Sustainable Energy Reports Six-Month Results
Sustainable Energy Technologies Ltd. (Calgary, Alberta, Canada) announced operating and financial results for the six months ending March 31, 2003. At March 31, 2003, liquidity, as measured by working capital, was $895,870 versus $534,772 at September 30, 2002, an improvement of $361,098.
The net loss before interest, taxes, depreciation, and amortization for the six months ended March 31, 2003, was $187,129 and $72,115 for the quarter. As the company is no longer in the development stage, product engineering, marketing and operating costs associated with the fuel cell inverter are no longer capitalized. Costs associated with adapting the power electronics platform for solar power applications and related marketing however, continue to be capitalized. The total amount capitalized (net of contributions) during the period was $53,089.