MPCCEL reports first quarter net loss of US$67,472

Date: May 17, 2019

MPCCEL, for the three months ended March 31, 2019, recorded total income of US$4,498 (2018: nil).

Total expenses amounted to US$67,472. The breakdown for total expenses is as followed:

    • Accountancy fees closed the period at US$4,013 (2018: US$625).
    • Administrative fees for the quarter amounted to US$26,017 versus US$5,069 in the prior corresponding quarter.
    • Directors’ fees and legal & professional fees closed the quarter at US$875 (2018: US$5,000) and US$34,676 (2018: nil), respectively.
    • Management fees totaled an amount of US$375 (2018: US$325) while bank charges totaled US$1,391 (2018: US$274)

Total loss for the period was reported at US$67,472 relative to loss of US$11,419 reported for the same period last year.

Consequently, loss per share (LPS) for the three months period amounted to US$0.006 (LPS 2018: US$0.001). The trailing twelve-month LPS is $0.006. The number of shares used in this calculation was 11,424,160 shares. MPCCEL and MPCCELUS price closed the trading period at a price of JMD$130.00 and US$1 on May 16, 2019, respectively.

Balance sheet at a Glance:

Total Assets  as at March 31, 2019 closed at US$11.21 million (2018: US$1,322). Of this amount total ‘Cash at Bank’ amounted to US$542,874 (2018: US$189), while ‘Investments’ closed at US$10.65 million (2018: nil). ‘Prepayments’ totaled US$8,896 (2018: US$1,133).

Shareholder’s equity totaled US$10.94 million versus shareholders’ deficit of US$16,652 reported last year. This resulted in a shareholder’s equity per share of USD$0.96 compared to shareholders’ deficit per share of US$0.001 last year.


Balance Sheet at a Glance:

As at March 31, 2019, total assets increased close at $51.49 million (2018: $18.09 million). The increase was largely due to increases in ‘Cash and Cash Equivalents’ and ‘Property, Plant & Equipment’ which closed at $19.23 million (2018: $1.09 million) and $15.41 million (2018: $5.35 million), respectively.

Shareholder’s equity totaled $39.29 million compared to the $2.73 million quoted as at March 31, 2018. This resulted in a book value of $0.20 relative to $0.9 the prior year.



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