SARASOTA Financial trouble continues to haunt Sunovia Energy Technologies Inc.
The Sarasota corporation reported a net loss for the second quarter of $1.32 million, up from the $1 million loss the company took during the same three months a year ago, according to a filing Tuesday with the U.S. Securities and Exchange Commission.
Although sales increased 37 percent during that same time to reach $692,270, the companys cost of sales and services rose by just as much.
Sunovia has 89.1 million shares outstanding, at a weighted-average exercise price of 30 cents a pop.
Following a poor first three months of the year, newly-appointed CEO Mel Interiano vowed in a letter to turnaround the company headquartered on Cattlemen Road in Sarasota.
The solar firm turned LED lighting company, took a $492,108 loss from operations in the first quarter.
Sunovia announced last summer it would need to raise $2 million to cover budgeted costs within 12 months to remain operational.
The firm secured $5 million in fresh financing in April to keep its doors open increasing production capacity to 10,000 units per month by the end of the year.