Catch the Wind Ltd has announced its financial results for the three and six-month periods ended June 30, 2009. The company focused their Q2 efforts on identifying select wind farm operators, turbine manufacturers and other key organizations within the renewable energy sector to initiate testing of our laser wind sensing technology.
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Operating expenses for Q2 and year-to-date 2009 were US$ 2.1 million and US$ 3.8 million, respectively, compared to US$ 0.2 million and US$ 0.3 million for the same periods of 2008.? The expenses consisted of salaries and benefits, professional engineering fees, inventory valuation adjustments, general and administrative costs, consulting fees, other professional fees, and sales and marketing costs associated with the development and marketing of the Vindicator LWS. Net loss for Q2 2009 was US$ 2.1 million or US$ 0.05 per basic share compared to a net loss of US$ 0.2 million for the same period of 2008. On a year-to-date basis, net loss for 2009 was US$ 3.8 million or US$ 0.09 per basic share, compared to US$ 0.3 million for the same period of 2008.? The Company had no publicly traded shares during the first six months of 2008. Net cash usage from operating activities for Q2 2009 and year-to-date was US$ 3.1 million and US$ 5.4 million, respectively.