Astris Energi Inc. (Mississauga, ON), a developer of alkaline fuel cell technology, announced un-audited results for the second quarter and six months ended June 30, 2004. All amounts are in Canadian dollars unless otherwise indicated. Revenue decreased to $10,066 for the second quarter of 2004 from $12,800 for the same period of 2003.
The company reported a net loss for the second quarter of $691,528, which compares to a net loss of $176,788 for the second quarter of 2003. The company decreased its cash position, quarter over quarter, from $583,337 as of March 31, 2004, to $90,590, as the result of the purchase and installation of new equipment for the pilot production line.
The company raised $135,132 through the issuance of common shares and warrants to private investors during the second quarter, bringing total proceeds from shares issued to $949,452 for the first six months of 2004. Shareholders' deficiency at June 30, 2004, was $6,800,585.
