$SNRG SusGlobal Energy Corp. Reports Third Quarter
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Posted On: 11/15/2022 11:46:59 AM
$SNRG SusGlobal Energy Corp. Reports Third Quarter 2022 Financial Results
https://www.newsfilecorp.com/release/144336/S...al-Results
Toronto, Ontario--(Newsfile Corp. - November 15, 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 third quarter ended September 30, 2022 and provided an update on its operational progress.
Recent Highlights
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 slated for 2023, subject to the Company's effective registration statement, successful offering of securities of the Company and completion of a US$15,000,000 underwriting. The facility has the potential to generate an annual revenue run rate of US$101,595,000 (CA$135,000,000), based on 12,000 metric tonnes of organic waste processing or 18.5% of the ECA capacity.
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.
On September 21, 2022, the Company announced that its wholly owned subsidiary, SusGlobal Energy Belleville Ltd., generated its first Verified Emission Reductions and Removals ("VERRs" and sold its first carbon credits as part of the Anew™ SusGlobal Belleville Composting Offset Project in Ontario (the "Project" . The Project generated approximately 105,000 VERRS (generated from 2017 through 2021) with an approximate market value of between US$3.76 (CA$5.00) and US$7.52 (CA$10.00) per VERR. The Project report was submitted to the GHG CleanProjects® Registry, a business unit of the Standards Division of the Canadian Standards Association ("CSA" . The Project is part of the Offset Development and Marketing 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.
Revenue for the third quarter of 2022, in the amount of $164,376, increased by $54,233 or approximately 49.2 % over the revenue for the second quarter of 2022 in the amount of $110,143. Revenue decreased by $40,420 or approximately 20% during the third quarter of 2022 to $164,376 compared to the third quarter of 2021 in the amount of $204,796, from decreased business as a result of changes in the customer base from the Company's organic waste processing and composting facility.
In addition, included in third quarter of 2022 and noted under note 15, other expenses, in the interim condensed consolidated financial statements, is other revenue of $132,826 (CA$170,333) from the sale of VEERS generated during the years 2017 and 2018.
"We continue to process municipal organic waste streams, diverting them from landfills, while producing regenerative products and monetizing carbon credits 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 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 Third Quarter Financial Results
For the third quarter ended September 30, 2022, SusGlobal recorded:
Revenue of $164,376.
Cost of sales of $495,742.
Operating expenses of $1,800,821, comprised primarily of $659,050 of stock-based compensation, $378,510 of foreign exchange, $208,537 of interest expense, $190,653 of professional fees, $175,288 of total management compensation including stock-based compensation of $60,113 and $188,783 of other operating expenses.
Net loss of $3,696,980, or $0.04 loss per share- basic and diluted.
Included in the other expenses for the period was a charge of $1,447,619 on the revaluation of the convertible promissory notes.
Adjusted EBITDA (a non-GAAP financial measure) loss of $1,180,853.
$10,833,317 in total assets and $17,231,103 in total current liabilities at the end of the third quarter.
https://www.newsfilecorp.com/release/144336/S...al-Results
Toronto, Ontario--(Newsfile Corp. - November 15, 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 third quarter ended September 30, 2022 and provided an update on its operational progress. Recent Highlights
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 slated for 2023, subject to the Company's effective registration statement, successful offering of securities of the Company and completion of a US$15,000,000 underwriting. The facility has the potential to generate an annual revenue run rate of US$101,595,000 (CA$135,000,000), based on 12,000 metric tonnes of organic waste processing or 18.5% of the ECA capacity. 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. On September 21, 2022, the Company announced that its wholly owned subsidiary, SusGlobal Energy Belleville Ltd., generated its first Verified Emission Reductions and Removals ("VERRs"
and sold its first carbon credits as part of the Anew™ SusGlobal Belleville Composting Offset Project in Ontario (the "Project" . The Project generated approximately 105,000 VERRS (generated from 2017 through 2021) with an approximate market value of between US$3.76 (CA$5.00) and US$7.52 (CA$10.00) per VERR. The Project report was submitted to the GHG CleanProjects® Registry, a business unit of the Standards Division of the Canadian Standards Association ("CSA" . The Project is part of the Offset Development and Marketing 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. Revenue for the third quarter of 2022, in the amount of $164,376, increased by $54,233 or approximately 49.2 % over the revenue for the second quarter of 2022 in the amount of $110,143. Revenue decreased by $40,420 or approximately 20% during the third quarter of 2022 to $164,376 compared to the third quarter of 2021 in the amount of $204,796, from decreased business as a result of changes in the customer base from the Company's organic waste processing and composting facility.
In addition, included in third quarter of 2022 and noted under note 15, other expenses, in the interim condensed consolidated financial statements, is other revenue of $132,826 (CA$170,333) from the sale of VEERS generated during the years 2017 and 2018.
"We continue to process municipal organic waste streams, diverting them from landfills, while producing regenerative products and monetizing carbon credits 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 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 Third Quarter Financial Results
For the third quarter ended September 30, 2022, SusGlobal recorded:
Revenue of $164,376.
Cost of sales of $495,742.
Operating expenses of $1,800,821, comprised primarily of $659,050 of stock-based compensation, $378,510 of foreign exchange, $208,537 of interest expense, $190,653 of professional fees, $175,288 of total management compensation including stock-based compensation of $60,113 and $188,783 of other operating expenses.
Net loss of $3,696,980, or $0.04 loss per share- basic and diluted.
Included in the other expenses for the period was a charge of $1,447,619 on the revaluation of the convertible promissory notes.
Adjusted EBITDA (a non-GAAP financial measure) loss of $1,180,853.
$10,833,317 in total assets and $17,231,103 in total current liabilities at the end of the third quarter.
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