MPCCEL reports nine months net loss of US$156,073

November 11, 2021

Total expenses for the period under review amounted to US$156,073 (2020: US$136,452). The breakdown for total expenses is as follows:

    • Accountancy fees closed the period at US$6,600 (2020: US$11,000), while MPC reported administrative fees of US$47,118 (2020: US$50,081).
    • Advertising fees for the nine months amounted to US$12,260 relative to US$8,854 for comparable period in 2020.
    • Audit fees for the period totaled US$5,875 (2020: US$625). The company incurred bank charges of US$2,059 (2020: US$2,440).
    • Director’s fees and legal & professional fees year to date totaled US$13,875 (2020: US$12,375) and US$17,972  (2020: US$19,819) respectively.
    • License fees ended the nine months at US$375 (2020: US$375). Travel Expense was nil versus the US$10,032 booked last year.
    • Corporate fees totaled an amount of US$1,125 (2020: US$1,125). While, Fines & Penalties closed at $36,364 (2020: US$3,789).
    • Insurance expenses totaled US$12,450 (2020: US$15,937) as at September 2021.

Total loss for the period was reported at US$156,073 (2020: US$136,452), while for the quarter, MPCCEL booked losses of US$35,244 (2020 loss: US$60,255).
Consequently, loss per share (LPS) as at September 30, 2021 amounted to US$0.007 relative to LPS of US$0.006 for the same period in 2020. For the quarter MPCCEL booked LPS of US$0.002 (2020 LPS: US$0.003). The trailing twelve month loss per share amounted US$0.007. 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$115 and US$1.08 on November 10, 2021 respectively.

Balance sheet at a Glance:

Total Assets for the period closed at US$29.64 million versus US$19.79 million. Of this amount ‘Investment – MPC Caribbean Clean Energy Fund LLC’ amounted to US$29.23 million relative to US$19.20 million as at September 30, 2020. While, total ‘Cash and Cash Equivalents’ amounted to US$395,589 (2020: US$589,664) and ‘Prepayments’ amounted US$18,329 (2020: US$2,247).

Shareholder’s equity totaled US$19.51 million relative to a shareholders’ equity of US$19.67 million in 2020. This resulted in a book value per share of USD$0.90 (2020: US$0.91).


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