Business
Loop Industries Reports Third Quarter Consolidated Financial Results of Fiscal 2020 and Provides Updates on Business Developments
MONTREAL, QC / ACCESSWIRE / January 9, 2020 / Loop Industries, Inc. (NASDAQ:LOOP) (the "Company" or "Loop"), a leading sustainable plastics technology
About this update from Loop Industries, Inc.
[{"type":"text","content":"MONTREAL, QC / ACCESSWIRE / January 9, 2020 / Loop Industries, Inc. (NASDAQ:LOOP) (the \"Company\" or \"Loop\"), a leading sustainable plastics technology innovator, today announced its consolidated financial results for the third quarter ended November 30, 2019 of its 2020 fiscal year, and provided an update on its continuing progress in implementing its business plan.\"Our focus this quarter has been on executing the engineering work for the Spartanburg facility and further developing our technology.\" said Daniel Solomita, Loop's Founder & Chief Executive Officer.\"We also rebranded our Waste to Resin (\"WtR™\") greenfield facilities solution to Infinite Loop™. Infinite Loop™ is our fully integrated and reimagined manufacturing facility for sustainable Loop™ PET plastic resin and polyester fiber. We are continuing to develop the engineering of the Infinite LoopTM platform and we have increased our efforts on the development of Infinite Loop™ projects, in Europe and in North America.\"Results of OperationsThe following tables summarize our operating results for the three-month period ended November 30, 2019 and 2018, in U.S. Dollars. Three Months Ended November 30 2019 2018 $ Change Revenues $ - $ - $ - Operating expenses Research and development Stock-based compensation 311,353 249,548 61,805 Other research and development 966,819 542,563 424,256 Total research and development 1,278,172 792,111 486,061 General and administrative Stock-based compensation 565,440 721,358 (155,918)Other general and administrative 1,260,373 1,250,489 9,884 Total general and administrative 1,825,813 1,971,847 (146,034) Depreciation and amortization 219,628 155,053 64,575 Interest and other finance costs 693,027 14,883 678,144 Interest income (171,274) - (171,274)Foreign exchange (gain) loss 5,533 (20,132) 25,665 Total operating expenses 3,850,899 2,913,762 937,137 Net loss $ (3,850,899) $ (2,913,762) $ (937,137)Third Quarter Ended November 30, 2019Following the decision of the joint venture with Indorama Ventures Holdings LP to double the capacity of the Spartanburg plant due to customer demand to 40,000 metric tons per year, as disclosed in our 10-Q for the period ended August 31, 2019, we identified a number of enhancements to the plant design to improve the operability and lower the total construction cost of the plant. The additional engineeri...