Biopower Operations Corp, a Nevada-based corporation currently operating in the waste-to-energy and waste remediation sectors, recently filed its consolidated financial statements for the fiscal years ending on November 30, 2022, and 2021. The company, which trades under the ticker BOPO, has experienced significant financial losses since its inception, with an accumulated deficit of $10,349,524, and a stockholders’ deficit of $5,939,743 as of November 30, 2022.
Recently, the company shifted its focus towards the development of HyFi Decentralized Finance (DeFi) exchange marketplace. After its acquisition in June 2021, Biopower’s HyFi platform seeks to penetrate the financial services market using tokenization and non-fungible tokens (NFTs) in connection with product, license, and project offerings, with an emphasis on waste-to-energy initiatives. The launch of this platform comes on the heels of failed acquisition negotiations with WPP Energy GmbH and China Energy Partners, LLC in 2019.
While the company acquired assets from Rafael Ben Shaya, Troy MacDonald, Adam Benchaya, Thomas Perez, Tom Saban, and Edouard Pouchoy, and received capital injections from the sale of its preferred stock and common stock, it continues to operate in a precarious financial situation. Due to inadequate operational cash flow, the company’s ability to continue as a “going concern” hangs in the balance. In the past, Biopower raised funds through private stock placements, engaging in short-term loans and issuing shares as payment for consulting services.
The struggling company managed to generate revenues primarily from six customers, two of which are related parties, during the fiscal year ending November 30, 2022. However, it still had to rely on funds raised through private placements and other financial arrangements to cover operational expenses.
Biopower’s financial statements also highlight significant losses in its net income, reporting a loss of $792,534 for the year ended November 30, 2022. Additionally, the company reported a balance of $12,893 in inventory, consisting of finished goods as of the same date.
The company’s ongoing financial difficulties raise questions about its ability to fulfill its ambitions in the waste-to-energy sector and sustain its operations in the future. To address these challenges and achieve profitability, the company must secure additional funding, explore cost-cutting measures, and optimize revenue-generating initiatives.
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