ZENN Motor Company Inc. (OTCMKTS:ZNNMF): Reported 3Q14 Results
ZENN Motor Company Inc. (OTCMKTS:ZNNMF) recently reported its unaudited financial results for 3Q14 and nine-month periods ended June 30, 2014. The consolidated results include that of the ZENN and its 71.3 percent subsidiary EEStor, Inc. (together “the company”). The company reported net loss from continuing operations of $(0.72) million or $(0.02) per share during 3Q14 as compared to a net loss from continuing operations for ZENN of $(0.43) million or (0.01) per share in 3Q13. The loss related to EEStor in 3Q14 was $(0.45) million.
For year-to-date (nine months) period ended June 30, 2014, the company reported net losses from continuing operations of $(1.86) million or $(0.05) per share, including loss of $(0.77) million specifically related to EEStor. The results reflect the inclusion of EEStor operations since January 27, 2014. During the nine-month period ended June 30, 2013, the net loss from continuing operations for ZENN at $(1.28) million or $(0.03) per share.
ZENN Motor Company Inc. (OTCMKTS:ZNNMF), the company, had a total working capital of $179,409 and cash balance of $500,075 (including cash, cash equivalents and short-term investments), as at June 30, 2014, as compared to working capital of ZENN of $461,292 and a cash balance of $715,869 as at September 30, 2013.
Founder and Chief Executive Officer of ZENN Motor Company Inc. (OTCMKTS:ZNNMF) as well as Chief Executive Officer of EEStor, Inc., Ian Clifford mentioned that the company continues to pursue the private placement of up to $1.5 million as announced previously. The financing will allow it to continue the development of layers, competitive with existing high-voltage commercial aluminum electrolytic capacitors. Independently validated results of the company’s technology will allow for licensing and partnership opportunities with existing capacitor manufacturers.
ZENN Motor Company seeks to offer the leading edge energy storage solutions by focusing on licensing and partnership opportunities across a broad spectrum of applications.© Copyright 2016 OTC News Magazine. All rights reserved.