Medis Technologies (New York) released its financial report for the period ending December 31, 2001, showing the company sustained net losses of $31,582,000 for the year. From the company's inception in April 1992 through December 31, 2001, it has generated a cumulative net loss of approximately $77,669,000, including approximately $39,757,000 from amortization expense.
The company reported that it expects to incur additional operating losses during 2002 and possibly thereafter, principally as a result of continuing anticipated research and development costs, selling, general and administrative expenses, and the uncertainty of bringing fuel cell technology or any other technologies to commercial success.
