August 1, 2011
Mass Megawatts Cuts Loss
Worcester-based Mass Megawatts Wind Power Inc. reports a net loss of $472,851 in the 2011 fiscal year, ended April 30, down from a $644,485 loss the previous year.
The company reported no revenues for fiscal 2011. In 2010 it reported contract revenues of $158,834, but that income was outweighed by the direct costs of contracting. The company also cut its general and administrative expenses from $553,663 to $472,688.
The company, which was founded in 1997 as Mass Megawatts Inc., says it plans to build and run wind energy plants, selling power to the grid.
Over the past year, its stock price has fallen from 40 cents a share to 11 cents. It trades on the OTC Bulletin Board.
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