$AGYP 1st week after releasing impressive Q2 Numbers
** AGYP cut its operational and net losses for the quarter — principally by reducing expenses and reinvesting all money from saved expenses back into its well development program.
** Operating losses off the three months ended June 30, 2021 dropped to $85,913 from $113,368 the comparable period the prior year — a 24.2% decline. For the six months ended June 30, 2021. It cut operating expenses in Q2 2021 to $175,461 from $231,286 — again, by 24.1%. All triggered similar drops in net loss for both periods.
This was principally achieved by cutting salaries/wages. In the 2Q period in 2021 it was $45,000 vs. $81,000 vs. the same period the prior year. In the six months period in 2021, the salaries/wages number dropped to $90,000 from $162,000 the year prior.
George Monteith, CEO, and Gordon Johnson, COO, now routinely convert their accrued salaries into AGYP notes. The notes are unsecured, bear no interest and are convertible into common or preferred shares at market rates. This reflects management’s commitment to the company’s business model of using new technologies to make old or abandoned wells in Texas new again — producing American oil from U.S. soil.
** AGYP management used all of its cash flow for investing activities — or $224,563 — back into re-investment into its oil and gas properties. In other words, management has converted its own salaries/wages into AGYP notes and even invested any free cash flow it generated back into the well themselves. This is a management team that believes in its future performance.
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