SCOTTSDALE, AZ–(August 22, 2019) – Green Planet Group, Inc. (OTC PINK: GNPG), an emerging leader in green technology, announced today that the Company achieved $2.9 million in profit as reported in OTC Pink Sheet Limited Information Tier unaudited financials for the first fiscal quarter ended June 30, 2019. As reported in a June 12, 2019 news release, the Company successfully negotiated and settled a long-standing judgement of approximately $3 million, which is treated as debt relief income. Due to the Company’s Net Operating Loss Carryforward (NOL) there are no income tax consequences from this settlement. The settlement of this debt also reduced the Company’s long term liabilities from $11.6 million to $8.7 million, representing a reduction of approximately 40%.
Other highlights of the overall Company performance, as compared to the first quarter of the previous year, can be summarized as follows:
Selling, general and administrative (SGA) expenses were reduced to $55,000 from $117,000 in the same period last year, which represents an improvement of approximately 53%.
Loss from Operations was reduced by approximately $66,700 from the same period last year, which represents an improvement of almost 67%.
Stockholders’ Equity was a positive $333,000, for the first time in Company history.
Green Planet management noted that the Company continues to reduce its operating costs and is now focused on increasing revenues. To view the complete filing see: backend.otcmarkets.com/otcapi/company/financial-report/228159/content