Fri, Sep 27, 4:18 PM (85 days ago)
For the quarter ended June 30, 2024, SusGlobal Energy Corp. reported no revenue, a significant decline from $153,487 in the same quarter of 2023, attributed to ceasing waste acceptance due to compliance issues. The gross loss increased to $228,091 from $46,476, while operating expenses surged to $1,205,031, up from $632,995, driven by higher legal and consulting fees related to regulatory compliance. The net loss for the quarter was $2,379,103, compared to $2,946,778 in 2023. For the six-month period, the company incurred a net loss of $3,904,847, slightly down from $3,981,950 in 2023. Total assets decreased to $10,960,797, with a working capital deficit of $32,986,136, raising concerns about the company's ability to continue as a going concern. The company is actively seeking funding to address compliance issues and operational costs, as it anticipates significant investments are needed to resume operations and meet outstanding obligations.