FEC Resources Inc. reported another year of losses and no operating revenue in 2025, highlighting significant going concern risks. For the year ended December 31, 2025, the company posted a net loss of $282,798 and has an accumulated deficit of $19,422,554.
FEC has no significant revenue-generating assets and depends on its 6.8% stake in Forum Energy Limited and funding support from parent PXP Energy Corporation. Shareholders’ equity was $6,191,629, largely reflecting the fair value of the Forum Energy investment, which fell to $6,242,423, driving a comprehensive loss of $2,325,671.
Liquidity remains tight, with cash of $14,864 and a working capital deficit of $50,794 at year-end. During 2025, FEC issued 131,563,725 shares to settle $1,157,761 of PXP loans, reducing short-term loan payables to $40,238. Management states there is substantial doubt about the ability to continue as a going concern beyond 2026 without additional debt or equity financing.