Cielo Announces Fiscal Q1 2022 Financial Results
In This Article:
VANCOUVER, BC / ACCESSWIRE / September 28, 2021 / Cielo WasteSolutions Corp. (TSXV:CMC)(OTCQB:CWSFF)(FRA:C36) ("Cielo" or the "Company") today announced the financial results for the three months ended July 31, 2021. All amounts in this news release are in Canadian dollars unless otherwise indicated.
Q1 2022 highlights
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Total assets increased by $1.2 million as at July 31, 2021 compared to April 30, 2021, due to the increase in property, plant and equipment related to the construction activities at the Aldersyde facility, and the increase of prepaid expenses, partially offset by the decrease in cash related to increased research and development and general and administrative expenditures.
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Total liabilities decreased by $8.2 million as at July 31, 2021 compared to April 30, 2021 due to the exercise of liability classified warrants and the conversion of convertible debentures, partially offset by the increase in accounts payable and accrued liabilities.
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Working capital increased by $5.8 million to $5.1 million surplus as at July 31, 2021, compared to $0.7 million deficiency as at April 30, 2021, primarily as a result of the decrease in short-term warrant liability upon the exercise of warrants, partially offset by the decrease in cash.
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The net loss for the three months ended July 31, 2021 was $3.0 million, an increase of $1.7 million compared to $1.3 million net loss for the same period in the prior year, mainly due to the following:
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An increase of $1.0 million in general and administrative expenses mainly due to salaries and benefits for the additional employees hired to facilitate the growth of the Company, and professional fees incurred related to the listing of the Company's shares on the TSX Venture Exchange in June 2021.
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An increase of $1.5 million in research and development expenses in the current quarter due to the increase in research and development activities conducted at the Aldersyde facility, and the shutdown of the Aldersyde facility during the same period in the prior year due to the COVID-19 pandemic.
SELECTED financial INFORMATION
| July 31, 2021 | April 30, 2021 | |||||||
| (Thousands of dollars) | (RESTATED) | |||||||
| Total assets | 46,349 | 45,192 | ||||||
| Total non-current liabilities | 1,058 | 1,574 | ||||||
| Working capital surplus (deficiency) | 5,078 | (688 | ) | |||||
| Three months ended | ||||||||
| July 31, 2021 | July 31, 2020 | |||||||
| (Thousands of dollars, except per share amounts) | (RESTATED) | |||||||
| Total revenue | - | 4 | ||||||
| Financing costs | 122 | 189 | ||||||
| General and administrative | 1,556 | 540 | ||||||
| Research and development | 1,682 | 143 | ||||||
| Net loss | (3,039 | ) | (1,276 | ) | ||||
| Net loss per share - basic & diluted | (0.005 | ) | (0.005 | ) | ||||
Conference Call
The Company will host a conference call today, Wednesday, September 29, 2021 at 8:00 a.m. MT (10:00 a.m. ET), during which Cielo's Board Chair and President, Don Allan, CEO and COO, Gregg Gegunde, CFO, Stephanie Li, and Corporate Secretary and General Counsel, Chris Sabat, will discuss the Company's financial and operating results followed by a question and answer session. A live audio webcast of this call is available by entering the following URL into your web browser: