SusGlobal Energy Corp. 10-Q: Customer Concentration Risks
Ticker: SNRG · Form: 10-Q · Filed: Sep 27, 2024 · CIK: 1652539
| Field | Detail |
|---|---|
| Company | Susglobal Energy Corp. (SNRG) |
| Form Type | 10-Q |
| Filed Date | Sep 27, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $ |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, customer-concentration
TL;DR
SusGlobal Energy's 10-Q shows revenue and receivables, but watch out for customer concentration risk.
AI Summary
SusGlobal Energy Corp. filed a 10-Q for the period ending June 30, 2024. The filing details financial performance and risks, including customer concentration. Specific revenue figures and accounts receivable balances are presented for various periods, highlighting potential reliance on key customers.
Why It Matters
This filing is important for investors to understand the company's revenue streams and potential vulnerabilities due to reliance on a few major customers.
Risk Assessment
Risk Level: medium — The company's financial health may be significantly impacted by the performance and continued business of a few key customers, as indicated by customer concentration risk disclosures.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
- 2023-12-31 — Prior Year End Date (Provides a comparison point for financial performance.)
Key Players & Entities
- SusGlobal Energy Corp. (company) — Filer of the 10-Q
- 2024-06-30 (date) — End of reporting period
- 2023-12-31 (date) — Prior year end
- CustomerOne (company) — Key customer mentioned in revenue disclosures
- CustomerTwo (company) — Key customer mentioned in revenue disclosures
- CustomerThree (company) — Key customer mentioned in revenue disclosures
FAQ
What was SusGlobal Energy Corp.'s net sales revenue for the six months ended June 30, 2024?
The filing indicates net sales revenue for the period January 1, 2024, to June 30, 2024, but the specific dollar amount is not provided in the excerpt.
How much of SusGlobal Energy Corp.'s revenue in the first half of 2024 came from CustomerOne?
The filing identifies CustomerOne as a source of sales revenue for the period January 1, 2024, to June 30, 2024, but the specific amount is not detailed in the excerpt.
What is the nature of the customer concentration risk for SusGlobal Energy Corp. as of June 30, 2024?
The filing explicitly mentions 'us-gaap:CustomerConcentrationRiskMember' in relation to sales revenue and accounts receivable, suggesting a significant reliance on a limited number of customers.
Were there any significant changes in accounts receivable for SusGlobal Energy Corp. between December 31, 2023, and June 30, 2024?
The filing includes 'us-gaap:AccountsReceivableMember' for the period ending December 31, 2023, but the excerpt does not provide comparative data for June 30, 2024.
Does SusGlobal Energy Corp. disclose revenue from CustomerTwo and CustomerThree for the six months ended June 30, 2024?
Yes, the filing indicates that sales revenue from CustomerTwo and CustomerThree for the period January 1, 2024, to June 30, 2024, is a reported item, though specific amounts are not in the excerpt.
Filing Stats: 4,478 words · 18 min read · ~15 pages · Grade level 17.8 · Accepted 2024-09-27 12:17:14
Key Financial Figures
- $ — e Company's functional currency is the C$, the Company realizes a portion of its
Filing Documents
- form10q.htm (10-Q) — 1224KB
- exhibit10-1.htm (EX-10.1) — 18KB
- exhibit31-1.htm (EX-31.1) — 15KB
- exhibit31-2.htm (EX-31.2) — 15KB
- exhibit32-1.htm (EX-32.1) — 5KB
- exhibit10-1xu003.jpg (GRAPHIC) — 3KB
- exhibit10-1xu004.jpg (GRAPHIC) — 3KB
- form10qxz001.jpg (GRAPHIC) — 36KB
- form10qxz002.jpg (GRAPHIC) — 3KB
- 0001062993-24-017014.txt ( ) — 8432KB
- susg-20240630.xsd (EX-101.SCH) — 156KB
- susg-20240630_cal.xml (EX-101.CAL) — 49KB
- susg-20240630_def.xml (EX-101.DEF) — 349KB
- susg-20240630_lab.xml (EX-101.LAB) — 1667KB
- susg-20240630_pre.xml (EX-101.PRE) — 471KB
- form10q_htm.xml (XML) — 830KB
FINANCIAL INFORMATION
Part I FINANCIAL INFORMATION
Financial Statements 4
Item 1 Financial Statements 4
Management's Discussion and Analysis of Financial Condition and Results of Operations 27
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 27
Quantitative and Qualitative Disclosures About Market Risk 40
Item 3 Quantitative and Qualitative Disclosures About Market Risk 40
Controls and Procedures 40
Item 4 Controls and Procedures 40
OTHER INFORMATION 41
Part II OTHER INFORMATION 41
Legal Proceedings 41
Item 1 Legal Proceedings 41
Risk Factors 42
Item 1A Risk Factors 42
Unregistered Sales of Equity Securities and Use of Proceeds 42
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42
Defaults Upon Senior Securities 42
Item 3 Defaults Upon Senior Securities 42
Mine Safety Disclosures 42
Item 4 Mine Safety Disclosures 42
Other Information 42
Item 5 Other Information 42
Exhibits 43
Item 6 Exhibits 43 3 SUSGLOBAL ENERGY CORP. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 (Expressed in United States Dollars) (unaudited) CONTENTS Interim Condensed Consolidated Balance Sheets 5 Interim Condensed Consolidated Statements of Operations and Comprehensive Loss 6 Interim Condensed Consolidated Statements of Stockholders' Deficiency 7 Interim Condensed Consolidated Statements of Cash Flows 8 Notes to the Interim Condensed Consolidated Financial Statements 9-26 4 SusGlobal Energy Corp. Interim Condensed Consolidated Balance Sheets As at June 30, 2024 and December 31, 2023 (Expressed in United States Dollars) (unaudited) June 30, 2024 December 31, 2023 ASSETS Current Assets Cash $ 7,717 $ 1,263 Trade receivables - 55,579 Government remittances receivable 24,799 41,330 Prepaid expenses and deposits (note 6) 143,942 335,368 Total Current Assets 176,458 433,540 Long-lived Assets, net (note 7) 10,784,339 11,322,363 Long-Term Assets 10,784,339 11,322,363 Total Assets $ 10,960,797 $ 11,755,903 LIABILITIES AND STOCKHOLDERS' DEFICIENCY Current Liabilities Accounts payable (note 8) $ 4,566,174 $ 3,960,270 Government remittances payable 514,757 473,691 Accrued liabilities (notes 8, 9, 10 and 13) 6,440,758 5,942,684 Current portion of long-term debt (note 9) 9,333,624 9,371,941 Current portion of obligations under capital lease (note 10) 58,995 66,037 Convertible promissory notes (note 11)-in default 11,491,946 10,519,824 Loans payable to related parties (note 13) 756,340 489,516 Total Current Liabilities 33,162,594 30,823,963 Stockholders' Deficiency Preferred stock, $ .0001 par value, 10,000,000 authorized, none issued and outstanding Common stock, $ .0001 par value, 150,000,000 authorized, 125,332,019 (2023- 125,272,975 ) shares issued and outstanding (note 14) 12,537 12,531 Additional