MPCCEL reports net loss of US$45,860 for the nine months ended September 30, 2019

September 25, 2019

MPC CARIBBEAN CLEAN ENERGY LIMITED (MPCCEL)

For the Nine Months Ended September 30, 2019:

MPCCELL recorded revenues of US$205,858 relative to nil reported for the prior year’s corresponding period. Revenue for the quarter amounted to US$56,778 compared to nil for the same quarter in 2018.

Total expenses  amounted to US$251,718 (2018: $30,098). The breakdown for total expenses is as followed:

    • Accountancy fees closed the period at US$5,863 (2018: US$2,600), while MPC reported administrative fees of US$36,386 (2018: US$5,808).
    • Advertising fees for the nine months amounted to US$87,020 relative to nil for comparable period in 2018.
    • Audit fees for the year totaled US$6,250 (2018: 2,500). The company incurred bank charges for the year of US$3,318 (2018: US$823).
    • Director’s fees and legal & professional fees year to date totaled US$12,847 (2018: US$5,851) and US$56,726 (2018: US$11,165) respectively.
    • License fees ended nine months at US$375 (2018: US$375).
    • Corporate fees totaled an amount of US$1,125 (2018: US$975).
    • Processing fees and insurance expense for the nine months ended September 2019 closed at US$24,715 (2018: nil) and US$16,458 (2018: nil) respectively.

Total loss for the period was reported at US$45,860 (2018 total loss: US$30,098), while for the quarter, MPC booked losses of US$109,634 (2018 total loss: US$16,390).

Consequently, loss per share (LPS) for 2019 amounted to US$0.0040 relative to US$0.0026 loss per share for the same period in 2018. For the quarter MPC booked LPS of US$0.0096 (2018 LPS: US$0.0014). the trailing twelve month loss per share amounted US$0.0234. 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$260.00 and US$1 on November 01, 2019 respectively.

Balance sheet at a Glance:

Total Assets for the period closed at US$9.99 million versus US$1,487. Of this amount total cash and cash equivalents amounted to US$137,724 (2018: US$655), while ‘Investment – MPC Caribbean Clean Energy Fund LLC’ amounted to US$9.84 million relative to nil as at September 30, 2018. Prepayments amounted US$8,771 (2018: US$832).

Shareholder’s equity totaled US$9.93 million relative to a shareholders’ deficit of US$35,332 in 2018. This resulted in a shareholder’s deficit per share of USD$0.96 (2018: US$0.0031).

 

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2019-11-01T19:45:18+00:00