The following is a summary of the Cielo Waste Solutions Corp. (CWSFF) Q2 2024 Earnings Call Transcript:
Financial Performance:
Cielo Waste Solutions reported total assets of $13.9 million for the period ending October 31, 2023, with total liabilities at $5.3 million, and long-term liabilities of $1.9 million.
The company had a working capital deficiency of $2.1 million and a net loss of $1.4 million for the three-month period.
Major transaction in the quarter includes the sale of Fort Saskatchewan property for retirement of the $11 million principal mortgage. Post this period, the company entered into an IP licensing agreement with Expander Energy resulting in 906 million common shares issued for $0.06 with a transaction value of $45 million.
The company is underway in completing a private placement for flow-through shares of up to $6 million and has secured shareholder approval for a reverse consolidation of shares.
Business Progress:
Cielo has received multiple grants for their Expander technology, including the Carseland project and the Sustainable Development Technology Canada (SDTC).
The company earned approval from Alberta Innovates for the Aldersyde feedstock trial, funded by a $0.5 million grant.
Collaboration with Expander should optimize opportunities for conventional financing for cash flowing projects.
Applications for expanding the Carseland project is in progress, and another application for the Dunmore project is slated for Q2 of next year.
Despite the reported working capital deficiency, initial work continues for the Carseland project, with flow-through shares allocated to cover initial engineering costs for project development.
More detailed: CIELO WASTE SOLUTIONS CORP IR
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