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Phoenix Rising Companies (PRCX), a Nevada corporation, recently reported a growth in their 2021 finances, including revenue increases, debt settlement and debt conversion. By investing in industries and markets worldwide, PRCX primarily engages in the trading of oil, gas, and lubricants. PRCX registered significant improvements in its 2021 finances, primarily driven by the revenue growth from the trading of oil products.
Financial Highlights for 2021
Between 2020 and 2021, PRCX experienced a significant increase in revenue. In 2021, the firm generated approximately $22 million in revenue from oil product sales. This financial uptick reflects the overall success of the company’s core operations and strategic decisions throughout the year.
Another significant highlight from 2021 is PRCX’s settlement of related party debt. In the year, the company issued common stock as payment for settling the related party debt. This resulted in a consolidation of approximately $1.97 million of previously outstanding debt in exchange for equity, effectively reducing the company’s overall financial obligations.
Alongside this, PRCX executed common stock issuances for the conversion of outstanding debt, which totaled nearly $4.05 million in 2020. This debt conversion strategy allowed the company to further reduce their financial burden, reinforcing their financial position and stability.
In terms of cash flow, Phoenix Rising Companies witnessed a net increase in cash provided by financing activities, amounting to $591,093 in 2021. During the same period, the company also experienced a reduction in cash repayment to related parties, dropping from $107,538 to $23,556, reflecting improved financial management.
Furthermore, PRCX recognized beneficial conversion features and derivative liabilities in 2021, which amounted to approximately $1.99 million and $827,000, respectively. This highlights the company’s initiative to constantly monitor and optimize its financial assets and liabilities, ensuring a dynamically updated financial profile.
Overall, Phoenix Rising Companies exhibited strong performance in 2021, showcased by its financial growth in revenue, debt settlement, and debt conversion. This impressive financial performance reflects the company’s commitment to sustaining its strategic operations and enhancing shareholder value, ultimately allowing Phoenix Rising Companies to stand out in the global oil, gas, and lubricants trading markets.
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