Sustainable Projects Group Inc. (SPGX) reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. Total current assets decreased to $903.8 thousand from $1,245.8 thousand as of December 31, 2023, while total assets fell to $2.6 million from $3.1 million. Current liabilities rose sharply to $2.1 million, up from $1.5 million, contributing to an increase in total liabilities to $3.5 million from $3.0 million. The accumulated deficit expanded to $(5.7 million) from $(3.4 million), and total stockholders’ deficit shifted to $(956.9 thousand) from a surplus of $58.9 thousand.

For the three months ended September 30, 2024, SPGX reported a net loss of $(932.6 thousand), compared to $(843.7 thousand) in the same period of 2023. The loss per share increased to $(0.004) from $(0.003). Total operating expenses rose to $1.0 million from $921.0 thousand, driven by a significant increase in consulting fees, which surged from $43.8 thousand to $475.6 thousand. Research and development expenses also increased from $0 to $23.8 thousand.

For the nine months ended September 30, 2024, total sales reached $260.1 thousand, a slight increase from $251.1 thousand for the entire year of 2023. However, the net loss for this period was $(2.4 million), compared to $(2.0 million) in the prior year. Cash at the end of the period was $602.1 thousand, down from $847.7 thousand at the end of 2023.

The company’s operational strategy includes the planned construction of two lithium carbonate manufacturing facilities in North Dakota, expected to begin in Q1 2025, with production anticipated to start in the second half of 2025. This initiative aims to leverage SPGX's proprietary technology for lithium extraction from oilfield wastewater.

In terms of corporate governance, SPGX identified material weaknesses in internal controls, including a lack of a functioning audit committee and inadequate segregation of duties. Management plans to address these issues by appointing outside directors and enhancing financial reporting policies.

The company also engaged in significant share issuances, including 7.9 million shares valued at $474.2 thousand for consulting services and 2.3 million shares in a private placement, reflecting ongoing efforts to secure financing amid operational challenges.