Business
Cielo Announces Filing of Annual Financial Statements and Annual Results
VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Cielo WasteSolutions Corp. (TSXV:CMC)(OTCQ...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Announces Filing of Annual Financial Statements and Annual ResultsVANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Cielo WasteSolutions Corp. (TSXV:CMC)(OTCQB:CWSFF) (\"Cielo\" or the \"Company\") announces the filing of its annual audited financial statements for the year ended April 30, 2021 (the \"Financial Statements\"), related management discussion and analysis (the \"MD&A\") and officer certificates (the \"Certificates\", together with the Financial Statements and the MD&A, collectively the \"Annual Documents\") on www.sedar.com as required pursuant to applicable securities laws. All currency in this press release is denoted in Canadian dollars.2021 FINANCIAL OVERVIEWTotal assets increased by $24.8 million as at April 30, 2021 compared to April 30, 2020. The increase was due to $17.1 million increase in cash, mainly as a result of the conversion of convertible debentures and the exercise of warrants, and $8.1 million increase in property, plant and equipment related to the construction activities at Aldersyde facility.Total non-current liabilities decreased by $7.7 million as at April 30, 2021 compared to April 30, 2020. The decrease was due to the repayment of a secured loan and the conversion of convertible debentures.Working capital deficiency decreased by $2.8 million to $0.7 million as at April 30, 2021 as a result of $17.1 million increase in cash, partially offset by the increase in short-term warrant liability, deferred revenue and fees, and accounts payable and accrued liabilities compared to April 30, 2020.The net loss for the year ended April 30, 2021 was $39.7 million, an increase of $35.5 million compared to $4.2 million net loss in the prior year, due to the following:The non-cash loss on fair value of warrant liability of $28.5 million in the current year, primarily as a result of the increase of Cielo's share price from $0.04 as at April 30, 2020, to $0.92 as at April 30, 2021The recognition of prepaid interest costs of $3.5 million included in financing cost, primarily as a result of the early conversion of convertible debentures in the current yearThe increase of $0.9 million in research and development expenses in the current year compared to fiscal 2020 related to the Aldersyde facilitySELECTED ANNUAL INFORMATION 2021 2020 2019 (RESTATED) (RESTATED) Total revenue 4,200 3,000 3,000 Financ...