SEER losses grow on flat revenue

BROOMFIELD — Strategic Environmental & Energy Resources Inc (OTC: SENR), a clean-tech company that moved last year to Broomfield from Golden, posted roughly the same amount of revenue in the third quarter of 2020 as in Q3 of last year, but losses grew in the most-recent period.

The firm, which provides next-generation clean technologies, waste-management innovations and related services, focused on the oil-and-gas, food-and-beverage, agricultural and renewable-fuel industries, recorded a loss of $655,700 on $1,050,200 in sales in Q3 2020 compared with a loss of $516,000 on $1,011,500 in sales during that quarter last year. 

Operationally, the firm spent more on product costs and salaries this year compared with last.

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“As shown in the accompanying consolidated financial statements, the company has experienced recurring losses, and has accumulated a deficit of approximately $28.8 million as of Sept. 30, 2020, and $27 million as of Dec.31, 2019,” the company reported in a U.S. Securities and Exchange Commission disclosure. “… These factors raise substantial doubt about the ability of the company to continue to operate as a going concern.”

SEER attributes the increases to ”material and labor costs associated to the 10 internally built kilns delivered during the quarter, and increase of $300,000 in salaries and related expenses, as this amount of payroll related expenses were allocated to discontinued operations in 2019, but those expenses are now in continuing operations in our subsidiary building kilns,” the quarterly report said.