2012 electricity sales of $1,936,444 decreased $153,781 or 7.4% from 2011 sales of $2,090,225 as a direct result of a decrease in electricity generated from 35,281 MWh to 32,314 MWh. Electricity production was down due to hydrology conditions and reduced output from one of the generating units at the plant, which is scheduled for replacement in Q2 2013.
The Corporation recorded a loss for 2012 of $2,301,191 compared to a loss of $2,717,177 for 2011. The decrease in the net loss, despite a reduction in revenue from the Brandywine facility, is due primarily to a reduction in G&A expense during the year. The Company also recognized the portion earned of the development fee received for the construction of the Skookum Project.
Funds used in operations were $179,921 in 2012 compared to $280,193 for 2011. This improvement of $100,272 was due principally to reduced Corporate G&A and receipt of a development fee for the Skookum Project.
At December 31, 2012 , the Company had $2.5 million in cash on hand. These cash resources will be used to carry out further development of the Company's development prospects.
The Company will need to raise capital to support its administrative obligations, pursue development of its other early stage projects as well as for the redemption of the 10% convertible debentures should they not be converted into shares of the Corporation and for the redemption of the secured subordinated debentures which come due in July 2013 .
Well, overall things are looking fine. The big question is about the raise of capital. They don't say how much, and in what way. I guess that we will learn soon. Real Gamachi was buing recently, and it's my assumption is that he wouldn't buy if he could buy it much cheaper+ options. My guess is that they will price the next Private Placement around 7-8 cents. As I said, as an investor I feel more than okay with the news.