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Progressive Planet Solutions Inc V.PLAN

Alternate Symbol(s):  ASHXF

Progressive Planet Solutions Inc. is a Canada-based manufacturing company. The Company is focused on developing critical low-carbon and carbon sequestering solutions using its owned mineral assets and recycled materials to create planet-friendly products, which are being developed at its C-Quester Centre of Sustainable Solutions for the cement, agricultural and animal care industries. The Company’s product lines include patented and patent pending products which are developed using naturally occurring minerals and the urban mining of recycled materials. Its products are available in over 10,000 retail stores across North America. It focuses on reducing the carbon footprint of the global cement industry by developing sustainable alternatives to traditional cement. Its mineral based products include Activated Barn Fresh, Can Blast Abrasives, CAN DRY, Fresh Coop Odour Control and Red Lake Earth, among others. Its operating mines include Red Lake Mine and Bud Bentonite Clay Mine.


TSXV:PLAN - Post by User

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  • 15StanmoreX
Post by 15Stanmoreon Dec 04, 2024 6:12pm
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Post# 36346134

Q2 2025 Results (Post 4) Current assets and liabilities

Q2 2025 Results (Post 4) Current assets and liabilitiesWhile the October 31, 2024 Cash balance of $2,932,177 represents a high water mark (possibly the highest quarter end balance in the Company's history, albeit I have not yet been able to source the financial statements from 2007 through to 2014 when the Company was operating as Ashburton Ventures) I still like to examine the cash flow statement to compare and assess management performance in how they optimize capital allocations.

The change in cash during the first half of 2025 was an impressive $1,246,371 addition. However, if you remove the one time proceeds of disposition of property, plant and equipment of $1,284,500, then the rest of the activities net our to an overall drop of $38,129.

On the use of funds side, changes in non-cash operating working capital saw a $624,355 use of cash, made up primarily of the following two categories:

Accounts receivable         $382,416     28.5% increase
Inventories                       $186,035        7.4% increase

I had hoped to see continued reduction in these two categories after the recent improvements over the past year. To see A/R back up by 28.5% is a disappointment which I hope will be addressed and reversed by January 31, 2025.

Inventories remain a bit of a puzzle to me, with the dollar value of the "supplies" inventory ($1,487,837) being larger than the combined value of raw materials and finished goods ($1,218,621). When operating as Absorbant Products Limited, supplies inventory stood at $262,308 or less than 18% of the current supplies inventory value.

I hope the significant free cash balance held at October 31, 2024 will not take the pressure off efforts to optimize receivable and inventory balances, especially when we still have outstanding loans to be paid down.

 

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