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Ecolomondo Releases its Interim Consolidated Financial Statements for the First Quarter of 2024
(TheNewswire) Montreal, QC, May 3 1 , 2024 – TheNewswire – Ec...
About this update from Ecolomondo Corporation
[{"type":"text","content":"Ecolomondo Releases its Interim Consolidated Financial Statements for the First Quarter of 2024\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Montreal, QC, May 3\n \n \n 1\n \n \n , 2024 –\n \n \n TheNewswire –\n \n \n Ecolomondo Corporation\n \n \n (TSXV: ECM) (OTC: ECLMF) (the “\n \n \n Company\n \n \n ” or\n“\n \n \n Ecolomondo\n \n \n ”), a cleantech company specializing in the\ncommercialization of its Thermal Decomposition Process\n(“\n \n \n TDP\n \n \n ”) proprietary recycling technology and the global\ndeployment of TDP turnkey facilities,\n \n \n announces\n \n \n that it has released its unaudited consolidated\nfinancial statements and notes thereto and its related management\ndiscussion and analysis (“\n \n \n MDA\n \n \n ”) for the three-month period ended March\n31, 2024 (the “\n \n \n Interim\nFinancial Statements\n \n \n ”). The documents are\navailable on SEDAR at\n \n \n \n \n www.sedar.com\n \n \n \n \n \n \n Highlights of the unaudited consolidated financial\nstatements and notes thereto for the interim period ended March 31,\n2024, are:\n \n \n \n \n \n \n The Company had revenues of $109,215 mostly from the\nsale of end-products produced at the Hawkesbury facility.\n \n \n \n \n \n \n A company under common control, owned by the\ncontrolling shareholder, loaned to the Company $1.5 million for a term\nof one year at 8.5% interest per annum.\n \n \n \n \n \n \n Loss for the quarter was $1,531,713, compared to\n$297,602 for the same period in 2023, mainly due to the fact that\noperating expenses for the Hawkesbury facility are expensed instead of\nbeing fully capitalized.\n \n \n \n \n \n \n As of March 31, 2024, capital expenditures for the\nHawkesbury TDP turnkey facility totaled $45,481,969, net of\ndepreciation, while the Company contributed equity of $12,758,858 and\nthe term loan with EDC stands at $37,773,738.\n \n \n \n \n \n \n As of January 2, 2024, the Company projected that it\nwould need a further $4,500,000 until the end of the current fiscal\nyear, to fulfill capital purchases and working capital requirements.\nThis amount is covered by the advances form a company under common\ncontrol, 3212521 Canada Inc., owned by the controll...