- Earth Alive Clean Technologies (EAC) announced its consolidated financial statements for the first quarter ended March 31, 2022
- Net loss was $560,886 compared to $181,906 in the same period last year
- The company will be hosting its virtual Annual General Meeting on June 28, 2022
- Earth Alive is an industry leader in microbial technologies
- Earth Alive Clean Technologies Inc. (EAC) remains steady, trading at C$0.05 per share as of 12:20 pm ET
Earth Alive Clean Technologies (EAC) announced its consolidated financial statements for the first quarter ended March 31, 2022.
First quarter highlights:
- Total sales was $572,779 in Q1 2022 compared to sales of $943,139 in Q1 2021
- Net loss was $560,886 compared to $181,906 in the same period last year
- Total operating expenses was $690,598 compared to $499,945 in Q1 2021
- As at March 31, 2022, the working capital totaled $3,986,776 with $3,240,809 in cash to support commercialization efforts
Nikolaos Sofronis, President and Chief Executive Officer of Earth Alive commented on the results.
“The lacklustre operational and financial performance in Q1 is a direct result of a reorganization that began in the fall of 2021 with the appointment of new executives. This initiative included the restructuring of our divisions, which has enabled the confirmation of several tests and leads with new clients and partners in both the Infrastructure and Agriculture divisions. We are confident that these activities will contribute to increase our sales and revenues in the next six to twelve months.”
Subsequent events:
- On April 6, 2022, the company closed a $ 6.1 million non-brokered private placement
- Earth Alive’s ea1 dust suppressant has arrived in Argentina where it will be used in an Oil & Gas facility. The company estimates completion of this commercial test by the end of the second quarter of 2022. It is the first foray of the company in the Oil & Gas industry.
- The company is starting a second test with a major mining operation in Brazil this week, following an initial test announced by the company on April 7, 2020.
- In April, 2022, Earth Alive appointed Mr. Jean-Philippe Lejeune as the Chief Financial Officer, Mr. Eric Paul-Hus as Chief Legal Officer & Corporate Secretary and Mr. David Colon to the Board of Directors.
The company will be hosting its virtual Annual General Meeting on June 28, 2022 (Montréal time).
Earth Alive is an industry leader in microbial technologies. The company develops, manufactures and distributes state-of-the-art, environmentally-sound proprietary microbial solutions and products. Earth Alive’s innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use and industrial cleaning that is ecological and human friendly.
Earth Alive Clean Technologies Inc. (EAC) remains steady, trading at C$0.05 per share as of 12:20 pm ET.