PetroGas Company filed its quarterly report for the period ended December 31, 2025, showing it has no assets and total liabilities of $842,304, resulting in a shareholders’ deficit of the same amount. The company reports an accumulated deficit of $142,335,249 and states it has had no significant revenues since inception.
Net loss was $17,230 for the quarter and $52,054 for the nine months, slightly better than the prior-year nine‑month loss of $56,001, mainly due to lower professional fees. Operations are funded by related-party support; a director advanced $19,790 during the nine months, and advances from related parties totaled $193,073 as of December 31, 2025.
The balance sheet is highly leveraged by demand obligations, including $200,286 of convertible promissory notes with high interest rates and $42,683 of related-party promissory debt, plus substantial accrued interest. Management states that these conditions raise “substantial doubt” about PetroGas’s ability to continue as a going concern. Disclosure controls and procedures were deemed not effective, and there were no material subsequent events.
PetroGas Company (PTCO) filed its quarterly report for the period ended September 30, 2025. The company reported a net loss of $18,230 for the quarter and $34,824 for the six months, driven by professional fees and interest expense of $12,580 in the quarter ($25,023 year-to-date). No revenues were reported.
Liquidity remains constrained. Current liabilities totaled $825,074, producing a working capital deficiency of $825,074 and a shareholders’ deficit of the same amount. The accumulated deficit was $142,318,019. Cash and cash equivalents were $0 at period end, with operations funded by $11,140 in advances from a director during the six months.
Debt consists primarily of $200,286 in convertible promissory notes (accrued interest $329,309), a related-party promissory note of $42,683 (accrued interest $41,585), and a vendor note of $6,962. Management disclosed substantial doubt about the company’s ability to continue as a going concern and is exploring financing options. Disclosure controls and procedures were deemed not effective. Common shares outstanding were 22,996,680 as of October 14, 2025.