10-Q - Sustainable Projects Group Inc. (0001500305) (Filer)
Wed, Nov 13, 2:02 PM (96 days ago)
For the quarter ended September 30, 2024, Sustainable Projects Group Inc. (SPGX) reported a net loss of $932,599, an increase from the $843,734 loss in the prior year. Operating expenses rose to $1,022,002, primarily driven by a significant increase in consulting fees, which surged to $475,588 from $43,763. Total assets decreased to $2,557,550 from $3,069,604, with cash reserves down to $602,136. The company has a working capital deficit of $1,187,913, reflecting the challenges in maintaining liquidity and operational sustainability. The company continues to face uncertainties, including the need for additional financing to support ongoing operations, as it has yet to achieve profitability since inception, accumulating a deficit of $5,742,263. Future operations are contingent on the successful establishment of lithium production facilities, with plans to commence construction in early 2025. The company's ability to secure financing remains critical, as it may seek equity or debt options to bolster its operational capabilities. Overall, SPGX's financial health reflects ongoing operational losses and a pressing need for capital to advance its business strategy in the lithium market.