Indonesia Energy Corporation filed its annual report on Form 20-F, detailing financial and operating results for the year ended December 31, 2024. The company reported annual revenue of $2.67 million for 2024.
The company recorded a net income of -$6.34 million for 2024, continuing a trend of negative net income. Annual operating cash flow and free cash flow were both -$3.09 million, indicating reliance on external financing.
Despite profitability challenges, the balance sheet showed cash and cash equivalents of $4.57 million and a current ratio of 3.18. Total debt was low at $881,639, with a debt-to-equity ratio of 0.05, as operations were funded by $8.41 million in equity issuances.
Investments in seismic and other exploration work at Kruh Block during 2024 were highlighted as setting the stage for new drilling. These capital expenditures totaled -$2.82 million for the year, demonstrating a focus on future growth.
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