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Base Carbon (BCBNF) announced its Q1 2024 financial results and key operational highlights.
Notable achievements include a $12.5 million payment from the Vietnam project and the first issuance of 717,558 carbon credits from the Rwanda cookstoves project. The company reported total assets of $121.1 million, with $118.3 million invested in carbon credit projects and $0.7 million in cash and cash equivalents.
However, they faced significant losses, including an unrealized accounting loss of $38.6 million from the Vietnam project and an overall net loss of $19.8 million. Operating expenses increased to $1.8 million, leading to an operating loss of $20.6 million. The company continues to invest in carbon credit projects, including a new $13.6 million reforestation initiative in India.