September 15, 2010
MassMegaWatts Losses Continue
By Brandon Butler
MassMegaWatts, the Worcester-based wind energy company, reported a $150,399 loss during the most recent quarter, up from a $131,558 loss during the same time period last year.
Despite the increased loss, the company saw its total assets increase from $174,732 to $211,479 and the amount of cash the company has increased from $77,230 to $203,948 between this year and last year.
The company has had no significant revenues since it was founded in 1997 and has an accrued deficit of about $5.7 million. Company CEO Jonathan Ricker said he hopes to generate sales in fiscal year 2011 as the company continues to develop its products and marketing efforts pick up.
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