MONTREAL
,
Sept. 17
/CNW Telbec/ - For the three-month period ended
July 31, 2009
, MCO CAPITAL INC. ("MCO Capital" or "the Company"; ticker symbol MCO.H/NEX) did not record any income and incurred operating expenses of
$17,334
consisting primarily of professional fees. During the same period in 2008, the Company had recorded no income and incurred operating expenses of
$17,714
. Therefore, MCO closed the third quarter of fiscal 2009 with a net loss of
$17,334
or
$0.004
per share, compared with a net loss of
$17,714
or
$0.004
per share during the same quarter of the previous year. For the nine-month period ended
July 31, 2009
, MCO did not record any income and incurred operating expenses totalling
$37,405
, compared with income of
$384
and operating expenses of
$45,010
for the corresponding period in 2008. The total net loss for the first nine months of the current fiscal year therefore amounted to
$37,405
or
$0.009
per share, compared with
$44,626
or
$0.011
per share the previous year. The share capital remained unchanged, being 4,233,689 Class B shares issued and outstanding.
Since the beginning of fiscal 2009, operating activities used cash of
$39,831
(compared with a use of
$35,472
the prior year). In regards to financing activities, the Company received sums totalling
$40,000
in the form of additional interest-free advances (including
$30,000
during the third quarter). As a result of the various cash flows of the nine-month period, the Company's cash increased by a net amount of
$169
to stand at
$3,132
as at
July 31, 2009
, compared with
$2,963
on
October 31, 2008
. At the end of the third quarter of fiscal 2009, total assets stood at
$8,485
compared with
$6,290
on
October 31, 2008
, and consisted of cash and taxes receivable. Total liabilities, in the amount
$177,600
, consisted of interest-free advances from the parent company and from a company under common control, for a total of
$160,000
, as well as accounts payable and accrued liabilities in the amount of
$17,600
. Shareholders' equity showed a deficit of
$169,115
, compared with a deficit of
$131,710
nine months earlier.
The Company will require additional financing or internally generated cash flow to fund its continuing operations. Such funding may come from additional equity financing, whether by way of private placement or through a strategic alliance or from other sources. The outcome of these matters cannot be predicted at this time. Board members and officers are currently considering various alternatives in regards to the Company's future.
For further information: Philippe Marleau, President, MCO Capital Inc., (514) 397-0188
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