TEMPE, Ariz., Feb. 27, 2015 /PRNewswire/ -- Green Planet Group,
Inc. (OTC PINK: GNPG), an emerging leader in green technology, has
filed financial statements for the nine month period ending
December 31, 2014. The
financial results reflect revenues from the XenTx Lubricants, Inc.
subsidiary and research and development expense related to the
development of the Company's Healing the Earth, Inc. Fast Track™
Food Growing System and AAQIS, Inc. On-Demand HHO Generator
technology.
The Company's nine month financial results can be summarized as
follows:
- XenTx Lubricants inventory investment continues and is
$208,976, representing an increase of
$68,788 or 49% over the prior
quarter.
- Research and Development costs increased to $253,339 representing an increase of $59,263, or 31% over the prior quarter.
- Operating Loss increased as expected to $431,508 from $254,472 as a result of the continued investment
in R&D and additional XenTx inventory investment.
- Outstanding Liabilities were slightly reduced by $71,194 from the prior quarter as a result of
reducing both Accounts Payable and payroll liabilities.
- XenTx gross margin for the third quarter was 34% as compared to
31% for the prior quarter, representing an improvement of
approximately 10%.
Subsequent to filing the third quarter financial reports, the
Company was informed of a very positive step in the reduction of
debt related to the closing of the XenTx Lubricants production
facility in Durant, Oklahoma. Upon closure of the Durant
facility and the reduction in related operating costs, debt owed on
the building and real estate was $541,781. Company management has continued
to negotiate with the mortgage holder and, as of 2/20/2015,
received confirmation that this debt has been forgiven, resulting
in a one-time increase in income of $541,781. This significant reduction in
Current Liabilities will impact the current fiscal quarter and be
reported in fiscal year end financials dated 3/31/2015.
To view the complete filing, use the following link:
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=133006
About Green Planet Group, Inc.
The Company is comprised of four wholly-owned subsidiaries: one
operating company and four development companies. XenTx
Lubricants, Inc. produces lubricants and additives for gasoline and
diesel engines. AAQIS, Inc. is developing a hydrogen
generator which greatly reduces hydrocarbon emissions while
improving fuel efficiency in internal combustion engines. Green
Mining Technologies, Inc. is developing green technologies for the
mining of precious metals. The Company's Healing the Earth
subsidiary is developing a new Fast Track™ growing system capable
of growing vast amounts of fresh, organic food.
Forward-Looking Statements
Certain statements contained herein are "forward-looking"
statements (as defined -- Private Securities Litigation Reform Act
of 1995). Green Planet Group, Inc. cautions that the statements
made in this press release constitute forward-looking statements
and no guarantees of future performance and actual results or
developments may differ materially from projections in
forward-looking statements. Forward-looking statements are based on
estimates and opinions of management at time the statements are
made.
Contact: Jim Schoenberger
Phone: 480-422-8386
Email: jschoenberger@greenplanetgroup.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/green-planet-group-continues-financial-improvement-300042881.html
SOURCE Green Planet Group, Inc.