AUSTRALIAN clean tech company BluGlass has nearly doubled its operating loss for the 2014 financial year compared to 2013.
According to BluGlass, the company will be reporting an operational loss for the 2014 financial year in the order of $2.8m to $3.1m, as opposed to the $1.67m operating loss in the 2013 financial year.
BluGlass is developing and commercialising a semiconductor technology called remote plasma chemical vapour deposition (RPCVD), for the production of high efficiency devices such as light emitting diodes (LEDs) and concentrated solar cells.
BluGlass says the increase in operating loss is primarily due to the fact that the 2014 financial year only counted one tax research and development rebate, whereas the 2014 financial year counted both the 2012 and 2013 R&D tax rebates.
BluGlass says it is likely to receive between $2m to $2.25m in research and development tax rebate for the 2014 financial year, which is likely to be in the vicinity of $2m to $2.25m.This compares to the $4.2m recognised as tax rebates in the 2013 financial year (in relation to the 2012 and 2013 financial year).
The tax rebate for the 2014 financial year of between $2.0m and $2.25m is likely to be received as cash in September or early October 2014.