has been appointed CEO and Director, succeeding in previous financial ventures by growing significant assets. Propellus aims to assist small businesses during Covid-19 by offering quick cash flow solutions ranging from $20,000 to $500,000.