Calgary, AB / Accesswire / December 8, 2022 / Cielo Waste Solutions Corp. (TSXV:CMC)(OTCQB:CWSFF) ( “Cielo” or “Company” ), a waste-to-fuel conversion company, is pleased to announce financial results for the three and six months ended October 31, 2022.
financial results
All amounts in this news release are in Canadian dollars, unless otherwise stated.
“Cielo’s second quarter fiscal 2023 results reflect progress in designing its research and development facility (the “R&D Facility”), which is targeted for early commissioning in the second quarter of 2023. “With streamlined costs compared to the same quarter last year and rental income from a five-year lease of our Fort Saskatchewan property, Cielo further advances our goal of becoming the industry’s leading waste disposal company. A fuel company that provides investors with long-term financial sustainability.”
Cielo’s major milestones
Q2 2023 Highlights
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Cielo continues to develop its R&D facility and has completed a payment of $1.1 million to manufacture the R&D facility, which is scheduled for commissioning in early Q2 2023.
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To maximize the value of Cielo’s Fort Saskatchewan property, the Company entered into a five-year commercial lease on August 1, 2022. This is $600,000 on an annual basis plus his 90% of the occupancy costs, which gives us monthly rental income.
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Through the issuance of approximately 26.9 million shares of common stock, Cielo paid a portion of the $2 million mortgage on the company’s Fort Saskatchewan property, ultimately reducing the principal balance to $4.5 million.
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Total assets at October 31, 2022 compared to April 30, 2022, primarily due to a $22.4 million impairment charge recognized in the first quarter of fiscal 2023 at the now-defunct Alderside, Alberta facility decreased $21 million, offset by an increase in cash. Accounts receivable for 6 months.
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Total liabilities at October 31, 2022 decreased $2.4 million compared to April 30, 2022 due to a $1.2 million decrease in accounts payable due to streamlined general and administrative expenses. Total non-current liabilities at October 31, 2022 decreased by $6.4 million, or 38%, compared to the end of the prior period.
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For the three months ended October 31, 2022, the net loss totaled $2.1 million, comprising (i) general and administrative expenses of $0.9 million and (ii) research and development expenses of $0.4 million. (iii) $580,000 financial costs;
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As of October 31, 2022, the net working capital deficit totaled $1.8 million, with cash used for quarterly operating expenses ($1.4 million) and investing activities ($1.0 million).
Selected financial information
|
Period ended October 31 |
3 months over |
6 months finished |
||||||||||||||
|
(Thousands of dollars, excluding per share amounts) |
2022 |
2021 |
2022 |
2021 |
||||||||||||
|
financing cost |
583 |
851 |
1,218 |
973 |
||||||||||||
|
General and administration |
903 |
1,653 |
1,884 |
3,210 |
||||||||||||
|
Research and Development |
414 |
2,109 |
964 |
3,791 |
||||||||||||
|
Net loss per share – basic and diluted |
(0.003 |
) |
(0.007 |
) |
(0.039 |
) |
(0.012 |
) |
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Conference call
Cielo will host a conference call on December 14, 2022 at 10:30 a.m. (12:30 p.m. ET) with Ryan Jackson, CEO of Cielo, Jasdeep K. Dhaliwal, CFO and EVP Operations. Ryan Carruthers discusses Cielo’s fiscal second quarter. Fiscal 2023 financial results briefing, Q&A. A live audio webcast of this call is available by entering the following URL into your web browser: https://app.webinar.net/drXAep7Exkv
Conference call details:
date : December 14, 2022 Time: 10:30 am MT / 12:30 am ET
dial-in : North America: 1-888-664-6392
dial-in : Toronto Local/International: 416-764-8659
replay : North America: 1-888-390-0541
replay : Toronto Local/International: 416-764-8677
replay passcode : 044983#
Conference call replays will be available until December 21, 2022.
For more information, please contact:
Cielo Investor Relations
Email: investors@cielows.com
About Cielo
Cielo Waste Solutions Corp. was established. Business corporation law (British Columbia) February 2, 2011. Cielo is a TSX Venture Exchange (“” TSXV “) on the Frankfurt Exchange symbol “CMC” (“ Dax “) under the symbol “C36” and on the OTC Venture Market (“ OTC QB “), under the symbol “CWSFF”. The company’s strategic intention is to become a leading waste-to-fuel company using economically sustainable technologies with minimal environmental impact. Cielo’s business model, which has demonstrated the ability to produce gas oil and naphtha from waste, is to build additional processing facilities.Cielo’s aim is to turn waste into fuel while facilitating a sustainable energy transition. Creating value through conversion.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. It is All statements other than statements of current or historical fact are forward-looking statements. Forward-looking statements are often, but not always, “anticipate,” “achieve,” “could,” “believe,” “plan,” “intend,” ”, “Continuous”, etc. , “progress”, “estimate”, “prospect”, “expect”, “may”, “plan”, “plan”, “plan” or similar words (including negative forms); Indication of future results.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, many of which are beyond our control, and may not reflect actual results, levels of activity, performance, or our results may differ materially. from what is expressed or implied by such forward-looking statements. Cielo has made forward-looking statements regarding the conference call, including, but not limited to, dates and times, speakers and topics, and the length of time audio playback will be available.
Investors should continue to review and consider the information distributed through news releases and submitted by the company to SEDAR. We have attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking statements, but we do not believe that they could cause results to differ materially from those anticipated, estimated or intended. There may be other factors that
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Some of them are listed here. Such forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause our actual performance and results to be either expressed or implied by the forward-looking statements. may differ materially from any projections of future performance or results. All forward-looking statements are made as of the date hereof and, except as required by law, the Company may not subsequently or otherwise make such statements to reflect new information. We undertake no obligation to publicly update or revise any statements. Neither TSXV nor its regulated service provider (as that term is defined in TSXV’s Policy), OTCQB nor his WKN have reviewed the contents of this news release and are not responsible for its adequacy or accuracy. Hmm.
sauce: Cielo Waste Solutions Inc.
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