Business
Loop Industries Reports Fourth Quarter Consolidated Financial Results of Fiscal 2020 and Provides Updates on Business Developments
MONTREAL, QC / ACCESSWIRE / May 4, 2020 / Loop Industries, Inc. (NASDAQ:LOOP) (the "Company" or "Loop Industries"), a leading sustainable plastics technology
About this update from Loop Industries, Inc.
[{"type":"text","content":"MONTREAL, QC / ACCESSWIRE / May 4, 2020 / Loop Industries, Inc. (NASDAQ:LOOP) (the \"Company\" or \"Loop Industries\"), a leading sustainable plastics technology innovator, today announced its consolidated financial results for the fourth quarter and fiscal year ended February 29, 2020, and provided an update on its continuing progress in implementing its business plan.Commercialization ProgressOn March 25, 2020, due to the COVID-19 pandemic, the Québec provincial government issued an order that all non-essential business and commercial activity in the province is required to shut down until April 13 and and the order provides exemptions that allow us to continue reduced operations at the pilot plant and we have been continuing work with our joint venture partner, Indorama Ventures Holdings LP (\"Indorama\"), and our engineering partner, to oversee the engineering for the Spartanburg joint venture facility and pursue our plans for the commercialization of our technology. We have made arrangements for certain employees to work remotely to support these engineering activities. The government has recently announced that we can re-start complete operations on May 11.The Québec provincial government order has not significantly impacted our ability to work to advance this project to date and the commercialization plan for commissioning of the planned Spartanburg facility is currently unchanged. However, the planned timing may potentially be affected by the COVID-19 pandemic. We are monitoring the potential impact of the pandemic on the global economy and capital markets, as well as on the operations of our partners who are critical to achieving the anticipated commissioning date of the facility scheduled for the third quarter of the calendar year 2021. Both Loop Industries and our partners are fully committed to the joint venture and are working diligently on the commercialization plan.Fourth Quarter Ended February 29, 2020The following table summarizes our operating results for the three-month periods ended February 29, 2020 and February 28, 2019, in U.S. Dollars. Three Months Ended February 29,2020 February 28,2019 $ Change Revenues $- $- $- Expenses Research and development Stock-based compensation 311,253 250,251 61,002 Other research and development 1,159,676 273,815 885,861 Total research and development 1,470,929 524,066 946,86...