Mass Megawatts Losses Decrease
Mass Megawatts Wind Power Inc. of Worcester narrowed its losses last quarter, from $98,865 last year, to $79,729.
According to filings with the U.S. Securities and Exchange Commission (SEC), the company attributes the change in losses for the period ending July 31 to a $25,720 decrease in general and administrative expenses, offset by a $3,682 increase in other expenses.
Mass Megawatts had total assets of $9,165 as of July 31, which included $1,056 in cash. Since the company's inception 15 years ago, it has incurred losses of $6.5 million. The company reported that it "has not had significant revenues from operations since its inception" but has raised funds through other means, including selling shares of its common stock, to maintain liquidity.
Mass Megawatts said it's nearing completion of a wind augmentation system in Charlton and has begun work at another site. According to the company, its system eliminates the need for turbines to be taller than 80 feet and utilizes a less complicated and more cost-effective "wind-focusing technique to increase the wind velocity directed at a turbine by an average of 70 percent," resulting in more electrical power being generated.
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