PureBase Corporation reported a net loss of $1.48 million for the fiscal year ending November 30, 2024, a significant improvement compared to a net loss of $9.09 million in the previous year. The company's revenue decreased by 5% to $310,511, down from $325,875 in 2023, primarily due to reduced purchases from key customers. Despite the decline in revenue, the cost of goods sold also fell by 16% to $80,703, reflecting the company's efforts to manage expenses effectively. Operating income remained relatively stable at $229,808, compared to $229,727 in the prior year.
In terms of operational changes, PureBase has focused on enhancing its product offerings in the agricultural sector, particularly through its kaolin-based sun protectant, PureBase Shade Advantage WP, and its humic acid product, Humic Advantage. The company has not yet commenced mining operations and continues to rely on US Mine LLC for raw materials. As of November 30, 2024, PureBase had seven full-time employees and plans to hire additional staff as its production operations expand.
The company has also made strategic financial moves, including entering into a line of credit agreement with USMC, which allows for up to $1 million in advances. As of the end of November 2024, PureBase had a working capital deficiency of $1.09 million, an improvement from $1.49 million the previous year. The company’s cash on hand increased to $28,100, up from $5,572 in 2023, indicating a slight improvement in liquidity.
Looking ahead, PureBase management anticipates continued operating losses as it executes its development plans for 2025. The company is actively seeking additional financing options to support its operations and growth initiatives. However, there is substantial doubt about its ability to continue as a going concern without securing further capital. The company has accumulated losses of $64.21 million since its inception, and its ability to generate sufficient revenue remains uncertain.
Overall, while PureBase has made strides in reducing its losses and managing costs, it faces ongoing challenges in revenue generation and capital acquisition, which will be critical for its future operations and growth in the competitive agricultural and construction materials markets.
About PureBase Corp
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