Skye Petroleum Inc (SKPO)

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From the report:

In 2023, we increased Chemical sales to $48,405 and generated our first increase in working capital.
Sales increased $30,720 during 2023 versus fiscal year 2022. This was 174% increase in sales from 2022. In 2020 and
2021, the sales decline was primarily related to the global pandemic impact on all activities and overall oil demand. Also
one of our major distributors who contributed a significant percentage of our sales in the Pennsylvania and Texas
regions was purchased by a larger company. The future sales with this distributor and their customers are uncertain. The
distributors believe their customers will start buying our chemicals again but we have little control over the process.
Skye has chosen to use independent distributors instead of a direct sales approach in order to keep overhead and
operating costs low. We are considering expanding the distributor network without territories or exclusive areas. We are
also considering direct sales with compensation based on performance.