Insta Cool of North America reported a net loss of $220,547 for its fiscal 1988 second quarter, which ended Dec. 31, compared to $154,809 for the year-earlier period. Revenues for the quarter were up 149% to $105,501, from $42,300. For the first six months of fiscal 1988, Insta Cool, which manufactures a rapid-cooling freezer for the blood plasma market, had a loss of $415,669, compared to $253,899 in the same period a year ago. Revenues for the six months were up 150% to $169,219, from $67,543 for the period a year ago. President Richard Freschi said his company, which hopes to market its freezer for the poultry and institutional food industries, had high research and development expenses during the six-month period.