MONTREAL, Feb. 22 /CNW Telbec/ - MCO CAPITAL INC. ("MCO" or "the
Company"; ticker symbol MCO.H/NEX) did not record any revenue during both
fiscal years ended October 31, 2007 and 2006. However, the Company incurred
expenses of $56,071 in 2007, compared with expenses of $88,198 in 2006,
consisting primarily of professional fees as well as interest and bank fees.
As no income tax or income tax recovery was recorded during the past two
fiscal years, the Company therefore closed fiscal 2007 with a net loss of
$56,071 or $0.01 per Class B share, compared with a net loss of $88,198 or
$0.02 per share in 2006. The number of outstanding shares remained unchanged,
at 4,233,689 Class B shares.
Operating activities for fiscal 2007 used total cash flows of $69,144,
compared with a use of $80,897 in 2006. During the year, MCO contracted
interest-free advances totalling $80,000 with a shareholder company, which
notably served to reimburse interest-free advances of $78,004 due to a company
under common control. As a result of the various cash flows of the year, the
Company's cash decreased by a net amount of $67,148 to stand at $13,015 as at
October 31, 2007, compared with $80,163 on October 31, 2006.
At the end of fiscal 2007, MCO's total assets amounted to $28,939
compared with $92,774 a year earlier, primarily due to the use of part of the
Company's available cash to finance current operations. As at October 31,
2007, total assets consisted of cash and taxes receivable. Current liabilities
totalled $99,000, consisting of the interest-free advance from the shareholder
company, as well as accounts payable and accrued liabilities. Shareholders'
equity showed a deficit of $70,061 as at October 31, 2007, compared with a
deficit of $13,990 a year earlier.
Board members and officers are currently considering the alternatives in
regards to the Company's future.
For further information:
For further information: Philippe Marleau, President, MCO Capital Inc.,