Lignol Reports Fiscal 2013 Third Quarter Financial Results
Lignol Energy Corporation (LEC.V) announced its consolidated financial results for the three months ended January 31, 2013.
LEC's consolidated financial statements have been prepared on a going concern basis which assumes that LEC will continue its operations and those of LIL for the foreseeable future and contemplates the realization of assets and the settlement of liabilities in the normal course of business.
LEC said for the three months ended January 31, 2013, it reported a net comprehensive loss of $3.0 million, and a total loss of $0.01 per share (basic and fully diluted). Included in the total comprehensive loss were non-cash charges relating to a reduction in the fair market of LEC's investment in ARW of $1.3 million at the end of the period. Included in the total loss were non-cash charges of $0.3 million relating to the difference in the market value of the consideration LEC paid for its December 2012 acquisition of a further 88 million shares in ARW. After excluding these $1.6 million in total non-cash charges, the adjusted loss for Q3 FY13 would have been comparable to the total loss of $1.2 million incurred during the same period of the prior year.
LEC is a leading technology development company in the advanced biofuels and renewable chemicals sector.
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