Phoenix Rising Companies Shows Strong Recovery in 2021 with Revenue Jump and Decreased Operating Expenses

Phoenix Rising Companies (ticker: PRCX) recently published their financial results for the fiscal year ended December 31, 2021, which revealed an impressive increase in revenue and a decrease in operating expenses when compared to the previous year. These key financial metrics indicate a strong financial recovery for the company that can be further analyzed based on their SEC filings and other relevant information.

In 2021, Phoenix Rising Companies posted an impressive $10,342,665 in net income, a notable improvement from a net loss of $25,809,521 in 2020, signifying a $36,152,186 growth in income. This sharp rise in income can mainly be attributed to the decrease in operating expenses and various other factors.

Operating expenses mainly consist of professional fees for ongoing regulatory requirements and compensation for management. The decrease in operating expenses is primarily due to a decrease in management fees and professional fees. In 2021, the company reported total operating expenses to be $799,370, a significant improvement from $3,086,862 in the previous year. This reduction in expenses has contributed to increasing the company’s net income in 2021.

Another important aspect to consider is the company’s revenue generated from oil and gas operations. In 2021, the company’s revenue stood at $13,430,991 compared to $14,355,341 in 2020, with a decrease in revenue by $924,350. The decrease in revenue is primarily due to the effects of COVID-19, which led to a decrease in demand and pricing in the prior period.

In terms of liquidity and capital resources, Phoenix Rising Companies has had notable positive changes. The working capital of the company increased in 2021, largely due to a decrease in current liabilities and an increase in current assets. The increase in current assets was primarily attributed to an increase in accounts receivable, while the decrease in current liabilities was primarily attributed to a decrease in derivative liabilities offset by an increase in accounts payable.

Despite a decrease in cash from $185,948 in 2020 to $101,876 in 2021, the company reported an improved cash flow. In 2021, the cash flows used in operating activities stood at $(676,568) compared to $(903,260) in 2020. This increase in cash used in operating activities is primarily due to an increase in operating assets.

As a result of these strong financial metrics and improvements, Phoenix Rising Companies shows promising signs of recovery in 2021. The impressive increase in revenue, along with a decrease in operating expenses, demonstrates the company’s ability to bounce back from the challenges faced during the COVID-19 pandemic. In conclusion, Phoenix Rising Companies has shown significant financial progress, making it a company to keep an eye on for potential investors and stakeholders.

Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!