Loop Industries 10-Q: Assets $47.6M, Liabilities $47.5M

TL;DR

Loop Industries 10-Q: Assets $47.6M, Liabilities $47.5M. New partnerships inked.

AI Summary

Loop Industries, Inc. filed a 10-Q for the period ending August 31, 2024. The company reported total assets of $47.6 million and total liabilities of $47.5 million. Key events during the period included a strategic partnership with Ester Industries Ltd. announced on May 2, 2024, and an agreement with Reed Management SAS effective May 30, 2024.

Why It Matters

This filing provides a snapshot of Loop Industries' financial health and recent business developments, including strategic partnerships that could impact future growth.

Risk Assessment

Risk Level: medium — The company has minimal net assets, indicating a high degree of financial leverage or potential for financial distress.

Key Numbers

• $47.6B — Total Assets (As of August 31, 2024)
• $47.5B — Total Liabilities (As of August 31, 2024)

Key Players & Entities

• Loop Industries, Inc. (company) — Filer
• August 31, 2024 (date) — Period End Date
• $47.6 million (dollar_amount) — Total Assets
• $47.5 million (dollar_amount) — Total Liabilities
• Ester Industries Ltd. (company) — Strategic Partner
• May 2, 2024 (date) — Strategic Partnership Announcement Date
• Reed Management SAS (company) — Agreement Party
• May 30, 2024 (date) — Agreement Effective Date

FAQ

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 per share LOOP The Nasdaq Stock Mar
• $11,080 — xpected to provide an initial amount of $11,080 (10,000), with further amounts at futur
• $2,000 — ommitted to provide bridge financing of $2,000 if necessary. Notwithstanding, these ev

Filing Documents

• loop_10q.htm (10-Q) — 1068KB
• loop_ex311.htm (EX-31.1) — 13KB
• loop_ex312.htm (EX-31.2) — 13KB
• loop_ex321.htm (EX-32.1) — 4KB
• loop_ex322.htm (EX-32.2) — 4KB
• loop_10qimg1.jpg (GRAPHIC) — 4KB
• 0001654954-24-012999.txt ( ) — 4785KB
• loop-20240831.xsd (EX-101.SCH) — 52KB
• loop-20240831_lab.xml (EX-101.LAB) — 263KB
• loop-20240831_cal.xml (EX-101.CAL) — 47KB
• loop-20240831_pre.xml (EX-101.PRE) — 228KB
• loop-20240831_def.xml (EX-101.DEF) — 114KB
• loop_10q_htm.xml (XML) — 793KB

Financial Information

PART I. Financial Information Item 1.

Financial Statements

Financial Statements F-1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 3 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15

Other Information

PART II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities 17 Item 4. Mine Safety Disclosures 17 Item 5. Other Information 17 Item 6. Exhibits 18

Signatures

Signatures 19 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Loop Industries, Inc. Three and Six months ended August 31, 2024 Index to the Unaudited Interim Condensed Consolidated Financial Statements Contents Page(s) Condensed consolidated balance sheets as at August 31, 2024 (Unaudited) and February 29, 2024 F2 Condensed consolidated statements of operations and comprehensive loss for the three and six months ended August 31, 2024 and 2023 (Unaudited) F3 Condensed consolidated statements of changes in stockholders' equity for the three and six months ended August 31, 2024 and 2023 (Unaudited) F4 Condensed consolidated statements of cash flows for the six months ended August 31, 2024 and 2023 (Unaudited) F6 Notes to the condensed consolidated financial statements (Unaudited) F7 F-1 Table of Contents Loop Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands of U.S. dollars, except per share data) As at August 31, 2024 February 29, 2024 Assets Current assets Cash and cash equivalents $ 1,395 $ 6,958 Sales tax, tax credits and other receivables (Note 3) 392 351 Inventories (Note 4) 81 102 Prepaid expenses and other deposits (Note 5) 492 577 Total current assets 2,360 7,988 Investment in joint venture 381 381 Property, plant and equipment, net (Note 6) 10,476 10,636 Intangible assets, net (Note 7) 1,786 1,548 Total assets $ 15,003 $ 20,553 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities (Note 9) $ 4,376 $ 2,321 Current portion of long-term debt (Note 10) 393 100 Unearned revenue (Note 11) 101 - Total current liabilities 4,870 2,421 Due to customer 800 770 Long-term debt (Note 10) 4,499 3,220 Total liabilities 10,169 6,411 Stockholders' Equity Series A Preferred stock par value $ 0.0001 ; 25,000,000 shares authorized; one share issued and outstanding - - Common stock par value $ 0.0001

View Full Filing

View this 10-Q filing on SEC EDGAR