As of September 30, 2024, SusGlobal Energy Corp. reported significant financial challenges, including a total revenue of $0 for the three-month period, a stark decline from $186,901 in the same period of 2023. For the nine-month period, revenue fell to $38,575 from $505,075 year-over-year. The cessation of waste acceptance at the Belleville Facility due to compliance issues was a primary factor in this revenue drop.
The company's total assets decreased to $11,026,789 from $11,755,903 at the end of 2023, while total current assets also fell to $162,909 from $433,540. Current liabilities increased to $5,055,203, up from $3,960,270, contributing to a working capital deficit of $33,002,073, compared to $30,390,423 at the end of the previous fiscal year. The accumulated deficit rose to $(42,218,458) from $(38,570,531).
Despite the revenue decline, SusGlobal reported a net income of $256,920 for the three-month period ended September 30, 2024, a notable improvement from a net loss of $(1,193,109) in the same period of 2023. However, the nine-month net loss was $(3,647,927), an improvement from $(5,175,059) in the prior year. Operating expenses for the three-month period decreased to $640,878 from $1,070,180, while total operating expenses for the nine-month period increased to $3,029,632 from $2,734,526.
The company also faced increased costs, with total cost of sales for the three-month period rising to $271,696 from $193,120 in 2023. Interest expenses surged to $291,986 for the three-month period, up from $140,161, attributed to new mortgages and loans.
Strategically, SusGlobal listed two properties in Hamilton, Ontario for sale on July 28, 2024, and is seeking to refinance its Belleville Facility. The company has also incurred significant legal and consulting fees related to compliance orders, which have impacted its financial position. As of September 30, 2024, the company had a total debt obligation of $22,003,136, an increase from $20,447,318 at the end of 2023.
The company’s operational challenges, including environmental compliance issues and the need for substantial capital to resume operations, have raised concerns about its ability to continue as a going concern.
About SusGlobal Energy Corp.
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