PROPELLUS REPORTS FISCAL 2022 RESULTS

Rhea-AI Summary

Propellus Inc. (OTC PINK: PRPS) reported impressive financial growth for the fiscal year ending March 31, 2022, with revenues soaring to $1,627,927, a nearly 700% increase from $237,247 the previous year. Operating expenses decreased by 50%, totaling $4,033,700. Despite these positive changes, the company reported a net loss of $2,405,773, resulting in an earnings per share (EPS) of $(0.27), an improvement from $(0.89) the prior year. CEO Ralph Johnson expressed optimism about future profitability following a successful transition to public status.

Positive

• Revenues increased by nearly 700% to $1,627,927.
• Operating expenses reduced by 50% to $4,033,700.

Negative

• Net loss of $2,405,773, with an EPS of $(0.27).

NEW YORK, Aug. 22, 2022 /PRNewswire/ -- Propellus Inc., an Oklahoma corporation, (OTC PINK: PRPS), an alternative finance company that specializes in assisting small businesses with their cash flow needs, filed its Unaudited Consolidated Financial Statements for the period of April 1, 2021 to March 31, 2022. For the year ended March 31, 2022 the Company had revenues of $1,627,927 as compared to $237,247 in the corresponding period an increase of approximately 700%. Operating Expenses were reduced by nearly 50% to $4,033,700 from $8,060,378.  Net loss was $2,405,773 or $(0.27) per share as compared to $(0.89) per share.

Propellus revenues jump nearly 700%

"We are excited by the progress that we have made over the past year, as we transitioned from a private company to a public entity," stated Ralph Johnson, CEO. "The vast majority of our losses over the previous two years were as a result of non-cash items, and we believe that we have those behind us, and Propellus is positioned to be profitable in the coming fiscal year."

About Propellus Inc.:

Propellus Inc., is engaged in offering small businesses a variety of financing alternatives ranging in amounts between $20,000-$500,000. Such financings include: payroll advances directly and through third-party professional employer organizations, merchant cash advances, accounts receivable factoring, short-term line of credit loans, and other types of loan products and cash flow financing.

Contact:

Investor Relations
(212) 220-9755
info@propelluscorp.com

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SOURCE Propellus Inc.

FAQ

What were Propellus' revenue figures for fiscal 2022?

Propellus reported revenues of $1,627,927 for the fiscal year ending March 31, 2022.

How did Propellus' operating expenses change in fiscal 2022?

Operating expenses decreased by nearly 50% to $4,033,700 compared to the previous year.

What is the net loss reported by Propellus for fiscal 2022?

Propellus reported a net loss of $2,405,773 for the fiscal year ending March 31, 2022.

What does Propellus forecast for future profitability?

CEO Ralph Johnson stated that the company believes it is positioned to be profitable in the coming fiscal year.