Electrofuel Reports Second-Quarter 2001 Results
Electrofuel Inc. (Canada) reported its results for the six months ended March 31, 2001. Revenue for the first six months of fiscal 2001 was $270,372. The company had no revenue in the same six months of fiscal 2000. Research and development costs increased to $1.3 million, from $512,978 in the same six months last year.
The company reported that sales and marketing expenses in 2001 rose to $694,572 from $251,672 a year earlier. General and administrative expenses increased to $2.5 million from $924,064 a year earlier. The net loss for the six months was $2.6 million, compared to $1.2 million for the same six months of fiscal 2000.