What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-04-14 compared with 2022-04-15 · 24 added, 60 removed, 256 unchanged (25% of the section changed)

21 unchanged sentences

Many of SEER’s current operating companies share customer bases and each provides synergistic services, technologies and products.

Company now owns and manages three operating entities and two entities that have no significant operations to date, as REGS was

abandoned during the third fiscal quarter of 2021.

References in this report to abandoned or abandonment refer to the Company’s

determination not to provide financial support to, or conduct operations in or through, REGS.

Company now owns and manages three operating entities and two entities that have no significant operations to date, as REGS was abandoned

during the third fiscal quarter of 2021.

References in this report to abandoned or abandonment refer to the Company’s determination

not to provide financial support to, or conduct operations in or through, REGS.

LLC (d/b/a MV Technologies), (“MV”) :

10 unchanged sentences

from, landfill, wastewater treatment operations and agricultural digester operations.

LLC d/b/a Resource Environmental Group Services (“REGS”):

(operated from 1994 to September 2021)

previously designed and manufactured environmental systems and provided general industrial cleaning services and waste management consulting

to many industry sectors.

During the fourth quarter of 2019, the Company ceased bidding on, and accepting contracts for the services

division of its REGS subsidiary.

The results from the subsidiary are included in discontinued operations for the years ended 2021 and

No contracts have been uncompleted relating to the services division;

therefore, the services division did not have any performance

obligations as of December 31, 2020, nor thereafter.

After the industrial cleaning services division was discontinued as of 2019, REGS

continued with its manufacturing and assembly operations during 2020 and into 2021.

These operations consisted primarily of building

kilns and related equipment.

As of September 2021, the Company wound down REGS, ceased all operations, and abandoned the entity as a

REGS operations for the periods reported were included in discontinued operations.

Assets and liabilities were stranded and

written off in accordance with GAAP;

however, the Company cannot provide any assurance as to the treatment of such assets or liabilities

or the abandonment by third parties, including governmental authorities.

Waste Solutions, LLC (“PWS”):

10 unchanged sentences

PWS is a 54% owned subsidiary.

(“Reach” or “Benefuels”) (trade name for Benefuels, LLC):

(formed February 2013) owned 85% by

Reach develops renewable natural gas projects that convert raw biogas into pipeline quality gas and/or Renewable,

“RNG”, for fleet vehicles.

Reach has had minimal operations as of December 31, 2022.

LLC (“PelleChar”):

23 unchanged sentences

technology in a six-state area of the Southern United States.

In addition to the equity position, PWS is the operating partner for the

business and intends to sell a number of additional systems to the joint venture.

In 2017, PSMW purchased and installed three CoronaLux™

units at an PSMW facility.

In July 2022, the Company exchanged its patents and related technology to its joint venture, PSMW, in exchange for

units in PSMW.

Company currently has identified three segments as follows:

5 unchanged sentences

is not currently operating but should operations commence it will be part of the Environmental Solutions segment.

of December 31, 2021, we had three customers who comprised 10% or more of our accounts receivable and had a balance of approximately

As of December 31, 2020, we had one customer who comprised 10% or more of our accounts receivable and had a balance of approximately

of December 31, 2022, we had four customers who comprised 10% or more of our accounts receivable and had a balance of approximately $461,700.

As of December 31, 2021, we had three customers who comprised 10% or more of our accounts receivable and had a balance of approximately

See Item 1A Risk Factors.

shown in the accompanying consolidated financial statements, the Company has experienced recurring losses, and has an accumulated deficit

of approximately $29.4 million as of December 31, 2021, and for the year ended December 31, 2021, we had net income, from continuing

operations of $0.2 million, and 2020, we incurred net losses, from continuing operations, of approximately $2.3 million.

December 31, 2021, and 2020 our current liabilities exceed our current assets by approximately $7.5 million and $9.8 million,

respectively.

The primary reason for that working capital deficit decreased from December 31, 2020, to December 31, 2021, is due to the

abandonment of REGS as an entity, and stranded a net of liabilities that are no longer consolidated liabilities under the Company.

Company has limited shares of authorized and unissued common stock available for issue which may limit the ability to raise capital or

settle debt through issuance of shares.

These factors raise substantial doubt about the ability of the Company to continue to operate

as a going concern for a period of at least one year after the date of the issuance of our audited financial statements for the period

ended December 31, 2021.

of a major portion of our assets as of December 31, 2021, is dependent upon our continued operations.

The Company is dependent on generating

additional revenue or obtaining adequate capital to fund operating losses until it becomes profitable.

In addition, we have undertaken

a number of specific steps to continue to operate as a going concern.

We continue to focus on developing organic growth in our operating

companies, diversifying our service customer base and market concentrations and improving gross and net margins through increased attention

to pricing, aggressive cost management and overhead reductions, including discontinuing a line of business with insufficient margins.

Our ability to license and or sell, permit and operate through our joint ventures and licensees our CoronaLux™ waste destruction

units will be critical to achieving profitability.

We have increased our business development efforts to address opportunities identified

in expanding domestic markets attributable to increased federal and state emission control regulations (particularly in the nation’s

oil and gas fields) and a growing demand for energy conservation and renewable energies.

In addition, the Company is evaluating various

forms of financing that may be available to it.

There can be no assurance that the Company will secure additional financing for working

capital, increase revenues and achieve the desired result of net income and positive cash flow from operations in future years.

Our financial

statements do not give any effect to any adjustments that would be necessary should the Company be unable to report on a going concern

of approximately $32.0 million as of December 31, 2022, and for the year ended December 31, 2022, we incurred a net loss, from continuing

operations of approximately $2.7 million.

As of December 31, 2022, our current liabilities exceeded our current assets by approximately

$9.6 million.

These factors raise substantial doubt about the ability of the Company to continue to operate as a going concern.

its diverse services, technologies, and environmental solution offerings, SEER participates in the worldwide markets of environmental

47 unchanged sentences

2013, PWS filed provisional and non-provisional patent applications in the name and for the benefit of SEER arising out of and related

to its waste disposal technology involving a pyrolitic first phase and a “cold plasma” second phase system referred to as

“plasma light,” or CoronaLux™ technology.

to its waste disposal technology involving a “yrolytic first phase and a “cold plasma” second phase system referred

to as “plasma light,” or CoronaLux™ technology.

In October 2014 SEER was issued patent No.

10 unchanged sentences

patents will expire in or around 2033.

In July 2022, the Company exchanged its patents and related technology to its joint venture, PSMW, in exchange for

units in PSMW.

industrial services industry is highly competitive.

23 unchanged sentences

other solutions available in the market.

In July 2022, the Company exchanged its patents and related technology to its joint venture, PSMW, in exchange for

units in PSMW.

Environmental

87 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business