November 16, 2020

Total expenses for the period under review amounted to US$136,452 (2019: US$251,718). The breakdown for total expenses is as follows:

• Accountancy fees closed the period at US$11,000 (2019: US$5,863), while MPC reported administrative fees of US$50,081 (2019: US$36,386).
• Advertising fees for the nine months amounted to US$8,854 relative to US$87,020 for comparable period in 2019.
• Audit fees for the period totaled US$625 (2019: US$6,250). The company incurred bank charges of US$2,440 (2019: US$3,318).
• Director’s fees and legal & professional fees year to date totaled US$12,375 (2019: US$12,847) and US$19,819 (2019: US$56,726) respectively.
• License fees ended the nine months at US$375 (2019: US$375). Travel Expense closed at US$10,032 (2019: nil).
• Corporate fees totaled an amount of US$1,125 (2019: US$1,125). While, Fines & Penalties closed at $3,789 (2019: nil).
• No processing fees and other expenses were reported for the period under review, relative to US$24,715 and US$635 booked in 2019, respectively.
• Insurance expenses totaled US$15,937 (US$16,458) as at September 2020.

Total loss for the period was reported at US$136,452 (2019: US$251,718), while for the quarter, MPCCEL booked losses of US$60,255 (2019 loss: US$166,412).

Consequently, loss per share (LPS) as at September 30, 2020 amounted to US$0.006 relative to LPS of US$0.012 for the same period in 2019. For the quarter MPCCEL booked LPS of US$0.003 (2019 LPS: US$0.008). The trailing twelve month earnings per share amounted US$0.0081. The number of shares used in this calculation was 21,666,542 shares. MPCCEL and MPCCELUS price closed the trading period at a price of J$135.38 and US$1.15 on November 13, 2020 respectively.

Balance sheet at a Glance:

Total Assets for the period closed at US$19.79 million versus US$9.78 million. Of this amount ‘Investment – MPC Caribbean Clean Energy Fund LLC’ amounted to US$19.20 million relative to US$9.64 million as at September 30, 2019. While, total ‘Cash and Cash Equivalents’ amounted to US$589,664 (2019: US$137,724) and ‘Prepayments’ amounted US$2,247 (2019: US$8,771).

Shareholder’s equity totaled US$19.67 million relative to a shareholders’ equity of US$9.72 million in 2019. This resulted in a book value per share of USD$0.91 (2019: US$0.45).

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