SEER records annual profit, but accumulated deficits weigh on company

BROOMFIELD — Strategic Environmental & Energy Resources Inc. (OTC: SENR), a Broomfield-based environmental company, reported 2021 net income of $519,700, compared with a net loss of $2.76 million in 2020.

The profit came on revenue of $3.48 million, compared with $2.74 million a year ago.

But the company has “incurred significant losses since inception,” with an accumulated deficit of approximately $29.4 million as of Dec. 31, according to a 10K filed with the U.S. Securities and Exchange Commission.

SEER “needs to raise substantial amounts of additional funds to meet its obligations as well as afford it time to develop profitable operations,” according to a statement from auditing firm LJ Soldinger Associates LLC included in the regulatory filing. “These conditions raise substantial doubt about the Company’s ability to continue as a going concern.”

SEER reported total assets of $2.2 million, compared with total liabilities of $10.4 million.

The company develops clean technologies, including waste-management innovations through two wholly owned subsidiaries and two majority-owned subsidiaries.

Wholly owned subsidiaries include MV LLC and Strategic Environmental Materials LLC. MV does business as MV Technologies and designs and builds biogas-conditioning solutions for production of renewable natural gas, odor-control systems, and natural-gas vapor capture for landfill operations, wastewater-treatment facilities, and oil-and-gas fields, refineries, municipalities, food, beverage and agricultural operations.

Strategic Environmental Materials is a materials-technology company focused on development of cost-effective chemical absorbents.

Majority-owned companies include Paragon Waste Solutions LLC and PelleChar LLC.

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