Mass Megawatts (MMGW) reports fiscal quarter net losses
Posted on: September 14th, 2010Written by:
Mass Megawatts Wind Power, Inc. (OTCBB: MMGW) announced today disappointing quarterly results for the first fiscal quarter ending July 31, 2010. These results include a net loss of $150,399 or two cents per share, compared with a net loss of two cents per share or $131,558 for the same period last year.
Mass Megawatts, based in Worcester, Massachusetts, specializes in the development of a revolutionary wind power technology, and in recent news, the Company reported that it had improved its product design in order to reduce the cost of wind power using modified augmenters.
Although the quarterly statements report a loss, the Company, with less than ten million shares issued and outstanding, continues to have an improved financial position in the recent quarter. Without the burden of cash and debt issues, Mass Megawatts has the ability to complete the goals related to product development and the preparation for mass production of their MAT wind turbines.
Mass Megawatts has had a descending and turbulent past six months, sliding 60 percent from over 80 cents in March to a low of 32 cents today, with daily shares prices ranging as much as 20 cents.
