Financial Performance - JX Energy Ltd. reported a total revenue of CAD 12,456,451 for the year ended December 31, 2023, a decrease of 44.3% compared to CAD 22,362,849 in 2022[6]. - JX Energy Ltd. incurred a net loss of CAD 21,146,164 for the year, compared to a loss of CAD 3,579,321 in the previous year, representing an increase in loss of 493.5%[6]. - The company reported a net loss of C$20,146,164 for the year ended December 31, 2023, compared to a net loss of C$3,579,321 in 2022, indicating a significant increase in losses[9]. - The company reported a significant impairment loss of CAD 10,387,644 for the year ended December 31, 2023, compared to CAD 763,280 in 2022[144]. - The basic and diluted loss per share was CAD (0.05), compared to CAD (0.01) in 2022, reflecting a significant increase in losses[183]. - The company reported a pre-tax loss of CAD 20,935,772 for the year ended December 31, 2023, compared to a loss of CAD 3,579,231 in 2022[180]. Assets and Liabilities - The company's total assets decreased to CAD 35,507,629 as of December 31, 2023, down 32.2% from CAD 52,398,863 in 2022[4]. - Total liabilities decreased to CAD 41,007,614, down 6.2% from CAD 43,721,313 in 2022[4]. - The company’s total cash and cash equivalents increased to C$363,305 at the end of 2023, up from C$333,227 at the end of 2022[9]. - The company had a total of C$1,520,000 in financial liabilities due within one year, with only C$400,000 in cash and cash equivalents available as of December 31, 2023[19]. - Accounts receivable decreased significantly to CAD 825,963 from CAD 2,629,405, indicating a reduction of about 68.6%[87]. - Total financial liabilities decreased to CAD 38,635,004 from CAD 41,406,468, representing a decline of approximately 6.6%[87]. - Long-term debt reduced to CAD 15,082,539 from CAD 18,137,430, showing a decrease of about 16.4%[87]. - Lease liabilities decreased to CAD 991,914 from CAD 1,730,474, indicating a reduction of approximately 42.7%[87]. Cash Flow and Financing - Cash flow from operations was negative at C$4,937,706, contrasting with a positive cash flow of C$4,587,926 in the previous year[9]. - The company raised C$10,976,720 from a financing arrangement with Jixing Energy, significantly contributing to its cash flow[9]. - The company completed a capital raise of CAD 1.3 million on February 8, 2024, and announced another round of CAD 1.3 million equity financing on March 15, 2024[23]. - The company secured a new long-term debt of CAD 4,700,000 from a leasing company, with a term of 48 months and an interest rate of 9.25%[113]. - The company secured an $8 million (C$10.8 million) loan from Jixing with a term of 48 months and an annual interest rate of 9.25%[117]. - The company recognized a gain of $5.1 million due to the termination of a debt agreement with CIMC, which was recorded in retained earnings[118]. Operational Highlights - The company plans to resume trading on the Hong Kong Stock Exchange on April 19, 2024, after a suspension[3]. - The company’s board expressed concerns about its ability to continue as a going concern due to significant uncertainties affecting its operations, including geopolitical events and market volatility[19]. - The company expects to generate operating cash inflows[23]. - The company’s oil and gas reserves are evaluated annually by independent reserve engineers, ensuring accurate reporting of recoverable quantities and future cash flows[78]. Impairment and Asset Management - The company identified impairment indicators for exploration and evaluation assets, resulting in a calculated impairment amount of CAD 4,000,000[145]. - The company reported a net impairment loss of CAD 4 million on undeveloped assets as of December 31, 2023, due to unfavorable market conditions[97]. - The company assesses impairment for development and production assets when the carrying amount may exceed the recoverable amount, with impairment losses recognized in profit or loss[49]. Shareholder and Management Compensation - The company did not declare any dividends for the years ended December 31, 2023, and 2022[184]. - The total compensation for key management personnel for the year ended December 31, 2023, was CAD 830,000, down from CAD 1,020,000 in 2022[185]. - The total remuneration for the highest-paid individuals, excluding the CEO, was CAD 531,547 in 2023, down from CAD 691,402 in 2022, reflecting a decrease of about 23.1%[175]. - The company’s independent non-executive directors received a total compensation expense of CAD 400,621 for the year ended December 31, 2023, after accounting for adjustments related to the shadow unit plan[168]. Risk Management - The company faces credit risk primarily from counterparties potentially defaulting on contracts, managed by trading only with high-credit-rated financial institutions[198]. - The company has a risk management policy in place to identify, analyze, and monitor various risks, including credit, liquidity, and market risks[197].
吉星新能源(03395) - 2023 - 年度业绩