BOULDER CITY, Nev. (Oct. 18) — Polyurethane tire developer Amerityre Corp. posted a net loss of $10 million last year on revenue of $1.68 million.
The net loss was more than twice that reported in fiscal 2004 and pushed the firm´s accumulated losses over 10 years to $36.5 million on sales of just $5.2 million. The bulk of the loss is attributed to $6.1 million paid out to a group of advisers primarily in the form of stock options, according to the firm´s 10K filing with the Securities and Exchange Commission.
On an operating basis, Amerityre reported an improvement to $447,900 on the basis of better manufacturing efficiencies.
Looking ahead, Amerityre said it has secured approximately $1.5 million in funding by exercising outstanding options and will continue to issue common stock in lieu of cash as compensation for employment, development, and other professional services.
It also said it is looking to enhance revenues by licensing manufacturing and distribution rights to certain PU tire products, selling processing equipment to third-party manufacturers, selling proprietary PU chemical systems and offering contract design and engineering services to the tire and auto industries.