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Why Did CWSFF Stock Gain 26%?

Cielo Waste Solutions Corp. (OTCQB: CWSFF) closed the last session at $ 0.3732 after seeing its market cap rise by 26.51% to $ 240.78M. Recent trading in CWSFF stock has averaged 2.06M shares, below its average daily volume of 1.56M shares. In addition, CWSFF stock has traded between $0.278 and $0.374. There are 645.18M shares outstanding compared to 489.35M shares float on pink sheets CWSFF. CWSFF stock rose after its earnings were released.

For which period did CWSFF release financial results?

In addition to its publicly traded company status, Cielo brings a proprietary technology to the marketplace that can repurpose certain types of landfill garbage into diesel, kerosene (aviation fuel) and naphtha. CWSFF is currently using its patented and proven technology at its Aldersyde, Alberta facility to produce renewable fuels from wood waste. In addition to its experienced management team, CWSFF has strategic partners who can help it expand aggressively across Canada, the United States, and beyond.

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The waste or feedstock used in CWSFF’s green facilities is widely available and inexpensive, including household and commercial waste, construction, rubber, railway ties, telephone poles, and plastic materials, some of which are unable to be recycled. In order to rid the world of unwanted and problematic garbage, CWSFF manufactures waste into fuel.

Cielo announced its financial results last week for the three months ended July 31, 2021.

Highlights of Q1 2022

  • CWSFF’s total assets increased by $1.2 million as of July 31, 2021, primarily due to the increased value of property, plant, and equipment associated with construction activities at the Aldersyde facility.
  • Increased pre-paid expenses, partially offset by a decrease in cash because of increased R&D and general and administrative expenditures, also contributed to the increased assets.
  • Due to the exercise of liability classified warrants and the conversion of convertible debentures, CWSFF’s total liabilities were down $8.2 million as at July 31, 2021 compared with April 30, 2021.
  • However, accounts payable and accrued liabilities increased.
  • A decrease in short-term warrant liability upon warrant exercise offset a decrease in cash, which resulted in an increase in working capital by $5.8 million to $5.1 million as of July 31, 2021, compared to a deficit of $0.7 million as of April 30, 2021.
  • CWSFF reported a net loss of $3.0 million for the three months ended July 31, 2021, an increase of $1.7 million over the $1.3 million loss for the same period in the previous year.
  • A $0.1 million increase in general and administrative expenses was mainly due to additional salaries and benefits incurred for the growth of CWSFF as well as professional fees related to the TSX Venture Exchange listing of the Company’s shares.
  • Research and development expenses increased by $1.5 million by CWSFF in the current quarter due to an increase in research and development at the Aldersyde facility, in addition to the facility being closed in the prior year due to the COVID-19 pandemic.

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