Innovative Energy Group Limited (ENERGY) for the nine months ended February 29, 2024, reported other income of $500,000 relative to nil reported for the prior financial year.

Management highlighted, “At the Annual General Meeting held on December 6, 2023, the shareholders approved a change of the company’s name from Ciboney Group Limited to Innovative Energy Group Limited (IEG) in line with the planned transformation to a vertically integrated clean energy company. On March 28, 2024 – consequent on the adoption of new Articles of Incorporation- the name change was formally concluded with the ceremonial slotting of INNOVATIVE ENERGY GROUP LIMITED (IEG) on the board of the Jamaica Stock Exchange with the trading ticker symbol “ENERGY”. This marks the commencement of a new era for this company.”

Group Operating Expenses closed the year at $8.28 million, a 305% increase from the $2.05 million recorded in 2022. Within the quarter, the group’s Group Operating Expenses closed at $4.42 million (2022: $565,000).

Operating Loss closed the period under review at $7.78 million (2022: $2.05 million). While Operating Loss for the quarter amounted to $4.42 million versus an operating Loss of $565,000 for the similar quarter of 2022.

Net loss closed at $7.78 million, a 280% increase from the $2.05 million recorded in 2022. Within the quarter, the group’s Net loss closed at $4.42 million (2022: $565,000).

ENERGY noted, “These losses are mainly attributable to ongoing steps being taken to move Ciboney Group out of dormancy consequent on the acquisition of the majority of its shares by IEC Energy Company Ltd, St Lucia. Costs incurred during this quarter related primarily to expenditures on the website, public relations and corporate governance activities which were financed by advances from a related party, Innovative Energy Company DBA IEC SPEI Limited.”

Consequently, Loss Per Share for the nine months amounted to $0.01 (2022: LPS: $0.01), while Loss Per Share for the quarter totaled $0.01 (2022: LPS: $0.01). The twelve-month trailing LPS was $0.02, and the number of shares used in these calculations was 546,000,000.

Notably, ENERGY’s stock price closed the trading period on April 15, 2024, at a price of $1.15.

Balance Sheet Highlights

The company’s assets totalled $516,000 (2022: $1.63 million). This resulted from a 94% decline in ‘Income tax recoverable’ closing at $93,000.

The shareholder’s deficit was $18.39 million (2022: $8.95 million), representing a shareholder’s deficit per share of $33.69 (2022: $16.39).

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