SulphCo Inc (SUF, Financial) filed Quarterly Report for the period ended 2009-09-30.
SulphCo has developed a patented safe and economic process employing ultrasound technology to desulfurize and hydrogenate crude oil and other oil related products. The company's technology upgrades sour heavy crude oils into sweeter lighter crudes producing more gallons of usable oil per barrel. Sulphco Inc has a market cap of $88.1 million; its shares were traded at around $0.98 .
During the three and nine-month periods ended September 30, 2009, we incurred expenses of approximately $0.1 million and $0.2 million, respectively, related to the test facility in Fujairah, UAE. This compares to expenses of approximately $0.1 million and $0.3 million, respectively, for the comparable periods in 2008.
For the three and nine-month periods ended September 30, 2009, we incurred expenses of approximately $1.4 million and $6.3 million, respectively, in selling, general and administrative expenses. This compares to expenses of approximately $3.4 million and $12.6 million, respectively, for the comparable periods in 2008.
Legal fees were approximately $0.2 million and $0.9 million, respectively, for the three and nine-month periods ended September 30, 2009. This compares to expenses of approximately $1.0 million and $2.8 million, respectively, for the comparable periods in 2008. This represents decreases of $0.8 million and $1.9 million, respectively, relative to comparable periods in 2008. The decreases in legal fees over the first nine months of 2009 were primarily attributable to the resolution of outstanding litigation matters that gave rise to significant legal fees for the three and nine-month periods ended September 30, 2008. We are not expecting any significant litigation fees for the remainder of 2009.
Consulting, payroll and related expenses were approximately $0.6 million and $2.1 million, respectively, for the three and nine-month periods ended September 30, 2009. This compares to expenses of approximately $0.6 million and $3.2 million, respectively, for the comparable periods in 2008. This represents decreases of zero and $1.1 million, respectively, relative to comparable periods in 2008. The $1.1 million decrease in the nine months of 2009 compared to the first nine months of 2008 was primarily attributable to the reduction in the number of outside consultants engaged during the first nine months of 2009 and additional expenses recognized in the second quarter of 2008 related to a settlement agreement with a former consultant.
For the three and nine-month periods ended September 30, 2009 and 2008, the Company recognized total interest expense of approximately $0.3 million, $0.3 million, $0.9 million and $0.9 million, respectively. For the three and nine-month periods ended September 30, 2009 and 2008, total interest expense recognized by the Company included incremental interest expense associated with discount accretion of approximately $0.3 million, $0.2 million, $0.9 million and $0.6 million, respectively.
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SulphCo has developed a patented safe and economic process employing ultrasound technology to desulfurize and hydrogenate crude oil and other oil related products. The company's technology upgrades sour heavy crude oils into sweeter lighter crudes producing more gallons of usable oil per barrel. Sulphco Inc has a market cap of $88.1 million; its shares were traded at around $0.98 .
Highlight of Business Operations:
For the three and nine-month periods ended September 30, 2009, we incurred expenses of approximately $0.8 million and $2.6 million, respectively, related to research and development of our Sonocracking™ technology. This compares to expenses of approximately $1.3 million and $3.3 million for the comparable periods in 2008. The decrease in research and development expenses in the three and nine-month periods in 2009 as compared to the three and nine-month periods in 2008 is primarily due to a reduction in expenditures related to the development of the ultra-sonic probe and reactor assemblies. The ultra-sonic probes and reactor assemblies have been developed to a point suitable for their expected application and the Company does not expect to incur significant expenses on further development of the ultrasonic-probes and reactor assemblies through the end of 2009.During the three and nine-month periods ended September 30, 2009, we incurred expenses of approximately $0.1 million and $0.2 million, respectively, related to the test facility in Fujairah, UAE. This compares to expenses of approximately $0.1 million and $0.3 million, respectively, for the comparable periods in 2008.
For the three and nine-month periods ended September 30, 2009, we incurred expenses of approximately $1.4 million and $6.3 million, respectively, in selling, general and administrative expenses. This compares to expenses of approximately $3.4 million and $12.6 million, respectively, for the comparable periods in 2008.
Legal fees were approximately $0.2 million and $0.9 million, respectively, for the three and nine-month periods ended September 30, 2009. This compares to expenses of approximately $1.0 million and $2.8 million, respectively, for the comparable periods in 2008. This represents decreases of $0.8 million and $1.9 million, respectively, relative to comparable periods in 2008. The decreases in legal fees over the first nine months of 2009 were primarily attributable to the resolution of outstanding litigation matters that gave rise to significant legal fees for the three and nine-month periods ended September 30, 2008. We are not expecting any significant litigation fees for the remainder of 2009.
Consulting, payroll and related expenses were approximately $0.6 million and $2.1 million, respectively, for the three and nine-month periods ended September 30, 2009. This compares to expenses of approximately $0.6 million and $3.2 million, respectively, for the comparable periods in 2008. This represents decreases of zero and $1.1 million, respectively, relative to comparable periods in 2008. The $1.1 million decrease in the nine months of 2009 compared to the first nine months of 2008 was primarily attributable to the reduction in the number of outside consultants engaged during the first nine months of 2009 and additional expenses recognized in the second quarter of 2008 related to a settlement agreement with a former consultant.
For the three and nine-month periods ended September 30, 2009 and 2008, the Company recognized total interest expense of approximately $0.3 million, $0.3 million, $0.9 million and $0.9 million, respectively. For the three and nine-month periods ended September 30, 2009 and 2008, total interest expense recognized by the Company included incremental interest expense associated with discount accretion of approximately $0.3 million, $0.2 million, $0.9 million and $0.6 million, respectively.
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