Underground Energy Corporation Reports Un-Audited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Reports Impairment Losses on Exploration and Evaluation Assets
For the six months, the company reported loss and comprehensive loss of $7,457,953 or $0.04 per basic and diluted share on total revenues of $299,928 compared to loss and comprehensive loss of $1,882,810 or $0.02 per basic and diluted share on total revenues of $47,925 for the last year. The company reported operating loss of $7,445,565 compared to $1,874,697, net cash used in operating activities of $4,069,910 compared to $2,000,648, additions to property, plant and equipment of $9,664,409 compared to $131,677 and additions to exploration and evaluation assets of $1,587,397 compared to $1,485,261 for the last year.
The company reported impairment losses on exploration and evaluation assets of $3,482,361 compared to $41,405 last year.