Fri, Jun 7, 6:26 PM (92 days ago)
SusGlobal Energy Corp.'s Form 10-Q for the quarter ended March 31, 2024, reveals a challenging financial situation. The company reported a significant decline in revenue to $38,575 from $164,687 in the same quarter of 2023, primarily due to ceasing waste acceptance at its Belleville Facility after January 10, 2024, to address compliance issues. The cost of sales increased to $269,152 from $181,321 due to higher equipment and compliance costs, resulting in a gross loss of $230,577. Operating expenses rose to $1,183,723, driven by higher professional fees, interest expenses, and foreign exchange losses. The net loss for the quarter was $1,525,744, up from $1,035,172 in Q1 2023. The company faces a working capital deficit of $31,002,937 and an accumulated deficit of $40,096,275, casting substantial doubt on its ability to continue as a going concern. SusGlobal is actively seeking new funding and refinancing options to address its financial obligations and compliance requirements.