$SNRG SusGlobal Energy Corp. Reports Fourth Quarte
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https://www.newsfilecorp.com/release/120791
Toronto, Ontario--(Newsfile Corp. - April 19, 2022) - SusGlobal Energy Corp. (OTCQB: SNRG) ("SusGlobal"
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Recent Highlights
On August 17, 2021, the Company purchased through its wholly-owned subsidiary, SusGlobal Energy Canada I Ltd. ("SusGlobal Canada I"
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On August 19, 2021, the Company retained the award-winning firm ZAS Architects to design and develop its recently purchased Hamilton facility. The facility will be designed using Building Information Modelling (BIM) with advanced visualization, energy modelling and a high level of technical detailing to ensure building durability. In addition to processing organic waste as mentioned in the above paragraph, the facility will be able to produce, distribute and warehouse the Company's SusGro™ organic liquid fertilizer and other products that are provided under private label and sold through big box retailers, consumer lawn and garden suppliers, and for end use to the wine, cannabis and agriculture industries. With the addition of 11,000 square feet of office space and R&D labs, the Hamilton facility will also house the continued development of SusGlobal's proprietary formulations and branded liquid and dry organic fertilizers and other complimentary products.
On August 24, 2021, the Company announced it is the recipient of the "2021 Product Innovation Award in the Fertilizer Market" awarded by Lucintel for the Company's SusGro™ Organic Liquid Fertilizer which serves the $20 billion organic segment of the $200 billion global fertilizer market. The award marks the most recent for SusGlobal, Leaders in The Circular Economy®, which has also been recognized by The Finnish Innovation Fund Sitra ("Sitra"
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On November 3, 2021, the Company announced that its wholly-owned subsidiary SusGlobal Energy Belleville Ltd. ("SusGlobal Belleville"
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On January 5, 2022, the Company announced that its wholly-owned subsidiary SusGlobal Energy Belleville Ltd. ("SusGlobal Belleville"
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On March 3, 2022, the Company executed two unsecured convertible promissory notes with two investors (the "Investors"
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The maturity date of the Notes is the earlier of (i) June 3, 2022, and (ii) the occurrence of a Liquidity Event (as defined in the Notes) (the "Maturity Date"
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On March 14, 2022, the Company announced that its wholly owned subsidiary, SusGlobal Energy Canada Corp. ("SusGlobal Canada"
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On March 21, 2022, the Company received Building Permit No. 21 158028 00 I3 from the City of Hamilton Building Division and on March 29th the Company announced that its wholly-owned subsidiary, SusGlobal Energy Hamilton Ltd. ("SusGlobal Hamilton"
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Revenue decreased by 66.63% during the fourth quarter of 2021 to $144,246 compared to the fourth quarter of 2020 in the amount of $432,263, from decreased business from the Company's organic waste processing and composting facility.
"We continue to process municipal organic waste streams, diverting them from landfills, while producing regenerative products as part of our Circular Economy model. We have confidence in a revenue ramp up this year," said Marc Hazout, Executive Chairman, President and CEO of SusGlobal Energy Corp. "Our goal is to complete the acquisition strategy and have our second facility commence the commercialization of our proprietary organic liquid fertilizer in order to increase revenue and cash flow, maximizing shareholder value with an objective to up-list to a major exchange."
Unaudited 2021 Fourth Quarter Financial Results
For the fourth quarter ended December 31, 2021, SusGlobal recorded:
Revenue of $144,246.
Cost of sales of $19,667.
Operating expenses of $1,003,039 comprised of $187,119 of interest expenses, $452,807 of professional fees, $163,898 of office and administration, $148,217 of stock-based compensation, 139,812 of marketing, offset by a reduction of amortization of financing costs of $270,485.
Net loss of $2,341,551, or $0.02 loss per share- basic and diluted.
Included in the other (loss) income for the period was a charge of $1,018,825 on the revaluation of the convertible promissory notes and impairment losses of $513,254, offset by a gain on the forgiveness of a convertible promissory note, including accrued interest of $60,756.
Adjusted EBITDA (a non-GAAP financial measure) loss of $2,157,091.
$8,571,721 in total assets at the end of the year, with total current liabilities of $13,944,507.
About SusGlobal Energy Corp.
SusGlobal Energy Corp., the developer of SusGro™, an award winning and revolutionary pathogen free organic liquid fertilizer, is an industrial, environmental and agricultural biotechnology company focused on acquiring, developing, and monetizing a portfolio of proprietary technologies in the waste to energy and regenerative product applications globally. It is management's objective to grow SusGlobal into a significant sustainable waste to energy and regenerative products provider and a trusted brand for the fertilizer, soil and aquaculture market, as LEADERS IN THE CIRCULAR ECONOMY®. For more information, please visit the Company's website at: www.susglobalenergy.com
In accordance with SEC Regulation G, the non-GAAP measurements in this press release have been reconciled to the nearest GAAP measurement, which can be viewed under the heading "Interim Condensed Consolidated Reconciliation of Non-GAAP Information" in the financial table included in this press release.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's objectives. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, lack of sufficient financial resources; variations in market conditions, currency and our stock; the Company's ability to obtain any necessary permits, approvals, consents or authorizations required for its activities; the Company's ability to produce energy, biogas, compost or organic fertilizer from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in the Company's filings with the U.S. Securities and Exchange Commission, which may be viewed at www.sec.gov.
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