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He knew exactly what he was doing.
I think shareholders would have a very strong case for a lawsuit at least against the company considering the times he stretched the truth and his tendency to make promises through emails or on the phone with individual investors, probably in violation of SEC regulations. The problem is that the company has nothing left of worth. Not sure if he could be held personally liable but he did seem to be very cavalier in his dealing with investors behind the scenes.
So many crickets.
Sure looks like Marc screwed all his shareholders while collecting 40k monthly in salary.
Certainly hard to understand
Can't file on time with zero revenues. Joke
Marc did file his NT 10Q today stating that he'll need more time to get the 10Q completed but it was a couple of days late.
He missed the deadline for filing the 10Q, which is not unusual, but what is unusual is that he also missed the deadline for filing the NT 10Q required when a 10Q is late. So the disappearing act may be happening before our eyes. We'll see if anything happens this week but not filing an NT 10Q on time is serious.
The Belleville plant was never make any money in the past as same on the future as Marc just only do the composting ..
This mean this company will disappear very soon
Sell it for $.03 before it goes to ZERO..
Thanks for the info. It likely means that Marc's only hope is to build an RNG facility at Belleville, provided Belleville's environmental issues that caused it to shut down have been dealt with.
The problem is that the amount of equity Susglobal has in the combined Hamilton property, maybe $880k at the most, is miniscule compared to the amount of mortgage debt, around $9 million was outstanding as of the end of March. Plus there's the fact that some of that debt is secured by the Belleville property so if he can't pay that debt he loses Belleville too.
I'm sure he's banking on selling the Hamilton property for something like the $14.2 million Collier's appraisal but from reading Collier's report, it appears to me that appraisal was based on Hamilton construction being complete with the shiny new building upgrades finished, not in the current state of disrepair. The market price for the second Hamilton parcel was $2.3 million last year, that's what Marc paid for it and the original Hamilton property was bought for $3.7 million in 2021. I wish Marc the best in getting as much as possible for the combined property but he's going to need one hell of a real estate agent to make money on the deal.
Plus there are still outstanding lawsuits, including one by the contractor for Hamilton for $2.3 million in unpaid bills that appears to be moving forward.
I got word from Marc that they are selling the Hamilton location to resolve their liquidity challenge. Not sure what that will mean.
9 million. Wtf. Shut down by the government bc of environmental issues. This turned to complete shit. What incentive does any company have in investing in this company? What I once thought was going to be my best investment of my life turned into a disaster. The ceo has a huge stake in the company succeeding so at minimum I know he's probably working around the clock to get things going
At least $9 million in total lawsuits against the company.
That's what has been on court dockets this year. At least two have been already decided in favor of the plaintiffs because Marc mounted no defense against them, likely because he couldn't afford attorneys and probably because he realized that he couldn't win anyway.
I found a default judgement against Susglobal for $1.3 million USD plus 24% interest since 11/22 that was handed down in May. The suit was brought by an investor who bought a note in 2021 and only got a partial payment in return.
https://cases.justia.com/new-york/other-courts/2024-2024-ny-slip-op-31836-u.pdf?ts=1717190475
The Belleville power company won a default judgement against Susglobal for $378k CAD earlier this year and the same could have happened with the $4.5 million USD suit brought by different noteholders because the 10Q said that Susglobal was "unable to retain counsel". So it seems likely that Marc is on the hook for another $4.5 million.
There is still the $3.2 million CAD suit brought by the Hamilton contractor and another for $120k CAD brought by Susglobal's former auditor that are waiting to be adjudicated. Susglobal has provided no attorney for either suit.
Plus there are likely $5.2 million in mortgage payments currently past due that could create more lawsuits against the company this year..
The company is being absolutely crushed by debt and, as much as I hate to say it, I really don't see any hope for survival.
Yeah Belleville is not operating and hasn't been since January.
First, Susglobal lost its letter of credit last year, which is a guarantee required by the Ministry of the Environment in part to show that the company can pay for cleanup in case something goes wrong environmentally.
Then two things went wrong environmentally: there was a buildup of ammonia in one of the buildings at Belleville and water from one of the leachate ponds on the Belleville property leaked into a ditch owned by the City of Belleville. The city is trying to make Susglobal reimburse them for all the costs of cleaning up the leakage.
So now the company needs funds to cover whatever it costs to become environmentally compliant again and Marc needs to find a financial institution that will give them a new letter of credit for up to $470k before Belleville can start receiving waste again.
Then there's the charge of lease with the MECP guarantee that's tied to the PACE debt settled last year, which could have implications for Susglobal continuing to use the Belleville property or to continue using it as collateral, as they have done a few times for outstanding loans but that's beyond my level of financial knowledge.
It's in the annual report. I believe they now have zero operational facilities.
Where did you see the Info about being shut down by the government? I haven’t seen that
Of course it was. He's been all talk for years. Hasn't ever produced any results. His operations are shut down from the government.
I hope Marc’s idea of positive news after the 10Q was not simply the trademark. That’s not going to cut it.
This is a total disaster. Non stop shares being sold. Shut down by the government. Massive debts. No financing. High ceo salary. This just sucks in every way possible
Lovely, what a shock (not).
What is new but not in the 10Q is that the contractor for Hamilton, Gillam, filed a suit yesterday for nonpayment of $3.2 million. At this point the company needs around $50 million to settle all the debt and fund the company's plans for the next year.
Nothing really new, but pretty darn ugly.
No chatter on Stocktwits or twitter so the rise likely isn't just from day traders finding the stock. Maybe somebody knows something or was at least convinced by Marc into thinking they know something. I bought a little under 3 cents after seeing the last pump so am happy with the increase but we'll see if it sticks.
what the f are you doing on the snrg then
It's been the same story for the past 3 years: waiting for Marc to raise money. The problem is that debt has been piling up during the 3 years he's failed to raise money. That's why the share price has fallen to where it is.
More debt means more money needs to be raised just to get out of debt before he can start building facilities, and this has caused the value of the company to decrease. For the stock to really turn around he needs money to cover debt plus money to build.
IMO at some point this will reverse. maybe soon?
yep pos all selling
Lots of selling this am. Well done Marc!
It still needs to be accurate to not run afoul of the SEC. Probably just had to spend so much time on the 10K that the 10Q was put entirely on the backburner until the 10K was completed and it's not like Susglobal has manpower to spare.
Seriously, why the delay with the 10Q? It’s not like it’s audited.
Popped back to .08 yesterday for a second. It’s on the rise! It’s always darkest before the dawn! Let’s goooo!
dang! stock is .029 now? glad i got out at .07ish. i guess all the people IN THE KNOW were out in the .20s and higher.
When is the 10Q and what kind of good news could he have? Financing?
Of course gotta take it with a grain of salt at this point in this game but he responded to my email today which I all but called out what it looks like is happening and apparently some good news will be released after the 10Q. But……
It obviously depends on what somebody would pay for the land but for the most recent Hamilton lot purchased last Nov minus interest that's accrued since November: by my calculation the company probably currently has around $145k in equity. As for the Hamilton land with the building and Belleville, it makes my head hurt to try to figure it out with all the mortgaging but I doubt it's anything, plus Belleville is laden with environmental remediation costs. The Belleville compost covers and buildings are given a net book value of about $1.9 million combined.
It's obviously so frustrating to see the large RNG offtake that should be able to be used as leverage but Marc wouldn't be the first to fail in that respect. Look at Gevo stock, it was $15 bucks at one point and is now at 70 cents because their CEO has not been able to raise the capex to build the facilities to satisfy his billions in sustainable aviation fuel offtake.
It's not over for Marc but the mortgage refinanced in Dec has a $4.2 million payment due in less than two weeks on top of everything else.
Any idea how much the land (given the zoning) might be worth less the mortgages?
I know that he was not factual when he claimed in a publicity video interview posted on the company's Youtube channel in early fall 2021 that waste was at that time being accepted by Belleville from Montreal. I checked with the relevant department in Montreal, who let me know that they were not sending waste to Belleville. I asked Marc about it via email and, if memory serves, he recanted that claim in a later video.
I believe that the statement made in the May 2021 investors presentation that Susglobal products were at that time being sold in 5 big box type stores in Canada was likely untrue. I checked with most of those stores at the time and could find no record of Suglobal products being sold either in the stores or online. Also, that investors presentation claims that revenue for 2021 would be $18 million. Should he have known at the time that it would be nearly impossible to even get remotely close to that target....(revenue for the year was $754k).
If anybody wants to see that presentation, it's here: https://smallpdf.com/file#s=e67d628f-bf80-4c70-b532-1c52d7a2baab
There is also the question of lawsuits the company was a party to not being mentioned in quarterly or annual filings. Beginning in August 2022, lawsuits were filed by subcontractors that worked on Hamilton likely for nonpayment of services. I can't see the filing history for these lawsuits so maybe there's some wiggle room with the status of those suits over time but nothing was mentioned about these types of suits until the 10K that was filed last week.
But as for any legal action against him, the company doesn't have any cash or much in the way of assets given all the mortgages so at this point you can't get blood out of a stone. Maybe he'll miraculously find the $20 million needed to fulfill current contractual obligations, the company has not gone under yet, but it'll take something amazing to happen against long odds. I'd still like to see him succeed but debt has piled up for way too long.
How can marc just lie to investors over the past year. He said so many things would be completed that never occurred. Can legal action take place? Or is that impossible due to the companies debt.
Yeah the company is being crushed by debt and the resultant lawsuits from non-payment of debt. With Marc not fighting the power company's suit earlier this year and the 10K saying that he has been "unable to retain counsel" in the recently filed $4.5 million suit by an uncompensated noteholder...any Canadian legal professionals out there available to work pro bono?
Plus Belleville has had two different environmental problems and is now shut down so that's going to require funds to remediate but it's not like Belleville was a cash cow anyway with a $2 million gross loss last year.
Marc did get mortgages extended but the bulk of them will come due again in the next 7 months.
The bottom line is that we knew he really needs money but he really, really needs money just to cover everything that's piled up, not including actually restarting Hamilton construction or even thinking about funds for RNG facilities.
10K is VERY ugly. Let’s see if Marc has any positive news to follow.
Where can I find it?
Thank goodness. Anything good?
Marc had also indicated to me that they’d make the deadline. Guess we’ll see.
I think tonight is it. Pink tomorrow if nothing
Sure would be nice to get the 10K this evening so as to not have to sweat it out for the next 24 hours.
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