courtesy of tigerpac $HVCW
Some numbers for year ending 6/30/22 for Pacific Energy Network.
Revenues: $16.5 million
COGS: $12.0 million
Operating Expenses: $7.2 million
Net Operating Loss: $2.7 million
Total other expense: $0.4 million
Net Loss: $3.16 million
They were doing much better as a sales organization in 2021 before the decided to transition into a full service organization doing installations. The loss in 2022 was 8x that of 2021.
The issue was that they had to buy $1.3 million worth of vehicles and trailers in 2022 to outfit their installation crew (at probably the worst time to buy vehicles because of their inflated costs).
Let me correct an earlier statement . The “vic” the Canouse is charging on their loan is not 0.7% daily , but instead is .78% weekly. It applies to a line of credit from Trillium (Hicks) and JP Carey (Canouse) where the company can draw up to $3 million. So far, thru 6/30/22 the company has drawn down $1.4 million.
PEN also has three notes outstanding totaling $1.1 million that were executed in March and April 2022. $HVCW
They borrowed another $500k in Apr/May/June at a 20% annual rate.
They borrowed another $253k on 7/27/22, terms not disclosed.
Lastly the company has to roll it’s financials into HVCW’s financials which really suck and contain all the convertible notes and preferred shares.
The equity of the company is negative by over $3 million. In other words it is worthless. The stock is trading at a large premium to book value which is negative .0001 per share.
This is the definition of a Hail Mary. Will the story be good enough to draw investors in? The financials say stay away for right now but that has never stopped the OTC speculator.
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