August 12, 2022
(Expressed in United States dollars)
MPC Caribbean Clean Energy Limited (MPCCEL), for the six months ended June 30, 2022, reported a 32% decrease in total expenses in the amount of $82,394 (2021: $120,828), of which accountancy fees remained at $4,600 year over year while administrative fees decreased by 22% to 25,239 (2021: $$32,510). Bank charges amounted to $1,945 (2021: $1,508); there were no audit fees for the period (2021: $5,000).
‘Legal and professional fees’ and ‘Insurance Expense’ closed the six months at $682 (2021: $17,972) and $10,232 (2021: $7,407), respectively. There was no travel expenses incurred for the period. Directors’ Fees and Corporate Fees remained at $9,250 and $750 respectively year over year.
Advertising cost amounted to $17,416 (2021: $6,717), while License Fees remain unchanged at $250.
Total expenses for the quarter posted an 8% growth year over year from $40,127 to $53,261 for the period under review.
Loss for the six months amounted to $82,394 versus a loss of $120,828 for the corresponding period in the prior year. Net loss for the quarter closed at $53,261 relative to a loss of $40,127 in 2021.
Loss per stock unit for the six months amounted to $0.004 (2021 LPS: $0.006). The LPS for the second quarter was $0.0025 (2021: $0.0019). Twelve-months trailing LPS was $0.052. The number of shares used in our calculations was 21,666,542. MPCCELUS closed the trading period on August 12, 2022 at US$1.30, while MPCCEL closed the trading period on August 12, 2022 at J$84.50.
Balance Sheet at a Glance:
As at June 30, 2022, the Company recorded total assets of $30.83 million versus $29.66 million in 2021. The movement was due to an increase in ‘Investment – MPC Caribbean Clean Energy Fund LLC’ amounting to $30.57 million relative to $19.23 million in 2021.
Total Shareholders’ Equity as at June 2022 closed at $20.73 million compared to $19.55 million which resulted in a book value of $0.96 (2021: $0.90).
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