Financial Performance - JX Energy Ltd. reported a net revenue of CAD 2,799,435 for the three months ended March 31, 2024, a decrease of 18.5% compared to CAD 3,436,338 in the same period of 2023[8]. - The company's operating loss for the same period was CAD 2,485,297, compared to a loss of CAD 1,703,263 in the previous year, reflecting an increase in operational challenges[8]. - For the three months ended March 31, 2024, the net loss was CAD 3,429,736, compared to a net loss of CAD 2,096,417 for the same period in 2023, indicating an increase in losses of approximately 63.5%[12]. - Total revenue for the three months ended March 31, 2024, was CAD 2,827,452, a decrease of 30% compared to CAD 4,041,170 for the same period in 2023[56]. - The company reported a total loss and comprehensive loss of CAD 3,430,000 for the three months ended March 31, 2024, a 64% increase compared to CAD 2,096,000 in the same period of 2023[130]. Assets and Liabilities - Total assets as of March 31, 2024, were CAD 34,722,102, a decrease from CAD 35,507,629 as of December 31, 2023[7]. - Current liabilities decreased to CAD 14,421,007 from CAD 15,190,661, indicating improved short-term financial management[7]. - The company’s total liabilities increased to CAD 41,806,001 from CAD 41,007,614, suggesting a rise in long-term obligations[7]. - Shareholders' equity as of March 31, 2024, was CAD (7,083,899), a decline from CAD (5,499,985) as of December 31, 2023, reflecting ongoing financial pressures[7]. - Long-term debt totaled CAD 15,049,634 as of March 31, 2024, slightly down from CAD 15,082,539 as of December 31, 2023[38]. Cash Flow and Financing - Cash and cash equivalents increased to CAD 459,253 from CAD 363,305, indicating a positive cash flow trend[7]. - Total cash generated from operations was CAD 40,634, a significant decrease from CAD 1,636,288 in the previous year, reflecting a decline of approximately 97.5%[12]. - The company issued shares for cash totaling CAD 1,278,093 during the reporting period, contributing to its capital structure[10]. - The company raised CAD 1,280,000 by issuing 30,000,000 common shares in February 2024[100]. - The company raised a total of CAD 1.25 million from the March 2024 subscription plan, with 100% allocated for general working capital, and no funds utilized as of March 31, 2024[143]. Operational Efficiency - JX Energy Ltd. continues to focus on operational efficiency and cost management strategies to navigate the challenging market environment[8]. - The operating working capital deficit as of March 31, 2024, was CAD 12 million, with an operating loss of CAD 1.7 million for the three months[17]. - The company incurred CAD 2.3 million in expenses related to Jixing Energy GHCA as of March 31, 2024, with a current period adjustment of $570,000[44]. - The company reported an operating net value of CAD (857,000), a decline of 415% from CAD 272,000 in the previous year[179]. - The company has a liquidity gap of 12,177 thousand CAD as of March 31, 2024, compared to 10,460 thousand CAD in the previous year, indicating increased operational funding needs[134]. Market Conditions and Production - Natural gas and LNG sales amounted to CAD 2,521,518, down 28% from CAD 3,503,494 in the previous year[56]. - The average market price for natural gas (AECO) dropped by 36% to CAD 2.03 per cubic foot in Q1 2024 compared to CAD 3.18 in Q1 2023[115]. - The average sales price for natural gas decreased by 24% to CAD 2.52 per cubic foot in Q1 2024, reflecting the impact of warmer temperatures on pricing[115]. - The company's total production was impacted by seasonal fluctuations in Western Canada, with natural gas demand peaking in winter months, leading to historically stronger revenues in Q1 and Q4, while Q2 and Q3 are typically weaker[105]. - Natural gas production decreased by 20% to 8,030 cubic feet per day in Q1 2024, while oil production fell by 31% to 41 barrels per day[109]. Financial Management and Governance - The company is actively seeking additional financing opportunities, including alternative debt arrangements and capital restructuring, to manage its expenditures and leverage[173]. - The company has adopted all applicable new and revised International Financial Reporting Standards effective from January 1, 2023, for the preparation of financial statements[167]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[182]. - The company has established a framework for identifying and managing key risks, with ongoing monitoring of its internal control systems[172]. - The company has implemented disclosure controls and procedures to ensure that important information is recorded and reported within the regulatory deadlines[169]. Regulatory and Environmental Compliance - The company faces potential adverse impacts from changes in government regulations, policies, and tax systems that could affect its operations[174]. - Compliance with environmental legislation may require significant expenditures, and violations could lead to penalties and loss of necessary permits[175]. - The company is committed to conducting transparent and responsible business practices in the communities where its employees live and work[177].
吉星新能源(03395) - 2024 Q1 - 季度业绩