$SNRG SusGlobal Energy Corp. Reports Second Quarte
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Posted On: 08/24/2022 8:45:05 AM
$SNRG SusGlobal Energy Corp. Reports Second Quarter 2022 Financial Results
https://www.newsfilecorp.com/release/134703
Toronto, Ontario--(Newsfile Corp. - August 24, 2022) - SusGlobal Energy Corp. (OTCQB: SNRG) ("SusGlobal"
or (the "Company" , the developer of SusGro™, a revolutionary pathogen-free organic liquid fertilizer and LEADERS IN THE CIRCULAR ECONOMY®, today announced financial results for the second quarter ended June 30, 2022 and provided an update on its operational progress.
Recent Highlights
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., commenced the development of its 51,535 square foot facility on 3.26 acres located at 520 Nash Road North, in Hamilton, Ontario, which includes an Environmental Compliance Approval ("ECA" to process up to 65,884 metric tonnes per annum of organic waste into regenerative products as part of the Company's circular economy model and continued climate change initiatives.
On June 28, 2022, the Company received Building Permit No. 21 165172 00 I3 from the City of Hamilton Building Division and on July 5th the Company announced that its wholly-owned subsidiary, SusGlobal Energy Hamilton Ltd., continues the development of its 51,535 square foot facility on 3.26 acres located at 520 Nash Road North, in Hamilton, Ontario, which includes an Environmental Compliance Approval ("ECA" to process up to 65,884 metric tonnes per annum of organic waste. Completion of the second facility is on track and slated for Q4, 2022. This facility is expected to generate, starting in 2023, an annual revenue run rate of US$105,192,000 (CA$135,000,000), based on 12,000 metric tonnes of organic waste processing or 18.5% of the ECA capacity in the first 12 months of processing.
On July 11, 2022, the Company announced that its wholly-owned subsidiary, SusGlobal Energy Belleville Ltd., completed a Verified Emission Reductions and Removals ("VERRs" report as part of the carbon credit development process for the Anew SusGlobal Belleville Composting Offset Project (the "Project" . This report has been submitted to the GHG CleanProjects® Registry, a business unit of the Standards Division of the Canadian Standards Association ("CSA" . This Project is part of the Offset Development and Marketing Agreement (the "Agreement" with Anew Canada ULC (formerly known as Blue Source Canada ULC) ("Anew Canada" for developed and marketed greenhouse gas ("GHG" offset credits from the Company's 49-acre Organic & Non-Hazardous Waste Processing & Composting Facility in Belleville, Ontario. The Agreement allows SusGlobal to monetize and realize benefits from voluntary emission reduction activities. Revenue from the monetization of the GHG offset credits is expected in Q3, 2022.
Revenue decreased by approximately 48% during the second quarter of 2022 to $110,143 compared to the second quarter of 2021 in the amount of $212,632, from decreased business as a result of changes in the customer base 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 2022 Second Quarter Financial Results
For the second quarter ended June 30, 2022, SusGlobal recorded:
Revenue of $110,143.
Cost of sales of $112,159.
Operating expenses of $2,013,150, comprised primarily of $627,721 of marketing expenses, $360,433 of professional fees, $189,708 of interest expense, $177,379 of total management compensation, $166,275 of stock-based compensation and $131,239 of office and administration expenses.
Net loss of $2,228,669, or $0.03 loss per share- basic and diluted.
Included in the other (loss) income for the period was a charge of $4,488,323 on the revaluation of the convertible promissory notes and a gain of $4,274,820 on extinguishment of convertible promissory note.
Adjusted EBITDA (a non-GAAP financial measure) loss of $1,450,178.
$10,458,791 in total assets and $17,760,069 in total current liabilities at the end of the second quarter.
https://www.newsfilecorp.com/release/134703
Toronto, Ontario--(Newsfile Corp. - August 24, 2022) - SusGlobal Energy Corp. (OTCQB: SNRG) ("SusGlobal"
or (the "Company" , the developer of SusGro™, a revolutionary pathogen-free organic liquid fertilizer and LEADERS IN THE CIRCULAR ECONOMY®, today announced financial results for the second quarter ended June 30, 2022 and provided an update on its operational progress. Recent Highlights
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., commenced the development of its 51,535 square foot facility on 3.26 acres located at 520 Nash Road North, in Hamilton, Ontario, which includes an Environmental Compliance Approval ("ECA"
to process up to 65,884 metric tonnes per annum of organic waste into regenerative products as part of the Company's circular economy model and continued climate change initiatives. On June 28, 2022, the Company received Building Permit No. 21 165172 00 I3 from the City of Hamilton Building Division and on July 5th the Company announced that its wholly-owned subsidiary, SusGlobal Energy Hamilton Ltd., continues the development of its 51,535 square foot facility on 3.26 acres located at 520 Nash Road North, in Hamilton, Ontario, which includes an Environmental Compliance Approval ("ECA"
to process up to 65,884 metric tonnes per annum of organic waste. Completion of the second facility is on track and slated for Q4, 2022. This facility is expected to generate, starting in 2023, an annual revenue run rate of US$105,192,000 (CA$135,000,000), based on 12,000 metric tonnes of organic waste processing or 18.5% of the ECA capacity in the first 12 months of processing. On July 11, 2022, the Company announced that its wholly-owned subsidiary, SusGlobal Energy Belleville Ltd., completed a Verified Emission Reductions and Removals ("VERRs"
report as part of the carbon credit development process for the Anew SusGlobal Belleville Composting Offset Project (the "Project" . This report has been submitted to the GHG CleanProjects® Registry, a business unit of the Standards Division of the Canadian Standards Association ("CSA" . This Project is part of the Offset Development and Marketing Agreement (the "Agreement" with Anew Canada ULC (formerly known as Blue Source Canada ULC) ("Anew Canada" for developed and marketed greenhouse gas ("GHG" offset credits from the Company's 49-acre Organic & Non-Hazardous Waste Processing & Composting Facility in Belleville, Ontario. The Agreement allows SusGlobal to monetize and realize benefits from voluntary emission reduction activities. Revenue from the monetization of the GHG offset credits is expected in Q3, 2022. Revenue decreased by approximately 48% during the second quarter of 2022 to $110,143 compared to the second quarter of 2021 in the amount of $212,632, from decreased business as a result of changes in the customer base 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 2022 Second Quarter Financial Results
For the second quarter ended June 30, 2022, SusGlobal recorded:
Revenue of $110,143.
Cost of sales of $112,159.
Operating expenses of $2,013,150, comprised primarily of $627,721 of marketing expenses, $360,433 of professional fees, $189,708 of interest expense, $177,379 of total management compensation, $166,275 of stock-based compensation and $131,239 of office and administration expenses.
Net loss of $2,228,669, or $0.03 loss per share- basic and diluted.
Included in the other (loss) income for the period was a charge of $4,488,323 on the revaluation of the convertible promissory notes and a gain of $4,274,820 on extinguishment of convertible promissory note.
Adjusted EBITDA (a non-GAAP financial measure) loss of $1,450,178.
$10,458,791 in total assets and $17,760,069 in total current liabilities at the end of the second quarter.
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