TEMPE, Ariz., Nov. 20, 2014 /PRNewswire/ -- Green Planet Group, Inc. (OTC PINK: GNPG), an emerging leader in green technology, has filed financial statements for the six months, ending September 30, 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 six month financial results can be summarized as follows:
- Greatly improved cash position of $134,825 as compared to the First Quarter cash position of $18,841, representing a 616% improvement
- Total Current Assets of $984,727, an increase of $698,219 over the prior quarter, representing a 244% increase
- XenTx Inventory of $140,188 versus $77,497 for the last quarter, which represents an increase of 80%
- Research and Development costs related to Healing the Earth and AAQIS product testing and development of $196,076 were expensed, negatively affecting Operating Income
- A six month Operating Loss of $254,472 due to R & D costs and the Company's commitment to significantly increase inventory levels
Green Planet Group Chief Executive Officer Edmond Lonergan noted, "The past fiscal quarter is one in which we have truly had to bite the bullet in order to position our Company for future growth. As we have noted previously, the XenTx inventory shortage we faced at the beginning of this fiscal year significantly hampered the selling effort. We completed our inventory build-up at the end of October and are now able to sell from a "full cart." While the research and development expense related to Healing the Earth and AAQIS have had a short-term negative impact on operating results, we are thrilled with the AAQIS HHO generator dynamometer testing results on a V-8 gasoline fueled engine conducted in the last week of September. As previously reported our AAQIS hydrogen/oxygen gas generator produced a 40% MPG improvement and very nearly totally eliminated raw hydrocarbon emissions. We're moving full speed ahead to build HHO generator prototypes for further testing and on-the-road deployment."
Lonergan concluded, "In the first six months of this fiscal year we have completely reorganized our Company. Our every effort is focused on growing our existing business and realizing the commercialization potential of our developing technologies in order to increase shareholder value and benefit our planet."
To view the complete filing, use the following link: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=129463
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.
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.
SOURCE Green Planet Group, Inc.