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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).

 

Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

 

2019-11-01T19:45:18-05:00