Sep 2, 2013 - Canadian biorefining technology firm Lignol Energy Corp (CVE:LEC) saw its net loss expand to CAD 1.6 million (USD 1.5m/EUR 1.1m) in its fourth fiscal quarter through April 30 from CAD 400,000 a year earlier.
In a statement on Friday, the company explained that the wider loss came as a result of higher research and development costs, increased operating costs and acquisition-related expenses. The result was also dragged down by a decline in government and corporate contributions.
Lignol noted that its fourth-quarter results contain its own accounts, as well as those of units Lignol Innovations Ltd (LIL) and Australian Territory Biofuels (TBF), in which it owns a 56% stake. The inclusion of TBF resulted in the addition of CAD 19.1 million in assets and CAD 21 million in liabilities, it explained.
At the end of April, the Canadian firm and its subsidiaries had CAD 2.4 million in cash and cash equivalents and up to CAD 2.9 million in future funding receivable from contracted government and corporate funding agreements. Its liabilities stood at CAD 10.9 million.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.