During the course of 2009, there were significant achievements, the most notable being our ability to raise over 5 million dollars in capital in very difficult market conditions. This capital allowed a full transition from research and development mode into a sales and marketing organization.
To support this shift in focus, a strong management, sales, audit, and engineering team were assembled to allow us to execute our business plan.
The proceeds were also used to further strengthen the company's financial position by eliminating all debt, thus putting the company in a healthy financial position.
Revenues for the year ended September 30, 2009 (the "Year") were $24,079 compared to $690,212 during the same period in 2008 (the "Prior Year"). The revenues in 2009 were primarily from revenue sharing installations.
Expenses for the Year decreased to $2,393,214 from $2,714,210 during the Prior Year, mainly due to a reduction in salaries and in legal costs.
Net loss for the Year was $2,298,150 or $0.09 loss per share (basic and diluted) compared to a net loss of $2,294,753 or $0.15 loss per share (basic and diluted) during the Prior Year.
| FOR THE YEAR ENDED SEPTEMBER 30 | 2009 | 2008 |
| Revenue | $24,079 | $690,212 |
| Total expenses | $2,393,214 | $2,714,210 |
| Income (loss) before other items | ($2,371,259) | ($2,382,795) |
| Per share basic and diluted | ($0.09) | ($0.16) |
| Net income (loss) | ($2,298,150) | ($2,294,753) |
| Per share basic and diluted | ($0.09) | ($0.15) |
| Weighted average shares outstanding | 27,446,339 | 15,295,038 |
Cash and cash equivalents as at September 30, 2009, was $3,177,060 compared to $690,455 for the same period in 2008.
As at September 30, 2009, the Company had working capital of $3,334,592 compared to $875,290 in the same period in 2008.
| AS OF SEPTEMBER 30 | 2009 | 2008 |
| Total assets | $5,022,321 | $2,941,749 |
| Current liabilities | $301,714 | $454,056 |
| Shareholders' equity | $3,774,841 | $1,792,548 |
| Cash dividend paid | — | — |
Legend Power's detailed financial information for the years ending September 20, 2009 and 2008 along with accompanying Management's Discussion and Analysis for the same period are available on SEDAR (www.sedar.com).
