March 17, 2008
Mass Megawatts Faces Closure
By Matthew L. Brown
If Worcester-based Mass Megawatts Wind Power can't sell more of its wind power systems in the next year, it may not be able to stay in business.
In a quarterly filing with the U.S. Securities and Exchange Commission, the company notes that it sold its first and second wind power systems during the first and second quarters of 2007. The company was founded in 1997, and has enough cash to stay in business "for at least nine months."
The company says it "expects these sales to continue and with those funds expects to be able to fund its operations for an additional 12 months. Without additional sales, there is substantial doubt about the company's ability to continue as a going concern." The company said its "lack of long-term experience in new product development could have an adverse impact on the company."
The Prescott Street company reported a net loss of $47,509 on no revenue for its fiscal third quarter, which ended Jan. 31.
For the same period last year, the company reported a net loss of $54,562 on no revenue. For the nine months ended Jan. 31, the company reported a net loss of $154,341 on revenue of $27,008.
For the same nine-month period in 2007, the company reported a net loss of $202,859 on no revenue.
In a quarterly filing with the U.S. Securities and Exchange Commission, the company notes that it sold its first and second wind power systems during the first and second quarters of 2007. The company was founded in 1997, and has enough cash to stay in business "for at least nine months."
The company says it "expects these sales to continue and with those funds expects to be able to fund its operations for an additional 12 months. Without additional sales, there is substantial doubt about the company's ability to continue as a going concern." The company said its "lack of long-term experience in new product development could have an adverse impact on the company."
The Prescott Street company reported a net loss of $47,509 on no revenue for its fiscal third quarter, which ended Jan. 31.
For the same period last year, the company reported a net loss of $54,562 on no revenue. For the nine months ended Jan. 31, the company reported a net loss of $154,341 on revenue of $27,008.
For the same nine-month period in 2007, the company reported a net loss of $202,859 on no revenue.
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