NT 10-K 1 formnt10k.htm FORM NT 10-K SusGlobal Energy Corp.: Form NT 10-K - Filed by newsfilecorp.com

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

(Check one):

 
   
   
 

SEC FILE NUMBER
000-56024

   
   

[ x ] Form 10-K    [           ] Form 20-F    [           ] Form 11-K
[           ] Form 10-Q    [           ] Form 10-D    [           ] Form N-CEN    [           ] Form N-CSR

For Period Ended: December 31, 2023

[           ] Transition Report on Form 10-K
[           ] Transition Report on Form 20-F
[           ] Transition Report on Form 11-K
[           ] Transition Report on Form 10-Q

For the Transition Period Ended:

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

PART I — REGISTRANT INFORMATION

SUSGLOBAL ENERGY CORP.
Full Name of Registrant

N/A
Former Name if Applicable

200 Davenport Road
Address of Principal Executive Office (Street and Number)

Toronto, Ontario, Canada M5R 1J2
City, State and Zip Code


PART II — RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

x (a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
   
(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
   
(c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III — NARRATIVE

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

SUSGLOBAL ENERGY CORP. (the "Registrant") was unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report") by the April 1, 2024, filing date applicable to smaller reporting companies due to a delay experienced by the Registrant in completing its financial statements and other disclosures in the Annual Report. As a result, the Registrant is still in the process of compiling required information to complete the Annual Report and its independent registered public accounting firm requires additional time to complete its review of the financial statements for the year ended December 31, 2023, to be incorporated in the Annual Report. The Registrant anticipates that it will file the Annual Report no later than April 16, 2024.

PART IV — OTHER INFORMATION

(1) Name and telephone number of person to contact in regard to this notification

  Marc Hazout (416) 223-8500
  (Name) (Area Code) (Telephone Number)

(2)

Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).

[ x ] Yes [           ] No
   
(3)

Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

[ x ] Yes [           ] No

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

Consistent with its results for the first, second and third quarters of 2023, the Company will report a net loss for the year ended December 31, 2023 that is significantly lower than the net loss reported for the year ended December 31, 2022. The decrease in the net loss is primarily due to the significant drop in the recorded loss on the revaluation of the convertible promissory notes, the resulting gain on settlement of certain debt obligations, a reduction of stock-based compensation of approximately 62% due to a drop in services provided, a reduction in marketing expenses of approximately 86% due to reduced marketing activities and higher foreign exchange gains on the translation of foreign currencies transactions. The decrease in the net loss was offset by a reduction in revenue of approximately 15% due to reduced sales and an increase in total cost of sales of approximately 82% due to higher cost estimates for various maintenance requirements for the Company's waste processing and composting facility.

SUSGLOBAL ENERGY CORP.
(Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 01, 2024 By: /s/ Marc Hazout
    Marc Hazout
  Title: Chief Executive Officer, Executive Chairman and President