Millennium Cell Issues Annual Report

March 26, 2002 by Jeff Shepard

Millennium Cell Inc. (Eatontown, NJ) posted its 2001 annual report. The company incurred operating losses of $20,679,030, $16,347,278 and $1,042,088 in 2001, 2000 and 1999, respectively, and had a net loss applicable to common stockholders of $19,452,329, $17,819,965 and $1,031,277, respectively. As of December 31, 2001, and 2000, Millennium Cell had an accumulated deficit of $38,303,571 and $18,851,242, respectively.

The company’s losses have resulted primarily from costs associated with research and development activities as well as non-cash amortization of preferred stock and non-cash charges related to the issuance of stock options and warrants to employees and third parties. As a result of planned expenditures in the areas of research, product development and marketing and additional non-cash charges relating to employee stock options, the company is expected to incur additional operating losses for the foreseeable future.