Wed, May 15, 8:17 PM (72 days ago)
SusGlobal Energy Corp. ("SusGlobal") is a Delaware-incorporated renewables company focused on waste-to-energy and regenerative products. For the fiscal year ending December 31, 2023, the company reported a revenue of $610,461, down from $720,055 in 2022, primarily due to a decrease in carbon credit sales and cessation of garbage collection services. The net loss for the year was $8,225,334, an improvement from $12,010,548 in 2022. Operating expenses decreased significantly by $3,615,412, driven by reduced marketing costs and professional fees, among others. The company faces substantial doubt about its ability to continue as a going concern due to a working capital deficit of $30,390,423 and an accumulated deficit of $38,570,531. Despite refinancing efforts, including extending mortgage maturity dates and securing a new advisory agreement for funding, the company requires significant new funds to meet obligations and support operations. Recent strategic developments include a ten-year renewable natural gas purchase agreement valued at approximately $138 million and the sale of additional carbon credits. However, SusGlobal also faces compliance and environmental challenges, including orders from the Ministry of the Environment, Conservation and Parks to address non-compliance issues at its Belleville facility, which will require significant investment.