Genoil Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Full Year of 2017
For the nine months, the company reported loss from operations of $1,582,050 against $633,812 a year ago. Loss before income taxes was $1,734,435 against $1,074,364 a year ago. Net loss was $1,734,435 against $1,074,364 a year ago. Net cash used in operating activities was $1,500,379 against $527,702 a year ago.
The company is not expected to be profitable during the twelve months and therefore must rely on securing additional funds from either issuance of debt or equity financing for cash consideration for 2017.