August 13, 2021
(Expressed in United States dollars)
MPC Caribbean Clean Energy Limited (MPCCEL), for the six months ended June 30, 2021, reported a 59% increase in total expenses in the amount of $120,828 (2020: $76,198), of which accountancy fees and administrative fees decreased 34% to $4,600 (2020: $7,000) and 21% to $32,510 (2020: $40,899), respectively. Bank charges and Audit fees amounted to $1,508 (2020: $1,489) and $5,000 (2020: nil), respectively.
‘Legal and professional fees’ and ‘Insurance Expense’ closed the six months at $17,972 (2020: $12,790) and $7,407 (2020: $656), respectively. There was no travel expenses incurred for the six months (2020: $2,760). Directors’ Fees totalled $9,250 (2020: $8,250). Corporate Fees amounted to $750 (2020: nil). Fines & penalties amounted to $34,864 (2020: nil).
Advertising cost amounted to $6,717 (2020: $1,354), while License Fees remain unchanged at $250.
Total expenses for the quarter posted an 8% growth year over year to $40,127 in contrast to $36,990 reported for the same quarter in 2020.
Loss for the six months amounted to $120,828 versus a loss of $76,197 for the corresponding period in the prior year. Net loss for the quarter closed at $40,127 relative to a loss of $36,989 in 2020.
Loss per stock unit for the six months amounted to $0.006 (2020 LPS: $0.004). The LPS for the second quarter was $0.0019 (2020: $0.0017). Twelve-months trailing LPS was $0.0083. The number of shares used in our calculations was 21,666,542. MPCCELUS closed the trading period on August 13, 2021 at US$1.05, while MPCCEL closed the trading period on August 13, 2021 at J$137.80.
Balance Sheet at a Glance:
As at June 30, 2021, the Company recorded total assets of $29.66 million versus $19.84 million in 2020. The movement was due to an increase in ‘Cash and Cash equivalents’ to $10.40 million (2020: $9.93 million). ‘Investment –MPC Caribbean Clean Energy Fund LLC’ amounting to $19.23 million relative to $9.91 million in 2020.
Total Shareholders’ Equity as at June 2021 closed at $19.55 million compared to $19.73 million which resulted in a book value of $0.91 (2020: $0.51).
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