August 14, 2023
(Expressed in United States dollars)
MPC Caribbean Clean Energy Limited (MPCCEL), for the six months ended June 30, 2023, reported a 7% increase in total expenses in the amount of $87,857 (2022: $82,394), of which accountancy fees declined to $4,000 (2022: $4,600) while administrative fees increased by 50% to $37,962 (2022: $25,239).
Bank charges amounted to $2,440 (2022: $1,945), while there were no audit fees for the period (2022: nil).
‘Legal and professional fees’ and ‘Insurance Expense’ closed the six months at $10,425 (2022: $682) and $9,707 (2022: $10,232), respectively. There was no travel expenses incurred for the period.
Directors’ Fees increased to $11,000 (2022: $9,250), while Corporate Fees remained the same at $750 respectively year over year.
Advertising cost amounted to $11,323 (2022: $17,416) a 35% decline year over year, while License Fees remained unchanged at $250.
Total expenses for the quarter posted an 8% decline year over year from $53,261 in 2022 to $49,046 for the period under review.
Loss for the six months amounted to $87,857 versus a loss of $82,394 for the corresponding period in the prior year. Net loss for the quarter closed at $49,046 relative to a loss of $53,261 in 2022.
Loss per stock unit for the six months amounted to $0.004 (2022 LPS: $0.004). The LPS for the second quarter was $0.0023 (2022: $0.0025). Twelve-months trailing LPS was $0.101. The number of shares used in our calculations was 21,666,542. MPCCELUS closed the trading period on August 11, 2023 at US$0.6280, while MPCCEL closed the trading period on August 12, 2022 at J$81.95.
Balance Sheet at a Glance:
As at June 30, 2023, the Company recorded total assets of $28.69 million versus $30.83 million in 2022. The movement was due to an increase in ‘Investment – MPC Caribbean Clean Energy Fund LLC’ amounting to $28.58 million relative to $30.57 million in 2022.
Total Shareholders’ Equity as at June 2023 closed at $18.54 million compared to $20.73 million which resulted in a book value of $0.86 (2022: $0.96).
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