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SusGlobal Energy Corp (SNRG-11.86%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $3,647,927 for the nine months ended September 30, 2024, compared to a net loss of $5,175,059 for the same period in 2023.
Revenue for the nine-month period was $38,575, a decrease from $505,075 in the same period of the previous year, primarily due to the cessation of waste acceptance after January 10, 2024.
The company recorded a gross loss of $730,364 for the nine-month period, compared to a gross loss of $69,329 in the previous year.
Operating expenses increased to $3,029,632 from $2,734,526, with significant increases in professional fees and interest expenses.
SusGlobal Energy Corp reported total assets of $11,026,789 and total liabilities of $33,164,982 as of September 30, 2024.
The company has a working capital deficit of $33,002,073 and an accumulated deficit of $42,218,458.
The filing highlights the company's dependence on obtaining financing to continue operations and address compliance issues at its Belleville Facility.
The report also details legal proceedings, including a settlement with Gillam Construction Group Ltd. for $2,148,320 related to the construction of the Hamilton Facility.
SusGlobal Energy Corp is exploring options to raise capital and refinance its operations to meet financial obligations and achieve profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Susglobal Energy Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.