Sarasota's Sunovia Energy reports $1.3 million quarterly loss

August 15, 2012 

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 company’s 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.

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