Business
American Power Group Announces Unaudited Results For Q1 Fiscal 2023
American Power Group Announces Unaudited Results For Q1 Fiscal 2023.
About this update from American Power Group Corp.
[{"type":"text","content":"Revenue of $272,0000 as Compared to $1.53 Million Last YearReports Net Loss of $161,000 as Compared Net Income After Taxes Of $658,000 Last YearALGONA, IA / ACCESSWIRE / February 17, 2023 / American Power Group Corporation ("APG") (OTC PINK:APGI) announced the unaudited results for the quarter ended December 31, 2022. Chuck Coppa, APG's CEO/CFO stated, "Unaudited net sales for the quarter ended December 31, 2022, were approximately $0.27 million as compared to approximately $1.53 million of unaudited net sales for the quarter ended December 31, 2021. The decrease in quarterly revenue is attributable to the shipment of a $1.4 million follow-on order in October 2021 from our lead dealer/installer in the oil/gas fracking market. We are diligently working to close on approximately $4 million of outstanding conversion quotes spread over multiple stationary dealers/installers."Mr. Coppa added, "Our unaudited net loss from operations was approximately $163,000 for the quarter ended December 31, 2022, as compared to an unaudited net income from operations of approximately $569,000 for the quarter ended December 31, 2021. During the quarter ended December 31, 2022, we reduced our net operating expenses by approximately $103,000 relating to receipt of funds relating to the Employee Retention Tax Credit which is part of the 2020 CARES Act relief program.Our unaudited net loss after taxes was approximately $161,000 for the quarter ended December 31, 2022, as compared to unaudited net income after taxes for the quarter ended December 31, 2021 of $658,000 which included other income of approximately $158,000 associated with the forgiveness of our Small Business Administration's Paycheck Protection Program loan".Mr. Coppa added, "We continue to strengthen our balance sheet and in January made the final payment under our original $3.5 million long term loan with Iowa State Bank. We have only $0.73 million of term debt remaining relating to the final payment due under our May 2018 $6.0 million dual fuel Patent and Technology Purchase Agreement. We have funded these efforts through operating cash flow as well as the sale of common stock and will be amending our charter to increase our authorized common shares from 995 million to 1.495 billion in order to provide us the flexibility to take advantage of strategic ...