MONTREAL, Feb. 26 /CNW Telbec/ - MCO CAPITAL INC. ("MCO" or "the Company"; ticker symbol MCO.H/NEX) did not record any revenues during both fiscal years ended October 31, 2009 and 2008. The Company closed fiscal 2009 with a net loss of $55,766 or $0.01 per share, compared with a net loss of $61,649 or $0.01 per share in 2008. The share capital remained unchanged, being 4,233,689 Class B shares issued and outstanding. The net loss during fiscal 2009 increased the cumulative deficit to $188,684 as at October 31, 2009, compared with $132,918 a year earlier.
During fiscal 2009, operating activities used total cash of $62,234 (compared with a net use of $50,052 the prior year). With regards to financing activities, MCO received a sum totalling $60,000 ($20,000 of which was advanced in the fourth quarter) consisting of interest-free advances from the parent company. As a result of the various cash flows during the year, the Company's cash decreased by a net amount of $2,234 to stand at $729 as at October 31, 2009, compared with $2,963 on October 31, 2008.
At the end of fiscal 2009, total assets stood at $43,288 compared with $6,290 on October 31, 2008, and consisted of cash, taxes receivable and deferred charges. Total liabilities, in the amount of $230,764 consisted of interest-free advances of $180,000 from the parent company, the $50,764 balance was due to creditors and fees payable. Shareholders' equity showed a deficit of $187,476, compared with a deficit of $131,710 a year earlier.
The Company's Board members and officers are currently planning to acquire a company with a plan to operate an Internet-based platform in the United States that will facilitate transactions between registered lenders and borrowers. The transaction, which will constitute a reverse takeover of the Company (RTO), is scheduled to close in late May or early June 2010.
SOURCE MCO CAPITAL INC.
For further information: For further information: Philippe Marleau, President, MCO Capital Inc., (514) 397-0188