Propellus Provides Business Update

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NEW YORK, May 18, 2023 /PRNewswire/ -- Propellus Inc., an Oklahoma corporation, (OTC PINK: PRPS), an alternative finance company that specializes in assisting small businesses with their cash flow needs, released a business update through the first 9 months of the current fiscal year.

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PR Newswire

Retrieved on:

Thursday, May 18, 2023

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OTC Markets Group, Profit & Loss, OTC, Security (finance), Pharmaceutical industry

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NEW YORK

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Stock Symbol:

OTC-BB:PRPS

OTC-PINK:PRPS

OTC:PRPS

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NEW YORK, May 18, 2023 /PRNewswire/ -- Propellus Inc., an Oklahoma corporation, (OTC PINK: PRPS), an alternative finance company that specializes in assisting small businesses with their cash flow needs, released a business update through the first 9 months of the current fiscal year.
Profit/(Loss) Per Share during the period decreased to ($0.02) from ($0.18) from the corresponding 9-month period.
Propellus has spent the past two years reorganizing and restructuring from the unprecedented global pandemic that forced most of its clients to shut down their businesses during forced governmental lockdowns.
Propellus has a March 31 year end, and it expects to file its year end financial statements within the allotted 90-day period required by OTC Markets.

Propellus Provides Business Update

NEW YORK, May 18, 2023 /PRNewswire/ -- Propellus Inc., an Oklahoma corporation, (OTC PINK: PRPS), an alternative finance company that specializes in assisting small businesses with their cash flow needs, released a business update through the first 9 months of the current fiscal year.

FY 2023 Highlights (4/1/22-12/31/22)

Gross profits during the period increased to $1,254,582 from $702,013 from the corresponding period in 2021 (an increase of 79%)
Operating Expenses during the period decreased to $1,479,484 from $2,553,909 from the corresponding period in 2021 (a decrease of 42%)
Operating Loss during the period decreased to $224,902 from $1,851,898 from the corresponding period in 2021 (a decrease of 89%)
Profit/(Loss) Per Share during the period decreased to ($0.02) from ($0.18) from the corresponding 9-month period.

Propellus has spent the past two years reorganizing and restructuring from the unprecedented global pandemic that forced most of its clients to shut down their businesses during forced governmental lockdowns. During this period, "the Company improved its operations and procedures efficiencies, while increasing our profit margins by nearly 25% higher than our pre-pandemic margins," stated Ralph Johnson, CEO. "Post pandemic we instituted higher average revenue threshold requirements for our customers, shortened payback durations in our contracts, and slightly raised our fees, and we are now poised to begin on focusing on growing Propellus over the next 12 months.

Propellus has a March 31 year end, and it expects to file its year end financial statements within the allotted 90-day period required by OTC Markets.

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:
Propellus Investor Relations
(212) 220-9755
[email protected]

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SOURCE Propellus Inc.