November 13, 2023
(Expressed in United States dollars)
MPC Caribbean Clean Energy Limited (MPCCEL), for the Nine months ended September 30, 2023, reported a 20% increase in total expenses in the amount of $146,707 (2022: $122,730), of this:
- Accountancy fees amounted to $9,637 (2022: $6,600).
- Administrative fees amounted to $49,082 (2022: $41,172).
- Bank charges amounted to $3,355 (2022: $2,851).
- Audit fees amounted to $14,000 (2022: $875).
- Legal and professional fees totalled $10,425 (2022: $6,174).
- Insurance Expense totalled $14,329 (2022: $15,526).
- Directors’ Fees increased to $29,000 (2022: $13,875).
- Corporate Fees was $1,125, same as the prior year.
- Advertising cost amounted to $15,379 (2022: $22,127).
- License Fees remained unchanged at $375.
Total expenses for the quarter increased 46% year over year from $40,355 in 2022 to $58,851 for the period under review.
Loss for the nine months amounted to $146,707 versus a loss of $122,730 for the corresponding period in the prior year. Net loss for the quarter closed at $58,851 relative to a loss of $40,335 in 2022.
Loss per stock unit for the six months amounted to $0.007 (2022 LPS: $0.006). The LPS for the third quarter was $0.0027 (2022: $0.0019). Twelve-months trailing LPS was $0.10. The number of shares used in our calculations was 21,666,542. MPCCELUS closed the trading period on November 13, 2023 at US$0.59, while MPCCEL closed the trading period on September 13, 2022 at J$92.99.
Management noted, “The Investment Advisor together with the Company’s legal counsels from various jurisdictions started to implement the contemplated reorganization structure promptly after obtaining the Shareholders’ Approval at the Annual General Meeting held on May 30th, 2023, and the necessary documentation is currently being finalized. However, due to the complexity and involvement of many jurisdictions, the process is taking longer than initially anticipated, but expected to be finalized by the end of Q1 2024.”
Balance Sheet at a Glance:
As at Septmebr 30, 2023, the Company recorded total assets of $28.63 million versus $30.79 million in 2022. The movement was due to a decrease in ‘Investment – MPC Caribbean Clean Energy Fund LLC’ amounting to $28.58 million relative to $30.57 million in 2022.
Total Shareholders’ Equity as at September 30 2023 closed at $18.48 million compared to $20.69 million which resulted in a book value of $0.85 (2022: $0.95).
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