15 Aug 2019, 08:37 GMT+10
TORONTO, ON / ACCESSWIRE / August 14, 2019 / SusGlobal Energy Corp. (OTCQB: SNRG), the developer of SusGro®, a revolutionary pathogen-free organic liquid fertilizer, today announced financial results for the second quarter ended June 30, 2019 and provided an update on its operational progress.
"We continued to work with customers to bring further products to market, while pursuing regulatory certifications. We believe we are making the necessary strategic steps to capture the immense opportunity of processing organic waste, and producing regenerative products, we expect to see increasing tipping fees and compost sales in 2019," said Marc Hazout, Executive Chairman and President of SusGlobal Energy Corp. "Our goal is to drive revenue and cash flow as quickly as possible as we focus on bringing new processing sites into operation."
Unaudited 2019 Second Quarter Financial Results
For the second quarter ended June 30, 2019, SusGlobal recorded:
Safe Harbor Statement
This news release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's objectives. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects,' 'plans,' 'anticipates,' 'believes,' 'intends,' 'estimates,' 'projects,' 'aims,' 'potential,' 'goal,' 'objective,' 'prospective,' and similar expressions, or that events or conditions 'will,' 'would,' 'may,' 'can,' 'could' or 'should' occur. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, lack of sufficient financial resources; variations in market conditions, currency and our stock; the Company's ability to obtain any necessary permits, approvals, consents or authorizations required for its activities; the Company's ability to produce energy, biogas, compost or organic fertilizer from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in the Company's filings with the U.S. Securities and Exchange Commission, which may be viewed at www.sec.gov.
Consolidated Balance Sheets
As at June 30, 2019 and December 31, 2018
(Expressed in United States Dollars)
Cash and cash equivalents
Government remittances receivable
Prepaid expenses and deposits
Total Current Assets
Long-lived Assets, net
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Government remittances payable
Current portion of long-term debt
Current portion of obligations under capital lease
Convertible promissory notes
Loans payable to related parties
Total Current Liabilities
Obligations under capital lease
Total Long-term Liabilities
Preferred stock, $.0001 par value, 10,000,000 authorized, none issued and outstanding
Common stock, $.0001 par value, 150,000,000 authorized, 42,484,531 (2018- 40,299,531) shares issued and outstanding
Additional paid-in capital
Stock compensation reserve
Accumulated other comprehensive loss
Total Liabilities and Stockholders' Deficiency
SusGlobal Energy Corp.
Consolidated Statements of Operations and Comprehensive Loss
For the three-month periods ended June 30, 2019 and 2018
(Expressed in United States Dollars)
|For the three-month periods ended|
Total cost of sales
Management compensation-stock- based compensation
Office and administration
Rent and occupancy
Amortization of financing costs
Repairs and maintenance
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